Federal Reserve Bulletin, 1947-11

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Banking Developments and Monetary Expansion 1341-1352 Member Bank Earnings, First Half of 1947. 1353-1355 Discontinuance of Instalment Credit Controls. 1356 The Balance Sheet of Agriculture, 1947 1357-1372 Current Events and Announcements. 1372 National Summary of Business Conditions. 1373-1374 Financial, Industrial, Commercial Statistics, U. S. (See p. 1375, for list of tables) 1375-1430 International Financial Statistics (See p. 1431 for list of tables) 1431-1449 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . ... 1450 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1451 Federal Reserve Publications. . 1452-1453 Map of Federal Reserve Districts. 1454 Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 33 November 1947 NUMBER 11 BANKING DEVELOPMENTS AND MONETARY EXPANSION Monetary and credit expansion, which pro- the expansion of bank credit to businesses, ceeded at a rapid rate during the war years real estate owners, and consumers. Some inon the basis of Government borrowing, has crease in bank lending has been needed to continued in the postwar period on a more facilitate the conversion of the economy from moderate scale through bank lending to a war basis to a peacetime status on a much businesses and individuals. Retirement by higher level than had prevailed before the the Treasury of outstanding United States war. Nevertheless, to the extent that the Government securities with the proceeds of loans have not facilitated increased producsurplus cash raised during the Victory tion, loan expansion has accelerated inflation. Loan resulted in a decline in the aggregate In addition, the deposit funds created in the of commercial bank assets and deposits durfirst instance by loans, whether for producing 1946, but throughout that year and also tion, consumption, or speculation purposes. in 1947 bank loans and privately-owned deposits continued to expand. During recent LOANS AND INVESTMENTS months expansion in bank loans has ex- OF ALL COMMERCIAL BANKS BILLIONS OF ceeded a moderate further reduction in hold- DOLLARS DOLLARS 40 [ L ings of Government securities and the total of commercial bank loans and investments 120 AN T D 0 T tl 4 >J L V ES LO TM AN EN STs / /' 120 has increased again for the first time since 1 ~~yf 100 , 100 the early weeks of 1946. 1 / N Inflationary pressures, which have been /S U.S. GOV'T N exerted on the economy with great vigor SECURITIES • A during the postwar period, had their roots S in the tremendous growth of liquid assets 40 f 40 accumulated by individuals and businesses J during the war, when incomes expanded LO 20 more rapidly than goods and services avail- OTHER SECURITIES able for purchase. The continuing upward o ! i ! 0 1940 1942 1944 1946 spiral of prices, profits, and wages and other Figures are for all commercial banks in the United States. costs since the war has been largely self- Data are for June and December, 1940-1946; last Wednesday of month, 1947. Monthly figures are partly estimated and are generating, but has been augmented by preliminary. Latest figures are for September. NOVEMBER 1947 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION have found many inflationary uses in sub- bank reserves in the next few months of seasequent transfers among holders. sonally large tax receipts is afforded by the Banks in general have obtained additional use of surplus receipts to retire Government reserve funds, which enabled them to con- securities held by Reserve Banks. In this way tinue credit expansion, largely through sub- the effects of the gold inflow could be offset, stantial increases in this country's gold stock. and in addition banks could be put under In the first postwar year there was some pressure to liquidate securities in order to drain on bank reserves resulting from maintain their reserve positions. This pres- Treasury retirement of securities held by the sure on reserves, accompanied by the exer- Reserve Banks with funds drawn from com- cise of caution and self-restraint by banks, mercial banks; nevertheless the banks main- might serve to limit further credit expansion. tained and in fact increased their reserves by selling Government securities to the DEPOSIT GROWTH CONTINUES Reserve Banks. During 1947, however, the Expansion of deposits and currency held gold inflow has supplied funds in sufficient by individuals and businesses has resumed, amount to permit a reduction in Federal following a temporary decline early in 1947. Reserve holdings of Government securities In the 12 months ending September 30, 1947, and also an increase in member bank rethe total of these deposit holdings increased serves. by 5.5 billion dollars, an average of almost In the summer of 1947 interest and dis- 500 million dollars a month. Further decount rates on short-term Government seposit growth, as shown in the chart, concurities were permitted to rise, in order to tinued the expansion of the war and immedireduce the spread between short-term and long-term rates and to discourage the creation BANK DEPOSITS AND CURRENCY of bank reserves through sales of short-term BILLIONS OF DOLLARS BILLIONS OF DOLLARS securities by banks and others to the Reserve System. Any effect that this policy may have had on bank credit expansion has been largely nullified by the inflow of gold. The rise in short-term rates, together with increased issues of new securities by corporations, State and local governments, and the Federal Government, has no doubt prevented a decline in yields on long-term Treasury bonds and brought about some rise in yields on other long-term bonds. Probable further additions to the gold stock, as well as the ready access to reserves that is open to banks through sales of Government securities to the Reserve Banks, Figures are partly estimated. Deposits are for all banks in the United States. Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process of though at higher rates than previously, offer collection. Time deposits include deposits in the Postal Savings System and in mutual savings banks. Figures are for June and the basis for continued bank credit expansion. December, 1941-1942; end of month, 1943-1946; last Wednesday of month, 1947. Figures subsequent to December 1946 are However, a temporary means of reducing preliminary; latest figures are for September. 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION ate postwar periods and raised privately held Treasury deposits at commercial banks and deposits and currency to a total at the end of Reserve Banks, which reached a peak of 26 September of 166 billion dollars. On this billion dollars early in 1946 after the Victory date, the public's holdings were 21 billion Loan Drive, were reduced sharply in 1946 in larger than when hostilities ceased in August connection with the Treasury program of 1945 and 103 billion above the level in 1939. debt retirement out of accumulated balances. Demand deposits, adjusted to exclude At the end of 1946 they were about 3.5 billion United States Government deposits, inter- dollars. During 1947 Treasury cash receipts bank deposits, and items in the process of from taxes and current sales of nonmarketacollection, expanded by 2.8 billion dollars ble securities have generally exceeded current in the 12 months ending September 1947. expenditures, and some funds have been Growth in these deposits was interrupted in available for additional debt retirement. The the first quarter of 1947, when they were Treasury's deposit balances have fluctuated drawn upon to meet heavy income tax pay- in the course of the year between a peak of ments. Expansion was resumed, however, over 6 billion dollars in February and a low and in the next two quarters these balances of about one billion in June. In October increased 3.8 billion dollars to a total of 84 they were around the 3.5 billion level of the billion, a record high. beginning of the year, an amount in excess Time deposits at commercial and mutual of current needs. savings banks expanded by close to 3 billion DEPOSIT CHANGES BY CLASS OF BANK dollars in the same 12-month period. The AND DISTRICT rate of increase diminished steadily and was smaller than in the late war and early post- During the war deposits increased more war periods, but was still larger than in any rapidly at country banks than at city banks, previous peacetime year. Slackening in the and this trend continued through 1946. In growth of time deposits, which began in the first half of 1947, however, demand de- 1946 and particularly in the last half of the posits, other than Treasury and interbank year, has reflected a substantial reduction in deposits, declined at country banks by more current personal savings from abnormally than 700 million dollars, while at city banks high wartime levels. they either were unchanged or increased Except for seasonal fluctuations, currency somewhat, as is shown in the chart. has shown little change since the end of 1945. Country bank deposits declined in the en- In 1947, as in 1946, a large post-Christmas tire first quarter of the year, particularly in return flow occurred during January, follow- January when, in connection with filing of ing a seasonal expansion in preceding weeks. final returns for 1946, heavy income tax pay- After last January the volume of currency ments were made by farmers and others showed little change until early September, whose incomes are not easily estimated accuwhen a rapid but brief outflow developed in rately in advance. In the second quarter of connection with the cashing of veterans' the year demand deposits at country banks armed service leave bonds. At the end of increased only slightly. Since June, however, October currency in circulation was 400 mil- in part reflecting the harvesting and selling lion dollars larger than at the end of July and of new crops, deposits at these banks have slightly less than on October 31, 1946. expanded rapidly and now exceed the end- NOVEMBER 1947 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION of-December peak. Time deposits at country expanded somewhat more rapidly than they banks continued to increase during 1947, did in other districts, reflecting probably the but at a much slower pace than in other rapid rise in prices of grains and meat. recent years. Banks in the San Francisco and Atlanta Districts showed the smallest deposit growth. COMMERCIAL BANK DEPOSITS BY CLASS OF BANK FACTORS IN DEPOSIT GROWTH BILLIONS OF DOLLARS BILUONS OF DOLLARS Growth in bank loans has been the major factor in the recent expansion in privately held deposits and currency, as is shown in couNTRY / MEMBER BANKS / the table. About 7 billion dollars was added y /^ x'RESERVE CITY to the volume of bank credit outstanding to EMBER BANKS businesses, real estate owners, and consumers in the 12-month period ending September CENTRAL RESERVE CITY MEMBER BANKSthis year. Deposits were also expanded as —****** banks increased by more than one billion FACTORS IN EXPANSION OF DEPOSIT AND CURRENCY HOLDINGS *^ NONMIIMBER BANKS OF INDIVIDUALS AND BUSINESSES Changes in Amounts Outstanding - [In billions of dollars, partly estimated] 1946 1947 Sept.30, 1942 1943 1944 1945 1946 1947 Factor in deposit change 1946- Sept.24,Fourth First Second Third Total of demand deposits (adjusted to exclude U. S. Govern- 1947 quar- quar- quar- quarment and interbank deposits and collection items) and time ter ter ter ter deposits. Figures for nonmember banks are partly estimated throughout; preliminary estimates for 1947. All data are for call report dates, 1942-1945; end of month, 1946; last Wednes- Expansive factors day of month, 1947. Latest figures are for September. Bank loans ... ... +7.0 +2.2 +1.4 +1.2 +2.2 Bank holdings of State and Demand deposits at city banks declined Ho lo ld c i a n l g g s o o v f 't U se . c S u . r i G ti o e v s. e r . n . - . +1.1 +0.3 +0.3 +0.5 ment securities: during the first quarter of the year, but Commercial and mutual savings banks. . +0.2 rose sharply in the succeeding three months. Federal Reserve Banks +0.5 Gold certificates +2.7 +0.3 +0.8 +0.8 +0.8 This rapid expansion of deposits at city banks U. S. Government deposits. -7.3 -6.2 -3.8 Other factors, net -0.3 in the second quarter—a period in which Contractive factors Holdings of U. S. Governcountry bank deposits showed little growth ment securities: Commercial and mu- —accompanied Treasury retirement of about tual savings banks. . -8.9 -5.2 -2.2 -1.7 Federal Reserve Banks -1.9 -0.7 -0.5 -1.2 one billion dollars of securities held by non- U. S. Government deposits. +1.9 +0.8 Other factors, net +i!8" +0.6 +1.1 bank investors. Since mid-1947, deposits at Change in deposits and +6!4" city banks have continued to increase sub- currency held by individuals and businesses, stantially, along with those of country banks. Total +5.5 +3.1 -2.7 +2.3 Little change in the geographic distribu- Demand deposits, ad- +2.8 justed +2.8 +1.9 -2.9 +2.1 +1.7 tion of total deposits occurred during the 12 Time deposits +2.9 +1.0 +0.9 +0.7 +0.3 Currency outside banks.. -0.2 +0.2 -0.7 +0.3 months ending September 1947. In the Chicago, Minneapolis, Dallas, Kansas City, and NOTE.—Figures cover all commercial banks, Federal Reserve Banks, mutual savings banks, and the Postal Savings System; in- St. Louis Federal Reserve Districts, deposits terbank items are excluded. Changes for 1947 based on figures for the last Wednesday in each quarter. 1344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION their holdings of new and outstanding State ment operations were the only major factors and local government securities. tending to reduce deposit growth in the To these elements of deposit growth were 12 months ending in September 1947. added some 2.7 billion dollars of deposits as The Treasury program of debt retirement a result of expansion in the volume of gold was accomplished last year primarily through certificates held by the Federal Reserve a decrease in United States Government de- Banks, This occurred through Treasury posits and this year primarily through a curpurchase of approximately one billion dol- rent cash surplus. Its over-all influence in lars of gold imported from abroad, of 1.3 the banking situation during the 12-month billion of gold released from that earmarked period under review is measured by a decline for foreign account, and of about 100 million of nearly 11 billion dollars in total holdings of gold produced domestically, and from the of United States Government securities at transfer of 300 million dollars of gold from banks, including Reserve Banks. the Treasury general fund. These acquisi- From the standpoint of its current effect tions of gold, which were largely from for- on the amount of deposits and currency held eign sources and had a basis in the large by businesses and individuals, Government surplus of exports over imports, augmented debt retirement out of a surplus of Treasury directly the money supply and also bank receipts over expenditures differs sharply reserves. They thus tended to encourage from retirement accomplished by a net refurther bank credit expansion. duction in Treasury deposit balances. This The actual change in the country's re- is illustrated by comparison of the impact of ported monetary gold stock was one billion Government fiscal and debt management dollars less thin the 2.7 billion increase in operations in 1946 and 1947. Debt retiregold certificates. The gold stock was re- ment in 1946 was out of Treasury deposits, duced by a transfer to the International which were composed largely of funds bor- Monetary Fund of one billion dollars of gold rowed in the Victory Loan Drive, and to the from the Treasury Stabilization Fund, where extent that the securities were held by banks the gold had been held inactive and not as there was no change in privately held dea part of the country's banking reserves. posits. Retirement of securities held by the This transfer, which was made in connection Federal Reserve Banks tended to reduce comwith this country's initial subscription to mercial bank reserves. To the extent that that institution, resulted in a decline in the securities redeemed for cash were held by Treasury cash of one billion dollars. A nonbank investors, the result tended to be an total of 700 million dollars in gold was trans- expansion in privately held deposits. ferred to and retained by the International In contrast, during 1947 the funds for Monetary Fund, reducing our total gold debt retirement have been obtained largely stock by this amount. Against the other 300 from a current Treasury cash surplus. The million dollars, gold certificates were issued effect of this cash surplus as it arose was to and deposited in the Treasury's account at reduce private deposits and bank reserves and the Federal Reserve Bank of New York. to increase Treasury balances at the Reserve These deposits were in turn transferred to Banks. To the extent that these balances the Fund's account at that Bank. have been drawn on for redemption of se- Federal Government fiscal and debt retire- curities held by nonbank investors, deposits NOVEMBER 1947 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION have been returned to private accounts and volume of outstanding loans at commercial to reserve balances of banks. Retirement of banks to a level of approximately 36 billion bank-held securities has removed an earning dollars, or about the same as at the previous asset from the banks' portfolios but restored loan peak in 1929. Moreover, commercial an equal amount of reserves, on the basis of bank holdings of securities other than those which banks could again expand credit and of the United States Government—State, mudeposits. Retirement of securities held by the nicipal, and corporate securities—have at- Reserve Banks, in contrast, has cancelled the tained a larger volume than at any time Treasury balances thus used and caused the except in the years 1928 through 1931, when series of transactions to" result in a decline they exceeded moderately the present total of bank deposits and bank reserves. of about 9 billion dollars. The cancellation of reserve balances Business loans. Business demand for bank through the process of retiring Federal- credit revived on a broad scale in mid-1945 Reserve-held debt, together with the expan- and has continued strong in 1946 and 1947, sion of bank loans, has imposed on many as is shown in the chart. In the first half of banks a problem of adjusting reserve posi- 1947 commercial and industrial loans intions. Sales of Government securities were creased 800 million dollars, about the same a common method of restoring bank reserves, growth as occurred in the corresponding and the Reserve Banks, in the process of period of 1946. Since June there has been maintaining an orderly market for Govern- COMMERCIAL BANK LOANS ment issues, were often purchasers of ALL INSURED BANKS IN M L E E M A B D E IN R G B C AN IT K IE S S securities which the banks sold. The inflow CALL REPORT DATES WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS of gold from abroad, referred to earlier, 16 16 tended to replace the reserve balances extinguished by debt retirement. EXPANSION IN LOANS AND OTHER INVESTMENTS Widespread and vigorous demand for bank credit by most of the major users other than the United States Government—businesses, consumers, real estate owners, and State and local governments—is the most striking characteristic of the banking situation during the past two years. Bank loans increased 7 billion dollars in the 12 months ending September 30, 1947. This was the largest expansion for a comparable period in the history of American banking. 1944 1945 1946 1947 1946 1947 Coming after a sharp revival of bank lend- All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, openmarket commercial paper, and acceptances. Latest figures are ing activities in 1945 and earlier in 1946, dis- for June 30, 1947. . . .. . Figures for member banks in leading cities on revisetd basis cussed in the Federal Reserve BULLETIN for beginning July 3, 1946. Commercial loans include commercial, industrial, and agricultural loans, open-market commercial March 1947, this loan growth has raised the paper, and acceptances. Latest figures are for Oct. 22, 1947. 1346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION an intensified demand for business loans; residential construction activity in 1947, as at weekly reporting member banks, which in 1946, has given rise to further extension hold about 80 per cent of bank loans to busi- of bank credit to owners of urban real estate. nesses, such loans increased 2.1 billion dollars Loans secured by urban real estate increased from June 25 through October 29. over one billion dollars at commercial banks Use of bank credit by businesses has con- in the first half of 1947 and at the end of tinued to grow although profits are at record June amounted to over 7 billion, or more levels and business liquid assets remain large. than one-fifth of the total loan portfolio of This reflects a sharply increased demand for these banks. working capital at current levels of costs, Since June, mortgage loans at member prices, and sales, as well as an extraordinarily banks in leading cities have continued to exlarge current volume of expenditures for pand at about the rate shown in the first six plant and equipment. months of the year, as is illustrated in the Bank credit demands of many companies, chart. Current information on real estate particularly those engaged in processing loans at country banks, which are the prinfoods and other agricultural commodities, cipal bank lenders on real estate, is not yet have increased because of higher raw ma- available, but data on total loans suggest that terial prices and actual and anticipated ad- the upward trend in real estate loans at vances in other business costs, such as wages these banks is continuing. and transportation expenses. Independently Consumer credit. Financing by consumof price and wage increases, however, work- ers of an increasing volume of purchases of ing capital requirements of some concerns durable goods, expenditures for current livhave increased because of a need to finance ing, and outlays for other purposes continues a growing volume of business. to be effected to a considerable extent through Big utility companies, manufacturers of bank loans. The volume of credit extended heavy equipment, oil companies, and con- to consumers by commercial banks increased cerns in other major industries are construct- over one billion dollars in the period Januing new plants and acquiring new equip- ary-September this year. Most of this growth ment, and are financing these expenditures in was in consumer instalment credit and repart out of bank loans. While the loans of sulted from additional loans for repair and large borrowers have often been arranged on modernization of housing and for purchases a term basis, i.e., are amortized loans with of automobiles and other durable consumers' maturities running from one to ten—and oc- goods. Prior to November 1, expansion of casionally more—years, many have been instalment loans on automobiles and certain short-term advances. In numerous instances other consumers' goods was restrained by these loans have been considered as interim the Board's Regulation W, issued under Exsources of funds in anticipation of future ecutive Order, which prescribed minimum profits or until new security issues are floated, down-payment and repayment period terms. but their effect has been to expand now the The Board's regulation of instalment credit volume of bank credit. under the present Executive Order termi- Urban real estate loans. Extensive reloca- nated with that date in accordance with Contion by families and individuals and a sub- gressional Resolution enacted last summer. stantial volume of both residential and non- Agricultural loans. Farmers, who as a NOVEMBER 1947 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION group had not increased their bank borrow- 2 billion dollars, more than 2l/ times the 2 ing in the first year after the war, are now volume in the corresponding period of 1946. expanding their bank loans. Real estate and Several large State bonus issues have probproduction loans by banks to farmers showed ably contributed somewhat to security holdsignificant growth in the first half of 1947. ings of city banks. The numerous smaller The tendency for farm production loans to security offerings by municipalities and other increase is especially noteworthy in view of political subdivisions to finance construction the unprecedented high level of current farm projects delayed by the war have been taken income. A survey of bank loans to farmers, in part by banks located in the areas conconducted jointly by the Federal Reserve cerned. Purchases of these local issues ac- System and the Federal Deposit Insurance count for the particularly large addition to Corporation as of last June, indicates that a holdings of State and local securities at large part of the growth in the non-real country banks. estate segment is attributable to credit grants Corporate sales of new-money bond issues for purchase of farm machinery and equip- during the first nine months of the year ment and for other capital improvements, were in almost the same volume as State and that an important proportion of loans and local government issues. Despite this secured by farm real estate is made to fact, bank holdings of corporate securities provide production financing. have not increased during 1947. Security loans. In 1946 growth in total RECENT CHANGES IN BANK GOVERNMENT loans at commercial banks was held down SECURITY PORTFOLIOS by a rapid decline in loans for purchasing and carrying securities, which continued In the first half of 1947 when the total throughout the year. This decline resulted interest-bearing public debt declined by 2.8 largely from liquidation of the substantial billion dollars, holdings of United States volume of bank credit extended in connec- Government securities at commercial banks tion with purchase of Government securities were reduced 4.4 billion dollars. About 3 in the Victory Loan Drive. Some reduction billion of this reduction resulted directly in loans for purchasing and carrying other from Treasury retirement of securities held securities also occurred. By the end of 1946 by commercial banks. The remainder reptotal loans on securities amounted to about 3 resented net sales of securities in the marbillion dollars as compared with almost 7 ket, in part to Reserve Banks. These sales billion at the end of 1945. Further declines were made primarily to replenish reserves in these loans in 1947 have not been large drawn down by Treasury retirement of seenough to dampen significantly total loan curities held by Reserve Banks. On balance, expansion. however, Federal Reserve holdings of Gov- Securities. In the first nine months of 1947 ernment securities also declined in this pecommercial banks added about 900 million riod. Nonbank investors likewise decreased dollars to their portfolios of State and local their holdings of marketable issues, but ingovernment securities. An exceptionally creased by larger amounts their nonmarketlarge volume of new securities of States and able securities. political subdivisions has been sold this year. During the four-month period, July The total for the first nine months was nearly through October, on the other hand, total 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION commercial bank holdings of Government for retirement of bank-held debt. The longsecurities showed little further change, as is term marketable bonds sold by the agencies shown in the table. In late September the have been purchased largely by nonbank Treasury offered to long-term investors a new institutional investors, which have obtained nonmarketable, redeemable security, desig- funds by selling shorter-term issues to comnated as Series A investment bonds. Com- mercial banks and Reserve Banks. Thus the mercial banks were eligible to invest in these net effect of this program has been to resecurities up to 25 per cent of the increase finance a portion of the short-term marketduring the first six months of the year in their able debt into special nonmarketable issues savings deposits and time certificates of de- held by the agencies and to lengthen the posits issued in the names of individuals and maturity distribution of other investor portof nonprofit corporations and other groups, folios, both bank and nonbank. or $25,000, whichever was larger. To this On balance in the past four months, the issue banks subscribed 257 million dollars out total public debt has increased slightly, reof total subscriptions amounting to 970 mil- flecting additional sales of nonmarketable lion. Banks also have acquired securities in issues, while the amount of marketable sethe market since June, but these, together curities outstanding declined further. The with the new Series A investment bonds, banking system showed little change in its were not sufficient to offset losses through total holdings. Holdings of Federal Govretirement of the bond issue maturing in ernment agencies and trust funds, in con- October. trast, increased, while those of other investors showed a slight decrease. CHANGES IN OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, JULY 1-OCTOBER 31, 1947 RECENT INTEREST RATE TENDENCIES [In billions of dollars, partly estimated] In a move to restore the Treasury bill as Marketable securities a market instrument and to place some re- Nonmarket- straint on monetary expansion, the Federal Holder Total Total Cash Market able m a a b rk le et- d t e i r o m e n - p s - o c p r h u s a r a s - l e e s i e t c ie u s r- Open Market Committee of the Federal Reserve System directed the Federal Reserve Banking system +0.1 -0.2 -0.8 +0.6 +0.3 Banks, with reference to Treasury bills issued Commercial banks... -0.2 -0.5 -0.8 +0.3 +0.3 on or after July 10, 1947, to terminate the Federal Reserve Banks +0.3 +0.3 +0.3 policy of buying bills offered them at a fixed U. S. Government agencies +1.1 -1.1 -1.1 +2.2 rate and the repurchase option privilege on Other investors -0.3 -0.3 -0.8 +0.5 bills. Rates on Treasury bills, which had All holders +0.9 -1.6 -1.6 +2.5 been held at .375 per cent since 1942, subsequently increased and on the issue of the For a number of months long-term mar- week ending October 25 averaged .873 per ketable Government securities held by Gov- cent. ernment agencies have been sold in the mar- Measures have been taken to increase ket and the effect of this has been to prevent the rate on Treasury certificates in line with further declines in long-term interest rates. rate increases on bills. The Treasury ex- The Treasury in turn has sold special issues changed n-month % per cent certificates for to these agencies and used cash thus obtained the one-year 7/ per cent certificates maturing s NOVEMBER 1947 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION August 1, 1947, and 10-month % per cent somewhat, but in October they increased certificates for certificates maturing Septem- steadily and in the week ending October 25 ber 1,1947. Two Treasury note issues matur- averaged 1.37 per cent. Yields on mediuming on September 15 were exchanged for term, 7- to 9-year Government bonds showed n^-month notes bearing 1 per cent, and a small increase in June and July and subseon October 1, one-year certificates bearing 1 quently declined to the levels held last spring. per cent were offered in exchange for the In October, however, yields on these securities certificates maturing on that date. Holders increased somewhat. Yields on long-term of certificates maturing November 1 were Government bonds increased moderately in offered an exchange of 11-month, 1 per June and July and again in October. cent certificates. High-grade corporate bonds, on which average yields, according to a Treasury De- YIELDS ON TREASURY AND CORPORATE SECURITIES partment average, had been close to 2.50 per cent from January through August, dropped in price in September and October, and at the end of October yields averaged 2.69 per cent. Similar declines occurred among lower-grade corporate bonds. At the end of October the spread between average yields on high-grade corporate bonds and those on long-term taxable Treasury bonds was 0.37 SELECTED NOTES AND BONDS per cent. During the recent decline in yields TAXABLE (3-5 YEARS) this spread became wider than at any time during or since the large volume of Government financing for war purposes. The decline in corporate bond prices probably reflected some change in the investment For Treasury bills, rate is average discount on new issue programs of large institutional investors reoffered during week. In general 3-to-5-year Treasury securities are represented by Treasury notes maturing within that range; sulting from the recent Treasury offering however, selected issues of notes or bonds were substituted during periods when they were considered more representative. Latest figures are for week ended Oct. 25, 1947. of a 2^2 per cent long-term nonmarketable bond, and the implication that such issues The increase since the end of June in may be made available from time to time in rates on short-term Treasury securities has the future. It also reflects marked changes, been accompanied by only moderate changes as the postwar period has lengthened, in the in yields on longer-term Government securi- supply and variety of private investment outties. As shown on the chart, yields on 3- to 5- lets for institutional funds. Increases in year taxable Government securities, which the supply of urban mortgages and investhad declined somewhat in the first several ment quality corporate issues have been months of 1947 from the comparatively high especially noteworthy. level of 1.30 per cent reached last December, Corporate offerings of new-money issues rose again in May, June, and July, and in the during the first nine months of 1947 totaled latter month averaged 1.33 per cent. In Au- 2.4 billion dollars, a much larger volume gust, however, yields on these issues declined than in the corresponding period of 1946. 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION Moreover, a substantially larger proportion substantially in the first 10 months of this was represented by bond issues of large year. The decrease occurred in the period well-established public utility corporations. March through June, when the Treasury An unusually large volume of new-money was retiring marketable securities, particufinancing is planned for the remainder of larly bills and other issues, which were held the year. These plans indicate that debt in substantial amounts by the Reserve Sysissues totaling about one billion dollars may tem. More recently gold movements have be offered in the final quarter, of which four- not been offset by a decline in Reserve Bank fifths represents issues of public utility corpo- holdings of securities and have gone to inrations, largely for the purpose of financing crease member bank reserves. This has been plant expansion. the case notwithstanding the policy followed by "the System of lowering the prices paid FEDERAL RESERVE OPERATIONS AND POLICIES for short-term Government securities and In the postwar period Federal Reserve permitting yields to rise. money market and credit operations, along The table shows changes during the past with Treasury management of the public two years in factors that increase or dedebt, have been directed toward the twin crease member bank reserves. In the first objectives of restraining further bank credit postwar year the expansion of over 900 expansion and of maintaining orderly and million dollars in required reserves of memstable conditions in the market for Govern- ber banks and a further growth of currency ment securities. The simultaneous attain- in circulation were provided for by substanment of these two objectives has been made tial additions to Reserve Bank credit, by indifficult by the vigorous demand for bank creases in gold stock and in Treasury curcredit and the desire of bankers to add to rency issues, and by reductions in foreign the earnings of their banks. Banks have deposits at the Reserve Banks and in excess readily sold short-term Government securireserves. ties when necessary to obtain funds to acquire more profitable assets. SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS Since the Federal Reserve System pro- [In millions of dollars] vided the principal market for short-term Year ending Government obligations, sales by banks re- Septemberl Item sulted in purchases by the Reserve Banks 1946 1947 and corresponding additions to bank reserves. Changes increasing reserves: These reserves, as they were utilized and Reserve bank credit . . . +682 passed from bank to bank, could provide the Gold stock +201 +1,575 Treasury cash and deposits at Reserve Banks. -80 -922 basis for a credit expansion of at least six Treasury currency +324 +6 "" Nonmember deposits at Reserve Banks.... -285 -207 times their amount. Changes decreasing reserves: During 1947 the large inflow of gold has Reserve Bank credit . . -1,775 Currencv in circulation +713 +176 supplied the banking system with reserves Other. + 115 +53 and to a large extent obviated the need for Member bank reserve balances, total +746 +7C6 further sales of securities to the Reserve Sys- Required +924 +660 Excess -178 +46 tem. In fact Federal Reserve holdings of Government securities have been reduced 1 Changes based on monthly averages of daily figures for September, 1945, 1946, and 1947. NOVEMBER 1947 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING DEVELOPMENTS AND MONETARY EXPANSION During the past year the growth in the will supply additional reserve funds to gold stock, together with use of gold from banks. During the next few months, howthe Stabilization Fund, and a continued de- ever, the Treasury will have large amounts cline in foreign balances supplied the basis of surplus cash, and use of these funds to not only for a further expansion of 700 mil- retire securities held by Federal Reserve lion dollars in member bank reserves but Banks will tend to reduce reserves. To the also for a 1.8 billion dollar decline in Reserve extent that the factors contracting reserves Bank credit. Changes in these factors by exceed those adding to reserves, banks will weeks during recent years are shown by the need to sell securities to the Reserve Banks chart on page 1376 of this BULLETIN. in order to increase credit or even to main- Probable continuation of the gold inflow tain their reserve positions. 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1947 Net profits after taxes for all member banks and a larger dollar amount of net profits was aggregated 350 million dollars in the first half of retained. 1947. This was a decrease, despite larger current Details of earnings, expenses, etc., in the first earnings, of 79 million dollars or 18 per cent from half of 1946 and 1947, were shown in the October the semiannual peak reached in the corresponding BULLETIN, page 1315. period of 1946, but an increase of 21 million over Earnings. As is shown in the accompanying net profits for the second half of last year.1 Net table, total current earnings of all member banks aggregated 1,250 million dollars in the first half profits on an annual basis were 8.5 per cent of of 1947, which was 75 million and 22 million reaverage total capital accounts, as compared with spectively more than in the first and second halves 11.1 and 8.2 per cent for the first and second halves of 1946. The rate of increase in current earnings of 1946. has slackened considerably in the last two semi- Over 60 per cent of net profits in the first half annual periods, reflecting largely the results of the of 1947 was retained by member banks to strengthen Government's debt-retirement program. their capital positions and the remainder, amount- Earnings on United States Government securities ing to 132 million dollars, was distributed as cash were 465 million dollars for the first half of this dividends. In the corresponding half of 1946, year, a decrease of 43 million from the last half when net profits were higher, a larger proportion of 1946. This decrease in earnings reflects the 1 Normal differences in some items as reported for the first full efTect of the 15.3 billion dollar decline in memand second halves of any year do not invalidate comparisons of ber bank holdings of United States Government earnings in the first half of a year with those in the second half of the preceding year, but they are sufficiently important to war- securities between December 1945 and December rant care in interpreting the results for any first half. For example, bonuses paid to officers and employees, and losses and 1946 but reflects only in part the effect of the 3.8 charge-offs are usually reported in larger volume in the second half of a year than in the first. billion decline in Government security holdings MEMBER BANK EARNINGS [Dollar amounts in millions] 1943 1944 1945 1946 1947 Item First Second First Second First Second First Second First half half half half half half half half half Earnings $783 $867 $901 $973 $1,016 $1,086 $1,175 $1,228 $1,250 O O n n o U t . h S er . G se o c v u e ri r t n ie m s ent securities 352 414 453 507 547 589 ( I 5 4 7 6 5 50 7 8 3 46 7 5 3 On loans 280 283 276 287 284 304 348 425 487 S O e t r h v e i r c e e a c r h n a i r n g g e s s on deposit a . c .. c . o , u . n . t . s , . 1 3 1 6 5 1 4 3 0 0 1 4 2 3 9 1 4 3 3 6 1 4 4 4 1 1 4 5 3 0 1 4 5 7 9 1 5 7 3 0 1 5 6 7 8 Expenses 503 536 547 580 601 667 694 775 790 Salaries and wages 234 253 253 272 272 308 325 374 375 Interest on time deposits 61 63 68 76 87 96 103 109 117 Taxes other than on net income. 39 45 40 43 41 42 40 42 43 Other expenses 168 176 185 190 201 221 226 249 255 Net current earnings before income taxes. 281 330 355 392 415 420 482 452 460 Recoveries, profits on securities, etc. 129 183 164 154 214 240 216 140 117 Losses and charge-offs 111 140 115 117 101 129 110 137 85 Profits before income taxes.. 299 374 403 430 529 530 588 455 492 Taxes on net income 159 126 53 62 90 94 138 132 142 Net profits 429 329 246 311 314 335 391 398 350 Gash dividends declared1. . .v ........ 124 143 102 106 108 118 116 130 132 Number of banks at end of period. . 6,703 6,738 6,773 6,814 6,840 6,884 6,887 6,900 6,928 1 Includes interest on capital notes and debentures. NOVEMBER 1947 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS in the first half of this year. It is expected that size of the salaries and wages item will depend to declines in bank earnings from Government se- some extent on any increase in salary rates that curities will not be so marked in the near future may be made to compensate for the rising level of since the Treasury, having depleted its excess bal- consumer prices. ances resulting from the Victory Loan Drive, now Interest paid on time deposits, 117 million dollars, has to rely on surplus revenues from normal opera- was higher by 14 million and 8 million respectively tions to retire Government securities. Also of than in the first and second halves of 1946. Inimportance is the tendency for banks to shift creases in this item resulted in part from continued from shorter-term, lower-yield issues to longer- expansion of time and savings deposits and in part term, higher-yield bonds, and the fact that rates from increases in the average rate of interest paid. of yield on short-term Government obligations are For the first half of 1947, the average rate paid rising. was 0.84 per cent, as compared writh a rate of 0.81 Reflecting debt retirement and also shifts in bank per cent in each of the semiannual periods last portfolios, the average yield to member banks from year. This is the first increase in this average rate their Government security holdings was 1.52 per since 1928. cent in the first half of this year. This aver- Net current earnings, net recoveries and profits, and age yield compared with 1.49 per cent for the income taxes. Net current earnings before income second half of 1946, and 1.45 per cent for the taxes amounted to 460 million dollars for the first first half. half of 1947, a decline of 22 million from the corre- Earnings on loans aggregated 487 million dol- sponding figure for the first half of 1946, and an lars for the first half of 1947, an increase of 139 increase of 8 million over the figure for the second million over the first half of 1946 and 62 million half. over the second. These increases more than offset The importance to net profits of the excess of declines in earnings from United States Govern- recoveries and profits on securities, etc., over losses ment obligations. Member bank holdings of loans and charge-offs has fluctuated greatly during the are increasing and the trend toward holding a past year and a half. This excess accounted for greater proportion of the higher-yield loans, such as 25 per cent of the net profits of all member banks consumer and real estate, has continued. Average in the first half of 1946, for 1 per cent in the second yields on loans were 3.52 per cent for the first half, and for 9 per cent in the first half of 1947; half of this year, 3.40 per cent for the second half it totaled 106 million, 3 million, and 32 million of 1946, and 3.02 per cent for the first half. dollars respectively in the three periods. Re- Expenses. Current expenses of all member banks coveries and profits on securities, etc., amounting to continued to grow and aggregated 790 million 117 million dollars in the first half of 1947, were dollars for the first half of 1947, 15 million more smaller than in any semiannual period since 1942; than in the last half of 1946. This growth was losses and charge-offs, amounting to 85 million, more than offset by an increase in current earnings, were also smaller. whereas between the first and second half of 1946 Taxes paid or accrued on net income were 142 expenses had grown more than earnings. million dollars in the first half of 1947, 17 million Salaries and wages, the largest single item of less than in the first half of 1946, and 16 million expense, aggregated 375 million dollars for the more than in the second half, reflecting changes in first half of 1947, 50 million higher than in the net profits before payment of taxes. first half of 1946, but only 1 million higher than Estimates for 1947. On the basis of results for in the second. Comparison with the second half the first half of this year, of earnings data for of 1946 may be somewhat misleading inasmuch as previous periods, and of current trends of loans reported payments for salaries and wages are and investments, it is estimated that net profits usually higher in the second half of a year. The after taxes will be about the same in the second as number of officers and employees of all member in the first half of this year, and will total about banks increased by more than 10,000 between De- 700 million dollars for the entire year. This will cember 1946 and June 1947, continuing a trend compare with 758 million for 1946, and will be a that has been apparent since 1938. The future decline of 8 per cent. The ratio of net profits to 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS total capital accounts is estimated as 8.4 per cent and decreases in net current earnings before income for the full year 1947 as compared with 9.6 per taxes. For country banks, current expenses in the cent last year. first half of 1947 were 1 million dollars lower than Earnings by class of bank. The accompanying in the preceding semiannual period; their reported table shows earnings by class of bank for the last increase of 22 million dollars in net current earnings three semiannual periods. In contrast with the before income taxes was more than the combined trend for other classes of banks, central reserve city decreases in this item shown by other classes of banks had small but successive decreases in total banks. current earnings. This class of bank was most Changes in net recoveries and profits on seaffected by the Treasury's debt-retirement program, curities etc. followed the same pattern at all classes and therefore sustained a relatively greater decline of banks. in earnings from this source. Increased earnings on Increases in net profits in the first half of 1947 loans did not fully offset this decline, as was the as compared with the second half of 1946 were case for other classes of banks. The greatest rela- reported by all classes of banks except central retive and also the greatest dollar increase in total serve city banks in New York. For these banks current earnings was at country banks. there was a decline of 2 million dollars. The Central reserve city and reserve city banks re- largest relative and also the largest dollar increase ported successive increases in total current expenses was at country banks. MEMBER BANK EARNINGS, BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1946 AND FIRST HALF OF 1947 [In millions of dollars] Central reserve city banks Reserve Country city banks banks New York Chicago First Second First First Second First First Second First First Second First half half half half half half half half half half half half 1946 1946 1947 1946 1946 1947 1946 1946 1947 1946 1946 1947 Earnings 229 227 222 55 56 55 437 458 466 454 486 507 On U. S. Government securities 110 100 89 27 25 23 201 180 161 208 203 192 On other securities 12 12 12 5 4 4 26 26 25 32 31 32 On loans 60 65 68 14 17 18 134 169 197 140 173 203 Service charges on deposit accounts 4 4 5 1 1 1 17 19 21 26 28 30 Other earnings 43 46 47 9 9 59 63 62 49 51 50 Expenses 120 130 135 30 33 34 265 293 304 278 318 317 Salaries and wages 67 75 77 14 16 16 124 142 143 120 142 139 Interest on time deposits 3 4 4 4 4 5 40 42 47 55 59 62 Taxes other than on net income 5 4 5 2 2 2 16 17 18 17 18 18 Other expenses 45 48 49 10 11 11 85 92 96 86 99 99 Net current earnings before income taxes. 109 97 25 23 21 172 164 162 176 168 190 Recoveries, profits on securities, etc 41 30 14 9 10 70 56 44 91 44 42 Losses and charge-offs 16 27 10 11 6 44 57 35 40 42 32 Profits before income taxes 133 100 29 21 25 199 164 171 227 170 200 6 55 Taxes on net income 44 31 7 6 53 45 48 44 60 67 19 172 Net profits 89 69 23 15 145 119 123 126 141 Cash dividends declared1 35 40 39 7 7 7 47 52 49 35 44 37 1 Includes interest on capital notes and debentures. NoVExMBER 1947 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCONTINUANCE OF INSTALMENT CREDIT CONTROLS* The instalment credit controls exercised by the instalment credit, on which the regulation has been Board of Governors of the Federal Reserve System focused, has expanded by more than 3 billion dollars under Regulation W, pursuant to Executive Order since the end of the war. Even this is too rapid a No. 8843, will cease to be operative after No- rate of growth under the prevailing inflationary vember 1, 1947, in accordance with the resolution of conditions. Experience has shown that rapid and Congress approved on August 8, 1947. excessive expansion of this type of credit is fol- Generally speaking, the instalment terms pre- lowed by a sharp reversal, thus contributing greatly scribed by this regulation called for maturities of to economic instability. not more than 15 months and down payments of at As has been stated by the President, "it will be in least one-third. The continuance of strong infla- the public interest for every merchant and financial tionary pressures has confirmed the belief of the agency extending instalment credit to avoid undue Board that this is no time for the relaxation of terms relaxation of terms. It will be far better to reduce by banks, finance companies and instalment sellers. prices rather than to relax terms in seeking new Demand for automobiles and many other durable customers. Self-restraint on the part of those who goods specifically covered by the regulation is still use credit as well as on the part of those who extend far in excess of supply. Easier credit will not add it will reduce the danger of an over-expansion of to the supply. It can only intensify demand and instalment credit which would inevitably be folaccentuate the upward pressure on prices. Easier lowed by severe contraction, thereby contributing terms should await a time when growth of credit to unemployment and reduced production." is needed to maintain full production. That time The primary responsibility for avoiding excesses has not arrived and it is not in immediate prospect. now rests upon the lenders and vendors who have Employment and national income are at all-time been subject to the regulation. Their interest and peaks. Inflationary forces continue to exert power- that of the nation will be served best if they reful upward pressures on the general price level. frain from taking undue advantage of the end of There could not be a worse time to encourage the the regulation. The Board of Governors urges public to go deeper and deeper into debt. all who participate in the extension of instalment Notwithstanding Regulation W and continued credit to recognize and do all within their power shortages, particularly of consumers' durable goods, to avert through self-imposed restraints the dangers inherent in easy terms that result in over-expansion * Statement released by the Board of Governors of the Federal Reserve System on Oct. 27, 1947. of consumers' instalment credit. 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 The major portions of the third of a series of into "deposits and currency," "United States savings annual reports on the condition of agriculture, bonds," and "investment in cooperatives." The issued by the United States Department of Agri- deposits include both demand and time deposits. culture, are given below.1 The full report will The United States savings bonds and the investbe published later as a MISCELLANEOUS PUBLICATION ment of farmers in various cooperative enterprises of the Department of Agriculture. such as marketing associations complete the finan- The study was prepared under the direction of cial items for which data are available. The first Norman /. Wall, Head, Division of Agricultural asset shown in the balance sheet is real estate. Finance, Bureau of Agricultural Economics, by Farm Real Estate Alvin S. Tostlebe, Roy J. Burroughs, Harold C. Larsen, Lawrence A. Jones, Harold T. Lin gar d, Total farm real estate in the United States on Lucy R. Hudson, and Sarah L. Yarnall. January 1, 1947 had an estimated value of 58.6 billion dollars.2 This represents about 53 per cent of the assets listed in the balance sheet of Agriculture viewed in its entirety reached the agriculture. The increase during the year 1946 year 1947 with assets of 111,209 million dollars, was 6.5 billion dollars. the largest in history (Table 1). The huge war- The estimated value per acre increased 12 per time increases in the market valuations of farm cent between March 1, 1946 and March 1, 1947. real estate and other physical assets and the exten- This compares with a 13 per cent increase for sive gains in money and in savings bonds were the year ended March 1946 and increases of 11 followed by still further increases in all these items per cent and 15 per cent, respectively, for the in 1946, the first full postwar calendar year. For years ended March 1945 and March 1944. In the only one major item was the wartime trend of year ended March 1947 increases took place in the individual balance sheet items reversed: In- all regions and ranged from 10 per cent in the stead of decreasing during 1946 as it had in other Texas-Oklahoma region to 16 per cent in both the recent years, agricultural debt increased. Even Appalachian and Southeast regions. though debt did increase, the higher valuations of the assets were more than enough to offset this FARM REAL ESTATE: ESTIMATED VALUE PER ACRE BY REGIONS, 1915-22 AND 1940-47* factor and the equities of proprietors in the farming INDEX NUMBERS (1912-14 = 100) business, including those of landlords and tenants, were the highest of all time. THE ASSET ITEMS The assets treated in the Balance Sheet of Agriculture are divided into two major classes—physical assets and financial assets. The physical assets in turn are divided into "real estate" and "non-realestate." The real estate inventory is showrn as an aggregate item since information for the separate values of land, service buildings, and houses is not available. The non-real-estate assets are classified The index of value per acre (1912-14 ~ 100) as "livestock," "machinery and motor vehicles," for the United States as a whole was 159 on "crops stored on and of! farms," and "household 2 During the last year, data on the value of farm real estate equipment." The financial assets are subdivided as obtained in the 1945 Census of Agriculture became available. The Census value of farm real estate for 1945 was 46.4 billion dollars as compared with the estimate of 50.3 billion dollars 1 For a similar treatment of the second of this series of previously made by the Bureau of Agricultural Economics. On annual reports, see the Federal Reserve BULLETIN for Septem- the basis of the more complete Census data, the real estate value ber 1946, pp. 974-94. series has been revised for the years 1941-46. NOVEMBER 1947 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JAN. 1, 1940-471 [Dollar amounts in millions] Net change 1940 1941 1942 1943 1944 1945 1946 1947 1940-47 1946-47 Per Per Amount Amount cent cent ASSETS Physical assets: Real estate $33,6422 $33 4972 $35,3312$37,855 2 $42 5322 $46 3892$52 114 $58 604 + 74 +$24,962 + 12 +$6,49C Non-real-estate: Livestock 2 5,133 25,325 2 7,074 2 9,642 2 9,685 29,012 2 9,742 11,979 + 133 +6,846 +23 +2,237 Machinery and motor vehicles. 2 3,135 2 3,241 2 3,781 2 4,573 25,418 2 6,235 26,192 6,889 +120 +3,754 + 11 +697 Crops, stored on and off farms3. 2,645 2,944 3,798 5,110 6,079 2 6,388 2 6,030 6,894 + 161 +4,249 + 14 +864 Household equipment 4,275 4,299 4,386 4,265 4,276 4,232 2 4,415 4,766 + 11 +491 +8 +351 Financial assets: Deposits and currency 2 3,900 2 4,300 2 5,300 2 7,000 2 9,100 210,800 213,700 15 100 +287 + 11,200 + 10 + l,40C United States savings bonds 249 357 522 21,184 2 2,422 23,950 2 4,998 5,371 +2,057 +5,122 + 7 +373 Investment in cooperatives 2 826 2 875 2 953 21,044 21,140 21,262 21,417 1,606 +94 +780 +13 + 189 Total 2$53,8052$54,838 2$61,145 2$70,673 2$80,652 2$88,268 2$98,608 $111,209 + 107 +$57,404 + 13 +$12,601 LIABILITIES Real estate mortgages $6,586 *$6,440 * $6,290 *$5,840 *$5,300 *$4,880 *$4,730 5$4,890 -26 -$1,696 +3 +$160 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation 1,538 1,673 2 1,805 2 1,667 2 1,683 21,619 2 1,672 1,959 +27 +421 + 17 +2 Loans held or guaranteed by Commodity Credit Corporation 2 445 2 630 2610 2 772 2 589 2 683 2277 65 -85 -380 -77 -212 To others6 1,455 1,675 1,748 1,464 1,180 1,132 1,170 1,500 +3 +45 +28 +330 Total 2$10,0242$10,4182$10,453 2$9,743 2$8,752 2$8,314 2$7,849 $8,414 -16 -$1,610 +7 + $565 CAPITAL Proprietors' equities. 2$43,7812$44,4202$50,6922$60,930 2$71,9002$79,954 2$90,759 $102,795 + 135 +$59,014 + 13 +$12,036 Total, liabilities and equities. 2$53,8052$54,8382$61,1452$70,673 2$80,6522$88,268 2$98,608 $111,209 +107 +$57,404 +13 +$12,601 1 The margin of error of the estimates varies with the items. 2 Revised. 3 Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter, which on Jan. 1, 1947 totaled 28 million dollars, formerly were reported under the heading "Warehouse Receipts." 4 Tentative revision. 5 Tentative. 6 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders. March 1, 1947. This was only 11 points lower per acre at the beginning of 1947 were still somethan the index of 170 in 1920—the peak year what lower than for the boom period after the following World War I. In the Northeast, Appa- First World War as is shown in the accompanying lachian, and Pacific regions average values per map. In the Great Plains region where the inacre were considerably higher in 1947 than in crease has been the smallest, values per acre in 1920. Values in the Southeast, the Delta States, 1947 were only 65 per cent of those in 1920. and the Mountain regions were about the same Major influences in the farm real estate market in these two years. Elsewhere, average values continue to be the record high farm income, fa- 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 vorable income prospects—for 1947 at least, large crops on hand January 1, 1947 were about 4.5 accumulations of liquid funds, and a plentiful per cent larger than at the beginning of 1946. supply of credit. The volume of farm sales re- This is in contrast to the change that occurred mains at a record level. For the year ended during 1945 when quantities declined about 3 per March 15, 1947 there were 57.7 voluntary transfers cent and prices increased only slightly more than for every 1,000 farms. This rate of sales activity enough to ofTset the lower quantities, so there was is highest for the current war period and higher little change in value from the year before. than in 1919, which was the peak year of the Farm machinery and motor vehicles. After a World War I period. To date, there has not small decline in 1945 the inventory value of farm been much evidence that the rise of farm land machinery and motor vehicles rose sharply in 1946. values is ending, except possibly in some of the On January 1, 1947 such assets were valued at Southeastern and Far Western States, but the 6,889 million dollars, or 11 per cent more than feeling is apparently becoming rather general that a year earlier. This increase reflects both higher the peak in values is near, and that any decline in valuations of existing machinery and an increased prices of farm products will stop the rise and may purchase of machinery during the year at higher result in lower farm values. prices. In 1946 farmers' expenditures for machinery and motor vehicles totaled 1,784 million Non-Real-Estate Physical Inventories dollars compared with 1,267 million dollars in Livestock on farms. The value of livestock on 1945. This is the third consecutive year that such farms January 1, 1947 is estimated at $11,978,- expenditures were over a billion dollars. But, as 850,000. This represents an increase of 2.2 billion is shown by the accompanying chart, it was the dollars, or 23 per cent, over a year earlier. It also first year since 1942 that expenditures exceeded estirepresents the highest value of the livestock inven- mated depreciation based on current valuations as tory on record at the beginning of any year, in of the beginning of each year. spite of a decline in the estimated number of animals of each species. PURCHASES AND DEPRECIATION OF FARM AUTOMOBILES. MOTORTRUCKS, TRACTORS, AND OTHER FARM MACHINERY. UNITED STATES, 1910-46 The increase during 1946 in this inventory value DOLLARS was due to higher prices. For many classes of livestock the value per head surpassed the high prices that followed World War I. For instance, the peak first-of-the-year prices reached for "all cattle" and for hogs immediately after World War I were recorded for January 1, 1919 when "all cattle" were valued at $54.65 per head and hogs at $22.18 per head. Such values were considerably below those recorded for January 1, 1947 when "all cattle" reached $97.40 per head and hogs $36 per head. Even the value per head of horses and mules, which had been declining steadily for several years, turned upward somewhat during 1946. Crop inventory. The value of crop inventory held on farms on January 1, 1947 is estimated at 6,866 Household furnishings and equipment. The value million dollars, an increase of more than a billion of furnishings and equipment in farm households dollars over that of a year earlier. As with most at the beginning of 1947 was estimated at 4,766 other physical inventory items, the principal factor million dollars. This is 8 per cent greater than in the increase was the higher price at which the the estimate for a year earlier and represents the various crops were valued, although quantities on greatest increase in value for any year since 1940. hand also were larger than a year earlier. Some The increase in value of these farm household indication of the influence of changes in quantities goods for the entire period from 1940 to 1947 was may be found by multiplying the 1947 quantities 11 per cent. by 1946 prices. This shows that quantities of The comparatively large rise in valuation during NOVEMBER 1947 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 1946 resulted partly from an increase in the num- The amount of deposits owned by farmers on ber of farm families. A more important reason, January 1, 1947 is estimated at 11,100 million dolhowever, was the expanded purchasing of new lars as compared with 9,700 million a year before household furnishings and equipment. Increas- (Table 2). Estimated demand deposits increased ing production of consumer goods since the end from 6,400 million to 7,500 million dollars and time of the war has permitted the fulfilling of some of deposits from 3,300 million to 3,600 million dollars the accumulated demands of farmers. During during the 12-month period.3 This represented 1946 the average value of furnishings and equip- an increase of 17 per cent for demand deposits and ment per family increased to $700. This is $38 9 per cent for time deposits. greater than the average a year earlier and $102 In the Lake States demand deposits of rural greater than on January 1, 1940. areas have increased above the prewar level by a smaller percentage than in other farming areas.4 Financial Assets Particularly large increases of demand deposits At the beginning of 1947 those financial assets have occurred in country banks in the Great Plains of farm people for which estimates have been made States and the Corn Belt States. Time deposits totaled about 22 billion dollars. About 20.3 bil- have shown rather large gains from region to relion dollars were in the form of liquid assets— gion except in the Texas-Oklahoma region where currency, bank deposits, and United States savings they are small and have increased only moderately bonds. Currency and deposits, both demand and since before the war. time, amounted to about three-fourths of these Wartime increase of deposits was of course not liquid assets. Holdings of United States savings unique to rural areas. Demand and time deposits bonds, nearly all of which were acquired since 1940, of all banks increased greatly during the war. amounted to a fourth of the farmer-owned liquid Although during 1946 the war loan accounts of assets. The financial interest of 1.6 billion dollars the United States Government in the banks dein cooperative organizations constitutes the re- clined as the Government drew on these accounts, mainder of the financial assets listed in the balance in the aggregate, deposits of nongovernmental sheet. owners continued to follow the wartime upward Bank deposits. Bank deposits of farm people course. As in other recent years, privately owned increased to the highest point on record in 1946 deposits in farming areas continued to increase although the amount and rate of increase were con- more than such deposits generally. siderably less than in immediately preceding years. Before the war the year-to-year changes in cash Because of the increase in prices paid by farmers, farm income, rural retail sales, and demand dehowever, these large deposits of January 1, 1947 posits of country banks were closely related. Durwould buy less goods than the deposits of a year ing the war, however, the scarcity of many goods earlier. prevented retail sales to farmers from rising in proportion to increased income. The rapidly rising TABLE 2 farm income made possible the sharp climb in farmers' bank deposits; and the rate of increase FARMER-OWNED BANK DEPOSITS, UNITED STATES, JAN. 1, 1940-471 of such deposits was accentuated by the lag in volume of farmers' retail purchases. After the war [In billions of dollars] the continued rise in farm income permitted still Deposits further accumulations of deposits. In 1946 rural Year Total Demand Time retail sales increased to a record dollar volume but farm income remained so high that, in terms 1940 2 9 1.5 1.4 1941 3.2 1.7 1.5 of index numbers, the disparity between deposits 1942 3.8 2.2 1.6 1943 5 0 3.2 1 8 and sales remained rather large. It is not certain 1944 6.4 4.4 2.0 194S 7 5 5.0 2.5 1946 9 7 6 4 3 3 3 Demand deposits revised, 1946. 1947 11.1 7.5 3.6 4 Indexes of changes in deposits in country banks in towns of less than 15,000. Although the indexes of deposits in rural areas include deposits of nonagricultural groups, they are be- 1 Bureau of Agricultural Economics' estimates adjusted on basis lieved to reflect the trend of farmers' deposits and are useful of the Federal Reserve surveys of deposit ownership. The series is in the comparison of the behavior of farmer-owned deposits under review and may be further revised. with the behavior of those of the banking system as a whole. 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 that the prewar relationship of income, deposits, every region (Table 3). In the Southeast, Texasand sales will be re-established. This will depend Oklahoma, and Pacific regions purchases of E upon numerous factors including price relation- bonds in 1946 were only a third of the purchases in ships between farm and nonfarm products, and the 1945. In the Great Plains and the Corn Belt, where relationship between net farm income and the the decline was the smallest, purchases of Series E farmer's plane of living. bonds amounted to about half of those made in In terms of purchasing power, bank deposits 1945. have increased less since 1940 than the absolute TABLE 3 dollar figures would indicate. Since January 1, ESTIMATED COST OF SERIES D AND E SAVINGS BONDS 1940 the prices farmers pay for goods and services PURCHASED BY FARMERS, BY REGIONS, 1940-46 have increased considerably. If adjusted for these [In millions of dollars] prices paid, the increase in adjusted deposits would be less than the actual. Thus on January 1, 1947 Region 1940 1941 1942 1943 1944 1945 1946 the 11,140 million dollars of total deposits owned Northeast * 12 20 74 118 150 112 44 by farmers was the equivalent of only 6,015 million Appalachian 2. . . 12 19 82 147 176 135 59 Southeast 3 5 9 39 78 104 82 27 dollars of 1940 purchasing power. While total de- Lake States 4 16 19 70 141 169 116 49 posits increased from 9,668 million dollars to 11,140 C D o e r l n ta B S e ta lt t s es 6. . . 29 5 3 1 4 0 1 4 3 0 8 25 7 7 2 31 8 8 7 23 6 7 7 1 2 1 5 5 million dollars in the year ended January 1, 1947, Great Plains 7. . . 10 11 43 109 151 114 59 Texas-Oklahoma. 8 14 49 102 132 95 33 the purchasing power in terms of 1940 dollars ac- Mountain 8 4 6 23 52 70 48 18 Pacific9 7 12 52 89 115 82 27 tually declined from 6,411 million to 6,015 million. United States. 108 154 610 1,165 1,472 1,088 456 Currency. Currency in the hands of farmers on January 1, 1947 is estimated at approximately 4 1 Maine, New Hampshire, Vermont, Massachusetts, Rhode billion dollars, or nearly four times the amount Isl 2 a n D d e , l a C w o a n r n e, e c M tic a u ry t, l a N nd ew , V Y ir o g r i k n , i a N , e W w e s J t e r V se ir y g , in P ia e , n n N s o y r l t v h a n C ia a . rolina, estimated for January 1, 1940. Kentucky, Tennessee. 3 South Carolina, Georgia, Florida, Alabama. These estimates are derived from over-all United 4 Michigan, Wisconsin, Minnesota. 0 Ohio, Indiana, Illinois, Iowa, Missouri. States data furnished by the Federal Reserve System 6 Mississippi, Arkansas, Louisiana. 7 North Dakota, South Dakota, Nebraska, Kansas. for currency holdings of individuals of all occupa- 8 Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada. tions, by assuming that the average per capita hold- 9 Washington, Oregon, California. ings of persons on farms were equal to the average per capita holdings of all individuals. The varying rates of decline in bond purchases United States savings bonds. The cash value of during 1946 among the regions probably are United States savings bonds held by farm people on basically related to net farm income. The general January 1, 1947 is estimated at 5,371 million dollars. decline in bond purchases by farmers must be This is about 373 million more than was owned by attributed primarily to other factors, however, as farmers the year before. The net increase during farm income for the country as a whole remained 1946 was only about one-third as large as in 1945. at a record high level. Discontinuance of wartime Although the cashing of bonds increased somewhat, bond drives appears to be one cause. Higher this reduced rate of increase can be attributed pri- living costs combined with increased purchases of marily to a decline in purchases of bonds. machinery, automobiles, and household equipment, and the holding of ready cash in antici- The 530 million dollars estimated to have been pation of such purchases, have been influential in spent by farmers in 1946 for savings bonds of all reducing the volume of funds available for buying series is about half the estimated purchases in 1945. bonds. Purchases by farmers of Series F and G bonds were only 22 per cent less than in 1945.5 Purchases of The amount of bonds cashed by farmers in 1946 is estimated at about 223 million dollars, Series E, however, were nearly 60 per cent smaller or 42 per cent of the amount bought during the in 1946 than in 1945, with declines occurring in year. Expenditures like those mentioned as re- 5 Series F bonds are 12-year discount bonds sold at 74 per tarding purchases of bonds also may have influcent of maturity value. Series G bonds are 12-year current income bonds sold at par. Series E bonds are 10-year discount enced many farmers to cash some of their bonds. bonds sold at 75 per cent of maturity value. Purchasers of It is also probable that some bonds were cashed Series E bonds are limited to $3,750 issue price in any one calendar year. The limit for Series F and G combined is for the purchase of farm real estate. Although $100,000 in any one year. NOVEMBER 1947 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 totaling 40 million more than in 1945, redemptions ficates of indebtedness, and reserves, is owned by of farmer-held bonds were believed to be at a much the farmer members and for the purpose of this lower rate than for the population as a whole. report is considered an asset of agriculture. Mar- The Treasury Department reports that bonds of keting cooperatives, with net worth estimated at all series cashed by all population groups during 503 million dollars at the beginning of 1947, form 1946 were 87 per cent of the amount of the sales. the largest segment of these farmer-owned organi- In the case of Series E bonds the redemptions for zations. Purchasing associations, which often are the total population were 21 per cent greater than affiliated with marketing cooperatives, had an estisales. Only the farm States of North Dakota, mated net worth of 288 million dollars—nearly South Dakota, Nebraska, Iowa, and Kansas re- four times the "estimate for 1940. The net worth ported more E bonds sold than were cashed. of mutual irrigation companies—one of the oldest Investments in cooperative associations. Farmers forms of agricultural cooperation in the nation— are believed to have only limited investments in was estimated at 383 million dollars. The financial nonfarm enterprises but they do have a substantial condition of farmers' mutual telephone companies financial interest in farmers' cooperative organi- is believed to have shown no great change during zations. These allied organizations operate in a the war and the prewar estimate of 23 million number of fields. Some provide supplies like ferti- dollars is being carried forward as their net worth. lizer, feed, and seed. Others provide water for The surplus and reserves of mutual fire insurance irrigation; facilities for marketing farm produce; companies increased 5 million dollars during 1946 credit of various types; and varied services for to a total of 78 million at the beginning of 1947. both farm and home, including telephone and elec- The net worths of the land bank and production tricity. credit systems, which are important groups of co- The net worth of the cooperatives for which operatives operating under the Farm Credit Adestimates have been made totaled about 1,606 ministration, totaled 254 million and 77 million million dollars on January 1, 19476 (Table 4). This dollars respectively. net worth, represented by such items as stock, certi- THE LIABILITY AND EQUITY ITEMS 6 Revised net worth totals for 1940-46 are substantially larger Liabilities and equities constitute the claims of than previously estimated. This results mainly from including as net worth reserves and surplus of the credit cooperatives in the various classes of interests in the assets of agriaddition to capital stock formerly used. The net worth of irrigation companies for 1941-46 has been adjusted upward to re- culture. These two general classes comprise the flect the trend of the other associations; previously the 1940 Census figure was used for each succeeding year. interests of the creditors on the one hand and the TABLE 4 FARMERS' FINANCIAL INTEREST IN SELECTED TYPES OF COOPERATIVES, UNITED STATES, JAN. 1, 1940-47 [In millions of dollars] Type of cooperative 1940 1941 1942 1943 1944 1945 1946 1947 Marketing associations l 2 256 2 262 2 284 2 320 2354 2393 2 440 3 503 Purchasing associations * 2 74 2 84 2 102 2 120 2 158 2 194 2236 *288 Farmers' mutual telephone companies 4. . . 23 23 23 23 23 23 23 23 Fafmers' mutual irrigation companies 5. . . 197 22O9 2227 2 249 2272 23O1 2 338 383 Farmers' mutual fire insurance companies 6 42 45 50 56 61 2 68 73 3 78 Production credit system 7 231 2 36 2 42 2 48 2 55 261 2 68 77 Land bank system 8 2 203 2216 2 225 2 228 2217 2 222 2239 254 Total. 2 826 2875 2 953 21,044 21,140 21,262 21,417 1,606 1 Net worth. Source: Bureau of Agricultural Economics estimates based on data accumulated by Farm Credit Administration. 2 Revised. 8 Preliminary. 4 Investment in plant and equipment less borrowed money. Figure used for each date is that for Jan. 1, 1938. Source: Census of Electrical Industries, 1937, U. S. Bureau of the Census. 6 Net worth—Figure for Jan. 1, 1940 from Census of Irrigation of Agricultural Lands, 1940, U. S. Bureau of the Census; figures for later dates estimated by Bureau of Agricultural Economics on basis of changes in net worth of other cooperatives. 6 Surplus and reserves. Data for 1940 and 1941 from Farm Credit Administration: data for later years from Bureau of Agricultural Economics. 7 Net worth excluding capital owned by Production Credit Corporation. Data from reports of Farm Credit Administration. 8 Net worth excluding capital and surplus paid into the Federal Land Banks by the Federal Government. Data from reports of Farm Credit Administration. 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 landlords and operators on the other. Real estate up about 11 per cent. Rises of between 8 and 9 mortgage debt, non-real-estate debt, and equities per cent were indicated for the Northeastern, are discussed in the following sections. Southeastern, Delta, and Pacific States. In 1945, increases were reported in only the last two re- Farm Real Estate Debt gions. During 1946, 39 States experienced debt The farm real estate debt for the country as a increases as compared with 20 States in 1945 and whole experienced, during 1946, the first increase 8 in 1944. Three States—Florida, New Mexico, that has been reported since 1927 and the largest and Arizona—had increases of 20 per cent or more. increase since 1921. Preliminary estimates indicate a rise from 4,730 million dollars on January 1, PERCENTAGE CHANGE IN OUTSTANDING FARM-MORTGAGE 1946 to 4,890 million dollars at the beginning of 1947, an increase of 160 million dollars7 (Table 5). The 1947 debt is less than that for any other year since 1914 (except for 1946) and is less than half the peak of 10,786 million dollars on January 1, 1923. The increase in total debt of 3.4 per cent for 1946 is in contrast to declines of 3.1 per cent for 1945 and 7.9 per cent for 1944. Indebtedness secured by farm real estate increased in all regions except the Great Plains and Corn Belt, as is shown in the accompanying map. The largest increase occurred in the Mountain States, where debt was The Great Plains continued to show the greatest decline but at a reduced rate. The reduction in 7 Estimates of farm mortgage indebtedness for the years debt for this region amounted to only 5.1 per cent 1941-47 discussed in this section of the balance sheet are tentative revisions of those published previously. Final estimates in 1946 or only about half the rate of 1945. The based on data from the 1945 Census of Agriculture and on the results of a survey conducted jointly by the Bureau of the Cen- largest percentage decrease was 7.4, reported for sus and the Bureau of Agricultural Economics will be available in the near future. Nebraska. The two major Corn Belt States of TABLE 5 FARM MORTGAGE DEBT OUTSTANDING AND HELD BY MAJOR LENDER GROUPS, UNITED STATES, JAN. 1, 1940-47 WITH PERCENTAGE CHANGE 1940-47 AND 1946-47 [Dollar items in thousands] Year d T e o b ta t1 l La F nd e d B er a a n l ks2 F p g a o F a r r m g e a e d t i e C M o r n a o o l r 2 r - t 3 - A F tr H d a a r m t o m i m o in e n e i r s 4 s - co in m s L u p r i a f a n e n ie c s e 2 co I m b n a s m u n e r k r e s c d ial o v t I i a h d n n e u d d r a i s - l s l 1940 $6,586,399 $2,009,820 $713,290 $ 38,566 $ 984,290 $ 534,170 $2,306,263 1941 6,440,000 1,957,184 685,149 73,093 1,016,479 543,408 2,164,687 1942 6,290,000 1,880,784 634,885 122,104 1,063,166 535,212 2,053,849 1943 5,840,000 1,718,240 543,895 163,681 1,042,939 476,676 1,894,569 1944 5,300,000 1,452,886 429,751 176,607 986,661 448,433 1,805,662 1945 4,880,000 5 1,209,676 5 347,307 178,969 933,723 449,582 1,760,743 1946 4,730,000 s 1,078,952 5 239,365 184,035 884,312 507,298 1,836,038 1947 4,890,000 976,748 146,621 190,128 890,161 683,229 2,003,113 Percentage change 1940-47 —25 8 -51.4 -79.4 393.0 -9.6 27.9 -13.1 1946-47 3.4 -9.5 -38.7 3.3 .7 34.7 9.1 1 Estimates for years 1941-47 are tentative revisions. 2 Includes regular mortgages, purchase-money mortgages, and sales contracts. 3 Loans held by Federal Farm Mortgage Corporation are made on its behalf by Land Bank Commissioner. 4 Successor to Farm Security Administration. For 1940, includes only tenant purchase loans and construction loans to individuals. Beginning with 1941, includes farm development (special real estate) loans; beginning with 1944, includes farm enlargement loans; for 1944-46, includes flood and windstorm real estate restoration loans; and beginning with 1946, includes project liquidation loans. Loans made for these purposes from State Rural Rehabilitation Corporation trust funds are included. 6 Revised. NOVEMBER 1947 1363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 Iowa and Illinois also registered declines, as did marks a decline of nearly 40 per cent during 1946 Minnesota in the Lake States and Massachusetts and of approximately 80 per cent since 1940. and Connecticut in the Northeast. The accelerated rate at which the loans held by the The tentative revisions of estimates of farm Federal Farm Mortgage Corporation have demortgage debt for the period since 1940 indicate clined in recent years can be attributed largely to somewhat larger debt repayments during World changes in the regulations permitting the Federal War II than were first reported. Debt secured Land Banks to take over "eligible" loans from the by farm real estate on January 1, 1946 proved to Corporation and to make loans for a higher probe down 28 per cent from the total at the beginning portion of the appraised value of farm real estate. of 1940 compared with a reduction of approxi- The Farmers Home Administration (successor mately 23 per cent reported previously. Although to Farm Security Administration) had somewhat farm income has not only continued high since the more loans outstanding at the beginning of 1947 war but has actually increased, less of the income than a year earlier, reaching a new peak of 190 apparently has gone for debt reduction and more million dollars. Although both the amount and has gone for new equipment, improvements, and rate of increase were somewhat higher than during larger family living expenditures than during the 1945, the dollar amount in both years was small war. Some farmers undoubtedly are under neces- because of certain legal limitations on the size of sity to borrow even for these purposes, while others loans, a reluctance to lend extensively at present are buying bigger and better farms or are expanding high land values, and increased loan repayments. their present ones. Farm transfers during 1946 Outstanding farm mortgage loans of the Farmers were at the highest volume on record. Home Administration at the beginning of 1947 Whatever the purpose, a greater dollar amount of were approximately five times greater than at the mortgages was recorded during 1946 than during beginning of 1940. any year since 1934. The net result has been an Life insurance companies increased their farm upward turn in the trend of farm real estate debt. mortgage investments during 1946 for the first With a substantial increase during 1946, and with time since 1941, their loans rising from a little total debt at what would appear to be a minimum more than 884 million dollars on January 1, 1946 considering the size and value of the agricultural to about 890 million dollars at the beginning of plant, it seems likely that the farm mortgage debt 1947. Although it is small percentagewise, this of the country may increase again in the immediate increase was in contrast to a decline of approxifuture; at least, further declines are not expected. mately 5 per cent in 1945. Their increased mort- The rise in farm mortgage debt during 1946 was gage portfolio, however, was still about 10 per reflected in the holdings of each of the major cent below the 1940 total and, except for 1946, lender groups, except the Federal Land Banks and below that for any year since the beginning of Federal Farm Mortgage Corporation. The loans World War I. held by the latter agencies continued the down- Banks, as indicated by reports for insured comward trend that has been evident since 1937. mercial banks, showed the greatest percentage in^ Those of the Federal Land Banks dropped below crease during 1946 of any of the major lender the billion dollar level for the first time since 1925, groups. Loans of insured banks increased approxitotaling 977 million dollars on January 1, 1947. mately one-third during the 12-month period, rising This is only about half the amount carried on from approximately 507 million dollars at the betheir books at the beginning of 1940. Outstanding ginning of 1946 to about 683 million dollars at Land Bank loans declined approximately 10 per the beginning of 1947. This compares with a rise cent during 1946, about the same as in 1945. of about one-eighth in 1945 and almost no in- The Federal Farm Mortgage Corporation re- crease in 1944. The sharp upward turn in bank ported the largest percentage decline in farm loans has brought them well above the 1940 level mortgage holdings during 1946 of any of the and to the highest point reached by insured commajor lender groups. Its loans dropped below mercial banks since loan data were first reported 150 million dollars on January 1, 1947 compared for this group in 1935. with about 240 million dollars a year earlier. This Loans held by individuals and miscellaneous 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 lenders also increased substantially during 1946. greater than the figure for a year earlier and was The percentage increase during 1946 was slightly a record figure for any January 1 in the history less than 10, or about twice the percentage increase of the PCA's. Discounts by the Federal Interreported for this group for 1945. The amount of mediate Credit Banks for private agricultural credit loans held by this group at the beginning of 1947, corporations increased 20 per cent during 1946, however, was still about 13 per cent below the from 26.5 million dollars to 31.7 million. The inamount at the beginning of 1940. The estimates creases in the loans of these three types of institupresented for this lender group are somewhat lower tions indicate rather well a widespread rise in the than previously reported as a result of the tentative use of non-real-estate credit by farmers. revisions mentioned before. The Farmers Home Administration (which came into operation by Act of Congress on November 1, Non-Real-Estate Debt 1946) consolidates the lending functions of the On January 1, 1947 the total non-real-estate or Farm Security Administration and the Emergency "short-term" debt of farmers is estimated to have Crop and Feed Loan Office of the Farm Credit been nearly 3.5 billion dollars.8 This was about Administration. The non-real-estate agricultural 22 per cent larger than the amount outstanding loans of the new organization are called production one year earlier. and subsistence loans. The FSA rural rehabilita- Of this debt, almost 2 billion dollars repre- tion loans and the FCA crop and feed loans will sented loans to farmers by commercial banks and be gradually liquidated. The total of all outstandthe Federal and federally sponsored lending agen- ing non-real-estate loans of the FHA on Janucies (Table 6). Such loans were 17 per cent greater ary 1, 1947 was 402 million dollars. This included about 5 million dollars of outstanding prothan on January 1, 1946 and at the highest level for duction and subsistence loans made in the last any January 1 since 1931. However, as indicated two months of 1946; 280 million dollars in outin the accompanying chart, they remained substanding rural rehabilitation loans; and nearly stantially below the peak level following World 117 million of crop and feed loans. On January 1, War I. 1946 rural rehabilitation loans and crop and feed SHORT-TERM AGRICULTURAL LOANS HELD BY ACTIVE COMMERCIAL loans amounted to 278 million dollars and 129 BANKS. FEDERAL AND FEDERALLY SPONSORED AGENCIES, UNITED STATES, JAN. 1 AND JULY 1, 1910-47 million respectively, or a total of 407 million. The (EXCLUDES NONRECOURSE COMMODITY LOANS HELD OR GUARANTEED BY CCC) decline in the loans of these Federal agencies, which | .-.- p-T7^ Regional ag-cr corporations and Farmers Home Admin -, has been under way throughout the war period, results primarily from smaller loan allotments for FSA, cancellation of more than 5 million in oldcrop and feed loans during 1946, and heavy repayments made possible by prosperous farm conditions. Another Federal agency extending non-real-estate agricultural credit in certain emergencies is the Regional Agricultural Credit Corporation. Although in liquidation since 1934, its loans rose beyond 50 million dollars in 1943 during a brief 1910 1915 1920 1925 1930 1935 1940 1945 program of financing wartime food production. Since then the liquidation program has been re- Loans of banks, which amounted to 1.3 billion sumed and on January 1, 1947 outstanding loans dollars or two-thirds of the non-real-estate loans amounted to only 2.6 million dollars. (other than CCC loans) of all institutional lenders, Changes during the war in outstanding nonincreased 25 per cent during 1946. The 230 million real-estate loans of all these institutions—both Feddollars in loans held on January 1, 1947 by the eral and private—varied considerably from area production credit associations was 18 per cent to area. Data permitting comparison of changes 8 This 3.5 billion dollars excludes the nonrecourse loans made in such non-CCC loans are available only for the or guaranteed by the Commodity Credit Corporation, which will period since 1943 (Table 6). Between 1943 and be discussed at the end of this section. NOVEMBER 1947 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 TABLE 6 NON-REAL-ESTATE LOANS TO FARMERS HELD BY PRINCIPAL LENDING INSTITUTIONS JAN. 1, 1943, 1946, AND 1947, BY REGION AND STATE1 [Dollar amounts in thousands] Amount Percentage change Region and State Jan. 1, 1943 to Jan. 1, 1946 to Jan. 1, 1943 Jan. 1, 1946 Jan. 1, 1947 Jan. 1, 1946 Jan. 1, 1947 United States $1,666,866 $1,672,407 $1,959,423 .3 17.2 Northeast 87,297 98,891 127,741 13.3 29.2 Maine 8,931 8,901 10,411 -0.3 17.0 New Hampshire.... ,091 2,544 2,981 21.7 17.2 Vermont 5,780 9,225 11,773 59.6 27.6 Massachusetts 2,943 4,185 5,122 42.2 22.4 Rhode Island 676 851 784 25.9 -7.9 Connecticut 3,289 3,912 4,352 18.9 11.2 New York 33,249 39,071 51,763 17.5 32.5 New Jersey 6,668 6,295 8,602 -5.6 36.6 Pennsylvania 23,670 23,907 31,953 1.0 33.7 Appalachian 95,851 101,782 128,883 6.2 26.6 Delaware 1.625 1,873 2,260 15.3 20.7 Maryland 6,378 7,411 10,638 16.2 43.5 District of Columbia 9 26 18 188.9 -30.8 Virginia 19,629 19,570 24,077 -.3 23.0 West Virginia 6,247 5,126 6,460 -17.9 26.0 North Carolina 15,781 15,594 18,512 -1.2 18.7 Kentucky 24,917 26,907 36,174 8.0 34.4 Tennessee 21,265 25,275 30,744 18.9 21.6 Southeast 102,920 96,206 110,845 -6.5 15.2 South Carolina 17,141 15,243 16,789 -11.1 10.1 Georgia 35,668 33,259 37,824 -6.8 13.7 Florida 17,048 17,339 20,587 1.7 18.7 Alabama 33,063 30,365 35,645 -8.2 17.4 Lake States 134,463 139,441 155,768 3.7 11.7 Michigan 25,858 28,634 37,234 10.7 30.0 Wisconsin 35,323 38,351 45,166 8.6 17.8 Minnesota 73,282 72,456 73,368 -1.1 1.3 Corn Belt 329,623 320,535 . 383,152 -2.8 19.5 Ohio 38,872 35,077 46,121 -9.8 31.5 Indiana 35,813 40,489 47,939 13.1 18.4 Illinois 72,720 72,572 85,702 -.2 18.1 Iowa 110,469 107,544 120,771 -2.6 12.3 Missouri 71,749 64,853 82,619 -9.6 27.4 Delta States 97,335 94,742 105,382 -2.7 11.2 Mississippi 43,068 43,058 45,609 .0 5.9 Arkansas 31,138 31,724 36,289 1.9 14.4 Louisiana 23,129 19,960 23,484 -13.7 17.7 Great Plains 304,249 263,927 284,251 -13.3 7.7 North Dakota 61,478 52,251 50,581 -15.0 -3.2 South Dakota 70,656 60,443 59,199 -14.5 -2.1 Nebraska 84,158 78,755 81,448 -6.4 3.4 Kansas 87,957 72,478 93,023 -17.6 28.3 Texas-Oklahoma... . 205,726 219,214 269,138 6.6 22.8 Texas 155,111 163,480 203,791 5.4 24.7 Oklahoma 50,615 55,734 65,347 10.1 17.2 Mountain 179,396 183,968 200,065 2.5 8.7 Montana 36,992 34,273 33,139 -7.4 -3.3 Idaho 19,358 19,147 21,831 -1.1 14.0 Wyoming 22,027 20,164 19,743 -8.5 -2.1 Colorado 52,615 50,986 55,494 -3.1 8.8 New Mexico 15,700 18,625 21,775 18.6 16.9 Arizona 12,202 16,377 20,872 34.2 27.4 Utah 17,024 20,443 21,777 20.1 6.5 Nevada 3,478 3,953 5,434 13.7 37.5 Pacific 129,961 153,698 194,184 18.3 26.3 Washington 21,899 24,915 31,467 13.8 26.3 Oregon 14,476 17.023 20,726 17.6 21.8 California 93,586 111,760 141,991 19.4 27.0 Unallocated 45 14 -93.3 -53.3 1 All active commercial banks, Farmers Home Administration, Emergency Crop and Feed Loan Office, production credit associations, Federal Intermediate Credit Banks, and Regional Agricultural Credit Corporation. Excludes loans made or guaranteed by Commodity Credit Corporation, except a small amount in 1943 held by the Federal Intermediate Credit Banks. 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 1946, non-real-estate farm loans declined in 22 farmers to reduce or pay of! their loans. This has States. The declines were as large as 15 per cent in been true particularly of farmers who were not the Dakotas and nearly 18 per cent in West Vir- expanding their operations and in instances where ginia. In the same period there were increases production expenses were low relative to their inin loans in the majority of the States; they ranged comes. from less than 2 per cent in Pennsylvania, Florida, Commodity Credit Corporation and Arkansas to about 42 per cent in Massa- The foregoing discussion has pertained to the chusetts and nearly 60 per cent in Vermont. For loan obligations of farmers other than the nonthe United States as a whole, however, there was recourse, commodity loans made or guaranteed by practically no change in the volume of outstanding the Commodity Credit Corporation. In addition loans between 1943 and 1946. to the estimated 3,459 million dollars of ordinary During the one postwar year of 1946 these loans loans, on January 1, 1947 there were 65 million rose about 17 per cent—a greater increase than for dollars of CCC loans to individual farmers. This any other year during the war period. Further- is a small amount in comparison with the 277 more, increases were rather general, with decreases million of a year earlier and especially with the occurring only in five States—Rhode Island, North 773 million dollars of January 1, 1943 when CCC Dakota, South Dakota, Montana, and Wyoming. operations were near the peak. Agricultural prices By regions, increases ranged from nearly 8 per cent recently have been at such levels that most comin the Great Plains to 29 per cent in the Northeast. modities have moved directly into the market or It has been youghly estimated that, in addition have been used as a basis for ordinary loans withto the non-real-estate debt owed to these principal out being pledged as security for price support lending institutions, farmers owed about 1.5 billion loans from the Commodity Credit Corporation.9 dollars on January 1, 1947 to such creditors as As of the begining of 1947 the Corporation itmerchants, dealers, finance companies, and indi- self held 7.3 million dollars of nonrecourse price viduals. Few data are available, but a substantial support loans while other lending institutions rise during 1946 has been estimated for such debt held 57.6 million dollars of these loans under on the basis of the increase in institutional loans and purchase agreements with Commodity Credit Corthe substantial expansion in purchases of farm poration. machinery, automobiles, and all types of house- Equities hold equipment. The equities or claims of proprietors in the physi- The recent growth in non-real-estate agricultural cal and associated financial assets of agriculture credit has resulted primarily from a higher level of totaled 102,795 million dollars on January 1, 1947. prices paid by farmers, expanded operations in The term "proprietors" includes owner-operators, many instances, and the increasing availability of tenants, landlords not living on farms, and the both producer and consumer goods for the purstockholders of corporations that were operating chase of which credit is often used. There are farms. Even local, State, and the Federal governindications that the average loan for those using ments are represented among the landlord and non-real-estate credit has been steadily increasing owner-operator classes. Owner-operators and landsince 1939. The average size of loan made in 1946 lords both own real estate as well as non-real-estate by most of the Federal or federally sponsored agenassets. Tenants are limited to the ownership of cies was more than double the average loan made personalty such as livestock, machinery and vein 1938. In 1946, emergency crop and feed loans hicles, harvested crops, and financial assets. were about 5 per cent larger; production credit association loans, 12 per cent larger; and Farmers 9 The revised figures used in this year's balance sheet have been so prepared as to eliminate the influence of over-reporting Home Administration loans were 20 per cent by financial institutions, which occurred particularly during war years when many banks reported advances in behalf of the Comlarger, than in 1945. Increases occurred in all re- modity Credit Corporation for purchases of wool and other commodities along with guaranteed loans to farmers. The revised gions of the country. figures also are intended to exclude loans to cooperative organ- Notwithstanding the increased use of non-real- izations but include certain CCC-guaranteed loans made to individual farmers by cooperative marketing associations. Of the estate credit by agriculture as a whole, it is prob- 109,350 thousand dollars of CCC-type loans outstanding on Dec. 31, 1946, only 64,911 thousand were to individual farmers while able that high incomes have permitted many the rest were to cooperative associations. NOVEMBER 1947 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 Data are insufficient to reveal the distribution million dollars in 1946, an increase of 193 per of the equities belonging to these various classes of cent in seven years. Each of the agricultural proprietors. Farm operators, including tenants regions enjoyed higher cash receipts from farm and croppers, are believed to have a much greater marketings and Government payments in 1946 aggregate equity than the landlords. Owner- than in 1945. operators have much larger equities than the The net income of agriculture in 1946, including tenant operators. Government payments, reached a record figure of The position of proprietors relative to creditors 18,889 million dollars. This compares with 15,817 has improved appreciably since the prewar year, million in 1945 and 6,410 million dollars in 1940. 1940. The equities of proprietors constitute about Of the total net income received by agriculture in 92 per cent of the total claims to the assets, at 1946, hired farm labor received 2,536 million present, leaving the creditors with only an 8 per dollars, landlords received 1,255 million, includcent share. In 1940, proprietors had only about ing some Government payments, creditors received an 81 per cent equity. This more favorable posi- 228 million for mortgage interest, and the retion of the proprietors had three causes: Reduction mainder of 14,870 million, including Government of debt, increase in the real quantities of both payments, was received by owner- and tenantphysical and financial assets, and higher unit values operators. placed on the physical assets. Although common The influence of the years of high income on the opinion seems to anticipate that the postwar price balance sheet of agriculture has been of both direct level will not go back to the prewar basis, the and indirect character. Directly, some of the inhigher unit values may not be maintained. The come has accumulated in the form of various assets, reduction of debt and the increase in physical particularly the financial assets. Indirectly, the quantities represent real gains to the proprietors. influence of the high income received during and since the war and the income prospects for the Farm Income future, based partly on the prospective Government support for at least 1947 and 1948, has been to The balance sheet of agriculture provides a crosscause a bidding up of valuations of income prosection view of the financial structure of agriculducing farm property. ture at a given point of time. Net changes from year to year are reflected in successive balance GENERAL FACTORS OF SIGNIFICANCE TO THE BALANCE sheets, but the income statement (Table 7) most SHEET OF AGRICULTURE clearly reveals the intervening course of financial We have seen that the financial condition of events. Hence it is desirable that the income farmers continued to improve after the war. It statement be considered briefly for the light it was better at the end of 1946 than it had ever been will throw on changes in the comparative balduring any of the war years—record cash income, ance sheet. greater equities despite higher debt, higher assets With physical production somewhat above 1945, of every kind. farmers received higher income in 1946 largely Since these gains have continued after the war. because they sold their products at substantially shall we conclude that this favorable balance for higher prices. This was particularly true of the agriculture is here to stay? Such a conclusion marketings of the last quarter of the year, after would be rash. But it would be equally shortthe lifting of many price controls. With the excepsighted to conclude that because farmers' financial tion of truck crops, which averaged lower, on the condition fell to pieces after 1920 it must do so average each class of crops and livestock sold for again. Historical parallels are instructive, but higher average prices in 1946 than in 1945. future prospects for agriculture need also to be Cash receipts of agriculture were at a higher level examined in the light of the forces responsible for in 1946 than ever before. Receipts from crops and the present high valuations, and of the probabilities livestock each increased about 14 per cent over that these forces will continue in their present receipts in 1945. Starting from 8,366 million dol- strength. And finally, it will be well to consider lars in 1940, cash receipts from farm marketings to what extent conditions following the two wars reached 21,517 million dollars in 1945 and 24,519 are different. 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 TABLE 7 COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED STATES, 1940-46 X [In millions of dollars] Item 1940 1941 1942 1943 1944 1945 1946 HOW NET INCOME WAS OBTAINED Gross income from agriculture: I. Cash receipts from farm marketings 2 8,366 2 11,190 215,389 219,459 220,371 221,517 24,519 2. Value of products retained on farms for home consumption 2 1,254 21,460 21,781 2 2,149 2 2,192 22,257 2,636 3. Rental value of farm homes 624 658 702 755 820 889 978 4. Total 2 10,244 2 13,308 2 17,872 2 22,363 2 23,383 2 24,663 28,133 Nonlabor production costs: 5 Feed bought 2 998 2 1,089 2 1,625 22,137 22,427 2 2,845 3,031 6. Livestock bought, except horses and mules. .. 2 478 2 602 2 802 2 778 2 688 2 870 1,051 7. Fertilizer and lime bought . . 261 292 352 423 476 251O 621 8. Vehicle operation 568 2 633 2735 2 851 2942 21,010 1,024 9. Depreciation and maintenance 21,096 21,233 2 1,402 21,576 2 1,867 2 2,069 2,210 10. Interest on non-real-estate debt3 212 2 235 2 230 2 198 2 181 2 188 208 1 1 2 1 . . O Ta th x e e r s o o p n e r r e a a ti l n e g s t e a x t p e e a n n se d s tangible personalty. . 26 4 3 4 7 6 2 24 6 5 9 7 9 2 2 8 4 9 6 0 1 2 1 2 , 0 4 2 7 2 2 2 1 2 , 0 4 9 9 8 5 2l, 2 1 3 5 0 54 1,2 6 6 1 3 7 13. Total 2 -4,696 2 -5,240 2 -6,497 2 -7,457 2 -8,174 2 -9,176 -10,025 14. Adjustment for changes in inventory4 2 +96 2 +374 2 +928 2 +536 2 -402 2 -439 -19 15. Total net income from agriculture 2 5,644 2 8,442 212,303 2 15,442 2 14,807 2 15,048 18,089 16. Government payments 5 +766 +586 +697 +672 +804 2 +769 +800 17. Total net income from agriculture and Government payments 26,410 2 9,028 2 13,000 216,114 2 15,611 215,817 18,889 HOW NET INCOME WAS DISTRIBUTED Return to labor:6 18. Hired labor (cash and perquisites)... 21,020 21,238 2 1,626 2 2,009 2 2,184 2 2,299 2,536 Net return to investment in farming:7 Return to capital— 19. Net rent and Government payments to landlords not living on farms 8 2 460 2 656 2 964 21,135 2 1,194 21,193 1,255 20. Farm mortgage interest 9 293 9 286 9 273 9 247 9 236 9 228 w 228 21. Total to operators " 2 4,637 26,848 2 10,137 212,723 2 11,997 2 12,097 14,870 17, Total net income from agriculture and Government payments 26,410 2 9,028 2 13,000 2 16,114 2 15,611 2 15,817 18,889 1 The margin of error of the estimates varies with the items. 2 Revised. 3 Includes an allowance for interest on an indeterminate amount of miscellaneous debt. * Market value, in terms of prices at the end of the year, of the increase or decrease in the physical quantities of crops on farms for sale or of numbers of livestock whether or not for sale. 5 Include some payments that are comparable to certain items included in item 1. Thus receipts from loans made or guaranteed by CCC are included in item 1, whereas wartime consumers' price subsidies to dairy and other farmers are included in item 16. 6 Data for return to types of labor other than hired, i. e. farm family labor and operators' labor not available; therefore, no total it -hown. 7 Data for capital return to operators and data for return to management not available; therefore, no total is shown. s After subtraction of estimated payments for taxes, mortgage interest and other expenses paid by such landlords. 9 Tentative revision, w Tentative. 11 Reflects the adjustment for changes in inventory values and represents the difference between items 17 and the sum of items 18, 10, and 20. Based on "Net Farm Income and Parity, 1940-46," The Farm Income Situation, Bureau of Agricultural Economics, June-July 1947, Factors in Price Rise, 1946 Prices of farm products and other physical assets In looking at the forces responsible for agricul- continued upward in 1946 even though basic warture's present favorable balance sheet, changes in time factors were sharply altered. During the fiscal and financial operations of the Federal Gov- war Federal expenditures for goods and services ernment and of the banking system are given had been greatly expanded—from 8.8 billion dolprominence; because they greatly influence the lars in 1940 to 75.8 billion in 1945. And this volume and flow of money, hence income and ninefold increase in Federal buying for wartime prices both on and off the farm. And we must goods and services had been possible—with no rekeep in mind that the recent improvement of agri- duction in private spending—only because the culture's financial standing was mostly the result money supply was increased through purchases of of a further rise in prices. war bonds bv commercial and Federal Reserve NOVEMBER 1947 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 Banks. The increased money supply, activated by shrinkage of deposits in commercial banks, how- Government and private spending, had contributed ever, amounted to only 11.2 billion dollars. As to an increase in national income which permitted commercial bank investments in Government seprivate expenditures actually to rise in spite of curities declined their loans and investments in greatly increased taxes and nonbank purchases of other securities were rising. war bonds. But after the war, Government buying Agricultural Situation at End of World War I was greatly reduced—from 75.8 billion dollars in and World War II 1945 to 25.2 billion in 1946. Along with this the Federal deficit was cut down from 43.6 billion In some ways developments affecting the financial dollars to 2.5 billion, and the Federal debt by 20 condition of farmers during the two wars are billion dollars. (In the absence of a Federal sur- similar. In both periods abnormal demand for plus, debt reduction was brought about by drawing farm products carried prices to very high levels. down the Government's deposit balance to a size In both periods greatly expanded farm earnings more appropriate to peacetime needs.) Despite the stimulated big advances in prices of farm lands and fact that Federal expenditures declined 50.6 billion in other types of farm capital. dollars in 1946, total expenditures fell only 3 per But differences were equally pronounced. One cent below the 1945 level. Private expenditures was the trend of debt owed by farmers. From the same year rose 43.7 billion dollars and those of 1915 to 1919 farm mortgages increased 43 per State and local governments increased 1.6 billion. cent and non-real-estate debt owed to banks in- There were forces at work which served to keep creased nearly 66 per cent. In contrast, during prices and assets up even though wartime factors the Second World War (1940-1945), total farm had been altered. debt fell 1.3 billion dollars, or 13 per cent. The decline in debt owed by farmers was reversed in Removal of various restrictions and the change- 1946, but the recent increase was far smaller than over to peacetime goods made it possible for the increase in assets. So far, farmers' total debt would-be buyers to spend some of their savings remains far below that of 1940 and still further and expanded incomes for goods that they had below the level of 1919. not been able to get. Savings had piled up during the war. National income jumped 4 billion dollars Low farm debt may well be a factor of strength from 1944-45 to 1946. Disposable income of indi- to farmers in the coming years. After World War I viduals alone, at 146 billion dollars, was far more the fall in prices of their products caused much than the entire amount spent for goods and services distress; not because these prices fell below preby both public and private buyers in any year be- war—which they did not—but because the drop fore 1942. Bond-selling programs were relaxed, was not accompanied by a similar decline in leaving more money for private purchase of goods farmers' costs, among which debt service was a and services. Borrowed funds also played a part. very large "fixed charge." Farmers' interest obli- Bank loans rose in 1946 more than 5 billion dol- gation alone had risen from 587 million dollars in lars. Consumer credit increased more than 2.6 1915 to 1,149 million in 1920. This 95 per cent billion. And "new capital" issues, including those increase in interest charges held on stubbornly, of State and local units, reached 4.6 billion dollars. even after three years of sharply lower farm prices, Expansion of non-Federal borrowing not only and by 1925 had receded only 9 per cent. In conhelped to offset the decline in Federal expenditures, trast, during this war, interest charges declined thereby giving support to prices, but it also partially and stood at only 427 million dollars for 1946. offset the shrinkage in deposits that accompanied There are, of course, some individuals with difficult the reduction of the Federal debt. From an all- debt obligations—particularly those who have made time high of 279 billion dollars in February 1946 recent investments mainly with borrowed money. the gross direct Federal debt was reduced to 259 They face interest charges and principal repaybillion dollars at the year's end. As practically all ments that will not be easy if farm income shrinks of the securities that were paid off had been held as it did after World War I. But for farmers as by commercial banks, their retirement extinguished a whole the improvement in the debt situation is approximately an equal amount of deposits. Total genuine and very substantial. 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 A second difference favorable to the present post- crops, may be further apart this time than after war period is the relative strength of farmers' credit World War I. facilities. The Federal Land Banks, organized in But there are factors in this situation that make 1916, entered the first postwar period with neither this difference smaller than these comparisons the experience nor the resources they have now. suggest. None of the Federal agencies now making non- The expansion of agricultural production in real-estate loans were in existence when farmers World War II started from a level that was relawere hard pressed by falling prices and income tively lower than in World War I. The decade after World War I. Privately owned banks in of depression before the recent war was characrural areas entered the first postwar period with terized by relatively low domestic consumption of far less strength than they now have. agricultural products and an even lower level of Following World War I country banks were exports. Production was correspondingly low— ill-prepared to cope with the deflationary situation held down partly by market forces and partly by that developed in 1920. Instead of being able to Government sponsored restrictions. lend support to farmers who were hard-pressed to It is not likely that prewar levels of domestic meet heavy obligations with shrunken cash re- consumption of farm products will again prevail. ceipts, these banks in many instances were com- Low domestic consumption during the 1930's was pelled to reduce their loans. Few country banks a result of a volume of national income that was would be in so unhappy a position were a fall in smaller than we are likely to experience in the prices to occur now. At the end of 1919 country years ahead. Since 1940, the population has grown member banks held 67.6 per cent of their total by more than 11 million and the peacetime working loans and investments in loans and only 17 per force has increased in proportion. The earnings cent in Government securities. In 1946 banks in of these millions will represent a considerable addithis class held only 22.6 per cent of the total in tion to the national income. If a recession should loans and almost 70 per cent in Government se- come, decrease in pay rolls due to loss of jobs curities. The present very large concentration of would be partly offset by social security benefits. bank resources in highly salable Government se- Moreover, there is a growing belief that before a curities, together with the present deposit insur- decline in economic activity would reduce national ance, virtually insures legitimate farm borrowers income to prewar size, the Government would that this time their bankers will not be compelled intervene to hold it at a better level. to shorten credit lines. This time, country bankers Not only is a decline of the national income to should be in a position to continue normal loan prewar levels improbable, but the amount that will operations if a break in prices should temporarily be spent for food is likely to increase gradually because farmers to sustain operating deficits. cause of the emphasis now being given to the conse- A third difference lies in the degree of expansion quences of deficient diets. Adequate nutrition has of farm production in the two wars. Wartime ex- become a matter not only of individual interest but pansion affects the financial prospects of farmers of national and international concern. because postwar markets may not take the output Exports of agricultural commodities also are they learned to produce during the war. likely to remain well above prewar levels. For at During the First World War the volume of agri- least a decade before the last war exports were cultural production averaged about 4 per cent abnormally low, partly because of drought, but above the 1910-14 level and by 1920 had increased particularly because influential domestic policies only 11 per cent above the prewar level. In World tended to suppress exports, and because effective War II the climb was 24 per cent, and by 1944 it foreign demand for farm products was low. These had increased to 36 per cent above the 1935-39 conditions are now somewhat different. There is level. Agriculture entered the present postwar the possibility that through United Nations maperiod with production expanded over the prewar chinery the barriers to world trade may be further level to a much greater degree than was true after modified. This would tend to increase the volume 1918. This expansion suggests that production and of dollars that foreigners may earn through internaultimate postwar needs, particularly in certain tional trade. At best, there will be many cases NOVEMBER 1947 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1947 where such earnings will not suffice for a number on the balance sheet which it sustains are not static. of years to pay for goods that foreign countries Changes in consumption, prices, and production need and which could be exported with profit by can quickly alter the financial situation in which the United States. The need for dollar loans during farmers find themselves. So, future developthe period of world reconstruction, therefore, is ments both at home and abroad need to be watched. large. If domestic employment and foreign trade remain The newly organized International Monetary at high levels, a market of sufficient breadth is Fund and the World Bank of Reconstruction and assured to preserve a strong financial position for Development now supplement private bankers, farmers. On the other hand, if there should be the Export-Import Bank, and the United States a recession in domestic business activity and em- Treasury, as sources of dollar exchange. It is there- ployment, or a sharp decline in exports, a fall in fore likely that exports will receive stimulus from prices of farm products with repercussions on farm this quarter. What proportion of these exports income and the balance sheet can hardly be will come from the farm cannot be foretold, but avoided. But the generally strong financial posipresent conditions suggest that the proportion in tion of agriculture and of the credit facilities that the immediate future may be large. As agri- make loans to farmers should keep forced sales culture recovers in war-stricken countries, need well below those that followed World War I. The for our products will decline. But if efforts suc- financial structure of agriculture is stronger than ceed in raising the level of living in areas where before the last war because liquid assets are greater diets have never been adequate for many millions and debts are smaller. A considerably lower level of people, the decline may not be severe. of income could occur without seriously weakening One thing is clear. Farm income and the values this structure. CURRENT EVENTS AND ANNOUNCEMENTS Changes in the Board's Staff membership in the Federal Reserve System during the period September 16, 1947 to October 15, 1947: Mr. Lowell Myrick has been appointed an Assistant Director of the Board's Division of Bank Opera- Michigan tions effective November 4, 1947. Mr. Myrick has served continuously with the Division of Bank Saline—The Citizens Bank of Saline Operations since his original appointment on December 16, 1921, and since lanuary 30, 1943, has Montana been serving as Assistant to Director. Chester—Liberty County Bank Texas Admissions of State Banks to Membership in the Federal Reserve System La Marque—First State Bank The following State banks were admitted to Littlefield—Security State Bank 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 23, and released for publication October 25] Industrial output and employment expanded of October. Production of railroad equipment, somewhat further in September. Value of retail chiefly freight cars, showed a substantial gain in trade increased, reflecting partly a further rise in September, reflecting in part improved supplies of prices. In the early part of October department materials. Output of building materials was mainstore sales declined. Prices of wheat, hides, rubber, tained in large volume to meet demands, arising and steel scrap showed marked advances, while from the advanced rate of construction activity. prices of most other basic commodities showed little The Board's index of nondurable-goods output change. showed a slight increase in September, reflecting mainly increased production of rayon textiles, paper- INDUSTRIAL PRODUCTION board, and petroleum products. Activity at cotton Output of manufactured products and minerals mills and output of manufactured food products showed some further rise in September, and the and some other nondurable goods showed little Board's seasonally adjusted index of industrial prochange from the level of the preceding month. duction advanced three points to 185 per cent of Minerals production rose further in September, the 1935-39 average. This was the same as the reflecting a new record rate of crude petroleum out- May index and 5 points below the postwar peak in put and a substantial gain in coal production. Out- March of this year. put of bituminous coal advanced seven per cent Activity in durable goods industries as a group and was close to the same volume produced in Sepincreased further in September owing mainly to tember of last year. Output of fuels continued to larger output of steel and of most types of marise in early October, under the pressure of excepchinery and transportation equipment. Steel protionally strong demand. duction was temporarily curtailed around the middle of the month as a result of an industrial dis- EMPLOYMENT pute, but advanced sharply in the latter part of the Nonagricultural employment increased by 450,000 month and continued to rise in October, reaching a persons in September, and was at the record level scheduled rate of 97 per cent of capacity. Output of 43 million, according to Bureau of Labor Staof passenger automobiles and trucks rose sharply tistics figures. The increase largely reflected seain September, but declined again in the early part sonal gains in nondurable goods manufacturing and INDUSTRIAL PRODUCTION CONSUMERS' PRICES SICAL VOLUME SEASONALLY ADJUSTED, 1935-39«100 i935-39«!0O 1—r-1 1939 1940 1941 1942 1943 1944 1945 1946 S947 1939 1941 1943 1945 1947 1939 1943 1945 1947 Bureau of Labor Statistics' indexes. "All items" includes Federal Reserve index. Monthly figures, latest shown are house furnishings, fuel, and miscellaneous groups not shown for September. separately. Midmonth figures, latest shown are for August. NOVEMBER 1947 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS trade, and in the number of school employees of COMMODITY PRICES State and local governments. The general level of wholesale commodity prices in the middle of October was at the advanced level CONSTRUCTION reached in the middle of September. Prices of The value of new construction activity on projects wheat and some other farm products and foods under way, as estimated by the Departments of reached new high levels. Prices of butter, corn, and Commerce and Labor, increased somewhat further meats, however, declined, following earlier sharp in September. Work was started on 88,000 new increases. Wholesale prices of most groups of indwelling units in September, an increase of 2,300 dustrial commodities continued to show advances from August, and work was completed on 77,000 in the early part of October. units. The value of construction contracts awarded, Retail prices rose further by about one per cent as reported by the F. W. Dodge Corporation, defrom July to August with the largest increases clined in September following a sharp increase in shown in prices of foods and fuels. Further marked August, and was at about the level of other recent advances in retail food prices have occurred since months. Declines occurred in most lines, but the August. greatest reduction took place in public utilities, BANK CREDIT which had increased most markedly in August. Commercial and industrial loans at banks in DISTRIBUTION leading cities continued to increase substantially Department store sales increased by more than during September and the first half of October. the usual amount in September, owing in part to Real estate and consumer loans also showed furthe advent of cooler shopping weather and the ther growth. Holdings of Government securities expenditure of proceeds from redemption of termi- declined somewhat, reflecting Treasury retirement nal leave bonds. Sales at other retail stores also in- of bonds maturing on October 15. creased, reflecting chiefly higher prices for foods Additions to monetary gold stock continued to and a larger volume of purchases of durable goods. supply reserve funds to banks. Treasury balances In the early part of October department store sales at Reserve Banks, which were expanded considerdeclined considerably from the high rate reached at ably in late September as a result of large quarterly the end of September. tax receipts, declined in October. The effects of Shipments of railroad revenue freight continued these fluctuations on the reserve positions of banks to advance in September and the early part of were offset by changes in Federal Reserve holdings October. The usual large seasonal rise in loadings of Government securities, which increased in the of miscellaneous freight and further gains in coal latter part of September and declined during the shipments accounted for most of the increase. first three weeks of October. LOANS AT MEMBER BANKS IN LEADING CITIES MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS .. _ . BILLIONS OF DOLLAR! BILLIONS OF DOLLARS BILLIONS OF DOLLARS J- -• J - - s COKIMERCIALy - - ^ 1 - _ y 3 J\ 1 FOR PURCHASIN SECURITIES k - OTHER [OH- ——• .__-—- v I-'—" "--^^K REAL ESTATE . 1 .1 1 1940 1941 1942 1943 1944 1945 1946 1947 Excludes loans to banks. Wednesday figures, latest shown Wednesday figures, latest shown are for Oct. 29. are for Oct. 22. 1374 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. . 1377 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements... 1378 Federal Reserve Bank statistics. 1379-1382 Guaranteed war production loans. . 1383 Deposits and reserves of member banks. . 1383-1384 Money in circulation.. .... 1385-1386 Gold stock; bank debits and deposit turnover 1386 Deposits and currency; Postal Savings System; bank suspensions. 1387 All banks in the United States, by classes 1388-1389 All insured commercial banks in the United States, by classes. . 1390-1391 Weekly reporting member banks 1392-1395 Commercial paper, bankers' acceptances, and brokers' balances.. 1396 Money rates and bond yields 1397 Security prices and new issues. . . . 1398-1399 Corporate earnings and dividends. . 1400 Treasury finance 1401-1403 Government corporations and credit agencies. . 1404 Business indexes 1405-1414 Department store statistics.. 1415-1417 Consumer credit statistics.. 1418-1420 Cost of living 1421 Wholesale prices 1422 Gross national product, national income, and income payments. . 1423-1424 Current statistics for Federal Reserve chart books. . 1425-1429 October crop report, by Federal Reserve districts. 1429 Number of banking offices on Federal Reserve par list and not on par list 1430 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. NOVEMBER 1947 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION / RESERVE BANK - CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1939 1940 1941 1942 1943 1944 [945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 15 to 10 1939 1940 1941 1942 1943 1944 1945 J946 1947 Wednesday figures, latest shown are for Oct. 29. See p. 1377. 1376 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 v co 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 d i l t s s i - es o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t o c e u i a u n n u r n y r g c t d - - y - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u B p s e r w R o e y d a r i s n e e t v d i h r - k t e e a s s - l b p m N e o r e o s m d n it e - s - - c s F o e R e a u e r r c e a d v n - - l - e ts Total c E e x ss - 3 4 certificates Monthly averages of daily figures: 1946— A juu ly g. 2 2 4 4 7 0 2 2 3 3 , , 5 4 8 7 4 3 2 2 2 2 , ,1 2 2 3 2 3 1 1 , , 3 3 5 5 1 1 4 4 2 5 7 8 2 2 4 4 , , 2 1 5 7 8 1 2 2 0 0, , 2 2 7 7 1 0 4 4 , , 5 5 4 3 1 8 2 28 8 , , 3 2 5 8 2 1 2 2, , 2 2 6 5 2 1 5 5 2 8 4 9 1 1 , , 3 2 2 7 8 4 5 5 7 6 3 7 1 1 6 6 , , 0 0 3 1 1 7 8 9 9 2 1 8 Sept. 283 23,614 22,254 1,360 493 24,39120,291 4,545 28,478 2,275 515 1,214 585 16,160 885 1947—juiy 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 Sept. 163 22,067 20,886 1,181 386 22,61621,866 4,551 28,654 ,315 553 1 ,007 638 16,866 931 End-of-month figures: 1946—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 Sept.30.... 213 24,049 22,626 1,423 331 24,59420,305 4,546 28,507 2,289 1,081 1,069 590 15,910 725 1947—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 Sept.30 92 22,329 21,138 1,191 308 22,73021,955 4,552 28,567 1,309 1,091 842 643 16,784 841 Wednesday figures: 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 24,79620,450 4,551 28,946 42,270 626 875 601 16,479 874 Dec. 18 303 23,211 22,102 1,109 815 24,32820,477 4,554 29,109 A2,208 237 770 609 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 24,09320,529 4,562 28,952 <2,272 393 822 607 16,139 562 1947—Jan. 8 247 23,733 22,624 1,109 396 24,375 20,531 4,561 28,748 t2,281 401 966 614 16,457 903 Jan. 15 243 23,327 22,218 1,109 536 24,105 20,567 4,560 28,518 d2,291 409 967 615 16,431 850 Jan. 22.... 238 23,430 22,322 1,109 533 24,201 20,692 4,559 28,369 i2,295 862 1,004 613 16,308 726 Jan. 29 317 23,863 22,754 1,109 335 24,51420,808 4,559 28,265 2,325 1,536 1,021 612 16,124 663 Feb. 5 278 23,412 22,303 1,109 359 24,05020,749 4,559 28,295 2.320 1,162 863 622 16,095 761 Feb. 12 393 23,803 22,694 1,109 442 24,63820,751 4,558 28,346 2.335 1,711 938 623 15,994 779 Feb. 19 342 23,918 22,773 1,145 414 24,674 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 1,331 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 1,335 1,429 L.172 627 15,847 718 Mar. 19 234 22,411 21,306 1,105 402 23,04720,413 4,557 28,242 1,335 713 1,148 636 15,943 673 Mar. 26 287 22,810 21,704 1,105 390 23,48620,438 4,556 28,170 1,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 1,105 391 22,75820,486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9 277 22,276 21,171 1,105 339 22,89320,497 4,559 28,250 1,336 753 L.033 641 15,934 886 Apr. 16 101 21,905 20,800 1,105 468 22,47420,583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23 141 21.829 20,724 1,105 259 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 1,091 331 22,23320,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21 117 21,676 20,589 1,087 278 22,071 20,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28 130 21,590 20,485 1,105 299 22.01920,932 4,561 28,211 1,372 751 846 626 15,705 520 June 4 173 21,760 20,664 1,097 301 22,234 20,990 4,561 28,261 1,366 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22,040 21,026 4,561 28,253 1,332 495 889 629 16,028 667 June 18 132 21,186 20,089 1,097 479 21,797 21,123 4,561 28,195 1,333 225 857 632 16,241 750 June 25 132 21,582 20,485 1,097 343 22,057 21,174 4,553 28,183 L.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 July 16.... 99 21,758 20,663 1,095 391 22,248 21,434 4,550 28,225 L ,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 ,330 939 818 633 16,244 630 July 30 111 22,012 20,917 1,095 187 22,31021,537 4,551 28,129 1,341 705 1,236 633 16,354 742 Aug. 6 12321,869 20,777 1,092 219 22,21121,602 4,552 28,206 t.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 1,089 237 22,478 21,766 4,550 28,302 1,335 915 1,123 626 16,493 775 Sept. 3.... 125 22,224 21,135 1,089 274 22,62321,765 4,552 28,749 L.323 459 1,149 632 16,628 841 Sept.10 120 22,042 20,848 1,194 309 22,472 21,815 4,551 28,742 L.329 243 960 632 16,932 1,015 Sept.17 130 21,756 20,562 1,194 509 22,394 21,935 4,551 28,633 L,306 240 930 642 17,128 1,055 Sept.24.... 119 22,118 20,927 1,191 336 22,57321,950 4,552 28,556 ,319 800 924 645 16,831 875 Oct. 1.... 15622.392 21,195 1,196 383 22,93121,955 4,551 28,559 ,316 1,053 832 643 17,034 985 Oct. 8. '. '. '. 111 22,355 21,148 1,207 385 22,85222,092 4,551 28,632 ,328 909 837 646 17,142 1,069 Oct. 15.... 146 22.218 21,013 1,205 443 22,80722,153 4,551 28,656 ,324 836 817 648 17,229 1,154 Oct. 22.... 125 21,772 20,564 1,208 451 22,34822,225 4,552 28,569 :,337 608 924 650 17,037 *>979 Oct. 29.... 373 22,129 20,689 1,440 287 22,78922,294 4,552 28,519 1,338 ] ,355 917 649 16,859 P823 » 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. NOVEMBER 1947 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and banks secured by direct Federal Reserve Bank d s i e s c c u o r u e n d t s b o y f e a li n g d ib l a e d v p a a n p c e e r s Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances oblig (l a a t s i t o n p s a r o . f S t e h c e . 1 U 3 . ) S. (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 2 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 Apr. 6,1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 \* Mar. 23,1946 C R l i e c v h e m la o n n d d.... M M a a y y 1 3 0, ,1 1 9 9 4 4 6 6 I I K K S O e c p t t . . 2 1 8 2 , ,1 1 9 9 4 4 2 2 2 M M a ar r . . 1 9 6 , ,1 1 9 9 4 4 6 6 Atlanta May 10,1946 IK Oct. 15,1942 \" Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 2 Mar. 16,1946 S M D K t a a . i l n n L l s n a o a s e s u a i p s C o i l t i y s. . . . A A A M p p p a r r r y . . . 1 2 2 2 0 6 6 7 , , , ,1 1 1 1 9 9 9 9 4 4 4 4 6 6 6 6 I I I I K K K K O O M O c c c a t t t r . . . . 1 2 3 1 4 7 0 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 2 2 2 M M A M p a a a r r r r . . . . 2 1 1 1 3 6 6 3 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 6 6 6 6 San Francisco 1 Apr. 25,1946 IK Oct. 28,1942 2K Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK MINIMUM BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R O a c te t. o 3 n 1 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 October 31. Per cent per annum] 91 1 - - 1 9 2 0 0 d d a a y y s s 1 1 1 i A A u u g g . . 2 2 4 4 , , 1 1 9 9 4 4 6 6 •S To c o in m d m us e t r r c i i a a l l or To financing'institutions 121-180 days 1 iQct. 20, 1933 businesses On discounts or 1 Date on which rate became effective at the Federal Reserve Bank Federal purchases p of p . B N a 4 e c 4 w k 3 -4 f Y i 4 g o 5 u r . r k e . s.—See Banking and Monetary Statistics, Table 117, R B es a e n r k ve lo O an n s 1 co m m O e m n n i t t s - fo P r o r w ti h o i n ch Re- co m m O e m n n t i s t institu- maining MEMBER BANK RESERVE REQUIREMENTS tion is portion [Per cent of depc>sits] obligated Net demand deposits1 Time N Bo ew st on York... 2 2J K 4 - - 5 5 K K i -l Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty r k v s e C b o a u n n k 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 C R C Ph h t i l l c e i i a l c h v a n a m e d g ta l e o o a l n p n h d d i . . a . . . . . 2 2 2 2 2 M X K K K - - - - - S 5 5 5 5 St. Louis 2^-5 June 21, 1917-Aug. 15, 1936.. 13 10 7 3 Minneapolis. 2K-5 Aug. 16, 1936-Feb. 28, 1937.. 19K 15 10^ 4K Kansas City. 2K-5 Mar. 1,1937-Apr. 30, 1937.. 22^ 17H 12K Dallas 2^-5 May 1,1937-Apr. 15, 1938.. 26 20 14 6 San Francisco 2K-5 Apr. 16, 1938-Oct. 31, 1941.. 22H 17K 12 5 Nov. 1,1941-Aug. 19, 1942.. 26 20 14 6 Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 1 Including loans made in participation with financing institutions. Sept. 14.1942-Oct. 2, 1942.. 22 20 14 6 8 Rate charged borrower less commitment rate. Oct. 3, 1942 and after 20 20 14 6 1 Rate charged borrower. * May charge rate charged borrower by financing institution, if lower. 1 Demand deposits subject to reserve requirements, i. e., total * Charge of X per cent is made on undisbursed portion of loan. demand deposits minus cash items in process of collection and demand Back figures.—See Banking and Monetary Statistics, Table 118 balances due from domestic banks (also minus war loan and series E pp. 446-447. 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 REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] July 5, Jan. 21, Effec- Prescribed in accordance with 1945- 1946- tive Nov.l, 1933- Feb.l, 1935- Effective Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1. Jan. 31,1935 Dec.31,1935 Jan. 1,1936 1946 1947 1947 Savings deposits 2K 2K Regulation T: Postal savings deposits 2K 2K For extensions of credit by brokers Other deposits payable: and dealers on listed securities 75 100 75 In 6 months or more 2 ^i 2K 75 100 75 In 90 days to 6 months.... 2K 2 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. 1378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1947 1947 1946 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Sept. 24 Sept. 17 Oct. Sept. Oct. Assets Gold certificates 20,362,670 20,284,670 20,209,670 20,149,670 20,017,670 20 017,67420,019,67020,362,670 20,017,67117,450,428 Redemption fund for F. R. notes 681,710 691,780 695,428 695,428 705,069 705,068 705,527 681,710 705,068 778,117 Total gold certificate reserves 21,044,380 20,976,450 20,905 ,098 20,845 ,098 20,722 ,73920,722,74220,725,19721,044,380 20,722,73918,228,545 Other cash 266,671 255,133 245,913 245,895 262,218 259,082 252,704 274,807 267,138 291,387 Discounts and advances: For member banks... 333,557 85,287 111,521 76,553 123,953 89,146 100,279 256,884 60,239 117,948 For nonmember banks, etc 39,500 39,500 34,500 34,500 31,700 29,500 29,500 39,500 31,700 134,800 Total discounts and advances 373,057 124,787 146,021 111,053 155,653 118,646 129,779 296,384 91,939 252,748 Industrial loans 1,853 1,910 1,910 1,850 1,894 1,901 1,829 1,901 1,892 1,074 A U c . c S e . p G ta o n v ce t. s se p c u u r r c i h ti a e s s e : d. 1,810 2,122 2,482 3,131 4,053 1,802 4,053 Bills: Under repurchase option 459,535 771 360 823,640 456,035 4,875,089 Other 13,622,284 13,564,884 13,913,632 13,985,182 13,589,99113,139 61912,712,57713,562,93413,563,291 9,720,140 Certificates: Special Other 7,066966 6,999 466 ,098,966 7,163266 7,145,866 7,015,916 7,025,416 ,086,566 ,118,566 7,452,001 Notes 732 400 500,300 497,300 487 300 476,800 471,800 474,300 810,800 471,800 715,100 Bonds 707 690 707 690 707,690 719 690 719!690 719,690 719,690 707,690 719,690 755,290 Total U. S. Govt. securities 22,129,340 21,772 340 22,217,588 222,355,438 22,391,88222,118,38521,755, 22,167,99022 329,38223,517,620 Other Reserve Bank credit outstanding. . . 283,215 447 176 438,662 380,246 377,480 333,873 506, 437,531 302,365 337,292 Total Reserve Bank credit outstanding 22 ,789,27522,348,33522,806,663 22,851,718 22,930,96222,572,80522,393,80422,905,608 22,729,63124,108,734 Liabilities Federal Reserve notes.. 24,452,52424,491,686 24,553,38124,533,188 24,480,04024,489,812 24,565,897 24,481,439 24,481,766 24,583,219 Deposits: Member bank — reserve account 16,859,049 17,037,410,17,228,922 17,141,971 17,033,881 16,830,557 17,128,005 16,956,062 16,784,308 15,931,244 U. S. Treasurer1—general account 1,354,582 607, 835,730 909,427 1.053,155 799,663 240,394 400,266 091,445 627,639 Foreign 450,290 447, 332,310 352,804 320,153 400,720 432,138 416,047 334,673 694,883 Other 466,311 476, 484,801 483,926 511 531 523,507 497,686 467,992 507,119 325,031 Total deposits 19,130,232 18,568,627 18,881,763 18,888,128 18,918,720 18,554,447 18,298,223 19,240,367 18,717,545 17,578,797 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 48.3 48.7 48.1 48.0 47.7 48.1 48.4 48.1 48.0 43.2 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Oct. 1 155,653 128,610 5,773 2,901 18,352 6 Oct. 8 111,053 72,305 5,415 1,612 22,194 9,516 Oct. 15 146,021 107,023 5,291 3,345 30,345 6 Oct. 22 124,787 79,046 4,955 3,275 35,593 1,907 Oct. 29 373,057 328,646 3,105 16,266 25,024 5 Industrial loans: Oct. 1 ,894 ,350 2 25 52 35 376 Oct. 8 ,850 ,311 2 25 21 27 109 302 Oct. 15 ,910 ,374 25 22 25 109 302 Oct. 22 ,910 ,355 25 39 26 109 302 Oct. 29 ,853 ,294 25 43 27 109 302 Acceptances purchased: Oct. 1 4,053 ,578 673 1,326 476 Oct. 8 3,131 ,009 821 930 371 Oct. 15 2,482 680 808 769 225 Oct. 22 2,122 783 589 750 Oct. 29 1,810 816 518 476 U. S. Government securities: Oct. 1 391,8823,399,2051,836,566 4,654,8534,519,6633,297,6124,001,293 255,150 427,540 Oct. 8 355,4383,093,680 2,103,1074,765,5125,169,0942,524,9624,016,393 255,150 427,540 Oct. 15 217,5882,727,046 2,319,4634,819,3095,171,5252,478,1624,019,393 255,150 427,540 Oct. 22 772,3402,954,1572,200,7024,837,4234,676,3132,400,6624,020,393 255,150 427,540 Oct. 29 129,3403,132,5292,337,490 4,528,2654,727,7112,392,6624,327,993 255,150 427,540 NOVEMBER 1947 1379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Go O ld c t c . erti 1 ficates: 2o!oi 7,670 727,634 5,341,711 975,6561,419,0051,181,1881,074,0984,275,855 584,502 469,334 746,320 487,1002,735,267 Oct. 8 20,149,670 734,792 5,526,341 973,5701,331,5341,157,7721,086,0784,317,626 590,612 481,825 738,892 487,7222,722,906 Oct. 15 20,209,670 736,452 5,520,779 977,2031,310,0721,175,9551,106,7254,386,197 586,029 457,138 739,812 496,3692,716,939 Oct. 22 20,284,670 719,835 5,522,981 942,222 1,349,3371,166,5691,106,7344,403,967 599,221 468,402 756,913 479,1602,769,329 Oct. 29 20,362,670 760,990 5,483,436 961,358 1,369,8941,204.2331,088,5404,436,885 613,496 474,753 741,596 490,9262,736,563 Redemption fund for F. R. notes: Oct. 1 705,069 55,175 120,329 60,472 75,196 63,219 51,556 97,581 45,111 22,051 35,948 25,988 52,443 Oct. 8 695,428 55,048 119,817 60,250 75,001 64,257 41,409 97,407 45,056 23,034 35,910 25,946 52,293 Oct. 15 695,428 55,048 119,817 60,250 75.001 64,257 41,409 97,407 45,056 23,034 35,910 25,946 52,293 Oct. 22 691,780 54,839 118,999 59,948 74,718 63,185 41,184 97,089 44,989 22,998 35,840 25.890 52,101 Oct. 29 681,710 54,727 118,565 59,761 74,574 62,479 41,082 86,940 46,949 22,980 35,807 25,861 51,985 Total gold certific O a c te t. res 1 erves: 20,722,739 782,809 5,462,0401,036,1281,494,2011,244,4071,125,6544,373,436 629,613 491,385 782,268 513,0882,787,710 Oct. 8 20,845,098 789,840 5,646,1581,033,8201,406,5351,222,0291,127,4874,415,033 635,668 504,859 774,802 513,6682,775,199 Oct. 15 20,905,098 791,500 5,640,5961,037,4531,385,0731,240,2121,148,1344,483,604 631,085 480,172 775,722 522,3152,769,232 Oct. 22 20,976,450 774,674 5,641,9801,002,1701,424,0551,229,7541,147,9184,501,056 644,210 491,400 792,753 505,0502,821,430 Oct. 29 21,044,380 815,717 5,602,0011,021,1191,444,4681,266,7121,129,6224,523,825 660,445 497,733 777,403 516,7872,788,548 Other cash: Oct. 1 262,218 25,506 43,785 12,597 24,526 14,512 19,054 39,204 11,224 6,862 10,806 10.806 43,336 Oct. 8 245,895 24,915 40,444 12,544 20,566 12,791 19,885 37,176 10,432 6,767 8,716 10,117 41,542 Oct. 15 245,913 24,318 41,219 12,265 23,488 13,929 18,627 37,341 10,828 6,222 8,919 9.045 39,712 Oct. 22 255,133 25,260 44,613 14,430 21,647 14,599 21,165 37,354 11,889 6,155 8,827 10,311 38,883 Oct. 29 266,671 25,616 49,325 13,098 25,000 14,951 19,698 38.783 13,881 6,467 9,837 11,179 38,836 A-JlfeCOllIlXo tX du* vances: Secured by U. S. Gov't. securities: Oct. 1.. 123,703 9,750 51,455 2,850 4,580 11,185 4,547 16,785 12,400 7,040 1,700 300 1,111 Oct. 8.. 75,868 4,910 45,580 5,230 8,430 4,410 547 3,985 1,375 40 450 300 611 Oct. 15.. 111,342 3,250 62,835 4,630 13,065 4,160 1,997 1,160 4,675 13,040 450 100 1,980 Oct. 22.. 85,122 6,575 11,855 17,820 6,565 7,785 4,207 1,010 11,125 4,000 10,050 1,700 2,430 Oct. 29.. 333,414 6,125 117,300 16,615 17,842 14,435 11,237 65,085 21,070 13,150 19,825 3,700 27,030 Other: Oct. 1. . 31,950 1,888 11,640 2,390 2,799 1,596 1,243 4,012 1,042 738 1,032 974 2,596 Oct. 8.. 35,185 2,208 12,200 1,985 3,354 1,841 1,448 4,692 1,212 863 1,207 1,139 3,036 Oct. 15.. 34,679 2,208 11,040 2,795 3,352 1,691 1,448 4,692 1,208 863 1,207 1,139 3,036 Oct. 22.. 39,665 2,528 12,640 3,199 3,804 1,936 1,653 5,372 1,383 988 1,382 1,304 3,476 Oct. 29.. 39,643 2,528 12.640 3,199 3,782 1,936 1,653 5,372 1,383 988 1,382 1,304 3,476 Industrial loans: Oct 1 1,894 1,868 26 Oct 8 1,850 1,829 21 Oct. 15 1,910 1,890 20 Oct 22 1 910 1,871 39 Oct 29 1,853 1,810 43 Acceptances pur- Oct 1 4,053 4,053 Oct 8 3 131 3 131 Oct. 15 2,482 2,482 Oct. 22 2,122 2,122 Oct 29 1,810 1,810 U. S. Govt. securities: Bills: Under repurchase option: Oct. 1. . 459,535 15,500 264,200 12,750 200 2,414 12,104 11,570 7,635 13,262 19,900 Oct. 8.. Oct! 15!! Oct. 22. . Oct. 29. . Other bills: Oct. 1.. 13,589,991 903,605 4,013,854 980,9581,224,489 735,493 607,9861,671,802 684,011 342,978 601,286 541,9051,281,624 Oct. 8. . 13,985,182 927,708 4,109,4171,010,6381,262,683 760,506 628,985 1,748,700 705,523 354,175 620,538 535,0291,321,280 Oct. 15.. 13,913,632 920,650 4,092,1151,005,2641,255,769 755,979 625,1831,724,681 703,306 352,147 617,052 547,3861,314,100 Oct. 22.. 13,564,884 915,579 4,007,783 979,0721,222,064 733,906 606,6521,639,793 699,874 342,266 600,063 538,7281,279,104 Oct. 29.. 13,622,284 890,031 4,021,663 983,3831,227,612 737,539 609,7021,676,022 704,378 343,892 602,859 540,3381,284,865 Certificates: Oct. 1. . 7,145,866 498,348 1,673,977 472,121 682,738 472,352 388,359 945,672 400,596 212,627 361,627 365,625 671,824 Oct. 8. . 7,163,266 499,568 1,678,233 473,487 684,427 473,433 389,277 947,890 401,420 213,111 362,462 366,347 673,611 Oct. 15.. 7,098,966 495,070 1,662,741 468,726 678,222 469,343 385,850 939,580 398,176 211,280 359,316 363,456 667,206 Oct. 22.. 6,999,466 488,114 1,638,811 461,409 668,624 462,998 380,542 926,701 393,120 208,434 354,437 358,944 657,332 Oct. 29.. 7,066,966 492,877 1,656,528 468,144 675,351 466,750 383,904 934,749 395,301 210,085 357,377 360,627 665,273 Notes: Oct. 1 476,800 33,252 111,694 31,502 45,555 31,517 25,913 63,099 26,729 14,187 24,129 24.396 44,827 Oct. 8 487,300 33,984 114,166 32,210 46,560 32,207 26,481 64,483 27,308 14,497 24,658 24,922 45,824 Oct. 15 497,300 34,681 116,479 32,835 47,511 32,879 27,030 65,820 27,893 14,800 25.171 25,461 46,740 Oct. 22 500,300 34,889 117,137 32,980 47,791 33,093 27,200 66,238 28,099 14,899 25,334 25,656 46,984 Oct. 29 732,400 51,081 171,677 48,517 69,991 48,373 39,787 96,875 40,968 21,773 37,037 37,374 68,947 iLtis _o^ naJ s:. Oct. 1 719,690 50,191 168,593 47,549 68,761 47,572 39,114 95,242 40,346 21,415 36,421 36.824 67,662 Oct. 8 719,690 50,191 168,611 47,571 68,764 47,566 39,110 95,234 40,331 21,411 36,416 36,807 67,678 Oct. 15 707,690 49,353 165,757 46,727 67,611 46,789 38,465 93,665 39,694 21,062 35,820 36,233 66,514 Oct. 22 707,690 49,351 165,694 46,651 67,602 46,812 38,475 93,695 39,747 21,074 35,836 36,292 66,461 Oct. 29 707,690 49,357 165,885 46,880 67,630 46,741 38,445 93,606 39,586 21,038 35,788 36,113 66,621 Total U. S. Govt. securities: Oct. 1 22,391,882 1,500,896 6,232,3181,544,8802,021,7431,289,3481,061,3722,887,9191,163,252 598,842 ,036,725 968,7502,085,837 Oct. 8 22,355,438 1,511.451 6,070,4271,563,9062,062,4341,313,7121,083,8532,856,3071,174,582 603,194 ,044,074 963,1052,108,393 Oct. 15 22,217,588 1,499,754 6,037,0921,553,5522,049,1131,304,9901,076,5282,823,7461,169,069 599,289 ,037,359 972,5362,094,560 Oct. 22 21,772,340 1,487,933 5,929,4251,520,1122,006,0811,276,8091,052,8692,726,4271,160,840 586,673 ,015,670 959,6202,049,881 Oct. 29 22,129,340 1,483,346 6,015,7531,546,9242,040,5841,299,4031,071,8382,801,252 1,180,233 596,788 ,033,061 974,4522,085,706 Total loans and Oc s t e . cur 1 ities: 22,553.482 1,512,534 6,299,4661,551,9882,029,1221,302,1551,067,1622,908,7161,176,694 606,620 ,039,457 970,0242,089,544 Oct. 8 22,471,472 1,518,569 6,131,3381,572,9502,074,2181,319,9841,085,8482,864,9841,177,169 604,097 ,045,731 964,5442,112,040 Oct. 15 22,368.001 1,505,212 6,113,4491,562,8672,065,5301,310,8611,079,9732,829,5981,174,952 613,192 ,039,016 973,7752,099,576 Oct. 22 21,901,159 1,497,036 5,956,0421,543,0022,016,4501,286,5691,058,7292,732,8091.173,348 591,661 ,027.102 962,6242,055,787 Oct. 29 22,506,060 1,491,999 6,147,5031,568.5482,062,2081,315,817 .084,7282,871,7091,202.686 610,926 .054,268 979.4562,116,212 Digitized for FRASER 1380 FEDERAL RESERVE BULLETIN 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 banks: Oct. 1 98 6 129 8 9 5 4 14 4 3 4 3 9 Oct. 8 98 6 >29 8 9 5 4 14 4 3 4 3 9 Oct. 15...... 98 6 129 8 9 5 4 14 4 3 4 3 9 Oct. 22 95 6 '26 8 9 5 4 14 4 3 4 3 9 Oct. 29 95 6 126 8 9 5 4 14 4 3 4 3 9 Federal Reserve notes of other Banks: Oct. 1 126,447 2,709 20,918 5.628 6,307 10,788 11,329 16,265 7,888 11,605 7,890 5,763 19,357 Oct. 8 124,678 3,665 19,897 5,894 6,105 9,786 11,684 14,391 9,515 9,483 6,897 4,792 22,569 Oct. 15 125,398 4,125 18,694 6,027 7,656 11,057 10,209 15,158 8,916 10,025 7,536 4.068 21,927 Oct. 22 130,756 4,264 22,118 6,475 7,240 12,441 10,804 16,683 9,137 10,733 8,850 4,222 17,789 Oct. 29 131,499 5,207 22,048 5,566 7,959 13,425 10,914 14,789 9,429 9,721 8,994 3,902 19,545 Uncollected items: Oct. 1...... 2,712,087 222,922 545,737 192,310 268,233 234,953 168,648 409.604 119,019 73,338 138488 104,759 234,376 Oct. 8 2,416,701 199,146 480,019 149,841 225376 213,127 152,708 369,092 116,699 71.181 136,814 98,654 204,044 Oct. 15. 3,459,153 286,920 750,920 219,420 325,697 298,267 225,098 520,559 154,780 99,861 167,399 154,542 255,690 Oct. 22 2,967,224 245,187 577,277 210,543 285,735 266,026 175,822 446,124 135,900 81,923 149,009 125,190 268.488 Oct. 29 2,613,538 201,747 501,003 185,551 250,409 235,170 160,160 418,841 121,345 76,392 133,845 107,258 221,817 Bank premises: Oct. 1 33.245 1,255 8,294 3,127 5,179 2,641 1,494 3,058 1,976 1,216 2,468 805 1,732 Oct. 8 33,245 1,255 8,294 3,127 5.179 2,641 1,494 3,058 1,976 1,216 2,468 805 1,732 Oct. 15 33,245 1,255 8,294 3,127 5,179 2,641 1,494 3,058 1,976 1,216 2,468 805 1,732 Oct. 22 33,274 1,255 8,294 3,142 5,186 2,648 1,493 3,059 1,976 1,216 2,468 805 1,732 Oct. 29 33,242 1,255 8,294 3,137 5,176 2,648 1,490 3,054 1,976 1,214 2,468 804 1,726 Other assets: Oct. 1 50,557 3,445 11,385 2,919 5,125 3,331 2,755 7,032 3,215 1,319 2,524 2,634 4,873 Oct. 8 .. 52,267 3,617 12,139 3,036 5,012 3,489 2,846 7,239 3,322 1,387 2,594 2,526 5,060 Oct. 15 52,788 3.834 11,849 3,099 5,114 3,500 2,957 7,269 3,236 1,435 2,509 2,782 5,204 Oct. 22 53,928 3,956 11,852 3,210 5,328 3,541 3,135 7,152 3.294 1,518 2,528 2,806 5,608 Oct. 29...... 56,165 3,987 12,742 3,388 5,598 3,744 3,213 7,425 3,510 1,610 2,648 2,976 5324 I otal assets: Oct. 1 46,460,873 2,551,186 12391,6542,804,7053,832,7022,812,7922,396,1007,757,3291,949,6331,192,3481,983,6051,607,8825,180,937 Oct. 8 46,189,454 2,541,01312,338,3182,781,2203,743,0002,783,8522,401,9567,710,9871,954,7851,198,9931,978,0261,595,1095,162,195 Oct. 15.. 47,189,694 2,617,17012,585,0502,844,2663,817,7462,880,4722,486,4967,896,6011,985,7771,212,1262,003,573 1,667,3355,193,082 Oct. 22 46,318,019 2,551,63812,262.2022,782,9803,765,6502,815,5832,419,0707,744,2511,979,7581,184,6091,991,5411,611,0115,209,726 Oct. 29 46,651,650 2,545,53412342,9422,800,4153,800,8272,852,4722,409,8297,878,4402,013,276 1,204,0661,989,4671,622,3655,192,017 T itttifitips Federal Reserve notes: Oct. 1 24,480,040 1,445,706 5.622,8211,652,8232,114,2411,719,3851,399,1324,582,094 1,103,780 611,561 939,702 615.S172,672,978 Oct. 8 24,533,188 1,445,062 5,616,4211,654,3712,116,651 1,727,8141.406,1954,593,904 1,110,273 615,277 943,781 620,9202,682,519 Oct. 15 24,553,381 1,449,956 5,625,1351,655,9642,113,2441,732,8041,401,8754,596,141 1,115,697 616,744 941,409 621,2282,683,184 Oct. 22 24,491,686 1,441,660 5,602,4181,648,3502,107,911 1,736,0581,399,0994.588,612 1,121,840 617,883 938,125 622,6922.667,038 Oct. 29 24,452,524 1,436,021 5,592,6131,647,0132,103,302 1,733,3321,400,0564,576,979 1,125,314 618,404 935,990 624,1672,659333 Deposits: Member bank —reserve account: Oct. 1.. 17,033,881 750,990 5,277.338 839.4011,286,253 769,873 746.9762,551,476 629,738 447,187 826,950 811,4222,096,277 Oct. 8. . 17,141,971 785,405 5,310,015 840,3251,236,759 771,281 764,6192,562,827 648,611 452.572 841,363 812.3432,115.851 Oct. 15.. 17,228,922 765,545 5,424,863 838,9151,259,717 761,055 766,6812,542,103 661,575 448,299 839,624 822,5872,097,958 Oct. 22. . 17,037,410 784,165 5,277,177 833,7061,260,388 747,146 749,3282,543,693 634,460 441,380 845,840 802,9112,117,213 Oct. 29.. 16,859,049 760,926 5,198,014 828,1791,238,750 761,996 740,0052,540,770 636,373 436,654 825,839 809475 2,082,368 |tTj . oC, Ti rrceaaosurer-general account: Oct. 1.. 1,053,155 87,731 267,548 68,831 108,799 68,304 44,755 134,703 58,871 42,215 54,028 49,801 67,569 Oct. 8.. 909,427 61,025 270,040 76,471 93,651 54,873 41,599 112,251 42,137 39,464 34,126 34,573 49,217 Oct. 15.. 835,730 63,684 193,087 73,064 65,233 68,464 59,906 116,948 33,477 30,130 38,188 44,652 48,897 Oct. 22.. 607,562 43,123 120.728 33,775 44,859 49,904 51,148 73,644 43,512 27,642 32,745 31,769^ 54,713 Oct. 29.. 1,354,582 83,479 328,704 76,278 121,047 88,057 58,180 239,826L 87,312 53,352 66,213 48,087 104,047 Foreign: Oct. 1.. 320,153 17,491 2134,932 22,048 25,315 13,338 11,160 37,019 9,527 6,805 9,527 8,983 24,008 Oct. 8.. 352,804 19,302 2148,339 24,341 27,947 14,725 12,320 40,868 10,518 7,513 10,517 9,917 26,497 Get, 15.. 332,310 16,985 2152,463 21,408 24,580 12,951 10,836 35,945 9,251 6,608 9,250 8,722 23,311 Oct. 22.. 447,092 24,864 H83.537 31,379 36,028 18,983 15,883 52,686 13,559 9,685 13,559 12,784 34445 Othe O r: ct. 29. . 450r290 25,152 H83.692 31,744 36,447 19,203 16,068 53,298 13,717 9,798 13,717 12,933 34,521 Oct. 1.. 511,531 4,110'•• 427,918 1,923 10,992 2,936 1,456 4,152 10,225 3,028 3,393 805 40,593 Oct. 8.. 483,926 4,134; 408,260 1,769 9,994 2,536 2,162 2,175 8,331 2,321 1,706 824< 39,714 Oct. 15.. \ 484,801 3,955 410,519 1,622 10,265 3,052 1,087 3,388 8,519 1,939 1,421 422 38,612 Oct. 22. 476,563 4,538 402.078 1,891 7,971 1,992 2,408 4,130 8,013 1,630 155 1,693 40,064 Oct. 29.. 466,311 2,750 398,598 2,014 7,344 2,207 2,046 2,397 6,723 1,918 1,058 858; 38,398 Total deposits: Oct. 1 18,918,720 860,322 6,107,736 932,2031,431,359 854,451 804,3472,727,350 708,361 499,235 893,898 871,0112,228,447 Oct. 8 18,888,128 869,866 6,136,654 942,9061,368,351 843,415 820,7002,718,121 709,597 501,870 887,712 857,6572,231,279 Oct. 15 18,881,763 850,169 6,180,932 935,0091,359,795 845,522 838,5102,698,384 712,822 486,976 888,483 876,3832,208,778 Oct. 22 18,568,627 856,690 5,983,520 900,7511,349,246 818,025 818,7672,674,153 699,544 480,337 892,299 849,1602,246,135 Oct. 29 19,130,232 872307 6,109,008 938,2151,403,588 871,463 816,2992,836,291 744r125 501,722 906,827 871,0532,259,334 Deferred availability items: Oct. 1 2,334,705 198,572 436,322 160,979 219,254 202,191 161,498 350,183 110,381 62,207 122,930 95,160 215,028 Oct. 8 2,036.553 179,205 359,315 125.006 190,123 175,604 143,777 300,835 107,566 61,718 119,243 90,674 183,487 Oct. 15 3,020,589 270,074 552,077 194,202 276,446 265,038 214,734 503,401 129,824 88,835 146,311 143,686 235,961 Oct. 22 2,520,143 206,103 447,812 174,607 239,974 224,220 169,695 382,698 130,802 66,937 133,622 112,980 230,693 Oct. 29 2,330,418 189,908 413,052 155,699 225,137 210,183 161,804 365,874 117,003 64,245 118,978 100,855 207,680 v/iiier HELD, met. accrued div.: Oct. 1. 18,774 1,113 5,260 1,193 1,896 863 780 2,722 841 617 759 848 1,882 Oct. 8 20,272 1,151 5,607 1,271 1,720 989 837 2,873 882 1,340 767 711 2,124 Oct. 15...... 20,627 1,155 5,924 1,275 1,952 942 831 3,144 905 717 811 798 2,173 Oct. 22 20,764 1,148 6,811 1,285 2,009 975 850 2,971 884 534 782 840 1,675 Oct. 29 21,299 1,162 5,970 1,340 2,090 1,056 899 3,205 92f 718 797 853 2,289 J After deducting $69,000 participations of other Federal Reserve Banks on Oct. 1; Oct. 8; Oct. 15; Oct. 22; and Oct. 29. 2 After deducting $185,096,000 participations of other Federal Reserve Banks on Oct. 1; $204,340,000 on Oct. 8; $179,724,000 on Oct. 15; $263,- 432,000 on Oct. 22; and $266,492,000 on Oct. 29. Digitized fNorO FVREAMSBEERR 1947 1381 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c r is a c n o - Total liabilities: Oct. 1 45,752,239 2,505,713 12,172,1392,747,1983,766,750 2,776,8902,365,757 7,662,349 1,923,363 1,173,620 1,957,289 1,582,836 5,118,335 Oct. 8 45,478,141 2,495,284 12,117,997 2,723,5543,676,845 2,747,822 2,371,509 7,615,733 1,928,318 1,180,205 1,951,503 1,569,962 5,099,409 Oct. 15 46,476,360 2,571,354 12,364,0682,786,4503,751,437 2,844,306 2,455,950 7,801,070 1,959,248 1,193,272 1,977,014 1,642,095 5,130,096 Oct. 22 45,601,220 2,505,601 12,040,5612,724,993 3,699,140 2,779,278 2,388,411 7,648,434 1,953,070 1,165,691 1,964,828 1,585,672 5,145,541 Oct. 29 45,934,473 2,499,398 12,120,643 2,742,267 3,734,117 2,816,034 2,379,058 7,782,349 1,987,362 1,185,089 1,962,592 1,596,928 5,128,636 Capital Accts.: Capital paid in: Oct. 1 193,521 11,232 68,173 14,313 18,810 8,165 7,443 23,123 6,341 4,267 6,468 7,218 17,968 Oct. 8 193,719 11,232 68,326 14,313 18,812 8,166 7,445 23,126 6,341 4,267 6,471 7,221 17,999 Oct. 15 193,750 11,233 68,328 14,316 18,817 8,174 7,445 23,131 6,343 4,270 6,472 7,221 18,000 Oct. 22 193,791 11,233 68,334 14,317 18,819 8,175 7,447 23,146 6,343 4,274 6,477 7,225 18,001 Oct. 29 193,830 11,233 68,332 14,319 18,820 8,178 7,456 23,162 6,342 4,275 6,484 7,228 18,001 Surplus (section 7): Oct. 1 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Oct. 8 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Oct. 15 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Oct. 22 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Oct. 29.... 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): Oct. 1.... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,14a Oct. 8 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 15 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 22 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 29 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.: Oct. 1 47,835 3,672 7,540 3,985 4,741 3,736 3,475 5,350 2,831 2,391 2,982 2,744 4,388 Oct. 8.... 50,316 3,928 8,193 4,144 4,942 3,863 3,577 5,621 3,028 2,451 3,186 2,842 4,541 Oct. 15 52,306 4,014 8,852 4,291 5,091 3,991 3,676 5,893 3,088 2,514 3,221 2,935 4,740 Oct. 22 55,730 4,235 9,505 4,461 5,290 4,129 3,787 6,164 3,247 2,574 3,370 3,030 5,938 Oct. 29.... 56,069 4,334 10,165 4,620 5,489 4,259 3,890 6,422 2,474 2,632 3,525 3,125 5,134 Total liabilities and cap. accts.: Oct. 1 46,460,873 2,551,186 12,391,6542,804,7053,832,702 2,812,792 2,396,100 7,757,329 ,949,633 1,192,348 1,983,605 1,607,882 5,180,937 Oct. 8 46,189,454 2,541,013 12,338,3182,781,2203,743,0002,783,852 2,401,956 7,710,987 1,954,785 1,198,993 1,978,026 1,595,109 5,162,195 Oct. 15 47,189,694 2,617,170 12,585,0502,844,2663,817,746 2,880,472 2,486,496 7,896,601 1,985,777 1,212,126 2,003,573 1,667,335 5,193,082 Oct. 22 46,318,019 2,551,638 12,262,2022,782,9803,765,650 2,815,5832,419,070 7,744,251 1,979,758 1,184,609 1,991,541 1,611,011 5,209,726 Oct. 29 46,651,650 2,545,534 12,342,9422,800,415 3,800,827 2,852,472 2,409,829 7,878,440 2,013,276 1,204,066 ,989,467 1,622,365 5,192,017 Contingent liability on bills purchased for foreign correspondents: Oct. 1 3,049 195 1976 247 283 149 125 415 107 76 107 101 268 Oct. 8 3,037 194 1972 246 283 149 125 413 106 76 106 100 267 Oct. 15 3,036 194 1972 246 283 149 124 413 106 76 106 100 267 Oct. 22 3,046 195 1975 247 283 149 125 414 107 76 107 100 268 Oct. 29 3,029 194 2 969 245 282 148 124 412 106 76 106 100 267 Commit, to make indus. loans Oct. 1.... 7,394 888 1,491 76 427 29 580 3 750 153 Oct. 8.... 7,378 927 1,431 85 427 28 580 3,750 150 Oct 15 7,326 862 1,452 77 427 28 580 3,750 150 Oct 22 7 345 881 1,452 77 427 28 580 3,750 150 Oct. 29 7,362 923 1.452 79 400 2K 580 3.7.SO 150 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t- ta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n n- F.R. notes outstanding (issued to Bank): Oct. 1 25,218,272 ,502,2135,767,1451,701,787 ,177,747 ,761,980 ,446,5154,687,6741,147,165623,722 962,249641,7202,798,355 Oct. 8 25,240,421 ,505,6585,771,5401,699,623 ,173,831 ,767,520 ,445544,,993388 4,687,0871,148,510626,667 964,528648,4072,792,112 Oct. 15 25,229,307 ,500,2085,774,1741,699,136 ,169,450 ,768,572 ,452,4284,687,6231,153,641629,676 963,284 649,3272,781,788 Oct. 22 25,231,942 ,501,5995,768,1311,698,649 ,168,098 ,780,325 ,444466,,334499 4,684,1161,162,951630,148 962,893651,1792,777,504 Oct. 29 25,193,802 ,504,1575,759,9421,691,651 163,670 774,430 ,444,5424,679,0551,163,577632,692 959,874652,3842,767,828 •Collateral held against notes outstanding: Gold certificates: Oct. 1 11,838,000 440,000 3,470,000 515,000 695,000 560,000 475,000 ,850,000 300,000184,000 280,000 169,000 1,900,000 Oct. 8 ... 12,238,000 440,0003,470,000 515,000 695,000 560,000 725,0002,850,000 300,000184,000 280,000 169,000 2,050,000 Oct. 15 12,278,000 444400,,000000 33,,447700,,000000 515,000 695,000 600,000 725,0002,850,000 300,000184,000 280,000 169,000 2,050,000 Oct. 22 12,278,000 444400,,000000 33,,447700,,000000 515,000 695,000 600,000 725,0002,850,000 300,000184,000 280,000 169,000 2,050,000 Oct. 29 12,593,000 440,0003,470,000 515,000 695,000 650,000 725,0003,050,000 315,000184,000 280,000 169,000 2,100,000 Eligible paper: Oct. 1. . 97,250 9,750 51,355 2,850 11,035 12,409 7,040 1,700 1,111 Oct. 62,260 4,910 45,380 5,230 4,260 1,379 40 450 611 Oct. 15 93,870 3,250 61,685 4,630 4,160 4,675 13,040 450 1,980 Oct. 22 68,540 6,575 8,755 17,820 7,785 11,125 4,000 10,050 2,430 Oct. 29 235,250 6,125 117,000 16,615 14,435 21,070 13,150 19,825 27,030 U. S. Govt. sec: Oct. 1 13,881,570 ,100,0002,400,0001,200,0001,500,0001,220,0001,000,0001,900,000 911,570 450,000 700,000500,0001,000,000 Oct. 8 13,620,000 1,100,000 2,400,0001,200,0001,500,0001,220,000 750,0001,900,000 900,000 450,000 700,000500,0001,000,000 Oct. 15 13,620,000 1,100,000 2,400,0001,200,0001,500,0001,220,000 750,0001,900,000 900,000 450,000 700,000500,0001,000,000 Oct. 22 13,650,000 1,100,000 2,400,0001,200,0001,500,0001,200,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Oct. 29 13,400,000 1,100,000 2,400,0001,200,0001,500,0001,150,000 750,0001,700,000 950,000 450,000 700,000500,0001,000,000 Total collateral: Oct. 1 25,816,820 ,549,7505,921,3551,717,8502,195,0001,791,0351,475,000 4,750,0001,223,979641,040 981,700 669,000 2,901,111 Oct. 8 25,920,260 ,544,9105,915,3801,720,2302,195,0001,784,2601,475,000 4,750,0001,201,379 634,040 980,450 669,0003,050,611 Oct. 15 25,991,870 ,543,2505,931,68. 1,719,6302,195,0001,824,1601,475,0004,750,0001,204,675647,040 980,450669,0003,051,980 Oct. 22 25,996,540 ,546,57 5,878,75. 1,732,8202,195,0001,807,7851,475,0004,750,0001,261,125638,000 990,050669,0003,052,430 Oct. 29 26,228,250 ,546,1255,987,0001,731,6152,195,0001,814,4351,475,0004,750,0001,286,070647,150 999,826669.0003,127,030 1 After deducting $2,073,000 participations of other Federal Reserve Banks on Oct. 1; $2,065,000 on Oct. 8; $2,064 000 on Oct. 15- $2 071,000 on Oct. 22; and $2,060,000 on Oct. 29. 1382 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- Gua a r u a to t n h t o e d r e a i d z te e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g a A va a d i m d la i o b ti u l o e n n t t a o l week e M nd o i n ng th , T o h r ursday b m a b n e e m k r s - l New Chi- b s c a e i r n t v y k e s b C a o t n r u y k n s - l borrowers York cago Date N b u e m r - Amount am To o t u a n l t g P u o t a e r e r ti a d o n n - a u o n n u t d e t m s e e t r e a a n n g g t d u s re i a n e r - g - To 1 t 9 a 4 l 6 r — es A er u v g e u s s t held: 16,031 4,125 904 6 337 4,665 September. . . . 16,160 4,183 905 6,360 4,712 1942 1947—August 16,481 4,203 979 6 543 4,757 June 30 565 310,680 81,108 69,674 137,888 September. . .. 16,866 4,270 1,001 6 688 4,906 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 1943 Aug. 28 16,488 4,207 978 6 555 4,748 J D u e n c e . 3 3 1 0 4 5 , , 2 3 1 4 7 7 4 6, , 5 7 6 1 3 8 , , 0 8 4 1 8 8 1 1 , , 9 4 1 2 4 8 , , 0 2 4 5 0 3 1 1 , , 6 1 0 5 1 3 , , 5 7 1 5 8 6 3 2 , , 1 2 4 1 6 6 , , 2 0 8 5 6 3 S S S e e e p p p t t t . . . 1 1 4 8 1 1 1 1 7 6 6 , , , 0 8 5 6 3 8 6 1 1 4 4 4 , , , 2 2 2 4 9 1 9 4 4 1,0 9 9 1 8 8 1 7 8 6 6 6 6 6 7 8 1 5 6 4 6 4 4 5 , , , 0 9 7 0 0 6 5 7 7 1944 Sept. 25 16,872 4,280 1,010 6 668 4,914 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Oct. 2 16,891 4,290 1,010 6 703 4,888 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Oct. 9 17,039 4,276 1,017 6 780 4,966 1945 Oct. 16 17,082 4,280 1,020 6 805 4,977 J D u e n c e . 3 3 1 0 8 8 , ,4 7 2 5 2 7 1 1 0 0 , , 3 1 3 4 9 9 , , 4 31 0 5 0 1,3 5 8 1 6 0, , 2 8 7 5 0 1 1,1 4 9 3 0 5, , 3 9 4 4 5 4 3,6 9 9 6 4 6 , , 6 5 1 9 8 5 Exc 1 e 9 s 4 s 6 — r A es u e g r u v s e t s: 891 12 205 670 1946 September.... 885 24 196 662 June 29 8,771 10,344,018 70,267 60,214 142,617 1947—August 800 11 226 559 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 September. . . . 931 24 256 646 1947 J F a e n b . . 3 2 1 8 8 8 , , 7 77 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 1 1 8 4 , , 0 2 2 3 5 8 1 13 6 , , 2 6 3 5 7 4 2 2 2 1 , , 4 1 2 8 4 3 A Se u p g t . . 2 4 8 ^ 7 7 7 9 5 9 1 1 4 2 2 2 1 4 6 0 5 5 4 4 2 2 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 Sept. 11 948 16 274 654 Apr. 30 8,771 10,344,018 10,356 9,658 13,452 Sept. 18 1,059 32 287 733 May 31 8,771 10,344,018 9,236 8,601 13,176 Sept. 25 884 19 220 641 June 30 8,771 10,344,018 3,589 3,218 6,726 Oct. 2 913 25 264 614 July 31 8,771 10,344,018 3,245 2,908 6,709 Oct. 9 984 22 299 654 Aug. 30 8,771 10,344,018 2,992 2,703 6,729 Oct. 16 Pl.020 33 280 P694 Sept. 30 8,771 10,344,018 2,977 2,689 6,739 Borrowings at Federal NOTE.—The difference between guaranteed loans authorized and sum Reserve Banks: of loans outstanding and additional amounts available to borrowers 1946—August 126 19 74 33 under guarantee agreements outstanding represents amounts repaid September.... 149 29 92 28 and authorizations expired or withdrawn. 1947—August 127 26 57 42 September.... 133 44 59 28 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Aug. 28 135 34 50 44 [Amounts in thousands of dollars] Sept. 4 136 34 61 41 Sept. 11 108 21 54 32 Sept. 18 82 19 33 30 W o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y ) t y N b u A e m r a p p - t 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 r l A e o o t o t m p v e n u - e d - o n d 1 t t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( s C a t m a o m o n m e u o d n t m u i - t n n s i g t t ) - ( s P p a 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) O S O O e c c c p t t t . . . t . 2 1 9 2 5 6 2 1 1 9 3 4 3 8 5 8 1 1 8 5 2 1 9 5 6 6 4 3 5 7 8 8 5 7 2 2 2 1 6 5 9 5 r Revised. P Preliminary. 1934 984 49,634 20,966 13,589 8,225 1,296 i Weekly figures of excess reserves of all member banks and of 1935 1,993 124,493 11,548 32,493 27,649 8,778 country banks are estimates. Weekly figures of borrowings of all mem- 1936 2,280 139,829 8,226 25,526 20,959 7,208 ber banks and of country banks may include small amounts of Federal 1937.. . . 2,406 150,987 3,369 20,216 12,780 7,238 Reserve Bank discounts and advances for nonmember banks, etc. 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1940 2,908 212,510 13,954 9,152 5,226 6,386 SMALL CENTERS 1 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 [Averages of daily figures. In millions of dollars] June 24. .. 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 ... 3,423 408,737 4,248 14,126 10,661 17,305 In places of 15,000 In places of under 1943 and over population 15,000 population June 30. .. 3,452 475,468 3,203 13,044 12,132 19,070 Dec. 31. .. 3,471 491,342 926 10,532 9,270 17,930 Demand Demand J D u e n c e . 1 9 3 3 4 0 4 0 . . . . . . 3 3 , , 4 4 8 8 9 3 5 5 2 1 5 0 , , 5 8 3 5 2 7 1,29 4 5 5 1 3 1 , , 8 3 9 6 4 6 4 4 , , 1 0 6 4 5 8 1 2 1 , , 7 0 0 6 6 3 d e e i b x n p a c t o n e e s r k p i - t t s de T p i o m s e its d e e i b x n p a c t o n e e s k r p i - t ts de T p i o m s e its 1945 June 30. .. 3,502 537,331 70 3,252 5,224 2,501 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 September 1946 16,282 8,155 12,149 5,712 1946 August 1947 '•15,230 r8,484 n1,865 '6,041 June 29. .. 3,524 552,711 615 1,210 5,366 1,110 Dec. 31. .. 3,542 565,913 4,577 554 8,309 2,670 September 1947 15,588 8,508 12,130 6,064 1947 Boston 1,855 883 347 235 Jan. 31. . . 3,545 568,540 4,795 593 8,217 2,677 New York 2,847 2,172 1,071 1,174 Feb. 28... 3,548 569,487 4,795 996 8,186 2,729 Philadelphia 1,089 750 924 901 Mar. 31. . . 3,548 569,825 4,595 1,081 8,160 2,727 Cleveland 1,329 928 1,056 830 Apr. 30... 3,552 571,408 5,371 1,109 7,279 2,616 May 31. .. 3,553 571,893 4,595 1,618 5,735 2,761 Richmond 1,095 401 876 469 June 30. .. 3,555 572,836 195 1,778 7,018 4,043 Atlanta 1,528 487 647 " 213 July 31. .. 3,558 574,999 1,902 1,732 6,886 3,902 Chicago 1,965 1,402 1,717 950 Aug. 30 3,563 576,161 351 1,858 7,437 5,028 St. Louis 671 336 962 281 Sept. 30... 3,566 577,614 1,229 1,892 7,395 5,019 Minneapolis 573 296 793 445 1 Includes applications approved conditionally by the Federal Re- Kansas City 546 105 1,653 203 serve Banks and under consideration by applicant. Dallas 937 141 1,501 61 2 Includes industrial loans past due 3 months or more, which are not San Francisco. . . 1,154 607 582 303 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and T 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. NOVEMBER 1947 1383 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 de si - ts8 f d r d o u o m - e Total Re- Ex- F e R e r e a d - l mestic quired cess serve banks Banks First 1lalf of September 1947 All member banks 88,986 11,583 77,403 78,163 28,236 5,718 16,815 15,880 935 106 Central reserve city banks: New York 22,191 4,153 18,039 20,702 1,471 47 4,251 4,229 22 20 Chicago 5,161 1,165 3,996 4,675 887 150 997 988 9 Reserve city banks. « 33,004 5,307 27,697 28,675 11,318 1,788 6,685 6,414 271 51 Boston 1,933 268 1,665 1,770 199 55 571 566 5 New York 576 28 548 508 506 25 123 120 5 1 Philadelphia 2,244 352 1,892 2,010 277 68 424 419 5 ' 4 Cleveland 3,755 485 3,270 3,559 1,549 165 777 749 29 20 Richmond.. .\ 2,118 332 1,786 1,844 447 109 421 596 26 1 Atlanta 2,018 425 1,595 1,725 412 125 595 569 24 4 Chicago 4,008 514 3,494 5,445 2,120 295 860 816 45 St. Louis 1,840 494 1,346 1,586 525 90 546 556 10 Minneapolis., 1,064 547 717 876 177 67 196 186 10 Kansas City 2,848 940 1,909 2,555 561 264 521 492 29 3 Dallas, 2,542 554 1,787 1,942 538 250 445 409 57 1 San Francisco. 8,260 572 7,688 7,278 5,008 ; 296 1,807 1,756 51 1 Coun B t o r s y t o b a a , nks 28 2 , , 6 2 2 8 9 2 95 8 8 0 27 2 , , 6 2 7 0 1 2 24 1 , , 1 9 1 8 2 5 14 1 , , 5 1 6 1 0 8 3,7 1 3 8 3 6 4, 5 88 8 3 6 4y 3 2 4 4 5 9 63 4 3 1 3 8 4 New York 5,989 81 3,908 5,497 3,345 322 776 690 86 11 Philadelphia.. .• 2,015 15 2,000 1,754 1,648 207 594 344 50 3 Cleveland 2,405 25 ; 2,382 2,077 1,756 274 464 396 68 4 Richmond 2,075 112 1,961 1,703 870 289 354 291 44 4 Atlanta 2,544 159 2,185 1 »971 700 317 556 518 38 1 Chicago 3,749 75 3,677 5,141 2,548 543 681 581 101 St. Louis... 1,754 120 1,654 1,477 616 234 278 244 35 ' i Minneapolis 1,427 71 1,556 1,167 759 225 245 208 36 Kansas City 2,274 75 2,200 1,825 508 427 522 274 48 Dallas 2,556 126 2,451 2,019 202 497 552 295 57 San Francisco 1,759 25 1,754 1,499 910 215 295 264 31 2 Second half of September 1947 89,797 11,792 78,004 78,741 28,282 5,776 16,916 15,989 927 160 All member banks Cent N C r h e a w i l c r a Y e g s o o e r r k v . e city . bank . s . 2 5 2, , 4 2 5 4 5 7 4 1 , , 2 16 3 9 2 1 4 8 , , 0 2 7 23 7 2 4 0 , , 7 8 4 77 3 1, 8 4 8 7 5 6 1 6 5 1 0 4 1 , , 2 00 8 5 9 4 1 , ,0 2 0 6 2 4 2 5 5 68 2 Reserve city banks 33 1 , ,9 3 7 3 8 3 5,3 2 9 80 4 27 1, , 6 9 9 3 8 9 28 1 , ,8 8 0 5 7 3 11, 2 3 0 3 0 8 1,8 3 3 6 2 6,6 3 9 83 2 6,4 5 5 7 1 5 24 9 1 67 Boston 572 28 545 506 307 24 122 120 2 A S S N C M D P C R K a t h h l i e t a a . i e n c l i i w n l n a l v c L h l a n s a n F a e m o d a e Y s g l t r u s a e a a a o o o i n l p n n C s p r d o c k d h i l i t . i i s y s a co. 3 4 2 2 8 2 2 2 1 1 , , , , , , , , , , 8 8 3 0 3 2 0 8 0 1 5 8 5 7 8 2 4 2 3 0 5 4 5 6 0 9 3 1 5 4 5 5 3 4 5 3 9 3 5 4 6 9 0 6 9 5 1 0 3 5 5 3 1 5 2 7 7 5 2 8 3 3 7 1 1 1 1 , , , , , , , , 3 5 9 5 3 9 7 7 7 8 9 2 3 5 1 1 1 7 5 1 7 7 4 9 5 1 1 8 2 2 3 3 2 2 7 1 1 1 1 , , , , , , , , , 5 7 8 4 0 3 9 8 3 3 8 2 5 2 4 5 9 5 5 4 9 5 5 7 4 0 5 9 8 0 5 2 1 , , , 5 0 5 5 1 4 4 2 3 1 5 2 6 1 1 4 7 7 2 5 8 5 2 5 7 7 7 5 6 5 5 5 2 2 1 1 1 1 0 5 6 6 5 8 6 0 7 5 6 9 1 8 2 9 8 4 2 1, 5 5 3 8 4 4 4 8 7 1 4 1 4 8 6 2 1 9 1 9 1 1 3 6 5 9 4 1 4 6 1, 5 4 4 5 5 7 4 8 7 1 5 1 9 1 9 2 7 5 6 9 7 2 5 5 8 1 0 2 0 9 4 4 5 5 1 1 1 4 4 7 7 1 9 7 8 6 7 1 1 4 5 5 4 2 5 8 Country banks 28,762 997 27,765 24,268 14,583 3,733 4,930 4,272 658 22 Boston 2,286 85 2,202 1,979 1,118 195 379 544 55 4 New York... 4,011 83 3,928 3,523 5,348 323 786 694 92 6 Philadelphia 2,043 16 2,027 1,771 1,653 217 401 547 54 2 Cleveland 2,411 24 2,387 2,081 1,760 275 469 397 72 5 Richmond ... 2,106 125 1,981 1,726 870 300 345 294 50 5 Atlanta 2,326 162 2,164 1,963 700 310 555 317 57 1 Chicago 761 73 3,688 3,167 2,355 531 687 585 102 St. Louis 1,754 123 1,631 1,482 617 229 280 245 56 Minneapolis 1,455 78 1,377 1,192 741 226 252 211 41 Kansas City 2,271 73 2,198 1,840 509 412 526 276 50 Dallas 2,572 127 445 2,033 203 501 557 297 60 San Francisco 1,766 28 1,737 1,509 910 215 296 266 50 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. . . * 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. • ,_ w . „ ,~ „ ™ • 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 71,000 million dollars in the first half and 71,200 million in the second half of September. U. S. Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements. 1384 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 j Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1.326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937. 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 740 139 288 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—Mav 28,120 20,171 1.291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 8 21 1 June 28,245 20,248 1,300 998 67 2,191 6,604 9,087 7,998 2,364 4,387 438 781 3 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 8 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 8 20 2 September... 28,507 20,262 1,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4,567 436 795 8 21 2 October 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November... 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December... 28.952 20,437 1.361 1.029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947—January 28,262 19,808 1,337 972 63 2.074 6,284 9,077 8,457 2,460 4,757 434 774 9 23 3 February.... 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 6 14 3 March 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4.754 432 771 6 14 1 April 28.114 19,684 1.351 972 63 2.065 6,253 8,979 8,432 2,442 4,769 431 773 5 12 1 May . .. 28,261 19.773 1,351 985 63 2,089 6,303 8,982 8.489 2,449 4,789 430 804 5 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 5 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 5 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 5 12 2 September.. . 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 2,503 4.941 428 800 5 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. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Se 1 p 9 t 4 . 7 30, g a o s g l i a d lv i n e a s r n t d Tr c e a a s s h ury B R F an e e d s k e e s r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d Se 1 p 9 t. 4 7 30, Au 1 g 9 . 4 3 7 1, Se 1 p 9 t. 4 6 30, certificates agents Gold 21,955 20,770 21,185 Gold certificates 20,770 17,907 2,815 47 47 50 Federal Reserve notes.... 25,230 70 871 24,289 24,151 24,237 Treasury currency—total. 4,552 32,246 55 267 4,231 4,236 4,220 Standard silver dollars 493 315 24 151 150 144 Silver bullion 1,931 1 ,931 Silver certificates and Treasury notes of 1890. 32,246 202 2,044 2,052 2,010 Subsidiary silver coin 926 15 23 887 878 862 Minor coin 352 10 5 337 334 325 United States notes 347 3 27 317 320 315 Federal Reserve Bank notes 397 1 5 391 397 451 National Bank notes 106 1 105 106 112 Total—Sept. 30, 1947. 23,016 1,309 17,907 3,954 28,567 Aug. 31, 1947. 22,823 1,323 17,719 3.8C8 28,434 Sept. 30, 1946. 20,386 2,289 15,280 3,897 28,507 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. 1377, and seasonally adjusted figures in table on p. 1386. 9 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. * To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * 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. * 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 certificatei 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. NOVEMBER 1947 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o v n r m a a r s d o i e j u a a u n t s s i t o o — te n n d a • l a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n f l or s C a e h s d a e a s j r u n o i s e g n t s e a e 1 l d l i y n Period a p s G t e t o o r e o i f c n l o d k d d I i n n s c t o r g e c o a k l s d e o i r m g N ( e - o p x ) e l o p d t r o t rt c g r m e o c o a E r l a r d e s r a e a : k i r n s d e - ( e — - d e- ) m t d g p D i e u o r o s o o c l n t d - - - i 1 c End of year figures: 1939 7,598 +742 1936 211,258 1,132.5 1,116.6 -85.9 131.6 1940 8,732 +1,134 1937 212,760 1,502.5 1,585.5 -200.4 143.9 1941 11,160 +2,428 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1942 15,410 +4,250 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1943 20,449 +5,039 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1944 25,307 +4,858 1941 22,737 741.8 982.4 -407.7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 -458.4 125.4 1946 28,952 +437 1943 21,938 -788.5 68.9 -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 A N S D J u u e c u o e l n p t c y g v 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 8 8 8 8 8 8 8 , , , , , , , 7 3 9 4 5 2 1 2 5 9 7 8 8 4 7 2 7 8 8 1 0 2 2 2 2 2 2 2 8 8 8 8 8 8 8 , , , , , , , 3 2 6 5 5 4 7 3 8 4 8 3 9 1 8 1 1 8 5 4 0 + + + + + + + 1 1 5 5 5 6 4 0 5 7 3 3 9 1 6 6 1 1 9 9 4 4 6 7 — — N A F M D O J e p o e c a a b r t c n v r o i r e c l u e b u m h m a e a r r b r b y e y e . r . . r . . . . . . . . 2 2 2 2 2 2 2 0 0 0 0 0 0 0 , , , , , , , 4 7 7 3 5 4 4 0 7 4 3 2 6 7 2 4 8 0 9 3 0 8-4 3 2 1 1 9 6 5 1 1 3 8 6 7 9 1 9 2 . . . . . . . 2 7 7 4 5 3 5 - - 1 1 6 2 2 4 7 5 1 6 4 0 4 7 3 . . . . . . . 2 8 2 4 1 9 6 -6 2 2 1 1 1 8 8 0 7 2 1 9 4 2 3 2 7 5 6 . . . . . . . 5 8 5 5 7 0 1 5 5 4 5 6 5 7 . . . . . . . 2 4 8 6 5 5 5 1947— F J A M M J u e a p a n a n b r y r e u i r c l u a h a ry ry 2 2 2 2 2 2 8 8 8 8 8 8 , , , , , , 1 1 3 2 5 2 5 8 0 3 4 7 8 5 0 6 3 3 2 2 2 2 2 2 8 8 8 8 8 8 , , , , , , 4 3 3 3 3 4 1 5 5 7 0 5 2 6 8 8 0 8 - - 2 1 + + + -5 5 5 2 5 5 6 2 8 2 4 8 J J S A O M u u e c u l n a p t y g y e o t u e b s m e t r ber.. P 2 2 2 2 2 2 1 1 0 1 1 2 , , , , , . 9 2 5 9 7 2 5 3 6 3 6 9 5 7 6 3 6 4 P 3 2 2 1 1 3 3 2 7 5 8 3 3 8 0 9 9 8 . . . . . . 4 8 6 0 7 4 2 2 1 1 1 ( 0 1 2 1 0 4) 0 9 9 1 9 . . . . . 2 2 7 7 6 5- 1 1 4 2 4 1 5 1 2 6 3 3 9 .0 . . . . . 7 3 1 1 0 r ( ( 7 4 4 6 7 7 ) ) . . . . 0 1 2 3 July 28,259 28,316 -62 S A e u p g t u e s m t ber 2 2 8 8 , , 2 6 5 5 2 4 2 2 8 8 , , 7 3 1 9 1 4 + + 31 7 7 8 1 P A P n re n l u im al in f a ig ry u . res are estimates of the United States Mint. For October 28,598 28,598 -113 ' ex 2 p l I a n n c a lu ti d o e n s o g f o m ld o n in th l t y h e fi g I u n r a e c s t i s v e e e t A ab cc le o u o n n t p a . m 14 o 3 u 4 n . ting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 1 For end of year figures, represents change computed on absolute 8 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 3,491.0 million dollars on Oct. 31, 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 centers1 centers2 City centers City cities City cities 1939 423,932 171,382 218,298 34,252 167 939 200 636 21 0 19 4 1940 445 863 171,582 236,952 37,329 167 373 217 744 17 1 18 6 1941 537,343 197,724 293,925 45,694 193 729 270,439 17 3 19 4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e ri r e ie s s « 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , , 0 6 7 7 4 9 16.1 13.1 1200,337 308,913 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 i s e s 4 4 } 1,050,021 417,475 527,336 105,210 19.0 10.0 { 4 3 0 7 7 4 , ,3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 5 . . 2 5 1 16 6 . . 5 9 1946—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—Tanuarv . ... 93,488 34,305 49,140 10,043 20.6 11.6 33,592 48,778 23 8 17 4 February 81,567 29,745 43,199 8,622 20.4 11.6 29,173 44,011 24 0 18 1 March 93,314 33,547 49,955 9,812 20.4 11.9 34,439 50,582 24.9 18.6 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 September 91,896 31,837 49,962 10,097 20.2 12.1 31,605 49,984 23.1 18.0 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. * 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. 1386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total Time deposits End of month c a d o u d b e u r j a a p u r t n n o s e s d i k n s t d e i s c t e d y s c a d d o u d e e u r j a p m u r t n o s e s a d i n s t d n e i c t e d d y s a d d e T 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 st a s e n i d t d s * 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 n e o r k m c s i » a - < l M s b a a v u n i t k n u s g a « s l S S P y a s o v t s i e n t m a g l s « C o b u u a r t r n s e i k n d s c e y banks 1929— D Ju e n ce e m M ber 5 5 5 4 , , 1 7 7 1 1 3 2 26 6 , , 3 1 6 7 6 9 5 5 1 1 , ,5 1 3 5 2 6 2 22 2 , , 8 5 0 4 9 0 3 1 8 5 1 8 2 2 8 8 , , 6 1 1 8 1 9 1 19 9 , , 1 5 9 5 2 7 8 8 , , 8 90 3 5 8 1 1 4 5 9 9 3 3 , , 5 6 5 3 7 9 t933—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—September 170,200 107,900 143,700 81,400 9,300 53,000 33,300 16,500 3,200 26,500 October 170,000 108,900 143,500 82,400 7,900 53,200 33,500 16,500 3,200 26,500 November 169,500 109,700 142,800 83,000 6,400 53,400 33,500 16,600 3,300 26,700 December 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—January (Jan. 29)P. 165,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb.26)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 ,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(May28)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 165,900 109,200 139,900 83,200 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 September(Sept.24) v 168,000 110,500 141,700 84,200 1,600 55,900 34,900 17,600 3,400 26,300 P Preliminary. l Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. • Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. B Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35. for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSl [In millions of dollars] Member Nonmember banks banks Assets Total, all Depos- U. S. Government banks ti N on a a - l State su In re - d in N s o u n re - d End of month itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: 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 .* s, 1 19 9 4 3 0 4-39 2 2 9 2 1 1 1 5 6 18 1 9 8 8 3 1 1941 8 4 3 1 1942 9 6 3 1939—Dec... 1,279 \1,319 53 11,192 11,046 146 74 1943 4 2 2 1940—Dec... 1.304 1,348 36 L.224 1,078 146 88 1944 1 1 1941—Dec... 1,314 1,396 26 L.274 1,128 146 95 1945 0 1942—Dec... 1L.417 11,464 16 L.345 1,220 126 102 1946 0 1943—Dec... 1.788 L.843 10 L.716 1,716 118 1947—Jan.-Oct 0 1944—Dec... 2,342 2,411 8 2,252 2,252 152 1945—Dec... 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks (in thousands of dollars) :* 1946—Oct... 3,235 3,337 6 3,134 3,134 197 1934-39 125,991 14.61626,54844,348 40,479 Nov... 3,260 1,360 6 3,151 3,151 204 Dec... 3,284 3,387 6 3,182 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 3,284 3,284 192 1944 405 405 Apr... 3,382 3,492 5 3,290 3.290 197 1945 0 May.. 3,387 3,508 5 3,277 3,277 226 1946 0 June.. 3,393 3,523 6 3,302 3,302 216 1947—Jan.-Oct 0 July.. 3,398 3,548 6 3,351 3,351 191 S A e u p g t . . . . . Pv 3 S , . 4 4 0 0 3 6 po 1 r a R ri e ly p re o s r e n p t e s r m b a a n n e k n s tl w y h o ic n h , a c d c u o r u in n g t o t f h e f in p a e n ri c o i d al s d s i h ff o i w cu n lt , ie c s l ; o s d e o d e s t e n m o - t include banks whose deposit liabilities were assumed by other banks f Preliminary. at the time of closing (in some instances with the aid of Federal Deposit * Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). » Includes working cash with postmasters, 5 per cent reserve fund * Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Backing and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. NOVEMBER 1947 1387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank /-" Total Number cal a l n d date Total Loans Go U v . e r S n . - Other assets l Total * b I a nt n e k r » - De- a c c a c p o i u t n a t l s him of ks Total ment secur- mand Time8 obliga- ities tions All banks: 1939—Dec. 30 50,884 ,165 ?8,719 19,417 9,302 71,292 68,242 9 874 3? 511 ?S8SS 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 70,972 9,449 28,090 75,996 10,934 38, 558 7,6503 8,302 14,896 1941—Dec. 31 61,126 76,615 34,511 25,511 8,999 27,344 81,816 10,987 44,349 26,485 8,414 14,826 1942—Dec. 31 . . . 78,147 71.916 54,231 45,951 8,280 78 701 99.803 11,308 61431 77064 8,566 14,682 1943—Dec. 31 96,966 73,601 73,365 65 93? 7,433 78,475 117.661 11003 75,569 31089 R.996 14,579 1944—Dec. 30 119,461 26.015 93.446 85,885 7,561 30,790 141.448 12,235 91,653 37,561 9,643 14.535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 3S,415 165,612 14,065 105 971 45,627 10,542 14,553 1946—June 29 136 57? 31,486 105.087 95,911 9,175 33 174 159,171 17311 98,043 48,817 11,067 14,567 Dec 31 111,698 15,648 96,050 86,558 9,491 35,041 155,902 1?,656 9? 446 SO,800 11,360 14,585 1947—June 30* 130,900 38380 92,520 82,500 10,020 33,540 153,200 11,640 89,330 52,230 11.700 1460? AH commercial banks: 1939—Dec. 30. ... 40,668 17,238 ?3,430 16,316 7,114 77474 57.718 9 874 3?,513 15331 6,885 14,484 1940-—Dec. 31 43,929 18.800 75,129 17757 7,372 27,174 65,337 10934 38.558 15844 7.010 14,345 194t—Dec 31 so,746 714 79.032 71,808 7,225 76,551 71,283 10,982 44349 15,952 7.173 14,278 1942—Dec. 31 67,393 19 221 48.172 41,379 6.793 28039 89,135 11308 61 431 1639 5 7,330 14,136 1943—Dec. 31 85.095 19 117 65,978 59 84? 6,136 27677 105,923 11003 75,569 19 350 7,719 14,034 1944—Dec. 30 105,530 644 83.886 77,557 6,329 30,206 128,072 1?235 91 653 74,184 8,265 11,992 1945—Dec. 31 ,019 76083 97 936 90,606 7,331 34 806 150,227 14065 105971 30 ?41 8,950 14,011 1946—June 29 119,448 ?7130 9? 318 84.473 7.845 3?378 14?,890 1?311 98,043 3? 536 9,352 14,026 Dec. 31 113,993 31 122 82 871 74.780 8,091 34 223 139,033 12656 92,446 33 930 9,577 14.044 1947—June 30* . . 11?,520 31 680 78 840 70,340 8,500 3? 700 135,730 11640 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 9523 31 483 15063 6,527 13,534 1940—Dec. 31 4?,557 18 395 74 162 17064 7,099 76 287 63 461 10539 37 333 15 589 6,676 11,438 1941—Dec. 31 49,290 ?S9 78031 21046 6 984 25 788 69 411 10654 43059 15699 6,844 11426 1942—Dec. 31 66,240 18903 47 336 40.705 6,631 27 586 87,803 11144 60 504 16 154 7,055 13343 1943—Dec. 31 . ...81.507 18841 64 666 58 683 5.983 77 183 104 094 10705 74 309 19081 7,453 11 270 1944—Dec. 30 101.382 71352 87030 75875 6 155 79 731 175 714 1?074 89 761 73879 7989 11263 1945—Dec. 31 121,809 25 765 96 043 88 912 7 131 34 292 147 775 13883 104 015 29 876 8671 13 297 1946—June 29 117,409 76 791 90 618 8? 977 7 641 11 841 140 612 1?007 96 459 3? 145 9068 11 330 Dec. 31 112.178 30 733 81 445 73 554 7 891 33 694 136 990 12320 91 144 33 526 9286 13 354 1947—june 30 110,682 33 250 77 433 69 136 8 297 32 190 133 659 11743 88 074 34 343 9558 13 386 All member banks: 1939—Dec. 30 11,941 11962 19979 14328 5651 19782 49340 9 410 78?31 11699 5522 6 362 1940—Dec. 31 37 126 IS321 71805 IS823 5982 73963 56430 10471 33 879 17178 5698 6 486 1941—Dec 31 43521 18021 ?5500 19 539 5961 ?1 123 61 717 10525 38 846 1?347 5 886 6 619 1942—Dec. 31 59263 16088 43 175 37546 5 629 74280 78277 11000 54523 1?754 6 101 6 679 1943—Dec. 31 74258 16288 57970 5?948 5 022 73 790 92 262 10555 66 438 15268 6 475 6 738 1944—Dec. 30 ..... 91 569 18676 7?893 67685 5 208 ?S860 10917 11884 79774 19 259 6 968 6 814 1945—Dec. 31 107 183 7? 775 84408 78338 6 070 79845 7,9670 13640 91 87,0 74210 7 589 6 884 1946—June 29 102 03? 302 78729 7?272 6 458 78079 ??519 11801 84602 ?6 115 7920 6 887 Dec. 31 .. 96.362 76696 69 666 61 042 6 625 79 587 18 170 1?060 78970 ?7 190 8 095 6 900 1947—June 30 94802 78655 66 146 59 198 6 948 78694 15435 11041 76380 78 014 8 315 6 928 All national banks: 1939—Dec. 30 21810 9 07? n 789 9 058 ,1731 17489 31559 5 898 17579 8 081 3 397 5 187 1940—Dec. 31 648 10004 ii644 9 735 3 908 15099 35 787 6 574 ?0885 8 329 1528 s144 1941—Dec 31 27 571 11 725 15 845 12039 3 806 14977 39 458 6.786 24 350 8322 3640 5 117 1 1 9 9 4 4 2 3 — — D D e e c c . 3 3 1 1 4 37 74 5 9 76 9 1 1 0 01 1 1 83 6 ? 1 7 73 3 8 93 2 7 1 1 40 7 6 4 5 4 3 1 6 31 48 8 1 1 6 60 1 1 8 7 4 5 5 0 99 4 6 68 1 77 4 1 0 5 0 9 3 4 4 ?6 4 0 9 5 9 1 8 0 5 19 70 6 3 19 7 5 29 0 S 50 0 4 81 0 1944—Dec. 30 58308 11480 46828 43292 3 536 17570 71858 8 056 50 900 1?901 4 265 5025 1945—Dec 31 69 312 11925 55387 SI250 4 137 114 84939 9 229 59 486 16224 4 644 s017 1946—June 29 66 277 14469 51809 47 271 4 537 18607 80 212 7816 54930 17466 4 862 s012 Dec. 31 723 17272 46451 41658 4 793 ?0012 78775 8,169 5? 194 18412 s138 5007 1947—June 30 .... 62,982 18,764 44,218 39 271 4 947 19,342 77 146 7,432 50 694 19,020 5 296 5 012 State member banks: 1939—Dec. 30 1? 130 4,940 7 190 5 271 1920 7,293 17 781 1 512 10 652 1 617 124 175 1940—Dec. 31 11478 S316 8 162 6 088 7074 8 865 70642 3 849 1?944 1849 2 169 342 1941—Dec 31 15950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 502 1942—Dec. 31 687 5,905 IS 782 11 802 1980 8 096 ?7 808 600 ?0 0?4 4 184 371 598 1943—Dec. 31 ?6759 6 171 70588 18883 1705 7771 3?302 3 397 73833 s072 2 525 698 1944—Dec. 30 33 261 7196 76065 7,4393 1672 8 290 39 059 3 8?7 78874 6 357 7 703 789 1945—Dec 31 871 8,850 ?9021 ?7089 1933 9 731 44 730 4,411 1?334 7,986 945 867 1946—June 29 15754 8,834 ?6921 ?5000 1921 9,472 4?307 3 986 ?967? 8 649 1058 875 Dec. 31 3?639 9 424 73216 71384 1832 9 575 39 395 3 890 76 7?6 8 779 957 893 1947—June 30 31,820 9,891 21,928 19927 2001 9,353 38 289 3,609 25686 8,994 3 019 916 • 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 "ail 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. 1388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number cal a l n d d ate Total Loans G U ov . e S rn . - Other assetsJ Total1 I b n a t n er k - 1 a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - se it c ie u s r- m D a e n - d Time2 tions All nonmember commercial banks: 1939—-Dec. 30 6,727 3,276 3,451 1,987 ,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 ,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 ,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 ,166 3,760 10,867 309 6,908 3,650 1,230 7,460 1943—Dee. 31 10,847 2,832 8,014 6,899 ,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 ,122 4,348 17,168 351 11,879 4,938 1.29* 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 ,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 ,388 4,300 20,387 510 13,441 6,436 1,433 7,142 Dec. 31 17,646 4,429 13,217 11,749 ,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 ,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 ,210 2,091 6,729 113 3,252 3,365 1,005 7,172 1 1 9 9 4 4 0 1 — — D D e e e c . . 3 3 1 1 5 5 , , 4 7 3 7 1 6 3 3 , , 0 2 7 4 4 1 2 2 , , 3 5 5 3 7 5 1 1, . 5 2 0 4 9 0 , ,0 1 2 1 5 6 2 2, , 6 3 6 2 8 4 7 7 , , 7 0 0 3 2 2 1 1 1 2 6 9 3 4, , 2 5 1 0 3 4 3 3 , , 3 4 6 1 0 1 9 9 5 7 9 8 6 6 , r9 8 5 1 2 0 1942—Dec. 31 6,984 2,818 4,166 3,162 ,004 3,308 9,535 145 5,981 3,409 955 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6.535 1944—Dec. 30 11,824 2,678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1,022 6.452 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,085 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 1,191 6,457 1941—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 hanks: 1939—Deo. 30 1,378 375 1,003 749 254 601 1,649 1,031 268 358 950 1940—Dee. 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. 313 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 3Q5 276 729 1 1 1 9 9 9 4 4 4 5 6 ?— — — D J D Ju u e e n n c c e e . . 3 3 3 2 1 1 0 9 «. 2 2 1 1 , , , ,8 8 0 2 1 3 3 1 5 0 8 1 3 3 3 4 8 1 3 2 9 8 9 0 1 1 1 1 , , , , 4 4 6 8 2 9 1 9 6 9 0 3 1 1 1 1 , , , , 4 2 2 6 9 2 0 9 6 6 0 3 2 2 2 2 0 0 0 1 0 0 4 0 5 5 5 5 3 1 1 3 4 0 4 0 2 2 2 2 , , , , 2 0 4 0 7 4 5 7 9 3 2 0 3 3 4 1 0 3 0 8 3 6 0 1 1 1 1 1 , , , , 3 2 9 5 0 0 8 6 2 5 4 0 3 3 4 4 9 6 0 1 1 5 4 0 2 2 2 2 7 9 8 9 9 0 4 0 6 6 6 7 9 7 9 1 6 5 0 4 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 10,524 1,309 551 1940—Dec. 31.. 10.248 4,956 5,292 3,215 2,078 966 10,659 10,659 1,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 10,533 1,241 548 1942—Dec. 31... 10,754 4,695 6,059 4,572 1,487 663 10,668 10,668 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 11,738 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 13,376 1,378 543 1945— Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 15,385 1.592 542 1946—June 29 17,125 4,356 12,769 11,438 1,331 747 16,281 16,281 1.715 541 Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16,869 1,784 541 1947—June 30* 18,380 4,700 13,680 12,160 1,520 840 17,470 17,470 1,860 541 Insured mutual savings banks: 1939—Dee. 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 56 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 2,048 201 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,534 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,910 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,363 1,034 192 1946—June 29 11,453 3,132 8,322 7,662 660 550 10,979 10,979 1,122 191 Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,428 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,901 1,218 191 Noninsured mutual savings banks: 1939—Dec. 30 8,887 4,323 4,565 2,679 1,885 685 9,114 9,114 156 500 1940—Dec. 31 8,594 4,319 4,274 2,667 1,607 764 8,841 8,841 131 498 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,744 077 496 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,620 035 490 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 1 1 9 9 4 4 5 6 — — D Ju e n c e . 3 2 1 9 5 5 , , 3 67 6 1 1 1 1, , 2 1 2 9 4 8 4 4. , 4 1 4 6 7 3 3 3, , 7 5 7 2 7 2 6 6 4 7 1 1 1 1 8 9 0 7 5 5, , 3 0 0 2 2 2 5 5, r0 3 2 0 2 2 5 59 5 3 8 3 3 5 5 0 0 Dec. 31 5,813 1,275 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 includea 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. NOVEMBER 1947 1389 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 i k p p l i n u n e a a e e g d r - r n - t i - - - A c tu u g l r r - - i- b d a s e T e r e n e o r r o a s d s c k l u - - rit o T e i t e r h o s s - R l t o a e a t a e n l s s l C u o m o a n n e - s rO lo th an er s Total Total Bills C o d c n e e f a e r e d t b t s i e i - n t D s f s - i - - ire N c o t tes Bonds G t a e u n e a - d r- p s d s s a i t o u i i o c a n o v l b a f t i d n i - e t l - - s s O r s i e t t h c ie e u s r - All insured commercial banks: 1940—Dec. 31. 42,557 18,395 7,178 ,281 663 727 468 4,077 24,162 17,064 662 ,925 3719 3,608 491 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 773 4,545 28,031 21,046 988 ,797 4102 3,651 333 1942—Dec. 31.. 66,240 18,903 757 ,642 950 597 646 2,2691,042 47,33640,7054,462 727 ,999 27183,533 098 1943—Dec. 31.. 83,507 18,841 7,777 ,5051,414 922 4437 868 918 64,66658,6834,63613,218 672 30,656 501 ,287 696 1944—Dec. 30.. 103,382 21,352 7920 1,7232,269 2 265 4343 944 82,030 75,8753,97115,300 15,778 39,848 978 ,422 733 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3,164 3 606 4677 23611,18196,04388,9122,45519,07116,045 51,321 22 ,8733,258 1946—June 29.. 117,409 26,791 10,334 366 2,417 2 656 5 738 30691,21190,61882,9771,220 17,637 004 52,092 24 _.,9733,668 Dec. 31.. 112,178 30,733 14,016 ,3581,517 609 7103 40311,09881,445 73,5541,27112, 78^0 53,200 15 4,298 3,592 1947—June 30. . 110,682 33,250 14,7651,549 1,517 1,278 82014,8931,04777,43369,136 835 34153,505 144,8263,471 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,80515,823 652 2,594 091 486 3,013 ,970 1941—Dec. 31 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 729 3832 3,090 ,871 1942—Dec. 31.. 59,26- 16,088 7,3871,089 934 538 3,423 ,847 870 43,17537,5464,363 6,285 5,409 948 2540 2,965 ,664 1943—Dec. 31.. 74,258 16,288 7,4211,023 ,398 839 3,274 1,484 848 57,97052,9484,360 12,071 6,906 27 265 345 2729 ,294 1944—Dec. 30.. 91,569 18,676 7,5311,198 2,249 ,108 3,209 1,505 87772,89367,685 74813,98214,127 34927 902 2857 ,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3 133 3,378 3,4551,900 1,10484,40878,338 27516,98514,271 792 163,2542,815 1946—June 29.. 102,032 23,302 9,685 877 23952,480 4,2672,4641,13378,72972,272 07215,29210,467 420 20 3 307 3,151 Dec. 31.. 96,362 26,696 13,154 884 506 1,467 5,3583,3081,020 69,66663,042 16710,043 5,602 46 219 113,548 3,077 1947—June 30.. 94,802 28,655 13,820 972 5071,154 6,240 3,998 965 66,14659,198 773 7,544 4,369 46 502 10 3,9822,966 New York City? 1940—Dec. 31.. 10,910 3,384 2,125 465 190 130 468 044 207 1,245 2,9771,615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 265 311 1,623 3,6521,679 729 830 1942—Dec. 31.. 17,957 4,116 2,546 787 193 117 303 14813,84112,5471,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31. 19,994 4,428 2,515 24 1,054 323 107 252 15315,56614,5631,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 , 2,4531,172 80 287 29818,809 ,574 477 3,433 3,32510,337 1 606 629 1946—June 29.. 23,304 6,506 3,169 1,852 798 83 378 22616,798 ,646 201 2,980 2,22910,234 1 535 618 Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 ,308 387 1,725 99210,202 1 557 601 1947—June 30. . 20,33: 6,548 4,171 1,196 286 104 500 29113,784 ,571 137 1,103 77510,555 1 631 582 Chicago? 1940—Dec. 31.. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. 5,443 1,184 738 17 163 163 24 45 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31. ,931 1,333 760 2 211 233 36 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29.. 5,16 1,329 804 1 188 185 43 76 3,837 3,485 14 1,042 529 1,900 153 200 Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 3,266 2,912 60 498 146 2,207 167 187 1947—June 30. . 4,80: 1,565 1,178 1 100 84 42 130 3,237 2,890 106 368 132 2,284 175 173 Reserve city banks: 1940—Dec. 31.. 13,013 5,931 2,589 263 115 207 ,436 1,322 204 103 771 ,281 049 984 893 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 ,527 1,512 ,467 295 751 ,248 173 956 820 1942—Dec. 31.. 20,915 6,102 2,957 290 97 153 ,486 808 31214,813 038 ,441 2,253 1,723 ,810 811 954 821 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 ,420 658 30121,321 ,682 ,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 ,042 ,704 5,730 5,181 ,987 4401,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 ,459 855 40431,594 552 ,034 6,982 5,653 ,878 51,126 916 1946—June 29.. 37,675 8,862 3,932 197 3211,142 ,743 ,073 45328,813 585 410 6,038 4,014 ,116 71, ,034 Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 ,436 435 24,527 250 441 3,799 1,993 ,013 41,2721,004 1947—June 30.. 34,611 11,441 5,726 197 185 540 2,713 ,675 40523,170 845 334 3,038 1,50315,967 31,364 962 Country banks: 1940—Dec. 31.. 10,826 5,309 1,453 590 21 201 ,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 ,823 1,530 6,628 4,377 110 481 2,926 8611,222 ,028 1942—Dec. 31.. 16,419 5,038 1,226 772 17 161 ,797 674 39311,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 ,725 528 38117,53415,465 1,032 3,094 2,096 8,705 5381,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 ,719 547 35123,61021,552 882 3,466 4,422 12,540 2411,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 ,881 707 36329,40726,999 630 5,102 4,544 16,713 91,342 ,067 1946—June 29.. 35,886 6,605 1,781 679 34 354 2,398 937 42229,28126,556 447 5,231 3,69617,170 121,4261,299 Dec. 31.. 35,412 8,004 2,433 681 29 273 2,9701,312 30627,40824,572 279 4,020 2,470 17,797 61,5511,285 1947—June 30.. 35,057 9,102 2,744 774 2443,3811,693 24025,95522,893 197 3,035 1,960 17,696 51,8131,250 Insured nonmember commercial banks: 1940—Dec. 31.. 5,431 3,074 518 416 751,240 803 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 ,069 271 563 462 1942—Dec. 31.. 6,984 2,818 370 553 591,225 422 173 4,166 3,162 99 442 390 ,053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 821,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 ,678 389 525 1561,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 ,992 512 459 2281,224 460 7711,64710,584 180 2,087 1,774 6,538 6 619 443 1946—June 29.. 15,392 3,491 649 488 1761,473 605 7911,90110,716 147 2,346 1,538 6,682 4 667 518 Dec. 31.. 15,831 4,040 862 474 1421,748 723 7911,79110,524 104 2,247 1,179 6,991 3 752 516 1947—June 30. . 15,896 4,597 945 576 1251,963 895 8211,299 9,949 62 1,897 972 7,013 4 845 505 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 2 Central reserve city banks. 1390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d i r v e n e t e v - h e - k r e s a s l v C a i a n u s l h t b m a w B a n d e n a i c o s k t l e - t h - s i s c a j p m u D o a d s a t d s e e e n i - - - t d d s 4 m D e I s n o d t - t e i e c p r 3 o b s a F i e n t i o s g k r n - U m G er o . e n S n v - . t - p v S s o i u a t s li a b n i t o t d i d e c n i s a - s l c C h c o e f a e e e i f t n e c f r c r i d t s d k . - i ' s - , p a v n a s i p I t d h r d n i o o t u i d n r p c n a a i e s o - s l - , r s r - , - I b n a t n e k r- U P G m S e i a o n . r o a n e n s g v v d S n t - s - - a t . l v S p s i a i u s o t c n a i b l a o d i t d l t e n - i s s - p a v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - l - , r s r - - , r B i o n o w g r s - - c (C o a t u a a c p l n - i t - s AH insured commercial banks: 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,676 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31. . 13,072 1,305 9,080 48,22110,234 813 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 65,96011,063 948 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 I$.671 1946—June 29.. 15,999 1,471 9,102 78,28110,584 1,34612,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Dec. 31.. 16,013 2,012 9,481 82,08510,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—June 30.. 16,039 L.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: 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 11994401——DDeecc.. 3311.... 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 42,57010,101 811 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 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29. . 16,001 L.141 5,772 67,46110,391 1,33912,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Dec. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 I5,095 1947—June 30.. 16,040 1,409 5,521 69,595 9,612 1,369 1,095 5,376 1,976 67,933 60 106 649 27,259 50 i5,315 New York City:* 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 ,615 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 ', 648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 ^727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 [862 1944—Dec. 30.. 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 [.966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2] 120 1946—June 29.. 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—June 30. . 4,166 123 50 16,494 2,898 1,228 179 260 915 17,202 22 14 17 1,407 i 2,234 Chicago:* 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 i 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1945—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 t.319 385 15,061 63 22 169 4,805 2 1,028 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 1,327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 L.763 611 22,281 30 38 160 9,563 "**2 1,566 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 ,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 \,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 \,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 1,042 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 3 50 574 58 2,822 18 13 87 3,311 g 978 1941—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 g 74 3,276 959 1942—Dec. 31. . 287 2,934 5,651 133 2 243 678 76 4^983 10 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 5 1,560 858 135 9,643 6 4 97 5,579 7 ;,083 1946— D Ju e n c e . 3 2 1 9 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 7 9 2 3 5 2 8 1,0 9 5 81 2 1 1 4 5 2 4 1 9 0 , 8 7 0 6 2 1 5 6 5 1 1 0 1 5 3 6 5 , ^ 2 9 3 3 2 4 11 9 • , ! 1 1 4 9 9 3 1947—June 30. . 395 2,979 11,418 194 3 152 1,119 135 10i287 4 5 122 6!218 10 ^24-5 * 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. NOVEMBER 1947 1391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- To brokers Date or month i m n lo a v e n a e n n d s t s t s - Total i t t a c n a c r u g i i d u n r a a r u l a d l i l - , - l s , - G a U t l i o n i o o g . b d S v n a - - . t s d . e O a c t l s u t i e e h e r r - s e i s - r G U l t T o i i o g o b . o v a S n - - t . s o . t O h c t e u t i h e r n s s e - r e R l s o t e a a a n t l e s L ba o t n o a k n ; s Other Total Total Bills o d c C n t e f e a i e d e f b t i s i e r - n t - s - s - - Note Bonds O r s i e t t h c ie e u s r - Total- Leading Cities 1946—September 67,555 17,801 9,820 920 58: ,223 2,189 1392,428 49,75445,726 765 9,085 5,343 30,5334,028 1947—May 63,169 19,917 11,891 590 429 530 487 2,876 1812,933 43,,25239,229 678 5,247 2,773 30,5314,023 June. ..63,143 20,167 11,757 771 531 513 482 2,938 15 3,018 42,,97638,886 818 4,762 2,658 30,6484,090 July........... 63,401 20,232 11,860 588 523 514 472 3,029 1603,086 43,16939,025 950 4,595 2,643 30,837 4,144 August .. 63,630 20,838 12,259 622 471 504 472 3,127 242 3,14142,79238,561 649 4,294 2,626 30,992 4,231 September...... 64,343 21,371 12,757 573 444 501 4753,199 224 3,198 42,97238,689 791 4,133 2,686 31,0794,283 Aug. 6 63,629 20,662 12,092 616 499 509 4713,098 269 3,108 42,96738,735 726 4,384 2,631 30,994 41,232 Aug. 13 63,51320,697 12,238 531 468 509 4673,114 2413,129 42,81638,588 649 4,325 2,610 31,004 4,228 Aug. 20 63,64620,892 12,301 604 465 496 482 3^137 2513,156 42,75438,527 608 4,305 2,640 30,974 4,227 Aug. 27 63,73021,100 12,406 735 451 502 474 3,156 2063,170 42,63038,395 611 4,162 2,626 30,996 4,235 Sept. 3. . .. 63,799 21,212 12,518 714 452 502 473 3,171 2153,16742,587 38,354 582 4,138 2,619 31,0154,233 Sept. 10 64,292 21,319 12,717 605 442 504 476 3,189 2113,175 42,97338,699 812 4,095 2,708 31,084 4,274 Sept. 17 64,71421,383 12,858 475 449 499 476 3,208 194 43,33139,022 1,077 4,146 2,711 31,088 4,309 Sept. 24 64,56621,569 12,935 498 435 497 476 3,226 2753,227 42,99738,680 694 4,!54 2,705 31, 127 4,317 Oct. 1........ 64,796 22,056 13,116 667 567 497 478 3,244 2463,241 42,74038,400 519 4,025 632 31,,224 4,340 Oct. 8 64,719 22,068 13,202 554 536 499 486 3,258 2853,248 42,651 38,373 545 3,993 600 31,2354,278 Oct. 15 64,62022,258 13,432 498 568 495 488 3,279 2283,270 42,36238,103 629 3,997 599 30,878 4,259 Oct. 22 65,02922,US 13,595 344 493 491 486 3,295 1543,290 42,881 38,632 938 4,125 630 30,939 4,249 Oct. 29 65,03422,572 13,817 406 564 48C 496 3,316 1873,306 42,46238,192 769 4,032 2,418 30,,973 4,270 New York City 1946—September 21,535 6,100 3,618 735 389 396 211 85 114 55215,435 14,228 164 2,328 1,526 10,2101,207 1M7—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 64113,578 12,393 302 1,011 776 10,304 ,185 July 20,014 6,186 4,176 477 351 103 191 100 130 65813,828 12,600 398 1,013 766 10.423 ,228 August... 19,803 6,403 4,309 523 330 97 187 102 181 67413,40012,131 142 811 725 10,453 ,269 September 20,031 6,566 4,525 490 311 91 185 102 170 69213,465 12,173 255 712 747 10,459 ,292 Aug. 6 19,899 6,347 4,230 515 353 102 184 101 200 66213,552 12,282 162 886 748 10,486 ,270 Aug. 13 19,736 6,30i 4,309 432 325 101 183 102 184 66913,431 12,162 153 826 718 10,465 ,269 Aug. 20 19,815 6,440 4,320 508 326 90 195 102 214 68513,375 12,101 131 820 714 10,436 ,274 Aug. 27. 19,760 6,519 4,378 638 316 94 186 102 124 68113,241 11,977 122 711 720 10,424 ,264 Sept. 3 19,808 6,580 4,422 617 319 94 185 102 161 68013,22811,963 120 698 721 10,424 ,265 Sept. 10 20,040 6,558 4,516 514 309 92 186 103 156 68213,48212,181 231 680 801 10.469 ,301 Sept. 17 20,147 6,492 4,564 399 312 89 185 102 143 69813,65512,353 474 694 731 10,454 ,302 Sept. 24 20,126 6,632 4,597 429 305 89 185 102 218 70713,494 12,195 193 776 736 10,490 ,299 Oct. 1 20,265 6,888 4,675 571 371 89 186 100 193 70313,37712,062 152 682 696 10,532 ,315 Oct. 8 20,056 6,842 4,709 473 381 82 190 102 200 70513,214 11,977 161 666 646 10,504 ,237 Oct. 15 19,784 6,827 4,806 423 371 80 189 102 144 71212,957 11,744 163 707 619 10,255 ,213 Oct. 22 20,027 6,696 4,889 278 335 79 186 103 112 71413,331 12,142 453 789 632 10,268 ,189 Oct. 29 20,048 6,947 4,996 316 382 80 193 104 156 72013,101 11,902 325 774 499 10,304 ,199 Outside New York City 1946—September 46,020 11,701 6,202 185 198 827 2842,104 1,87634,319 31,498 601 6,757 3,817 20,3232,821 1947—May ....... 43,371 13,722 7,639 98 137 429 2922,778 40 2,30929,64926,767 569 3,985 1,960 20,2532,882 June 43,223 13,825 7,577 120 173 417 2922,839 30 2,37729,39826,493 516 3,751 1,882 20,3442,905 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 4,435 7,950 99 141 407 2853,025 2.46729,39226,430 507 3,483 1,901 20,5392,962 September 44,312 14,805 8,232 83 133 410 290 3,097 2,50629,50726,516 536 3,421 1,939 20,6202,991 Aug. 6 43,730 14,315 7,862 101 146 407 2872,997 69 2,44629,415 26,453 564 3,498 1,883 20,5082,962 Aug. 13 43,777 4,392 7,929 99 143 408 2843,012 572,46029,38526,426 496 3,499 1,892 20,539 2,959 Aug. 20 43,831 4,452 7,981 96 139 406 2873,035 372,47129,37926,426 477 3,485 1,926 20,5382,953 Aug. 27. 43,970 14,581 8,028 97 135 408 288 3,054 822,48929,38926,418 489 3,451 1,906 20,5722,971 Sept. 3 43,991 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 4,761 8,201 91 133 412 290 3,086 552,49329,491 26,518 581 3,415 1,907 20,6152,973 Sept. 17 44,567 4,891 8,294 76 137 410 2913,106 512,52629,67626,669 603 3,452 1,980 20,6343,007 Sept. 24 44,440 14,937 8,338 69 130 2913,124 572,52029,503 26,485 501 3,378 1,969 20,6373,018 Oct. 1 44,531 15,168 8,441 96 196 408 2923,144 532,53829,36326,338 367 3,343 1,936 20,6923,025 Oct. 8 44,663 5,226 8,493 81 155 417 296 3,156 85 ,54329,43726,396 384 3,327 1,954 20,7313,041 Oct. 15 44,836 15,431 8,626 75 197 415 2993,177 84 2,55829,40526,359 466 3,290 1,980 20,6233,046 Oct. 22 45,002 15,452 8,706 66 158 412 3003,192 422,576 29,55026,490 485 3,336 1,998 20,6713,060 Oct. 29 44,986 15,625 8,821 90 182 400 3033,212 312,586 29,36126,290 444 3,258 1,919 20,669 3,071 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 revisedi basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 1392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars} Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a r e r i n e a t d v * h k l - e s v C a i a u n s l h t a b a w i n d a e n i c o s t e t k - h i s c s j m p u a o d s a d t s e n e i - - t d d s 1 s p p u v n c h a o a a o i n e i d r r p l r r d a s t - - - s - , - , S p s d s a t i i o u a i c o n v l b t a n d i e i t - l - s - s c C h c o a e f e e e i f n t f e r c r c i d s t d k . - i ' - s, m U G e . r e o n n v 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 c i o a n v l a b t n i d i e l t - - s - s P U m G S i e o a n a r n o s . e g n v S t d v n s a - - . - t l m D t D i e o c s e - - ma F n ei d 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 - ] t - s B d it a e s n b 2 - k tions tions Total— Leading Cities 1946—September 11,674 736 2,345 45,97946,035 2,729 1,442 5,78113,454 226 77 9,7561,376 208 5,591*72,968 1947—May. .... 11,530 763 2,29145,96645,627 3,248 ,396 1,31513,992 324 81 8,974 ,379 169 5,718 79,718 June 11,681 764 2,29046,858 46,557 3,280 ,465 45014,025 325 81 8,957 ,342 170 83,687 July 11.7Q2 762 2,30846,890 46,794 3,096 ,491 58614,058 327 79 9,153 ,339 138 81,551 August. . . 11,952 753 2,29546,81746,632 3,096 ,326 80814,080 332 80 9,274 ,374 222 5,766 76,051 September 12,257 809 2,370 47,276 47,460 3,056 ,393 93114,134 333 84 9,696 ,431 203 5,783 -•81,583 Aug. 6... 11,921 721 2,25546,80946,219 3,128 ,326 74814,072 332 79 9,271 ,330 235 5,765 17,830 Aug. 13... 11,924 774 2,363 16,57446,879 3,051 ,234 79114,074 330 80 9,441 ,360 271 5,767 16,868 Aug. 20... 11,945 735 2,29846,780 46,683 3,043 ,398 82514,094 330 80 9,261 ,392 225 5,762 18,013 Aug. 27... 12,020 783 2,26447,105 46,747 3,162 ,344 86814,081 335 80 9,123 ,414 156 5,771 16,985 Sept. 3... 12,176 784 2,25746,95446,884 3,124 ,429 94014,104 334 82 9,364 ,434 179 5,785 15,544 Sept. 10... 12,266 854 2,39447,350 47,514 3,069 ,435 95014,138 336 84 9,728 ,431 188 5,779 17,492 Sept. 17...12,348 791 2,51247,498 48.174 2,996 ,350 88914,142 332 8410,047 ,435 189 5,782 20,389 Sept. 24... 12,236 808 2,318 47,303 47,266 3,036 ,358 94514,153 329 84 9,647 ,424 257 5,786 19,039 Oct. I... 12,383 743 2,370 47,056 47,330 076 ,685 1,56114,151 328 82 9,728 ,412 239 5,804 22,137 Oct. 8... 12,477 790 2,439 46,76746,838 925 ,398 1,65214,166 328 8410,034 ,417 234 5,812 18,918 Oct. 15... 12.571 800 2,67246,92748,892 2,954 ,570 1,34414,174 327 8310,437 ,405 216 5,808 18,070 Oct. 22...12,421 800 2,429 47,46747,974 2,908 ,412 1,37214,169 327 8310,029 ,400 98 5,807 22,339 Oct. 29... 12,309 816 2,35247,77147,988 3,027 ,499 96914,175 327 82 9,664 ,414 368 5,820 20,394 New York City 1946—September 4,085 121 15,76716,198 206 770 2,017 1,330 3,058 ,221 100 2,138 30,555 1947—May 4,044 125 15,74216,141 248 776 380 1,347 2,892 ,229 96 2,176 31,695 June 4,076 121 16,12216,526 226 813 123 1,357 2,902 ,201 73 2,173 35,092 July...... 4,098 124 16.22416,651 231 827 134 1,348 2,908 ,194 65 2,181 33,026 August. . . 4,117 122 15,95516,325 220 692 203 1,351 2,859 ,222 123 2,190 29,025 September 4,233 128 16,03816,503 210 714 232 1,371 3,000 ,276 133 2,189 31,605 Aug. 6... 4,132 120 16,06716.283 232 688 188 1,348 2,866 ,181 165 7,000 Aug. 13... 4,107 125 15,83116,306 217 594 198 1,350 2,896 ,209 156 6,298 Aug. 20... 4,099 117 15,92816,341 211 752 207 1,351 2,872 ,242 100 6,614 Aug. 27... 4,133 126 15,99416,368 219 735 217 1,356 2,801 .257 71 2,187 6,637 Sept. 3... 4,239 124 15,96316,378 201 730 230 1,364 2,908 ,279 109 2,193 6,071 Sept. to... 4.202 133 16,05816,509 232 776 247 1,373 2,984 ,279 125 6,803 Sept. 17... 4,226 125 16,04716,627 207 639 215 1,369 3,100 ,278 132 7,710 Sept. 24... 4,263 130 16,08516,499 203 709 236 1,376 3,007 ,267 165 2,186 7,064 Oct. I... 4,260 120 15,91716,390 265 943 541 1,379 3,014 1,262 183 2,195 9,119 Oct. 8... 4,318 130 15,67816,076 226 746 578 1,377 3,045 1,264 213 2,197 7,436 Oct. 15... 4,415 133 15,53616,530 213 862 479 1,380 3,182 1,253 142 2,197 6,777 Oct. 22... 4,313 132 15,96116,431 229 694 479 1,366 3,088 1,245 4 2,194 8,497 Oct. 29... 4,270 137 16,07716,523 272 804 329 1,376 2,907 1,259 170 2,193 8,301 Outside New York City 1946—September 7,589 615 2,305 30,21229,837 2,523 672 3,76412,124 209 6,698 155 34 108 3,453 342,413 1947—May 7,486 638 2,254 30,22429,486 3,000 620 93512,645 307 6,082 150 27 73 3,542 48,023 June 7,605 643 2,254?O,73630,031 3,054 652 32712,668 308 6,055 141 27 97 3.557 48,595 A Ju u ly gust. . . 8 7 7 , . , 6 0 8 Q 2 3 4 5 4 6 6 6 3 8 3 1 1 8 2 2 2 , , , 2 3 2 6 3 7 3 3 3 3 3 3 0 1 0 , , , 8 2 6 6 3 6 2 8 6 3 3 3 0 0 0 , , , 3 9 1 0 5 4 7 7 3 2 2 2 , , , 8 8 8 7 4 6 6 6 5 6 6 6 3 7 6 4 9 4 6 4 6 0 5 9 5 2 9 1 1 1 2 2 2 , , , 7 7 7 6 2 1 3 9 0 3 3 3 1 1 1 6 8 2 6 6 6 , , , 4 6 2 1 9 4 5 6 5 1 1 1 5 5 4 5 2 5 2 2 2 6 6 5 9 7 7 9 0 3 3 3 3 , , , 5 5 5 9 7 5 4 6 9 ' 4 4 4 8 7 9 , , , 5 0 9 2 2 7 5 6 8 September Aug. 6... 7,789 601 2,22730,74229,936 2,896 638 56012,724 316 6,405 149 25 70 3,572 10,830 Aug. 13... 7,817 649 2,32850,74330,573 2,834 640 59312,724 314 6,545 151 25 115 3,575 10,570 Aug. 20... 7,846 618 2,26430.85230,342 2,832 646 61812,743 314 6,389 150 26 125 3,572 11,399 Aug. 27... 7,887 657 2,233 31,11130,379 2,943 609 65112,725 319 6,322 157 26 85 3.584 10,348 Sept. 3... 7,937 660 2,224 30,99130,506 2,923 699 71012,740 319 6,456 155 24 70 3.592 9,473 Sept. 10... 8,064 721 2,36231,29231,005 2,837 659 70312,765 321 6,744 152 24 63 3,590 10,689 Sept. 17... 8,122 666 2,468 31,45131,547 2,789 711 67412,773 317 6,947 157 25 57 3,594 12,679 Sept. 24... 7,973 678 2,27831,21830.767 2,833 649 70912,777 314 6,640 157 25 92 3.600 ••11,975 Oct. 1... 8,123 623 2,33431,13930,940 2,811 742 1,02012,772 313 6,714 150 25 56 3.609 13,018 Oct. 8... 8,159 660 2,406 31,08930,762 2,699 652 1,07412,789 313 6,989 153 25 21 3,615 11,482 Oct. 15... 8,156 667 2,63131,39132,362 2,741 708 86512,794 312 7,255 152 25 74 3,611 11,293 Oct. 22... 8,108 668 2,38231,50631,543 2,679 718 89312,803 312 6,941 155 25 94 3,613 13,842 Oct. 29... 8.039 679 2,31431,69431,465 2,755 695 64012,799 313 6,757 155 26 198 3,627 12,093 r Revised. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. » Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will be furnished upon request. NOVEMBER 1947 1393 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- T lo o a t n a s l merd F i e s d tr e i r c a t l a R nd e s d er a v t e e in a v n e d st- i c n i d a u l, s- a T n o d b d r e o a k l e e r r s s To others Real LoansOther C ti e fi r - - Other ments Total trial, estate to loans Total cates secut a a c u g u n r r l d a - i- l G U l o i o . g b v a - S - t . . O c t s u i t e h e r - s i e - r G l U o i o g b . v a S - - t . . O c t s u t i e h e r - s i e - r loans banks Total Bills o d n f e e e d b s i - t n s - - Notes Bonds1 rities tions tions Boston Oct. 1 ,898 1,000 638 22 11 19 15 110 19 166 1,898 1,778 22 168 78 1,510 120 Oct. 8 ,902 979 639 13 14 19 15 110 166 1,923 1,803 23 181 84 1,515 120 Oct. 15 ,940 1,021 658 16 10 18 16 110 26 16 1,919 1,801 29 189 91 1,492 118 Oct. 22 ,943 1,004 663 18 9 18 1 111 2 168 1,939 1,820 2: 208 97 1,493 119 Oct. 29 ,918 1,024 66 25 15 19 15 111 2 170 1,894 1,775 1; 191 78 1,491 119 New York* Oct. 1 ,414 7,544 4,983 57 374 102 204 265 193 84614,87013,386 160 724 77811,724 ,484 Oct. 8 ,211 500 5,018 478 384 95 208 268 200 84914,71113,305 170 710 72811,6971,406 Oct. 15 ,940 7,492 5,125 425 374 93 207 268 144 85614,44813,068 179 755 70011,4341,380 Oct. 22 ,198 7,365 5,20 282 341 92 204 269 112 85814,83313,476 479 835 71211,4501,357 Oct. 29 ,203 7,620 5,316 320 388 93 211 270 156 86614,58313,215 352 814 57611,4731,368 Philadelphia Oct. 1 ,543 807 455 21 8 78 15 216 1,736 1,480 17 113 96 1,254 256 Oct. 8 ,599 830 460 22 9 78 2. 22: 1,769 1,514 32 131 97 1,254 255 Oct. 15 ,603 861 458 70 9 78 8 22: 1,74: 1,482 22 117 97 1,246 260 Oct. 22 ,573 823 461 33 9 78 224 1,750 1,487 15 123 97 1,252 263 Oct. 29 565 834 465 37 9 78 224 1,731 1,465 27 111 73 1,254 266 Cleveland Oct. 1 ,279 1,380 796 24 93 213 219 2,899 2,583 10 123 2,330 316 Oct. 8 281 1,374 803 16 93 214 214 2,907 2,589 11 124 2,336 318 Oct. 15 ,263 1,379 803 18 93 216 218 2,884 2,564 11 126 122 2,305 320 Oct. 22 ,275 1,376 80. 1 93 217 218 2,899 2,577 16 131 122 2,308 322 Oct. 29 ,294 1,386 803 25 91 218 218 2,908 2,585 15 136 122 2,312 323 Richmond Oct. 1 584 746 349 6 37 23 158 168 1,838 1,715 27 205 99 1,384 123 Oct. 8 613 751 351 6 38 23 159 169 1,862 1,738 44 205 100 1,389 124 Oct. 15 624 759 358 6 38 22 161 169 1,865 1,741 41 206 103 1,391 124 Oct. 22 635 763 361 6 37 22 162 170 1,872 1,748 39 206 109 1,394 124 Oct. 29 621 765 362 6 36 23 162 171 1,856 1,732 35 205 102 1,390 124 Atlanta Oct. 1 318 757 435 8 47 35 61 164 1,561 1,367 8 214 122 1,023 194 Oct. 8 336 769 448 8 47 35 60 164 1,56 1,372 10 216 122 1,024 195 Oct. 15 355 786 463 7 47 36 61 165 1,569 1,374 12 215 124 1,023 195 Oct. 22 372 800 472 7 47 38 61 168 1,572 1,377 12 216 124 1,025 199 Oct. 29 370 807 483 43 37 62 168 1,563 1,368 13 212 120 1,023 195 Chicago* Oct. 1 866 2,642 1,794 47 65 292 337 6,224 5,655 97 675 406 4,477 569 Oct. 8 797 2,632 1,779 49 66 293 341 6,165 5,588 76 635 402 4,475 577 Oct. 15 755 2,631 1,792 48 66 295 341 6,124 5,545 95 616 399 4,435 579 Oct. 22 828 2,625 1,801 47 68 296 343 6,203 5,623 132 635 402 4,454 580 Oct. 29 817 2,654 1,824 45 68 298 343 6,163 5,582 122 600 392 4,468 581 St. Louis Oct. 1 065 867 495 34 17 136 173 1,198 1,044 8 86 120 830 154 Oct. 8 079 877 504 34 18 137 172 1,202 1,048 13 79 120 836 154 Oct. 15 111 902 529 34 18 137 174 1,209 1,055 18 81 117 839 154 Oct. 22 144 930 557 33 18 137 175 1,214 1,064 15 85 116 848 150 Oct. 29 158 952 578 31 18 137 176 1,206 1,056 14 84 116 842 150 Minneapolis Oct. 1 ,195 418 250 15 6 51 93 777 714 12 32 67 603 63 Oct. 8 ,214 422 258 15 6 51 90 792 725 8 34 67 616 67 Oct. 15 ,220 427 263 15 6 51 91 793 727 9 34 67 617 66 Oct. 22 ,224 432 262 15 6 51 92 792 725 5 35 66 619 67 Oct. 29 ,225 435 266 15 6 52 91 790 724 6 35 65 618 66 Kansas City Oct. 1 433 746 485 20 11 102 124 1,687 ,493 65 287 153 988 194 Oct. 8 426 750 489 20 11 103 123 1,676 ,482 56 281 157 988 194 Oct. 15 460 755 493 20 11 103 124 1,705 ,510 76 281 171 982 195 Oct. 22 482 767 503 20 11 104 125 1,715 ,519 77 284 176 982 196 Oct. 29 473 778 514 20 11 104 125 1,695 ,498 66 281 174 977 197 Dallas Oct. 1 167 887 598 33 37 76 136 280 ,173 14 198 131 830 107 Oct. 8 176 895 604 34 37 76 137 281 ,173 19 192 128 834 108 Oct. 15 207 913 618 34 38 76 139 294 ,186 22 191 129 844 108 Oct. 22 235 930 634 34 37 76 141 305 ,196 39 187 127 843 109 Oct. 29 241 950 651 32 39 76 143 1,291 1,178 28 188 120 842 113 San Francisco Oct. 1 034 4,262 1.838 42 441,702 599 6,772 6,012 79 1,200 462 4,271 760 Oct. 8 085 4,289 1,849 46 441,709 601 6,796 6,036 83 1,205 477 4,271 760 Oct. 15 142 4,332 1,872 46 441,723 604 6,810 6,050 115 1,186 479 4,270 760 Oct. 22 120 4,333 1,871 46 431,733 608 6,787 6,020 87 1,180 482 4,271 767 Oct. 29 149 4,367 1,888 46 431,748 611 6,782 6,014 76 1,175 480 4,283 768 City of Chicago* Oct. 1 646 1,837 1,407 29 57 68 177 3,809 3,412 59 493 2,645 397 Oct. 8 597 1,827 1,393 31 57 68 181 3,770 3,365 46 461 215 2,643 405 Oct. 15 548 1,820 1,401 31 58 68 180 3,728 3,321 62 438 212 2,609 407 Oct. 22 638 1,815 1,411 31 59 68 183 3,823 3,416 106 471 223 2,616 407 Oct. 29 596 1,845 1,437 29 59 68 182 3,751 3,343 60 437 222 2,624 408 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. 1394 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 i r 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 c s o t t e - k h i s c s j m p u a o d s a d t s e n e i - - t d d s 1 s p p u v n c h a o a a o i e n i r d r l p 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 a i e o n i d l p r r r r d s - a - - t s , - - , S p s d t s a i o i a u i c n o v l t a b d n i e i l t - - s s - P U m G S e i a o n . r a o n 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 i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i e a ts b n 2 - k tions tions Boston Oct. 1 510 58 125 2,397 2,388 151 51 75 496 5 294 20 7 314 995 Oct. 8 535 60 112 2,404 2,371 160 46 81 495 6 300 20 4 314 762 Oct. 15 509 62 134 2,447 2,467 167 56 63 495 5 319 20 315 735 Oct. 22 534 62 117 2 ,465 2,430 180 48 64 494 5 307 21 4 315 993 Oct. 29 527 61 116 2^474 2,406 200 45 45 493 5 287 21 3 315 811 New York* Oct. 1 4,556 160 131 17,366 17,661 501 987 599 2,203 20 25 3,084 1,265 14 183 2,382 9,646 Oct. 8 4,596 174 126 17,112 17,342 447 786 638 2,202 20 25 3,117 1,267 14 213 2,384 7,886 Oct. 15 4,701 178 158 17,005 17,885 442 914 526 2,204 19 25 3,257 1,256 14 152 2,384 7,242 Oct. 22 4,575 177 137 17,396 17,736 421 737 527 2,191 19 25 3,160 1,248 15 13 2,381 9,079 Oct. 29 4,521 183 140 17,521 17,828 483 842 362 2,200 19 25 2,972 1,262 14 178 2,380 8,802 Philadelphia Oct. 1 493 41 105 2 ,047 2,145 81 46 50 385 38 374 13 303 776 Oct. 8 492 44 95 2 ,094 2 ,147 85 33 52 386 38 371 12 2 304 689 Oct. 15 503 44 119 2 ,118 2,230 138 27 41 386 36 400 12 2 303 668 Oct. 22 491 43 106 2,095 2,172 94 33 43 386 36 356 12 11 303 909 Oct. 29 491 45 97 2,103 2,171 87 35 29 385 36 341 13 16 303 726 Cleveland Oct. 1 779 76 161 2,942 2,991 166 61 96 1,275 41 1 493 5 4 464 1,165 Oct. 8 742 80 165 2,913 2,933 162 49 100 1,276 40 1 484 6 4 5 465 993 Oct. 15 773 79 204 2,919 3,076 158 54 81 1,276 41 1 525 5 4 29 464 1,010 Oct. 22 768 80 168 2,946 3,038 159 55 86 1,276 41 1 492 6 4 3 465 1,155 Oct. 29 759 81 175 2,981 3,057 157 56 68 1,276 39 1 482 6 5 14 465 1,059 Richmond Oct. 1 514 61 162 2,042 2,023 192 45 63 599 8 8 413 4 4 7 208 698 Oct. 8 512 67 181 2,065 2,034 183 46 67 600 8 8 437 4 4 2 209 658 Oct. 15 507 64 206 2,072 2,109 177 49 60 599 8 8 469 5 4 2 209 667 Oct. 22 496 67 166 2,066 2,041 182 52 60 599 8 8 433 6 4 6 209 788 Oct. 29 506 65 167 2,075 2,036 180 55 49 598 8 8 430 5 4 6 209 671 Atlanta Oct. 1 456 40 189 1,738 1,634 282 24 47 540 8 5 498 8 4 4 174 626 Oct. 8 466 42 208 1,749 1,652 272 24 50 541 8 5 536 8 4 175 582 Oct. 15 472 41 221 1,776 1,741 273 23 42 541 8 5 552 7 4 2 175 602 Oct. 22 465 43 182 1,779 1,677 283 28 43 541 8 5 518 8 4 5 175 725 Oct. 29 449 43 178 1,763 1,648 282 27 32 541 8 5 518 7 4 11 175 654 Chicago* Oct. 1 1,664 92 369 6,070 5,998 606 117 271 2,343 54 13 1,552 28 2 16 660 3,369 Oct. 8 1,669 101 366 5,988 5 ,'841 572 97 282 2,347 54 13 1,570 29 2 3 661 2,743 Oct. 15 1,666 103 410 5,990 6,157 574 102 221 2,351 55 13 1,630 28 2 660 2,617 Oct. 22 1,664 101 398 6,065 6,008 562 112 228 2,354 55 13 1,576 28 2 27 660 3,003 Oct. 29 1,665 97 387 6,136 6,048 585 108 153 2,355 51 13 1,520 29 2 64 661 2,950 St. Louis Oct. 1 392 27 122 1,308 1,396 94 22 51 459 12 2 600 5 12 166 601 Oct. 8 409 29 135 1,310 1,406 92 20 54 460 12 2 648 6 1 167 543 Oct. 15 421 28 136 1 ,34:4 1,501 91 23 42 460 12 2 668 4 4 168 575 Oct. 22 395 29 123 1,330 1,455 88 26 44 461 12 2 669 5 10 167 708 pet. 29 397 30 137 1,347 1,456 89 29 30 460 12 2 687 5 21 167 649 Minneapolis.. .. Oct. 1 231 12 113 786 786 120 17 31 247 383 3 1 7 97 449 Oct. 8 233 12 105 784 780 118 16 33 247 1 404 2 97 482 Oct. 15 227 12 107 775 818 118 16 28 247 1 407 2 1 13 97 430 Oct. 22 226 13 94 795 798 119 17 27 247 1 383 2 1 4 97 498 Oct. 29 225 13 103 819 808 126 17 20 248 367 2 1 12 97 445 Kansas City Oct. 1 510 27 283 1,713 1,731 207 33 57 379 4 3 922 1 5 1 181 718 Oct. 8 532 30 323 1,704 1,729 200 27 62 379 4 3 985 1 5 181 700 Oct. 15 524 28 324 1,760 1,848 190 27 50 380 4 3 966 1 5 181 712 Oct. 22 528 29 280 1,750 1,795 189 28 53 380 4 3 947 1 5 8 181 855 Oct. 29 510 31 262 1,746 1,767 195 28 40 379 4 3 911 1 5 18 182 713 Dallas Oct. 1 487 31 300 1,788 1,766 164 35 38 340 33 6 621 5 183 586 Oct. 8 487 32 314 1,787 1,766 156 30 41 338 33 6 645 5 183 561 Oct. 15 494 32 326 1,811 1,866 154 36 34 338 33 6 679 5 183 515 Oct. 22 474 33 316 1,826 1,834 153 36 35 339 33 6 658 5 i 184 754 Oct. 29 480 35 296 1,824 1,803 174 32 27 338 31 6 663 5 4 184 603 San Francisco Oct. 1 1,791 118 310 6,859 6,811 512 247 183 4,885 110 14 494 55 4 2 672 2,508 Oct. 8 1,804 119 309 6,857 6,837 478 224 192 4,895 111 14 537 57 4 4 672 2,319 Oct. 15 1,774 129 327 6,910 7,194 472 243 1564,897 111 14 565 60 4 12 669 2,257 Oct. 22 1,805 123 342 6,954 6,990 478 240 162 4,901 111 14 530 58 4 6 670 2,912 Oct. 29 1,779 132 294 6,982 6,960 469 225 114 4,902 119 14 486 58 4 21 682 2,311 City of Chicago* Oct. 1 1,097 34 184 3,979 4,042 324 65 169 1,154 35 2 1,143 23 16 445 2,357 Oct. 8 1,112 42 186 3,942 3,914 319 52 177 1,156 35 2 1,157 24 2 445 1,822 Oct. 15 1,113 43 202 3,900 4,115 331 49 139 1,159 36 2 1,203 24 444 1,701 Oct. 22 1,099 41 202 3,975 4,014 317 56 140 1,161 36 2 1,173 23 27 444 2,028 Oct. 29 1,144 35 181 4,010 4,027 324 58 92 1,162 36 2 1,129 23 61 445 1,916 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. NOVEMBER 1947 1395 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 on2 Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht ( a R F F c B e e o c a d s o r n e e u o r k r n w v a s t e l ) n Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts U sh n i i p te p p d e o d in t b s e F i t n o w r e e e ig n n States countries 1946—August... 142 207 140 68 72 13 54 152 22 26 7 September 148 200 151 68 82 2 47 150 20 23 7 October. . 202 204 154 71 82 50 154 18 23 8 November 227 208 155 73 82 54 152 23 26 6 December. 228 227 169 74 94 58 162 29 29 7 1947—January.. 236 241 183 85 98 58 172 35 27 8 February. 243 230 171 76 95 59 164 35 24 7 March. . . , 266 228 170 75 95 58 158 36 27 7 April 256 215 154 71 83 61 140 42 25 8 May 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 20 6 July 244 187 148 75 74 39 115 45 21 7 August 244 206 158 71 87 48 133 47 20 6 September 241 219 168 83 85 47 140 42 24 11 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 )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n 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 a u m t d n n e i t e n s n r g t s' a in n a v I d c n e c t s o r t f a u m i d r n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258* 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—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—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 3687 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 3 251 3677 August 3550 »241 3 656 September. . 3 570 3276 3 630 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of 3' own partners. in detail at semiannual dates prior to 1042, 1396 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 c i n y s 0 m e e ' k s p s 1 e - , t- c n h l c a e o r e a a l e x a w n s - - l n 2 l g - e m bi o 3 ll n - s t « h 9 d c m o - c e e t f a o b r o t t n t i e i e f 1 n t s i h d 2 - - - - 3 ta i y - s x t e s o a u a b 5 r e l s - e 1 T 9 o c t i a ti l es Y N C o e it r w y k e E 7 N r c a n o o i s t t r i t a h e e th n e r s n - d r 1 W e 1 r c n e S it s i o t a e e u n s r t d n hness 1 1 9 9 3 3 8 7 a a v v e e r r a a g g e e 1 1 . . . . . . 2 2 . . 5 5 3 9 1 1 . . 7 6 3 9 2 2 . . 7 8 5 8 3 3 . . 2 2 6 5 1939 average... . 2.78 2.07 2.87 3.51 1944 average . .73 .44 1 OO .375 .79 1 33 1940 average... . 2.63 2.04 2.56 3.38 1945 average .75 .44 L00 .375 1 18 1941 average... . 2.54 1.97 2.55 3.19 1946 average .81 .61 L16 .375 .82 1.16 1942 average 2.61 2.07 2.58 3.26 1943 average... . 2.72 2.30 .80 3.13 1946—October. . . .88 .81 L.38 .375 .83 1.29 1944 average.. . . 2.59 2.11 2.68 3.02 November. .94 .81 1.38 .376 .84 1.28 1945 average.. . . 2.39 1.99 2.51 2.73 December.. 1.00 .81 1.38 .375 .85 1.30 1946 average.... 2.34 1.82 2.43 2.85 1947—January LOO .81 L.38 .376 .84 1.26 1943—September 2.48 2.05 2.71 2.73 February.. LOO .81 L.38 .376 .85 1.26 December. 2.65 2.10 2.76 3.17 March LOO .81 L.38 .376 .82 1.24 April LOO .81 1.38 .376 .83 1.24 1944—March. . . 2.63 2.10 2.75 3.12 May LOO .81 .38 .376 .85 1.27 June 2.63 2.23 2.55 3.18 June LOO .81 1.38 .376 .85 1.29 September 2.69 2.18 2.82 3.14 July L 00 81 38 .703 .85 1.33 December. 2.39 1.93 2.61 2.65 August.... .00 .88 .38 .748 .85 1.31 September. 1.06 .94 L.38 .804 .87 • 1.28 1945—March. . . 2.53 1.99 2.73 2.91 October.... L06 .94 L.38 .857 .97 1.35 June 2.50 2.20 2.55 2.80 September 2.45 2.05 2.53 2.81 Week ending: December. 2.09 1.71 2.23 2.38 Oct. 4.... —\}/g 15/16 iM~l^ .827 .93 1.29 Oct. 11.... —11£ 15/16 l M~13^ .835 .96 1.30 1946—March. . . 2.31 1.75 2.34 2.93 Oct. 18 _1 L| 15/16 1 M~13^ .855 .96 1.33 June 2.41 1.84 2.51 2.97 Oct. 25 — ] L£ 15/16 1 J€~l J^J .873 .98 1.37 September 2.32 1.83 2.43 2.75 Nov. 1 15/16 .895 .98 1.42 December. 2.33 1.85 2.43 2.76 1947—March. . . 2.31 1.82 2.37 2.80 1 Monthly figures are averages of weekly prevailing rates. June 2.38 1.83 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. • Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1 Prior to March 1939 figures were reported monthly on a basis not pp. 448-459, and BULLETINS for May 1945. pp. 483-490, and October strictly comparable with the current quarterly series. 1947, pp. 1251-1253. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS i [Per cent per annum] U. S. Government Corporate (Moody's)* (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years o a v n e d r Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 15 5 120 30 30 30 30 40 40 40 1944 average t.94 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average 1.60 2 37 1 67 2 54 2 87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average L.45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1945—October L.58 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November..... ... I 60 2 25 1 80 2 51 2 82 2.59 2.69 2 84 3.17 2.66 3.05 2.77 December L.60 2.24 1.97 2.55 2.83 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—'January L.56 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February L.54 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March L 52 2 19 2 02 2 49 2 79 2 55 2 64 2 80 3.15 2.61 3.02 2.73 April L53 2.19 1.98 2.49 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May L 53 2 19 1 95 2 49 2 79 2 53 2.63 2.82 3.17 2.60 3.05 2.71 June L56 2.22 1.92 2.50 2.81 2.55 2.64 2.83 3.21 2.60 3.10 2.72 July L 57 2 25 1 91 2 51 2 80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 August L.54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 2.72 September. I 53 2 24 1 92 2 57 2 85 2.61 2.69 2.86 3.23 2.67 3.09 2.78 October....... .58 2.27 2.02 2.68 2.95 2.70 2.79 2 95 3.35 2.76 3.22 2,87 Week ending: Oct. 4. 1.54 2.24 1 .96 2.64 2.92 2.68 2.76 2.91 3.31 2.73 3.18 2.84 Oct. 11 L.55 2.24 1 .98 2.66 2.93 2.69 2.77 2.92 3.33 2.74 3.19 2.85 Oct. 18 .57 2 .26 2.03 2.70 2.95 2.71 2.80 2.95 3.35 2.77 3.22 2.87 Oct. 25 ......... 60 2 28 2 04 ;> 68 2 96 2 71 2 80 2 96 3.37 2.77 3.23 2.89 Nov. 1 1.64 2.31 2.08 2.68 2.97 2.71 2.81 2.98 3.39 2.78 3.25 2.80 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groupvs 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 BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-125.3. NOVEMBER 1947 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bondprices Stock prices1 Corporate • Common (index, 1935-39 = 100) o V f o t lu ra m d e ing7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Medium- anc1 lower-grade fa D ul e te - d fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Number of issues 1-8 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—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 1,191 103.87 133.4 121.5 115.9 123.0 112.9 111.9 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 October 103.44 132.5 120.0 114.0 120.8 106.9 114.3 69.4 181.2 125 131 104 101 1,136 Week ending: Oct. 4.. 103.92 133.6 120.5 114.4 121.2 107.8 114.1 69.3 184.7 123 128 103 101 1,001 Oct. 11 103.87 133.2 120.5 114.2 121.2 107.2 114.1 69.5 183.3 123 129 103 101 973 Oct 18 103.52 132.3 119.8 114.1 121.1 106.7 114.3 69.3 181.4 126 133 105 101 1,565 Oct. 25 103.24 132.1 119.7 113.9 120.6 106.9 114.2 69.6 180.0 127 134 107 102 1,422 Nov. 1 .... 102.84 131.3 119.8 113.6 120.2 105.9 114.6 69.0 176.8 126 132 103 100 1,010 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 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. * 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 BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n n r n n e e g d d - w ) - m T e a ( f i o d o e g n s r o t n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o gn r- 2 m T e ( a f i o d o e g n s r t o n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F ig o n r- 2 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—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 15 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 '1,033 3 863 619 124 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 September 783 619 619 277 85 256 173 84 165 165 42 122 113 9 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. 1 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. 1398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c r m o e s e a s d te s d 2 E p s r t o i n c m e e t a ed te s d 3 Total N P e e q l w a u n i m p t m o a n n e e d n y t W ca o p rk it i a n l g Tot R al etirem B e o n n n t o d t o s e f s a n se d cur P it r i s e e t f s 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 7l" 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 . . . 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 '6,887 '6,744 '3,279 '2,115 '1,164 '2,855 '2,379 '476 '379 '231 1946—September '288 '282 '151 '106 '46 '97 '37 60 '21 '12 October '413 '407 '285 '192 '94 '52 '40 '11 '65 5 November '621 '610 '510 '326 '184 '79 '72 '7 '8 '13 December '905 '894 '711 '572 '139 '136 '119 17 '35 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 September 441 434 244 179 65 154 154 1 9 26 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 . . 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 '691 129 '559 3* '2,129 '785 '1,252 '93 '3,601 '2,201 '981 '419 '323 '164 '64 '95 1946-—September. 19 16 3 '109 '15 '82 12 '146 '114 '12 '20 '8 '6 '1 '1 October. . . . 40 21 19 '129 108 '20 '1 '233 '151 '13 '69 '5 '5 November.. 18 18 '53 '21 '28 '3 '528 '465 48 '15 '11 5 '2 3 December. . 47 35 10 2 '510 '417 '84 '9 '270 '206 '30 '34 '66 '53 '12 '2 1947—January 33 28 5 43 14 26 3 229 136 84 9 11 5 5 1 February... 8 7 2 67 47 18 2 119 94 8 16 66 58 6 2 March 12 9 1 2 332 223 107 2 90 52 5 33 9 1 8 April 17 17 93 30 61 2 328 204 24 99 3 3 May 37 15 22 225 31 179 16 165 129 26 10 10 5 5 June 28 28 536 353 181 2 141 96 26 19 21 21 July 28 22 6 307 234 68 4 239 175 43 21 14 3 1 10 August. . . . 23 23 140 28 95 16 79 65 9 6 2 2 1 September.. 5 4 2 306 157 136 13 71 45 13 13 51 38 4 9 »• Revised. 1 Estimates of new issues sold for cash in the United States. s 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 notation, 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. NOVEMBER 1947 1399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e a s p t r - - - f m e p N u a r r e r o c n o t o t d a n d s u l - - s s O g d o u b th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n n f n d i i g g d n u l - c- c In h t c r d e a i m u l a s l s i - - O g d n o b u t o o h l r n e a d e - - r s n c s ic e e e e o l r l s v u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 M71 130 127 136 3 165 356 281 273 302 321 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 4 47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 4 36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 4 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 * -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 . . . . 3 853 97 3 61 102 4 44 50 3 57 124 85 77 91 66 '415 21 209 1947—i 873 126 69 99 4 47 47 50 98 90 89 96 63 425 20 177 2 888 99 82 110 457 46 57 69 111 87 91 79 438 22 194 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 5 Electric power 6 Telephone7 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 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r g n a u t e - I i b n n t e c c a f o o x o m m * re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I b n in t e 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— 2 1 . ... 1 1 , , 8 7 6 0 9 3 -5 3 7 9 -4 1 5 4 1 5 5 6 2 9 9 2 7 0 0 2 2 2 9 1 9 1 1 9 5 6 1 1 1 0 1 7 0 4 49 7 7 5 8 7 4 5 5 5 3 4 4 4 3 3 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 I947—1 2,039 163 86 43 1,079 289 191 115 527 67 44 40 2 2,111 185 • 117 50 1,032 247 166 115 478 29 21 33 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. 5 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 1400 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- Total 2 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 i t s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total 2 s b a U o v . n i S n 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 i b n 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 Dec... 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June. 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7.885 454 4,548 Dec,.. 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June. , 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec... 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June. 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec... 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June. 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec. . 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June. 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 1946—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 1,500 331 194?—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 29,520 2,926 70 Oct. 259,071 256,270 167,109 15,732 24,808 7,840 118,564 59,714 51,897 5,618 29,447 2,801 78 1 y* f . les includes adjusted service, UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING OCTOBER 31, 1947 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- period tions and Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at ena 01 month All Series Series Series AH series E F G series Treasury bills» Treasury bonds—Cont. Nov. 6, 1947 1,103 Dec. 15, 1949-52 2..3H 491 Nov. 13, 1947 1,201 Dec. 15, 1949-53 2..2% 1,786 Fiscal year Nov. 20, 1947 1,201 Mar. 15, 1950-52 2 1,963 ending: Nov. 28, 1947 1,302 Sept. 15, 1950-52 2..2% 1,186 June—1940.. 2,905 1,109 114 Dec. 4, 1947....... 1,302 Sept. 15, 1950-52 2 4,939 1941.. 4,314 1,492 203 67 395 148 Dec. 11, 1947 1,303 Dec. 15, 1950 IH 2,635 1942.. 10,188 5,994 3,526 435 2,032 207 Dec. 18, 1947 1,302 June 15, 1951-54 2..2% 1,627 1943.. 21,256 11,789 8,271 758 2,759 848 Dec. 26, 1947 1,102 Sept. 15, 1951-53 2 7,986 1944.. 34,606 15,498 11,820 802 2.876 2,371 Jan. 2, 1948 1,301 Sept. 15, 1951-55 2....3 755 1945.. 45,586 14,891 11,553 679 2,658 4,298 Jan. 8, 1948 1,304 Dec. 15, 1951-53 2..2M 1,118 1946.. 49,035 9,612 6,739 407 2.465 6,717 Jan. 15, 1948 1,105 Dec. 15, 1951-55 2 510 1947.. 51,367 7,208 4,287 360 2,561 5,545 C J J F J J J N D M A J e u a u u a a e e o p r n l l n n n a b y t c y v r . . r . e , . . . . . o 2 2 f 9 2 i , , n 1 1 1 1 1 1 1 1 1 1 1 9 9 d 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 e 4 4 4 8 8 8 7 7 8 8 8 8 b 8 8 S S t . e . e e r d r . . " n " G F e " " ss 2 1 1 1 1 , , , , , 7 1 7 1 1 9 3 7 2 1 1 2 4 7 0 0 4 2 7 4 8 3 7 5 2 1 4 7 1 7 2 1 4 J J S S D J J M J J D M M u u u u u u e e e e n n a n a n n n a p p c c e e r r e e 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 5 5 5 5 5 5 5 5 5 5 5 5 5 9 9 8 5 4 3 2 2 6 6 6 2 2 - - - - - - - - - - - 6 6 - - 6 6 5 5 5 5 5 5 5 5 5 2 2 3 0 6 5 4 4 9 9 8 4 5 * 2 3 2 2 . a 2 . . . . . . . . . . . . . . . . . . . . . . 2 . 2 2 2 2 2 2 2 . 2 H % H H M H % . H % ^ 2 2 2 3 3 5 5 8 2 1 1 1 1 , , , , , , , , , , 4 4 2 9 9 8 6 6 4 6 5 8 7 0 8 8 7 1 8 1 4 8 2 0 6 2 2 2 5 4 0 9 2 1 1 9 1 3 5 2 5 4 1 1 9 94 4 6 7 — — J O A J S A M F M N D O J u u a e c e p u c o e n a a n l t p t b r g v y c r y . e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 4 4 5 5 5 4 1 1 1 1 1 1 1 0 0 9 9 0 9 , , , , , , , , , , , . , 5 3 2 1 8 6 7 9 7 7 7 3 6 5 6 9 6 4 1 4 5 1 7 0 2 4 2 7 7 4 0 7 5 9 7 6 9 4 3 4 9 5 4 4 4 4 5 5 4 5 6 7 8 5 7 8 8 6 6 5 1 1 7 5 1 2 2 2 8 8 6 0 9 6 9 6 3 2 3 3 3 3 3 2 3 3 5 3 3 3 2 0 0 3 0 4 9 0 7 2 3 7 9 9 5 4 9 1 9 4 4 2 7 5 0 4 4 3 2 2 2 5 4 3 2 2 2 2 2 2 3 5 7 0 3 1 5 4 1 1 2 4 9 2 1 1 3 2 1 1 1 1 1 1 1 1 4 7 3 6 7 0 5 6 5 4 9 6 9 2 8 9 4 8 9 8 9 7 4 1 2 3 4 4 4 4 4 4 4 4 5 4 3 4 4 3 3 5 0 0 2 1 9 8 8 0 5 4 1 3 7 4 4 1 8 8 9 3 4 5 9 J O u c l t y . 1, 1 1 9 94 4 8 8 Ser."H 1 "j| 2 1 , ,3 2 5 0 4 9 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 2 0 3 - - - 6 6 6 7 5 8 3 2 '. . . . . 2 2 2 y % ^ % 3 2 2 , , , 7 8 1 6 3 1 1 1 8 Maturities and amounts outstanding October 31, 1947 June 15, 1964-69 3..2H 3,838 Year of All Series Series Series Series Treasury notes Dec. 15, 1964-69'.. 2 H 5,197 maturity series C-D E F G Sept. 15. 1948 V 3,748 Mar. 15, 1965-70 '..2^ 3,481 T O re c a t. s u 1 r , y 1 9 B 48 o nds 1 4,092 S J D M u e e n a p c r e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 7 6 7 - - - - 7 7 7 7 2 2 1 2 . 3 3 s . . . . . . . . 2 2 2 2 H H H ^ 1 2 7 1 , , , 7 9 6 1 8 6 6 9 7 1 1 1 1 9 9 9 9 5 4 4 4 0 9 7 8 9 8 5 1 8 1 0 4 4 5 9 4 8 9 5 1 1 8 0 4 5 4 9 4 Dec. 15, 1947 a 2 701 Postal Savings 1951 1,566 434 1,132 Mar. 15, 1948-50 2 1,115 bonds 2Y2 115 1952 4,305 4,305 Mar. 15, 1948-51'. 2% 1,223 Panama Canal Loan. 3 50 1953 7 681 6 349 206 1 126 June 15, 1948 \ 3,062 1954 10,006 7,296 540 2 169 Sept. 15, 1948 2 2 451 Total direct issues 167,109 1955 .... 8,767 5,914 593 2,260 Dec. 15, 1948-50J. 571 1956 6 444 3 176 671 2 597 June 15, 1949-51 1,014 Guaranteed securities 1957 5,719 2,826 536 2,357 Sept. 15, 1949-51 1,292 Federal Housing Admin. 1958 2,869 312 2,557 Dec. 15, 1949-51 2 2,098 Various 33 1959 .... 2,143 277 1,866 Unclassified. . -55 'Sold on discount basis. See table on Open-Market Money Rates, Total 51,897 2,886 30,997 3,136 14.932 p. 1397. 2 Partially tax exempt. 3 Restricted. NOVEMBER 1947 1401 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 n o r k m ci s a - 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 i t s t a r . u l a G s g t o e P v i n f s u e u c s r b i n u e n l d e s i - s s c 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,500 400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 10,900 7,100 3,400 2,400 600 6,120 2,375 December 63,768 23,654 21,400 2,254 40,114 13,600 8,200 3,700 4,400 700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9,200 3,900 5,400 900 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,700 11,300 4,500 11,600 1,000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,500 1,500 10,871 3,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,000 2,100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,992 84,200 21,792 150,774 58,500 22,700 9,600 29,800 5,300 18,812 6,128 December 276,246 115,062 90,800 24,262 161,184 63,500 24,400 10,700 29,100 6,500 20,000 7,048 1946—June 268,578 108,183 84,400 23,783 160,395 62,900 25,300 11,500 25,200 6,500 22,332 6,798 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—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 '93,457 '71,600 21,857 r161,141 '65,500 25,100 12,000 '20,600 6,300 25,280 6,314 May 255,146 '92,788 '70,700 22,088 ••162,358 65,600 25,200 12,000 21,000 6,300 26,186 5,966 June 255,197 '91,872 '70,000 21,872 '163,325 65,800 25,000 12,100 '21,200 6,400 27,366 5,445 July 256,395 '91,949 '70,400 21,549 '164,446 '66,100 25,000 12,200 '21,500 6,400 28,516 4,825 August 257,183 91,892 69,700 22,192 165,291 66,300 24,900 12,200 21,800 6,400 29,220 4,495 ' Revised 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on July 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Marketable public securities. In millions of dollars] U.S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 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 4,78921,54963,30811,89123,92143,085 July.... 11,255 66 251 6,992 348 402 3,196 Aug 168,425 4,46022,19262,687 11,89223,83743,357 Aug 11,255 59 251 6,969 343 394 3,239 Treasury bills: 1-5 years: 1 1 9 9 4 4 5 6 — — j J ) uecne.... 1 1 7 7 , , 0 0 3 3 9 7 3 5 1 14 2 , , 4 8 6 3 6 1 2 1 , ,1 4 4 7 2 6 3 1 1 1 , , 7 4 2 2 3 4 1 19 9 4 4 6 5 — — J D unece 3 3 5 5 , , 3 0 7 5 6 5 4 44 0 3 8 6 7 9 9 3 7 2 25 5 ^ 2 1 8 6 5 5 7 70 0 9 1 1 1 , , 5 7 0 4 6 2 6 6^ ,6 3 7 1 3 9 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 i 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 1 790 July.... 42,522 442 698 29,971 1,536 2,660 7,215 Aug 15,735 114,207 684 2 4 837 Aug 42,522 385 698 29,978 1,529 2,666 7,266 Certificates: 5-10 years: 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 Aug 25,025 32 6,896 7,893 187 294 9,723 Aug 18,932 415 40 11,813 1,142 1,866 3,656 Treasury notes: 10-20 years: 1945—Dec 22,967 8 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,996 11,905 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,54711,829 Dec 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2,433 5,30311,708 9,886 1947—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 6,94915,19712,529 Aug 8,142 369 4,843 177 255 2,498 Aug 40,352 2,800 78 2,637 7,03715,21612,584 Treasury bonds: After 20 years: 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 75547,335 10,74323,07330,764 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,408 11,04923,22629,700 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 49,09411,51623,32129,963 July.... 14,405 810 28 2,639 1,663 3,389 5,876 Aug 119,323 4,389 72049,242 11,52223,26830,183 Aug 14,405 730 22 2,685 1,647 3,383 5,938 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1402 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 d o h * m - e O ta t x h e e s r 1 n i c r M n n e e e n t u o l v a i e l e s u e l a r - 1 - s - - S S t r a o e i x c c ty i e u a s - l c O e r t i e h p - e ts r c T e r o i e p t - a 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 i e a d s - v s r e - T c e t o e r r r a s a u u t c c n s n - t . t o s ts - O p tu e e t n r x h e - d e s r i- e b i T x u t p u o d e r t g e n a e s l d t - s B ( d u + u e r ) f d p i g c l o u i e t r s t c T e o a r t u c u c n - s ' t t s G b I a f n e d d u l n c a u e n e r n r c d e r i c r n a a e e s l g a e s p e ( e G + ( r d — i r ) e o o b d o s ) t s r Fiscal year ending: June 1945 . . . 10,28924,884 6,949 1,793 3,82447, ,4573,61790029 1,646 5,106 100,397 -53,941 +791 +4,529 +57,679 June 1946. . . 9,39221,493 7,725 1,714 3,91 44,239 43,0384,722 48542 1,918 8,532 63,714 -20,676 -524 -10,460 + 10,740 June 1947 . . . 10,01319,292 8,049 2,0395,30944,70343,2594,958 17142 1,355 19,051 42,505 +754 -548 -10,930 -11,136 1946—October. .. 557 847 752 74 386 2,617 2,544 1,481 48 1,276 2,965 -420 + 156 -2,101 -1,837 November. 1,111 332 669 29*0 236 2,639 2,364 105 1,436 27 961 2,529 -165 + 15 -1,405 -1,255 December. 766 2,120 722 89 4,113 4,107 952 1,580 21 1,110 3,662 +445 -480 -3,163 -3,128 1947—January.. . 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,288 3,113 +706 -125 +1,210 +628 February.. 1,376 1,845 666 387 368 4,643 4,378 124 1,457 2,318 3,914 +464 +317 +2,422 + 1,642 March. . . . 785 3,865 68! 118 275 5,724 5,701 626 1,428 1,544 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 315 2,624 2,556 141 1,728 2,085 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 625 3,204 2,865 92 1,327 432 2,000 3,851 -987 +99 -245 +642 June 778 2,492 60: 1251,484 5,480 5,473 1,396 1,493 18 2,632 5,540 -67 -634 -758 -57 July 625 757 663 80 343 2,469 2,397 245 r979 549 51,896 3,669 -1,272 -129 -239 +1,161 August.... 1,255 413 643 352 202 2,865 2,536 103 '908 273 '1,775 3,060 -524 +206 +332 +649 S O e c p t t o e b m e b r e .. r . . 7 6 9 4 7 4 2,6 7 3 02 9 6 7 9 8 9 2 13 7 6 1 2 6 5 1 7 5 4 2 , , 8 4 8 5 4 5 4 2 , , 8 3 7 9 2 0 6 1 6 5 5 P 1 1 , , 0 0 0 82 6 P '1 1 , , 2 1 4 4 9 0 2 2 , , 9 4 3 4 2 5 +1,9 -5 4 5 0 + -4 2 3 8 5 3 + +1 5 5 5 5 2 -9 -7 5 4 3 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 re - s Other Assets Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c i G n i o n m o u g c v n h e e t e a n s r c t c n o k - - f - ce R i e p - ts I m nv e e n s ts t- p tu e E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge a fu n l i a n n e n d r c a e l agencies Reserve deposi- Banks taries Fiscal year ending: June 1945.... 3,239 2,757 453 1,553 3,820 2,444 -938 25,119 1,500 22,622 997 421 24,698 June 1946.... 2,940 1,261 1,618 95 4,735 2,407 2,817 14,708 1,006 12,993 708 470 14,238 June 1947.... 3,219 1,785 1,493 -196 3,009 1,577 2,117 3,730 1,202 962 1,565 422 3,308 1946—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 3,705 6 749 1,362 5 1,593 304 3,400 September. 65 272 124 47 180 24 212 4,331 1,091 1,618 1,622 378 3,952 October ... 163 24 123 -216 168 14 103 4,498 1,393 1,437 1,668 391 4,107 r Revised. p Preliminary. 1 Details on collection basis given in table below. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE UNITED STATES TREASURY1 [On basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income income taxes and profits taxes Estate Excise and Excess 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 i e t s r s ta a g x n if d e t s o ce th l t l e a a r x n m e e s o i u s s - Period in C c a o s m h e o C u a t s g h o o co 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—September. 4,682 3,041 +1,641 October. .. 2,794 2,955 -161 1946—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 1,082 177 177 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 IMay 1,528 158 170 63 3 62 539 July 2,565 3,392 -827 June.. . . 33 1,068 1,386 61 2 55 560 August 3,193 3,152 +41 July 1,133 297 370 49 2 66 618 September. 4,712 3,959 +753 August 1,495 62 276 43 1 79 572 September.. 26 1,128 1,514 35 1 64 625 1 Revised figures. For description, see Treasury Bulletin for September 1947. NOVEMBER 1947 1403 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 o e r b e i a - l v n e - s m m C p r s t a i l u i o a o n i a e p e t m d d l s - e s s i , - , - - G U s ri e o t . c i v I e S u m n t s - . . v e e n O r s s t i s t e t t - i c h e u e s - r 2 s e t L m u t a q r a r n e u u n e d n c i d s p - t , , - c u h f u t e a n a D r t r r n i d e e r g b d - e i d e - s d - s3 O s a t e s h t - s er b a t B g F y n u a u u o t r n e a e l n U d l e r s d y . - d S s d p . , e a n b O y o e a t t n b h e - l e s e r , O li i a t t i h b e i e s l r - i U n m G e e t . r o e e s n v S n r t - - - t . o v in P w a e t r t s n e e i t r e - l - y d All agencies: June 30, 1946 29,869 ,305 5,381 1,550 ,76 43917,438 385 ,605 325 1,234 4,93922,889 482 Sept. 30, 1946 29,569 ,15 5,949 1,429 ,836 39016,973 299 ,536 377 1,250 3,37724,069 496 Dec. 31, 1946 30.409 ,398 6,649 1,265 ,873 547 16,924 339 ,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 ,588 7,294 1,003 ,985 3,42615,486 380 ,176 169 1,250 3,14227,268 509 June 30, 1947 429,666 ,792 7,66: 851 ,777 3,56512,691 165 ,163 506 2,04526,763 269 Classification by agency, June 30, 1947 Department of Agriculture:4 Farm Credit Administration: Banks for cooperatives 238 169 227 Federal intermediate credit ba»ks 452 393 366 83 Production credit corporations. . . 109 41 109 Regional Agricultural Credit Corp 14 14 Agricultural Marketing Act Revolving Fund 1 () 1 1 Federal Farm Mortgage Corp 134 6 104 24 128 Rural Electrification Administration 673 38 629 6 () 673 Commodity Credit Corp 1,436 533 110 369 (*) 422 695 700 Farmers' Home Administration.... 414 26 325 56 2 412 Federal Crop Insurance Corp 16 10 6 7 9 National Housing Agency: Federal Home Loan Bank Adm.: Federal home loan banks........ 469 21 289 87 123 119 Federal Savings and Loan Insurance Corp 182 178 178 Home Owners' Loan Corp 589 "544 15 567 Federal Public Housing Authority and affiliate: Federal Public Housing Authority, 502 278 205 12 491 Defense Homes Corp 55 53 (5) 55 F F e e d d e e r r a a l l N H a o t u io si n n a g l A M d o m rt i g n a i g s e tr a A t s io so n ciation. 19 5 6 26 5 121 1 37 (5) 5 15 5 5 Reconstruction Finance Corp.6 1,747 266 348 123 213 1,533 840 Export-Import Bank 6 15 193 1,578 Federal Deposit Insurance Corp. 8 1,751 1,123 () 6 3 995 139 Federal Works Agency 2 (5) 142 2 (5) 222 Tennessee Valley Authority 16 76 741 4 13 758 U. M S a . r M iti a m ri e t im Co e m C m o i m ss m io i n s s f io u n n : ctions7. . . . 4,192 560 (5) 3,305 29 212 393 3,799 All W o a t r h e S r hipping Adm. functions8 7 7 , , 3 0 3 0 7 3 1 3 6 0 3 1 22 3,386 6 1 , ,6 5 8 0 1 7 11 1 5 0 19 7 1 1 333 6 7, , 2 6 7 7 6 0 2J22 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1947 Purpose of loan M C F F a o e o r r d r m p t . . . b c m i F n r a a e e t e n t e d d e d k r i i . s - t - f o B o t p i a r v e n e r c k a s o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t if i u l d i o e r c m n c a a - l . * H A F e a o d r r s m m ' m e . - H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s i . c . - b h F l a o o e n a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p E I 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 - M ag a 1 e 9 r a n . 4 l c l 7 3 i , e 1, s To aid agriculture 131 393 170 121 630 601 (5) 7 42,053 3,056 To aid home owners 557 76 28 660 663 To aid industry: Railroads 147 17 164 167 Other 191 32 224 204 To aid financial institutions: Banks 1 5 6 17 Other 289 4 293 238 250 1,758 2,050 4,058 2,854 Other. 278 222 96 597 590 Less • Reserve for losses 27 (5) 1 12 1 276 13 47 9 393 497 Total .loans receivable (net).. 104 393 169 110 629 325 544 278 289 845 1,751 2,226 7,662 7,294 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—159, 159, 318, 476, and 635 on June 30, Sept. 30, Dec. 31, 1946, Mar. 31 and June 30, 1947, respectively; International Monetary Fund Quota—2,750 on Mar. 31 and June 30, 1947. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are no longer included; since June 26, 1947, the United States has had no proprietary interest in any such bank. 5 Less than $500,000. 6 The R.F.C. Mortgage Company was merged with the parent corporation effective June 30, 1947. Includes also U.S. Commercial Company and War Damage Corp. 7 Figures are for Mar. 31. 1947. 8 Figures are for Feb. 28, 1947. with the exception of those for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 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. 1404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = o lu d 1 m u 0 c e 0 t ) i * o 1 n aw 1 C 9 a 2 o c r 3 d n o - e s n 2 d t t r 5 r u a ( c v c = t t a i s 1 o lu n 0 e 0 )2 E 1 m 93 p 9 l o = y m 10 e 0 nt8 Fac- D m ep e a n r t t- Wholetory Freight store sale Con- Year and month Total D ab u f l M a r e - c a tu n r N u d e - u s o r n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g o u r n r l a i - - - l Factory 1 r 9 o p 1 3 l a 0 9 l y s 0 = 3 c 1 a 9 i = r n 3 l 1 g o 5 0 s - a * 0 3 d 9 - 1 u 9 s = ( e v 3 a ) 1 a l 5 * e l 0 - - 4 s 0 39 p m c = 1 r o o i 9 1 c m 2 d 0 e 6 i - 0 s ty 3 1 s p 9 u = r 3 m i 1 5 c e 0 e - r 3 0 s s 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 P192 P165 P134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1945 January 234 230 345 175 140 48 14 75 136.2 168.8 168.2 347.0 144 198 104.9 127.1 February 236 232 346 176 141 59 13 96 136.6 169.3 168.7 347.5 139 207 105.2 126.9 March 235 232 345 176 142 72 15 118 136 4 168 3 167 7 345 7 145 214 105 3 126 8 April 230 229 336 174 140 70 18 112 135.8 166.0 165.2 338.5 141 184 105.7 127.1 May . . . 225 225 323 173 138 58 20 89 134 8 163 6 162 5 324 9 141 190 106 0 128 1 June 220 220 308 173 144 50 22 73 134.2 160.3 160 0 321 8 140 203 106 1 129 0 July 210 211 292 165 143 54 23 79 133.0 155.0 155.6 306.6 139 214 105 9 129 4 August 186 188 239 157 140 61 24 91 131 8 150 4 151 7 273 6 128 201 105 7 129 3 September 167 171 194 156 134 69 26 104 125.8 130.1 130.8 228.7 127 203 105.2 128.9 October 162 164 186 154 124 83 36 121 125.5 129.5 129.9 227.7 118 213 105.9 128.9 November 168 167 191 158 138 94 44 134 126.6 130.1 130.5 227.7 133 221 106.8 129.3 December 163 161 185 156 133 108 56 150 127.1 130.6 130.9 231.4 127 220 107.1 129.9 1946 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 April 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 276 147.7 156.2 May 185 185 218 170 151 127 110 140 138.9 151.9 150.6 312 2 142 291 147 1 156 0 June 184 185 219 168 148 136 116 152 139.8 151.7 151.4 319.6 137 289 147.6 157.1 July 176 178 207 163 141 155 136 170 138 9 149 2 149 9 313 9 134 287 150 6 158 4 August 182 185 210 169 150 166 150 179 139 9 152 2 153 8 322 4 143 r282 153 6 160 3 September' ' P185 P189 P216 P171 *153 PUI.3 P154.6 P155.6 142 290 157.4 * Average per working day. *> Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1406-1409. For points in total index, by major groups, see p. 1427. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1413 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices 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. 4 For indexes by Federal Reserve districts and other department store data, see pp. 1415-1417. 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. NOVEMBER 1947 1405 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 180 182 183 182 189 189 190 187 185 184 176 182 P185 186 188 191 190 196 197 198 194 191 191 183 188 P191 212 214 214 211 221 222 225 222 218 219 207 210 *216 Iron and Steel 185 184 178 159 192 191 196 195 197 193 181 r188 195 Pig iron 184 183 174 152 193 191 194 189 193 189 174 187 188 Steeli 196 195 193 174 206 207 213 213 215 211 198 '205 213 172 171 163 145 177 174 179 178 179 176 166 170 177 Electric 366 369 404 381 414 446 457 461 469 458 429 473 261 268 271 276 277 277 281 276 273 275 266 267 P274 Transportation Equipment 240 237 235 235 229 233 239 237 225 233 217 212 P223 Automobiles (including parts) 188 185 187 187 181 190 197 193 179 191 185 180 P193 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Kon ferrous Metals and Products ^.172 184 192 197 202 206 200 196 187 179 '171 170 P168 Smeltincr and refininc . 161 168 175 181 184 190 195 203 198 188 181 180 P185 (Copper smelting; Lead refining; Zinc smelting; Fabricating 176 191 198 203 209 213 202 193 182 176 167 166 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 137 136 142 141 142 147 147 144 142 142 133 143 P142 129 127 135 132 131 137 138 135 134 133 121 133 P131 152 155 157 160 161 167 166 161 158 160 155 161 *>163 Stone, Clay, and Glass Products 204 200 202 210 219 219 218 211 200 207 195 19$ P200 238 227 226 232 245 235 241 234 229 230 207 211 220 Plate glass 161 158 152 135 149 154 159 151 163 154 124 151 151 Glass containers ' 265 250 251 265 278 263 269 263 251 257 235 231 243 162 156 162 177 182 203 192 175 141 171 164 171 171 150 149 150 152 168 164 165 164 162 164 160 161 P158 212 212 215 219 227 232 224 218 210 r216 221 221 P221 Abrasive and asbestos products 235 241 252 263 271 260 258 249 247 r239 '220 211 ^217 Other stone and clay products2 Nondurable Manufactures 165 168 173 174 176 176 175 172 170 168 163 169 P171 Textiles and Products 168 169 174 164 172 173 172 166 164 155 142 154 P158 Textile fabrics 156 157 163 152 160 161 160 154 152 143 129 142 Cotton consumption ... 153 155 164 141 161 161 160 154 148 133 118 130 130 242 248 256 254 263 262 270 270 271 263 263 267 P277 Wool textiles 181 178 isi 180 171 178 172 159 161 155 130 156 Carpet wool consumption 144 143 161 165 155 174 182 170 191 175 141 184 239 230 230 223 214 222 210 195 186 175 r151 179 Woolen and worsted yarn 180 177 178 175 166 169 161 149 147 144 121 147 183 177 178 171 160 158 145 128 126 124 108 134 176 176 177 180 175 184 183 178 177 174 139 165 184 181 181 181 173 178 171 158 156 152 132 148 Leather and Products 119 117 121 115 116 120 122 116 113 107 r101 116 P119 101 97 110 110 113 118 122 119 119 114 106 115 Cattle hide leathers 114 103 121 122 127 134 140 137 138 130 130 81 78 91 94 98 99 99 102 96 94 r78 93 Goat and kid leathers 51 67 70 68 67 81 84 79 88 92 ••90 87 134 141 137 130 117 108 102 95 83 84 84 101 Shoes 131 130 129 117 118 121 121 113 109 103 97 116 P121 136 146 156 162 161 156 157 158 155 154 155 156 P155 Wheat flour 135 135 145 155 162 158 160 149 144 152 143 148 P137 Manufactured dairy products P143 P146 P146 P147 P148 P149 P153 P154 P152 P155 P157 P147 P148 Butter 79 79 77 79 82 81 85 82 79 82 85 74 76 Cheese 168 164 172 172 178 185 198 206 191 196 197 r174 167 Canned and dried milk . . .. 163 142 143 148 147 152 164 173 173 184 188 158 160 Ice cream P Preliminary. r Revised. 1 Steel indexes are based on daily average output, with holiday allowances for July 4, Labor. Day, and Christmas. This year the influence of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances for holiday closings is under consideration. 2 Series included in total and group indexes but not available for publication separately. 1406 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 Sept. Oct. S^ov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing 38 115 163 151 163 159 149 150 151 152 156 145 146 Pork and lard 24 116 179 151 172 165 143 153 154 157 171 155 144 Beef. 41 107 150 162 164 167 169 159 159 154 149 140 153 Veal 81 140 160 138 133 121 122 121 119 141 154 158 174 Lamb and mutton 93 131 116 105 108 104 101 105 102 104 93 91 99 Other manufactured foods 150 154 160 168 165 158 160 161 158 154 156 ^160 Processed fruits and vegetables 143 167 160 170 157 137 151 145 138 132 132 138 P137 Confectionery 110 123 135 147 138 142 145 149 153 135 119 Other food products 159 156 164 172 171 166 165 167 164 164 168 172 P173 Alcoholic Beverages . . ... 227 206 213 234 241 223 208 189 162 159 164 176 198 Malt liquor 197 179 194 202 183 157 160 154 149 150 157 168 196 Whiskey . 71 68 64 158 188 179 151 131 106 79 55 56 78 Other distilled spirits 384 241 191 333 623 695 619 503 350 319 329 385 277 Rectified liquors 461 460 463 426 408 372 314 276 194 215 231 238 297 Tobacco Products . 157 173 169 148 158 168 158 160 142 159 156 160 163 Cigars . . . 112 127 131 109 112 110 98 94 106 101 98 107 113 Cigarettes.. . .. .... 205 226 216 192 208 228 216 221 187 216 210 211 213 Other tobacco products 76 79 81 72 69 67 66 68 55 66 72 80 83 Paper and Paper Products 150 152 153 150 156 157 159 156 161 160 146 157 157 Paper and pulp . 144 146 147 146 150 151 154 150 155 155 140 151 151 Pulp 162 163 162 159 166 171 174 169 173 178 160 178 171 Groundwood pulp 101 106 96 98 99 100 99 97 97 105 108 113 110 Soda pulp 111 108 109 109 109 109 113 112 112 116 98 105 104 Sulphate pulp 249 244 248 236 252 260 266 254 265 277 253 278 259 Sulphite pulp 136 141 139 139 145 150 151 150 151 151 131 151 149 Paper 142 144 145 144 147 148 151 147 152 151 137 147 147 Paperboard 172 172 175 168 179 181 180 178 184 179 166 178 182 Fine paper 85 89 90 86 83 83 88 87 88 88 75 86 87 Printing paper . . . 138 144 142 155 153 155 160 158 160 162 147 157 157 Tissue and absorbent paper 152 155 156 152 148 142 151 144 148 147 136 148 151 Wrapping paper 133 135 136 134 137 137 139 132 141 144 124 127 123 Newsprint 87 85 84 87 87 89 89 93 92 91 91 94 97 Paperboard containers (same as Paperboard). . . Printing and Publishing 128 132 130 138 138 140 142 141 142 146 139 144 Newsprint consumption . . 117 119 118 120 122 125 124 124 125 131 131 133 131 Printing paper (same as shown under Paper) Petroleum and Coal Products . . P181 P179 P177 P178 P180 P185 P185 P179 P184 P191 P195 P200 Petroleum refining2 Gasoline 146 145 148 148 142 143 142 139 145 154 157 163 P163 Fuel oil 165 160 161 167 166 170 174 163 171 173 178 180 Lubricating oil 153 159 147 154 160 162 167 156 163 168 157 164 Kerosene 155 163 150 162 175 185 176 170 175 182 186 177 Other petroleum products 1 Coke 166 167 152 143 171 172 172 166 169 165 161 171 170 By-product coke 161 160 148 139 163 165 165 162 161 160 156 164 162 Beehive coke 352 406 272 278 410 416 424 324 428 340 307 415 427 Chemical Products ... 235 238 243 249 251 251 251 251 253 250 251 251 P251 Paints . 149 148 150 152 154 156 157 155 153 151 152 152 P!52 Soap 114 111 115 128 131 136 135 138 137 142 135 135 P135 Rayon 256 257 261 260 266 276 283 289 292 251 291 294 P297 Industrial chemicals 395 402 411 422 430 429 431 433 435 439 438 431 Explosives and ammunition 1 Other chemical products 1 Rubber Products 234 234 243 252 247 246 239 234 220 216 207 209 P212 Minerals—Total 146 145 136 137 146 146 148 143 151 148 '140 150 P153 Fuels 151 150 140 141 151 150 153 144 156 153 144 155 P160 Coal 155 152 118 128 162 151 153 122 153 140 113 143 Bituminous coal . . 163 160 116 130 173 162 163 127 165 147 117 151 P161 Anthracite 125 124 123 121 118 107 113 102 104 110 93 114 P\ ?? Crude petroleum 149 149 150 147 146 150 153 155 157 159 160 161 P163 Metals 111 111 117 111 117 122 117 136 124 122 117 P119 Metals other than gold and silver 153 157 169 153 158 166 159 189 169 166 160 (Copper; Lead; Zinc)1 Gold 52 44 44 53 60 61 58 60 64 63 60 Silver 58 60 58 55 64 66 68 68 66 61 51 P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 1 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. NOVEMBER 1947 1407 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. industrial Production—Total 184 184 183 180 184 185 187 185 185 185 178 185 P!89 •Manufactures—Total 191 191 192 188 192 193 195 193 191 191 184 190 P195 Durable Manufactures 214 215 214 209 218 220 223 222 219 220 208 212 P217 iron and Steel 185 184 178 159 192 191 196 195 197 193 181 195 Pig iron 184 183 174 152 193 191 194 189 193 189 174 187 188 Steel i 196 195 193 174 206 207 213 213 215 211 198 '205 213 Open hearth 172 171 163 145 177 174 179 178 179 176 166 170 177 Electric 366 369 404 381 414 446 457 461 469 458 429 '454 473 Machinery 261 268 271 276 277 277 281 276 273 275 266 267 P274 240 237 235 235 229 233 239 237 225 233 217 212 Automobiles (including Darts') •••••• .. «••• 188 185 187 187 181 190 197 193 179 191 185 180 P\93 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 172 184 192 197 202 206 200 196 187 179 mi 170 P168 Smelting and refining 161 167 176 182 184 190 196 203 198 187 180 180 P185 (Copper smelting, Lead refining; Zinc smelting; 176 191 198 203 209 213 202 193 182 176 '167 166 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin T timber and Products 147 142 139 129 126 135 140 143 145 149 141 151 P151 144 136 131 114 107 118 126 134 138 143 133 147 Furniture 157. 155 157 160 161 167 166 161 158 '160 155 161 P163 Stone Clay and Glass Products 212 209 207 203 208 205 209 208 206 209 196 205 P209 Glass products 242 232 228 218 241 229 241 234 242 229 200 218 223 Plate glass 161 158 152 135 149 154 159 151 163 154 124 151 151 Glass containers . . 270 258 254 247 273 255 269 263 269 254 225 241 248 188 181 175 161 148 154 157 166 148 183 181 193 198 Clay products 155 158 155 158 156 156 159 160 162 163 '160 165 Gypsum and plaster products .... . . . 216 218 219 224 218 221 215 215 213 '221 221 223 P226 Abrasive and asbestos products 235 241 252 263 271 260 258 249 247 '220 211 P217 Nondurable Manufactures 172 172 174 172 171 171 171 169 169 168 164 173 P177 Textiles and Products 168 169 174 164 172 173 172 166 164 155 142 154 P158 Textile fabrics 156 157 163 152 160 161 160 154 152 143 129 142 Cotton consumption 153 155 164 141 161 161 160 154 148 133 118 130 130 Rayon deliveries 242 248 256 254 263 262 270 270 271 263 263 267 Wool textiles 181 178 181 180 171 178 172 159 161 155 130 156 Carpet wool consumption 144 143 161 165 155 174 182 170 191 175 141 184 Apparel wool consumption 239 230 230 223 214 222 210 195 186 175 '151 179 Woolen and worsted yarn 180 177 178 175 166 169 161 149 147 144 121 147 Woolen yarn 183 177 178 171 160 158 145 128 126 124 '108 134 Worsted yarn .. 176 176 177 180 175 184 183 178 177 174 139 165 Woolen and worsted cloth 184 181 181 181 173 178 171 158 156 152 132 148 Leather and Products . . .. 118 117 123 114 116 123 121 115 113 106 r99 115 P118 Leather tanning 99 98 114 110 113 127 121 118 119 112 '100 114 Cattle hide leathers .. 111 104 126 122 130 145 140 137 138 125 '114 127 Calf and kip leathers 80 80 94 92 96 104 97 98 92 96 '77 97 Goat and kid leathers 51 67 68 68 67 84 83 82 86 92 '89 84 Sheep and lamb leathers 131 141 145 124 109 119 99 93 89 83 78 105 Shoes 131 130 129 117 118 121 121 113 109 103 97 116 P121 Manufactured Food Products 164 158 158 157 149 140 140 144 149 154 166 177 P178 Wheat flour 147 143 146 153 162 160 157 143 138 146 141 147 Manufactured dairy products P151 P120 P96 P95 P127 P161 P202 P229 P229 P192 ^156 Butter 76 68 59 62 68 71 77 84 102 113 104 '81 73 Cheese 171 148 129 124 132 151 178 214 256 279 242 '195 170 Canned and dried milk 150 115 103 114 119 137 161 196 240 254 218 163 147 p Preliminary. ' Revised. . 1 Steel indexes are based on daily average output, with holiday allowances for July 4, Labor Day, and Christmas. This year the influence of Labor Day on steel mill operations was very slight. This accounts for practically all the August-to-September increase and for about onefourth of the increase from September 1946, when the influence of Labor Day was of some importance, to September 1947. Revision of allowances for holiday closings is under consideration. . 2 Series included in total and group indexes but not available for publication separately. 1408 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept. Manufactured Food Products—Continued 37 117 181 175 191 152 138 139 151 150 146 127 136 19 109 210 199 225 162 133 139 154 157 150 119 114 Beef 44 117 156 162 168 153 154 149 159 151 151 141 165 Veal 89 160 172 130 124 106 115 118 124 141 154 155 191 100 136 116 103 115 105 99 102 104 96 90 89 106 Other manufactured foods 188 173 166 164 150 143 142 143 143 146 163 *>185 P190 Processed fruits and vegetables 315 216 147 132 102 86 83 88 90 101 172 261 P266 142 161 159 149 142 144 135 123 118 100 97 Other food products 163 164 172 175 164 158 159 160 161 165 171 175 P176 Alcoholic Beverages 237 221 196 210 206 195 187 182 167 178 182 181 206 Malt liquor 199 166 149 161 150 142 149 162 170 189 196 192 197 Whiskey 71 68 64 158 188 179 151 131 106 79 55 56 78 Other distilled spirits 526 624 401 366 405 417 403 302 210 198 191 208 379 Rectified liquors 461 460 463 426 408 372 314 276 194 215 231 238 297 166 179 172 138 157 160 149 151 142 165 162 165 172 Cigars 112 127 131 109 112 110 98 94 106 101 98 107 113 Cigarettes 219 235 221 177 208 215 201 205 187 227 221 222 228 Other tobacco products 81 85 83 63 68 65 66 68 55 67 72 78 89 Paper and Paper Products 150 152 153 150 156 157 159 156 161 160 145 156 157 Paoer and pulp 144 146 147 146 150 151 154 150 155 155 140 151 150 Pulp 160 162 162 159 167 171 175 171 174 178 159 176 170 Groundwood pulp 90 98 101 99 103 104 106 106 105 106 96 100 98 Soda pulp 111 108 109 109 109 109 113 112 112 116 98 105 104 Sulphate pulp 249 244 248 236 252 260 266 254 265 277 253 278 259 Sulphite pulp 136 141 139 139 145 150 151 150 151 151 131 151 149 Paper 142 144 145 144 147 148 151 147 152 152 137 147 147 Paperboard 172 172 175 168 179 181 180 178 184 179 166 178 182 Fine paper 85 89 90 86 83 83 88 87 88 88 75 86 87 Printing paper 138 144 142 155 153 155 160 158 160 162 147 157 157 Tissue and absorbent paper 152 156 156 147 147 147 151 146 148 150 131 148 151 Wrapping paper 133 135 136 134 137 137 139 132 141 144 124 127 123 Newsprint 87 85 85 85 87 89 89 95 93 92 89 93 97 Paperboard containers (same as Paperboard) Printing and Publishing 128 135 135 141 133 138 145 144 145 146 130 139 145 119 125 129 126 114 122 129 131 129 129 113 120 132 P181 P179 P177 vl78 P180 P185 P185 P179 P184 P191 vl95 P200 Gasoline 146 145 148 148 142 143 142 139 145 154 157 163 P163 Fuel oil 165 160 161 167 166 170 174 163 171 173 178 180 Lubricating oil 153 159 147 152 155 160 165 162 170 168 156 162 154 163 155 167 179 194 180 174 176 171 173 170 Ccke 166 167 152 143 171 172 172 166 169 165 161 171 170 161 160 148 139 163 165 165 162 161 160 156 164 162 352 406 272 278 410 416 424 324 428 340 307 415 427 Chemical Products 235 240 244 250 210 252 254 253 252 247 247 247 P251 i Paints 148 148 149 152 151 154 157 157 157 156 150 151 P150 119 116 116 128 128 134 135 135 133 140 134 137 P141 Rayon 256 257 261 260 266 276 283 289 292 251 291 294 *297 Industrial chemicals 395 402 411 422 430 429 431 433 435 r439 438 431 *>429 Rubber Products 234 234 243 252 247 246 239 234 220 216 207 209 P212 Minerals—Total 149 147 133 132 141 141 143 139 153 152 r!45 155 P158 Fuels 151 150 140 141 151 150 153 144 156 153 144 155 P160 Coal 155 152 118 128 162 151 153 122 153 140 113 143 *>153 163 160 116 130 173 162 163 127 165 147 117 151 P161 125 124 123 121 118 107 113 102 104 110 93 114 P122 Crude oetroleum 149 149 150 147 146 150 153 155 157 159 160 161 P163 Betals 136 126 105 76 81 84 83 112 140 148 151 P152 lif ptals other than cold and. silver 192 180 144 92 97 104 103 153 200 213 220 P219 Iron ore • •. . 282 252 174 58 69 73 72 173 279 306 334 326 Gold 60 51 49 54 57 55 51 54 56 59 58 59 59 58 55 65 67 70 68 65 59 50 * Preliminary. r Revised. 1 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. NOVEMBER 1947 1409 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 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Total 147.7 149.5 150.6 151.4 149.9 153.8 155.6 267.1 284.4 290.3 312.2 319.6 313 9 322 4 Durable goods 170.6 173.1 178.0 179.7 174.7 177.1 178.6 296.3 316 1 323 3 353 8 365 9 350 4 357 2 Nondurable goods 129.7 130.9 129.1 129.1 130.3 135.4 137.4 238.5 253.4 258.1 271.5 274.2 278.1 288.4 Iron and Steel and Products 150 2 152 7 156.8 157.5 156.1 158.5 159.4 247 5 265 9 273 6 306 7 316 1 304 4 314 4 Blast furnaces, steel works, etc 124 124 126 128 128 130 192 204 206 236 247 235 250 Steel castings 167 169 164 162 158 162 277 295 298 317 322 315 313 Tin cans and other tinware 140 141 132 133 138 148 249 270 274 250 264 295 331 Hardware . . . . ... 129 133 141 139 135 133 245 257 267 306 305 297 288 Stoves and heating equipment 123 129 137 137 134 140 211 234 248 279 283 275 281 Steam, hot-water heating apparatus . . 158 161 160 157 148 150 280 290 307 313 321 296 289 Stamped and enameled ware . . . 142 147 151 149 147 150 254 280 289 329 326 319 328 Structural and ornamental metal work ... 156 158 166 165 165 168 251 272 275 315 326 317 336 Electrical Machinery 210 5 217 3 213 8 221 5 215.0 215 6 216.6 351 0 378 9 397 2 407 1 432 6 422 3 420 3 Klectrical equipment 161 166 170 174 170 169 264 283 298 328 344 333 330 Radios and phonographs 190 196 197 188 178 185 332 370 390 413 390 386 385 Machinery except Klectrical 206.6 210.3 225.9 224.2 217.9 222.2 224.8 346.2 362.2 376.2 429.5 434.6 420.7 426.7 Machinery and machine-shop products 176 180 190 189 185 186 299 314 322 363 368 356 360 Kngines and turbines 241 243 238 231 231 232 447 454 485 502 503 494 513 Tractors 169 166 178 182 182 178 248 257 254 303 310 313 303 Agricultural, excluding tractors. . . 146 148 181 185 176 182 248 253 270 344 372 362 370 Machine tools ... 168 169 151 146 137 142 262 281 286 264 263 240 251 Machine-tool accessories 195 201 183 178 167 169 293 316 336 312 305 282 280 Pumps 235 237 243 242 233 230 413 438 444 491 494 479 475 Refrigerators 172 171 211 223 217 221 272 288 293 395 428 422 404 Transportation Equipment, except Autos. 294.7 286.8 293.7 291.8 248.9 247.2 251.2 558.7 553.1 524.1 561.3 560.3 483.0 482.1 Aircraft, except aircraft engines. . . 338 352 348 337 326 329 606 641 664 639 622 622 638 Aircraft engines 309 311 303 303 301 300 469 498 508 477 482 485 519 Shipbuilding and boatbuilding 229 201 203 203 126 121 469 422 347 396 394 244 238 Automobiles 187.8 196.0 186 5 196.2 195.0 191.3 198.2 292.8 319.0 330.3 329.0 357.0 348 8 340 1 Nonferrous Metals and Products 177.3 179.5 179.6 175.1 168.2 170.9 172.6 303.9 324.2 331.8 349.0 346.2 326.6 332.9 Primary smelting and refining 134 136 143 145 146 142 228 240 247 285 296 297 289 Alloying and rolling, except aluminum 157 159 154 147 139 137 269 283 285 283 280 260 249 Aluminum manufactures 210 211 196 182 169 178 340 351 358 348 327 299 323 Lumber and Timber Basic Products 139.0 138.6 154.8 158.2 156.5 161.5 159.9 252.1 285.6 285.2 351.4 374.9 359.8 387.3 Sawmills and logging camps 151 149 167 171 169 176 276 313 310 385 412 397 430 Planing and plywood mills 141 144 159 163 160 161 242 274 281 351 367 345 363 Furniture and Lumber Products 123.4 123.5 129.5 129.8 127.8 131.9 133.2 231.9 250.0 254.4 285.1 290.4 281.4 293.3 Furniture ... 122 122 127 128 126 129 228 247 250 279 285 274 285 Stone, Clay and Glass Products 141 6 142 5 142 6 144.0 140.2 144.0 142.8 242.2 260.1 267.0 286.9 298.2 285.9 299 7 Glass and glassware 171 172 171 169 159 166 275 294 310 333 341 313 334 Cement ... 143 143 122 145 147 151 230 243 250 203 279 284 297 Brick, tile, and terra cotta 122 122 124 126 126 128 230 240 244 276 279 276 285 Pottery and related products 156 158 166 164 160 166 250 275 281 324 322 309 330 Textile-Mill and Fiber Products 104.0 105.2 104.6 103.1 101.2 102.5 104.0 213.3 229.4 235.5 248.3 242.5 237.5 239.8 Cotton goods except small wares. . 114 115 116 115 112 113 246 276 282 303 294 289 291 Silk and rayon goods 77 78 77 76 74 75 166 181 181 200 194 191 196 Woolen and worsted manufactures. 104 107 99 98 95 98 229 234 243 241 240 231 222 Hosiery . . 72 72 70 68 69 70 131 141 144 140 131 135 144 Dyeing and finishing textiles 95 96 97 96 92 93 179 188 187 211 211 195 201 Apparel and Other Finished Textiles 130.5 132 9 131 4 131 7 131 7 142 5 146 5 240.3 272.5 283.0 272.1 274.9 278 9 303 2 Aden's clothing nee 116 116 122 124 121 128 215 236 243 271 273 260 265 Shirts, collars, and nightwear 88 88 99 101 97 102 178 185 191 229 229 219 226 Women's clothing, n.e.c 141 145 136 136 140 154 254 306 320 260 264 285 324 93 97 79 79 80 93 145 166 180 119 128 147 171 Leather and Leather Products 102.7 103.1 99.4 99.8 100.6 103.8 105.1 198.7 199.6 204.7 207.0 211.5 214.2 220.4 Leather 89 89 92 91 91 92 156 161 160 184 185 187 190 Boots and shoes 94 95 92 93 94 97 190 188 195 197 202 205 210 Food and Kindred Products 138.6 137.5 126.0 130.3 140.8 152.0 152.7 235.1 254.3 246.5 252.8 267.8 290.8 313.9 Slaughtering and meat packing.. . . 115 79 119 121 125 125 180 202 118 232 241 260 250 Flour 119 120 116 119 124 124 221 239 249 240 264 284 296 Baking 103 105 107 107 109 109 179 184 188 200 204 208 208 Confectionery 98 105 110 107 101 110 170 187 204 229 226 209 231 Malt liquors 145 150 154 163 170 174 222 232 244 268 296 325 338 Canning and preserving 154 182 59 68 108 154 326 387 467 143 164 265 435 Tobacco Manufactures 91.7 93.5 88.4 90.2 89.8 91.6 92.8 178.3 186.2 196.0 182.8 194.8 200.0 203.0 Cigarettes 123 123 120 122 120 120 211 219 227 221 240 254 249 Cigars . . .... 76 79 73 75 75 77 160 167 181 164 168 163 174 NOTE.—Indexes for totals, major groups, and 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 September 1947 are preliminary. 1410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory payrolls Industry group or industry 1946 1947 1946 1947 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Paper and Allied Products 139.2 140.0 143.5 143.4 140.7 143.0 143.5 246.4 256.5 259.8 291.1 298.0 298.7 300.6 Paper and pulp 136 136 140 141 141 143 242 253 253 289 302 310 311 Paper goods, n.e.c... 147 149 153 154 150 150 254 260 271 307 302 296 292 Paper boxes 141 142 142 140 134 138 249 262 264 283 284 274 280 Printing and Publishing .. 121.6 122.3 128.6 129.1 128.8 129.8 131.5 193.3 198.1 203.1 234.2 235.9 233.6 235.5 Newspaper periodicals 110 111 119 120 120 121 164 169 176 209 210 209 214 Book and job 132 133 137 138 138 138 220 222 228 255 258 259 255 Chemicals and Allied Products ..' 180.5 184.0 194.8 188.5 189.8 191.1 194.2 315.5 320.0 329.1 381.5 373.3 378.7 383.6 Drugs, medicines, and insecticides 189 190 194 191 187 186 307 314 317 359 355 348 363 Rayon and allied products.. 119 119 i-21 104 120 120 198 206 211 239 205 238 240 Chemicals, n.e.c 169 168 180 182 181 179 289 288 290 335 339 342 337 Explosives and safety fuses 173 177 192 191 177 190 265 273 293 334 341 325 353 Ammunition, small arms 116 174 162 163 159 159 336 201 339 352 359 356 350 Cottonseed oil 71 86 72 65 64 72 120 159 197 185 169 162 185 Fertilizers 112 119 136 114 109 115 246 275 297 365 302 288 305 Products of Petroleum and Coal . 147.4 147.8 149.3 150.8 153.7 154.1 153.6 251.0 253.1 257.3 275.7 286.2 295.6 297.2 Petroleum refining 137 137 138 139 141 142 228 229 233 244 254 265 262 Coke and by-products 119 119 121 123 125 125 215 218 220 248 256 248 264 Rubber Products 184.0 189.1 184 5 180 7 175 2 178 2 180 2 321 4 336 9 363 9 367 2 361 9 352 7 357.0 Rubber tires and inner tubes 218 226 220 217 212 217 348 356 400 399 396 394 397 Rubber goods, other 162 164 156 153 148 153 296 322 328 326 320 305 319 Miscellaneous Industries .... 175.1 176.9 176.3 174.4 170.2 173.5 178.5 314.2 329.3 339.3 356.6 355.4 341.5 347.5 Instruments, scientific 191 189 176 178 173 172 327 330 331 317 335 323 325 148 147 149 151 155 154 240 245 239 275 281 275 276 For footnotes see p. 1410. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 1947 Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 146.3 148.6 149.1 151.5 152.4 153.4 154.4 154.6 153.8 151.9 151.7 149.2 152.2 P154.6 Durable 169.7 172.7 173.8 176.4 177.1 178.7 180.8 181.5 181.2 178.2 179.5 174.1 176.0 P178.2 Nondurable 127.8 129.6 129.7 131.8 133.0 133.4 133.6 133.4 132.2 131.1 129.8 129.6 133.4 P136.0 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1947 1946 1947 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. All manufacturing 39.7 40.5 40.1 40.1 40.2 39.8 39.8 109.3 111.2 118.6 120.7 122.6 123.1 123.8 Durable Goods 39.3 40.5 40.5 40.5 40.7 40.0 40.0 117.7 118.6 124.3 127.8 130.3 130.6 131.3 Iron and steel products 38.5 39.9 40.4 40.3 40.5 39.3 39.6 121.6 122.2 128.0 133.3 136.3 136.5 137.6 Electrical machinery 39.4 40.6 40.0 39.8 39.8 39.8 39.2 115.8 116.9 121.0 126.4 129.5 130.8 131.6 Machinery except electrical 40.4 40.9 41.5 41.4 41.3 40.9 40.5 123.2 124.6 130.8 133.4 136.3 137.2 137.9 Transportation equipment except autos 39.3 39.7 39.8 40.2 40.1 40.1 39.7 136.6 135.9 136.3 137.6 138.7 140.0 142.0 Automobiles 37.8 39.2 38.5 38.3 38.7 37.7 37.3 135.4 137.3 140.6 146.3 148.5 149.6 150.1 Nonferrous metals and products 40.0 40.8 40.8 40.6 40.5 39.6 39.7 116.6 117.7 123.4 126.0 128.6 129.0 129.4 Lumber and timber basic products 39.1 41.8 41.4 42.0 42.8 42.2 43.2 91.0 92.8 99.0 102.5 105.3 103.3 104.8 Furniture and finished lumber products . .. 41.0 41.9 41.5 41.5 41.7 41.2 41.2 93.7 95.7 103.2 104.6 106.1 105.8 106.9 Stone, clay, and glass products 39.5 40.7 40.5 40.3 40.8 40.1 40.5 105.7 106.3 114.9 117.3 119.0 119.8 120.9 Nondurable Goods 40.1 40.4 39.6 39.7 39.8 39.7 39.5 100.9 103.6 112.2 113.0 114.0 115.2 115.9 Textiles—mill and fiber products 39.6 40.1 39 1 38.9 38.6 38.4 38.2 87.7 92 A 102.7 102.5 102 4 102 8 103.1 Apparel and other finished products 36.0 37.0 35.5 35.8 36.0 35.7 35.2 94.1 98.6 99.9 98.8 99.4 102.1 104.0 Leather and manufactures . 38.2 37.8 38.3 38.1 38.1 38.2 38.1 95.4 97.2 102.9 103.5 105.3 105.5 105.7 Food and kindred products 43 8 43 7 42 1 43 0 43 2 43 3 43 3 98 6 101 5 109 7 111 0 111 9 112 7 114 4 Tobacco manufactures 39 1 38 6 36 7 36 3 38.2 39.6 39 2 85 1 88 5 94 8 94 8 95 0 95 3 95 1 Paper and allied products . 42.8 43.4 43.0 43.1 42.9 42.9 42.4 100.7 102.0 112.1 113.8 116.5 119.0 119.2 Printing, publishing and allied industries. . . 40.2 40.8 40.1 40.1 39.9 39.6 39.4 128.7 129.9 146.2 148.6 149.9 149.9 151.0 Chemicals and allied products 40.7 40.8 41.0 41.1 41.1 40.9 40.9 109.8 110.2 119.2 121.0 123.2 124.7 125.3 Products of petroleum and coal 40 0 40 3 40 5 40 0 40.7 40 5 40 6 135 5 134 7 141 8 144 8 146 4 149 5 149 4 Rubber products 39.2 39.4 39.5 39.0 39.1 38.6 38.4 129.2 129.5 139.7 141.6 141.9 144.6 144.6 Miscellaneous industries 40.5 41.0 40.6 40.3 40.3 39.4 39.4 104.8 105.7 114.2 115.3 116.7 117.8 117.8 NOTE.—Preliminary September 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.3 and 125.1; Durable, 40.5 and 133.2; Nondurable, 40.1 and 116.8 respectively. Back figures are available from the Bureau of Labor Statistics. NOVEMBER 1947 1411 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 i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government * 1939 30,287 10,078 845 ,150 2,912 6,705 1,382 3,228 3,987 1940 32,031 10,780 916 ,294 3,013 055 ,419 3,362 4,192 1941 36,164 12,974 947 ,790 3,248 7,567 ,462 3,554 4,622 1942 3',697 15,051 983 ,170 433 7,481 ,440 3,708 5,431 1943 42,042 17,381 917 ,567 619 7,322 ,401 3,786 6,049 1944 41,480 17,111 883 ,094 3,798 7,399 ,374 3,795 6,026 1945 39,977 15,302 826 ,082 3,872 7,654 ,383 3,891 5,967 1946 40,712 14,365 836 ,493 4,023 8,448 ,523 4,430 5,595 SEASONALLY ADJUSTED 1946—August 41,309 14,745 886 ,601 4,042 8,573 ,546 4,386 5,530 September 41,669 14,953 884 ,648 4,064 8,609 ,549 4,412 5,550 October 41,854 15,019 883 ,670 4,093 8,581 ,548 4,537 5,523 November , 42,139 15,233 883 ,679 4,101 8,639 ,551 4,578 5,475 December 42,207 15,310 874 ,731 4^091 8,630 ,554 4,596 5,421 1947—January 42,243 15,426 883 ,678 4,075 8,595 ,552 4,596 5,438 February 42,354 15,529 880 ,651 4,052 8,637 ,554 4,630 5,421 March 42,395 15,564 879 ,632 4,040 8,695 ,555 4,588 5,442 April 42,065 15,513 856 ,652 3,855 8,638 ,546 4,552 5,453 May 42,079 15,359 884 ,668 3,970 8,631 ,553 4,567 5,447 June 42,340 15,358 893 ,700 4,074 8,669 ,551 4,641 5,454 July 42,078 15,157 864 ,742 4,079 8,688 ,574 4,640 5,334 August 42 372 15,399 895 ,766 4,084 8,746 1,594 4,573 5,315 September 42,806 15,610 893 ,815 4,141 8,788 1,601 4,587 5,371 UNADJUSTED 1946—August 41,466 14,876 886 ,713 4,103 8,402 ,554 4,430 5,502 September 41,848 15,035 884 ,747 4,064 8,523 ,534 4,456 5,605 October 42,065 15,064 883 ,753 4,093 8,667 ,540 4,514 5,551 November 42,439 15,271 883 ,713 4,101 8,898 ,543 4,555 5,475 December 42,928 15,348 874 ,644 4,071 9,234 ,546 4,573 5,638 1947—January 41,803 15,372 883 ,527 4,014 8,552 ,544 4,527 5,384 February 41,849 15,475 880 ,502 4,011 8,507 ,546 4,561 5,367 March 42,043 15,510 879 ,534 4,020 8,565 ,555 4,565 5,415 April 41,824 15,429 856 ,619 3,836 8,552 ,554 4,552 5,426 May 41,919 15,237 884 ,685 3,970 8,545 ,561 4,590 5,447 June 42,363 15,328 893 ,768 4,115 8,582 ,567 4,711 5,399 July 42,175 15,209 864 ,847 4,140 8,558 ,590 4,686 5.281 August 42,547 15,537 895 1,890 4,145 8,571 ,602 4,619 5,288 September 42,997 15,696 893 1,924 4,141 8,700 1,585 4,633 5,425 1 Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nbnagricultural 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. September 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] Civiian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T f l o o a r b t c a o e l r Total Total In E m no p n lo a y g e ri d c u 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e tural industries agriculture 19402 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—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 March 107 190 59 960 58,390 56,060 48,820 7,240 2,330 47 230 April 107,260 60 650 59,120 56,700 48,840 7,860 2,420 46 610 May 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 r63 017 ••61,665 '59,569 '50,594 '8,975 r2,096 r44,573 September 107,675 62,130 60,784 58,872 50,145 8,727 1,912 45,544 r Data revised because of changes in sampling procedure introduced in August. For detailed explanation of revision see Bureau of the Census, Current Population Reports, Series P-57, No. 64 and No. 65. 1 Includes self-employed, unpaid family, and domestic service workers. 2 Annual averages for 1940 include an allowance for January and February 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 sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1412 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 Total R b e u si i d ld e i n n t g ial an u d t il p it u i b es lic Month Factories Commercial Educational Other 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 February 387.4 442.2 102.1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 !March 697.6 596.8 275.2 282.9 113.7 82.1 112.7 52.6 11.4 21.4 40.9 35.8 143.6 122.0* April .... 734.9 602.3 370 6 256 7 105 1 65 6 75 1 66 3 18 0 22 7 37 9 29.6 128.1 161.4 May 952.4 674.7 463.6 254.1 140.5 71.3 88.7 59.2 23.5 47.7 38.3 57.7 197.9 184.7 June 807.9 605.1 332.2 209.5 159.4 66.8 55.2 58.4 23.5 40.1 35.2 44.7 202.5 185.7 July 718.0 660.3 281.2 240 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 September 619.9 293 8 73 7 50.0 18 8 27 1 156.4 October 573.2 235.1 140.2 41 0 12 6 31.5 112.8 November 503.7 221 1 73 6 36.1 15.1 36 0 121 8 December 457.3 193.4 69.9 38.6 19.7 19.8 115.9 Year 7,489 7 3,142.1 1,317 3 773 2 221.4 404.4 1,631.3 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [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 Sept. Aug, Sept. 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 33,852 52,564 April 396 735 602 309 127 177 87 608 425 New York.. . 125,217 86,421 May 243 952 675 148 197 234 95 756 441 Philadelphia. 37,595 36,816 June 227 808 605 82 215 226 146 593 379 Cleveland. . . 64,840 53,888 July 258 718 660 108 202 203 149 516 458 Richmond. . . 69,395 63,516 August.... 264 680 823 67 205 218 196 475 605 Atlanta 65,209 87,444 September. 278 620 650 43 187 193 235 433 457 Chicago 111,350 147,379^ October. . . 317 573 61 134 256 439 St. Louis. 52,781 21,765 November. 370 504 61 130 309 373 Minneapolis. 28,937 22,638 December.. 331 457 62 109 269 348 Kansas City. 21,921 12,758 Dallas 38,899 34,668 Year 3,299 7,490 1,311 1,754 .. . 1,988 5,735 Total (11 districts) 649,996 823,216 619,857 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION Prop- Small 1- to 4- Rental War and [In millions of dollars] Year or month Total erty home family and Vet- 1 1 9 9 3 3 6 5 3 55 20 7 p m r i o m e 2 2 v n 4 2 - e 4 t 6 - s c t t i r o o u n n c - - h ( o T I u 3 D i s t 0 9 l e 4 9 e s h g ( o T r I u o D i s t u i l p n e 2 2 g h e ( o T r u a i s n t i l s n e ' 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 a u 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* 1937 495 60 424 11 1 1 1 1 1 1 9 9 9 9 9 9 4 3 4 4 3 4 2 9 0 1 8 3 1 1 1, , , 1 0 1 9 9 6 3 2 8 4 5 9 7 6 6 2 4 4 2 2 2 1 1 6 0 9 5 6 4 2 8 6 1 0 1 2 2 2 1 1 6 5 1 3 5 1 4 6 8 6 2 7 7 6 7 4 9 3 7 9 3 3 1 6 4 5 1 1 8 1 6 3 3 2 6 8 0 1 4 1 3 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 9 6 8 0 7 — — — — — r D D D D j) e e e e e c c c c c > . 2 1 1 , , , 4 1 7 3 7 0 9 9 6 7 9 9 3 5 1 1,1 4 6 9 2 6 0 3 3 2 2 2 4 0 8 1 3 2 7 3 8 7 8 1 0 2 1 1 1 2 9 5 1 4 4 2 6 0 9 3 2 5 1 4 1 4 4 1 2 2 2 1 8 2 1 0 3 7 5 1 2 5 7 3 1 1 9 5 2 3 5 0 3 7 3 0 1 1 1 9 9 9 4 4 4 6 5 4 6 8 7 8 8 9 4 6 8 3 1 1 6 8 2 9 3 5 2 3 2 4 1 1 9 7 6 3 4 2 5 7 8 3 2 5 7 1941— J S M u e n a p r e t 2 2 2 , , , 9 7 5 4 5 9 2 5 8 1 1 1 , , , 3 4 2 1 4 0 8 6 0 1 1 1 5 7 4 7 1 6 2 2 2 3 4 3 7 6 0 6 6 7 6 0 2 8 6 2 2 2 2 2 2 1 5 0 0 1 1 1 7 5 6 8 4 0 1946—September.. 63 32 26 4 Dec 3,107 1,465 186 254 789 234 179 D O N e o c c v t e o e m b m b e b e r e r .. r . . . . 8 6 7 5 7 7 4 4 3 0 7 5 (2) 3 2 2 3 6 8 9 6 7 1942— D Ju e n c e 3 3 , , 6 4 2 9 0 1 1 1 , , 6 6 6 2 9 3 2 23 1 6 9 2 2 7 7 2 6 1,0 9 3 4 2 0 2 2 4 4 5 3 1 1 6 9 3 5 1947— F M Ja e a n b r u r c a u h r a y r . y . . . . . . 8 8 7 9 6 9 4 4 3 0 4 9 (2) 3 2 2 0 7 8 1 1 1 6 3 8 1943— D Ju e n c e 3 3, , 6 7 2 0 6 0 1 1, , 7 7 0 0 5 0 2 2 5 5 6 2 2 2 9 8 2 4 1 1, , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 8 9 J A M u p a n r y e il 1 1 1 1 5 17 2 2 4 5 51 2 0 (2) 3 3 33 6 9 3 3 6 3 4 3 1944— D Ju e n c e 3 3 , , 3 5 9 5 9 4 1 1 , , 5 6 9 6 0 9 2 2 6 5 0 8 2 2 6 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 1 4 5 0 0 J A S u e u l p y g t u e s m t ber.. 1 1 18 8 69 4 1 4 4 5 9 6 7 (2) 3 4 39 7 1 9 9 74 5 6 1945— D Ju e n c e 3 3 , , 3 15 2 6 4 1 1 , , 5 50 7 6 0 2 2 6 6 5 3 2 25 6 3 4 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 12 3 2 4 1946—June 3,102 1,488 260 247 974 11 122 1 Mortgages insured under War Housing Title VI through April Dec 2,946 1,429 252 233 917 9 106 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include 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. NOVEMBER 1947 1413 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 Pl,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 P1,327 249 358 365 385 P444 743 839 665 431 P883 April 989 1,231 1,005 757 P1,299 258 361 366 '406 P512 732 870 639 ••351 P787 May 1,092 1,455 1,135 851 Pl.422 282 386 372 '393 P474 810 1,069 763 '457 P948 June 1,003 1,296 870 878 Pl,242 296 332 360 '382 P466 707 965 511 '496 P776 July 1,265 1,197 893 826 Pi,151 302 294 356 '431 P450 963 903 537 '395 P701 August 1,280 1,191 737 883 P1,150 318 304 360 422 ..P399 962 887 378 461 P751 September.... 1,269 1,194 514 P643 289 282 335 P377 981 912 180 P266 October .. . 1,237 1 144 455 P537 329 329 344 P394 908 815 111 J»143 November 1,072 1 185 639 P986 312 323 322 P478 760 862 317 P508 December.. .. 1,286 938 736 P1,O97 282 336 297 P529 1,004 602 439 P568 Jan.-Aug 8,100 9,798 7,461 6,477 P9,853 2,169 2,650 2,837 3,130 P3,712 5,931 7,149 4,624 3,348 P6,141 P Preliminary. ' Revised. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a e n l e - - c d h i a s n e - ra T i o lw ta a l y ra T i o lw ta a l y ra N ilw et ay Net ucts ous I.C.I. r o e p v e e r n a u ti e n s g expenses o i p n e c r o a m ti e ng income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998" 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 138 79 1945 8,899 8,049 849 447 1946 P7.627 P7.OO8 P619 P289 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1946—July 139 145 177 139 166 153 164 141 78 August 141 152 184 131 r119 157 162 145 77 1946—June 639 586 53 20 September... 138 160 183 125 91 154 164 139 75 July 651 603 48 16 October 139 155 183 142 128 146 157 139 79 August. . . 664 613 51 18 November... 137 117 166 147 136 151 157 148 83 September. 673 605 68 37 December. . . 140 132 155 162 122 156 145 148 81 October... 663 606 57 25 November. 663 601 62 29 1947—January 150 163 175 157 123 163 176 152 77 December. 658 523 135 98 February.... 142 149 171 147 111 166 172 145 76 March 146 147 180 159 121 159 171 151 78 1947—January... 698 624 74 42 April 137 119 173 151 111 148 184 147 79 February.. 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March.. . . 723 642 81 48 June 137 141 173 140 107 145 184 142 74 April 685 637 48 15 July 134 115 170 168 107 152 194 143 71 May 698 633 65 32 August 143 146 184 162 92 152 190 149 73 June 731 649 82 49 September.. . 142 153 180 137 105 149 181 145 73 July 683 634 48 18 August P719 P655 P64 P33 UNADJUSTED UNADJUSTED 1946—July 143 145 172 166 135 153 263 142 78 August 145 152 177 142 113 165 243 146 77 1946—June 612 574 38 15 September... 149 160 181 140 120 166 245 150 79 July 674 611 63 32 October 149 155 180 142 197 154 216 151 82 August 710 629 82 53 November... 141 117 166 144 171 148 169 154 84 September. 660 593 67 39 December. . . 131 132 163 152 118 139 45 139 78 October 710 625 85 57 November. 658 594 64 38 1947—January 138 163 184 157 118 147 44 139 74 December. 637 534 103 89 February.... 133 149 182 144 89 159 43 136 74 March 137 147 182 146 96 159 50 144 79 1947—January... 686 628 58 29 April 134 119 169 133 98 148 157 145 80 February.. 636 593 43 14 May 144 155 183 121 94 154 267 146 76 March.... 718 645 73 43 June 142 141 170 143 87 151 286 146 73 April 689 631 58 33 July 140 115 165 202 87 153 311 145 71 May 724 649 76 46 August 148 146 177 175 87 160 284 150 73 June 697 637 60 38 September. -», 153 153 178 153 139 161 272 157 77 July 705 644 61 37 August.. . . P745 P664 P81 P52 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. 1414 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 lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALESi 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 117 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 149 140 128 143 153 170 162 149 158 129 149 157 169 1943 168 148 135 151 167 194 204 161 179 148 184 212 200 1944 186 162 150 167 182 215 244 176 200 164 205 245 221 1945 207 176 169 184 201 236 275 193 227 185 229 276 244 1946 264 221 220 236 257 289 345 250 292 247 287 353 306 SEASONALLY ADJUSTED 1946—September 270 226 '206 ••245 249 298 367 263 313 265 321 '373 '312 October 257 216 179 233 248 286 348 250 293 254 297 349 319 November 271 230 231 239 266 291 347 261 294 252 283 356 320 December 276 231 232 250 277 293 363 264 303 251 299 348 317 1947—January 265 215 228 247 256 293 341 245 278 262 281 363 313 February 268 219 224 234 256 281 338 262 290 261 272 347 330 March 273 237 229 236 257 307 346 260 294 279 298 347 325 April 276 227 235 258 272 299 353 261 306 257 296 377 315 May 291 244 253 275 298 303 367 276 321 270 316 379 323 June 289 249 254 264 284 317 365 278 299 278 305 361 320 July 287 237 254 257 281 301 336 281 320 268 294 378 329 August 282 234 246 258 273 282 352 266 307 271 298 376 '340 September P290 236 234 P268 290 303 361 290 P337 287 346 368 P313 UNADJUSTED 1946—September P277 237 214 '245 251 '317 374 268 316 287 311 '392 '325 October 278 240 202 258 265 312 372 268 313 281 312 384 330 November 336 284 301 318 333 370 416 318 371 302 340 434 376 December 441 398 392 408 430 494 570 409 463 385 448 567 504 1947—January 209 170 182 188 194 219 273 196 228 196 225 294 249 February 222 171 188 192 210 226 298 210 244 202 247 306 278 March 266 227 229 255 262 292 346 250 288 258 283 337 295 April 268 227 223 248 266 290 350 258 297 264 290 347 297 May 280 241 237 261 283 301 348 276 315 269 297 356 301 June 265 232 231 238 267 278 307 270 269 264 281 307 294 July 219 164 170 185 220 215 269 219 249 217 250 288 272 August 236 176 179 193 237 '233 310 224 264 '242 277 327 '306 September P298 248 244 P268 293 322 368 296 P340 312 336 387 *>325 STOCKSi 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 113 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 187 1943 155 142 143 141 144 175 161 160 152 151 152 159 172 1944 162 147 150 148 151 190 185 161 159 169 157 177 177 1945 166 153 160 150 156 198 188 159 166 165 158 190 182 1946 213 182 195 191 205 250 258 205 225 211 210 250 238 SEASONALLY ADJUSTED 1946—September 226 192 200 210 221 262 277 220 240 227 219 267 249 October 237 207 192 217 232 274 297 235 264 244 234 274 270 November 256 209 221 220 249 298 330 249 274 259 249 303 296 December 274 205 238 219 258 319 348 256 292 281 303 364 334 1947—January 268 197 234 216 257 315 311 262 291 278 298 327 315 February 275 206 249 225 261 307 335 264 296 270 293 343 330 March...: 273 211 242 223 264 295 321 263 288 266 302 343 331 April 264 211 230 221 246 302 320 257 281 287 282 326 308 May 252 198 221 215 238 292 309 243 272 268 267 333 287 June 241 188 215 212 231 270 280 232 267 256 248 308 280 July 230 188 204 205 217 265 270 226 247 254 212 276 267 August 227 184 '206 206 219 261 273 221 250 241 214 282 248 September P230 189 210 P211 222 252 282 225 246 P244 P22O 285 253 UNADJUSTED 1946—September 250 210 216 '230 246 294 305 244 266 245 246 299 281 October 267 231 217 247 268 312 333 263 295 271 266 310 299 November 277 236 247 242 263 316 347 274 293 279 266 324 313 December 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—January 234 180 206 188 225 268 280 225 250 253 258 294 277 February 252 194 231 218 242 290 312 240 266 257 264 305 290 March: 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 245 195 ••215 214 236 294 295 236 273 255 240 318 271 September P257 206 227 P232 264 283 311 250 273 *>264 P246 319 285 r Revised. v 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 BULLETIN for June 1946, pp. 588-612. NOVEMBER 1947 1415 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 STORES1 [Weeks ending on dates shown. 1935-39 average = 100] Amount Without s>easonal adjustment (In millions of dollars) 1945 1946 1946 1947 Out- Year or month m ( S t o f a o o n l t e r t a h s l ) m ( S e o t n n o d c t k h o s ) f ( s o e t r n i a d n d n e g d r o s - f Dec. 2 2 1 8 2 9 5 .... . . 4 4 1 0 2 S 1 1 8 Dec. 2 2 1 8 7 4 1 . . ... . . 5 4 2 S 3 7 8 1 2 5 1 9 June 2 2 1 9 8 2 5 .. . . .. ..2 2 2 2 4 7 8 3 8 3 3 9 June 2 2 1 1 8 7 4 . . . . . . . . . . . . . . . 2 2 3 2 5 4 0 9 6 5 0 3 month) July 6... ..192 July 5 ....208 1946 1947 13 210 12... . .228 20... 201 19... . .217 1939 average 128 344 Jan. 5 .135Jan. 4 .188 27... ..204 26... ..213 1940 average 136 353 108 12.... .188 11.... .232 Aug. 3 217Aug. 2... ..220 1941 average. . . . 156 419 194 19 .191 18.... .223 10... ..228 9... ..223 1942 average. 179 599 263 26 .188 25 220 17 239 16 . 225 1943 average 204 508 530 Feb. 2. ..197 Feb. 1 .217 24... ..255 23... ..243 1944 average 227 534 560 9... 214 8 219 31 281 30... 277 1945 average. 255 564 728 16.... .209 15 .246 Sept. 7 264 Sept. 6... ..265 1946 average 318 714 907 23.... .213 22.... .216 14... .293 13... ..291 Mar. 2 217Mar 1 21... . .280 20... ..301 1946—August.. . 303 809 1014 9 8 ?S4 28... .257 27... . '316 September 309 '829 '961 16 .243 15 267 Oct. 5... ..277 Oct. 4... ..326 October. . . 341 879 845 23.... .255 22.... .286 12... ..281 11... ..304 November. 404 919 691 30.... .257 29.... .283 19... . .295 18... ..299 December. 526 776 557 Apr. 6 .272Apr. 5 .319 26... ..287 25... ..307 13.... .282 12 .265 Nov. 2. . ...277 Nov. 1. .. 1947—January. . , 256 769 619 20.... .289 19.... .271 9.. .. .314 8... February.. 250 838 603 27.... .232 26.... .267 16... . .342 15... March. . . . 332 865 485 May 4 .248 May 3 .279 23... . .363 22 April 321 849 387 n:... .274 10.... .311 30... . .334 29... May 336 818 351 .246 17 .273 June 304 769 470 18 .245 24 .277 July 252 730 593 June 25.... .223 31.... .250 August . . . 273 792 622 1 September P340 P82O P660 r Revised. NOTE.—Revised series. For description and back figures s ! PP. P Preliminary. r Revised. 874-875 of BULLETIN for September 1944. 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] Sept. Aug. mo 9 s. S 19 e 4 p 7 t. A 19 u 4 g 7 . A 19 u 4 g 7 . mos. S 19 e 4 p 7 t. A 19 u 4 g 7 . mo 9 s. 1947 1947 1947 United States. .p+12 -6 +7 C T le o v l e e l d a o n 1 d-cont, + 17; [ -9| ++8 C C h h ic ic a a g g o o x + +1 1 5 3 -1 -8 4 + + 9 9 Ka c n o s n a t s . City-— B N P o o e s w r to t l n a H n a d ven. . . . + + - 1 5 5 0 + -1 1 7 8 + -3 8 0 Y P E i r o t i t u e s n 1 b g u s r t g o h w n 1. . x . . . . + + + 1 2 4 7 3 8 -1 - - 2 6 0 + + + 1 1 0 9 1 F P In o e d r o i t r a W i n a a 1 a p y o n l e is x l . . . . + + - 2 1 9 3 — -i 1 ! 1 + + + 9 7 4 O Tu k l l s a a homa City. + 11 -6 + + 3 4 Boston Area. . . +10 +9 Wheeling1 + 14) —121 0 Terre Haute x.. +20 =1+ 12 Dallas -6 +4 Downtown Des Moines. . . + 15 +9 Shreveport +5 +7 N A N S W N B N P E B B e p r l e l i u e i w r o o m b r a n w w i f i B r v g a d f g n i c Y a a i n a r o g g Y h e d a l r y r o s f e o s k a e a o i r t t 1 p e n m o k r e x l k F o c n r d t e a r o C t l l n l . i . s t . y . . . . . 1 . . . . I ! I + + + + + + + + + + + + + 1 2 1 1 1 1 1 1 1 6 7 2 3 8 6 8 7 0 9 2 1 1 | - - - - - - - 1 1 1 - 1 1 - 1 - - 1 - 8 5 6 9 9 5 2 3 0 3 3 1 p + + + + + + + + + + + + + 6 8 8 8 9 7 6 7 3 8 3 3 R L W N G R R C C R W B ic y i h o o h a r a i W c h a e n l a a r l a n h e s t e f m c r n r s i . o h i m n l l m h o t g o e e l i v V o k b k h n o s n s o i n u e , t a g t n l d r o o - l r e d t e N S n g o n , a , n , . S S l e C x . . . m . . C C , . . . . | + + + + 4 + + — 1 1 2 5 2 7 3 5 -3 1 \ - - - - - - - 1 2 1 1 1 1 2 - - - - 6 7 9 1 9 0 4 4 1 5 3 ! + + + + + + + + + - 1 1 3 5 1 3 2 2 7 4 2 3 0 S F L Q L L G M D F E G M t. o o i a l v u r r e a t i i e n r u a i l t L a t d n t n e w l i s n r n e o i s t n i c o d s S 1 a v n u s y o i R u m i g v i B t n l R s k 1 l o i i a e e l t a c y h l e p k x e . l i . x . . x d . . . . . . s . . . . . . . p+ + + + + + + + + 1 1 - 2 2 3 1 2 1 1 2 8 8 8 0 0 0 0 2 5 1 1 1 i : , ! + - - - - - 1 + 1 1 2 2 - - 1 5 0 1 4 3 0 8 2 6 Q -3 ! + + + + + + + - + 1 + + - 1 1 1 1 1 1 1 2 2 9 5 6 7 1 0 4 8 2 3 0 S F S T F L L O C D H P B a a r o h o o u n o a a o a e n s o r n c k k r F u l s t p s g e e l l n s A r A a a o r u n t a o W s n n s o B n s i n n f x 1 d n l g i t e c e o o C e x a i l l s a l n r d c h e c n t i h s r o o h d i . x 1 . s . . 1 . . t . . . . i . . . . . . . . . . . . P p + + + + + + - - + 1 1 " 1 1 5 6 7 4 7 7 4 : i | \ ' - + + 1 - - - — + + - - 1 + 1 4 9 6 9 0 4 4 3 3 2 4 + + + + + + + + + + + - 1 1 1 5 7 4 6 6 6 9 8 4 1 0 S S U P R y c o o ti h r u c c a e g h a c n h e u e s k s t c e e e t e r a x p d x s y i . e .. . . . i | I + + + + + 1 1 1 9 5 2 2 0 - - + 1 1 - — 6 2 6 1 7 + + + + +9 8 8 6 9 A H M B tl i u a o r n m n b t i t i a l i n e n g g h t a o m n . l. . . . . + + + + 9 8 3 7 1 - — - 4 7 1 + + + + 4 6 4 3 S S S M E t t p a . . e r s m L L i t n o o p S g u u h t f i i . i s i s s e L x A l l . . o d r u . . . e . . i . a . s . . . . . P + + + + + 1 9 1 1 4 4 8 6 + - - 1 1 - - 7 9 8 1 8 9 + + + + + 9 7 9 2 3 1 S S R S a a i a n v c B n r e e a D r r s m B k i i e e d e e g l e r n e o n t y a o a x r n . * d * d . i . n . . o . . + + () + 1 1 7 0 3 + + + 2 2 2 s + + + + 3 4 7 8 P T L P R h h a r e i e l n i a a l n c d a d t a i d e o n s e l n g t p l e h p x r x h ia x i a l. . . . > + + + + + 1 1 1 1 8 1 0 2 4\ r -4 -6 y + + + + + 1 1 1 1 3 1 0 0 1 J O T A M M a a r t c o i l m l a k a n a m s n p t n o g d a t i n o o x a x v m 1 il e l r e y 1. x. . . . - + + + 1 + 1 5 2 4 4 0 - + + 1 - - - 8 7 7 8 6 2 + + + + - 1 1 6 1 9 0 0 1 M S M D i t u n . i S n l n P u u n e p t a e a h e a u p - r p l o i 1 o o li r l s i . s 1 . . x .. . , + + + + 1 1 1 1 8 3 2 | + _ - + 1 2 1 1 + + + + 1 1 1 5 2 3 1 S S S S V a a t a a o n n N n l c l t e a F a k J j p o r t o o a a R s e n n a o x c n l s i d a s c x o . . x . . I i | I + + + + 3 6 8 6 - - - 3 6 2 + + + + 1 1 6 3 2 0 Y W o il r k k e 1 s-Barre1.. + + 1 | 4 - - 1 1 2 3 + + 1 3 2 A Co u l g u u m st b a us + + 2 2 -1 -9 2 + + 2 6 K D a e n n sa v s e r City . . + + 1 1 2 2 \ r+ -4 2 + + 1 7 0 Bo N is a e m a p n a d I -15 -2 Cleveland +21\ +9 M Ba a t c o o n n R x ouge x. . + +2 1 -1 -4 1 + -2 6 H Pu u e t b c l h o ison.... + + 1 9 0 + -7 4 + + 8 4 S P a o l r t t l L a a n k d e City K + + + 2 5 + + 1 7 0 Akron1 +81 -6 +5 New Orleans x. . +3 -3 +7 Topeka +7 -10 +5 Bellingham l. . . + 1 -6 +6 Canton 1 +10 -8 +10 Bristol, Tenn.. . 0 -11 +4 Wichita +4 -11 -3 Everettx + 11 -7 +5 Cincinnatix. . +10 -10 +7 Jackson x + 1 -16 0 Joplin + 11 -8 +10 Seattle l P+6 +2 +4 Cleveland1 +11 -10 +7 Chattanooga x. . -5 -20 -3 Kansas City... + 11 -9 +7 Spokane1 + 10 +9 + 15 Columbus !. . +7 -12 +4 Knoxville x -6 -19 -9 St. Joseph. . . . +11 -6 +7 Tacoma x 0 -7 +2 Springfield x. . +19 -5 +6 Nashville x 0 -17 — 1 Omaha + 14 -12 +5 Yakima x P+3 +9 _±2 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 2 Data not available. « Eight months 1947. 1416 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 yeai- ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly "sales =100 2 Department o N f u m st b o e r r es Sal p e e s r d i u o r d ing ( m S e t o n o n d c t k o h s f ) August Sal p e e s r d i u o r d ing Sto o c f k m s o a n t t h end reporting A 1 u 9 g 4 . 7 E m 1 i o 9 g s 4 h . 7 t A 1 u 9 g 4 . 7 1947 1946 1947 1946 1947 1946 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire store3 358 -10 +4 -2 3.0 2.8 MAIN STORE—total 358 -11 +3 0 3.2 2.8 173 157 194 544 503 549 Women's apparel and accessories 355 -18 -4 -14 2.5 2.4 176 149 214 446 380 516 Coats and suits 339 -31 -10 -13 2.6 2.1 171 96 246 444 316 514 Dresses 341 -19 -7 -3 1.6 1.3 158 168 197 250 195 260 Blouses, skirts, sportswear, etc 336 -20 -6 -38 2.1 2.7 214 214 268 447 392 725 Juniors' and girls' wear 315 -16 -6 -36 1.7 2.3 257 155 306 445 381 695 Juniors' coats, suits, dresses 223 -14 -7 -34 1.4 1.9 256 169 296 369 304 566 Girls' wear 240 -17 -4 -38 2.1 2.8 264 142 317 555 488 900 Aprons, housedresses, uniforms 294 +6 -4 -17 1.8 2.2 156 198 148 273 274 328 Underwear, slips, negligees 340 -10 +2 -1 2.6 2.4 179 188 199 470 415 472 Knit underwear 161 -5 + 10 + 13 2.3 2.0 188 201 197 436 402 379 Silk and muslin underwear, slips , 188 -13 — 1 + 14 2.7 2.0 176 184 201 469 428 415 Negligees, robes, lounging apparel 166 -16 +2 -36 3.1 4.0 153 170 181 467 383 737 Infants' wear 319 -16 +6 -10 3.1 2.9 241 196 286 739 638 822 Shoes (women's, children's) 247 -14 +3 +52 4.0 2.2 182 153 213 723 645 476 Furs 274 -20 -7 -34 2.7, 3.2 208 78 259 555 528 829 Neckwear and scarfs 249 -14 0 -38 2.8 3.9 175 151 202 488 398 807 Handkerchiefs 293 -7 -5 -34 4.8 6.7 123 109 133 587 522 878 Millinery 172 -30 -5 -3 1.9 1.4 121 78 173 227 140 234 Gloves (women's, children's) 334 -31 -3 -21 9.1 8.0 72 63 104 660 519 834 Corsets, brassieres 339 -7 +6 +4 2.8 2.4 209 214 225 584 524 560 Hosiery (women's, children's) 349 -19 -8 + 15 2.0 1.4 121 113 149 245 219 215 Handbags, small leather goods 328 -13 ~8 -35 2.4 3.3 136 113 156 337 294 524 Men's and boys' wear 329 -14 +6 +25 4.4 3.1 141 135 164 629 554 507 Men's clothing 241 -14 + 19 + 101 4.7 2.0 129 136 149 605 503 302 Men's furnishings, hats, caps. .* 313 -12 +2 +8 4.4 3.6 132 142 150 576 528 535 Boys' clothing and furnishings 290 -18 -3 -4 4.1 3.4 190 110 232 770 650 806 Men's and boys' shoes, slippers 188 -9 +8 +60 5.7 3.3 141 134 156 810 723 506 Home furnishings 314 0 +13 +15 3.4 3.0 191 179 190 660 662 575 Furniture, beds, mattresses, springs 240 +2 +2 +22 3.2 2.7 191 162 188 614 636 503 Domestic floor coverings 267 +9 + 19 +61 3.9 2.7 181 157 166 716 669 438 Draperies, curtains, upholstery 299 -20 -4 -10 4.7 4.2 144 152 180 679 644 759 Major household appliances 236 +56 + 128 + 178 1.4 0.8 347 368 223 500 570 183 Domestics, blankets, linens, etc 306 -9 -1 +4 3.1 2.7 182 160 200 569 571 545 Linens and towels 204 -16 -8 -2 3.6 3.1 165 157 196 595 648 608 Domestics-muslins, sheetings 171 + 10 + 14 +78 2.0 1.2 207 181 188 420 453 239 Blankets, comforters, spreads 192 -21 -5 -11 4.0 3.6 159 135 201 638 578 712 Lamps and shades 241 -12 -2 -29 4.1 5.0 139 134 159 570 563 799 China and glassware 242 -2 + 7 +33 6.4 4.7 129 125 132 825 824 618 Housewares 243 -8 +4 -8 3.4 3.4 229 236 249 791 803 874 Piece goods 297 -21 +5 +25 3.5 2.2 204 187 259 721 670 582 Silks, rayons, and velvets 110 -11 +6 +44 2.8 1.7 212 180 238 589 562 417 Woolen dress goods 94 -22 -5 +26 3.1 2.0 324 141 415 1,019 874 802 Cotton wash goods 126 -15 + 11 +44 2.9 1.7 188 234 220 548 554 382 Small wares 342 -9 0 -17 3.9 4.3 143 139 157 556 528 671 Lace, trimmings, embroideries, and ribbons. 123 -20 -4 -20 4.8 4.8 159 178 198 765 635 940 Notions 231 + 1 + 10 -18 3.2 4.0 181 207 179 582 564 703 Toilet articles, drug sundries, and prescription: 329 -5 -4 -16 3.8 4.3 125 122 132 475 472 566 Jewelry and silverware 306 -12 — 1 -19 4.1 4.4 160 143 182 658 612 807 Jewelry 207 -17 -4 -33 4.1 5.1 148 136 179 608 571 908 Silverware 142 -2 +5 +7 4.0 3.7 166 138 169 667 577 606 Art needlework 242 -18 + 1 -20 4.7 4.8 129 124 157 605 565 744 Stationery, books, magazines 252 -11 + 1 -15 4.1 4.3 134 122 150 553 515 647 Stationery 158 -10 +6 -13 4.4 4.5 129 111 144 562 515 653 Books, magazines 94 -15 -5 -14 4.0 3.9 119 117 141 474 434 526 Miscellaneous 307 -4 + 1 -6 3.3 3.4 160 169 166 522 519 570 Toys and games 153 -12 -14 -24 5.6 6.4 113 112 128 631 534 829 Sporting goods, cameras 67 +2 + 14 +24 5.0 4.1 155 182 153 774 667 627 Luggage 256 + 1 + 7 + 14 2.5 2.2 235 259 234 588 607 530 BASEMENT STORE—total 207 -2 +11 -12 2.5 2.8 157 153 160 394 351 444 Women's apparel and accessories 198 -5 +6 -22 2.0 2.4 158 152 167 316 275 408 Men's and boys' clothing and furnishings 164 +5 +21 -1 3.1 3.3 163 157 156 512 448 516 Home furnishings 134 + 1 + 11 -9 2.8 3.2 164 163 163 467 452 513 Piece goods 56 -10 +8 +20 2.8 2.1 230 216 254 641 617 545 Shoes 129 + 7 +25 + 16 3.8 3.4 125 127 116 471 425 409 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. 1415. 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. NOVEMBER 1947 1417 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 2,125 1,749 596 1930 6,829 2,696 2,032 928 1,104 664 1,949 1,611 573 1931 5,526 2,212 1,595 637 958 617 1 402 1,381 531 1932 4,093 1,526 999 322 677 527 962 1,114 491 1933 3,929 1,605 1,122 459 663 483 776 1 081 467 1934 4,396 1,867 1,317 576 741 550 875 1,203 451 1935 5,439 2,627 1,805 940 865 822 1,048 1,292 472 1936 6,796 3,526 2,436 1,289 1,147 1,090 1,331 1,419 520 1937 7,491 3,971 2,752 1,384 1,368 1,219 1,504 1,459 557 1938 7,064 3,612 2,313 970 1,343 1,299 L 442 1 487 523 1939 7,994 4,449 2,792 1,267 1,525 L ,657 1,468 1,544 533 1940 9,146 5,448 3,450 1,729 1,721 1,998 1,488 1,650 560 1941 9,895 5,920 3,744 1,942 1,802 >,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 L.143 10? 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 .462 1,519 1,981 772 1946 10,157 3,976 1,558 544 1,014 2,418 2,253 3,054 874 1946—August 8,374 3,165 1,124 394 730 2,041 1,938 2,418 853 September 8,643 3,288 1,177 425 752 2,111 2,000 2,495 860 October 9,021 3,458 1,261 466 795 2,197 2 081 2 621 861 November 9,540 3,646 1,358 505 853 2,288 2,164 2,859 871 December 10,157 3,976 1,558 544 1,014 2,418 2,253 3,054 874 1947—January 9,982 4,048 1,566 581 985 2,482 2,295 2,764 875 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 L.059 2,724. 2,256 2,782 890 ^tay 10,729 4,739 1,928 816 1,112 2,811 2,255 • 2 835 900 June 10,992 '4.919 r2,036 880 r1,156 2,883 '2,270 2,887 916 July 11,055 5,045 2,092 922 1,170 2,953 2,301 2,786 923 August? 11,191 5,185 2,168 965 1,203 3,017 2,326 2,755 925 September? 11,434 5,298 2,254 1,000 1,254 3,044 2,350 2,859 927 ^Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of 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 rc m k i s a - 1 l p S c l a m o o n m a i a n e l - l s b In t a r d n ia u k l s s - 2 p I c n a l t 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 l M l a e n n is e d c o e e u r l s s - m i r l z o e o a a a p n d t n i a d e o s i r r n 8 n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n 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 a n 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 93 125 148 368 662 409 148 1938 . . . 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939 1,657 523 448 131 99 147 96 213 680 827 261 194 257 1940 L,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 L.143 316 364 67 59 123 86 128 639 800 151 128 228 1944 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 .462 477 439 76 70 128 93 179 942 956 166 151 228 1946 2,418 956 608 117 98 185 110 344 1,793 1,251 231 210 339 1946—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 2,953 1,221 649 148 121 233 114 467 217 123 29 23 44 August?.... 3,017 1,248 652 152 124 240 114 487 204 113 25 22 42 September?. 3,044 1,257 643 155 124 245 114 506 211 106 27 23 41 ? Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September amounted to 97 million dollars, and loans made during September were 14 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. 1418 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a b l t u a u il d l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a a h t o p o n o u p r c l s l d e e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total ch P a u s r e r - d eta D l i o l i a r n ec s t c d r h p e a ir a t u n a e s r d c i e - l t d , l e o m r t a a n i n o o n i d z n d s a - 12 - i l m s c n o o a s e a n s t n n h a a s t l lhouses Outstanding at end of 1 1 1 9 9 9 2 3 3 9 1 0 1 1 , , 1 1 9 9 0 58 7 4 1 1 1 5 3 6 5 8 0 5 4 5 5 8 3 4 3 9 2 2 1 2 6 8 2 5 5 4 5 4 5 6 7 1 1 13 3 4 6 3 1 p 1 1 e 9 9 r 3 4 i 9 0 od: 1 1, , 4 0 5 9 0 3 2 3 1 1 8 1 2 1 5 6 3 4 2 1 1 5 7 5 2 2 4 0 7 9 4 3 2 4 2 7 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 . . . 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934. 741 146 314 131 35 115 1943 516 54 79 68 89 226 1935 865 186 336 171 40 132 1944.. 557 55 96 75 84 247 1936 1,147 256 406 255 56 174 1945 742 64 139 100 124 315 1937 1,368 314 469 307 68 210 1946 1.591 165 306 275 273 572 1938 1,343 302 485 266 70 220 1946—August . . . ,264 127 241 201 211 484 1939 1,525 377 536 273 93 246 September... . ,334 136 252 214 226 506 1940 1,721 439 599 302 110 271 October ,413 145 268 233 242 525 1941 1,802 466 619 313 120 284 November.... L.494 156 285 251 256 546 1942 1.009 252 391 130 77 159 December.... 1,591 165 306 275 273 572 1 1 1 1 9 9 9 9 4 4 4 4 5 6 3 4. 1,0 6 6 6 1 3 7 3 5 4 6 9 3 1 1 1 3 7 9 8 7 2 8 3 3 2 2 2 * 6 6 7 8 6 9 1 3 2 2 1 1 8 9 4 3 1 6 2 7 7 6 3 0 4 1 1 1 1 0 6 0 0 7 0 0 1 1947— A F M Ja e p a n b r r u i r c l a u h r a y ry.. .. 1 1 1 1 , , , , 9 7 8 6 2 3 2 6 2 2 1 8 2 2 1 1 3 1 9 8 7 5 6 1 3 3 3 39 7 4 2 7 3 8 5 3 3 2 3 3 0 1 9 7 7 5 6 3 2 2 2 1 8 8 9 4 4 0 6 5 5 6 6 2 9 8 3 < 7 9 6 ) 1946 May 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 July 2,200 288 456 405 379 672 October. . . 795 257 322 25 66 125 August? 2,271 301 - 470 416 401 683 November. 853 284 337 26 72 134 September?.. . 2,338 313 478 431 434 682 December. 1,014 337 366 28 123 160 Volume extended dur- 1947 ing month: January. . . 985 337 352 27 114 155 1946—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 32 108 167 November. .. . 274 33 58 54 29 100 May. 1,112 409 382 32 114 175 December.... 306 39 64 61 28 114 S J J A u u e u p n ly g t e e u m st b ? e . r ? . 'I 1 1 1 , , , , 1 2 2 1 5 5 0 7 6 4 3 0 4 4 4 4 6 4 2 2 0 0 3 9 4 4 3 3 0 2 9 9 8 3 5 8 •• 4 3 4 3 2 9 4 7 1 1 1 1 1 2 2 2 9 9 4 0 1 1 1 1 8 8 9 8 9 2 8 4 1947— A F M Ja e p a n b r r u i r c l u a h r a y ry 3 3 2 36 0 4 8 4 7 3 9 5 4 4 60 4 4 2 6 8 8 7 4 9 1 0 6 6 5 5 9 5 5 9 3 3 2 2 6 1 4 5 1 1 1 9 1 1 0 7 5 8 5 May 375 59 83 77 42 114 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL June . 392 59 80 92 44 117 BANKS, BY TYPE OF CREDIT July 384 63 84 75 42 120 [Estimates. In millions of dollars] August? 363 58 79 70 45 111 September?.. . 398 67 84 77 57 113 Retail instal- Repair Personal ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n 12 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 1 2 1 1 2 9 5 6 . . 4 8 4 2 9 1. . 4 3 1 1 2 8 . . 8 8 1 1 5 8 . . 6 6 1 7 1 5 0 . . 6 1 m A o u b to il - e Other l i o z a a n ti s o 1 n 2 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—August.... 138.5 21.3 14.1 24.2 78.0 1946 108.4 15.0 7.4 2.4 83.6 O S N D e c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . 1 1 1 1 6 5 4 5 2 0 2 6 . . . . 7 6 9 1 2 2 2 2 7 2 6 4 . . . . 5 2 4 1 1 1 1 1 4 7 5 6 . . . . 7 8 7 7 2 2 2 2 8 6 7 5 . . . . 7 3 5 4 8 8 8 8 5 9 3 0 . . . . 7 1 8 7 1946— N S O A e o c u p t v g o t e u e b m m s e t r b b e e r r . . 1 9 9 9 0 3 9 5 3 . . . . 1 7 3 7 1 1 1 1 3 3 4 4. . . . 5 6 8 9 5 6 7 7 . . . . 6 2 6 0 2 2 2 2 . . . . 0 0 3 2 7 7 7 7 1 3 8 6 . . . . 9 9 3 0 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 May 191.4 38.6 21.8 33.1 97.9 April 124.6 18.7 9.9 2.7 93.3 June 199.2 40.6 23.1 35.0 100.5 May 128.5 20.6 10.8 3.0 94.1 July 206.7 42.8 24.3 36.9 102.7 June 131.3 21.7 11.8 3.2 94.6 August?. . . 212.6 44.9 25.3 38.4 104.0 July 134.0 22.4 12.8 3.4 95.4 September? 217.2 47.4 26.0 39.5 104.3 August P . . . 137.8 23.6 13.4 3.6 97.2 September? 137.5 24.3 14.2 3.8 95.2 Volume extended during month: Volume extended 1946— O N D S A e o e c u p c v t g o t e e u e b m m m s e t b b . b r e e . . e . r r r . . . . . . . . . 2 3 2 2 2 1 8 5 6 8 . . . . . 2 5 2 7 8 4 5 5 4 5 . . . . . 2 5 6 7 3 3 2 3 3 3 . . . . . 6 5 7 7 0 3 2 2 2 2 . . . . . 3 8 6 7 8 1 1 1 1 1 6 6 9 5 6 . . . . . 9 5 5 2 3 d 1 u 9 r 4 i 6 n — g O N D S A m e c o e u p o t c v o g t n e e e b u t m m m h e s r t : b b b . e e e . r r r . . . . . . 2 2 2 2 2 0 0 2 6 3 . . . . . 5 0 5 2 0 3 3 4 3 4 . . . . . 5 4 4 0 1 . . . . . 1 4 8 7 6 0 0 0 0 0 . . . . . 3 3 3 3 2 1 1 1 1 2 4 6 5 7 0 . . . . . 9 4 6 0 9 1947—January... 29.1 6.4 3.5 2.4 16.8 1947—January 22.4 3.6 .8 0.2 16.8 February.. 27.4 6.2 3.4 2.4 15.4 February.., 22.2 3.9 .6 0.2 16.5 March 31.3 7.1 3.5 2.7 18.0 March . . . . 25.6 3.9 .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 July 36.5 8.2 4.4 4.0 19.9 July 26.4 5.1 2.9 0.5 17.9 August?. . . 33.2 8.1 4.2 3.6 17.3 August ?. . . 25.6 5.1 2.7 0.5 17.3 September P 35.3 9.2 4.1 3.8 18.2 September? 26.6 5.1 3.0 0.5 18.0 p Preliminary. r Revised. x Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. NOVEMBER 1947 1419 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 t p a r g e e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding Item 1 S 9 e 4 p 7 t. ? A 19 u 4 g 7 . J 1 u 94 ly 7 1 S 9 e 4 p 7 t. ? A y 19 e u 4 a g 7 r . J 1 u 94 ly 7 Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e p s e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1946 Total + 12 +7 -8 + 19 +6 +8 August 36 26 54 33 59 Cash sales +8 +4 -8 -5 -16 -10 September... 35 25 51 30 56 Credit sales: October 39 27 52 32 60 Instalment + 17 +9 -10 +40 +16 +18 November... 38 27 47 34 59 Charge account +7 +6 + 14 +15 +19 December. . . 36 26 47 44 54 Accounts receivable, end 1947 of month: January 30 23 47 26 52 Total +3 +2 + 1 +40 +36 +37 . February 29 21 41 25 52 Instalment +3 +2 0 +40 +35 +32 March 33 25 44 27 56 April 30 23 44 25 54 Collections during May 30 24 44 26 56 month: June 28 23 '45 24 54 Total +9 0 +1 +25 +13 +17 July 28 22 23 53 Instalment +16 +1 +30 +7 +9 August 28 22 40 23 51 September? . 31 25 40 25 53 Inventories, end of -2 month, at retail value. +2 +2 + 16 +18 +26 P Preliminary. r Revised. -1 1 Collections during month as percentage of accounts outstanding at v 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 Instal- Charge I m ns e t n a t l- 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—August 193 233 99 164 47 127 87 152 60 36 September 197 r228 '98 180 50 145 '89 152 57 39 October 218 249 119 202 55 156 104 186 56 39 November 257 297 146 233 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 174 196 130 157 84 145 123 162 56 38 September? 217 236 156 207 87 167 138 167 54 40 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1415. 1420 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 lothing 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 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1945—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.... 160.3 196.5 185.9 111.2 123.8 184.2 139.8 Back figures.—Bureau of Labor Statistics, Department of Labor. NOVEMBER 1947 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 — 100} Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H l i e d a e t s h e a r nd Textile F li u g e h l t i a n n g d an M d e m ta e l t s al Building c C al h s e m an i d - f H ur o n u i s s e h - - Miscelproducts products materials products materials allied ing goods laneous products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4- 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94. 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102. 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102. 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104. 93.6 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104. 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—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 t39.7 169.8 165.4 120.7 172.5 131.3 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 97.9 137.9 174.8 129.3 124.6 110.9 March 149.6 182.6 167.6 131.3 174.6 139.6 100.8 139.9 177.5 132.2 125.8 115.3 April 147.7 177.0 162.4 131.8 166.4 139.2 103. 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 150.6 181.4 167.1 133.4 178.4 139.5 108.9 143.8 175.7 118.8 129.8 113.0 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 September 157.4 186.4 179.3 138.2 184.8 142.0 114.1 150.7 183.3 121.3 130.6 115.9 Week ending: 1947—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 r135.2 176.5 139.5 110.7 146.7 178.0 116.9 131.8 116.0 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. 32... 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 Sept. 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 1-50.4 179.4 120.4 132.1 117.9 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 Oct. 4.. 157.1 187.5 178.3 138.6 186.7 141.0 115.3 150.7 182.3 123.9 131.9 115.9 Oct. 11.. 158.0 190.1 180.0 139.0 189.2 141.2 115.4 150.7 183.3 125.1 132.7 116.1 Oct. 18.. 157.9 190.9 178.5 139.3 190.4 141.2 115.7 151.1 184.0 124.7 132.7 116.5 Oct. 25... 158.0 190.7 176.2 140.2 191.3 142.1 117.4 151.3 184.4 126.9 132.9 117.1 1946 1946 1947 Subgroups Subgroups Sept. June July Aug. Sept Sept. June July Aug. Sept Farm Products: Metals and Metal Products: Grains 170.6 206.0 202.3 208.8 230.3 Agricultural implements 108.6 118.2 118.4 118.6 119.6 Livestock and poultry 150.4 200.9 209.9 215.9 224.8 Farm machinery 109.8 119.7 119.7 119.7 120.8 Other farm products 151.1 155.3 157.5 152.6 150.3 Iron and steel 113.5 131.4 133.3 139.4 140.4 Foods: Motor vehicles l 149.4 150.3 156.3 159.4 Dairy products 169.1 140.9 152.8 164.3 170.6 Nonferrous metals 101.4 142.9 141.8 141.8 142.0 Cereal products 127 A 149.2 154.7 153.3 158.7 Plumbing and heating 107.2 119.1 123.4 128.6 135.9 Fruits and vegetables 115.5 145.2 139.7 133.0 130.1 Building Materials: Meats 131.3 208.6 217.9 234.6 244.8 Brick and tile 127.7 134.7 143.3 144.3 145.4 Other foods 115.5 139.7 141.7 140.7 150.7 Cement 106.5 114.3 114.9 116.9 119.0 Hides and Leather Products: Lumber 178.2 266.1 269.0 276.7 285.7 Shoes 144.8 172.6 173.2 174.9 175.2 Paint and paint materials... 116.7 159.6 156.1 154.9 157.9 Hides and skins 151.5 187.1 203.5 215.6 221.1 Plumbing and heating 107.2 119.1 123.4 128.6 135.9 Leather 138.5 178.9 187.4 190.7 197.4 Structural steel 120.1 127.7 130.8 143.0 143.0 Other leather products 115.8 138.3 138.8 139.1 139.5 Other building materials 121.4 145.1 146.1 150.1 150.6 Textile Products: hemicals and Allied Products: Clothing 122.9 133.9 134.3 134.3 134.4 Chemicals 98.6 118.7 119.9 117.5 118.2 Cotton goods 166.6 193.8 195.9 199.2 202.3 Drugs and Pharmaceuticals. 110.3 156.1 137.4 136.6 136.6 Hosiery and underwear 88.7 100.8 100.4 99.9 99.9 Fertilizer materials 90.2 101.8 103.5 105.5 109.8 Silk 126.5 68.4 68.2 68.2 68.3 Mixed fertilizers 90.0 96.8 97.2 97.3 97.2 Rayon 30.2 37.0 37.0 37.0 37.0 Oils and fats 103.3 139.2 134.8 133.3 155.6 Woolen and worsted goods... 113.9 129.2 130.1 133.3 133.8 Housefurnishing Goods: Other textile products 126.7 173.8 171.2 171.8 175.1 Furnishings 119.4 137.2 138.1 138.1 138.5 Fuel and Lighting Materials: Furniture. 107.5 120.9 121.1 120.9 122.4 Anthracite 113.5 112.7 114.2 121.7 122.5 Miscellaneous: Bituminous coal 137.0 145.6 163.0 169.8 170.1 Auto tires and tubes 73.0 62.5 60.8 60.8 60.8 Coke 147.5 157.3 160.7 170.2 181.9 Cattle feed 201.8 253.3 269.4 261.3 287.2 Electricity 64.7 64.4 65.0 Paper and pulp 121.9 154.2 157.2 157.6 159.5 Gas 80.6 85.8 85.5 '86\6 Rubber, crude 46.2 37.1 34.6 33.7 36.4 Petroleum products 73.0 87.5 89.8 92.2 93.7 Other miscellaneous 106.5 121.7 121.2 121.3 124.6 r Revised. * Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 1422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions 01 dollars.] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1929 1933 1939 1941 1944 1946 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3 Less: Capital consumption allowances 7.2 8.1 9.3 11.8 11.0 10.9 11.1 11.5 11.9 12.1 12.2 Indirect business tax and related liabilities....... 7.0 7.1 9.4 11.3 14.0 16.9 16.3 17.4 17.7 17.2 17.3 17.6 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 Statistical discrepancy -.1 1.2 .5 .5 2.6 -2.1 -2.4 -1.5 -2.1 -4.2 -.7 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .7 1.9 -.2 -.1 -.2 .2 -.1 Equals: National income 87.4 72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 6.4 5.8 5.3 5.9 5.9 5.2 Excess of wage accruals over disbursements .0 .0 .0 .0 -.2 .0 -.9 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.0 10.4 9.8 10.4 10.1 13.7 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.6 4.5 4.5 4.5 4.5 4.6 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 5.4 5.6 5.9 6.2 6.3 6.5 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 Equals: Personal income 85.1 46.6 72.6 95.3 164.9 177.2 172.5 179.5 187.5 190.9 192.3 200.4 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 18.7 19.1 19.5 21.2 21.4 21.7 Federal 1.3 .5 1.2 2.0 17.5 17.2 17.1 17.5 17.9 19.4 19.6 19.9 State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.6 1.6 1.6 1.7 1.8 1.9 Equals: Disposable personal income 82.5 45.2 70.2 92.0 146.0 158.4 153.8 160.4 168.0 169.7 170.9 178.7 Less: Personal consumption expenditures 78.8 46.3 67 82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166 0 Equals: Personal saving 3.7 -1.2 2.7 9.8 35.6 14.8 15.5 13.1 13.1 11 7 8.9 12 7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1947 1929 1933 1946 National income 87.4 39.6 72.5 103.8 182.3 178.2 173.5 179.9 191.0 197 6 200.1 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.2 116.8 114.0 119.2 122.2 124 9 126 3 129.7 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111.1 108.0 113.6 117.1 119.4 120.9 124.7 Private 45.2 23.7 37.5 51.5 83.3 90.2 87.5 93.8 98.0 101.5 103.5 107.3 Military .3 .3 .4 1.9 20.8 8.0 7.9 6.7 5.6 4.6 4.1 3.9 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 12.6 13.2 13.5 13.3 13.2 13.4 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 6.0 5.5 5.1 5.4 5.5 5.0 Proprietors* and rental income* 19.7 7.2 14.7 20.8 34.4 41.8 39.2 41.9 46.7 47.0 47.2 47.3 Business and professional 8.3 2.9 6.8 9.6 15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1 Farm 5.7 2.3 4.5 6.9 12.4 15.2 13.8 15.2 17.8 17.6 18.0 17.9 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.9 6.8 6.8 7.0 7.0 7.2 7.3 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14 6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.8 •21.1 19.4 22.9 27.1 29.0 27.4 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.9 8.6 8.0 9.3 11.0 11.6 10.8 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 9.9 12.5 11.5 13.5 16.1 17.4 16.6 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.4 -4.7 -2.3 -7.3 -8.3 -6.6 -4.1 -4.5 Net interest 6.5 5.0 4.2 4.1 3.2 3.2 3.2 3.2 3.2 3.3 3.3 3.4 n.a. Not currently available. r Revised. 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. 1423 NOVEMBER 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 Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 2 3 4 I*" 3 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0 Durable goods 9.4 3.5 6.7 9.8 6.8 14.9 13.9 16.2 18.2 18.5 19.2 19.9 Nondurable goods 37.7 22.3 35.3 44.0 67.2 87.1 83.2 88.9 93.6 95.3 97.8 100.0 Services 31.7 20.6 25.5 28.5 36.5 41.7 41.2 42 1 43 1 44 2 45 0 46 1 Gross private domestic investment 15.8 1.3 9.0 17.2 5.7 24.6 22.3 27.0 30.4 29.4 29.1 30 4 New construction 1 7.8 1.1 4.0 5.7 2.3 8.5 8.7 8.9 9.3 10.3 9.6 10.4 Producers' durable equipment 6.4 1.8 4.6 7.7 5.3 12.4 11.5 13.2 15.7 16.5 18.0 18.0 Change in business inventories 1.6 -1.6 .4 3.9 -2.0 3.7 2.0 4.9 5.4 2 7 1 5 2 0 Net foreign investment .8 .2 .9 1.1 -2.1 4.8 6.1 4.5 5.2 8.3 10 5 7.7 Government purchases of goods and services... 8.5 8.0 13.1 24.7 96.6 30.7 30.3 28.6 28.2 27.4 27.5 28.2 Federal 1.3 2.0 5.2 16.9 89.0 20.7 20.9 18 2 16 9 16 0 15 6 15 8 War 1.3 13.8 88.6 21 3 23 1 17 7 15 8 ) Nonwar > 1.3 2.0 3.9 3.2 1.6 2.4 2.1 3 1 3 3 J18.2 17.4 16.7 Less: Government sales2 (3) C3) 1.2 3.0 4.2 2.6 2 2 2 2 1 8 9 State and local 7.2 5.9 7.9 7.8 7.5 10.0 9.4 10.4 11.2 11 .4 11.9 12.5 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and per- fer agriculincome rec T e o i t p a t l s4 b m T u d o e i r s n t s - a e t l s - d p m i C u n ro 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 e u v r s i s e b - - S in e tr r d i v e u i s s c - e m G er o e n v n - - t b i s u a n o f t n s o c i u c o i r a e r n - l s income5 in re c n om tal e6 i i n n s t o c e o n 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—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 191 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 196.1 121.2 123.3 "•55.1 '35.5 15.4 17.3 '2.1 1.8 '47.8 14.2 11.1 mi.3 August.... P194.4 P122.1 P124.2 P56.0 P35.7 P15.3 P17.2 P45.8 P14.2 P10.5 mi.6 P Preliminary. n.a. Not currently available. r Revised. 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. 6 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. 1424 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 Oct. Oct. Oct. Oct. Oct. page Oct. Oct. Oct. Oct. Oct. 1 22 29 1 15 22 29 WEEKLY FIGURES * In billions of dollars WEEKLY FIGURES *—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.— Cont. Reserve Bank credit, total 2 22.93 22.85 22.81 22.35 22. 7<Stock prices (1935-39 = 100): U. S. Govt. securities, total.. 3 22.39 22.36 22.22 21.77 22.1. Total 40 123 123 126 127 126 Bills 3 14.05 13.99 13.91 13.56 13.6; Industrial 40 128 129 133 134 132 Certificates 3 7.15 7.16 7.10 7.00 7.0 Railroad 40 103 103 105 107 103 Notes 3 .48 .49 .50 .50 .7, Public utility 40 101 101 101 102 100 Bonds 3 .72 .72 .71 .71 .7 Volume of trading (mill, shares) 40 1.00 .97 1.56 1.42 1.01 Gold stock 2 21.96 22.09 22.15 22.23 22.2! Money in circulation 2 28.56 28.63 28.66 28.57 28.5: Treasury cash and deposits... 2 2.37 2.24 2.16 1.95 2.6! BUSINESS CONDITIONS Member bank reserves 2, 4 17.03 17.14 17.23 17.04 16.81 Required reserves 4 16.05 16.07 16.08P16.06P16.0< Excess reserves* 4 .99 1.07 1.15 P. 98 p. 8: Wholesale prices (1926=100): Excess reserves (weekly avg.): Total 69 157.1 158.0 157.9 158.0 Total* 5 P.91 P. 98 Pl.02 PI.23 Farm products 69 187.5 190.1 190.9 190.7 New York City* .02 .02 .03 .19 Other than farm and food. . 69 138.6 139.0 139.3 140.2 Chicago .01 .01 .01 .03 Production: C R o es u e n r t v r e y c b i a ty n k b s a e nks 5 . . 6 2 1 6 . 3 6 0 5 P. 2 6 8 9 P. 2 7 9 1 A St u e t e o l m (% ob i o le f c (t a h p o a u c s i . t y c ) a rs)... 7 7 3 3 94 1 . 0 4 2 96. 9 1 9 96 8 . 9 8 97 1 . 0 1 6 97 10 .0 6 Paperboard (thous. tons)... 74 177 186 186 182 Electric power (mill. kw. hrs.) 75 4,935 4,958 4.946 4,964 MEMBER BANKS IN LEADING CITIES Basic commodity prices (1939=100) 74 332.3 332.4 334.2 342.0 341.1 All reporting banks: Department store sales L U o . a S n . s G a o n v d t . i s n e v c e u s r t i m tie e s n , t t s o tal.. 1 1 6 6 6 3 4 8 . . 8 4 0 0 6 3 4 8 . . 7 3 1 7 3 6 8 4. . 6 1 2 0 3 6 8 5 . .0 6 3 3 6 3 5 8 . . 0 1 , ' Fre (1 ig 9 h 3 t 5 - c 3 a 9 rl = o 1 a 0 d 0 in ) gs (thous. 75 326 304 299 306 315 Bonds 18 31.22 31.24 30.88 30.94 30.9 cars): Certificates 18 4.03 3.99 4.00 4.13 4.0, Total 76 943 957 954 955 Notes 18 2.63 2.60 2.60 2.63 2.4: Miscellaneous 76 429 434 433 432 Bills 18 .52 .55 .63 .94 .7: Other securities 20 4.34 4.28 4.26 4.25 4.2; Demand deposits adjusted.. 16 47.06 46.74 46.93 47.47 47.7: U. S. Govt. deposits 16 1.64 1.74 1.43 1.46 1.05 1947 Loans, total 16 22.06 22.06 22.26 22.15 22.5 Commercial 20 13.12 13.20 13.43 13.60 13.82 Real estate 20 3.24 3.25 3.28 3.30 3.32 For purchasing securities: July Aug. Sept. Total 20 2.21 2.08 2.05 1.81 1.95 MONTHLY FIGURES U. S. Govt. securities. . 20 1.16 1.05 .99 .84 .89 Other securities 20 1.05 1.02 1.06 .98 1.06 RESERVES AND CURRENCY In billions of dollars Other 20 3.49 3.53 3.50 3.44 3.49 New York City banks: Loans and investments 17 20.27 20.06 19.78 20.23 20.05 Reserve Bank credit 7 22.34 22.52 22.62 U. S. Govt. securities, total.. 17 12.06 11.98 11.74 12.14 11.90 Gold stock 7 21.40 21.65 21.87 Bonds 19 10.53 10.50 10.26 10.27 10.30 Money in circulation 28.26 28.25 28.65 Certificates 19 .68 .67 .71 .79 .77 Treasury cash 7 1.33 1.33 1.32 Notes 19 .70 .65 .62 .63 .50 Treasury deposits 7 .73 .96 .55 Bills 19 .15 .16 .16 .45 .33 Member bank reserves: Demand deposits adjusted. . 17 15.92 15.68 15.54 15.96 16.08 Total 4, 7, 14 16.35 16.48 16.87 U. S. Govt. deposits 17 .55 .59 .49 .49 .34 Central reserve city banks.. 14 5.20 5.18 5.27 Interbank deposits 17 4.28 4.31 4.44 4.33 4.1 Reserve city banks 15 6.44 6.54 6.69 Time deposits 17 1.41 1.41 1.41 1.40 1.40 Country banks 15 4.71 4.76 4.91 Loans, total 17 6.89 6.84 6.83 6.70 6.95 Required reserves: Commercial 21 4.68 4.71 4.81 4.89 5.00 Total 4 15.57 15.68 15.94 For purchasing securities: Central reserve city banks. . 14 5.19 5.17 5.24 To brokers: Reserve city banks 15 6.22 6.32 6.43 On U. S. Govts 21 .57 .47 .42 .28 .32 Country banks 15 4.16 4.20 4.26 On other securities... 21 .37 .38 .37 .34 .38 Excess reserves: To others 21 .28 .27 .27 .27 .27 Total 4, 5 .78 .80 .93 Allother 21 1.00 1.01 .96 .93 .98 New York City 5 .01 .01 .02 Ba L U D n o . e k N B C B a S m s n i e o o . l a s r l n o t G s t n e d i u a s d o f s n i t v c d s d t a i . e d t i s e p n e e s o v c s N e u i s t r e s t i w m ti a e e d Y s n j , o u t t s r s o k t t e a d l C . . . i . ty 1 1 1 1 1 1 1 7 7 7 9 9 9 9 3 4 2 2 1 3 4 6 0 1 . . . . . . . 3 9 6 1 5 3 3 4 4 9 4 3 4 7 3 4 2 2 1 0 4 3 6 1 . . . . . . . 3 9 7 0 6 4 3 3 5 3 7 5 0 8 3 4 2 2 1 0 6 3 4 1 . . . . . . . 2 6 9 3 3 8 4 9 2 8 6 9 4 7 4 3 2 2 1 5 3 6 0 2 . . . . . . . 3 5 0 4 6 0 4 4 1 0 9 7 0 9 4 2 2 3 3 4 6 1 0 1 . . . . . . . 9 2 6 2 6 9 4 2 9 6 9 9 7 4 Mo $ R C C C B 1 n o e h i o 0 l e s i i l u y n c s e n a a s r o n t i , v g n r f d e o $ y $ c 1 c $ b i 5 , i 2 r a $ 0 t c 0 y n 2 u a , k b l b n a s a i a d l t n l i n s d o o k n v s $ , e 5 t r o b t i a ll l s . . . . . . . 9 9 5 5 9 5 9 2 1 8 4 8 ( 5 . . . 2 . . . ) 5 4 1 1 5 2 3 6 5 7 5 2 2 1 4 8 8 5 ( . . . . 2 . . ) 5 6 4 3 2 5 1 0 3 3 3 6 2 1 8 4 8 5 . . . . . . . 5 6 5 3 6 2 0 3 9 7 5 5 6 1 U. S. Govt. deposits 17 1.09 1.15 .94 .96 .71 Interbank deposits 17 6.86 7.14 7.41 7.10 6.91 ALL BANKS Time deposits 17 13.11 13.12 13.13 13.14 13.14 IN THE UNITED STATES Loans, total 17 15.17 15.22 15.43 15.45 15.63 Commercial 21 8.44 8.49 8.63 8 71 8.82 Real estate 21 3.14 3.15 3.18 3.19 3.21 Total deposits and currency6.. 10 P165.90 P166.80 P168.00 For purchasing securities. 21 .99 .95 .99 .94 .98 Demand deposits adjusted*... 10 J»83.20 P83 .40 *>84.20 All other 21 2.59 2.63 2.64 2.62 2.6: Time deposits adjusted* 10 P55.60 P55.8O P55.90 Currency outside banks* 10 P26.00 P26.10 P26.30 U. S. Govt. deposits* 10 Pi. 10 Pl.50 Pi. 60 Per cent per annum MONEY RATES, ETC. ALL COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 34 .827 .835 855 873 .895 Certificates 34 .93 .96 96 98 .98 Loans and investments, total* . 11 P113.2O P113.80 P115.20 3-5 years 34 1.29 1.30 1.33 137 1.42 Loanse 11 P34.00 P34.90 P35.60 7-9 years 34 1.54 1.55 1.57 1.60 1.64 U. S. Govt. securities* 11 P7O.5O P7O.2O P7O.7O 15 years or more 34 2.24 2.24 2.26 2.28 2.31 Other securities* 11 P8.70 P8.70 P8.90 For footnotes see p. 1428. NOVEMBER 1947 1425 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 July Aug. Sept.3 page July Aug. Sepi.; MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS TREASURY FINANCE—Cont. AH member banks: Loans and investments, total 14 9538 9591 97.00 3wnership of U. S. Govt. securities— Loans 14 2893 2970 30.30 Cont. U. S. Govt. securities 14 5935 5907 59.44 Marketable public issues—Cont. Other securities 14 710 7 14 7.27 By earliest callable or due date: Demand deposits adjusted* 14 7043 7053 71.14 Within 1 year: Time deposits 14 2810 28.15 28.29 Total outstanding 31 52.13 51.79 Balances due to banks 14 1109 1119 11.69 Commercial bank and F. R. Balances due from banks 14 548 554 5.75 Bank 31 37.05 36.91 Central reserve city banks: F. R. Bank 31 20.71 21.35 21.61 Loans and investments, total 14 2514 2506 25.50 1-5 years: Loans 14 802 8 29 8.41 Total outstanding 31 42.52 42.52 42.42 U. S. Govt. securities 14 1547 1513 15.42 Commercial bank and F. R. Other securities 14 165 164 1.68 Bank 31 30.67 30.68 Demand deposits adjusted' 14 2015 1982 20.03 F. R. Bank 31 .70 .70 .58 Time deposits 14 234 235 2.37 5-10 years: Balances due to banks 14 5 18 5 16 5.36 Total outstanding 31 18.93 18.93 18.93 Reserve city banks: Commercial bank and F. R. Loans and investments, total 15 3502 3538 35.74 Bank 31 11.75 11.85 Loans 15 1170 1202 12.35 F. R. Bank 31 .04 .04 .04 U. S. Govt. securities 15 2096 2100 20.98 Over 10 years: Other securities 15 236 237 2.41 Total outstanding 31 54.81 54.81 54.81 Demand deposits adjusted* 15 2448 2472 24.70 Unrestricted issues: Time deposits 15 1125 1128 11.34 Nonbank, commercial Balances due from banks 15 180 176 1.81 bank, and F. R. Bank. . 31 6.65 6.64 Country banks: Commercial bank and Loans and investments, total 15 3522 3547 35.76 F. R. Bank 31 5.38 5.42 Loans 15 921 939 9.53 F. R. Bank 31 .11 .10 .10 U. S. Govt. securities 15 2292 2295 23.04 Other securities 15 3 10 3 13 3.19 Demand deposits adjusted* 15 2580 2599 26.41 Time deposits 15 1450 1453 14.59 MONEY RATES, ETC. Per cent per annum Balances due from banks 15 349 3 59 3.73 CONSUMER CREDIT* . R. Bank discount rate 33 1.00 100 1.00 Consumer credit, total 22 1106 pll 19 Pll.43 Treasury bills (new issues) 33 .703 .7'48 .804 Single-payment loans 22 230 P2 33 P2.35 Corporate bonds: Charge accounts 22 279 P2 76 P2.86 Aaa 33,37 2.55 256 2.61 Service credit 22 92 P 93 P. 93 Baa 37 3.18 3 17 3.23 Instalment credit, total 22, 23 505 P5 19 P5.30 High-grade (Treas. series) 37 2.51 2.51 2.57 Instalment loans 23 295 P3 03 ^3.04 U. S. Govt. bonds, 15 years or more. . 37 2.25 224 2.24 Instalment sale credit, total 23 209 P2 17 P2.25 Automobile 23 92 P 97 Pl.00 Other 23 1 17 Pi 20 Pl.25 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing 28 256.39 25718 256.18 Stock prices (1935-39-100): Bonds (marketable issues) 28 119.32 119.32 119.32 Total 39 126 125 123 Notes, certificates, and bills 28 49.02 48.90 48.46 Industrial 39 132 130 128 Savings bonds, savings notes, etc. 28 59.30 59.50 58.64 Railroad 39 108 105 104 Special issues 28 28.52 29.22 29.52 Public utility 39 102 101 102 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 1.16 .67 .76 Total interest-bearing: Brokers' balances (mill, dollars): Commercial banks* 29 '7040 69.70 33.94 Credit extended to customers 41 564 550 570 Fed. agencies and trust funds... 29 33.34 '33.72 22.94 Money borrowed 41 251 241 276 F. R. Banks 29 21.55 22.19 Customers' free credit balances.... 41 677 656 630 Individuals* 29 '66.10 66.30 Corporations* 29 '21.50 • 21.80 Insurance companies* 29 25.00 24.90 BUSINESS CONDITIONS Mutual savings banks* 29 12.20 12.20 State and local govts.* 29 6.40 6.40 Marketable public issues: Personal income (annual rate, bill, By class of security: dollars):* 4 Bills: Total 48 196.1 194.4 Total outstanding 30 15.76 15.74 Total salaries and wages 48 121.2 122.1 Commercial Bank and F. R. Proprietors' income, dividends, and Bank 30 14.96 14.89 interest 48 '62.0 60.0 F. R. Bank 30 13.90 14.21 14.02 All other 48 12.9 12.3 Certificates: Labor force (mill, persons):* Total outstanding 30 25.12 25.03 24.89 Total 49 64.0 '63.0 62.1 Commercial bank and F. R. Civilian 49 62.7 '61.7 60.8 Bank 30 1484 1470 Unemployment 49 2.6 '2.1 1.9 F. R. Bank 30 6.56 6.90 7 . i Employment 49 60.1 '59.6 58.9 Notes: Nonagricultural 49 50.0 '50.6 50.1 Total outstanding 30 8.14 8.14 7.84 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons) :e 4 Bank 30 5.21 5.21 Total 50 '42.1 42.4 F. R. Bank 30 .37 .37 .47 Manufacturing and mining 50 16.0 16.3 Bonds: Trade , 50 8.7 8.7 Total outstanding 30 119.49 119.49 119.49 Government 50 5.3 5.3 Unrestricted issues: Transportation and utilities 50 4.1 4.1 Nonbank, commercial Construction 50 1.7 1.8 bank, and F. R. Bank. . 30 71.33 71.32 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 49.04 49.21 P50A2 F. R. Bank 30 49.84 44.98 Hourly earnings (cents) 51 123.1 123.8 P125.1 F. R. Bank 30 .73 .72 Hours worked (per week) 51 39.8 39.8 P40 .3 For footnotes see p. 1428. 1426 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 book book page July Aug. Sept page July Aug. Sept MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Coilt. Consumers' prices (1935-39=100): Industrial production:4 F A o ll o d it ems 6 6 7 7 1 1 9 5 3 8 . . 1 4 1 16 9 0 6 . . 3 5 Total (1935-39 =100) 53, 54 176 182 PI 85 Clothing 67 184.7 185.9 Groups (points in total index): Rent 67 110.0 111.2 Durable manufactures 53 78.7 79.7 P81. Wholesale prices (1926=100): Machinery and trans, equip... . 54 42.2 42.0 43. Total 69 150.6 153.6 157.4 Iron and steel 54 20.0 20.7 P21. Farm products 69 181.4 181.7 186.4 Nonferrous metals, lumber, and Other than farm and food 69 133.4 136.0 138.2 Nond b u u r i a ld b i l n e g m m a a n t u e f r a ia c l t s u res 5 5 4 3 7 1 6 6 . . 4 5 7 1 9 7 . . 4 0 P17. Price ( s 1 p 9 a 1 i 0 d - 1 a 4 n = d 1 r 0 e 0 c ) e : ived by farmers T F C o e h o x e d t m i , l i e c l s i a q l a u s n , o d r p , l e a e t n a ro t d h l e e t u o r m ba , c c r o u bber, 5 5 4 4 2 1 1 8 . . 9 2 2 1 2 . . 9 2 9 P P 2 2 0 2 P R a e i c d e ived 7 7 1 1 2 2 3 7 1 6 2 2 7 3 6 5 2 2 8 3 6 7 Mi P n a e a p r n a e d l r s c a o n a d l p p r r i o n d ti u n c g t s 53,5 5 5 4 4 4 '2 2 1 1 2 3 . . . 3 8 5 2 2 1 2 2 4 . . . 9 8 1 P P P 2 2 1 3 3 4. Ca T L C sh i o r v o t f e a p a s l s r t . m o c k in a c n o d m e p r ( o m d i u l c l, t s d ollars): 7 7 7 2 2 2 2 1 1 , , , 2 6 4 0 5 6 5 2 22 1 1 , , , 5 1 3 8 1 1 7 8 7 3 1 1 , , , 0 4 5 6 9 5 0 7 2 Selected durable manufactures Govt. payments 72 5 12 11 (1935-39=100): Nonferrous metals 55 181 180 P!85 INTERNATIONAL TRADE AND FINANCE Steel 55 198 '205 213 Short-term foreign liabilities and assets Cement 55 164 171 reported by banks (bill, dollars): Lumber 55 121 133 Total liabilities 77 5 5.33 Transportation equipment 55 217 212 P223 Official 77 * 2.16 Machinery 55 266 267 P2 74 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 6 .53 (1935-39=100): Private 77 s 3.17 Apparel wool consumption 56 '151 179 Total assets 77 5 .93 M C Pa o a p t n t e o u r n b fa 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 6 6 6 1 1 1 1 5 6 8 5 6 1 1 1 5 7 3 6 8 0 P1 1 1 5 8 3 5 2 0 Ex E p x o E p r x t o s c r l t a u s n d d in i g m L p e o n rt d s - L (m ea i s ll e , d ex ol p l o ar r s t ) s : ... 7 7 9 9 P Pl l . . 1 1 4 4 8 9 P P l l . . 1 1 4 5 9 0 P P i l , . 1 1 1 1 5 4 Leather 56 '106 115 Imports 79 P450 P399 Industrial chemicals 56 438 431 P429 Excess of exports or imports ex- Rayon 56 291 294 P294 cluding Lend-Lease exports 79 P69S P75O New orders, shipments, and inven- Foreign exchange rates: tories (1939=100): See p. 1447 of this BULLETIN. 80-81 New orders: Total 57 230 231 1947 Durable 57 259 262 Nondurable 57 212 212 Jan.. Apr.- July- Shipments: Mar. June Sept. T D o u t r a a l b le 5 5 7 7 2 2 7 8 1 7 2 2 8 9 0 8 QUARTERLY FIGURES Inv N e o n n t d o u ri r e a s b : le 57 259 267 TREASURY FINANCE In billions of dollars N T D o o u t n r a a d l b u l r e a ble 5 5 5 7 7 7 2 2 2 5 2 0 6 8 4 2 2 2 3 5 0 1 9 7 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 10 4 . . 6 3 3 0 13 4 . . 3 5 9 5 9 2 . . 6 8 6 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 ts ): 4 (3 mo. moving Int N er e n t a r l e c r e e i v p e t n s ue collections, total. . 2 2 6 6 1 12 3 . . 6 9 1 0 10 8 . . 8 2 9 9 9 8. . 4 8 6 1 T O R o e th s ta e id l r ential 5 5 5 9 9 9 6 2 3 5 8 3 1 5 6 6 4 2 8 0 7 1 6 6 C M In o d is r i p c v . o i d i r n a u t t a e e l r i n i n n a c c l o o r m m ev e e e t n t a a u x x e e e s s 2 2 2 6 6 6 2 7 2 . . . 9 6 0 5 2 3 4 1 1 . . - 4 8 9 5 6 8 4 2 2 . . . 0 1 2 2 4 9 Re P T P s r u i o d O i 1 b t v - e a l t a n i l h a c t t e n e i r a , d l t o 2 c - t o f a n a l m tra il c y t s d ( w m e i l l l l i , n g d s o llars):4 6 6 6 6 6 0 0 0 0 0 2 2 1 2 1 6 5 6 7 6 1 9 3 2 1 9 0 9 9 5 4 7 8 9 2 2 1 7 5 7 2 8 9 9 7 0 2 Ca C C E sh x a a s c s i h h e n s c o s in o u o c m t o f g e m o c a a e n sh d M O i o n N u c E t o g Y m o e : R A o T r E o S utgo.,. 2 2 2 7 7 7 + 1 5 P 4 9 . . . e 1 9 7 r 9 6 7 cent 1 1 - 2 1 p . . . e 7 4 2 r 7 3 0 annu 1 1 - m 0 0 .0 . . 5 4 3 0 7 Value of construction activity (mill, dollars) :• Bank rates on customer loans: T N o o t n a r l e sidential: 61 1,161 1,242 1,259 N To ew ta l, Y 1 o 9 rk c i C ti i e t s y 3 3 3 5 2 1 . .8 3 2 1 2 1 . .8 3 3 8 2 1. . 7 2 7 1 Re P P s u r id i b v e l a i n c t t e i al: 6 6 1 1 4 2 4 7 7 6 2 4 9 7 6 6 4 2 7 9 2 3 O So th u e th r e N rn o r a t n h d e r W n a e n st 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 . . 4 9 4 5 2 2 . . 6 2 9 5 P Pu ri b v l a ic te 6 6 1 1 429 9 461 9 485 9 CORPORATE SECURITY TSSUES In unit indicated Freight carloadings:4 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 '135 To d ta a l t a i s ( s b u i e ll s , dollars): 42 .95 1.70 1 .25 A C M o l i l a s o c l e th ll e a r n eous .... 6 6 6 3 3 3 3 2 7 1 4 8 . . . 5 4 6 3 8 3 0 1 1 . . . 5 1 9 3 2 7 2 9 9 . . . Se N N cu e e d r w t i a t i p t e c a r s a o p ( c a m i e n t e a i d l d l l , s E : d x o c ll h a a r n s) g : e • Commission 42 .68 1.10 .86 De In p d ar e t x m es e n ( t 1 9 s 3 to 5 r - e 3 s 9 : =100) :4 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 34 5 1,2 3 6 89 6 Sales 64 287 281 290 Railroad 43 53 82 5 7 Stocks 64 230 227 230 Public utility 43 442 854 753 296 stores: New money: Sales (mill, dollars) 65 252 273 All issuers 43 673 932 797 Stocks (mill, dollars) 65 729 792 Industrial 43 283 428 285 Outstanding orders (mill, dollars) 65 594 622 P660 Railroad 43 43 60 49 Stocks-sales ratio (months' supply) 65 2.9 2.9 P2. Public utility 43 284 414 420 For footnotes see p. 1428. 1427 NOVEMBER 1947 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 1946 book Jan.- Apr.- July- book page Mar. June Sept. page June Dec. Annual rates, QUARTERLY FIGURES—Gont. in billions of dollars FIGURES FOR SELECTED DATES In billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS* Gross national product • * 44 ••223.1 '229.1 232.3 Individuals and businesses: Govt. purchases of goods and serv- Total holdings 24 220.5 223.2 ices 44 '27.4 '27.5 28.2 Deposits and currency 24 138.9 143.3 Personal consumption expenditures 44 '158.0 '162.0 166.0 U. S. Govt. securities 24 81.6 79.9 Durable goods 45 '18.5 '19.2 19.9 Individuals: Nondurable goods 45 '95.3 '97.8 100.0 Total holdings 24 151.2 156.9 Services 45 '44.2 '45.0 46. Deposits and currency 24 96.2 101.5 Private domestic and foreign invest- U. S. Govt. securities 24 55.0 55.4 ment 44 ••37.7 '39.6 38.1 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 '16.5 '18.0 18.0 U. S. Govt. securities 24 17.2 15.6 New construction 46 10.3 '9.6 10.4 Unincorporated businesses: Change in business inventories. 46 2.7 1.5 2.0 Total holdings 24 27.5 Net foreign investment 46 r8.3 '10.5 7.7 Deposits and currency 24 18.1 18.3 Personal income, consumption, and U. S. Govt. securities 24 9.4 8.9 saving:« 4 Personal income 47 190.9 '192.3 200.4 Disposable income 47 '169.7 '170.9 178.7 Consumption expenditures 47 '158.0 '162.0 166.0 1946 1947 Net personal saving 47 '11.7 '8.9 12 1947 July 31 Feb. 26* June Dec. June GALL DATE FIGURES* 29 31 30 OWNERSHIP OF DEMAND DEPOSITS • ALL MEMBER BANKS In billions of dollars Indiv ti i o d n u s a , l s t , o t p a a l rtnerships, and corpora- 25 77.5 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 .7' 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 e Estimated P Preliminary. ' Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. s 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. 4 Adjusted for seasonal variation. 5 As of June 30, 1947. 6 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 copies of monthly issues, at $1.00 each. 1428 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 July Aug.? Sept.? page1 July Aug.p Sept.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 11,055 11,191 11,434 Consumer instalment sale credit Instalment credit, total 3, 5 5,045 5,185 298 granted, cumulative totals:2' Instalment loans 5 2,953 3,017 044 By automobiles dealers 411 413 469 Instalment sale credit 5 2,092 2,168 254 By furniture and household appli- Charge accounts 3 2,786 2,755 859 ance stores 246 258 298 Single-payment loans 3 2,301 2,326 350 By department stores and mail- Service credit 3 923 925 927 order houses 163 166 189 Consumer credit outstanding, cumu- By all other retailers 73 79 90 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 11,055 11,191 11,434 standing, cumulative totals:2 Charge accounts 4 6,010 6,006 6,136 Commercial and industrial banks. 2,953 3,017 3,044 Single-payment loans 4 3,224 3,251 3,227 Small loan companies 1,584 1,617 1,632 Service credit 4 923 925 927 Credit unions 935 965 989 Consumer instalment sale credit out- Miscellaneous lenders 702 725 744 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,092 2,168 2,254 loans 467 487 506 Furniture and household appliance stores 6 1,170 1,203 1,254 Department stores and mailorder houses 6 733 753 787 All other 6 304 313 327 P Preliminary. l Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1947 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Oct. 1, 1947 1946 Oct. 1, 1947 1946 Oct. 1, 1947 1946 Oct. 1, 1947 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,120 6,825 21 20 New York 31,175 25,158 6,498 10,481 189 76 Philadelphia 53,294 51,683 17,856 19,960 Cleveland 223,470 177,485 53,578 55,032 Richmond . 1,154 1,128 149,589 155,612 26,028 30,939 Atlanta 1,777 2,228 162,801 161,441 5,748 8,222 Chicago ... 1,394,302 924 867 55,570 70 912 1 313 1,523 St. Louis 12,830 2 3,302 416,064 304,262 38,914 55,491 16 12 Minneapolis 407,287 324,213 40,437 34,019 243,224 263,537 Kansas City ... . 217 228 372,024 262,264 439,505 566,369 4,249 4,558 Dallas 2,062 3 ,753 64,640 58,759 63,901 132,823 84 92 San Francisco 600 869 6,161 6,105 125,858 111,400 32,726 41,295 Total 8,640 11,508 3,287,927 2,458,674 873,893 1,095,648 281,822 311,113 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Oct. 1, 1947 1946 Oct. 1, 1947 1946 Oct. 1, 1947 1946 Oct. 1, 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,147 4,723 3,911 4,078 34,501 37,994 88,945 68,509 New York 33,681 14,681 6,795 6,673 1,324 1,618 49,845 40,232 Philadelphia... 18,919 12,056 2,753 2,671 59,124 61,100 23,406 21,008 Cleveland 75,131 28,235 6,182 5,811 162,708 142,148 14,710 12,096 Richmond 39,915 37,042 5,077 4,424 1,321,995 1,242,840 31,369 25,221 Atlanta 33,262 33,862 4,210 3,989 266,587 270,491 18,718 12,378 Chicago 592,327 455,390 17,788 18,285 42,770 36,294 32,940 24,144 St. Louis 82,353 55,671 9,298 8,725 414,372 352,186 11,171 8,183 Minneapolis... 399,186 372,503 9,590 9,702 3,379 2,830 43,833 39,456 Kansas City... 158,727 149,767 8,372 9,175 5,320 3,855 37,972 32,830 Dallas 39,970 35,659 1,883 1,742 6,634 5,078 San Francisco. 31,249 31,972 13,471 13,350 116,426 88,964 Total 1,509,867 ,231,561 89,330 88,625 2,312,080 2,151,356 475,969 378,099 1 Includes 10,000 bales grown in miscellaneous territory. 2 Includes 11,000 bales grown in miscellaneous territory. NOVEMBER 1947 1429 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 and offices on which Not on ]Dar list Federal Reserve checks are drawn Total Member Nonmember (Nonme;mber) district or State Banks1 a B nd ra n o c ff 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 Banks a B nd ra n o c ff h ic e e s s 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 Sept. 30, 1947? 14,069 4,086 12,020 3,761 6,921 2,999 5,099 762 ' 2,049 325 By districts and by States Sept. 30, 1947? District Boston 486 283 486 283 336 209 150 74 New York 931 826 931 826 799 759 132 67 Philadelohia ... 845 131 845 131 648 96 197 35 Cleveland 1,156 231 1,156 231 719 200 437 31 Richmond 1,010 427 f 787 301 474 198 313 103 223 126 Atlanta 1,158 159 540 123 340 108 200 15 618 36 Chicago .... 2,483 557 2,426 531 1000 213 1,426 318 57 26 St Louis 1,467 129 1,115 71 495 40 620 31 352 58 1,278 111 604 40 475 26 129 14 674 71 Kansas Citv .... 1,751 6 1,740 6 756 4 984 2 11 997 36 887 28 608 19 279 9 110 8 San Francisco 507 1,190 503 1,190 271 1,127 232 63 4 State Alabama 222 22 112 22 87 22 25 110 10 36 10 36 5 29 5 7 Arkansas 228 19 99 5 66 1 33 4 129 14 California 193 890 193 890 115 848 78 42 Colorado 142 1 142 1 92 1 50 115 22 115 22 64 11 51 11 39 14 39 14 17 4 22 10 District of Columbia... 19 37 19 37 16 34 3 3 Florida 177 2 114 2 71 2 43 63 Georgia 373 30 95 27 64 26 31 1 278 3 48 45 48 45 26 43 22 2 Illinois 875 3 873 3 503 3 370 2 487 88 487 88 237 32 250 56 664 162 664 162 163 501 162 611 609 214 395 2 385 36 385 36 113 25 272 11 158 63 56 40 45 35 11 5 102 23 IMaine 63 67 63 67 38 35 25 32 168 101 168 101 78 67 90 34 Massachusetts 183 148 183 148 148 137 35 11 IVlichigan 443 204 443 204 229 158 214 46 677 6 263 6 208 6 55 414 IVlis^issippi 206 53 39 7 31 1 8 6 167 46 593 525 180 345 68 [Montana 112 112 82 30 409 2 409 2 145 2 264 Nevada 8 18 8 18 6 17 2 1 New Hampshire 65 2 65 2 52 1 13 1 New Jersey 343 134 343 134 295 118 48 16 New Mexico 47 7 47 7 33 14 7 New York 661 705 661 705 575 650 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 668 185 668 185 424 162 244 23 Oklahoma 384 1 374 1 224 1 150 10 Oregon 68 79 68 79 32 74 36 5 Pennsvlvania 1,001 137 1 001 137 767 114 234 23 Rhode Island 19 41 19 41 11 29 8 12 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 71 194 55 81 44 113 11 100 16 Texas • • 881 4 821 4 559 4 262 60 Utah 60 14 60 14 34 12 26 2 Vermont 69 10 69 10 40 2 29 8 Virginia 314 89 307 88 202 43 105 45 7 1 Washington 123 118 119 118 54 111 65 7 4 W Wi e s s c t o V ns i i r n ginia 5 1 5 8 3 2 149 4 1 4 7 3 9 98 1 1 0 6 8 3 ii 28 7 0 1 77* 11 3 0 51 Wyoming 55 55 37 18 p Preliminary. l 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. 1430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 1433 Gold production 1434 Gold movements 1434 International capital transactions of the United States 1435-1440 Central banks 1441-1444 Money rates in foreign countries 1445 Commercial banks 1446 Foreign exchange rates 1447 Price movements: Wholesale prices 1448 Retail food prices and cost of living 1449 Security prices 1449 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. NOVEMBER 1947 1431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B i e u l 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 1658 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 *361 82 127 191 61 38 52 1,090 1946—Oct 20,402 »460 726 354 7 71 143 221 61 38 52 796 24 Nov.... 20,470 »483 726 354 7 71 144 221 61 38 53 796 24 Dec 20,529 »563 735 354 >543 65 145 226 38 53 796 24 1947—Jan 20,748 P645 723 354 6 63 147 231 38 53 796 24 Feb 20,330 *706 691 354 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 »726 634 354 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 87 259 32 53 544 30 Aug 21,766 649 7 45 88 32 53 544 30 Sept.... 21,955 650 8 45 89 32 444 33 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 274 26 193 164 80 29 998 23 94 20 85 69 133 220 3 525 1939—Dec 274 26 144 164 90 32 692 23 94 20 <84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 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—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 274 127 170 265 23 24 P27O 886 111 Feb 274 130 148 245 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... . 274 131 190 23 20 757 111 July.... 274 98 190 23 20 752 Aug 274 99 190 23 20 775 Sept. 100 190 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 d n i o i n m t g e - d U gu r a u y - V z e ue n l e a - Y sl u a g v o i - a B.I.S. O c tr o t i u h e n s e 7 - r Government go p l r d e v r io es u e s rv f e ig s u 1 re n s ot included ia 1 1 9 9 3 3 8 9 — — D D e e c c . . . . 3 3 2 0 1 8 7 5 0 4 1 9 2 2 9 9 2,69 •1 0 6 6 8 9 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- 1940—Dec.. 160 502 88 1 90 29 82 12 170 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 3 4 2 5 1 — — — — - D D D D D e e e e e c c c c c . . . . . . . . . 2 3 3 4 4 3 2 6 8 8 5 3 3 7 2 1 1 • , ,3 1 9 6 8 4 5 6 6 2 2 8 5 5 4 2 1 2 1 9 2 4 1 6 2 1 1 4 1 1 1 1 1 8 5 0 9 2 9 7 0 5 1 1 2 4 6 8 0 3 1 8 9 2 0 *83 3 2 4 3 1 7 1 5 9 2 2 2 1 2 1 4 2 6 4 8 5 9 6 7 5 1 1 9 93 3 8 9 — — A M D D M e u e a a c c g y r .... 1 1 8 5 56 0 4 1, 2 3 7 7 8 3 5 7 2 9 6 4 4 5 4 3 7 6 5 3 7 0 9 1 4 1 4 7 1 1 9 9 4 4 6 7 — — O J S A J J A F M N D M c a e e u p e a o u u a t n b g p c v r r l n y . . . . . t . . . y . e . . . . . . . . . . . . . . . , 2 3 4 3 2 4 3 1 1 1 1 9 1 6 8 2 2 6 4 9 6 2 4 3 7 5 1 4 6 9 8 0 8 6 4 '1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 4 4 4 4 4 3 4 4 4 3 3 2 3 3 3 5 1 3 0 1 7 7 7 1 2 2 5 6 0 8 8 0 3 2 2 2 2 2 2 2 2 1 1 1 1 3 2 0 3 3 3 3 3 8 9 7 6 8 6 7 3 7 5 6 8 5 1 4 9 2 2 2 2 2 1 1 1 1 0 0 0 0 0 9 9 8 9 5 0 0 0 0 7 2 9 4 2 2 2 2 2 2 2 2 2 2 2 2 1 3 1 1 3 3 3 1 3 1 1 3 5 5 5 5 5 5 5 5 5 5 5 5 4 2 2 2 4 3 2 2 2 2 2 2 0 8 7 7 0 2 8 7 7 7 6 9 P P P P 2 2 2 2 2 2 2 2 2 2 2 2 3 4 4 3 4 3 3 4 4 4 4 4 9 0 0 7 0 9 7 0 0 0 0 0 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 0 4 3 2 7 1 5 6 — — — — — — — — S D D D D A D D D M S J J e e e e u e e e e e u u a p c c p c c c c c g n n r t t . e e .. . . . . . . . . . . 1 1 1 4 4 8 2 2 7 1 1 1 1 7 6 8 3 1 4 5 1 3 2 2 8 7 3 5 6 & 5 5 5 5 2 2 2 2 2 2 2 , , , , H , , 3 3 3 5 . 2 5 3 1 4 9 5 5 8 9 3 4 9 1 8 4 1 7 2 5 5 6 4 2 2 4 1 9 5 4 3 7 1 1 1 1 1 1 1 7 7 7 7 7 7 7 P Preliminary. c Corrected. 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 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. of England on that date. 4 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. 6 Gross official holdings of gold and U. S. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- dollars as reported by British Government; total rately. British holdings of U. S. dollars, including 6 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. 1438. Exchange Equalization Account during 1939. NOTE.—For available back figures and for de- NOTE.— For back figures, see Banking and Monetary Statisttcs, 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 NOVEMBER 1947 1433 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 ep o o n r th te l d y A So fr u ic th a I d R e h s o ia - A W fr e ic s a t 2 I [ B C e o l n g g ia o n ^ U S n ta it t e e d s 4 I | Can- M ic e o x 8 - Co b lo ia m- I Chile I [ r N ag ic u a a - 7 Au li s a t 8 ra- India9 $1=15$/n grains of gold 9/w fine; i. e., an ounce of fine gold—$35, 1938 1,136,360 958 770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,7051,020 297 448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1 ,297,3491,094 264 491,628 29,155 32,163 «8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,9451,089 395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 4942 966 132 494,439 26,641 29,225 130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960 4943 760 527 448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682 061 429,787 20,746 18,445 35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646 914 427,862 19,888 18,865 32,511 94,385 17,734 6,282 6,985 16,450 5,950 1946 663 266 417,647 19,061 20,475 51,182 98,994 15,301 8,068 6,357 21,595 4,585 1946—Sept.. 56,745 34,509 1,578 1,715 6,322 8,047 1,425 354 379 1,925 490 Oct.. 58,988 35,922 1,579 1,785 5,454 8,429 1,332 ,384 654 1,925 525 Nov.. 54,948 33,823 1,527 1,820 4,424 8,092 1,161 ,203 657 1,925 315 Dec. 56,501 34,184 1,585 1,820 5,779 7,961 1,088 864 559 2,170 490 1947—Jan.. . 58,127 34,021 1,524 1,785 7,612 8,195 1,423 271 566 2,205 525 Feb.. 41,044 19,965 1,502 1,750 5,483 7,806 1,276 371 581 1,820 490 Mar.. 51,824 28,665 1,574 1,855 5,500 9,235 1,273 856 555 1,820 490 Apr.. 55,412 31.S24 1,537 1,890 6,246 8,921 1,464 540 610 1,820 560 May. 59,738 35,308 1 508 1,820 7,220 9,412 1,130 528 502 1,785 525 June. 57,215 33,984 1,498 1,680 6,117 9,418 1,065 553 520 1,890 490 July.. 35,396 1,855 319 9,149 1,112 513 636 560 Aug.. 34,875 033 1 ,079 684 490 Gold production inU.S.S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal .Statistics. 2 beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold •Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 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. 6 Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gojd exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately *>0 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-Deeember ?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. 542-54j. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year m 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 e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- Canada Mexico c A p a O L u n m a b t h t l e R i i e r n c r i e s - - p P p u R i h i p b n e i - l l e - i - c t A ra u l s ia - A So fr u ic th a Japan India c o t o r A th i u e l e n l s r - 1938 ,973,569 ,208,728 81,135 15,488163,049 60,146 1,363 76,315 472 65,23127,880 39,162 401168,74016,159 13,301 1 1 9 9 3 4 9 0 , ,7 5 4 7 4 4 , , 4 1 7 5 2 1 ,8 6 2 3 6 3 , , 4 0 0 8 3 3 14 3 1 , ,7 7 7 9 8 8165,1 9 2 7 2 7 3 6 4 3 1 , , 2 6 6 1 0 8 2 6 8 1 , ,4 7 8 1 9 5 8 9 6 0 , , 9 3 8 2 7 0 , 6 6 1 2 2 2 , , 9 3 4 3 9 0 6 8 1 8 0 0 1 5 2 7 8 , ,2 0 5 2 9 0 3 3 5 8 , , 6 6 3 2 6 7 74,2 7 5 7 0 71 2 8 2 4, ,8 7 6 5 2 6 1 1 6 1 5 11 , ,, 6 773 0 39 5 94 5 9 0 , , 9 9 8 5 9 6 22 6 8 8 4 , , 6 2 2 0 3 8 1941 982,378 3,779 1 1 1,747 899 412,056 791 61,862 42,678 ,492 292,893 9,444 9,665 3 63,071 1942 315,678 1,955 5 208,917 016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 287 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 53,148 094 -41,748 103 106 357 133,471 1946 311,494 458 344,130 591|-134,405 -156 41(118,550 -2,613 -18,083 I 1946 Oct. 24,182 134 198 4,523 19,912 -682 103 Nov. 77,903 38; 25,248 1,065 621 38,601 -430 • 12,415 Dec. -61,193 27,473 449 110,276 -151 17 18,883 -868 • 3,279 1947 Jan. -16,820 51,174 443-97,579 -132 32,544 -374 -2,899 Feb. 20,361 9 30,319 222-30,341 -49 37,490 -5567-16,734 Mar. 153,634 -120 -31 101,64: 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 24,35 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 52,913 217 96,026 -70 53,228 -334 -638 July 219,201 -449 51,820 282 103,894 1,111 60,081 -551 e5,233 S A e u p g t . 1 1 1 0 1 9 , , 6 6 5 0 7 0 22,515 . 13,903 2,2 4 2 9 0 9 3 2 3 4 0 2 9 2 0 4 , , 3 7 6 3 9 0 -1 -2 ,5 8 4 6 3 1 2 7 8 3 1 7 6 , , 7 0 6 4 0 2 ! 61 6 0 4 , , 2 2 1 2 5 1 i Includes $28 097 000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. » Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,OOC from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. »Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. * Includes $133,980,000 to China and $509,000 from other countries. 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—November, $11,793,000; December, $4,492,000; 1947—July $5,626,000; August, $5 627,000; September, $11,287,000. 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. 1434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From Jan. 2, 1935, funds in U. S. funds of in- in U. S. securities: securities: Inflow in through— Total ternational banking Return Inflow of brokerage institutions funds of U. S. foreign balances Total Official i Other in U. S. abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936— Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 ,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 ,125.1 31.9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 ,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 ,150.4 54.2 June 29 , 3,140.5 880.9 220.6 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 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 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). . . . 5,607.4 3,229.7 1,388.6 1,841.0 767 A 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 ,026.2 737.8 122.2 Dec. 31. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 ,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 ,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 ,097.8 625.9 135.1 Feb. 28 8,775.1 6,156.8 3,457.7 2,699.1 16.2 728.7 ,067.2 672.4 133.9 Mar. 31. . . . . 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 ,073.0 645.1 139.9 Apr. 30... 8,674.4 6,076.2 3,296.2 2,780.0 48.5 701.2 ,076.1 630.7 141.7 May 31 8,405.8 5,850.7 3,074.2 2,776.5 45.4 644.8 ,104.2 619.7 140.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 ,103.9 615.0 141.4 July 31 8,496.2 5,949.7 3,186.7 2,763.0 200.0 574.1 ,125.3 506.1 140.9 Aug. 31 8,344.2 5,729.0 2,917.3 2,811.7 280.3 554.0 ,141.9 492.2 146.8 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 ,170.7 478.3 150.4 Oct. 31 8,280.2 5,660.9 2,776.9 2,884.0 264.4 532.8 ,196.9 472.1 153.1 Nov. 30 8,270.4 5,495.4 2,532.7 2,962.7 441.5 492.9 ,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. '8,077.3 '5,300.6 '2,416.0 2,884.6 449.0 404.8 1,308.2 464.4 150.4 Feb. 28 '9,959.9 '5,047.3 '2,006.2 3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31 '9,736.7 '4,841.3 '1,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr. 30 '9,771.5 '4,815.4 '1,718.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 May 31 '"9,508.2 '4,498.0 '1,448.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 June 30 _ 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 1,398.0 393.4 160.8 r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit 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.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. NOVEMBER 1947 1435 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 1 U K d n i o i n m t g ed France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur 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 Aeis2 ot A he ll r2 1935—Dec. (Jan. 1, 1936). .. 1,440.7 554.9 210.2 114.5 130.4 24.0 166.6 1,200.6 (3) 70.9 156.5 12.7 1936—Dec. 30.. ?,667.4 829.3 299.5 229.7 335.5 45.6 311.6 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 . ,501.1 993.7 281.7 311.9 607.5 22.1 436 1 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan.4, 1939) 3,933.0 1,183.8 339.6 328.6 557.5 32.2 612.5 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan.3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31.. S,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 . 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31.. 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1.193.7 1,273.6 203.0 1045—Dec 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1.338.4 1,784.1 247.5 1946—juiy 31 t 8,296.2 756.0 419.4 389.4 741.0 196.9 1,288.1 3,790.7 1,278.7 1,486.1 L,492.1 248.5 Aug. 31. . 8,063.9 624.1 393.2 376.4 752.5 201 0 1,264.8 3,612.0 1,223.5 1,566.2 1,425.4 236.7 Sept 30 8,001 0 665.1 421.1 370 1 745.9 203 5 1,243 9 3,649 51,177 71,544.8 1,365.9 263 2 Oct 31 8,015.8 736.3 433.1 351.1 756.3 213.4 1,248.7 3,738 91,110 61,569.6 1,326.6 270 0 Nov. 30.. 7,828.9 640.9 401.7 322.8 760.9 228.0 1,249.5 3,603.8 1.067.01,546.4 1,327.4 284.4 Dec 31 7,555 7 563.1 384.8 326 4 766.1 287 5 1,246 3 3 574 2 979 71,474.0 1,258.3 269 6 I947—jan# 31 . r7,628.4 585.6 369.4 319 1 769.5 342 8 1,259.5 3,645 8 967 11,466.3 rI,247.1 302 0 Feb. 28. . '7,254.3 558.2 336.3 295.6 776.8 256.2 1,232.8 3,455.8 933.31,431.2 1,185.9 248.1 Mar. 31.. rj,029.7 489.6 351.4 256.7 786.1 215.8 1,262.9 3,362.5 853.1 1,384.3 1,179.8 250.0 Apr. 30 '7,069 0 595.8 332 0 391 7 801 .6 221 7 1,210.0 3,552 8 764 81,364 7 1,142 0 244.6 May 31 '6,688.9 453.5 319.8 356.8 804.6 198.7 1,161.5 3,294 9 763.1 1,318 6 r1,072 6 239.6 June 30 . 6,746.5 441.7 390.2 340.5 799.3 181.2 1,093.2 3,246.2 803.4 1,447.1 1,018.7 231.1 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 h l e l r' I935—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 I935—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 I937—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 I943—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 I944—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 1,414.2 924.9 1.360 1 212.9 1946—Tulv 31 5,949.7 599.7 195.1 217.5 318.8 145.2 718.4 2,194.8 1,176.41,052.8 1,306.8 218.9 Aug 31 5,729.0 464.0 170.6 210.5 341.1 154.0 691.2 2,031.4 1,111.61 105 0 L 256 9 224 1 Sept. 30 5,681.7 509.0 195.4 222.4 333.1 158.6 679.4 2,097.9 1,069.61,059.2 1,215.8 239 3 Oct 31 5,660.9 576.8 204.5 199.1 345 5 168 6 688 7 2,183.0 995 41 058 9 178 7 244 8 Nov. 30 5,495.4 485.5 181.2 185.8 353.2 185.2 693.1 2,084.0 937.4 1,029.3 L.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 I947—jan. 31..: .. '5,300.6 423.0 157.0 195.6 363.6 300.7 701.0 2,141.0 748 01,010 3 112 9 288 5 Feb. 28 '5,047 3 381.9 12Q.0 197 8 370 5 227 1 673 1 1,979.3 784 7 981 0 rI 043 5 258 7 Mar. 31 '4,841.3 312.2 146.2 166. 7 378.5 198.2 719.1 1,921.0 670.2 956 1 T ,042 5 251.5 Apr. 30 '4,815.4 423 . 1 129.6 205 0 383 6 205.4 689.2 2,035 .9 519 61,000 0 r 01? 7 247 2 May 31 '4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.6 1,009 4 '973 1 237.9 June 30 4,591.9 267.2 190.2 192.6 381 .5 166.8 589.0 1,787.2 478.8 1,120.9 966.7 238.2 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A h l e l r5 I935—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 I937—Dec 29 449.1 207.4 65.3 -4.4 2.6 6.5 132.0 409.3 -21.7 51.6 18.7 -8.7 193g—Dec. (Jan 4, 1939) 510.1 206.2 68.4 —5.6 2.6 13.7 175 6 460.9 35.9 66 8 —46 5 —7 0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec 31 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 -1.2 1942—Dec 31 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68 3 93 8 6 6 I943—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 I944—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 I945—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 I945—juiy 31 574.1 216.2 75.7 -101.0 1.4 22.2 242.8 457.3 50.6 —2 4 71 9 —3 4 Aug 31 554.0 226.2 76.0 -104.2 3.4 17.8 246.0 465.2 49.3 -17.3 61.1 -4.2 Sept 30 519 8 226.7 76.1 — 118.4 2.6 15 9 236 3 439 2 42 6 — 14 6 56 4 —3 7 Oct. 31 532.8 235.5 75.1 -110.2 3.7 16.0 232.0 452.0 43.2 -14.1 54.8 -3.1 Nov. 30 492.9 236.1 75.0 -120.2 1.8 13.7 229.0 435.4 40.0 — 32.2 54 1 —4.4 Dec. 31 427.2 244.3 73.4 -132.3 -1.7 10 6 226 9 421 3 40 7 — 58 8 29 9 — 5 8 1947—jan# 31 404.8 241.5 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 -.2 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 June 30 202.5 252. 7 59.0 -30.4 .3 2.5 182.2 466.2 56.5 -256.9 -44.3 -19.1 ' Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 1 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. 1436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) United Neth- Switz- From Jan. 2, 1935, through— Total K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 125.2 67.8 6.8 7.4 -1.2 2.9 59.4 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 9.4 110.4 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 13.5 141.8 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 22.0 201.3 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 27.6 225.6 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—July 31 1,125.3 107.3 50.9 33.1 44.9 27.3 258.4 521.9 179.7 341.0 59.7 23.0 Aug. 31 1,141.9 101.5 49.9 31.4 36.4 27.1 257.6 503.8 193.7 378.2 59.7 6.5 Sept. 30 1,170.7 100.4 49.9 30.3 37.4 27.1 258.2 503.4 200.2 390.3 59.4 17.4 Oct. 31 1,196.9 98.3 49.5 29.1 34.5 26.8 258.0 496.2 207.7 414.2 59.4 19.3 Nov. 30 1,231.5 95.0 49.1 27.5 31.0 26.7 257.2 486.5 226.4 439.9 59.5 19.3 Dec. 31 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 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 June 30 1,398.0 105.7 49.5 1.7 31.2 26.8 265.4 480.4 374.7 478.8 61.1 3.0 TABLE 6. -DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through- Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -.1 7.6 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -3.3 31.1 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -4.9 38.3 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212 304.1 -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 76.6 227 344.7 -4.9 32.2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—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 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 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 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 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 73.0 199.4 338.4 3.0 56.6 474.2 -137. 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 June 30 393.4 -202.7 71.8 158.4 343.1 -15.3 42.6 398.0 -126.3 85.3 28.4 8.0 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) 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 1.3 7.6 —4.5 1.0 2.9 — 9 1935—Dec 30 ... 12.9 4.0 10.4 -.9 9.1 .3 -.3 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec (Jan. 4 1939) 47.6 13.4 12.9 6.8 9.6 .2 5.0 47.9 1.8 -.9 -1.5 .3 1939—Dec (Jan 3 1940) 80.6 19.4 20.1 9.3 17.8 .1 4.9 71.6 8.7 1.6 -3.4 2.1 1940—Dec (Jan. 1, 1941) 100 9 17 0 19 9 13 4 16 2 2 7 7 74.3 10.7 9.2 6.0 7 1941 — Dec 3i 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104 4 17 4 20 7 17 5 13 7 2 8.5 78.1 15.2 4.2 6.0 9 1943—Dec 31 117.8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17.6 3.8 6.0 L.3 1944—Dec 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 8 1945—Dec 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—juiy 3i 140.9 18.9 24.4 16.1 33.8 .5 13.2 107.0 19.8 8.5 3.9 1.7 Aug 31 146 8 19 2 23 7 15 8 35 9 5 13 7 108.9 19.1 12.9 4.4 Sept. 30 150.4 18.6 22.1 15.7 36.9 .3 14.0 107.5 19.2 18.3 3.7 L.6 Oct 31 153.1 19.2 22.4 16.3 37.9 .5 14.1 110.4 20.1 17.1 4.0 1.5 Nov. 30 154 7 19 2 22 0 16 1 38 6 5 14 8 111.2 21.5 15.3 5.0 s Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947_jan 31 150.4 19.2 20.1 17.3 39.5 .4 14.1 110.8 22.1 10.3 5.3 1.9 Feb 28 156 6 19 8 20 0 14 9 39 9 4 14 0 109.0 21.7 18.0 5.2 2 8 Mar. 31 154.5 17.7 20.4 16.3 41.5 .4 13.8 110.0 20.0 16.3 5.5 2.8 Apr 30 161 6 18 6 20 5 17 3 42 1 5 13 7 112.7 21 2 19 5 7 0 1 2 May 31 156 4 18 4 19 9 16 9 40 4 4 13.5 109.5 19.6 18.5 8.0 9 June 30 4160.8 18.9 19.7 18.2 43.2 .5 14.0 114.5 19.7 19.0 6.7 1.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 3 Outflow less than $50,000. 4 Amounts outstanding June 30 (in millions of dollars): foreign brokerage balances in United States, 110.3; United States brokerage balances abroad, 26.3. NOVEMBER 1947 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total ioreign te I r n n - a- countriesl United Neth- Switz- Date t i i n o s n ti a - l Official K do in 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 !o 1938—Dec 3 . ... 2,157.8 473.8 436.1 187 4 101 8 218.8 20 4 273.3 1,237!8 201.8 248.5 435.5 34! 1 1939—Dec.3 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882!6 274.6 336.0 655! 7 72!5 1940—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 1,108!8 175 .3 I944—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! 31,069.2 I74!o 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 1,046.41,549.7 181.8 1946—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 1,284.31,174.41,487.5 187.8 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 1,219.61,226.61,437.5 192.9 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 1,177.51,180.7 1,396.4 208.1 Oct. 31.... 284.4 * 6,395.1 3,487.2 638.1 284.6 215.7 4 359.1 188.9 851.9 42,538.3 1,103.31,180.51,359.3 213.7 Nov. 30.... 461.4 6,229.6 3,243.0 546.8 261.4 202.4 366.8 205.5 856.4 2,439.3 1,045.31,150.81,364.5 229.7 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 5 931.81,104.81,316.4 232.8 1947—Jan. 31.... 468.9 '6,034.8 '3,126.3 484.4 237.2 212.2 377.2 321.0 864.3 2,496.2 855.9 1,131.8 '1,293.5 257.3 Feb. 28.... 2,725.6 '5,781.4 '2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 892.7 1,102.6 '1,224.2 227.5 Mar. 31.... 2,726.9 '5,575.4 '2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 778.2 1,077.6 '1,223.1 220.3 Apr. 30.... 2,722.5 '•5,549.6 '2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 1,121.6 '1,193.3 216.0 May 31.... 2,839.3 '5,232.2 '2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.6 1,130.9 '1,153.7 206.7 June 30. ... 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.81,242.51,147.4 207.0 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu el m - m D a en rk - l F a i n n d - m G a e n r- y Greece6 L b u o x u e rg m 6 - N w o a r y - P g o a rt l u 6 - m R an u i - a6 Spain6 SwedenUSSR" s Y la u v g i o a - 6 o A th l e l r 1939—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 7 191 0 1942—Dec. 31. .. 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31. . . 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. . . 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—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 June 30. .. 752.3 142.5 52.0 22.7 27.3 32.2 22.3 91.2 42.5 8.2 11.8 133.2 50.6 11.8 104.0 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 - ' C R o ic s a ta ' 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 0 - Peru7 z V u e e n la e 7 - A L O i a m c th t 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 ' 447.3 115.4 36.2 28.5 47 9 55 0 58 7 105.6 1941—Dec. 31 417.7 75.7 50 5 27.3 62 s 37 7 42 1 121.8 1942—Dec. 31. .. 597.7 67.6 10.8 67.7 34.5 43.4 12 4 100.3 4.9 95 7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67. 1 12 2 70.4 2.6 70 4 41.2 57.6 17.4 24 2 95.4 1944—Dec. 31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7 4 139.3 4.4 83 1 36.0 69.1 27.7 31 5 119.8 1945—Dec. 31. . . 1,046.4 77.3 14.5 195.1 66.3 79.2 6 9 128.3 7.1 116 4 28.2 88.7 43.9 49 7 144.8 1946—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 g 68 7 167.6 Nov.30. . .1,150.8 131.4 13.6 205.6 50.5 60. 7 8 6 159.1 6.0 143 2 13.5 84.1 40'.7 67 3 166.7 Dec 31. .. 1,104.8 112.6 14.0 174.0 50.7 57.8 7 7 153.5 5.4 152 2 16.1 77.2 40.9 74 0 168.7 1947—Jan. 31. .. 1.131.8 166.0 12.4 183.4 46.2 51.0 7 3 147.3 4.9 149 3 13.6 78.2 37.0 51 5 183.8 Feb. 28. .. 1,102.6 180.0 13.7 157.8 45.2 55.9 9.0 145.9 3.9 142 1 11.8 75.2 34.3 45 5 182.4 Mar 31 . 1,077 6 181.4 12.8 127.6 51.0 51. 9 8 5 150.8 4.0 139.1 10.5 73.2 34.0 46 7 186.1 Apr 30. . 1 ,121.6 223.0 11.7 115.3 53.4 56.2 9 3 168.0 3.2 127 6 10.6 71.0 35.9 49.4 186.6 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 June 30. .. 1,242.5 265.0 16.4 85.2 50.7 42.4 8 6 289.6 2.9 126 7 10.3 69.9 39.7 53 6 181.4 For footnotes see p. 1439. 1438 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 China India, Neth- Egypt Date Asia M c a r h n i a u a d n - - F C I r n h e d n in o c a - h 1 H K o o n n g g C B a l m o n e u n a y d r , 1 - - B M l i a s r y a h it a - - 1 Japan I l n E a e d n a r i d s - e t s s1 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 t a u n i g n a g d y d n l a p o n - -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 a n Other 1939—Dec.1 655.7 167.0 71 4 165 4 193 4 58 5 72 5 1940—Dec * 769 9 207 5 91 1 110 198 6 162 4 73 3 1941—Dec.31 780.0 156.8 61.6 69.9 226.8 264.9 113!6 1942—Dec.31.... 930.0 360.9 27.4 41.6 13 1 1.0 4.8 160.4 254.729 9 36.2 149.6 23.1 4 5 12.1 11 0 91.8 1943—Dec.31 1,108.8 574.2 ?7 4 23.9 18 2 .9 4 1 110.1 259 135 4 55 5175 325.3 5 1 6 1 10.3 4 s 124.1 1944—Dec.31... 1,069.2 427 3 ?7 4 22 9 22 1 1 3 4 0 110 s 365 823 7 64 2174 0 52 9 s 7 4 3 8 97 6 1945—Dec.31.... 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4 3 18 9 10.0 6 4 113.4 1946—July 31. . . 1,487.5 611.9 47 .2 33.2 33.2 2.2 9.2 114.3 482.464 5 89.5 187.8 28.7 6 4 17 7 11.5 10 1 113.4 Aug. 31. .. 1,437.5 561.8 55 0 34.1 28.3 10.3 13 4 120.1 466 96? q 84 6192.9 33.6 5 ? 19 0 11.6 13 4 110.1 Sept. 30. .. 1,396.4 525.3 42.9 37.9 35.8 9.3 9.5 128.9 465.261 0 80.6208.1 39.9 5 5 20 2 13.4 24 5 104.5 Oct. 31. .. 1,359.3 490.1 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. . . 1,364.5 456.5 36 .2 46.1 40.1 17.2 14.1 134.5 466.364 3 89.2 229.7 35.1 5 7 22 3 14.5 52 2 99.8 Dec. 31. . . 1,316.4 431.9 39 .9 44.9 43.5 17.3 16.6 127.1 446.654 7 93.8232.8 45.5 8 0 20 8 14.9 47 2 96.4 1947—Jan. 31. .. '1,293.5 '428.7 42.1 39.2 42.5 8.8 17.2 117.4 448.360 8 88.5257.3 40.9 8.2 19 8 16.0 82 5 89.9 Feb. 28. .. '1,224.2 '389.7 36 .0 40.8 44.2 7.1 17.7 116.6 430.556 5 85.1227.5 59.4 8 3 18 4 16.9 33 9 90.7 Mar.31. .. '1,223.1 '373.2 39 .1 38.9 40.7 7.2 18.7 122.9 447.155 8 79.4220.3 40.4 9 6 19 6 16.5 43 7 90.5 Apr. 30. .. '1,193.3 '369.1 38.4 39.0 36.1 8.3 18.9 103.7 438.965 4 75.6216.0 38.7 8 7 19 0 16.1 47.3 86.2 May 31. .. '1,153.7 '354.3 40.5 41.5 33.4 9.6 18.0 95. 4 432.257 0 71.8206.7 36.2 8 7 20 5 14.9 50 0 76.5 June 30. .. 1,147.4 369.1 37 .2 41.1 41.2 8.8 16. 7 94. 9 448.851 0 68.5207.0 47.8 8.6 22 6 13.9 39 5 74.5 ' Revised. 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 8 See footnote 3 below. Footnotes to table on p. 1438. r Revised. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." '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.l, 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 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 r t o a p l e C a a d n a - A L m i a c t a e in r- Asia1 ot A he ll r l 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—]jer 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77 6 37 8 112 2 26 3 3 Q 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 Q 1946—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 0 158 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 ? 1947—Jan. 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 Fe.b 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 t 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 June 30 933.0 39.3 20.1 49.0 7.8 24.1 127.6 268.0 36.4 424.9 173.3 30 5 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. NOVEMBER 1947 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r y - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o 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 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 (3) 8.4 1943—Dec. 31 52.9 .7 7.6 33.9 .6 .2 1.4 3.2 .2 (3) 5.0 1944—Dec. 31 78.3 .7 33.9 .6 35.1 .8 1.8 .2 (3) 5.1 1945—Dec. 31 74.6 .6 33.9 .7 31.6 .5 .1 1.6 .9 (3) 4.7, 1946—July 31 67.0 8.8 .2 4.3 33.9 1.6 .6 .7 .1 4.2 7.6 (3) 5.0 Aug. 31 63.8 9.1 .3 4.0 33.9 2.1 .5 .7 3.3 5.5 (3) i 4.3 Sept. 30 73.4 6.9 .2 3.5 33.9 12.6 .7 1.0 3.6 5.5 5.5 Oct. 31 77.8 7.2 .4 4.3 33.9 12.6 .7 1.3 7.2 4.1 6.1 Nov. 30 80.8 7.7 .5 5.9 33.9 13.0 2.1 .9 6.5 3.9 6.2 Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 9.4 1947—Jan. 31 83.8 7.1 .6 6.4 30.3 12.4 3.7 .9 7.3 5.5 (3) 9.5 Feb. 28 83.9 7.4 .4 6.1 30.4 12.5 4.0 .9 6.2 5.6 (3) 10.2 Mar. 31 92.6 8.0 .3 8.3 30.4 13.2 4.2 1.0 4.2 3.8 6.0 (3) 13.2 Apr. 30 106.4 8.9 .3 7.1 30.4 12.8 5.2 1.0 6.9 3.7 7.1 (3) 22.9 May 31 113.1 8.9 .4 9.1 30.3 13.0 5.9 1.2 7.0 3.5 7.4 (3) 26.3 June 30 127.6 10.1 .6 11.4 30.3 12.9 i 6.3 1.5 6.9 4.3 7.5 (3) 35.4 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 4 Brazil Chile l b C o i m a o * - - C R o ic s a ta 4 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 5 - Peru* V zu e e n la e 4 - O A L i a m t c h t a e i e n r r ana4 n S a u m ri 4 - 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 .1 11.0 .5 1.1 1.9 6.1 33.4 1946—juiy 3i 170.4 27.9 4.4 28.6 7.5 21.3 2.1 25.7 (3) 15.2 .5 1.6 3.4 8.1 24.0 Aug. 31 185.3 25.6 3.2 41.3 10.6 22.6 9.8 15.6 .2 17.2 .4 1.3 3.6 8.1 25.8 Sept. 30 182.6 21 A 2.6 37.2 14 5 23 8 1.7 21.1 (8) 22 0 4 .9 3 0 7.0 27.0 Oct 31 182.1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 17.6 .4 .9 2.7 4.8 24.9 Nov. 30 . .. 200.2 24.0 2.0 43.9 14 0 19 8 2 5 41 1 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, 3i .... 260 4 49.1 2.6 54.4 13 1 29 9 3 4 35 5 (3) 27 0 9 1 6 5 4 10 4 27.1 Feb 28 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 .1 28.8 .8 1.7 6.5 15.6 27.9 Mar. 31 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 (3) 30.7 .8 2.2 7.0 19.6 33.9 Apr. 30 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 (3) 33.7 1.1 2.2 7.8 15.4 37.3 May 31 438.0 60.7 5.3 150.2 20 3 36 4 3 6 60.1 34 8 1 0 2 1 7 6 19 2 36 7 June 30 424.9 57.6 3.6 160.9 17.4 40.3 3.9 46.0 .3 32.9 1.0 2.6 5.6 16.7 36.3 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n e d n o c - h 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 , - - , M B tis r a h i- - 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 1 -O A t s h i e a r ot A he ll r7 A t l r i u a a s - -N Z la e e n a w d - A S E E t a u n i g g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S U A o f o n u r f i i o t c h n a Other 1939—Dec.2.... 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec.2.... 117 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 1942—Dec. 31.. 35.3 11.1 .9 2.2 .7 5 1.6 14.4 1.8 2.0 4 1.0 1.7 1.2 1943—Dec. 31.. 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 2.4 .7 1944—Dec. 31.. 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 9.7 1.0 1945—Dec. 31.. 29.9 1.0 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 4.7 2.5 1946—July 31 57.1 19.0 2.2 9.4 1.7 .3 1.2 18.5 .9 3.9 14.8 2.9 8.0 2.5 Aug. 31 68.0 28.6 2.9 10.8 .1 .3 1.3 19.2 .9 3.9 15.6 2.9 8.1 3.0 Sept. 30 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 7.7 2.5 Oct. 31 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 8.4 2.0 Nov. 30 75.0 40.8 4.0 9.1 .2 .2 .9 14.7 .9 4.2 15.8 3.1 9.1 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 10.1 2.2 1947—Jan. 31 94.5 43.8 5.0 12.7 .5 .2 1.1 25.3 1.4 4.5 19.8 4.3 10.5 3.4 Feb. 28 . 85.0 36.8 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 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 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 18.3 6.8 May 31 127.3 76. () 3.5 13.2 1.1 .2 1.5 23.2 2.7 5.8 34.0 6.6 18.9 6.0 June 30 173.3 104.8 .1 3.5 32.8 2.2 .2 .5 20.2 3.3 5.8 30.5 9.0 15.2 5.0 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. » Less than $50,000. * Prior to June 30, 1942, included under "Other Latin America.' 5 Included "Canal Zone" prior to June 30, 1942. e Prior to June 30, 1942, included under "Other Asia." 7 Country breakdown not available until June 30, 1942. 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n l 3 a- Deposits Other Gold1 assets 2 and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. * .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 6 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 2 3 4 5 — — — — — D D D D D e e e e e c c c c c . . . . . 3 3 2 2 27 6 0 9 1 , , , . . . . . . , 2 2 2 2 2 8 6 5 1 1 1 8 * , , , 9 2 4 1 7 5 5 0 0 8 0 0 0 0 0 . . . . . 0 0 0 0 0 1. . . . . 9 3 9 9 4 2 2 2 1 1 8 6 0 1 1 . . . . . 5 8 3 6 6 6 3 8 2 5 . . . . . 5 4 5 4 1 2 2 3 3 3 6 6 2 1 0 7 7 7 7 7 . . . . . 8 9 4 0 9 , , , 0 2 3 9 7 8 3 7 2 5 8 8 3 9 1 . . . . . 7 4 7 6 9 2 2 2 2 2 2 7 6 1 3 3 4 0 9 4 . . . . . 7 4 5 9 3 1 1 9 5 5 1 0 . . . . . 2 0 3 2 3 5 4 6 5 5 4 0 8 8 2 . . . . . 4 5 8 1 3 1 1 1 1 1 7 7 7 7 7 . . . . . 8 8 9 9 9 1946—Oct. 30 .2 1,400.0 1.0 38.5 9.5 327.2 ,361.8 292.7 8.2 57.5 17.8 N De o c v . . 2 2 7 5 . . 2 2 6 1 1 , , 4 4 0 5 0 0 . . 0 0 1 1 . . 1 3 3 2 4 2 . . 2 1 2 1 5 3 . . 3 6 3 3 3 2 3 7 . . 9 6 , ,4 3 2 6 8 6 . . 2 0 3 27 1 8 0 . . 9 1 1 1 0 0 . . 1 3 5 5 6 7 . . 3 3 1 18 7 . . 1 9 1947—Jan. 29 .2 1,450.0 1.0 85.8 25.4 271.0 ,364.5 288.4 16.0 60.6 18.3 Feb. 26 .2 1,450.0 .9 74.7 16.0 294.6 ,375.6 285.2 22.4 60.1 18.4 Mar. 26. .2 1,450.0 .6 59.5 11.1 338.7 ,390.7 286.4 10.6 94.4 18.5 Apr. 30, .2 1,450.0 1.0 62.6 18.0 344.8 ,387.6 303.7 6.9 98.0 17.8 May 28, .2 1,450.0 1.3 56.1 8.7 353.9 ,394.1 301.9 5.0 95.1 18.0 June 25. .2 1,450.0 1.8 55.2 20.6 337.0 ,395.0 290.3 8.0 98.3 18.1 July 30 .2 1,450.0 2.4 30.9 28.6 364.6 ,419.3 301.8 11.3 95.1 18.3 Aug. 27. .2 1,450.0 2.5 56.8 16.6 332.0 ,393.4 282.0 14.0 93.4 18.4 Sept. 24 .2 1,450.0 2.3 73.7 14.6 325.9 ,376.5 289.6 16.2 92.1 18.5 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and d S o t U a ll t a n e r i s s ted Short- O as t s h e e ts r circ N ul o a t t e ion7 Chartered Dominion lia O bi t l h it e i r es8 term8 Other banks g m ov e e n rn t - Other 1935—Dec. 31. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 00 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—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 40.9 161 579.5 63.9 79.4 46.8 Dec. 31. 1.0 ,197.4 708.2 42.1 186, 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. 1.0 ,186.0 751.2 59.2 153.9 542.6 195.7 69.3 35.9 May 31. 1.0 ,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 1,153.7 468.3 124.1 63.7 37.3 Aug. 30 . 2.4 ,141.5 720.3 39.0 1,158.9 515.0 133.6 58.7 37.1 Sept. 30. 1.9 ,088.0 744.7 49 5 1,172.2 481.1 128 2 62.0 40.5 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8, July 3, and Dec. 10, 1945, and on Dec. 10, 1946. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. NOVEMBER 1947 1441 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 (Figures in Foreign Other Note Other millions of francs) Gold* ex- circula- liabilichange m O a p rk e e n t2 Special 2 Other c F c u o o p r s a t t o s i c o 3 - n Other 2 assets * tion G m ov e e n r t n- C.A.R.8 Other ties 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... «97,267 112 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—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 8108,758 770,670 770 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 Aug. 28... 64,817 3 97,490 20 98,224 426,000 124,900 8105,639 838,442 750 70,651 7,250 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 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine National Bank of Belgium—Cont. Republic (millions of pesos): Loans to Government ,686 48,947 47,169 50,084 Gold reported separately ,617 ,847 Other loans and discounts ,939 4,296 6,456 3,125 Other gold and foreign exchange. ,428 ,160 Claim against Bank of Issue... ,597 64,597 64,597 64,597 Government securities 952 866 Other assets ,196 2,379 2,327 2,223 Temporary advances to Govt.. . 80 Note circulation ,125 77,818 77,597 71,292 Rediscounts and loans to banks1. ,434 ,710 Demand deposits ,653 3,893 4,493 4,709 Other assets ,627 ,279 Blocked accounts * ,699 78,712 78,719 77,966 Currency circulation 2 ,526 ,638 Other liabilities ,754 1,775 1,745 1,436 Deposits—Member bank 453 ,267 Central Bank of Bolivia—Mone- Government ,332 673 tary Dept. (millions of bolivianos): Nationalized l ,903 ,514 Gold at home and abroad 922 922 920 Other 73 155 Foreign exchange 338 325 322 Certificates of participation in Loans and discounts 250 225 223 Government securities 2 Government securities 631 632 431 Other liabilities ,695 Other assets 11 9 16 Commonwealth Bank of Aus- Note circulation 1,671 1,679 1,633 tralia (thousands of pounds): Deposits 256 209 273 Gold and foreign exchange 173, 178 217 204 Other liabilities 225 224 6 Checks and bills of other banks. 2,' 2,692 National Bank of Bulgaria 5 Securities (incl. Government and (Central Bank of Chile (millions Treasury bills) 411, 410,572392,361 of pesos): Other assets 13, 17,034 ,344 Gold 200 c200 331 Note circulation 205, 204,143 197 ,680 Gold contribution to Int'l. Fund. 43 43 Deposits of Trading Banks: Discounts for member banks. . . 658 868 "" 600 Special 238 248,064 ,862 Loans to Government 1,162 991 938 Other 26 822 24,195 24,559 Other loans and discounts 1,394: 1,239 713 Other liabilities 130 699132,270 ,500 Other assets 1,662 cl,647 1,914 National Bank of Belgium Note circulation 3,658 3,670 3,244 (millions of francs): Deposits—Bank ' . . 675 586 531 Gold 28,478 453 31 655 Other 280 247 253 Foreign exchange 12.169 161 ,227 720 Other liabilities 506 486 468 Net claim on Infl. Fund • 1,164 364 ,564 c Corrected. 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. 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. 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. 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 1946 Central Bank 1947 1946 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of the Republic of Colombia Bank of 1 inland (millions of (thousands of pesos): markkaa): Gold 155,099 ,568 ,043248,843 Gold 2 2 2 1 Foreign exchange 27,076 ,592 ,398 60,444 Foreign assets (net) 937 980 1,438 738 Net claim on Int'l. Fund 1 21,867 ,867 ,867 Clearings (net) -2,813 -3,920 -4,278 -8,113 Paid-in capital—Int'l. Bank. . . . 1,225 ,225 ,225 Loans and discounts 32,875 33,241 32,033 33,043 Loans and discounts 126,208 ,061 ,647 20,216 Securities. 417 430 407 496 Government loans and securities. 81,383 ,302 ,521 80,555 Other assets 1,179 698 755 506 Other assets 42,223 ,126 ,712 39,896 Note circulation 24,484 23,945 22,956 19,076 Note circulation 249,838 ,298 ,361217,828 Deposits 1,669 1,148 1,216 2,399 Deposits 167,085 ,691 ,440192,916 Other liabilities 6,446 6,339 6,185 5,196 Other liabilities 38,158 ,752 ,612 39,209 Bank of Greece (billions of drach- National Bank of Costa Rica— mae): Issue dept. (thousands of colones): Gold and foreign exchange (net). 684 707 972 C G Fo o o r n l e d t i r g i n b u e t x io c n h s a n to g e Int'l Fund and 1 1 3 1 , , 7 4 7 2 7 0 1 7 1 , , 8 3 8 6 1 9 11,220 A Lo d a v n a s n c a e n s d — d G O is o t c h v o e e u r r n n t m s ent 6 9 7 4 1 4 5 8 6 8 8 8 1 4 5 8 5 4 1 9 1 7 9 1 O L S N D O e o t t o e t c h h a m o t u e e e n r r r a s I i c n n t a l a i i d i t r s e a n ' c s s l b d d u . e i e t l l B d s a i p t t i a o i i s e o n s c s n k i o ts unts.... 3 6 3 7 0 2 3 6 7 9 1 , , , , , , , 3 5 8 9 1 1 1 2 1 6 6 5 9 8 1 5 6 3 0 2 6 3 3 6 7 0 4 7 3 6 3 1 , , , , , , , 3 0 0 3 0 5 8 2 5 0 1 2 2 0 1 1 3 0 0 9 7 6 6 6 2 8 7 1, , , , , ' 2 7 8 5 5 1 5 0 9 8 9 5 1 6 6 Ba q n u k O N D O G e t t o o t e o z h h p l t a f d e e e o l r r e G s c s i l a i t u i ) r s s a : c s a — b u e t i l t l e O G s a i m t t t i o i h e o a v s e n e l r a r nm (th e o n u t sands of 27,229 27 1 , ,4 2 7 1 1 4 2 3 8 6 0 3 9 2 2 5 1 27 1 , , 6 2 4 1 9 9 4 2 7 6 2 4 8 9 9 8 28 1, , 3 4 5 1 1 7 1 3 8 2 9 6 2 9 0 7 National Bank of Czechoslovakia Foreign exchange 20,839 22,006 22,456 16,364 (millions of koruny): Gold contribution to Int'l. Fund 1,250 1,250 1,250 Gold and foreign exchange 2. . . 4,833 4,925 4,694 3,577 Rediscounts and advances 2,820 2,442 2,504 1 ,100 Loans and discounts 5,117 4,677 4,302 6,265 Other assets 8,377 7,978 7,897 3,240 Other assets 57,860 57,873 124,181120,637 Circulation—Notes 28,852 29,433 29,209 27,797 Note circulation—Old 930 937 Coin 2,855 2,838 2,822 2,666 New 48,946 47,288 45,037 38,290 Deposits—Government 7,803 6,990 7,353 4,794 Deposits—Old 68,784 76,627 Banks 12,451 13,127 13,606 11,694 New 6,193 7,730 9,2 7,953 Other liabilities 8,554 8,517 8,345 2,228 Other liabilities 12,670312,457 9,138 6,674National Bank of Hungary (mil- Na ( t m i G L F C S G O N D o il e o o n l o l t e o o e i c h r a l p a t v o a e d u e e n l o n t r i r r . s g i s s i c B n t n i c a a i i g t o a r o e s s n c e f s s m n — d a u x e k k c p t l c d s G a r c h e o o i t o n a o i s f n u o n c s v e n n a o g e D r t t e u r ) s i e n o n : n n m t ( s n m e e a n a t c ) t c r . . k ou . . n . . . t . . 2 5 1 , , , 1 2 4 8 1 5 5 8 5 7 2 4 1 1 6 2 9 1 3 2 6 6 0 2 5 1 , , , 3 2 4 9 1 5 2 4 8 2 5 7 1 3 9 6 8 0 1 7 6 0 0 6 2 1 , , , 2 4 0 3 1 5 7 6 7 0 0 4 7 1 2 2 1 7 2 0 7 5 4 2 7 1 , , , 4 6 5 1 9 8 9 9 2 8 8 4 8 3 7 3 2 6 3 6 4 8 lio F L G D D O O N n o s o o t i e t o h s r h a l m t o e c d e e e n f i o r r a s g c u n — f n l a i o n d i r s a r c t O e T s b s i d u x e n r t i e l c t h l e t a s i p h ) a e t t : o i a r s i e o n u s s n i g r t y e s— O G t o h v e e r rnment 1 1 , , 2 8 3 3 3 2 1 9 3 9 9 8 4 4 2 1 1 4 3 2 5 2 0 5 4 1 1 , , 3 3 3 2 1 1 7 1 5 7 4 1 8 3 7 0 5 5 6 0 1 0 0 4 8 4 1, 3 3 9 3 3 5 1 7 4 2 0 4 6 2 9 5 7 6 1 1 0 7 7 5 2 4 4 5 2 6 8 1 0 9 7 4 3 1 7 5 4 9 5 2 1 3 1 Other 2,640 2,562 2,646 3,695Reserve Bank of India (millions of Other liabilities 152 151 149 243 rupees): Issue department: Central Bank of Ecuador Gold at home and abroad. 444 444 444 (thousands of sucres): Sterling securities 11,353 11,353 11,353 Gold 274,525274, 42,331 Indian Govt. Securities. . . 578 578 578 Foreign exchange (net). . . 18,730 18, 95,154 Rupee coin 326 298 205 Net claim on Int'l. Fund ! 16,877 16, Note circulation 11,806 11,936 11,879 Loans and discounts 290,914 255 212,936 Banking department: Other assets 119,398 103,476 Notes of issue department. . 896 737 702 Note circulation 341,906 347,758 347,286 Balances abroad 3,825 4,050 5,165 Demand deposits 297,684 297,413 265,56 Treasury bills discounted. . 65 50 24 Other liabilities 80,854 41,043 Loans to Government 10 76 National Bank of Egypt (thou- Other assets 889 788 368 sands of pounds): Deposits 5,538 5,501 6,010 Gold 6,376 6,376 6,241 Other liabilities 146 201 250 Foreign exchange 13,432 13,432 15,601 Central Bank of Ireland (thousands 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 3,124 3,289 2,366 of G p o o l u d nds): 2,646 2,646 2,646 ,646 Ot G he o r v a e s r s n e m ts ent securities 2 2 9 6 7 , , 7 5 8 5 0 429 2 7 4 , , 1 731 30 2 0 8 , , 5 4 1 2 1 6 S N t o e t r e li n c g ir c fu u n la d t s ion 4 4 0 3 , ,1 5 5 1 7 0 4 3 1 8, , 5 1 0 4 3 8 3 4 7 0 , ,4 7 0 5 5 9 , , 7 3 4 9 4 0 O N D t o e h p t e e o r s c i l i t i r a s c — b u i l l O G a it t t i o i h e o v s e n e r rnment 1 1 8 1 2 1 5 9 7 4 , , , , 3 9 5 4 4 3 4 3 9 5 6 7 1 1 8 1 2 2 3 5 2 3 , , , , 8 7 1 6 3 5 2 6 6 9 6 6 1 1 8 1 3 2 4 3 2 2 , , , , 4 5 2 8 8 2 4 8 8 8 9 0 Bank A F G o d o o r v l f e d a i I g n t n c a e l e s y x — c ( h O T m a t r i n h e l g l e a i e r o s u n G r s y o o v f t . l a ir g e e ) n : cies 4 ( 8 1 J 4 9 4 u , , , n 5 2 3 0 e 2 5 5 4 ) 3 2 2 0 , , ,2 1 9 5 3 7 2 2 7 0 3 3 Central Reserve Bank of El Salva- Loans and discounts 91,395 ,395 dor (thousands of colones): Government securities 115,629 ,811 Gold 37,028 37,071 32,807 Other assets 37,447 ,872 Foreign exchange (net) 37,528 40,570 ^37,636 Bank of Italy notes 501,174 ,164 Net claim on Int'l. Fund x 1,563 1,563 Allied military notes 76,417 ,796 Loans and discounts 1,833 2,028 2 i 155 Deposits—Government 11,728 ,658 Government debt and securities. 5,516 5,516 6,052 Demand 57,599 ,778 Other assets 1,751 1,710 1,941 Other 83,921 ,656 Note circulation 50,122 50,484 44,603 Other liabilities 21,800 ,879 Deposits 27,588 29,520 29,688 Bank of Japan 5 Other liabilities 7,508 8,455 7-6,300Bank of Java 5 r Revised. * 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 of July 2, 1947, relating to the Monetary Liquidation Fund. 4 Latest month available. 6 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 foi^March 1943, p. 278. NOVEMBER 1947 1443 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve 1 656 653 646 711 Other assets 2,851 3,054 "Authorized" holdings of securi- Note circulation 23,148 20,414 ties, etc ,490 1,522 1,485 1,680 Deposits—Government. . . 1,946 1,063 Bills and discounts 610 617 505 Other 3,071 3,088 Other assets 163 90 95 164 Other liabilities 596 637 Note circulation ,662 1,683 1,683 1,691 Bank of Sweden (millions of kronor): Demand liabilities 963 927 900 1,155 Gold 204 278 316 1,040 Other liabilities 294 271 268 215 Foreign assets (net) 343 339 298 981 Netherlands Bank (millions of Swedish Govt. securities and adguilders): vances to National Debt Office5 ,638 2,707 ,398 1,106 Gold 502 502 502 699 Other domestic bills and advances 234 120 224 39 Silver (including subsidiary coin) 2 2 2 1 Other assets 311 346 371 907 Foreign bills 379 418 354 4,601 Note circulation ,664 2,632 ,543 2,606 Loans and discounts 154 152 152 187 Demand deposits—Government. 570 478 570 835 Govt. debt and securities ,600 3,600 3,600 Other 135 317 113 245 Other assets 152 155 126 103 Other liabilities 360 362 382 386 Note circulation—Old 125 126 126 262 Swiss National Bank (millions of New ,856 2,785 2,768 2,554 francs): Deposits—Government 860 900 810 1,389 Gold ,307 5,234 ,187 4,881 Blocked 79 82 82 104 Foreign exchange 65 70 96 149 Other 647 724 738 756 Loans and discounts., 157 111 84 63 Other liabilities 220 213 210 526 Other assets 99 83 82 87 Reserve Bank of New Zealand Note circulation ,108 4,022 ,980 3,783 (thousands of pounds): Other sight liabilities ,174 1,132 ,127 1,077 Gold.... 2,802 2,802 2,802 Other liabilities 346 345 342 315 Sterling exchange reserve :90,666 92,428 85,909Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings 23,462 23,050 34,185 Gold6 473,960 487,705 517,088 662,448 Investments 3,868 3,868 3,949 Foreign exchange and foreign Other assets. c850 769 1,270 clearings 292, 756 3099,078300 126,176 Note circulation 47,420 47,180 45,406 Loans and discounts 633,178 631,403 596 754,043 Demand deposits 68,262 71,056 77,935 Securities 187 187,669187 165,528 Other liabilities 5,966 4,681 4,773 Other assets 33, 31,839 33 79,849 Bank of Norway (millions of kroner): Note circulation 942 096 941,619 929 878,247 Gold 339 339 Deposits—Gold 149, 148,378148 197,197 Foreign assets (net) 499 352 Other 287. 328,299 324 141,209 Loans and discounts 87 106 Other liabilities 242, 229,399232 571,390 Securities 74 74 Bank of the Republic of Uruguay Occupation account (net) 8,103 8,108 (thousands of pesos): Other assets 63 64 Gold 286 419 310,856 Note circulation 1,956 1,935 Silver 13,004 13,540 Deposits—Government 3,968 3,929 Paid-in capital—Int'l. Bank 318 Banks 1,266 1,058 Advances to State and govern- Blocked 897 898 ment bodies 28 14,470 Other 333 326 Other loans and discounts 147 109,502 Other liabilities 744 897 Other assets 354 370 359,479 Bank of Paraguay—Monetary Note circulation 214 095213,127 Dept. (thousands of guaranies): Deposits—Government 55 788 44,181 Gold 722 722 1,881 3,415 Other 226 253,118 Foreign exchange ,349 34,602 31,862 32,056 Other liabilities 442297,420 Loans and discounts . • - ,338 17,399 17,087 500 Central Bank of Venezuela (thou- Government loans and securities ,451 9,607 9,728 9,786 sands of bolivares): Other assets 510 4,510 2,765 872 Gold 7 557,408 557,408 617,912557,080 Note circulation 289 42,668 41,329 29,792 Foreign exchange (net) 94, 80,131 ,267 40,854 Demand deposits 328 9,273 10,544 13,411 Other assets 83, 77,993 ,603 33,223 Other liabilities 753 14,900 11,450 3,426 Note circulation—Central Bank. 495, 495,669 487,579 406,955 Central Reserve Bank of Peru National banks. 4, 4,531 4 7,372 (thousands of soles): Deposits. . 187 184,287210 188,615 Gold and foreign exchange 116,297156,552 Other liabilities 48, 31,046 38 28,215 Net claim on Int'l. Fund2 20,491 National Bank of the Kingdom Contribution to Int'l. Bank 2,480 of Yugoslavia 3 Discounts 58,863 38,274Bank for International Settle- Government loans 699,095625,649 ments8 (thousands of Swiss gold Other assets 107,220 13,734 francs): Note circulation 679,455560,845 Gold in bars 79,485 82,712123,042 Deposits. ... 211,913242,202 Cash on hand and on current Other liabilities 113,077 31,163 account with banks. ... ,211 9,635 ,429 4,473 Bank of Portugal 3 Sight funds at interest .... 496 1,726 ,574 141 National Bank of Rumania » Rediscountable bills and accept- South African Reserve Bank ances (at cost) 34 36,159 33 451 8,373 (thousands of pounds): Time funds at interest 19 10,363 13 538 5,854 Gold*... . 190,305184,810 238,457 Sundry bills and investments. .. 62 74,325 66 676 Foreign bills 18,870 10,674 24,794 Funds invested in Germany 9.. . . 291 160 291,160291 160 312,350 Other bills and loans 10,991 7,627 5,718 Other assets 4 290 4,286 2 506 32 Other assets 13,796 12,527 9,333 Demand deposits (gold) 18 071 18,093 18 093 20,737 Note circulation 63,080 63,429 65,225 Short-term deposits (various Deposits 164,844145,957206,496 currencies): Other liabilities 6,038 6,252 6,579 Central banks for own ac- Bank of Spain (millions of pesetas): count 080 8,113 ,666 3,047 Gold 1,215 1,213 Other 928 2,591 ,087 1,209 Silver 522 573 Long-term deposits: Special ac- Government loans and securities 15,826 15,703 counts 228 ,909 228 ,909 228 ,909229,001 Other loans and discounts 8,345 4,660. Other liabilities 250,038 249,434 247,291200,271 c Corrected. 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. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. •• 7 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 1444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of—• ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - h d - s S d w en e- S l w a e n r i - d tz- b C an e k n t o ra f l — R O 3 a c 1 t t e . eff D ec a t t i e ve b C a e n n k t ra o l f— R O 3 a c 1 t t e . eff D ec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland 2 ^ Nov. 23, 1943 1937 2 3 4 2 2 IX Argentina Mar. 1, 1936 Italy Sept. 6, 1947 May 10, 1938. . . 4 Austria July 3, 1945 Japan 3.29 Apr. 7, 1936 M M a a y y 3 1 0 3 2Y2 3 B B e o l l g iv iu ia m 6 2 A N u o g v . . 2 8 7 , , 1 1 9 9 4 4 0 7 J L a a v t a via 3 5 J F a e n b . . 1 1 4 7 , , 1 1 9 9 3 4 7 0 Sept. 28... 3 Oct. 27 2 ¥ Nov 25 Jan. 4, 1939 2* . „ . . Bulgaria Aug. 14, 1946 Lithuania.... 6 July 15, 1939 Apr. 17 . . . . Canada Feb. 8, 1944 Mexico June 4, 1942 J M u a ly y 1 6 1 3 C C h o i l l o e mbia 3-4 4 y2 J D u e l c y . 1 1 8 6 , , 1 1 9 9 3 3 3 6 N Ne e w th Z er e l a a l n a d n s d . . J Ju u l n y e 2 26 7 , , 1 1 9 9 4 4 1 1 Aug 24 4 Costa Rica 3 Apr. 1, 1939 Norway 2*1 Jan. 9, 1946 Aug 29 3 Czechoslovakia Oct. 28, 1945 Peru Aug. 1, 1940 Sept. 28 3 Oct. 26 2 Dec 15 3 Jan 25 1940 2 Denmark Jan. 15, 1946 Portugal Jan. 12, 1944 Apr. 9 31/ Ecuador 7 June 8, 1943 Rumania. . . . 4 May 8, 1944 M M a a y r. 1 1 7 7, 1941 1« 3Y2 E E l s t S o a n l ia vador.. . 4 O Oc c t t . . 15 1 , , 1 1 9 9 4 3 6 5 S S p o a u i t n h Africa. 3 4 J D u e n c e . 2 1 , , 1 1 9 9 4 3 1 8 May 29 3 Finland June 5, 1947 Sweden Feb. 9, 1945 J T u a n n e 2 1 7 6 1945 IK 2y2 Jan 20 IK Feb 9 2y2 France Oct. 9, 1947 Switzerland.. Nov. 26, 1936 Nov 7 1946 2 Vo &3 Turkey July 1, 1938 Dec 19 3 Germany . .. Apr. 9, 1940 United King- Jan. 10, 1947... 1% Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Aug. 27 &2M "Vu H In u d n ia gary 3 7 A N u o g v . . 28 1 , , 1 1 9 9 3 4 5 6 U Yu .S g . o S s . l a R v . i . a . . . . 4 1-4 J J u an ly . 1 1 , , 1 1 9 9 4 3 7 6 Oct. 9 2y2 In effect Oct. 31. &3 NOTE.'—Changes since Sept. 30: France—Oct. 9, up from [% and 2}i to 1947 " 2 " &3 sy 2 sy 2 2y2 2y2 ix 2}4 and 3, respectively. OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands1 Sweden Sw la it n z d er- Month Bankers' Treasury Day-to- Bankers' Private Day-to- Treasury Day-to- Loans Private acceptances bills day allowance discount day bills day up to 3 discount 3 months 3 months money on deposits rate money 3 months money months rate 1932—-Aug.. .74 .60 .73 4.50 .50 1933—Aug.. .41 .30 .62 3.88 .50 1934—Aug.. .79 .74 .81 3.75 4.72 .50 1935—Aug.. .60 .58 .75 3.00 06 .47 1936—Aug.. .55 .53 .75 2.88 3.01 .25 1937—Aug.. .55 .52 .75 2.88 2.85 .00 1938—Aug.. .53 .51 .75 2.88 2.51 .00 1939—Aug.. 1.58 1.92 1 .35 2.75 2.50 .00 1940—Aug.. 1.03 1.02 1.00 2.31 .77 .50 1941—Aug.. 1.03 1.00 1 .00 2.13 .73 .25 1942—Aug.. 1.03 1.00 1.00 2.13 .68 .25 1943—Aug.. 1.03 1.00 1.11 2.13 .89 .25 1944—Aug.. 1.03 1.00 1.13 2.13 .89 .25 1945—Aug.. 1.03 1.00 1.13 .25 1946—Aug.. .53 .51 .63 .25 1946—Sept.. .53 .51 .63 1.30 1.00 .25 Oct... .53 .51 .63 1.07 .90 .25 Nov.. .53 .51 .63 1.01 .78 .25 Dec. .53 .50 .63 1.21 .78 .25 1947—Jan... .53 .50 .63 1 44 .77 .25 Feb.. 53 .51 63 1.72 1 46 .25 Mar.. 53 51 63 1 65 1.19 .25 Apr... .53 .51 63 1.59 1.11 .25 May. .53 .51 .63 1.45 1.08 .25 Tune. .53 .51 .63 1.46 .86 .25 July.. .53 .51 .63 1 .52 1.09 .25 Aug.. .53 .51 .63 1.30 1.00 .25 1 The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 m same publication. NOVEMBER 1947 1445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Liabilities ( b m 1 a 1 i n l L l k io o s s . n n t e s d r o F o li n i f n g g p c u ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c o a s l n h l e o a y r n t a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities Loans to O as 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 ,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 ,307 ,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—September 553 280 405 ,671 ,393 930 379 5,302 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 1,479 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 August .. . 479 455 724 1,248 1,492 1,154 473 5,628 3,663 ,965 396 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 f l o a ig f r u s) res re C se a r s v h es Se lo c a u n ri s ty d lo i O a sc n t o s h u e a n r n t d s d a a f u b n o b e a d r r e n o f i r k n g a o s e d n m t Securities O as t s h e e ts r ci N t r i c o o u n t l e a- Total Demand Time lia O b t i h li e ti r es 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 ,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 ,940 744 42 4,395 2,447 1,948 1,172 1944—December. 550 92 1,211 214 ,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—September, 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 October... 699 97 1,341 126 4,471 959 22 6,201 2,724 3,477 1,470 November. 730 117 1,476 128 4,496 931 22 6,362 2,902 3,460 1 ,493 December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—January. . 689 134 1,481 134 4,369 960 21 6,233 2,700 3,533 1,514 February. . 635 155 1,506 126 4,264 1,066 21 6,171 2,585 3,586 1,558 March.. . . 695 121 1,555 195 4,239 993 21 6,188 2,569 3,619 1,590 April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 1 ,594 May 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 1,563 June 637 106 1,709 126 4,131 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 August .. . 670 82 1,805 116 4,109 1,014 19 6,186 2,412 3,774 1,591 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 f n f i k g f u s r . r a e n s E c 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 t d e i d s- Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b t i h li e ti r es Total Demand Time 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 4,753 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 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—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 ,765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 ,816 12,490 11,513 November 16,909 18,423 187,560 63,941 21,116 281,576 279,703 ,872 14,370 12,004 December 17,943 18.919 195,177 64,933 23,392 291,894 290,004 ,890 15,694 12,777 1947—January 17,267 20,241 195,750 67,084 18,367 295,444 293,484 ,960 15,767 7,499 February 16,992 19,127 197,377 66,114 18,756 294,922 292,946 ,976 15,720 7,723 March 19,471 20,677 203,451 66,744 20,724 305,583 303,742 ,841 16,380 9,103 April 18,578 20,877 202.425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68.656 22,377 311,244 308,256 2,988 17,606 10,360 June 27,316 20,419 196,762 73,569 22,866 312,289 309,137 3,152 17,679 10,964 1446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency Year or month Ar ( g p e e n so ti ) na A ( u p s o t u r n a d l ) ia g B iu el m - (c B ru r z a e z ir il o1) g B a u r l i - a C (d a o n l a la d r) a C (p h es i o le ) C (y h u i a n n a Co b l i o a m- Official S E p x e p c o ia rt l Official Free (franc) Official Free (lev) Official Free Official Export Sh h a a n i) g- (peso) 1938.. . 32.597 389.55 3.3788 5.8438 1.2424 99.419 5.1716 4.0000 21.360 55.953 1939. . 30.850 353.38 3.3704 6.0027 n.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 29.773 223.704' 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.0000 25.313 57.004 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 90.909 89.978 57.265 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 57.272 1945 29.773 25.125 2322.80 3321.17 22.2860 6.0602 5.1802 90.909 90.485 57.014 1946 29.773 25.125 321.34 2.2829 26.0602 95.198 93.288 57.020 1946—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 September. . . . 29.773 25.125 321.12 2.2833 5.4406 100.000 90.362 56.980 Year or month s C ( l k o z o e v r c a u h k n o a ia - ) ( m D kr e a o n r n k - e) ( l F m a k i a n a n r ) d - k- F ( r fr 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 ra e a c e ) h ce - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I r n up d e ia e) I ( t li a r l a y ) J ( a y p e a n) n ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e e u n a w n d - d) 1938 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 36.592 5.2605 28.451 22.122 55.009 392.35 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30.122 20.569 322.78 1943 30 122 20 577 324.20 1944 30 122 20.581 324.42 1945 21.9711 30.122 20.581 237.933 323.46 1946 22.0060 .8409 30.155 2.4434 20.581 37.813 322.63 1946—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 September. . . . 2.0060 20.861 .8407 30 167 20.578 37.751 322.41 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- ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) ( m S S d t e o e r t l n l a t a l i t r e t s ) - s ( S k d w r e o n e n - a) e ( S f r r w l a a n i n t c z d ) - Off K ic ( i i p a n o l g u d n o d F ) m ree tr C o o U ll n e r ( - d p u e g s u o t N r ) a c o y o o l n l n e - - d Y ( s d l u a in v g a i o a r - ) 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 48S.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398.00 403 50 65.830 53.506 1945 399.05 2403 50 34.03 n? 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1946—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 September.... 20.15X 4.0203 400.75 9.132 27.822 23.363 403.00 65.830 56.204 i Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." - Average of daily rates for that part of the r during which quotations NOVEMBER 1947 1447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index Numbers] Year or month U ( S 19 1 n t 2 a 0 i 6 0 t t e e ) d s - C (1 a 1 9 n 0 2 0 a 6 ) d a - M (19 1 e 2 0 x 9 0 i ) co - K U ( i 1 n 1 n 9 g 0 i 3 0 t d e ) 0 o d - m ( F 19 r 1 3 a 0 8 0 n ) ce - (1 I 1 t 9 0 a 3 0 ly ) 8 i - ( J 19 a 1 3 0 p 3 0 a ) n - ( J J N u u l - n e l a = y e t n 1 h 0 1 d 1 e 0 9 9 s r ) 3 3 - 8 9 - S (1 w 1 9 e 0 3 d 0 5 ) en - ( S J w u - l l 1 a i y t 0 n z 1 d 0 e 9 ) r 1 - 4 1926 100 100 2 124 106 132 150 2 126 144 1 1 9 9 3 3 3 4 6 7 6 5 6 7 7 2 9 9 0 5 8 8 8 6 6 5 1 8 6 6 5 7 1 9 0 9 0 9 8 0 9 2 2 9 9 0 6 9 9 1 0 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—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 3,754 2,120 267 194 219 February 145 118 310 183 882 3,891 2,120 268 195 219 March 150 120 305 184 860 4,139 2,144 269 196 220 April.::: 148 123 300 187 847 4,533 2,617 268 197 221 May 147 125 299 189 946 5,203 2,848 268 198 221 June... 148 128 297 190 904 5,329 2,946 270 199 222 July 151 129 293 193 882 *5;752 4,221 P272 199 223 August.: 154 131 292 194 998 5,347 *>271 199 223 September 157 298 195 Pi,090 P Preliminary. 1 The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from old index. 2 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939 = 100) Year or month pr F o a d r u m cts Foods co O m it t m i h e e s o r d- pr F o a d r u m cts R fa m p g a c a o w a t r o u n t d r a u l e y s n - d d F f u a c m g l c h l o t y a i u o e n d f r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u r u a s c - w ts p f I i r n n t o r i d d s i u a h u l s e c - d ts 1926 100 100 100 100 100 100 1933 51 61 71 51 57 70 83 87 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 110 106 94 158 175 172 193 184 1946, 149 131 110 112 109 99 158 184 200 282 261 1946—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 178 162 131 119 129 116 166 203 205 323 277 July 181 167 133 120 131 116 168 207 P2O7 P337 P276 August 182 172 136 120 133 117 167 209 September 186 179 138 P120 P134 P123 165 212 P Preliminary. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRirsICIPAL 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 (June 17 = 100) (1911-13 (June month (1935-39 (1935-39 (June 17 = 100) (1911-13 (June = 100) = 100) 1947 = 100) 1914 = 100) = 100) 1947 = 100) 1914 = 100)i = 100) = 100)i = 100) 1936 101 98 130 120 120 1936 99 98 147 2 132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 ioo 130 130 1938 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 1S8 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-October 180 147 168 866 215 1946 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 M!ay . 188 155 162 883 220 May 156 133 203 886 216 June 191 158 i 161 941 222 June 157 135 x203 935 217 July . ... 193 160 i 101 974 2^1 July 158 136 i 101 965 217 August.... 197 161 99 1 089 222 August... . 160 137 100 1,068 218 September. P165 Pl.187 September. P139 P101 Pl.157 P218 *» Preliminary. 1 The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August 1947, p. 255. 2 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 5 0 d 0 -3 ) a 9 2 ( K 1 D 9 U i e 2 n n c 1 g e i = m t d e 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 t n 3 1 a 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 4 ( K 1 U 9 i 2 n n 6 g i = t d e o 1 d m 00) 1 (D 9 F 3 e r 8 c a e = n m c 1 e b 0 8 e 0 r ) (1 N l 9 a e 3 n t 8 h d = e s 1 * r 0 - 0) Number of issues. . . 15 (2) 87 50 13 402 100 278 6 295 37 1939 113.8 98.2 112.3 114.2 94.2 75.9 112 1940 . .. 115.9 95.1 118.3 7 114.2 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—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 Inarch ... 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 May 122.9 118.2 132.9 136.9 104.6 115.2 104.4 97 9 1,003 203.0 June 122 8 118.6 132.1 135.4 105.0 119 1 105 3 97 5 1,124 201.4 July 122 5 119 3 131 1 131.1 126 0 107 4 98 2 1 135 August 122 3 119 2 126 4 P128 6 124 5 105 5 92 2 Pl 265 September.... 121.5 P119.0 126.4 P125.2 123.1 P104.0 88.7 Pi,298 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. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. 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. NOVEMBER 1947 1449 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 LOWELL MYRICK, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel DIVISION OF SECURITY LOANS CARL E. PARRY, Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director J. BURKE KNAPP, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION BONNAR BROWN, Assistant Director FRED A. NELSON, Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President LAWRENCE CLAYTON CHESTER C. DAVIS W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS RAY M. GIDNEY JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK 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 JAMES M. KEMPER, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist PAUL W. MCCRACKEN, Associate Economist ED H. WINTON, DALLAS DISTRICT ALFRED C. NEAL, Associate Economist WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 1450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston.... Albert M. Creighton Laurence F. Whittemore Robert B. Harvey2 Carl B. Pitman Donald K. David William Willett E. G. Hult O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Allan Sproul E. O. Douglas A. Phelan William I. Myers L. R. Rounds J. W. Jones H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse Philadelphia... Thomas B. McCabe Alfred H. Williams Karl R. Bopp Wm. G. McCreedy Warren F. Whittier W. J. Davis Robert N. Hilkert C. A. Mcllhenny E. C. Hill P. M. Poorman8 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 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. Black8 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes O. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis.... Russell L. Dearmont Chester C. Davis O. M. Attebery C. A. Schacht Douglas W. Brooks F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis. ., Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran O. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemei Kansas City. . Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr Robert L. Mehornay Henry O. Koppang Delos C. Johns G. H. Pipkin 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 Sin Francisco. Brayton Wilbur C. E. Earhart W. N. Ambrose C. R. Shaw Harry R. Wellman H. N. Mangels D. L. Davis H. F. Slade J. M. Leisner8 W. F. Volberg W. L. Partner 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 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. 8 Also Cashier. 4 General Manager. NOVEMBER 1947 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS* The material listed below may be obtained from and introduction reviewing the monetary history of the Division of Administrative Services, Board of Paraguay. July 1946. 170 pages. $1.00 per copy. Governors of the Federal Reserve System, Wash- RULES OF ORGANIZATION AND RULES OF PROCEDURE ington 25, D. C. Remittance should be made (Board of Governors of the Federal Reserve Syspayable to the order of the Board of Governors of tem). September 1946. 31 pages. the Federal Reserve System. THE FEDERAL RESERVE ACT, as amended to No- FEDERAL RESERVE BULLETIN. Issued monthly. vember 1, 1946, with an Appendix containing pro- Subscription price in the United States and its pos- visions of certain other statutes affecting the Fedsessions, Bolivia, Canada, Chile, Colombia, Costa eral Reserve System. 372 pages. 50 cents per Rica, Cuba, Dominican Republic, Ecuador, Guate- paper-bound copy; $1.00 per cloth-bound copy. mala, Haiti, Republic of Honduras, Mexico, New- FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. foundland (including Labrador), Nicaragua, Pan- Space for plotting through 1948. April 1947 ama, Paraguay, Peru, El Salvador, Uruguay, and edition. 24 pages. 50 cents per copy; in quan- Venezuela, is $2.00 per annum or 20 cents per copy; tities of 10 or more copies for single shipment, elsewhere, $2.60 per annum or 25 cents per copy. 35 cents each. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per POSTWAR ECONOMIC STUDIES. (8 pamphlets, the first seven now available and the last one to be month, or $1.50 for 12 months. published later.) FEDERAL RESERVE CHARTS ON BANK CREDIT, No. 1. Jobs, Production, and Living Standards. MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per annum, or $1.00 per copy. In quantities No. 2. Agricultural Adjustment and Income. of 10 or more copies of a particular issue for single No. 3. Public Finance and Full Employment. shipment, 75 cents each. No. 4. Prices, Wages, and Employment. No. 5. Private Capital Requirements. DIGEST OF RULINGS to October 1, 1937. Digests No. 6. Housing, Social Security, and Public of Board rulings, opinions of the Attorney General Works. and court decisions construing the Federal Reserve No. 7. International Monetary Policies. Act, with compilation showing textual changes in No. 8. Federal Reserve Policy. the Act. 683 pages. $1.25 per copy. The price for the set of eight pamphlets is $1.25; BANKING STUDIES. Comprising 17 papers on 25 cents per pamphlet, or, in quantities of 10 or banking and monetary subjects by members of the more for single shipment, 15 cents per pamphlet. Board's staff. August 1941; reprinted March 1947. 496 pages. Paper cover. $1.00 per copy; in quan- REGULATIONS OF THE BOARD OF GOVERNORS OF THE tities of 10 or more copies for single shipment, 75 FEDERAL RESERVE SYSTEM. Individual regulations cents each. with amendments. BANKING AND MONETARY STATISTICS. Statistics of REPRINTS banking, monetary, and other financial develop- (From Federal Reserve Bulletin except as otherwise indicated) ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- COMMERCIAL BANK ACTIVITY IN CONSUMER INbound), as listed on page 1069 of the August 1947 STALMENT FINANCING, by Frieda Baird. March 1947. 6 pages. BULLETIN. PROVISIONS OF STATE LAWS RELATING TO BANK VALUES AND LIMITATIONS OF CONSUMER FINAN- RESERVES as of December 31, 1944. 1945. 30 pages. CIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. March MONETARY AND BANKING REFORM IN PARAGUAY. 1947. 9 pages. Includes translation of laws, accompanying reports, METHODS OF RESTRICTING MONETIZATION OF PUB- * A more complete list, including- periodical releases and reprints, appeared on pp. 1066-1069 of the August 1947 BULLETIN. LIC DEBT BY BANKS. April 1947. 4 pages. 1452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW GUATEMALAN BANK LAW, by David L. Business Loans of Member Banks Grove. April 1947 BULLETIN with translation of new Bank Law. 39 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert R. Koch. March 1947. 11 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen. May RETAIL CREDIT SURVEY—1946. From July 1947 BULLETIN with supplementary information for nine 1947. 20 pages. separate trades. 40 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO THE BRITISH CRISIS. September 1947. 12 pages. BUSINESS, by Tynan Smith. June 1947. 17 pages. ESTIMATED LIQUID ASSET HOLDINGS OF IN- THE STRUCTURE OF INTEREST RATES ON BUSINESS DIVIDUALS AND BUSINESSES. September 1947. 2 LOANS AT MEMBER BANKS, by Richard Youngdahl. pages. July 1947. 17 pages. FINANCIAL POSITION OF MANUFACTURING AND MEMBER BANK LOANS TO SMALL BUSINESS, by TRADE IN RELATION TO SIZE AND PROFITABILITY, Charles H. Schmidt. August 1947. 15 pages. 1946, by Albert R. Koch and Charles H. Schmidt. September 1947. 12 pages. Survey of Consumer Finances REVISION OF NATIONAL INCOME AND PRODUCT STATISTICS. September 1947. 12 pages. PART I. EXPENDITURES FOR DURABLE GOODS AND STERLING IN MULTILATERAL TRADE, by J. Burke INVESTMENTS. June 1947. 17 pages. Knapp and F. M. Tamagna. September 1947. 8 pages. PART II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS. July 1947. 15 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan Smith and Philip T. Allen. October 1947. 13 pages. PART III. CONSUMER SAVINGS IN 1946 AND OWNER- FINANCIAL POSITION AND BUYING PLANS OF CON- SHIP OF SELECTED NONLIQUID ASSETS. August 1947. SUMERS, July 1947. October 1947. 4 pages. 12 pages. NOVEMBER 1947 1453 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 n w a w BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1948 RESERVE SYSTEU. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis