Federal Reserve Bulletin, 1948-01

F E D E R AL E S E R V BULLETIN JANUARY 1948 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 Demand, Production, and Prices in 1947. 1-10 Federal Reserve Support of Government Securities Market. 11-13 Proposal for a Special Reserve Requirement against the Demand and Time Deposits of Banks. 14-23 Banking Assets and the Money Supply Since 1929, by Morris A. Copeland and Daniel H. Brill. 24- 32 Gold and Foreign Exchange Reserve Requirements of Foreign Central Banks 33- 38 Policy Statements on Gold Subsidies. 39 Law Department: Reserves—Standard for Classification of Reserve Cities. 40- 42 Foreign Funds Control—Treasury Department Releases. 42- 44 The Federal Register 44 Current Events and Announcements 45- 48 National Summary of Business Conditions 49- 50 Financial, Industrial, Commercial Statistics, U. S. (See p. 51, for list of tables) 51-108 International Financial Statistics (See p. 109, for list of tables) 109-127 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 128 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 129 Federal Reserve Publications 130-131 Map of Federal Reserve Districts 132 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 34 January 1948 NUMBER 1 DEMAND, PRODUCTION, AND PRICES IN 1947 In 1947 demands for goods and services As the year 1947 ended, production in were at exceptionally high levels in the physical terms was close to the practical limit United States and although production was and not capable of showing much growth in in very large volume inflationary forces con- the near future. Also, the amount of goods tinued dominant. Domestic demands were obtainable from abroad was still small. The very great from all sectors of the economy, physical volume of business inventories, agricultural as well as industrial, and from which had increased considerably in 1946, all types of buyers, producers as well as con- showed only a limited further expansion sumers. Foreign purchases were also at an during 1947. With expenditures increasing, unusually high level, particularly in the early commodity markets were subject to conpart of the year. Heavy demands from many tinuing strong inflationary pressures. sources led to a substantial rise during the Buyers were able to increase their expendiyear in total expenditures for goods and serv- tures further—in the process driving prices ices. In the final quarter such outlays were up—because they were receiving higher inat a seasonally adjusted annual rate of over comes, because they had large resources in 240 billion dollars, up about 20 billion from the form of liquid assets built up during the the first quarter and 150 billion from 1939. war, and because they were able to borrow The physical volume of supplies coming on readily. The volume of bank loans to busithe market during the year failed to keep ness enterprises, to real estate owners, and to pace with the increase in expenditures, and consumers increased rapidly during the year rising expenditures were reflected in con- and the rise more than offset the repayment siderably higher prices. In December, whole- of Federal debt to banks. Thus monetary sale commodity prices were 15 per cent and credit expansion, which had already been higher than at the beginning of the year and very great, was proceeding at a rate which more than double those of 1939. Consumer was contributing to further inflationary deprices were up 8 per cent to a level two-thirds velopments. higher than that before the war. Real estate One element in the strong inflationary situvalues in urban areas continued at sharply ation at the end of 1947 was the wideadvanced levels and farm real estate values spread belief that the rise in prices would were still rising. In security markets com- persist. This view resulted in part from the mon stock prices were about the same at the demonstration of strength in commodity end as at the beginning of 1947, while bond markets which followed a period of hesitaprices were moderately lower, reflecting a tion in the spring. At that time many buyrise in interest rates. ers, having increased their inventories, with- JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 drew from the market temporarily in the ex- current capacity and unemployment was at pectation of a decline in prices. As a result a minimum. Production and employment, production declined, and prices levelled off moreover, were little above levels prevailing for a while. at the beginning of the year. Total employ- The reaction did not extend far or last ment in nonagricultural lines was up about long, however, for a variety of reasons. 2 per cent, after allowance for seasonal Shortages of many industrial products, such changes, and there was little change in the as steel and automobiles, continued. Pros- average number of hours worked. pects developed for shortages of important Industrial production—output at factories agricultural products, especially grains and and mines—in the fourth quarter was at 191 livestock products, owing to reduced crop per cent of the 1935-39 average, on a seasonprospects, in the United States and abroad, ally adjusted basis, as compared with 189 in and to continued high consumption. A the first quarter. Over the same period elecproposal was advanced for Federal financing tric power production showed little increase. of a continued large volume of exports to Construction activity did rise during 1947, Europe as a part of a broad European recov- but at the end of the year further growth ery program; and buying by other countries was being limited by continuing shortages of continued in substantial volume, despite in- building materials. Agricultural production creasing dollar shortages. Demand for resi- in 1947, although large, was not quite as large dential, business, and public construction in as in the two previous years. Railroad freight this country expanded, although costs were traffic was in about the same volume at the at very high levels, and new shortages of end of 1947 as at the beginning of the year building materials appeared. A sharp rise in and truck transportation increased about 5 wage rates at coal mines early in July was per cent, after allowance for seasonal variafollowed by marked advances in the prices of tion. Altogether, production and transportacoal and steel, and producers were able to tion of goods, and also trade and most other sell all they could produce at the new higher service activities, showed little rise during prices. Soon thereafter requests were an- 1947, and the possibilities of further increase nounced for large freight rate increases and in the near future appeared to be limited. wage rates on the railroads were increased. Output of iron and steel, passenger auto- In September a large amount of veterans mobiles, agricultural machinery, and peterminal-leave bonds were cashed. troleum products at the year end was higher As a result of such developments widethan in the first quarter, and production in spread expectations of lower prices, on the these industries was still limited by supplies part of consumers as well as producers, gave of materials and by capacity to produce. In way to expectations of higher prices; decontrast, demand limitations were responsible mands generally expanded; and pressures on for decreases from high first quarter levels of productive resources again increased. In output of some other products, such as glass these circumstances prices advanced rapidly containers, machine tools, and some types of in the second half of the year. nonferrous metal products. PRODUCTION NEAR CAPACITY LEVEL For the year as a whole, production in As the year ended the physical volume of most parts of the economy averaged higher production of goods and services was close to than in 1946, a year of transition and of many FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 interruptions in production occasioned by were operating to restrict further increases in unbalanced supplies and industrial disputes. output of some products and to reduce out- Total output at factories and mines, at 187 put of others. Production of materials such per cent of the 1935-39 average, was up 10 as iron and steel, paper, and certain industrial per cent from the 1946 average of 170, and chemicals, was close to effective plant capacthere was nearly this much increase in con- ity and shortages of such materials limited struction activity. In most other lines there output at later stages of manufacturing, as were less marked increases. Agricultural pro- in the automobile industry. In a number of duction, however, in the aggregate showed a other lines, such as those producing cotton decline, and there was considerable reduction and woolen textiles, liquors, automobile tires, in the average number employed by the and nonferrous metal products, production Federal Government, reflecting chiefly de- was running in excess of demand. Conmobilization and discontinuance of various sumers were showing some resistance to prewartime activities during 1946. vailing high prices, even though the rise in For manufacturing and mining, levels of their money incomes was sustained, and prooutput in the years 1947, 1946, and 1937, and ducers and distributors were reducing their also in selected months of 1947, are shown in demands for restocking purposes, in some the table. cases holding purchases below sales in the expectation of lower prices. INDUSTRIAL PRODUCTION [Indexes adjusted for seasonal variation, 1935-39 = 100] In the second quarter, therefore, as a result of some reduction in domestic demand, Selected months of 194r' Years chiefly for nondurable goods, and despite an Industry group Nov. July Mar. 1947 1946 increase in export shipments, total industrial production declined somewhat. In July, Industrial production. . . 192 176 190 187 170 113 when coal and steel output and shipbuilding Manufactures 199 183 198 194 177 113 activity were reduced temporarily by supply Durable manufactures. . 225 207 225 220 192 122 Iron and steell 202 181 196 195 150 123 factors, production was reduced further to Machinery l 282 266 281 276 240 126 Transportation equip 176 per cent of the 1935-39 average, which ment1 238 217 239 231 232 123 No A n u fe to rr m ou o s b i m le e s t * als l.. 2 1 0 8 0 4 1 17 8 1 5 2 1 0 9 2 7 1 1 9 8 1 7 1 1 5 5 9 7 1 12 1 2 6 was 14 points below the March peak. Lumber and products 149 133 147 143 131 113 Stone, clay, and glass 202 195 218 206 192 114 The decline did not extend to all nondur- Nondurable manufactures. . 178 163 175 173 165 106 ables. Activity in the printing industry and Textiles 1 171 142 172 163 162 106 Leather and products. . . 125 101 122 117 122 102 output of manufactured foods, tobacco prod- Foods 158 155 157 156 149 103 Liquors 220 164 208 197 191 108 ucts, and chemicals were largely maintained Tobacco products 169 156 158 161 156 103 Paper and products l... . 163 146 159 158 145 107 and petroleum refining continued to increase. Printing and publishing. 153 139 142 145 127 109 Pe u tr c o ts leum and coal prod- 203 195 185 192 173 108 In the durable goods field, there was a period Chemicals 249 251 251 250 236 112 Rubber products l 226 207 239 226 225 104 of hesitation in markets for construction and Minerals 156 140 148 149 134 112 for producers' equipment, and this was re- Fuels i 164 144 153 155 142 109 Coal1 159 113 153 147 130 110 flected in some decline in output, particu- Crude petroleum *. . . . 166 160 153 159 148 109 Metals 110 117 117 118 88 127 larly of nonferrous metals and of certain 1 Same as unadjusted series pending establishment of postwar types of machinery. Demand for many proseasonal patterns. ducers' durable goods, including freight cars, Changes in production in 1947. In the oil drilling and refining equipment, and early part of 1947 a number of influences utility equipment, was well maintained and JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 demand for most consumer durable goods, demand. In both periods expenditures resuch as automobiles and household appli- flected in part orders placed earlier; in both ances, likewise continued strong. As a con- periods expenditures were limited to some sequence, demand in excess of supply char- extent by lack of supplies; finally, in both peacterized iron and steel markets, especially riods some prices were below what buyers for such products as sheet, strip, and pipe. would have been willing to pay. Prices, how- After July industrial activity advanced ever, were still rising as the year ended and rapidly, showing especially marked increases the basic situation continued to be one of inin those lines where output previously had creasing expenditures for about the same been curtailed. Business and consumer de- amount of goods. This situation was made mands strengthened generally, and supply possible by increasing incomes, further bank conditions improved in many industries, espe- credit expansion, continued large holdings of cially coal and steel. Output of steel in the liquid assets, and willingness on the part of last quarter was at 97 per cent of capacity, buyers to spend freely even with prices at and assemblies of passenger automobiles in- new high levels. creased to a new postwar peak. Output of The rise of about 9 per cent in total exfreight cars for domestic use rose sharply, in penditures from the first to the fourth quarpart as a result of reduction of work on ter reflected principally increases of more foreign orders, and in November was up to than 15 per cent for new private construc- 8,900 cars per month, a rate still short, how- tion and for producers' equipment, and ever, of the goal of 10,000 cars per month es- somewhat under 10 per cent for consumers' tablished last spring. Extraordinary pressure goods and services. Total Government puron fuel supplies led to increased output of chases of goods showed only a moderate rise, crude petroleum and greater refining activity, although there was a sharp increase in State made possible by increased capacity. With and local expenditures. Inventory accumugeneral increases from the levels of last lation at the end of the year was apparently summer, industrial production in the fourth at about the same rate as in the first quarter, quarter was above the high level of the first but was not up to the high rate of the second quarter, but by a very small amount. half of 1946. Net foreign investment, after a temporary increase in the second quarter, HIGH AND RISING DEMAND was back at about the first quarter level. Total demand for goods and services was The marked rise in new private construcvery great in 1947, reflecting an unusual com- tion outlays occurred despite temporary rebination of heavy demands from all sources, sistance to high construction costs in the and was considerably greater at the end than spring which resulted in the deferring of at the beginning of the year. With supplies numerous projects. Business as well as resiat the year end little larger, prices were up dential construction outlays in the fourth considerably and total expenditures for all quarter reached a new high level for the purposes in the final quarter were at an an- postwar period. The increase during 1947 nual rate of over 240 billion dollars, as com- in producers' equipment expenditures ocpared with 223 billion in the first quarter. curred despite the relatively high level of This rise in expenditures, however, affords equipment outlays at the beginning of the only a rough indication of the increase in year, as compared with earlier periods of FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 high economic activity. The physical vol- ally large in 1947, reflecting high prices as ume of output of some equipment such as well as large physical volumes. In the agricultural machinery and office equipment autumn of 1946 exports had been curtailed underwent a further sustained rise, while out- by maritime disputes, and subsequently, put of machine tools and accessories showed toward the end of 1946 and in the early some decline and output of trucks was little part of 1947, exports of most types of merchanged. chandise increased sharply to new high levels, The rise in consumer expenditures during as is shown in the chart. This rise reflected 1947 amounted to about one-fifth for durable the end of maritime disputes, the increased goods, one-twelfth for nondurable goods, availability of goods in the United States, and and somewhat less for services. The rise for rising prices. After May, as dollar shortages nondurable goods apparently reflected higher developed and as new import restrictions prices, with increases in physical volume for abroad became effective, exports declined some items offset by declines for other items. somewhat. Merchandise imports showed For durable goods there was an increase in little change during the year. physical volume as well as in prices. In par- For a few products such as wheat and ticular the number of new automobiles and wheat flour exports in 1947 represented aphousehold appliances being marketed was up proximately 35 per cent of production, and considerably toward the end of the year. for various textile and machinery products Foreign trade. In the field of foreign the proportion was about 15 per cent. For trade, merchandise exports were exception- iron and steel, not counting amounts in fabricated products, such as machinery, exports U. S. MERCHANDISE EXPORTS represented about 10 per cent of production. MONTHLY The share going into export markets was smaller for most other products. Altogether the amount of goods and services exported in excess of the amount imported was somewhat less than 5 per cent of production in the United States. Changes in distribution of expenditures. While expenditures generally were very high in 1947, outlays for some groups of products were relatively higher than in other years of high peacetime activity, as shown in the table on the next page. The proportions for various types of goods and services, it should be noted, depend on prices as well as on physical volumes. The figures indicate that personal consumption expenditures in 1947 were not so uvcr uiiii 01 mis group, as compared with a tourtn in iV4t>. "Textile products" excludes un- large a part of the total expenditures as in manufactured cotton. "Manufactured foods" excludes flour. Iinncclluuddeedd iinn "wwhneeaatt aanndd nfloouurr " iiss ttnhee vvaalluuee cootf ssnhiippmmeemntss ttoo prewar years of high activity. They further civilians in occupied territories, as estimated by Federal Reserve. All data exclude exports to United States armed forces abroad. indicate that outlays for private domestic in- Latest month shown is October. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 EXPENDITURES FOR GOODS AND SERVICES rials and labor that limited construction ac- [Percentage of total by types] tivity in 1947, and by a market situation that put an especially heavy premium upon a 1947 1946 1937 1929 rapid further mechanization of industrial Personal consumption expenditures. . 70.8 70.5 74.4 75.9 Durable goods 8.6 7.3 7.8 9.0 processes. Nondurable goods 42.6 42.7 39.0 36.4 Services 19.6 20.5 27.6 30.5 FURTHER PRICE ADVANCES Private domestic investment 13.3 12.1 12.7 15.2 New construction 4.6 4.2 4.1 7.5 Producers' durable equipment... . 7.8 6.1 6.0 6.2 Prices in wholesale and retail markets con- Change in business inventories. . . .9 1.8 2.6 1.5 tinued to rise in 1947, although not so rap- Net foreign investment 3.8 2.3 0.1 0.7 idly as in the latter part of 1946, when Fed- Government purchases of goods and Fe s d e e r r v a i l ces 1 6 2 . . 8 1 1 1 5 0. . 2 1 1 5 2 . . 0 8 8 1. . 3 2 eral price controls were lifted. The general State and local 5.3 4.9 7.8 6.9 level of wholesale commodity prices was 15 Total (in percent) 100.0 100.0 100.0 (in billions of dollars) 232.0 203.7 90.2 103.8 per cent higher in December than at the beginning of the year and 110 per cent higher SOURCE: Based on Department of Commerce data and on Federal Reserve estimates for fourth quarter of 1947. than in 1939. Prices of farm products, foods, NOTE.—The figures on "net foreign investment" somewhat understate the share of total product represented by the net and other commodities were all up by about outflow of goods and services chiefly because some shipments abroad are classified as Federal Government expenditures. the same percentage, reflecting the effects of generally rising demands and costs. At the vestment were fully as large a share as in end of the year, as at the beginning, prices 1937, but, because of the lower position of of farm products and foods were at excepconstruction, not so largca share as in 1929. tionally high levels in relation to other prices, Within the consumption expenditure as shown in the accompanying chart. group the proportion shown for nondurable goods was unusually large in 1947 and also WHOLESALE PRICES in 1946, chiefly because food and clothing 1926-100 prices were exceptionally high relative to prewar years. On the other hand, the smaller share of expenditures going for services in 1947 was attributable in part to the fact that rents have continued low. Consumer outlays on durable goods were about the same part of total consumer expenditures as in 1929, but a somewhat larger share than in 1937. In the field of private domestic investment, the proportion of expenditures directed to new construction, including residential as 1939 1940 1941 1942 1943 1944 1945 1946 1947 well as business construction, was only mod- Bureau of Labor Statistics' monthly indexes. December figures estimated by Federal Reserve. erately above the share in 1937 and considerably below that in 1929. In contrast, the In mid-December prices of 28 sensitive inproportion shown for producers' durable dustrial and agricultural commodities were equipment was considerably above that of also 15 per cent above the level at the beginboth 1937 and 1929. The difference is to be ning of the year. They were 5 per cent above explained partly by the shortages of mate- the previous peak, reached in March, and 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 per cent above August 1939. Prices of basic lines inventories were reduced. During the foodstuffs were 340 per cent above prewar summer, as noted on page 2, the general while industrial materials were up 190 per outlook was altered by a number of developcent. Increases in prices of most basic com- ments which indicated that supplies would modities over the prewar and wartime levels not be so large as had been expected and that have been considerably greater than during demands would be greater, because of larger the first world war period. domestic incomes and additional United Retail prices of goods and services pur- States Government financing of foreign purchased by consumers at the end of 1947 were chases. These developments strengthened up about 8 per cent from the beginning of the markets generally and stimulated domestic year and about 65 per cent as compared with buyers, some of whom had previously withprewar. Prices of foods and many other non- held even their purchases of seasonal merdurable goods rose about 10 per cent and in chandise, to increase their orders. Increased December were double the prewar level. orders and the increased production which Housing rentals showed a rise of about 5 per followed were reflected in further increases cent after the middle of 1947 when controls in income and demand. were modified, but increases over prewar Prices of agricultural products. While levels were still very much less than in retail prices of farm products and foods rose furprices of commodities. Utility rates also ther by about 15 per cent on the average durwere rising at the end of the year but were ing 1947, some prices rose very much more still relatively low. than others. The largest increases were in In the early part of 1947 wholesale prices grains and cereal products. Corn prices in of many industrial products were still rising, mid-December were $2.65 per bushel as comfollowing the lifting of controls in Novem- pared with $1.35 at the end of 1946, and ber 1946; higher wage settlements were being wheat prices were $3.00 as compared with made in many basic industries; large Federal $2.10. These increases reflected the reduced purchases of foodstuffs were being made for harvests of feed grains during 1947, a record export purposes; and there was a sharp ex- rate of Federal Government purchases of pansion in foreign purchases of textiles and wheat and flour for export, and prospects other industrial goods for shipment during of a somewhat reduced wheat crop and consubsequent months. Thus, although produc- tinued large grain exports in 1948. As a tion for inventory was at a less rapid rate result chiefly of higher consumer incomes, than in the second half of 1946, and although prices of livestock and meats in the fourth inventories were larger, prices continued to quarter were about 15 per cent higher than rise. a year earlier; marketings were in approxi- During the second quarter of the year mately the same volume as in the fourth quarwholesale prices generally showed little ter of 1946. Cotton prices in mid-December change or declined as many domestic buyers were 10 per cent higher than a year earlier, curtailed their purchases in anticipation of owing to the relatively low level of domestic marked price declines. Physical as well as stocks of raw cotton at the beginning of the dollar volume of business inventories in the new season on August 1, the moderate size aggregate increased somewhat in this period, of the crop, the large volume of domestic mill but at department stores and in some other consumption, and strength in the markets for JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 cotton textile products. Prices of most other Government borrowing, and a large part of farm products and foods were not very dif- this borrowing was from banks. As a result, ferent from those in December a year ago. very large liquid savings were accumulated Prices of fruits and tobacco were adversely by business enterprises and individuals in affected by reduced export demand and sugar this country in the form of currency, deposits, by a very large increase in supplies. and Government securities readily available Other commodities. Prices of commodi- for spending. ties other than farm products and foods rose Large dollar balances were acquired by in the first quarter, were stable in the second people in some countries not devastated by quarter, and then advanced steadily during war and able to ship more goods to this counthe second half of the year. In December try than they could obtain here in wartime. prices of fuels, iron and steel, lumber, and In the devastated areas of Europe and the leather were substantially higher than at the Far East trade relations and economic and beginning of the year, with the largest in- political life generally were disorganized, creases in bituminous coal and in petroleum creating great difficulties in the way of inproducts. Crude petroleum in Oklahoma creasing production after the war. Largely was about $2.60 per barrel in mid-December because of this and of adverse weather conas compared with $1.60 in December 1946 ditions in Europe, foreign needs and deand $1.00 in 1939. Several influences con- mands for goods from this country—protributed to the marked rise in fuel prices. ducers' goods as well as consumers' goods— The most important was that domestic re- have been very large, and shipments of goods quirements for fuel were at new peak levels from foreign sources to this country have in 1947. European coal production was still been relatively small. below prewar levels, and exports of bitumi- While continued heavy demands and inflanous coal from the country for the year tionary pressures can be traced largely to waramounted to about 70 million tons, or 12 time developments, they reflect also developper cent of domestic production, as com- ments of nearly two and a half years since pared with about 3 per cent usually before the war and current prospects for the period the war. Domestic transportation facilities ahead. In the United States demobilization for coal and petroleum products were inade- and the transfer of resources to civilian proquate, moreover, and altogether upward duction were accomplished for the most part price pressures continued strong. very quickly but the armed forces have been maintained for occupation and other pur- CONTINUING INFLATIONARY PRESSURES poses considerably above the prewar level. The heavy demands which stimulated ca- Expenditures for aid to veterans have also pacity production and also pushed prices up added very large amounts to Government further in 1947 had their origin in war- budgets compared with prewar years. time developments. Productive resources in During most of the postwar period the this country as well as abroad were diverted civilian labor force has been almost fully to war purposes on a large scale and at the employed, with employment in seasonally same time incomes rose sharply to new high high months of 1947 reaching 60 million. levels. Although taxes were raised sharply, Work stoppages, except in the first half of the war was financed in considerable part by 1946, have generally been at a minimum. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 Production has been very large and has in- ing at a record rate and so also have real cluded a larger portion than in previous estate loans and consumer loans. Thus, boom periods of producers' equipment for monetary and credit expansion—at once a replacement and expansion purposes. Free result and a cause of rising prices—has conmarkets have been generally restored, except tinued. While individual loans have apfor export controls and controls over rental peared to be essential to meet the requirehousing. Stability in markets, however, has ments of borrowers, the net effect of the exnot been achieved. pansion in the total volume of loans has been Since the end of the war, and particularly to increase prices and thus in turn to insince the middle of 1946, large production, crease credit requirements even further. rising prices, and rising wage rates have gen- The basic forces at home and abroad which erated a large and increasing flow of income. contributed to rising prices and credit ex- The increased income has been widely dis- pansion in 1947 show unabated strength. tributed among various groups in the popu- Some have been accentuated by the inflalation with farmers, wage-earners, and small tionary rise in commodity markets in the and large businesses generally showing sub- second half of 1947 after a period of hesitastantial gains. tion in the spring. In many instances pros- Federal tax rates have been high by pective supplies of goods and plant capaciprewar standards, but at the end of 1945 ties which would appear ample to meet marwere reduced from wartime levels by elimi- ket demands with a lower level of income nation of the excess profits tax and some re- seem inadequate to meet demands with induction in individual and corporate income comes high and continuing to increase. taxes. Even though, since 1946, Federal Thus, although the physical volume of busireceipts have exceeded Federal outlays, in- ness inventory holdings increased somewhat comes available for spending have been large further during 1947, although a large volume and increasing. With the large liquid asset of new equipment was installed, and alholdings brought over from the war years, though dollar shortages led to many restricand with funds readily available for borrow- tions on imports from the United States, ing, business and individual buyers have demand for goods and services continues to spent freely, except at times when it seemed exceed supply. At the beginning f yet anthat prices might decline. The volume of other year the country is confronted with the current net savings by individuals—total new problem of preventing further inflationary savings less withdrawals from past savings developments and maintaining or increasing and borrowings—has declined from the high production and trade on a sustainable basis. levels of wartime but has continued large The extent to which additional supplies relative to prewar levels. can be relied upon to meet the problem is Savings have been invested in new housing limited. The labor force is almost fully emand in business enterprises and these invest- ployed, at somewhat more than 40 hours a ments have been augmented by bank loans. week, and ordinarily, except with special in- The volume of bank loans has increased centives such as those of wartime, the labor sharply, more than offsetting reductions in force increases at a rate of only about one per bank holdings of Federal securities. Indus- cent a year. Increases in output per mantrial and commercial loans have been increas- hour may be a more important factor con- JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND, PRODUCTION, AND PRICES IN 1947 tributing to increased output. There con- developments can lead only to severe reaction, tinue to be important shortages of capacity unemployment, and financial loss later; and to meet current high demands, however, as in possible direct controls over distribution and steel and petroleum. With the number of prices are likely to be effective only if basic meat animals on farms and the supply of steps are taken to limit buying power. feed grains reduced, meat supplies are likely Any adequate program, it is true, must to be lower rather than higher. Supplies of include a variety of measures designed to goods from abroad can show little increase meet a variety of specific inflationary probin the near future, and foreign demands are lems. One basic essential of any broad antilikely to be substantial, although below inflationary program, however, is fiscal and earlier peaks. monetary action to restrain the further ex- Under such circumstances the importance pansion in the total volume of bank credit, of action to limit further increases in spend- since under present conditions any appreing, and the amount of funds available for ciable over-all expansion can lead only to spending, is evident. Continued inflationary the further bidding up of prices. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET Effective December 24 the Federal Open Market Beginning last July, Federal Reserve operations Committee reduced the prices at which pur- in the market permitted some change in the level chases of United States Treasury bonds would be and structure of interest rates. The Federal Reserve made in the market for the Federal Reserve System and the Treasury adopted measures to permit a rise Open Market account. During the preceding period in interest rates on short-term Government securities of five weeks there had been a large volume of sell- in order to increase their attractiveness to banks and ing of Government bonds in the market but Federal other holders and to place some restraint on further Reserve and Treasury purchases maintained prices monetary expansion. Rates on 90-day Treasury of these securities substantially unchanged at levels bills, which had been held at .375 per cent since previously established by the market. The price 1942, subsequently rose to about .95 per cent. Rates reductions on December 24 were larger in the on new issues of one-year Treasury certificates were case of bonds selling at substantial premiums gradually raised from % per cent to 1 y& per cent. than for others. No bond was permitted to decline In the meantime developments in the capital below par. In the next few days after the reduc- market brought about a rise in yields on bonds of tion in prices, Federal Reserve purchases of Treas- corporations and of States and local governments. ury bonds increased substantially. These developments included a growing volume of In view of the huge wartime growth in the public new bond issues and a steady increase in the supply debt and of the wide distribution of marketable of urban mortgages. From April to September, Government securities among banks, other invest- moreover, substantial sales of Treasury bonds were ment institutions, corporations, and individuals, made from Government trust funds, and in October large-scale and continuous Federal Reserve opera- the Treasury sold to institutional investors a 2 l/z per tions in the Government securities market have cent long-term nonmarketable bond, redeemable on become essential to maintain an appropriate degree short notice at a discount. The effect of these deof orderliness and stability in that market. These velopments was to drain off the available supply of operations are necessary not only as an adjunct of investment funds and to bring about a decrease in* the Treasury's program for managing the nation's prices of corporate and municipal bonds and evenhuge public debt but also to enable banks to make appropriate adjustments in their reserve positions Y1ELDS ON TREASURY AND CORPORATE SECURITIES called for by the constant shifting of funds among WEEKLY AVERAGES OF DAILY FIGURES banks. As a consequence Federal Reserve operations largely determine the general level of prices and interest yields on Government securities, although wide variations in prices among individual issues have been determined by market preference. During the war and the first two postwar years the System maintained very low short-term interest rates; in the meantime, banks and other investors bid up prices of the long-term issues and brought about a decline in bond yields to unusually low levels. This decline in bond yields had resulted in part from sales of short-term securities to the Federal Reserve at the established rates with offsetting purchases of higher-yielding bonds in the market. The sales of securities to the Federal Reserve resulted in the creation of additional bank reserves, 1944 1945 which provided a basis for continuing expansion NOTE.—Latest figures are for week ended Jan. 3, 1948. For source and reference to description of figures, see tables on of bank credit. p. 75 of this BULLETIN. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET tually of United States Government bonds. Changes On December 24, when the Federal Reserve Sysin yields on various types of securities during re- tem lowered the prices at which it would purchase cent years are shown in the chart. Treasury bonds, market quotations declined, as Banks, which have been steadily reducing their shown in the table. Those issues which had been holdings of Government securities in order to in- selling at substantial premiums showed the sharpest crease their loans, recently began to sell bonds declines, while those selling close to par declined instead of shorter-term securities. Savings institu- least. No issue declined below par. tions also began to sell Treasury bonds. In the absence of other buyers the Federal Reserve System PRICES AND YIELDS OF SELECTED U. S. TREASURY BONDS,. found it necessary to purchase large amounts of FULLY TAXABLE MARKETABLE ISSUES bonds and purchases were also made for Government trust funds. (De P c r i i m ce a s l s 1 in d ( a T t o e, Y n i e i n e a l r d p e s e s r t c c a e l n l t In many cases, the sellers of bonds purchased Coupon rate and per annum) term of issue Treasury bills, and there has also been some buying Dec. Dec. Aug. Dec. Dec. Aug. of bills by corporations and others. The Reserve 26 23 29 26 23 29 1947 1947 1947 1947 1947 1947 System's holdings of bills were substantially reduced as a result of sales in the market and redemp- 2 % June 1949-51. . . . 101.5 101.6 101.20 1.20 1.19 1.08 134% Dec. 1950 100.10 100.16 101.00 1.39 1.33 1.19 tion of maturing issues, and holdings of certificates 2 % Sept. 1951-53. ... 101.13 101.20 102.24 1.61 1.55 1.30 2%% Mar. 1952-54 103.5 103.22 105.3 1.72 1.59 1.34 were somewhat reduced largely as a result of 2 % Dec. 1952-54. 101.5 101.28 103.6 1.76 1.61 1.37 redemptions. 2U% Sept. 1956-59. 101.9 103.12 105.20 2.09 1.83 1.58 2H% June 1959-62 r 100.1 100.14 102.19 2.25 2.21 2.00 The following table shows changes in holdings of the different types of Government securities by the 2)4% Mar. 1965-70r 100.25 101.26 103.28 2.44 2.37 2.23 2H% Sept. 1967-72 101.1 103.8 106.19 2.43 2.29 2.10 Federal Reserve System, by reporting member 2M% Dec. 1967-72' 100.9 101.1 102.31 2.48 2.43 2.32 banks in leading cities, and by all other holders dur- 1 Prices represent mean of dealers' average bid and ask quotaing the seven weeks ending Deecmber 24. In this tions. r Issue restricted for purchase by commercial banks. period there were declines of 600 million dollars in the total amount of bills outstanding, of 3,300 mil- The newly established structure of prices and lion in certificates, and of 700 million in bonds, and yields on medium- and long-term bonds, as shown a new issue of 3,500 million of notes. in the chart, corresponds closely to that for 1944, which had generally prevailed since 1940. In 1945 CHANGES IN HOLDINGS OF UNITED STATES GOVERNMENT and early 1946 bond prices rose sharply and yields MARKETABLE SECURITIES, NOVEMBER 5 TO DECEMBER 24 declined to new low levels. Although bond yields [In millions of dollars] subsequently rose somewhat, they continued until s T e y c p u e r i o ty f F R B e e a d s n e e r k r v a s e l b M l a e c n e a it m k d i s i e b n s e g i r n Others y c re l i i e c n l e d e n d s t l y t o o n b e le l h o s i s w g h th t - h g a e r n a w d 2 e a l / r c a o n p r d e p r o p r c r a e e te w n t a b r i o n l n e d v 1 s e 9 , l 4 s 6 . w , h a A i r c v e h e r n a d o g e w e - 2 close to 3 per cent, the highest level since mid-1940. Treasury bonds + 1,002 -959 -744 Treasury notes +672 +422 +2,441 Average yields on high-grade municipal bonds, Treasury certificates -176 -661 -2,444 Treasury bills -1,718 +582 +539 which are fully tax exempt, have recently risen to Total -219 -616 -208 nearly 21/ 2 per cent compared with a low of. below 1 y per cent in 1946. 2 Prices of Treasury bonds were permitted to de- Rates on short-term Government securities, which cline during October and the early part of Novem- were maintained during the war and early postwar ber but, as selling increased in anticipation of fur- period at close to the extremely low level that bether declines, the System and the Treasury stepped came established during the 1930's, have recently in about mid-November and by their purchases risen to the highest levels since 1933. However, maintained a fixed structure of prices. The follow- they are still very low relative to pre-depression ing table shows prices and yields of marketable fully years. taxable Treasury bonds as of last August, before the Following the reduction in bond prices, purchases decline in prices began, and the level maintained of bonds for Federal Reserve account were increased. before and immediately after December 24. In general all fully taxable issues offered and not 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET taken up by other buyers were purchased by the the result of a seasonal surplus of tax receipts over System. In the last week of December, the Federal current expenditures. These funds will be avail- Reserve portfolio of Treasury bonds increased by able for retirement of maturing debt obligations more than 1.1 billion dollars. In the same week the and, to the extent that they are used for retiring System's holdings of bills, certificates, and notes securities held by the Federal Reserve System, they declined by nearly 500 million. will not be returned to the banks by subsequent In the first week of January, market selling of expenditures. As a result banks will suffer a drain bonds slackened sharply; Federal Reserve purchases on their deposits and their reserves and will need declined to about 200 million dollars, while System to sell securities or to borrow in order to maintain holdings of notes, certificates, and bills declined by their reserve positions. The Reserve System, therea total of nearly 1.1 billion. Thus for the entire fore, will be called upon to purchase further subperiod of nine weeks from November 5 to January stantial amounts of Government securities in this 7, Federal Reserve holdings of Government securi- period. The newly established structure of prices ties showed a net decline over 400 million dollars, for Treasury bonds assures an orderly and stable although holdings of bonds increased by 2.4 billion. market for Government securities during the Thus the System's operations drew funds from the coming months. At the same time the necessity money market on balance. for banks to sell securities to maintain reserves During the first quarter of 1948 the Treasury should be a factor restraining further credit exwill draw a large volume of funds from banks as pansion. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT AGAINST THE DEMAND AND TIME DEPOSITS OF BANKS* In order to provide a more effective means of other purchasers. Whenever the Federal Reserve restraining inflationary expansion of bank credit, buys Government securities, additional bank rethe Board of Governors of the Federal Reserve Sys- serves are created and these in turn supply the tem proposes that Congress pass legislation granting basis for an expansion of bank credit of more than the System's Federal Open Market Committee tem- six times the amount of the reserves. porary authority to impose gradually as conditions Ability of banks to increase reserves. Commermay warrant a requirement that all commercial cial banks currently hold about 70 billion dolbanks hold a special reserve. This reserve should lars of Government securities. As is shown in the be in addition to reserves required under existing chart, this sum exceeds their prewar holdings by laws. It should be calculated, within limits fixed more than 50 billion dollars and is about threeby law, as a percentage of demand and time deposits fifths of total loans and investments. In addition and should consist of Treasury bills, certificates, or to this great expansion in holdings of Government notes, balances with Federal Reserve Banks, cash securities, commercial banks also have increased or cash items, or interbank balances. their loans and holdings of other securities. Transfer of any part of these Government securities to NEED FOR THE SPECIAL RESERVE REQUIREMENT the Federal Reserve Banks creates reserves on which This special requirement would make it possible a sixfold expansion of credit can be built. The for the Federal Reserve System to immobilize a por- potential inflationary expansion of the money suption of these assets. This immobilization, however, ply is thus enormous. Reserves arising from gold would be only for the purpose of preventing their acquisitions or Federal Reserve purchases of securiuse for the purpose of obtaining additional reserves ties from nonbank investors may add still more to to support expansion of credit to private borrowers. this potential. Moreover, as gold acquisitions create bank reserves, The opportunity which the banks now have to they could be offset by an equivalent increase in the create new reserves on their own initiative by sellspecial requirement. The additional requirements ing Government securities to the Federal Reserve would also reduce the possible multiple expansion System is not a long-established right, but is one of of bank credit on the basis of any increase in the heritages of war finance. In wartime the Fedreserves. eral Reserve System was under obligation to pro- At present high levels of employment and output, vide banks with sufficient funds to purchase Govfurther expansion of the total volume of bank ernment securities in excess of those sold to nonbank credit is inflationary because it would increase the investors. After the war, the necessity of providing active demand for goods and services, which is a stable and orderly market for the vast public debt already in excess of the productive capacity of this outstanding has in effect made the Federal Reserve country's existing industrial structure and labor System the ultimate or residual market for Governforce. ment securities. So long as this situation continues So long as the public debt is as dominant a part and the banks are free fo use their Government of the country's financial structure as it is at present securities to obtain reserves at will there is no effecthe Federal Reserve System has a responsibility for tive restraint on bank credit expansion. maintaining orderly conditions in the U. S. Govern- Prior to the war, the ability of banks to expand ment security market. In practice this means that credit was limited by the existing supply of bank the System stands ready to purchase Government reserves, which was largely subject to Federal Resecurities offered for sale if they are not taken by serve control. Except during the period of large gold inflow which brought an excessive volume of * Statement filed by Chairman Eccles with Committee on Banking and Currency of the House of Representatives, Decem- reserves, the available supply of bank reserves was ber 8, 1947. This statement presents a full description of the proposal made by the Board of Governors of the Federal Reserve determined principally by the volume of member System for legislation requiring banks to hold a special reserve as a means of providing more effective limitation of further bank borrowing from the Reserve Banks or by credit expansion. It describes the plan and discusses its opera- Federal Reserve purchases and sales of bills and tion and probable banking effects. 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT securities in the open market. These open market adequate power to influence the potential volume operations were definitely regulated in amount so of bank credit in the way it could before the war. as to provide the supply of reserves required by the It is illuminating to know the extent to which economy. Variations in prices and yields on Gov- public debt has become a dominant factor in the ernment securities were an incidental result of country's financial structure. The United States these policies. Government debt, which was never more than a Need for Federal Reserve support of Govern- third of private and other debt before 1941, is ment securities market. Under present conditions now one and a half times the remaining debt. That large-scale and continuous Federal Reserve open part of the public debt which is marketable amounts market operations are essential to the maintenance to 167 billion dollars, compared with 69 billion of of an orderly and relatively stable market for Gov- stocks and 15 billion of non-Government bonds ernment securities and are a necessary adjunct of listed on the New York Stock Exchange and an LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS BILLIONS BILL1ONS OF DOLLARS JUNE 1914-1922; JUNE AND DECEMBER 1923-1946? LAST WEDNESDAY OF MONTH 1947- OF DOLLARS J20 120 100 20 1924 1926 1928 1930 1932 1934 !936 1938 1940 1942 1944 1948 the Treasury's program for managing the economy's estimated 13 billion of marketable securities listed huge public debt of 260 billion dollars. The System on other stock exchanges throughout the country. often purchases and sells securities amounting to Today, Government securities are widely held as hundreds of millions of dollars in a week. In liquid investments which can be readily sold and, October and November System purchases totaled therefore, transactions in them are likely to be fre- 3.2 billion dollars, sales 1.2 billion, redemptions of quent. This liquidity rests in considerable part maturing issues 2.1 billion, and exchanges of ma- on having the Federal Reserve System provide a turing for new issues 8.2 billion. Large-scale Fed- residual, assured market for purchase and sale of eral Reserve transactions are at times essential for Government securities. the maintenance of a market for Government In these circumstances, it would be entirely insecurities. In view of the System's greatly enlarged adequate for the Federal Reserve System merely to responsibilities for the Government securities mar- revert to the prewar practice of purchasing and ket and in view of the volume of such securities selling, only definite amounts of securities, deternow held by banks, the System no longer has mined solely on the basis of the economy's need JANUARY 1948 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT for bank credit or for the purpose of offsetting the The proposal would give the Federal Reserve effects of gold or currency movements on bank System no new power to interfere with bankers in credit. The System needs to take into account, in running their own banks but it would restore to the addition to other factors, conditions affecting the System some of its previously held authority to Government security market. Traditional actions exercise regulatory power over the available supply through discount rate policy are largely irrelevant, of bank reserves. There is nothing new or revobecause the banks have little or no occasion to lutionary in that. borrow funds to maintain reserve positions so long Under the proposed authority it would be possias they can sell Government securities for this ble to insulate a part of the Government securities purpose. market from private credit and permit the Federal Since the Reserve System has to engage in con- Reserve System to use open market operations and jStant buying and selling of U. S. Government discount rates more freely to affect conditions in securities on a large scale, the prices or rates at the private credit market. Thus, the authority which these transactions are effected are necessarily would make it possible to limit the volume and determined by the System. In fact, under present raise the cost of private credit without necessarily conditions, the structure and level of interest rates increasing the interest cost to the Government on on Government securities which the System helps an important part of the large public debt outto maintain in the market have become the prin- standing. cipal expression of Federal Reserve policy instead of the volume of purchases and sales. FEATURES OF THE SPECIAL RESERVE PLAN Limited effectiveness of increase in rates on Gov- Special features of the proposed temporary auernment securities. Control of interest rates on thority may be briefly summarized as follows: Government securities, however, is not an effec- (1) Banks subject to the provisions would be tive instrument for achieving monetary objectives. A moderate rise in yields on Government securi- required, in addition to their regular reties will not prevent, and will only slightly re- serves, to hold a special reserve consisting strain, banks from selling securities in order to of: make loans. An increase in rates large enough to (a) Obligations of the United States in exercise real restraint on banks would generally the form of Treasury bills, certifibe too great or too abrupt to be consistent with cates and notes (with original mathe maintenance of stable conditions in the market. turities of 2 years or less); or Even an intimation that such a policy might be (b) Cash items, as defined in the next followed may lead to a flood of selling. The Sysparagraph, to the extent that their tem might find itself under the necessity to support total exceeds 20 per cent of gross the market and in the process might create more demand deposits plus 6 per cent of reserves than it would have created through meet- time deposits. ing the demands of banks in an orderly market. (2) For this purpose cash items would include This is the postwar monetary paradox. the following: Purpose of special reserve. The special reserve (a) Balances with Reserve Banks, includproposal is designed to place some restrictions on ing statutory required reserves. the newly acquired privilege of banks to obtain at (b) Coin and currency. will more reserves on which to make more and (c ) Cash items in process of collection. more loans. It is not, as has been asserted by some (d) Balances due from in excess of balof its critics, a revolutionary device to compel ances due to banks in the United banks to hold Government securities. The proposal States. contains no such compulsion. If any bank chooses to hold the special reserve in cash or on deposit (3) The special reserve requirement would apply with another bank or with a Reserve Bank it would to both demand and time deposits and be free to do so. At the same time the proposed would be subject to a maximum limit fixed measure would not require banks to reduce their by statute. A maximum of 25 per cent of holdings of Government securities. gross demand deposits and a maximum of FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT 10 per cent of time deposits will probably mittee might prescribe. The penalty be adequate for the temporary period against average deficiencies in the requirecovered by the proposed statute. ment would be one-half per cent per month, payable to the United States. (4) The requirement would apply to all banks receiving demand deposits, including (9) The Federal Open Market Committee would member banks of the Federal Reserve be authorized to issue regulations govern- System and nonmember banks,—insured ing the administration of the requirement, and noninsured. It would not apply, how- to require necessary reports, and to deleever, to banks that do exclusively a savings gate administration with respect to nonbusiness. member banks to other appropriate Federal or State banking agencies. (5) The power to impose and to vary the special reserve requirement would be vested in the OPERATION OF THE PROPOSAL Federal Open Market Committee and would be limited by law to a temporary Establishment of the special reserve requirement period of three years, would accomplish two principal purposes: (1) it would reduce the amount of Government securi- (6) The requirement would be introduced ties that banks would be willing to sell to obtain gradually as credit conditions warrant. additional reserves; and (2) it would decrease the The authorizing statute could provide that, ratio of multiple credit expansion on the basis of a after a special reserve has been established given amount of reserves. These results could be of 10 per cent against gross demand deaccomplished without reducing the volume of earnposits and 4 per cent against time deposits, ing assets of banks. further changes would not exceed 5 per Reduced availability of secondary reserve assets. cent of gross demand deposits and 2 per The special reserve requirement would not decent of time deposits at one time. Ample prive banks of any earning assets but would renotice should be given before the effective duce the available amount of highly liquid and date of the initial application of the rereadily salable assets which banks hold as secondary quirement, or of subsequent changes, to reserves to meet losses of deposits and new credit allow banks adequate time to make addemands. Because of the reduction in these operatjustments. ing secondary reserves, banks would be less willing (7) The following considerations should deter- to sell Government securities held in excess of the mine the timing of the introduction of, or requirement in order to acquire higher-yielding changes in, the special reserve require- loan or investment assets. Thus, an effect of the ment: special reserve requirement would be to reduce the (a) The volume and ownership of special creation of new reserves and expansion of bank reserve assets and of other assets credit through sale of Government securities to the readily convertible into eligible Federal Reserve. assets; Lower multiple-expansion ratio. Reduction in (b) Past and prospective gold movements, the ratio of multiple credit expansion on the basis currency fluctuations, or other fac- of any addition to the supply of reserves would be tors causing changes in the volume an important effect of the special reserve requireof bank reserves; ment. How great a reduction from the present ratio of six or more to one would result from the (c ) Conditions in the Government securiproposal will depend on the percentage requirement ties market; established. It would also depend on the banks' (d) The general credit situation. holdings of assets eligible for the special reserve (8) Special reserves and requirements would be and their ability to acquire them from sources other computed on a daily average basis for than the Federal Reserve. It is not feasible to estimonthly periods, or for other periods by mate the extent of the reduction in the ratio—but classes of banks as the Open Market Com- under present conditions—with the easiest source of JANUARY 1948 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT the needed reserve material being the Federal Re- ADVANTAGES OF THE PROPOSAL serve Banks—the ratio, at the maximum required Rise in interest rates largely limited to private rate of special reserve, may conceivably decline from credit. The proposed measure has many important the present figure of 6 to as low as 2%. advantages over alternative means of curbing credit Influence of existence of power to impose re- expansion. It is frequently suggested that restraint quirement. The existence of power to impose a on further bank credit expansion could be accomspecial reserve requirement would itself exert a plished by allowing short-term interest rates, both strong restraining influence on bank credit expan- on public and on private credit, to rise substantially, sion. Banks would need to guide their policies with thus increasing the cost of borrowing and thereby an eye to the possible imposition of the requirement. seeking to deter borrowing. It is doubtful that The extent of use of the special reserve requirement such a policy would effectively deter borrowing, would necessarily depend on developments in the and, in any event, it would greatly increase the general credit situation. cost to the Government of carrying the public debt Reinforcement of other instruments of credit reguand might have disruptive effects on the Governlation. Other instruments of Federal Reserve ment securities market. Under the proposed aupolicy could be so used as to facilitate adjustment thority, interest on private credit could be raised to the new requirement and subsequently would be without increasing rates on Government securities. employed to apply such additional restrictions or In other words, the higher rates would be paid by such easing as the general credit situation might rethose who are currently engaged in inflationary borquire. From the monetary point of view the prinrowing and who might be deterred by them. These cipal purpose of the proposed new requirement is rates would not be paid by the Government, which to make possible the more effective use of the existis reducing its indebtedness. ing instruments in offsetting changes in bank reserves—particularly open market operations and dis- Restraint on lender. Restriction of inflationary count rates—without seriously upsetting the Gov- expansion of total bank credit to private borrowers ernment securities market and unduly raising the can be more effective if the restraint is placed interest cost on the public debt. primarily on the lender. Under present conditions, The Federal Open Market Committee, which even such a substantial rise in short-term interest would have authority to apply and vary the re- rates as one or two percentage points would not quirement, is composed of all seven members of the deter many borrowers, and might encourage further Board of Governors of the Federal Reserve System lending because of the additional profit inducement and five representatives of the Federal Reserve to the lender. Under the proposed measure, the re- Banks. The Committee's present authority covers straint is placed primarily upon the lender, that is, the System's Government security and other open the banking system. By limiting the ability of market operations. The use of the proposed special the banks to make credit available, the proposal reserve requirement would be closely related to would thus be a retarding influence on further these operations. bank credit expansion. As already stated, banks Bank lending for essential needs not prevented. would not only charge more for loans they make Restraints on further bank credit expansion by to private borrowers but would be more cautious the proposed requirement, supplemented as the in extending such loans. The latter may be a more situation may warrant by other credit control measimportant restraint than the former. Higher ures, would not prevent the accommodation by rates are not an effective deterrent in boom condibanks of the economy's essential credit needs. The tions but difficulty in obtaining credit is a powerful additional reserve requirement, however, would put restraining influence. the banks under pressure to attempt to meet essential credit demands out of existing loanable funds. Preferable to increase in regular reserve require- To expand loans, banks would need to sell securi- ments. It has been suggested that the same reties of types that might be bought by other inves- sult might be achieved by an increase in existing tors, rather than short-term Government securities basic reserve requirements of banks. If this were which under present conditions are purchased prin- done, however, banks would have to meet the incipally by the Reserve Banks. crease by selling Government securities, which the 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT Federal Reserve System would have to buy in FORMULA FOR COMPUTING THE SPECIAL RESERVE order to supply the needed reserves. This would REQUIREMENT decrease the banks' earning assets and their earn- As explained earlier, the special reserve requireings, whereas the proposed special reserve measure ment might be placed as high as 25 per cent of would enable them to retain earning assets. The demand deposits and 10 per cent of time deposits continued profitability of bank operations is essenor at some lower level. The assets that would be tial if the banks are to meet their increasing costs counted as special reserves include Treasury bills, and build up adequate reserves while serving their certificates of indebtedness, and notes having origcommunities constructively. inal maturities not exceeding two years, as well as To increase primary reserve requirements would certain specified nonearning or cash assets in exalso raise difficult jurisdictional, legal, and adminiscess of 20 per cent of demand deposits and 6 per trative problems with reference to nonmember cent of time deposits. This deduction makes a banks, whereas the specific form of the proposed uniform allowance for required regular reserves special reserve requirement, as more fully deand other customary operating funds of banks. scribed in the next section, is designed to fit the Computation of the formula is illustrated in Table 1. sort of banking system that exists in this country Reasons for selection of Government securities without alterations in its structure or drastic changes to be included in special reserve. Only Treasury in its customary methods of operation. Banks that bills, certificates, and short-term notes are proare not members of the Federal Reserve System posed for inclusion in the special reserve and would have to be included. Limitation of the other Government securities are eliminated for a requirement to member banks only would seriously number of reasons. The volume of bills, certifiweaken the Federal Reserve System by giving a cates, and notes can be more easily limited to relagreat advantage to nonmembership and theretively stable amounts. Inclusion of Government fore would make the measure ineffective, as well as bonds within one or two years of maturity or call inequitable. The new measure, as proposed, would dates would result in wider variability in the total assure equitable treatment of individual banks and outstanding amount of eligible reserve assets. groups of banks without requiring that all banks To include all Government securities would make become subject to a single authority. The pronecessary a very high reserve requirement in order posed requirement would also make use of the to be an effective restraint. Since banks holding practice of interbank deposits without interfering deposits subject to withdrawal on demand or short with the system of correspondent relations. notice should maintain a high degree of liquidity, In summary, the proposal would require banks securities which are short term at issuance are more to hold a large portion of the Government securities appropriate assets for them to hold as reserves. which they were encouraged and permitted to buy to aid in war finance and still allow them to meet The inclusion of longer-term, higher-rate securall essential credit needs of the economy. It would ities in the formula would make it possible for assure the maintenance of a high degree of liquidity banks to continue to shift their lower-rate issues and safety in the banking system during a period to the Federal Reserve and to purchase higher-rate of rapid and uncertain economic change. It would bonds in the market. Unless requirements were not necessitate changes in existing banking struc- very high most banks would have an excess of speture or procedures. cial reserve assets and could sell short-term securities The Board believes that the proposed plan is the to the Reserve System. Limitation of the requiremost effective and practical method of dealing ment to bills, certificates, and notes with low with the present monetary and credit situation be- coupon rates would make it necessary for banks cause it assures that the pressures will be exerted to sell their higher-rate issues in order to expand at the places where restraint on bank credit ex- loans. This would be more of a discouragement to pansion is needed, namely, in the field of private lending than sale of low-rate, short-term issues and loans. At the same time the plan will protect the also the higher-rate issues would be bought more interests of the Government, the general public, readily by others than the Federal Reserve. Finally, and the banking system. the limitation would improve the market demand 19 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT for reserve-eligible issues and help to maintain a for the great variations that exist among groups lower rate on short-term Government borrowing of banks with respect to basic reserve requirewithout lowering long-term interest rates, which ments and with respect to holding of different are an important source of income for investors of types of cash assets, without interfering unduly savings. with these requirements and practices. If the re- Reasons for including cash assets. The pro- quirement were limited to member banks, only posed eligible cash assets include balances with the excess reserve balances at Federal Reserve Banks Federal Reserve Banks, coin and currency, cash and the specified Government securities might be items in process of collection, and balances due allowed to count as special reserves. Reserve refrom, in excess of balances due to, other banks in quirements for nonmember banks, however, not the United States. However, only the excess of only differ from those for member banks but also the sum of these items over an amount needed for vary from State to State. For nonmember State required reserves and for other operating funds banks, balances due from banks constitute the customarily held by banks would be counted major part of reserves required by State law, and in the special reserve. A level of 20 per cent of the excess of such balances over statutory requiregross demand deposits, and 6 per cent of time de- ments comprise other operating funds, or secondary posits, uniform for all banks, is proposed as an reserves. Member banks hold their required reequitable statutory amount for these customary serves, and perhaps some excess, on balances with operating funds. What the banks hold above this the Federal Reserve Banks, but member banks also amount will be eligible to count as special re- hold balances with correspondent banks as part serves, but banks holding smaller amounts would of their operating or secondary reserve funds. Both not be required to increase their holdings, if legal nonmember and member banks would undoubtedly basic reserve requirements are met. Banks of all prefer to continue the practice of holding part of classes typically hold these cash items in an their operating funds as balances due from other aggregate amount equal to the sum of about 25 banks. per cent of gross demand deposits and 6 per cent Permitting banks to count all of their balances of time deposits. due from other banks in cash items eligible as spe- Provision in the formula for some margin of cial reserve assets would present an opportunity for cash assets, as well as the specified short-term Gov- building up fictitious reserves through the pyraernment securities, is desirable to accomplish the miding of interbank balances by multiple exchange purposes of the special reserve authority. Con- of deposits among banks. To prevent such a defining the eligible special reserve assets to Govern- velopment, insofar as practicable, the special reserve ment securities would cause difficulties to banks plan would permit balances due from other banka obtaining new funds and not holding adequate to be counted as eligible assets only to the extent amounts of the required securities; they should be that they exceed balances due to other banks. Any permitted to count their cash as reserves until they other treatment of interbank deposits would invite could acquire, or in case they could not acquire, evasion and jeopardize the objectives of the plan. The proposed formula for the computation of Treasury bills, certificates, or notes. Banks ought cash assets eligible for satisfying the special reserve not to be compelled to buy such short-term serequirement treats member and nonmember banks curities in order to meet the proposed special realike, insofar as differences in practices and laws serve requirement, if for operating reasons they permit. It avoids interference with established corprefer to hold excess cash assets. Cash holdings, respondent relations, and, in fact, makes use of moreover, are even more effective in meeting the these relations. In the interests of administrative purposes of the requirement. From the standpoint simplicity, the proposed formula is uniform for of avoiding credit expansion, a formula limited to all banks. short-term Government securities would be less effective than one which includes cash in the spe- AVAILABILITY OF SPECIAL RESERVE ASSETS cial reserve. The formula and its application to certain broad1 Allowance for differences in banking laws and groups of insured banks, using aggregate figures as procedures. An equitable formula should allow of June 30, 1947, is illustrated in Table 1. 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT TABLE 1 ILLUSTRATIVE COMPUTATION OF SPECIAL RESERVE ASSETS, JUNE 30, 1947 [Based on aggregate figures in millions of dollars, by groups of banks] Member banks Nonmember Central reserve city insured Re c s i e ty rve Country banks New York Chicago 1. Gross demand deposits 22,683 5,037 31,983 27,659 11,891 2. Time deposits 1,459 871 11,269 14,475 6,349 3. Coin and currency 123 36 470 780 395 4. Cash items in process of collection 1,884 349 2,623 834 124 5. Excess of demand balances due from over demand deposits due to other banks in U. S.1 2,546 2,765 ^6. Balances with Federal Reserve Banks 4,166 973 6,274 4,628 7. Net cash assets i (3 +4 +5 +6) 6,173 1,357 9,367 8,787 3,284 8. Deduct 20% of gross demand deposits plus 6% of time deposits 4,624 1,060 7,073 6,400 2,759 9. Excess cash assets 1 (7 —8) 1,549 298 2,294 2,387 525 10. Treasury bills, certificates, and notes. . . 2,015 606 4,874 5,191 2,932 11. Total special reserve assets * (9 +10) 3,564 904 7,168 7,578 3,457 12. Special reserve required at given percentages: a. 10% against demand and 4% against time deposits 2,327 539 3,649 3,345 1,443 b. Maximum of 25% against demand and 10% against time deposits.. 5,817 1,346 9,123 8,362 3,608 13. Deficiency or excess of special reserve assets:1 a. With 10% against demand and 4% against time deposits +1,237 +365 +3,519 +4,234 +2,014 b. With 25% against demand and 10% against time deposits -2,253 -443 -1,954 -784 -151 14. Percentage deficiency or excess of special reserve assets to demand deposits: a. With 10% against demand and 4% against time deposits +5.5 +7.2 +11.0 +15.3 + 16.9 b. With 25% against demand and 10% against time deposits -9.9 -8.8 -6.1 -2.8 -1.3 1 Figures shown for these items are computed on the basis of aggregates by groups of banks for the country as a whole; totals of figures ^computed separately for individual banks or from aggregates by districts would show somewhat different amounts of available cash assets for some of the groups. Differences by groups of banks. The table shows the lower level of requirements used. Data for that banks in each major group have an excess individual banks would show even greater differ- *of cash assets over the minimum allowance ences than appear for the groups of banks in Table .and also have more than enough special reserve 2, and some banks might have deficiencies in hold- .-assets available to meet a requirement established ings of eligible assets even at the lower requirement jat 10 per cent against gross demand deposits and level. 4 per cent against time deposits. At the statutory Adequate supply of special-reserve and other ^maximum suggested for the requirement—namely liquid assets. In considering the deficiencies in 25 per cent against demand deposits and 10 per eligible special reserve assets that banks might cent against time deposits—the different groups confront at certain requirement levels, it must be show deficiencies in holdings of eligible assets remembered that banks hold substantial amounts of «of varying percentage amounts. New York City short-term Government bonds that may eventually t>anks held the smallest amounts of eligible assets be refunded by the Treasury into eligible assets ^relative to their deposits, while country member or that could be converted through the market and nonmember banks held the largest amounts. into such assets. In general the Federal Reserve The variation in the percentages of deficiency would purchase the bonds and sell banks reserve- «or excess in special reserve assets at the selected eligible securities. Holdings of short-term bonds as levels is still wider, of course, when studied by percentages of gross demand deposits at mid-1947 ^groups of banks according to Federal Reserve Dis- are also shown in Table 2. tricts. This point is illustrated in Table 2, According to figures relating to the ownerwhich is also based on figures for June 30, 1947.ship of the public debt on September 30, 1947, lEach group in each district would be able to meet shown in Table 3, all commercial banks hold JANUARY 1948 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT about 15 billion dollars of Treasury bills, certifi- banks. As these bonds mature or are called they cates, and notes,1 and in addition 6 billion of may be refunded by the Treasury through issuance bonds due or callable within one year and 30 bil- of securities eligible to be held as special reserves. lion due or callable within one to five years. These The amount of Treasury bills, certificates, and notes holdings were widely distributed among individual issued can be made to depend on the need of the banking system and the demand for such assets. 1 For simplicity of computation these figures include some As Table 3 indicates, moreover, the Federal Renotes which had original maturities of over 2 years and therefore would not be eligible as special reserve assets under the serve System holds 22 billion dollars of Treasury proposal. These, however, mature shortly and in any event could be readily shifted into reserve-eligible securities. bills, certificates, and notes, which banks could TABLE 2 RATIOS OF AVAILABLE SPECIAL RESERVE ASSETS AND SHORT-TERM TREASURY BONDS TO GROSS DEMAND DEPOSITS, ALL INSURED COMMERCIAL BANKS, JUNE 30, 1947 Percentage of gross demand deposits Deficiency or excess of special reserve assets Treasury bonds due Bank group if requirements are or callable 2 Treasury Total bills, Excess special certificates, cash assets * reserve 25% of 10% of and notes assets demand and demand and Within Within 10% of time 4% of time 1 year 1-5 years deposits deposits Central reserve city member banks New York 8.9 6.8 15.7 - 9.9 + 5.5 5.7 27.8 Chicago 12.0 5.9 17.9 + 7.2 4.2 23.4 Reserve city member banks Boston 10.3 7.1 17.5 - 8.6 + 7.1 5.1 18.3 New York 9.3 9.4 18.7 -11.8 + 6.5 3.5 31.7 Philadelphia 6.7 8.3 14.9 -11.3 + 4.4 1.5 22.6 Cleveland 8.0 6.4 14.4 -14.2 + 3.0 7.1 33.7 Richmond 12.9 7.4 20.3 - 7.0 + 9.4 2.5 32.5 Atlanta 14.4 8.7 23.2 - 3.9 + 12.3 3.5 20.0 Chicago. 20.6 7.1 27.7 - 2.7 +15.5 5.9 36.9 St. Louis 10.3 6.3 16.6 -10.2 + 5.9 5.1 24.2 Minneapolis 8.8 7.3 16.1 -10.7 + 5.4 3.7 28.0 Kansas City 16.8 6.0 22.7 - 3.7 +12.2 4.8 19.1 Dallas 13.3 6.1 19.4 - 7.1 + 8.8 2.2 18.4 San Francisco 22.9 7.6 30.5 - .9 +17.9 6.1 31.3 Total 15.2 7.2 22.4 - 6.1 +11.0 4.9 27.8 Country member banks Boston 12.6 6.4 18.9 - 11.1 + 6.9 5.0 37.3 New York 12.7 9.3 21.9 -11.5 + 8.6 4.3 45.7 Philadelphia 18.7 10.1 28.8 - 4.4 +15.5 5.0 41.4 Cleveland 17.8 11.1 28.9 - 3.5 +15.9 4.8 40.2 Richmond 17.0 8.5 25.5 - 3.9 + 13.8 4.3 31.8 Atlanta 19.7 5.1 24.8 - 3.3 +13.6 3.9 25.0 Chicago 21.6 10.5 32.1 + .6 + 19.5 5.9 41.8 St. Louis 21.7 3.8 25.5 - 3.2 + 14.0 4.0 28.7 Minneapolis 23.8 6.4 30.2 - .3 + 18.0 7.3 39.8 Kansas City 26.1 9.6 35.8 + 9.3 +25.2 3.2 18.8 Dallas 21.3 11.1 32.4 + 6.6 +22.1 2.9 16.7 San Francisco 17.6 7.9 25.5 - 4.9 +13.3 6.9 33.9 Total 18.8 8.6 27.4 - 2.8 +15.3 4.7 34.3 Nonmember insured commerical banks Boston 19.2 1.2 20.3 -15.8 + 5.9 5.6 41.5 New York 15.1 1.7 16.8 -16.2 + 3.6 4.5 39.9 Philadelphia 20.9 .3 21.2 -11.1 + 8.3 3.8 35.6 Cleveland 22.0 4.8 26.8 - 6.3 +13.5 4.6 37.6 Richmond 20.4 .2 20.6 - 9.2 + 8.7 5.8 29.5 Atlanta 25.2 6.8 32.0 + 3.8 +20.7 3.0 22.9 Chicago 29.0 5.9 34.9 + 3.1 +22.2 4.6 39.8 St. Louis 25.0 4.7 29.7 + 2.7 +18.9 2.2 22.5 Minneapolis 39.6 3.9 43.5 +12.8 +31.2 6.4 32.5 Kansas City 28.0 7.3 35.3 + 8.6 +24.6 2.9 20.5 Dallas 16.5 10.4 27.0 + .8 +16.5 .9 18.3 San Francisco 19.6 .6 20.1 -16.6 + 5.5 7.7 39.3 Total 24.7 4.4 29.1 - 1.3 +16.9 4.2 31.0 1 Total of (1) balances with Federal Reserve Banks, (2) excess of demand balances due from over demand deposits due to banks in United States, (3) coin and currency, and (4) cash items in process of collection, less (5) the sum of 20 per cent of demand deposits and 6 per cent of time deposits. 2 These ratios are based on estimated holdings of such Treasury bonds. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT TABLE 3 OWNERSHIP OF MARKETABLE UNITED STATES GOVERNMENT SECURITIES [In millions of dollars as of September 30, 1947] Type of security Investor group Total i Treasury bonds maturing or callable Bills, certificates, and notes Within Within 1-5 After 1 year years 5 years Commercial banks 68,892 14,966 5,583 30,300 18 043 Federal Reserve Banks . 22,329 21,610 177 403 140 U. S. Government agencies and trust funds 4,387 81 50 362 2 3,858 Other investors 72,338 11,801 1,502 7,258 251,647 Total 167,946 48,458 7,312 38,323 73,688 Data estimated on the basis of the Treasury Survey of Ownership of Securities issued and guaranteed by the United States. 1 Total includes postal savings and prewar bonds not shown in breakdown by issues. 2 Most of the bonds due or callable after 5 years held by Government agencies and about 45 billion dollars of those held by other investors are not eligible for purchase by banks. About 7 billion dollars of these bonds may be acquired by banks. acquire by selling to the System other Govern- other retired issues into reserve-eligible securities, ment securities. About 12 billion dollars of eligible the total amount of such securities outstanding will obligations are also held by nonbank investors, continue fairly close to the present level for the and these might be bought by banks. Thus the next three years. The amounts held by banks may total of Treasury bills, certificates, and notes out- be increased by purchases from other holders. standing is nearly 50 billion, compared with gross Thus banks could readily obtain enough bills, demand deposits at commercial banks of 100 bil- certificates, and notes to meet a special reserve relion. The amount of such securities outstanding quirement of 25 per cent. They could still hold may be decreased through debt retirement or in- substantial amounts of short-term securities as creased through refunding of bonds. It is esti- secondary reserves free for operating purposes, but mated that, after allowing for probable reduction the amount of such freely available funds could in total marketable debt and for refunding of all be materially reduced by the requirement. JANUARY 1948 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 by MORRIS A. COPELAND AND DANIEL H. BRILL At the end of 1939 the cash balances (currency CONSOLIDATED CONDITION STATEMENT FOR THE and deposits) held by businesses and individuals BANKING SYSTEM plus their holdings of liquid assets in the form of The purpose of the present article is to provide United States Government securities were equal in systematic retrospect a picture of the condition to about two-thirds the then annual rate of 99 billion of the banking system as a whole, and to present dollars for gross national product. Shortly before it in a form that will facilitate relating it on the V-J Day, when the annual rate of gross national one hand to information on the liquid asset holdproduct amounted to almost 220 billion dollars, this ings of the public and on the other to the familiar ratio, reflecting chiefly the exigencies of war financtable "Member Bank Reserves, Reserve Bank Credit, ing, had risen to somewhat over 90 per cent. In midand Related Items." 1947 it was close to 100 per cent of a gross product Table I on the following page presents a conamounting to 226 billion dollars on an annual basis. solidated condition statement for the banking sys- The wartime increase in the ratio of these liquid tem. It covers all commercial and mutual savings assets to gross national product reflected chiefly a banks in the continental United States, the Federal growth in the holdings of United States Govern- Reserve Banks, and four Federal Government funds. ment securities. When only cash balances of busi- The four Government funds are: the gold account, nesses and individuals are considered, the ratio of the Treasurv currency account, the Postal Savings these to gross product was a little over one-half System, and the Exchange Stabilization Fund. at the end of 1939 and only slightly higher by V-J The banking system's assets consist of the mone- Day. Since the end of the war, cash balances have tary gold stock, the technical item "Treasury curincreased substantially; their current ratio to narency" (a major component of which is the monetional product is nearly two-thirds. tary silver stock3), and earning assets (loans, Gov- The marked increase from V-J Day to the end ernment securities, and other investments). Interof 1946 in individuals' holdings of currency and bank loans and the capital stock of Federal Reserve deposits was accompanied by a fairly steady growth Banks held by member banks are of course elimiin their holdings of Government securities. In the nated in preparing the consolidated statement. case of businesses, however, there was a substantial The first three currency and deposit liabilityliquidation in holdings of Government securities items given in the table are as thev aDpear in the while cash balances have increased but slightly since familiar table "Adjusted Deposits of all Banks and V-J Day. Currency outside Banks." The item "Adjusted The monetary problems involved in the quantity Government deposits and Treasury cash" may be of cash and other liquid assets held by the public, taken as portraying approximately the balance in and in recent changes in bank credit which affect the general fund of the Treasury from a bank-record these holdings, have been the subject of extensive viewpoint. * consideration. In such consideration it has proved Total currency and deposit liabilities of the helpful to have what amounts to a consolidated conbanking system can only increase or decrease to the dition statement for the banking system as a whole, extent that there are corresponding changes in gold relating the currency and deposit liabilities of the or earning assets, or less importantly, corresponding banking system to banking assets (net of interbank changes in Treasury currency or offsetting changes items).2 in capital and miscellaneous accounts, net. The 1 This article was prepared by the authors as a part of a principal changes in the condition of the banking study of current money flows which they have been conducting for the Board's Division of Research and Statistics. The system as a whole as indicated in Table 1 may be original exploratory study of money flows was conducted by the briefly reviewed. National Bureau of Economic Research at the suggestion of the Committee for Economic Development and with the support of a grant by that Committee. 3 Treasury currency includes the silver bullion and silver 2 Information of this kind has from time to time been pre- dollars held by the Treasury as a reserve against its currency sented in the Federal Reserve BULLETIN and the Annual Report liabilities (included in Column 7 of Table 1 and in bank vault of the Board of Governors. See, for example, the Annual Report cash). It does not include the silver bullion (valued at cost) for 1946, p. 23. in the general fund of the Treasury. 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 TABLE 1 CONSOLIDATED CONDITION STATEMENT FOR THE BANKING SYSTEM [In billions of dollars] (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Assets Liabilities and capital accounts Total assets = total Adjusted End of month U. S liabil- Cur- Ad- Time U.S. Total Capital Gov- Other Treas- ities rency justed and Govern- Net cur- and Gold ern- Loans secur- ury and out- de- Postal ment foreign rency miscelstock ment ities cur- capital side mand Savings deposits bank and laneous secur- rency accounts banks de- System and bal- deposit acities2 posits deposits Treasury ances liabil- counts, cash ities net June 1929 4.0 5.7 41.1 11.7 2.0 64.5 3.6 22.5 28 6 0.6 0 4 55.8 8.8 June 1933 . . . 4.o 10.3 22 0 9 7 2.3 48.3 4 8 14.4 21 7 1 1 o 1 42 0 6 4 December 1936 11.3 21. 1 21.3 10 4 2.5 66.6 5.5 25.5 25 4 1.1 0 5 58.6 8.0 June 1937 12.3 20.6 22.4 10 1 2.6 67 9 5.5 25.2 25.9 2 3 o7 59.7 8.3 December 1937.... 12.8 20.3 22.0 9 6 2.6 67.3 5.6 24.0 26 2 2." 7 0 6 59.1 8.2 June 1938 13 0 20 4 21.0 9 4- 2.7 66.4 5.4 24.3 26 2 1.9 o3 58 2 8.3 December 1938.... 14.5 21. 7 21.2 9.5 2.8 69.7 5.8 26.0 26 3 2.6 0 6 61^3 8.4 June 1939 16.1 22.5 21.3 9 4 2.9 72.2 6.0 27.4 26 8 2.4 1 0 63.6 8.6 December 1939.... 17.6 23. 1 22.2 9 2 3.0 75.0 6.4 29.8 27 1 2.0 1 2 66.5 8.5 December 1940.... 22.0 24.4 23.7 9 3 3.1 82.5 7.3 34.9 27 7 1.4 1 9 73.3 9.2 December 1941.... 22 7 29 0 26.6 8 9 3.2 90.5 9.6 39.0 27 7 3.1 1 5 80.9 9.6 December 1942.... 22 7 53 5 23.9 8 1 3.6 111.9 13.9 48.9 28 4 9.5 1 6 102.4 9.5 December 1943 21 9 79 2 23.6 7 3 4.1 136.1 18.8 60.8 32 7 11.4 2 3 126.0 10.0 December 1944 20 6 107 0 26.0 7 4 4.1 165.1 23.5 66.9 39 8 21.6 2 2 154.0 11.1 June 1945 20 2 118 0 27.9 7 8 4.1 178.2 25.1 69 1 44 3 25.3 2 4 166 1 12.1 December 1945.... 20 1 128 4 30.4 8 4 4.3 191.6 26.5 75.9 48 5 25.'9 2 1 178^8 12.8 June 1946 20 3 122 7 31.6 9 0 4.5 188.1 26.5 79.5 51 8 14.5 1 9 174.2 13.9 December 1946.... 20 5 113 1 35.8 9 3 4.6 183.3 26.7 83.3 54 0 3.8 1 9 169.7 13.6 March 1947 20 5 110 9 37.1 9 6 4.6 182.6 26.1 80.4 54 8 6.9 1 8 170.0 12.6 June 1947 21 3 107 9 38.4 9 9 4.6 181.9 26.3 82.3 55 5 3.2 1 7 169.0 12.9 September 1947 i.. 22 0 P1083 P40.2 P10 3 4.6 185.3 P26.3 P84.2 P55 9 P3.5 Pi 8 P171.7 P13.6 p Preliminary. 1 As of Sept. 24, except for data from Table 4. 2 Holdings of not fully guaranteed securities of Government agencies are included in Col. 4. NOTE.—The relationship of data in this table to data in tables at the end of this article is given below: Cols. 1, 5, and 7 equal Cols. 1, 3, and 9 respectively in Table 2. Col. 8 equals Col. 4 in Table 3. Col. 9 equals Col. 5 in Table 3 plus Col. 6 in Table 4. Col. 2 plus Col. 3 plus Col. 4 equals Col. 2 in Table 2 plus Col. 1 in Table 3 plus Col. 3 in Table 4. Col. 10 equals Col. 10 in Table 2 plus Col. 6 in Table 3 minus Col. 2 in Table 4. Col. 11 equals Col. 11 in Table 2 plus Col. 7 in Table 3 minus Col. 4 in Table 4. Col. 13 equals Col. 12 in Table 2 plus Cols. 8 and 9 in Table 3 plus Col. 7 in Table 4. See Table 3, Col. 9, including note, for statistical discrepancy. The first date for which a consolidated condition ment and net foreign deposits, amounted to nearly statement for the whole banking system is shown, 14 billion dollars. June 30, 1929, represents approximately the business This contraction in currency and deposits in the peak of the twenties. The second date, June 30, hands of the public, though sharp, was relatively 1933, represents approximately the trough of the somewhat smaller than the drop in the volume severe depression that followed. Since no interof business as measured by gross national product. vening statements are included in the table, impor- During the four-year period, currency outside tant developments between these dates are not porbanks plus time and adjusted demand deposits detrayed, notably the bank holiday and Federal Reclined by about 25 per cent, while gross national serve open market operations in 1931-32. product declined by some 45 per cent. Moreover Passing over these intervening developments we currency outside banks, taken by itself, increased note that broadly currency and deposit liabilities of during the four-year period from 3.6 to 4.8 billion the banking system dropped from 55.8 billion dollars in mid-1929 to 42.0 billion by mid-1933. dollars. The currency increase and the relatively The decline in currency plus time and adjusted smaller decrease in currency plus deposits as demand deposits, excluding United States Govern- compared with gross national product reflected a 25 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 marked strengthening of liquidity preference on Until the end of 1936 the bulk of bank credit exthe part of the public. pansion took place through two channels—bank The 1929-33 decline in the currency and deposit holdings of Government securities, which increased liabilities of the banking system was accompanied almost 11 billion dollars in the three and one-half not only by a decline in its total earning assets years, and the extensive imports of gold, which may but also by a radical change in the composition of fairly be regarded as an extension of credit to the its portfolio. The banking system, too, exhibited rest of the world. The value of the gold stock, a marked increase in liquidity preference. Those including the effect of revaluation in 1934, rose by assets representing credit extended to the public 7 billion dollars between June 1933 and December (loans and non-Government investments) dropped 1936. over 21 billion dollars in the four-year period. During the sharp recession beginning the latter Loans alone declined by more than 45 per cent. part of 1937, banking funds and banking assets The liquidation of loans and other securities to- contracted. Between June 30, 1937 and June 30, gether exceeded the decline in deposit liabilities by 1938 declines were recorded in adjusted demand about 6 billion dollars; 4.5 billion of the funds deposits, adjusted Government deposits and Treasreleased by the liquidation of bank lending to the ury cash, net foreign bank balances, and in all three public were used to increase the banking system's categories of bank earning assets. Time deposits portfolio of United States Government securities. maintained a slow growth. During the first months These changes in the condition of the banking sys- of 1938 the increase in the gold stock was temtem aggravated the process of business contraction porarily checked. by cutting off sources of credit to which the public Although the decline in loans during the receshad become accustomed, and so forcing liquidations. sion was especially sharp, the banking system's role The general recovery of the nation's economy during this period as during the following 18 from the low point in 1933 was accompanied by a months of recovery and expansion appears to have substantial rise in currency and deposit liabilities. been essentially the relatively passive one of adapt- From June 1933 to June 1937 currency outside ing itself to a changed level of business activity. banks plus time and adjusted demand deposits CHANGES IN CONDITION FOLLOWING THE OUTBREAK increased by about 15.5 billion dollars. The pub- OF WAR IN EUROPE lic's increased liquidity preference was maintained The outbreak of war in Europe and the beginning through this recovery period, for the currency and of the United States defense program brought deposit items just listed exceeded the peak levels marked changes in the banking system's balance of 1929 by mid-1937 while gross national product sheet. Currency and deposits in the hands of the was still about 10 per cent below its 1929 level. public (Columns 7, 8 and 9 of Table 1) rose 13 bil- During most of this recovery the banking system's lion dollars from the end of 1939 to the end of holdings of loans and non-Federal securities re- 1941. All major classes of banking assets except mained slightly under the low levels of 1933. It "other securities" increased sharply; gold stock was was not until the first half of 1937 that any subup 5 billion dollars, United States Government stantial increase occurred in the banking system's securities were up 6 billion, and loans and other holdings of loans, and even this rise was offset investments taken together increased by 4 billion. in part by some liquidation of its investments in The most significant changes in condition of the non-Federal securities. The relative stability in banking system during the period of United States these forms of bank credit over this four-year participation in the war were, in brief: Currency period contrasts with a seven-fold increase in gross outside banks rose 17 billion dollars in the four-year private domestic investment. With the unpleasant period from the end of 1941 to the end of 1945; experiences of 1929-33 freshly in mind it is not adjusted demand and time deposits rose almost strange that the public largely preferred other forms 60 billion; and adjusted Government deposits and of financing (particularly inside funds) to borrow- Treasury cash were up 23 billion. Concurrently ing, while the banks at the same time doubtless with these increases in its liabilities the banking maintained an increased liquidity preference for system expanded its holdings of United States Govforms of earning assets other than private loans. ernment securities by nearly 100 billion dollars. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 Changes in other banking assets—gold, loans and table was derived by consolidating the following non-Government investments and Treasury currency three condition statements: —were small and approximately offsetting. (a) Member Bank Reserves, Reserve Bank Credit, Since the war, cash balances in the hands of the and Related Items. public have increased by more than 25 billion dol- (b) Consolidated Condition Statement for All lars. Attention has repeatedly been called to the Commercial and All Mutual Savings Banks. fact that only a part of this increase was needed to (c) Combined Condition Statement for the Exfacilitate production during the reconversion period. change Stabilization Fund and Postal Savings At the same time adjusted Government deposits and System. Treasury cash were drawn down by more than 22 The first of these three statements in turn repbillion dollars as Government obligations were resents a consolidated condition statement for the retired. The small item, net foreign bank balances, Federal Reserve Banks and two Federal Governalso declined after the war, while additions to bank ment funds, the gold account and the Treasury cursurplus and undivided profits helped to increase capital funds.4 The net result is that total funds at rency account. As is shown in Table 2 at the end of this article, this statement was specially arranged the banking system's disposal on June 30, 1947, to facilitate the process of consolidating the three though some 10 billion dollars below the level statements into Table 1. The other two condition reached at the end of 1945, were some 4 billion statements used in deriving Table 1 are shown in above the level attained shortly before V-J Day. Tables 3 and 4. Notes attached to Tables 2, 3, and Bank holdings of United States Government 4 indicate the sources for the various items included. securities increased sharply with the Victory Loan Three items from the statement of member bank Drive in December 1945 and then declined with reserves and related items are shown monthly in the the debt retirement program. This decline in bank accompanying chart, and two items from the "allportfolios of Government securities, which conbank" statement are shown for all available dates. tinued through the first half of 1947, was accompanied by a sharp increase in credit extended to CHART I the public. In the two years ending June 1947, PRINCIPAL BANKING ASSETS AND MEMBER BANK RESERVES loans increased by 10.5 billion dollars and holdings BILL IONS OF DOLLARS BILLIONS OF DOLLARS of other securities by more than 2 billion. Ax Table 1 provides quarterly figures for 1947. The seasonal dip in adjusted demand deposits and the seasonal rise in adjusted Government deposits and - I Treasury cash clearly reflect the large payments of taxes during the first quarter of the year. The quarterly data also show the sharp increase - - / in gold stock during 1947 and the recently accelerated rate of additions to portfolios of loans and _-v / N other securities. The decline in holdings of United \ 4f * States Government securities was interrupted in the / / > LOANS AND OTHER SECURITIES I third quarter, when some 400 million dollars were v HELD BY ALL BANKS ^^'•A added to bank portfolios. -U.S. 6DVERNMINT SECURITIES: J COMPONENT PARTS OF THE CONDITION STATEMENT \v . BANKS The preceding comments have dealt with the / ' f"\ banking system as a whole. Additional light on the HELD BY F.R.BANKS J 1 developments we have briefly reviewed is gained by resolving Table 1 into its component parts. This 4 The decline recorded in Column 13 of Table 1 in the first quarter of 1947 reflects a decrease of nearly 1.8 billion dollars in the capital accounts of the Exchange Stabilization Fund. Capital and miscellaneous accounts net for "all banks" increased slightly during this quarter. See Table 3, Column 8 and Table 4, Column 7, at the end of this article. 1930 1932 1934 1936 1938 1940 1942 1944 1946 27 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 CREDIT POLICY AND CHANGES IN THE CONDITION OF drop in gross national product. Although member THE BANKING SYSTEM bank excess reserves were increasing, reserve requirements were reduced slightly in early 1938. During 1931-32 the Reserve Banks made open With the resumed gold inflow after mid-1938, market purchases of Government securities on an excess reserves continued to mount rapidly, even unprecedented scale. This program helped to re- though "all-bank" credit expanded substantially plenish member bank reserves. Nonetheless, with the rising level of business activity. In the viewed in retrospect this program appears very small fall of 1941 reserve requirements were again set at in relation to the problem created by the four-year the statutory limit. business recession. A great many member banks As a result of the enormous expansion of "allcontinued throughout the four years to be in debt bank" credit during our active participation in the to the Reserve Banks and to have no excess reserves. war (an expansion principally in holdings of Gov- During the period of recovery and expansion after ernment securities), together with a 2.5 billion dol- June 1933, member bank reserves grew fairly steadlar decline in the gold stock and a currency outily until the end of 1940. This growth follows flow (increase in currency outside of banks) of 16 somewhat faithfully the increase in the monetary billion, excess reserves were substantially reduced. gold stock with the influx of gold after the revalua- City banks were affected particularly, and in the tion early in 1934. case of central reserve city banks it became ad- Excess reserves shortly became a problem—they visable in 1942 to lower reserve requirements on put the Reserve Banks out of touch with the credit net demand deposits from 26 to 20 per cent. situation. During a period such as that from 1933 to 1940, with its large volume of unemployment and with interest rates in general at levels materially THE PROBLEM OF POSTWAR CREDIT CONTROL below those prevailing in the twenties, the role of Rapid postwar expansion of privately held cash Federal Reserve credit policy was necessarily somebalances has made urgent the need for credit conwhat less urgent than during a period like the trols, but traditional forms of control have been present, when the economy is operating at or near largely inapplicable. At the end of November 1947 capacity. Of chief importance was the maintenance there were only 830 million dollars of excess reof the smooth operation of the banking system. serves, held chiefly by country banks. Banks, how- But between mid-1933 and mid-1936 member bank ever, are currently obtaining reserves through large reserves more than doubled while portfolios of all gold imports and in addition have a very large commercial and mutual savings banks increased volume of potential reserves in their huge holdings about 20 per cent. The rapid growth of member of Government securities. These securities can readbank reserves, therefore, provided the possibility of a much larger credit expansion, and this fact made it ily be sold to the Reserve Banks and thus conadvisable for the Reserve System to re-establish verted into reserves to permit credit expansion. The contact with the credit situation. In late 1936 and Federal Reserve purchases securities offered for sale early 1937 reserve requirements were increased in and not bought by others, because of the System's three stages to the full extent provided for in the responsibility for maintaining orderly and relatively Banking Act of 1935. In spite of these increases stable conditions in the United States Government there remained a volume of excess reserves that was securities market. Support of this market over the widely distributed and much larger than had existed war period increased Reserve Bank portfolios from prior to 1933. 2.3 billion dollars at the end of 1941 to 24.5 billion From mid-1937 to mid-1938, reflecting the sharp at the end of 1945, an increase almost entirely in business recession which began in the third quarter, holdings of United States Government issues. De- "all-bank" portfolios of loans and other securities spite the postwar redemption program, Federal declined more than 2 billion dollars and their hold- Reserve holdings of Government securities at the ings of Government securities decreased slightly. end of November 1947 were over 22 billion. At On the whole, these developments appear to have that time the Federal Reserve portfolio was as been moderate when compared to the 20 per cent follows (in billions of dollars): 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 United States bills, certificates, and notes. 21.2 cash balances have continued to grow except for a United States bonds 1.0 slight seasonal reduction at March 31, 1947. Busi- Discounts, advances, industrial loans and nesses liquidated some 7 billion dollars of their acceptances 0.3 holdings of Government securities in 1946; households maintained their holdings at or slightly above Total loans and securities. . 22.5 the December 1945 level. A rounded picture of household liquid savings Thus the credit operations of the Federal Reserve involves other items in addition to cash balances and System are almost entirely in United States Govern- holdings of United States Government securities, ment securities. Under these conditions the opera- particularly increases in holdings of other securities tions have little restraining influence over the total and of shares in savings and loan associations, and volume of bank credit. Rather, they afTect for the increases in household debt. But when these factors most part the cost of short-term Government financ- are taken into account the picture is not greatly ing and the price of outstanding Government securities. This situation has led the Reserve System to propose to Congress legislation authorizing spe- OWNERSHIP OF CURRENCY AND DEPOSITS cial measures of credit control, which are described AND OF U- S- GOVERNMENT SECURITIES in another article in this BULLETIN. BILLIONS OF DOLLAR! BILLIONS OF DOLLARS Important light is thrown on the magnitude and nature of the present credit problem by relating the consolidated condition statement for the banking system as a whole to information on the holders of currency and deposits and of Government securities. The total shown on the right-hand section of Chart II represents debt held by the public and the banking system—it does not include United States securities held by Federal social insurance funds. During the 18 months beginning January 1, 1946, net retirements of United States Government securities held by the public and the banking system totaled 28 billion dollars. At the same time holdings of these securities by businesses and by "all banks" declined about 27 billion; Government securities held by the Reserve Banks and by individuals remained relatively stable. The decreased holdings of Government securities by "all banks" and by businesses represented partly retirements but to a considerable extent also they represented sales. Thus extensive purchases of Government securities by the Reserve Banks during this period had the 1940 1942 1944 1946 1942 1944 1946 double effect of replenishing member bank reserves "Holdings by the Postal Savings System are included with and of preventing undesirable changes in the inter- holdings by Federal Reserve Banks. est rate structure and in the prices of Government NOTE.—Data on individual and business holdings of currency and deposits and of U. S. Government securities are from the bonds. Federal Reserve BULLETIN for September 1947, p. 1104, except that terminal leave bonds have been included. Figures for Individuals currently account for about 70 per currency and deposits held by the U. S. Government and for the total held by the public and the U. S. Government are from cent of all purchases of gross national product; as is columns 10 and 12 respectively of Table 1. Since holdings by shown at the left of the chart, they hold well over businesses and individuals are on a holder-record basis, currency and deposits held by "others" include the mail float. U. S. half of the currency and deposit liabilities of the Government securities held by commercial and mutual savings banks, Federal Reserve Banks, and the Postal Savings System banking system. While the growth of business cash are from the sources indicated in the footnotes to Tables 2, 3 and 4. All figures for 1947 (except those from Tables 2 and 4) balances was checked after mid-1946, household are preliminary estimates. 29 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 altered. Net liquid assets held by consumers reached months many individual households have been an unprecedentedly high level during the war; drawing down their holdings to finance expendibetween June 1945 and June 1947 they increased tures on goods while many others have been accu- 17 billion dollars more. Although the rate mulating liquid savings. But it is partly in this way some of growth slackened materially after mid-1946, net that the very high aggregate level of liquid assets liquid assets appear to have continued to increase helps to bolster the current high level of consumer through the first half of 1947. Doubtless in recent demand. TABLE 2 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Rearranged to Facilitate Consolidation [In millions of dollars (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) Assets Liabilities and capital accounts Total assets = Treas- Other Loans and total ury Federal End of month s G to o c ld k s R F e p c B e e a l u d s i e a d r e s e n i - s r r t k i v i a n e e l s T re c u r n u e r a y c r- y s- l a i R F a c o e e b c a t d s o i n h l e e u i d e r t r n r v i a e t e l s s s M b e b r a r e e e v n m - r e k s - B v c a a a u s n h l k t i O i b t n e n a t t m h e e n t e r k s - r , i i T b t n e n a o t m e e n t t a r k s - l , b r C o e s a i n u u n d c t r k e - y - s F p e c w a o d d a n i s e s e t d i - h h r ts al f p o N r o d e s e e i i - g t ts n a R R F c B e e e c l d s s e o a e e s e n u s r r r k n v v a t e e l s capital Reserve paid-in Banks capital June 1929 4,037 1,188 2,019 7,244 2,356 820 -32 3,144 3,639 240 6 215 June 1933 4,031 2,066 2,286 8,383 2,292 673 144 3,109 4,761 299 12 199 December 1936. . . 11,258 2,330 2,532 16,120 6,606 1,027 121 7,754 5,516 2,620 99 130 June 1937 12,318 2,430 2,550 17,298 6,900 958 128 7,986 5,489 3,538 157 128 December 1937 . . . 12,760 2,459 2,637 17,856 7,027 912 216 8,155 5,638 3,761 172 130 June 1938 12,963 2,456 2,713 18,132 8,024 ,044 219 9,287 5,417 3,163 138 127 December 1938. .. 14,512 2,449 2,798 19,759 8,724 ,081 225 10,030 5,775 3,629 199 125 June 1939 16,110 2,434 2,881 21,425 10,018 1,042 369 11,429 6,005 3,507 360 123 December 1939. . . 17,644 2,366 2,963 22,973 11,653 ,197 165 13,015 6,401 3,043 397 115 December 1940. . . 21,995 2,056 3,087 27,138 14,026 1,407 521 15,954 7,325 2,581 1,133 145 December 1941. . . 22,737 2,125 3,247 28,109 12,450 1,545 492 14,487 9,615 3,082 774 149 December 1942. . . 22,726 6,062 3,648 32,436 13,117 :L.464 14 14,595 13,946 2,990 793 110 December 1943... 21,938 11,404 4,094 37,436 12,886 1,612 -325 14,173 18,837 2,882 1,360 185 December 1944. . . 20,619 18,767 4,131 43,517 14,373 1,802 -421 15,754 23,505 2,815 1,204 239 June 1945 20,213 21,671 4,145 46,029 14,920 L.649 -43 16,526 25,097 2,878 1,248 280 December 1945 . . . 20,065 24,336 4,339 48,740 15,915 2,025 -132 17,808 26,490 3,264 862 318 June 1946 20,270 23,776 4,539 48,585 16,123 L.729 248 18,100 26,516 3,084 505 378 December 1946. . . 20,529 23,326 4,562 48,417 16,139 2,222 -267 18,094 26,730 2,665 508 420 March 1947 20,463 22,941 4,557 47,961 15,264 2,130 291 17,685 26,100 3,350 381 447 June 1947 21,266 21,751 4,552 47,569 16,112 1,998 307 18,417 26,299 2,070 347 437 September 1947 *. . 21,950 22,046 4,552 48,548 16,831 p.2,256 190 19,277 P26.300 2,119 401 452 p Preliminary. 1 As of Sept. 24. NOTE.—The relationship of the columns in this table to the items reported regularly in the Federal Reserve Bulletin in the table "Member Bank Reserves, Reserve Bank Credit, and Related Items" is as follows: Cols. 1, 3, and 5 correspond to similar columns in the regular table. Col. 10, as indicated by its heading, combines two customary items. Col. 6 plus Col. 9 equals "money in circulation." Col. 12 equals the customary item "Other Federal Reserve accounts" minus the paid-in capital of Federal Reserve Banks. Col. 7 plus Col. 11 plus Federal Reserve float equals the customary item "nonmember deposits." Col. 2 plus the paid-in capital of the Federal Reserve Banks plus Federal Reserve float equals "Federal Reserve credit." The following items were taken from the combined balance sheet for the Federal Reserve Banks and used as indicated below. Loans and securities: In computation of column 2 Capital paid-in: In computation of columns 2 and 12 Due from foreign banks: In computation of column 11 Deposit liabilities, foreign: In computation of column 11 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 TABLE 3 CONSOLIDATED BALANCE SHEET FOR ALL COMMERCIAL AND ALL MUTUAL SAVINGS BANKS [In billions of dollars] (1) (2) (3) (4) (5) (6) (7) (8) (9) Liabilities and capital accounts Assets Total assetvS = Deposits Other End of month total L se o c a u n r s i t a ie n s d R a fr e n o m s N d m e o e r T v t n F r e e d e e t u a B a d s e r e a u y r n r a k y l s l a i c c a a c b a p o i n l i u d i t t n a ie t l s s A d d em jus a t n e d d Time G U m ov . e e n S r t n . - b f a o b l N r a a e n n e ig t c k n es a l C c m a c n a a i o s p e n u c o i d e t n u a l t - s l s, d S i a t s t i n a c c c r t a i e y s l p - funds net June 1929 57.3 3.0 60.3 22.5 28.5 0.4 0.4 7.9 0.7 June 1933 39.8 2.1 41.9 14.4 20.5 0.9 0.0 5.3 0.8 December 1936 49.4 7.4 56.8 25.5 24.1 1.0 0.4 5.5 0.3 June 1937 49.5 7.6 57.1 25.2 24.6 0.7 0.6 5.7 0.4 December 1937 48.4 7.8 56.2 24.0 24.9 0.8 0.4 5.7 0.4 June 1938 47.2 9.0 56.2 24.3 25.0 0.6 0.2 5.7 0.4 December 1938 48.8 9.8 58.6 26.0 25.1 0.9 0.5 5.6 0.6 June 1939 49.6 11.2 60.8 27.4 25.5 0.8 0.7 5.9 0.5 December 1939 50.9 12.8 63.7 29.8 25.8 0.8 0.8 6.0 0.4 December 1940 54.1 15.7 69.8 34.9 26.4 0.8 0.8 6.3 0.7 December 1941 61.1 14.3 75.3 39.0 26.4 1.9 0.8 6.7 0.6 December 1942. 78.1 14.4 92.5 48.9 27.0 8.4 0.8 6.9 0.4 December 1943 96.9 13.9 110.9 60.8 31.0 10.4 0.9 7.6 0. 1 December 1944 119.3 15.5 134.9 66.9 37.5 20.8 1.0 8.7 0.1 June 1945 129.6 16.3 145.8 69.1 41.6 24.4 1.2 9.2 0.4 December 1945 140.0 17.6 157.6 75.9 45.5 24.6 1.3 9.8 0.5 June 1946 136.5 17.8 154.3 79.5 48.7 13.4 1.4 10.4 0.9 December 1946 131.7 17.8 149.5 83.3 50.7 3.1 1.4 10.8 0.2 March 1947 1131.3 17.4 148.8 80.4 51.4 3.7 1 1.5 1 10.9 o.s June 1947 131.0 18.2 149.3 82.3 52.1 1.4 1.4 11.2 0.8 September 19472 P133A 19.1 152.5 P84.2 P52 .5 P1 .6 Pl.5 Pll.3 1 A v Preliminary. 1 Estimated on the basis of data other than those indicated below. 2 As of Sept. 24. NOTE.—The following items of information obtained from the sources indicated were used in preparing this table. (a) Loans and securities held by all banks: Regularly published in the Federal Reserve Bulletin (b) Adjusted demand deposits, time deposits, and U. S. Regularly published in the Federal Reserve Bulletin Government deposits in all banks: (c) Bank borrowings by all banks: As reported by the Comptroller of the Currency (d) Real estate and miscellaneous assets of all banks: As reported by the Comptroller of the Currency (e) Due to foreign banks from all banks: As reported by the Comptroller of the Currency (f) Miscellaneous liabilities of all banks: As reported by the Comptroller of the Currency (g) Capital accounts of all banks: As reported by the Comptroller of the Currency (h) Due from foreign banks to all insured commerical banks: As reported by the Federal Deposit Insurance Corporation Col. 1 equals (a) minus (c). Col. 2 equals Col. 8, Table 2, minus Col. 1, Table 4. Cols. 4, 5 and 6 are from (b). Col. 7 equals (e) minus (h). Col. 8 equals (f) plus (g) minus (d). The statistical discrepancy (Col. 9) is chiefly traceable to the difference between "due to other banks" and "due from other banks" in the continental United States. A secondary factor is that it is difficult with existing data to determine accurately the net balance due banks outside the continental United States. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929 TABLE 4 COMBINED BALANCE SHEET FOR THE EXCHANGE STABILIZATION FUND AND THE POSTAL SAVINGS SYSTEM [In millions of dollars] (1) (2) (3) (4) (5) (6) (7) Assets as T s o e t ts a l = c L ap ia i b ta i l l it a i c e c s o a u n n d ts End of month total Due from Balances u. s. Due from liabilities Postal Sav- Capital and rest of with foreign and ings System miscellanebanking U. S. Govern- banks and capital deposit ous accounts, system Treasury ment governments accounts liabilities net securities June 1929 127 10 26 0 163 154 9 June 1933 977 99 131 0 1,207 1,187 20 December 1936 349 1,893 1,059 0 3,301 1,260 2,041 June 1937 340 1,871 1,102 0 3,313 1,268 2,045 December 1937 335 1,880 1,100 0 3,315 1,270 2,045 June 1938 261 1,873 1,118 49 3,301 1,252 2,049 December 1938 245 1,873 1,137 49 3,304 1,252 2,052 June 1939 259 1,878 1,162 19 3,318 1,262 2,056 December 1939 241 1,874 1,204 19 3,338 1,279 2,059 December 1940 , 229 1,888 1,234 24 3,375 1,304 2,071 December 1941 218 1,895 1,284 27 3,424 1,314 2,110 December 1942 225 1,902 1,355 10 3,492 1,417 2,075 December 1943 236 1,918 1,726 3 883 1,788 2,095 December 1944 239 1,952 2,272 25 488 2,342 2,146 June 1945., 254 1,969 2,594 24 4,841 2,659 ,182 December 1945 256 1,979 2,867 10 5,112 2,933 ,179 June 1946 272 1,988 3,046 4 5,310 3,120 ,190 December 1946 264 2,000 3,202 9 5,475 3,284 ,191 March 1947 272 192 3,304 3,776 3,375 401 June 1947 183 216 3,322 102 3,823 3,393 430 September 1947 184 170 3,345 101 3,800 3,407 393 NOTE.—The balance sheet data for the Postal Savings System used in preparing this table are regularly published in the Federal Reserve BULLETIN. The quarterly balance sheet data for the Exchange Stabilization Fund used in preparing this table appear currently in the Treasury Bulletin. Following are the items on the balance sheet of the Postal Savings System which were used in preparing this table: (a) Cash in depository banks (b) Cash reserve funds, etc. (c) U. S. Government securities (d) Deposit liabilities (e) Other liabilities net (the excess of (a) plus (b) plus (c) over deposit liabilities) Following are the items on the balance sheet of the Exchange Stabilization fund which were used in preparing this table: (f) Special Account No. 1, gold, plus all cash items except (g) below (g) Cash, Treasurer of the U. S., gold (h) Investments in U. S. Government securities (i) Due from foreign banks plus due from foreign governments (j) Total liabilities and capital minus accrued interest receivable and minus deferred charges Col. 1 equals (a) plus (f). Col. 2 equals (b) plus (g). Col. 3 equals (c) plus (h). Col. 4 equals (i). Col. 6 equals (d). Col. 7 equals (e) plus (j). 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS The central banks of most countries are required instances where the requirements are not formally by law to hold gold and/or foreign exchange re- suspended but where reserves nonetheless are alserves against their note issue, and frequently against lowed to fall below the legal minimum, the law all their demand liabilities. These requirements usually subjects the central bank to penalties deusually provide that reserves must be equal to a signed to force remedial action which will restore given percentage of the total note issue of the bank reserves to the required level as soon as circumor of its total demand obligations. The legislation stances permit. of the United Kingdom, Norway and Sweden, how- The accompanying table, which follows the genever, authorizes a specified amount of fiduciary note eral plan of a corresponding table published in the issue and requires reserves to be held only against Federal Reserve BULLETIN for July 1936, presents notes issued above this amount. in condensed form the nature of the gold and for- In view of the almost universal abolition of in- eign exchange reserve requirements of most of the ternal circulation of gold coin and foreign cur- central banks of the world and also indicates the rencies, the principal purpose now served by central current status of these requirements. Some central bank reserves is to provide resources for meeting banks are permitted to include in their required temporary international balance of payments defireserves such assets as high-grade foreign governcits. In the United Kingdom and Canada, however, ment securities, credit balances with the Internathe central bank no longer holds reserves for the tional Monetary Fund, and holdings of silver; propurpose of stabilizing the foreign exchange value visions of this character are noted in the table. of the currency, since special stabilization funds If comparison is made with the table published have been created to take over this task. Moreover, in the BULLETIN for July 1936, it will be observed in France, Italy, Spain, and the Netherlands Indies, that a large number of countries, including most special funds with separate resources have been asof the European nations, have suspended their signed primary responsibility for international staminimum reserve requirements, have greatly inbilization operations, although the central bank concreased the authorized fiduciary issue, or have tinues to carry part of the country's international adopted more flexible systems which do not specify reserves. any fixed relationship between their international The rigid observance of minimum reserve reassets and their liabilities. It may also be noted quirements in periods of exchange crisis would dethat a majority of the countries which have not susfeat the purpose of reserves. Consequently, it has pended or abandoned the system in force in 1936 become generally recognized that at times reserves still retain the same reserve requirement as in that may have to be drawn below the minimum specified year, although in two instances (Argentina and El level in order to keep up the flow of essential im- Salvador) the minimum proportion of gold in the ports or to maintain stable exchange rates. Such circumstances call for the formal suspension or total reserve has been reduced to permit larger temporary waiver of reserve requirements. In holdings of foreign exchange. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS Minimum required reserves (Per cent) Liabilities of central bank against which Status of reserve requirements, valuation of Central bank of gold or foreign exchange In gold reserves, and qualifying provisions reserves are required In and/or gold foreign exchange Argentira. . Notes and other demand In effect. liabilities. Required reserves may consist of net gold and foreign exchange. Not more than one-tenth of required reserves may consist of inconvertible exchange. Method of valuing reserves is not specified in central bank legislation. Deposits held by member banks for account of Central Bank are not included as liabilities in computing Central Bank's reserves. If reserves fall below 33 per cent during specified periods, all profits of Bank are assigned to general surplus fund. Australia. 0) 0) Austria. C1) 0) Belgium.. Notes and other demand 30 40 Suspended by Government in Exile on May 1, 1944: suspenliabilities. • sion confirmed by Regent in decree of January 24, 1945. (Inoperative throughout German occupation, and formally suspended on March 6, 1942 by German authorities.) Gold is valued at 49,318 Belgian francs per kilogram of fine gold (equivalent to 1,533.961 francs per troy ounce). Bolivia. Notes in circulation and 50 In effect. demand deposits in Required reserves may consist of gold and of deposits Issue Department. abroad freely convertible into gold or other currencies. Gold and deposits payable in gold are valued at parity (equivalent to 1,470 bolivianos per troy ounce of fine gold); other deposits in foreign currencies are converted at the Bank's official buying rate. Reserve requirement may be lowered to 25 per cent, depending upon variations in export values. Canada. . (0 Chile. . Notes in excess of fidu- 50 Suspended since February 15, 1941. ciary issues, and de- Reserves may consist of gold and net deposits payable in posits. cej. L.asniers cnecKs ana aiviaenas aeciarea uut not yet paid are included with deposits against which reserves were required. Before suspension, reserves were permitted to fall below stated minimum, subject to a tax. Notes. . . Suspended de facto. Silver may be included in required reserves. Method of valuing reserves is not specified in central bank legislation. Colombia. . . Notes In effect. Demand deposits. Method of valuing reserves is not specified in central bank legislation. By Law No. 128 of 1941, reserve requirement against notes was provisionally reduced from 50 to 30 per cent and penalty for reserve deficits was suspended. Costa Rica 0) 0) Czechoslovakia... Notes and other demand 25 Suspended de facto. liabilities. Prior to German occupation, gold was valued at 31.21 koruny per milligram (equivalent to 996.587 koruny per troy ounce); however, present method of valuation is not known. Before suspension, reserves were permitted to fall below stated minimum, subject to payment of a tax. Denmark.. Notes. . . 20 25 Suspended for consecutive one-year periods since 1940. Gold held abroad is limited to 5 per cent of note issue. Foreign exchange held as reserve must be net and in form of non-interest-bearing demand deposits in central banks. Gold bullion and foreign coin are valued according to provisions of the Coinage Act of 1873 ^2,480 kroner per kilo of fine gold, which is equivalent to 77.137 kroner per troy ounce, although present parity equivalency is 167.965 kroner per troy ounce). Foreign exchange may not be valued above the market rate. Before suspension, reserves were permitted to fall below stated minimum with Government consent. Dominican Republic. Notes and other demand 2 50 In effect. liabilities. Central Bank was created October 1947. Dollar ex- 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Minimum required reserves (Per cent) Liabilities of central bank against which Status of reserve requirements, valuation of Central bank of gold or foreign exchange In gold reserves, and qualifying provisions reserves are required In and /or gold foreign exchange Dominican Republic change may temporarily be substituted for minimum gold —Continued requirement. In addition to gold and foreign exchange, reserves may include foreign government securities and country's net credit balance with International Monetary Fund. Net reserves are computed by deducting foreign exchange obligations of Bank on a graduated basis, depending upon their maturity. Gold is valued at 35.00 Dominican pesos per troy ounce of fine gold. Foreign exchange is valued at cost. If reserves fall below 50 per cent, Superintendent of Banks must impose a tax of one-half per cent per month on deficit. Ecuador.. Notes and other demand 28 35 In effect. liabilities. Required reserves consist of net gold and freely convertible foreign exchange. Gold and foreign exchange are valued at cost or market price, whichever is lower. Egypt.. Notes. 50 Suspended de facto since 1916. Government has suspended "provisionally" requirement that entire reserve be in gold and at present permits inclusion of British Treasury bills. Gold included in reserve must be held at home. Method of valuing reserves is not specified in central bank legislation. El Salvador. . Notes and other demand In effect. liabilities. Reserves consist of unencumbered gold and net foreign exchange. Gold is valued at 87.50 colones per troy ounce of fine gold. Exchange is valued at cost. If reserves fall below 30 per cent, Bank's discount and loan rates must be raised by 3^ per cent for each percentile by which reserves fall below above ratio. Ethiopia. Notes. . 2 75 In effect. In addition to gold and foreign exchange, reserves may include silver and also prime securities readily convertible into foreign exchange. Method of valuing reserves is not specified in central bank legislation. Finland. . 0) 0) France... Notes and other demand 35 Suspended since September 1, 1939. liabilities. Gold is valued at 134,027.9 francs per kilogram of fine gold (equivalent to 4,168.734 francs per troy ounce). Greece. . . Notes and other demand 40 Suspended since April 25, 1932. liabilities, minus hold- Required reserves may consist of net gold and foreign ings of national silver exchange, and certain gold bonds of the Greek Governcoin up to 150,000,000 ment up to 650 million drachmas. Method of valuing drachmas. reserves is not specified in central bank legislation. Reserve requirements may be suspended subject to payment of a tax and increase of Bank's discount rate. Guatemala. . 0) 0) Haiti. . Notes. . . 33 1/3 In effect. Note issue is limited to three times Bank's paid-up capital. U. S. dollars are only foreign exchange which may be included in minimum required reserves. Method of valuing reserves is not specified in central bank legislation. Hungary. . Notes and other demand In efect. liabilities except gov- Any "stable" foreign currency may be included in reernment deposits. quired reserves. Gold is valued at 13,210 florins per kilogram of fine gold (equivalent to 410.877 florins per troy ounce). Reserves may fall below stated minimum, subject to payment of a tax. Iceland. . Notes.. . 28 1/8 Suspended. Gold reserve may not fall below 2 million kronur and must be held in Central Bank. Present rate for valuing gold reserve is 6,352.19 kronur per kilogram (equivalent to 197.575 kronur per troy ounce; although present parity equivalency is 227.110 kronur per troy ounce). India (and Pakistan). Notes.. . 40 In effect for both India and Pakistan at present. Gold must represent not less than 400 million rupees of required reserves, and at least 85 per cent of gold reserve JANUARY 1948 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Minimum required reserves (Per cent) Liabilities of central bank against which Status of reserve requirements, valuation of Central bank of gold or foreign exchange In gold reserves, and qualifying provisions reserves are required In and/or gold foreign exchange India (and Pakistan) must be held at home. Foreign exchange is limited to —Continued deposits at Bank of England, sterling bills, or British Government securities maturing within five years. Gold is valued at one rupee per 8.47512 grains of fine gold (equivalent to 56.636 rupees per troy ounce; although parity equivalency is 115.798 rupees per troy ounce). Securities are valued at current market rate. Reserves may, with Government consent, fall below stated minimum, subject to payment of a tax. (The Reserve Bank of India is still bank of issue for Pakistan. After March 31, 1948, notes issued in Pakistan by the Bank will be the liability of Government of Pakistan, rather than of Bank. After September 30, 1948, Pakistan will assume entire responsibility for its note issue, although Reserve Bank of India notes not yet converted will continue to be accepted by Government of Pakistan until March 31, 1949.) Ireland (Eire)... Notes... 2 100 In effect. Required reserves may consist of gold, British currency, sterling deposits in the United Kingdom and British Government securities. Securities are valued at market rate; method of valuing other reserves is not specified in central bank legislation. Italy. . Notes and other demand 40 Suspended since July 22, 1935. liabilities. Only foreign exchange freely convertible into gold may be included in reserves. Gold is still valued at prewar parity of 21,381.227 lire per kilogram of fine gold (equivalent to 665.031 lire per troy ounce; however, present parity of lira has not yet been established). Japan C1) 0) Mexico Notes and other demand 2 25 In effect. liabilities. Net gold and foreign exchange and net credit balance with International Monetary Fund must represent at least 80 per cent of required reserves; remainder may be silver. Gold and foreign exchange are valued at market price, unless the Administrative Council of the Bank decides to use cost price if this is lower. Silver is computed at Council-fixed inventory value providing this does not exceed international market value. Morocco. Notes. . . 11 1/9 Suspended de facto since 1941. Dollar balances in New York may be included in "gold reserve"; only assets in French francs are included in foreign exchange reserve. Gold is valued at 134,027.9 francs per kilogram of fine gold (equivalent to 4,168.734 francs per troy ounce). Netherlands. . . Notes and other demand 2 40 Suspended since October 1, 1945. liabilities. (Suspended! from March 1942 by German authorities.) In addition to gold, certain silver coin may be included in reserves. Eighty per cent of required reserve must be held at home. Gold is valued at 2.970 guilders per kilogram of fine gold (equivalent to 92.377 guilders per troy ounce; however, gold parity of guilder as communicated to International Monetary Fund is 92.8498 guilders per troy ounce). Netherlands Indies. Notes and other demand In effect. liabilities. In addition to gold, silver may be included in reserves. Gold is valued at 2,121 guilders per kilogram of fine gold (equivalent to 65.970 florins per troy ounce). Governor General may determine what part of required reserves must be held at home. New Zealand. . Notes and other demand 25 In effect. liabilities. Reserves consist of net gold and foreign exchange. Gold may not legally be valued above market rate; however, it is currently undervalued, since reserve consists primarily of coin carried at "face value," i. e., one gold sovereign valued at one New Zealand pound. (One sovereign contains 7.3224 grams of fine gold, equivalent to 4.24772 sovereigns per troy ounce.) Government may modify or suspend reserve requirements. Nicaragua... o o 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS GOLD AND. FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Minimum required reserves (Per cent) Liabilities of central bank against which Status of reserve requirements, valuation of Central bank of gold or foreign exchange In gold reserves, and qualifying provisions reserves are required In and/or gold foreign exchange Norway... Notes in excess of 425,- 100 Suspended since 1940. 000,000 kroner. Reserves must be held at home. Gold is valued at 4,960 kroner per kilogram of fine gold (equivalent to 154.273 kroner per troy ounce; however, gold parity of krone as communicated to International Monetary Fund is 173.697 kroner per troy ounce). Notes in excess of gold reserve plus authorized fiduciary issue are subject to tax. At present, note issue exceeds authorized issue plus gold, and the Government has waived payment of tax; because of this waiver, requirement is considered here to have been suspended. Authorized fiduciary issue may be increased by action of the King and Storting. Paraguay. . C1) Peru Notes and other demand 2 50 In effect. liabilities. National silver currency may be included up to one-fifth of reserve. Bankers' acceptances may also be included. Foreign exchange liabilities to banks abroad are treated as deposits in computing reserve requirements. Gold and foreign exchange are valued at cost price, with exception of 16,338.71115 kilograms of gold which are valued at 2,373.8 soles per kilogram (equivalent to 525,301.701 troy ounces valued at 73.833 soles per troy ounce. Gold parity of sol as communicated to International Monetary Fund is 227.500 soles per troy ounce). Bankers' acceptances are carried in reserve at no more than 90 per cent of their face value. If reserves fall below 50 per cent, a progressive tax is levied on average daily deficit; this tax reaches 12 per cent per annum when reserves fall to 35 per cent or lower, with an additional \XA per cent per annum on each percentile below 35 per cent. Poland.... 0) 0) Portugal. . Notes and other demand 25 50 In effect. liabilities. Reserves consist of unencumbered gold and net foreign exchange. Gold is valued at cost. Siam 0) C1) South Africa. Notes and other demand 30 In effect. liabilities. One-half of reserve must be held at home. Reserve is valued at 172 South African shillings per troy ounce of fine gold (however, gold parity as communicated to International Monetary Fund is 173 shillings and 8.367 pence per troy ounce). Government may suspend reserve requirements. Spain C1) Sweden. Notes up to 150,000,000 100 In effect. kronor. Gold reserve may not fall below 150 million kronor. Right of note issue is determined by adding to gold reserves Notes in excess of 150,- the smaller of following amounts: 000,000 kronor. 1. gold reserve plus 2.5 billion kronor, or 2. secondary note cover (consisting of net foreign exchange plus specified domestic assets). Gold is valued at 2,480 kronor per fine kilogram (equivalent to 77.137 kronor per troy ounce); for purpose of computing right of note issue, however, gold is valued at market price. Switzerland... Notes. . . 40 In effect. Since 1940, reserve may include gold held abroad. Gold is valued at 4,869.8 francs per kilogram of fine gold (equivalent to 151.468 francs per troy ounce). Turkey 0) 0) United Kingdom. Notes in excess of fidu- 100 In effect. ciary issue of £1,400,- Fiduciary issue (now authorized in amount of 1,400 million 000,000. pound sterling) represents all but a negligible fraction of total note issue of the United Kingdom. Increases or decreases in fiduciary issue may be authorized by Treasury at request of Bank of England. In addition, Bank may issue notes up to amount representing gold coin and 37 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Minimum required reserves (Per cent) Liabilities of central bank against which Status of reserve requirements, valuation of Central bank of gold or foreign exchange In gold reserves, and qualifying provisions reserves are required In and/or gold foreign exchange United Kingdom bullion held in Issue Department; notes so backed are now —Continued outstanding to value of approximately 250,000 pounds sterling. Gold is valued at 172 shillings and 3 pence per troy ounce of fine gold (however, gold parity as communicated to International Monetary Fund is 173 shillings and 8.367 pence per troy ounce). Uruguay.. Njtes. . 2 100 In effect. Note issue is limited to sum of paid-up capital of Bank, gold stocks, silver holdings up to 12 million pesos, and non-Government rediscount paper. Gold is valued at one peso per 0.585018 grams of fine gold (equivalent to 56.5854 pesos per troy ounce). Venezuela... Notes and other demand 45 50 In effect. liabilities. Gold in vaults may not represent less than 50 per cent of reserves; exchange holdings not more than 10 per cent. Balance may be in gold held abroad. Gold is valued at U. S. market price converted at 3.061 bolivares per dollar (equivalent to 107.135 bolivares per troy ounce of fine gold; however, gold parity as communicated to International Monetary Fund is 117.250 bolivares per troy ounce). Method of valuing foreign exchange is not specified in central bank legislation. 1 No minimum reserve requirement in gold or foreign exchange. 2 May legally include other specified assets. NOTE.—The data presented in this table are based on the most recent information available at the time of preparation; in some instances, however, the data may incorrectly state the present character and status of reserve requirements. Countries for which available information is known to be inadequate have not been included. 38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLICY STATEMENTS ON GOLD SUBSIDIES The International Monetary Fund on Decem- case. Moreover, the Fund may find that subsidies ber 11, 1947, made public the following policy which are justified at any one time may, because of statement on gold subsidies: changing conditions and changing effects, later The International Monetary Fund has a respon- prove to be inconsistent with the foregoing princisibility to see that the gold policies of its members ples. In order to carry out its objectives, the Fund do not undermine or threaten to undermine ex- will continue to study, and to review with its change stability. Consequently every member which members, their gold policies and any proposed proposes to introduce new measures to subsidize the changes, to determine if they are consonant with production of gold is under obligation to consult the provisions of the Fund Agreement and conwith the Fund on the specific measures to be intro- ducive to a sound international policy regarding duced. gold. Under Article IV, Section 2 of the Articles of Agreement of the Fund members are prohibited In connection with the International Monetary from buying gold at a price above parity plus the Fund's policy statement on gold subsidies, Secretary prescribed margin. In the view of the Fund, a of the Treasury Snyder, on behalf of the National subsidy in the form of a uniform payment per Advisory Council, on December 12, 1947, issued ounce for all or part of the gold produced would the following statement: constitute an increase in price which would not be permissible if the total price paid by the mem- The United States Government welcomes the ber for gold were thereby to become in excess of statement of the International Monetary Fund reparity plus the prescribed margin. Subsidies in- specting measures to subsidize the production of volving payments in another form may also, depend- gold. The expressed intention of the Fund to keep ing upon their nature, constitute an increase in under review the gold policies of its members price. in the light of a sound international gold policy Under Article IV, Section 4(<z) each member of is an important forward step in the field of interthe Fund "undertakes to collaborate with the Fund national financial cooperation. to promote exchange stability, to maintain orderly The United States, as the largest gold buying exchange arrangements with other members, and country, has a peculiar and continuing interest in to avoid competitive exchange alterations." Sub- the role which gold subsidies may come to play in sidies on gold production regardless of their form the production, movement, and price of gold. In are inconsistent with Article IV, Section 4(#) if particular, the United States would view with disthey undermine or threaten to undermine exchange favor any tendency for countries to become dependstability. This would be the case, for example, if ent on subsidized gold production as a solution to subsidies were to cast widespread doubt on the the problem of arriving at and maintaining equilibuniformity of the monetary value of gold in all rium in their balances of international payments. member countries. In the view of the Council there are no grounds Subsidies which do not directly affect exchange which would justify instituting a subsidy to encourstability may, nevertheless, contribute directly or in- age the production of gold in this country. The directly to monetary instability in other countries present monetary gold stocks of the United States and hence be of concern to the Fund. amount to no less than 22.7 billion dollars. In the A determination by the Fund that a proposed first 11 months of 1947 gold purchases by the subsidy is not inconsistent with the foregoing prin- United States from foreign countries amounted to ciples will depend upon the circumstances in each 2.7 billion dollars. JANUARY 1948 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Reserves serve cities. The Board, therefore, concluded that the existing classifications are unsatisfactory and Classification of Reserve Cities that there is a need for the establishment of a The Board of Governors, on December" 19, 1947, logical, fair and appropriate basis for the designaissued the following statement and rule regarding tion and termination of reserve cities. the classification of central reserve and reserve cities, On October 24, 1947, the Board, acting in acto become effective March 1, 1948: cordance with Section 4 of the Administrative Procedure Act and Section 2 of the Rules of Pro- STANDARD FOR CLASSIFICATION OF RESERVE CITIES cedure of the Board of Governors of the Federal For a considerable period of time, the Board of Reserve System, published in the Federal Register Governors of the Federal Reserve System has been notice of a proposed action with respect to the considering the adoption of a standard or basis for classification of cities as reserve and central reserve the classification of central reserve and reserve cities cities and the termination of the designation of in order to enable it properly to discharge its respon- certain cities as reserve cities. This notice stated sibilities under the provision of the Federal Reserve that interested persons might submit to the Board Act which empowers the Board to add to or re- written data, views, and arguments with respect classify such cities or to terminate their designation to the proposal, and accordingly a number of banks as such. submitted letters expressing their views and com- For many years prior to the enactment of the ments. In addition, representatives of banks in a Federal Reserve Act in 1913, national banks had number of the cities whose status would be affected been permitted by law to carry a part of their by the proposal appeared before the Board and reserves with other national banks in cities known made an oral presentation of their views. as central reserve or reserve cities, and accordingly After due and careful consideration of all relevant national banks in such cities were required to main- matter thus presented to the Board with respect to tain higher* reserves against their deposits. The the proposal, the Board has concluded that a Federal Reserve Act, following the National Bank logical, fair, and appropriate standard for de- Act in this respect, provided for differentials in the termining the designation and termination of rereserve requirements of member banks of the serve cities is one that is determined by the ratio Federal Reserve System according to their location of interbank demand deposits held by member' in central reserve cities, reserve cities, or elsewhere. banks in each city to the aggregate amount of inter- Central reserve and reserve cities existing in 1913 bank demand deposits held by all member banks were continued as such by the Federal Reserve Act, of the Federal Reserve System, or by such a ratio but the Board of Governors was given authority to considered in connection with the ratio of intermake changes in the designations of such cities. bank demand deposits held by member banks in From time to time since die enactment of the each city to the aggregate amount of all demand Federal Reserve Act, the Board has designated deposits held by the member banks in such city; cities as reserve cities and terminated the reserve and that such standard for the designation and city status of other cities. Such determinations termination of reserve cities should be reapplied by the Board have been made on the basis of the at three-year intervals. facts of particular cases without the consistent In opposition to the discontinuance of certain application of any uniform guiding principle; and cities as reserve cities under the Board's proposal consequently certain anomalous and illogical situ- it was contended by the representatives of member ations have developed in the classifications of re- banks in such cities that such discontinuance 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT would adversely affect the business of banks in member banks of the Federal Reserve System; and those cities, would detract from their prestige, (B) Every city in which, on the dates of official would not take into account their geographical situ- call reports of condition in the two years ended ation, or would deprive them of certain advan- June 30, 1947, member banks of the Federal Retages with respect to deposits under applicable serve System, exclusive of their offices in other State law. The Board feels that such objections, cities, held an aggregate amount of demand dewhile they may be important to the banks involved, posits owing to banks equal, on the average, to are not to be regarded as controling factors in one-fourth of one per cent or more of the aggredetermining whether cities should be classed as gate amount of demand deposits owing to banks reserve cities in view of the purpose of such classi- by all member banks of the Federal Reserve Sysfications. However, the Board recognizes the fact tem and also equal, on the average, to 33 y^ per that certain cities now classified as reserve cities cent or more of the aggregate amount of all dehave held this status for many years, in some in- mand deposits held by the member banks in such stances since before the enactment of the Federal city. Reserve Act, and, since the continuance of such On the basis of (A) and (B) above, the following cities as reserve cities would mean that member cities, in addition to the reserve cities classified banks therein must carry higher reserves than as such under paragraph (1) above, are hereby would be required of them if such cities were dis- classified (and continued) as reserve cities: continued as reserve cities in accordance with the Columbus, Ohio; Des Moines, Iowa; Indianapolis, standard indicated above, the Board is willing Indiana; Milwaukee, Wisconsin; St. Paul, Minnethat such cities be continued as reserve cities if sota; Lincoln, Nebraska; Tulsa, Oklahoma; all the member banks in such cities request that Wichita, Kansas; Fort Worth, Texas; Cedar Rapids, this be done. Iowa; and Sioux City, Iowa; the following city is In accordance with the conclusions reached above hereby added and is hereby classified as a reserve and pursuant to authority conferred upon it by city: National City (National Stock Yards), Illinois; section 11 (e) of the Federal Reserve Act and and the designation of the following cities as reother provisions of that Act, the Board hereby serve cities is hereby terminated (unless the present adopts the rule set forth below, to become effective classification of such cities is continued in accord- March 1, 1948: ance with paragraph (3) below): Toledo, Ohio; Dubuque, Iowa; Grand Rapids, Michigan; Peoria, CLASSIFICATION OF CENTRAL RESERVE AND RESERVE Illinois; Kansas City, Kansas; Pueblo, Colorado; CITIES St. Joseph, Missouri; Topeka, Kansas; Galveston, (a) Central reserve cities. The cities of New Texas; Waco, Texas; Ogden, Utah; and Spokane, York and Chicago are hereby classified (and con- Washington. tinued) as central reserve cities. (3) The Board of Governors of the Federal Re- (b) Reserve cities. (1) The city of Washing- serve System, prior to March 1, 1948, will also ton, D. C, and every city except New York and designate (and continue) as a reserve city any Chicago in which there is situated a Federal Re- city now classified as a reserve city (although not serve Bank or a branch of a Federal Reserve Bank within the scope of paragraphs (1) or (2) above) are hereby classified (and continued) as reserve if a written request for the continuance of such cities. city as a reserve city is received by the Federal Re- (2) The following are also classified as reserve serve Bank of the District in which the city is cities: (A) Every city in which, on the dates of located on or before February 16, 1948 from official call reports of condition in the two years every member bank which has its head office or a ended June 30, 1947, member banks of the Federal branch in such city (exclusive of any member bank Reserve System, exclusive of their offices in other in an outlying district of such city permitted by cities, held an aggregate amount of demand de- the Board of Governors to maintain reduced reposits owing to banks equal, on the average, to one- serves) together with a certified copy of a resoluthird of one per cent or more of the aggregate tion of the board of directors of such member bank amount of demand deposits owing to banks by all duly authorizing such request. JANUARY 1948 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (4) Effective as of March 1 of each third year Treasury Department after March 1, 1948, the Board of Governors (a) FOREIGN FUNDS CONTROL will continue as reserve cities or designate as addi- July 25, 1947 tional reserve cities all cities then falling within the AMENDMENT TO GENERAL RULING NO. 18 scope of paragraph (1) above and all cities which Under Executive Order No. 8389, As Amended, Executive then meet the standard prescribed in paragraph (2) Order No. 9193, As Amended, Sections 3(a) and 5(b) of above based upon official call reports of condition the Trading with the Enemy Act, As Amended by the First in the two-year period ending on June 30 of the War Powers Act, 1941, Relating to Foreign Funds Control.f year preceding such third year; and (b) will terminate the designation as reserve cities of all General Ruling No. 18 (Part 131, Appendix A) is hereby other cities, except that the Board will continue amended to read as follows: the designation as a reserve city of any city which REGULATIONS RELATING TO THE PHILIPPINES then has the designation of a reserve city and does (1) Status of the Philippines. For the purpose of adnot then fall within the scope of paragraph (1) or ministering and complying with the provisions of Sections of paragraph (2) based upon the new two-year 3(a) and 3(c) of the Trading with the Enemy Act, as period, if a request for the continuance of such amended, Executive Order No. 8389, as amended, and the regulations, rulings, instructions and licenses issued by or designation is made by every member bank (as under the direction of the Secretary of the Treasury pursuant specified in paragraph (3) above) in such city and, to Executive Orders Nos. 8389 and 9095, as amended, the together with a certified copy of a resolution of the Philippines shall not be included within the term "United bank's board of directors authorizing such re- States" but shall be deemed to be a foreign country not quest, is received by the Federal Reserve Bank designated in Executive Order No. 8389, as amended, and to be included in the "generally licensed trade area" as of the District not later than the 15th day of defined in General License No. 53. February of such third year. (2) Effect of previous status. No person shall be deemed a national of a blocked country solely by reason of the fact Foreign Funds Control that at any time on or since the effective date of the Order Treasury Department Releases the Philippines were regarded as a blocked country. The following releases relating to transactions in JOHN W. SNYDER Secretary of the Treasury foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN, Treasury Department have been issued by the Office of the Secretary of FOREIGN FUNDS CONTROL the Treasury under authority of the Executive July 25, 1947 Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto: PUBLIC CIRCULAR NO. 35 Under Executive Order No. 8389, As Amended, Executive Treasury Department Order No. 9193, As Amended, Sections 3(a) and 5(b) of FOREIGN FUNDS CONTROL the Trading with the Enemy Act, As Amended by the First July 25, 1947 War Powers Act, 1941, Relating to Foreign Funds Control, f AMENDMENT TO GENERAL LICENSE NO. 87 STATUS OF CERTAIN REGISTERED SECURITIES AND PROPERTY OF BLOCKED FOREIGN ORGANIZATIONS Under Executive Order No. 8389, As Amended, Executive Order No. 9193, As Amended, Section 5(b) of the Trad- (1) Reference. Reference is made to General License No. ing with the Enemy Act, As Amended by the First War 87, exempting certain transactions from Section 2A(2) of Powers Act, 1941, Relating to Foreign Funds Control* the Order, to General License No. 94, generally licensing certain countries, to General Ruling No. 5, relating to the General License No. 87 (Section 131,87) is hereby importation of securities, and to General Ruling No. 12, reamended to read as follows: lating to unlicensed transfers of property in a blocked account. EXEMPTION FROM SECTION 2A (2) OF THE ORDER (2) Registered securities. Securities issued by any person Transactions exempted from Section 2A (2) of the Order. subject to the jurisdiction of the United States which were A general license is hereby granted exempting all trans- registered in the name of a national of a blocked country actions from the provisions of Section 2A (2) of the Order, on or prior to the effective date of General License No. 94 except transactions with respect to scheduled securities as for such country are subject to the proviso of paragraph defined in General Ruling No. 5. (1) of that License and constitute property in a blocked JOHN W. SNYDER account unless transfer of registry has been appropriately Secretary of the Treasury authorized under Order. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (3) Property of blocked foreign corporations and other departing from the United States. Persons departing from organizations. Property in the United States which is blocked the United States for Spain or Portugal are hereby authorized by reason of the interest of any partnership, association, to carry: corporation, or other organization, organized under the laws (i) Travelers checks and checks drawn on the Treasurer of any foreign country, which is a national of a blocked of the United States provided such checks are issued country because of the stock or other interest therein of a in the name of the person carrying them. blocked country (including the countries licensed under Gen- (ii) All currency. eral License No. 94) or nationals thereof, shall continue to be regarded as property in a blocked account, notwithstand- JOHN W. SNYDER Secretary of the Treasury ing the transfer of such stock or other interest to a nonblocked country or a national thereof. (4) Consequences of certain documents. With respect to Treasury Department the preceding two paragraphs, attention is directed to the FOREIGN FUNDS CONTROL fact that neither General License No. 87, exempting certain August 29, 1947 transactions from Section 2A(2) of the Order, nor the amendment to General Ruling No. 5 of July 25, 1947, re- GENERAL LICENSE NO. 95, AS AMENDED moving the restrictions on the importation of securities not Under Executive Order No. 8389, As Amended, Executive specified in the list attached to such Ruling, authorizes any Order No. 9193, As Amended, Section 5(b) of the Tradtransfer of property in a blocked account. Regarding the ing with the Enemy Act, As Amended by the First War same paragraphs, attention is also expressly directed to the Powers Act, 1941, Relating to Foreign Funds Controls provisions of General Ruling No. 12 concerning the effect of unlicensed transfers of property in a blocked account. General License No. 95 (Section 131.95) is hereby amended as follows: JOHN W. SNYDER Secretary of the Treasury PROPERTY CERTIFIED BY GOVERNMENTS OF SPECIFIED COUNTRIES Treasury Department (a) Certification by governments of countries specified FOREIGN FUNDS CONTROL herein. Whenever a designated agent of the government of August 19, 1947 any country specified herein has certified in writing that Ao foreign country designated in the Order or national thereof, REVOCATION OF GENERAL RULING NO. 5 (A) other than a country specified herein or national thereof, has Under Executive Order No. 8389, As Amended, Executive at any time between the effective date of the Order and the Order No. 9193, As Amended, Sections 3(a) and 5(b) of date of certification had any interest in any property subject the Trading with the Enemy Act, As Amended by the First to the proviso of paragraph (1) of General License No. 94, War Powers Act, 1941, Relating to Foreign Funds Control.^ the property so certified is hereby licensed to be regarded as property in which no blocked country or national thereof General Ruling No. 5 (A) is hereby revoked. has or has had any interest. JOHN W. SNYDER (b) Waiver of Section 2A of the Order and General Ruling Secretary of the Treasury No. 5. The provisions of Section 2A of the Order and of General Ruling No. 5 are waived with respect to any security Treasury Department to which a certification under the preceding paragraph is FOREIGN FUNDS CONTROL attached. August 19, 1947 (c) Application of license to certain nationals of countries specified herein. This license shall not apply with respect to AMENDMENT TO GENERAL LICENSE NO. 88 any national of a country specified herein who is a national Under Executive Order No. 8389, As Amended, Executive of another foreign country designated in the Order and not Order No: 9193, As Amended, Section 5(b) of the Trad- specified herein, provided, however, that for the purposes ing with the Enemy Act, As Amended by the First War only of this license the following shall be deemed nationals Powers Act, 1941, Relating to Foreign Funds Control* only of a country specified herein: General License No. 88 (Section 131.88) is hereby (1) Any individual residing in a country specified herein. amended to read as follows: (2) Any partnership, association, corporation, or other or- CERTAIN TRANSACTIONS WITH RESPECT TO CHECKS, DRAFTS, ganization, organized under the laws of a country ETC., AUTHORIZED specified herein. (d) Definitions. As used in this license, (1) Sending of chec\s, drafts, etc. The sending, mailing, exporting, or otherwise taking of any check, draft, bill of (1) The term "country specified herein" means the the following: exchange, promissory note, currency, or any security from the United States to Spain or Portugal may be effected pur- (i) France, effective October 5, 1945; suant to the terms and conditions of General Licenses Nos. (ii) Belgium, effective November 20, 1945; 52 or 70. (iii) Norway, effective December 29, 1945; (2) Carrying of travelers chec\s and currency by persons (iv) Finland, effective December 29, 1945; JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (v) The Netherlands, effective February 13, 1946; in which there is any interest of Germany or Japan or cer- (vi) Czechoslovakia, effective April 26, 1946; tain nationals thereof. (vii) Luxembourg, effective April 26, 1946; JOHN W. SNYDER (viii) Denmark, effective June 14, 1946; Secretary of the Treasury (ix) Greece, effective October 15, 1946; Treasury Department (x) Switzerland, effective November 30, 1946; (xi) Liechtenstein, effective November 30, 1946; FOREIGN FUNDS CONTROL (xii) Poland, effective January 7, 1947; September 30, 1947 (xiii) Austria, effective January 16, 1947; REVOCATION OF GENERAL LICENSE NO. 50 (xiv) Sweden, effective March 28, 1947; Under Executive Order No. 8389, As Amended, Executive (xv) Italy, effective August 29, 1947; Order No. 9193, As Amended, Section 5(b) of the Tradand each country specified herein shall be deemed to ing with the Enemy Act, As Amended by the First War include any colony or other territory subject to its juris- Powers Act, 1941, Relating to Foreign Funds Control.f diction. General License No. 50 (Section 131.50) is hereby re- (e) Restrictions of General Ruling No. 11 A. Attention voked. is directed to the special restrictions contained in General A. L. M. WIGGINS Ruling No. 11 A, pertaining to dealings in certain property Acting Secretary of Treasury f Sec. 3(a), 40 Stat., 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, * Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat.48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C. 179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp. 5(b); Supp. 5(b); E. O. 8389, April 10, 1940, as amended by E. O.E. O. 8389, April 10, 1940, as amended by E. O. 8785, June 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, Julyand E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended 10 F. R. 6917; Regulations, April 10, 1940, as amended June June 14, 1941, February 19, 1946, June 28, 1946, and January 14, 1941, February 19, 1946, June 28, 1946, and January 1, 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. 12 F. R. 6. THE FEDERAL REGISTER Following is an announcement regarding the Trade Practices, Food and Drugs, Foreign Rela- Federal Register which is printed in the BULLETIN tions, Housing, Labor Relations, Mineral Resources, by request: Procurement, Reconversion, Securities, Shipping, The Federal Register publishes daily the full Surplus Property, Taxation, Transportation, Wages text of Presidential Proclamations and Execu- and Hours. A sample copy of the Federal Register tive Orders and any order, regulation, notice, or and additional information may be secured on resimilar document promulgated by Federal Ad- quest to the Federal Register, National Archives, ministrative agencies which has general appli- Washington 25, D. C. Orders for copies at the cability and legal effect. A partial list of subjects rate of f 1.50 a month and $15.00 a year may be sent covered includes: Agriculture, Aliens, Aviation, to the Superintendent of Documents, U. S. Govern- Business Credit, Communications, Customs, Fair ment Printing Office, Washington 25, D. C. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Chairmen, Deputy Chairmen, and Directors On January 2 the Board announced the following designations and appointments at the Federal Reserve Banks and branches. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1948 Federal Reserve Ban\ Name of Appointee Boston Albert M. Creighton of Boston, Massachusetts Philadelphia . .Thomas B. McCabe of Swarthmore, Pennsylvania Cleveland . .. . .George C. Brainard of Lyndhurst, Ohio Richmond .... W. G. Wysor of Richmond, Virginia Atlanta . . Frank H. Neely of Atlanta, Georgia Chicago . . .... Clarence W. Avery of Detroit, Michigan St. Louis . Russell L. Dearmont of St. Louis, Missouri Minneapolis . . Roger B. Shepard of St. Paul, Minnesota Kansas City . Robert B. Caldwell of Kansas City, Missouri Dallas .... . J. R. Parten of Houston, Texas San Francisco Brayton Wilbur of San Francisco, California DEPUTY CHAIRMEN FOR YEAR 1948 Boston . . . * Harold D. Hodgkinson of Boston, Massachusetts New York . . . William I. Myers of Ithaca, New York Philadelphia . Warren F. Whittier of Chester Springs, Pennsylvania Cleveland . Reynold E. Klages of Columbus, Ohio Richmond Charles P. McCormick of Baltimore, Maryland Atlanta J. F. Porter of Williamsport, Tennessee Chicago .... Paul G. Hoffman of Lakeside, Michigan Minneapolis . W. D. Cochran of Iron Mountain, Michigan Kansas City . Robert L. Mehornay of Kansas City, Missouri Dallas R. B. Anderson of Vernon, Texas San Francisco Harry R. Wellman of Berkeley, California CLASS C DIRECTORS (Appointed for three-year terms beginning January 1, 1948) Boston . .Albert M. Creighton of Boston, Massachusetts Philadelphia .. . C. Canby Balderston of Media, Pennsylvania Cleveland .. A. Z. Baker of Lakewood, Ohio Richmond . . Charles P. McCormick of Baltimore, Maryland Atlanta .. .Frank H. Neely of Atlanta, Georgia Chicago . * Allan B. Kline of Vinton, Iowa Minneapolis . ... Roger B. Shepard of St. Paul, Minnesota Kansas City . ... Robert L. Mehornay of Kansas City, Missouri Dallas . .G. A. Frierson of Shreveport, Louisiana San Francisco .. William R. Wallace of San Francisco, California JANUARY 1948 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS BRANCH DIRECTORS (Appointed for three-year terms, except those preceded by f, which indicates a two-year term. All positions not preceded by an asterisk were filled by reappointment of present incumbents.) Federal Reserve Ban\ and Branch Name of Appointee Cleveland Cincinnati . . Paul G. Blazer of Ashland, Kentucky Pittsburgh . . Josiah M. Koch of Oil City, Pennsylvania Richmond Baltimore .. . . James M. Shriver of Union Mills, Maryland Charlotte * R. E. Ebert of Greenville, South Carolina Atlanta Birmingham . * J. Roy Faucett of Northport, Alabama Jacksonville * Marshall F. Howell of Jacksonville, Florida Nashville * C. E. Brehm of Knoxville, Tennessee New Orleans . H. G. Chalkley, Jr., of Lake Charles, Louisiana Chicago Detroit . *f Ben R. Marsh of Detroit, Michigan St. Louis Memphis . . * M. P. Moore of Senatobia, Mississippi Minneapolis Helena .. f Malcolm E. Holtz of Great Falls, Montana Kansas City Denver . . f W. A. Alexander of Denver, Colorado Oklahoma City . . *f Cecil W. Cotton of Tulsa, Oklahoma Dallas El Paso . Hal Bogle of Dexter, New Mexico Houston .... J. E. Wheat of Woodville, Texas San Antonio Edward E. Hale of Austin, Texas San Francisco Los Angeles t Y. Frank Freeman of Beverly Hills, California Portland , f Aaron M. Frank of Portland, Oregon Salt Lake City t Henry A. Dixon of Ogden, Utah The new appointees are as follows: Federal Reserve Bank of %>ston Mr. Harold D. Hodgkinson of Boston, Massachusetts, who has been a Class C director of the Federal Reserve Bank of Boston since January 1, 1947, was appointed Deputy Chairman for the year 1948. Mr. Hodgkinson is Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Massachusetts. Federal Reserve Bank of Chicago Mr. Allan B. Kline of Vinton, Iowa, was appointed a Class C Director of the Federal Reserve Bank of Chkago for a three-year term beginning January 1, 1948. Mr. Kline is engaged in farming and is President of the American Farm Bureau Federation, Chicago, Illinois. 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Branches Federal Reserve Bank of Richmond Mr. R. E. Ebert of Greenville, South Carolina, was appointed a director of the Charlotte Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1948. Mr. Ebert is President of the Dixie Home Stores, Inc., Greenville, South Carolina. Federal Reserve Bank of Atlanta Mr. J. Roy Faucett of Northport, Alabama, was appointed a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Faucett is a partner in Faucett Brothers, Northport, Alabama. Mr. Marshall F. Howell of Jacksonville, Florida, was appointed a director of the Jacksonville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Howell is President of the Bond-Howell Lumber Company, Jacksonville, Florida. Mr. C. E. Brehm of Knoxville, Tennessee, was appointed a director of the Nashville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Brehm is Acting President of the University of Tennessee, Knoxville, Tennessee. Federal Reserve Bank of Chicago Mr. Ben R. Marsh of Detroit, Michigan, was appointed a director of the Detroit Branch of the Federal Reserve Bank of Chicago for a two-year term beginning January 1, 1948. Mr. March is Vice President and General Manager of the Michigan Bell Telephone Company, Detroit, Michigan. Federal Reserve Bank of St. Louis Mr. M. P. Moore of Senatobia, Mississippi, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1948. Mr. Moore is a partner in the E. E. Moore and Company, Senatobia, Mississippi. Federal Reserve Bank of Kansas City Mr. Cecil W. Cotton of Tulsa, Oklahoma, was appointed a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1948. Mr. Cotton is the owner of the C. W. Cotton Supply Company, Tulsa, Oklahoma. Federal Reserve Bank of Dallas Mr. Edward E. Hale of Austin, Texas, was appointed a director of the San Antonio Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1948. Mr. Hale is Professor of Economics, University of Texas, Austin, Texas. A complete list of the Federal Reserve Bank and branch directors will appear in a later issue of the BULLETIN. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Resignation of Director Publication of Technical Study On December 31, 1947, the Board of Governors Debits and Clearing Statistics, Their Background accepted the resignation of Mr. Donald K. David, and Interpretation, by George Garvy of the Fed- Dean of the Graduate School of Business Adminis- eral Reserve Bank of New York, will be available for distribution within a few weeks. This tration, Harvard University, Boston, Massachusetts, paper is concerned with the usefulness of two long as a Class C director of the Federal Reserve Bank of established and widely used series of banking Boston. Mr. David had served as a Class C director statistics—bank clearings and bank debits. The since January 1, 1946, and as Deputy Chairman author has undertaken to explain differences in since January 1, 1947. the composition of these two series and in their comparative responsiveness to changes in business Changes in Board's Staff activity. Broadly stated, the purpose of the paper is to determine with what effectiveness these series, Effective December 28, 1947, the designation of considering their technical limitations, reflect under- Mr. J. Leonard Townsend was changed from lying economic processes. Constructive suggestions Assistant General Counsel to Associate General for the improvement of debits statistics are in- Counsel, and that of Mr. Ralph A. Young from cluded in the analysis. Assistant Director, Division of Research and Statis- Mr. Garvy's study is an essential by-product of tics, to Associate Director, Division of Research the research program of the Federal Reserve System. and Statistics. This program includes the development and maintenance of statistical tools and materials that will Admissions of State Banks to Membership in the contribute to an understanding of banking and monetary developments. The objective of these Federal Reserve System technical activities is to make appropriate facts The following State banks were admitted to readily available for consideration in connection membership in the Federal Reserve System during with policy determination. Where a technical study the period November 16, 1947 to December 15, appears to be of considerable interest to statistical 1947: workers outside the System and to students of money and banking generally, the Board of Gov- New Yor\ ernors may authorize its publication. Publication does not, however, indicate official endorsement of Rochester—Security Trust Company of Rochester any of the views or conclusions expressed by the author. Oklahoma The pamphlet may be purchased for 25 cents or Gould—The First State Bank, Gould, Oklahoma for 15 cents in group purchases of ten or more copies for single shipment. Orders should be sent to the Texas Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington Greggton—First State Bank of Greggton. 25, D. C. 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 22, and released for publication December 24] Industrial production expanded somewhat further as a result of reduced feed supplies and high prices in November. Department store sales showed for feeds. Liquor production, which increased more than a seasonal increase in November and the sharply in October, was curtailed in November in first half of December. Wholesale commodity accordance with the Federal program to conserve prices generally continued to advance. grain. Production of minerals rose somewhat further INDUSTRIAL PRODUCTION in November, reflecting further gains in output of The Board's seasonally adjusted index of indus- bituminous coal as increased numbers of freight trial production advanced 2 points in November cars became available. to 192 per cent of the 1935-39 average, a new postwar peak rate. CONSTRUCTION Output of durable goods expanded somewhat Values of most types of construction contract further, reflecting largely increases in activity in awards, according to the F. W. Dodge Corporation, most machinery, transportation equipment, and showed seasonal declines in November and were nonferrous metal fabricating industries. Output substantially larger than a year ago. The number of steel in November was at a slightly lower rate of dwelling units started during the month, as than in October, but in the early part of Decem- estimated by the Department of Labor, decreased ber scheduled operations rose to new postwar from 94,000 in October to 82,000 in November; peaks. Motor truck assemblies were curtailed in completions increased from 83,000 units to 86,000. November and early December, as a result of model changeover activity at plants of a major producer, DISTRIBUTION while output of passenger cars increased. Output Department store sales showed a sharp seasonal of lumber and other construction materials was increase in November and the Board's adjusted maintained in large volume. index rose to a new high of 300 per cent of the Manufacture of nondurable products continued 1935-39 average, as compared with 275 in October to increase in November, reflecting mainly a further and 291 in September. Value of sales continued at marked rise in activity at cotton textile mills and a high level in the first half of December and was 8 an expansion in the volume of livestock slaughtered per cent above the corresponding period in 1946. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39-100 ,R VOLUME SEASONALLY ADJUSTED. I93S-39M00 260 - 240 Vr- - 240 - 220 \ - 220 / 200 200 1 V 180 / \ V 180 160 160 V - 140 J 140 - 120 120 - 100 100 - 80 - 80 1939 1940 1941 1942 1943 1944 1945 1946 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for November. for November. 49 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Value of department store stocks has also increased BANK CREDIT in recent months and is above the corresponding Loans to businesses, consumers, and real estate period of a year ago. owners expanded further at banks in leading cities Shipments of most classes of railroad revenue during November and the first half of December. freight were maintained in large volume in No- Demand deposits of individuals and businesses invember and the first half of December, after alcreased 800 million dollars at these banks, and curlowance for usual seasonal declines at this time of rency in circulation rose by 400 million. the year. Coal shipments continued to increase In the four weeks ending December 17, member and were at the peak rate reached at the beginning banks gained reserves as a result of a continued of the year. inflow of gold, Treasury transactions, and Federal Reserve purchases of Government securities. These COMMODITY PRICES sources of reserves more than offset the seasonal Wholesale commodity prices generally advanced growth in currency. further in November and the early part of De- Reserve Bank holdings of Government securities cember. Crude petroleum prices were increased declined in the four-week period, reflecting Treassharply and advances were announced in refined ury retirement of bills and certificates. The System petroleum products, newsprint, rayon, textile prod- also sold substantial amounts of bills and certificates ucts, shoes, and some metal products. Government in the market, but purchased larger amounts of disposal prices for Japanese silk were reduced by notes and bonds. nearly one-half. Prices of commodities traded in the organized markets rose further in November INTEREST RATES AND BOND YIELDS but showed little change in the first three weeks Prices of Treasury bonds, which declined sharply of December. in October and November, were held firm after The consumers' price index was unchanged from the middle of November by official support. Prices September to October. Food prices generally of corporate bonds declined further. Yields on showed little change in November and December, Treasury certificates rose and a new issue of 1% while additional increases occurred in retail prices per cent one-year certificates was offered in exchange of other goods and services. for the issue maturing January 1. MEMBER BANKS IN LEADING CITIES MEMBER BANK RESERVES AND RELATED ITEMS OF DOLLARS BILLIONS OF DOLLARS | TREASURY DEPOSITS * 1940 1941 1942 1943 1944 1945 1946 1947 1940 194! 1942 1943 1944 1945 1946 1947 Demand deposits (adjusted) exclude U. S. Government and Wednesday figures, latest shown are for Dec. 24. interbank^ deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Dec. 24. 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 53 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements ... 54 Federal Reserve Bank statistics 55-58 Guaranteed war production loans 59 Deposits and reserves of member banks . 59-60 Money in circulation. . . 61-62 Gold stock; bank debits and deposit turnover 62 Deposits and currency; Postal Savings System; bank suspensions 63 All banks in the United States, by classes 64-65 All banks in the United States and possessions, by States, June 30, 1947 66-67 All insured commercial banks in the United States, by classes. . 68-69 Weekly reporting member banks 70-73 Commercial paper, bankers' acceptances, and brokers' balances . 74 Money rates and bond yields 75 Security prices and new issues 76-77 Corporate earnings and dividends . 78 Treasury finance 79-81 Government corporations and credit agencies... 82 Business indexes 83-92 Department store statistics. . 93-95 Consumer credit statistics . 96-98 Cost of living 99 Wholesale prices 100 Gross national product, national income, and income payments. . 101-102 Current statistics for Federal Reserve chart books. 103-107 December crop report, by Federal Reserve districts. 107 Number of banking offices on Federal Reserve par list and not on par list 108 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. JANUARY 1948 51 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 RESERVE BANK k- CREDIT TREASURY CASH AND DEPOSITS 1939 1940 1941 1942 1943 1944 1945 1946 1947 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Dec. 24. See p. 53. 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit, outstanding Member bank reserve U. S. Government Treas- Treas- Other balances Date c v o a D a a u n n d is n c d - - e ts s Total se T c b u a u r i r n e r l i a y d l t s s i - es ot A h l e l r ot A h l e l r1 Total s G to o c ld k s r t o c u e i a u n u n r n r g t y c d - - y - M i c n t u o i o c l n a i n r e - - y T h c i u r n o a e r l g s a d y h s s - - F u B p s w r e e R o a y d r i s n e e t v i d h - k r t e e s a s - lb N p m e o r o e s m n d it - e s - - c s F o e e R a u r e r c e a d n v - - l - e ts Total c E es x s - 2 certificates Monthly averages of daily figures: 1946—Sept 283 23,614 22,254 ,360 493 24,391 20,291 4,545 28,478 > 275 515 1,214 585 16,160 885 Oct 251 23,471 22,030 ,441 421 24,143 20,330 4,546 28,588 •S,274 444 947 597 16,167 863 Nov 351 23.674 22,116 ,558 498 24,522 20,437 4,548 28,727 2',282 596 992 598 16,310 854 1947—Sept 163 22,067 20,886 ,181 386 22,616 21,866 4,551 28,654 11,315 553 1,007 638 16,866 931 Oct 208 22,092 20,847 L.245 498 22,798 22,149 4,551 28,598 ,327 945 908 647 17,073 954 Nov 313 22,082 20,158 ,924 472 22,86622,479 4,551 28,648 ;,330 1,287 1,011 631 16,988 850 End-of-month figures: 1946—Sept. 30 213 24,049 22,626 ,423 331 24,59420,305 4,546 28,507 25,289 1,081 1,069 590 15,910 725 Oct. 31 253 23,518 22,047 ,470 338 24,109 20,402 4,549 28,600 25,285 628 1,020 595 15,931 567 Nov. 30 316 23,944 22,356 .588 530 24,791 20,470 4,551 28,861 2,269 620 951 598 16,513 1,063 1947—Sept. 30 92 22,329 21,138 ,191 308 22,73021,955 4,552 28,567 i,309 1,091 842 643 16,784 841 Oct. 31 296 22,168 20,650 ,518 442 22,90622,294 4,554 28,552 11,330 1,400 884 631 16,956 864 Nov. 29 331 22,209 19,813 ,395 435 22,975 22,614 4,557 28,766 i,324 1,277 1,180 626 16,974 829 Wednesday figures: 1947—Feb. 5 278 23,412 22,303 1,109 359 24,05020,749 4,559 28,295 !5,320 1,162 863 622 16,095 761 Feb. 12 393 23,803 22,694 ,109 442 24,63820,751 4,558 28,346 5,335 1,711 938 623 15,994 779 Feb. 19 342 23,918 22,773 1,145 414 24,67420,770 4,556 28,276 25,324 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 23,80420,376 4,557 28,335 :1,331 1,407 1,108 626 15,930 800 Mar. 12 237 23,247 22,050 ,198 295 23,78020,403 4,557 28,330 1,335 1,429 1,172 627 15,847 718 Mar. 19 234 22,411 21,306 1,105 402 23,047 20,413 4,557 28,242 L.335 713 1,148 636 15,943 673 Mar. 26 287 22,810 21,704 1,105 390 23,486 20,438 4,556 28,170 11,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 1,105 391 22,758 20,486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9.... 277 22,276 21,171 L.105 339 22,893 20,497 4,559 28,250 1,336 753 1,033 641 15,934 886 Apr. 16 101 21,905 20,800 1,105 468 22,474 20,583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23 141 21.829 20,724 1,105 259 22,23020,621 4,558 28,105 1,338 482 1,021 643 15,820 658 Apr. 30.... 125 21,857 20,752 1,105 223 22,205 20,774 4,561 28,114 1,329 619 1,025 627 15,826 654 May 7.... 102 21,852 20,747 1,105 276 22,23020,811 4,560 28,197 1,328 654 918 626 15,877 654 May 14 139 21,762 20,671 1,091 331 22,233 20,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21. ... 117 21,676 20,589 1,087 278 22,071 20,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28.... 130 21,590 20,485 1,105 299 22,01920,932 4,561 28,211 1,372 751 846 626 15,705 520 June 4.... 173 21,760 20,664 L.O97 301 22,23420,990 4,561 28,261 ]1,366 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22,04021,026 4,561 28,253 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 L,O97 343 22,057 21,174 4,553 28,183 1,329 642 915 636 16,081 674 July 2.... 11021,629 20,532 1,097 406 22,145 21,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9 12021,611 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 1,331 756 952 631 16,336 759 July 23 118 21,700 20,605 1,095 275 22,09321,467 4,550 28,145 1,330 939 818 633 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 16,354 743 Aug. 6.... 123 21,869 20,777 1,092 219 22,211 21,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13... . 18322,030 20,939 1,091 282 22,49421,611 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 22,623 21,765 4,552 28,749 1,323 459 1,149 632 16,628 841 Sept. 10 120 22,042 20,848 1,194 309 22,472 21,815 4,551 28,742 1,329 243 960 632 16,932 1,015 Sept. 17 130 21,756 20,562 1,194 509 22,39421,935 4,551 28,633 1,306 240 930 642 17,128 1,055 Sept. 24 119 22,118 20,927 1,191 336 22,573 21,950 4,552 28,556 1,319 800 924 645 16,831 875 Oct. 1 156 22,392 21,195 1,196 383 22,931 21,955 4,551 28,559 1,316 1,053 832 643 17,034 985 Oct. 8.... 111 22,355 21,148 1,207 385 22,852 22,092 4,551 28,632 1,328 909 837 646 17,142 1,069 Oct. 15 146 22,218 21,013 1,205 443 22,80722,153 4,551 28,656 1,324 836 817 648 17,229 1,154 Oct. 22 12521,772 20,564 1,208 451 22,34822,225 4,552 28,569 1,337 608 924 650 17,037 857 Oct. 29 373 22,129 20,689 1,440 287 22,789 22,294 4,552 28,519 1,338 1,355 917 649 16,859 721 Nov. 5 204 22,119 20,552 1,567 317 22,64022,336 4,551 28,635 1,324 926 922 632 17,088 952 Nov. 12 429 22,052 20,343 L,7O8 208 22,68922,442 4,550 28,709 1,328 1,224 950 632 16,839 766 Nov. 19 199 22,222 20,117 4>,105 620 23,04122,513 4,552 28,595 1,327 1,560 926 631 17,068 883 Nov. 26../. 370 22,239 19,913 *5,327 325 22,93422,597 4,554 28,725 1,330 1,314 969 626 17,121 954 Dec. 3 262 22,120 19,587 25,533 448 22,83022,680 4,553 28,817 1,342 1,256 986 624 17,038 854 Dec. 10 250 21,985 19,273 2.,713 382 22,617 22,708 4,556 "28,874 1,331 934 992 618 17,132 935 Dec. 17.... 168 21,657 18,772 2,886 913 22,738 22,723 4,557 28,923 1,332 616 951 615 17,581 Pl.203 Dec. 24 283 21,900 18,659 ,241 827 23,011 22,743 4,556 29,111 1,318 929 967 609 17,377 PI.074 P Preliminary. * Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JANUARY 1948 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect December 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e v s c c e u o r r n u e m n d t e s b n o y t f e o a l b i n g li d i g b a l a e t d i o v p n a a s n p c a e e r n s d Other se [S c e u c r . e d 1 0 a ( d b v )] ances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r e . o d S f e b t c h y . e 1 d 3 U i ) r . e S ct . (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27, 1946 Oct. 27, 1942 Mar. 29, 1946 New York Apr. 25, 1946 Oct. 30, 1942 Apr. 6, 1946 Philadelphia Apr. 25, 1946 Oct. 17, 1942 2 Mar. 23, 1946 Cleveland May 3, 1946 Sept. 12,1942 2 Mar. 9, 1946 A S D S C R K M a t h i a t a . i n c l i l n n a c h L l n s a n F a m o a s e g t r u s a a o a o i p n n s C o d c i l i t i s y s co. A A A A A M M M p p p p p a a a r r r r r y y y . . . . . 2 2 2 2 2 1 1 1 7 5 6 6 6 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 6 6 6 6 6 6 6 6 O O A O O M O O c c c u c c c a t t t t t t g r . . . . . . . . 3 2 2 1 2 1 2 1 7 0 7 8 8 5 4 9 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2y2 A M M A M M M M p p a a a a a a r r r r r r r r . . . . . . . . 2 1 2 1 1 1 1 1 5 3 3 6 6 6 6 6 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 6 6 6 6 6 6 6 6 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 EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous Maturity Dec. 31 ginning— rate [In effect December 31. Per cent per annum] To industrial or 91 1 - - 12 9 0 0 d d a a y y s s 1 1 H M 1 1 D D e e c c . . 1 1 , , 1 1 9 9 4 4 7 7 1 1 c b o u m si m ne e s rc se ia s l To financing institutions 121-180 days 1 Dec. 1, 1947 1 Federal On discounts or 1 Date on which rate became effective at the Federal Reserve Bank Reserve purchases of New York. Bank On On Portion On pp. B a 4 ck 4 3-4 fig 4 u 5 re . s.—See Banking and Monetary Statistics, Table 117, loans l co m m e m nt i s t- fo in r s w ti h tu ic - h ma R in e- ing c m om en m ts it- MEMBER BANK RESERVE REQUIREMENTS tion is portion [Per cent of deposits] obligated Net demand deposits1 Time Boston Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r A N P C R h l i t e e c l w i i v h l n a e m Y t l d a a o e o n n l r d d k phia.... 2 2 2 3 > 3 ^ J | 2 - - - 5 5 5 1-5 1-5 Chicago 2 3^-5 2^-5 2^-5 J A M u u n a g r e . . 1 2 1 6 1 , , , 1 1 1 9 9 9 3 1 3 7 7 6 - - - A A Fe u p b g r . . . 2 1 3 5 8 0 , , , 1 1 1 9 9 9 3 3 3 6 7 7 . . . . . . 2 1 2 3 % 1 1 1 5 0 7^ 1 12 7 0 M H 4 3 ^ S M K t a . i n n L s n o a e s u a i p s C cl i i t s y . . . . . . . . 2 2 2 ^ ^ 3 2 - ^ - 5 - 5 5 2 A /* t C 3 O ) May 1, 1937-Apr. 15,1938.. 26 20 14 I* Dallas..... 23^-5 A N p o r v . . 1 1 6 , , 1 1 9 9 3 4 8 1 - - O A c u t g . . 3 19 1 , , 1 1 9 9 4 42 1 . . . . 2 26 2M . 1 2 7 0 V2 1 1 2 4 5 San Francisco.. . A O Se u c p t g . t . . 2 1 3 0 4 , , , 1 1 1 9 9 9 4 4 4 2 2 2 - - a S O n e c d p t . t a . ft 1 e 2 3 r , , 1 1 9 9 4 4 2 2 . . . . 2 2 2 0 4 2 2 2 2 0 0 0 1 1 1 4 4 4 6 6 6 1 2 3 R R In a a c t t l e e u d c c i h h n a a g r r g g l e e o d d a n b b s o o r r m r r o o a w w de e e r r i . n le s p s a c r o ti m ci m pa i t t i m on e nt w i r t a h t e f . inancing institution?. 6 4 May charge rate charged borrower by financing institution, if dem 1 D an e d m d an ep d os d it e s p m os i i n ts u s s c u a b s j h e c i t t em to s i r n e s p e r r o v c e e ss r e o q f u c ir o e ll m ec e t n io ts n , a i n . d e d ., e m to an ta d l low 5 e C r. harge of ^4 per cent is made on undisbursed portion of loan. balances due from domestic banks (also minus war loan and series E Back figures.—See Banking and Monetary Statistics, TaLle 118, bond accounts during the period Apr. 13, 1943-June 30, 1947, and all pp. 446-447. U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). MARGIN REQUIREMENTS 1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent oer annum] Prescribed in accordance with 1945.- 1946- tive N >v. 1,1933- Feb. 1, 1935- Effective Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 1946 1947 1947 Savings deposits Regulation T: Postal savings deposits For extensions of credit by brokers Other deposits payable and dealers on listed securities 75 100 75 In 6 months or more For short sales 75 100 75 In 90 days to 6 months Regulation U: In less than 90 days 231 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. 54 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 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Nov. 26 Nov. 19 Dec. Nov. Dec. Assets Gold certificates 20,810,17020,795,170 20,786,17020,767,17020,734,170 20,660,170 20,581,170 20,810,170 20,680,17017,587,177 Redemption fund for F. R. notes 687,127 687,317 682,667 683,884 683,868 682,968 682,742 687,127 682,867 794,116 Total gold certificate reserves 21,497,29721,482,48721,468,837 21,451,05421,418,038 21,343,138 21,263,91221,497,29721,363,037 18,381,293 Other cash 272,631 243,401 250,107 252,344 251,165 262,621 268,852 272,631 260,485 267,890 Discounts and advances For member banks... 34,825 234,986 128,615 211,583 224,581 332,691 161,020 34,825 293,068 15,739 For nonmember banks, etc 50,600 47,800 39,800 37,800 37,800 37,800 37,800 50,600 37,800 147,340 Total discounts and advances 85,425 282,786 168,415 249,383 262,381 370,491 198,820 85,425 330,868 163,079 Industrial loans 1,387 1,441 4,485 4,490 3,644 4,721 1,442 1,387 4,627 550 Acceptances purchased. 12 290 403 629 862 476 U. S. Govt. securities: Bills: Under repurchase option 4,905,617 Other 11,433,410 11,786,73511,882,11612,249,01612,520,54312,669,27812,900,92411,433,410 12,557,968 9,839,366 Certificates: Special Other 6,796,505 6,872,255 6,889,605 7,023,605 7,066,405 7,243,405 7,215,905 6,796,505 7,255,405 7,496,012 Notes 1,476,550 1,531,750 1,481,750 1,500,750 1,456,250 1,398,750 1,314,000 1,476,550 1,424,750 355,300 Bonds 2,852,869 1,709,593 1,403,826 1,211,803 1,076,633 928,033 791,111 2,852,869 970,508 753,390 Total U. S. Govt. securities 22,559,33421,900,33321,657,29721,985,17422,119,83122,239,466 22,221,940 22,559,334 222,208,63123,349,685 Other Reserve Bank credit outstanding. . . 535,331 826,287 907,970 377,479 443,655 318,998 618,264 535,331 430,423 579,780 Total Reserve Bank credit outstanding 23,181,477 23 ,010,847 22,738,179 22,616,816 22,829,914 22,934,305 23,041,32823,181,47722,975,02524,093,094 Liabilities Federal Reserve notes.. 24,820,434 24,984,449 24,822 ,90724,761,080 24,706,49124,635,735 24,521,176 24,820,434 24,651,452 24,945,304 Deposits: Member bank — reserve account 17,899,37117,376,98217,581,25917,132,15817,038,49917,120,79117,067,52017,899,371 16,973,80316,138,878 U. S. Treasurer—general account 870,031 928,913 615,901 933,611 1,256,041 1,313,869 1,560,193 870,031 1,277,228 392,869 Foreign 391,849 461,517 469,440 516,904 466,396 450,700 406,022 391,849 446,052 508,016 Other 569,433 505,795 481,248 474,736 519,276 5^18,477 519,876 569,433 733,517 313,638 Total deposits 19,730,68419,273,20719,147,84819,057,40919,280,21219,403,83719,553,61119,730,68419,430,60017,353,401 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 48.3 48.5 48.8 48.7 48.5 48.2 48.3 48.5 43.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances: Nov 26. 370,491 318,563 25,491 25,286 1,098 29 24 Dec. 3 262,381 210,288 29,535 21,424 1,083 28 2? Dec. 10. .. 249,383 208,937 28,692 8,518 3,193 23 20 Dec 17 168,415 132,170 22,810 8,365 5,032 18 20 Dec. 24 282,786 245,420 9,594 825 18,080 8,846 21 Industrial loans: Nov. 26 4,721 4,640 40 1 2 4 11 23 Dec. 3 3,644 3,579 25 1 1 4 11 23 Dec. 10 4,490 4,420 29 1 2 4 11 23 Dec. 17 4,485 4,444 1 2 4 11 23 Dec. 24 1,441 1,400 1 2 4 11 23 Acceptances purchased: Nov. 26. 629 388 241 Dec. 3 403 403 Dec 10 290 290 Dec. 17 . . .. 12 12 Dec. 24. ... U. S. Government securities: Nov 26 22,239,466 3,510,481 2,055,094 4,894,151 4,810,774 797,9905,463,043 117,050 590,883 Dec. 3 22,119,831 3,287,5132,819,333 5,449,0083,811,469 863,5545,020,421 ' " 12^000 134,340 722,193 Dec. 10 21,985,174 2,217,438 3,921,2535,004,5183,938,487 824,9545,074,821 22,000 137,140 844,563 Dec 17 21 657 2972,770,744 3,136,9014,820,240 4,109,211 671,6544,964,821 157,540 1,026,186 Dec. 24 21,900,333 3,836,053 1,838,2004,847,234 4,207,228 664,3045,013,821 170,390 1,323,103 JANUARY 1948 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o 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 Lo S u t i . s M ap in o n li e s - Ka C n it s y as Dallas F c r is a c n o - Assets Gold certificates: Nov. 26 20,660,170 782,285 5,833,6231,031,4481,403,550 1,155,3381,039,776 4,400,876 578,846 501,003 707,933 496,1852,729,307 Dec. 3 20,734,170 750,067 6,180,7581,041,6521,373,4971,122,150 979,9054,231,547 616,162 476,4771 704,687 501.7992,755,469 Dec. 10 20,767,170 733,312 6,107,4311,025,8831,377,3021,086,4651,017,9114,288,692 618,558 455,052 749,883 519,3702,787,311 Dec. 17 20,786,170 733,063 6,313,202 990,6821,382,4011,056,1281,013,359 4,214,393 596,919 429,716! 733,637 503,0162,819,654 Dec. 24 20,795,170 751,307 6,154,5611,020,3521,393,6861,084,2291,030,9214,250,888 599,500 453,988 746,144 494,8592,814,735 Redemption fund for F. R. notes Nov. 26 682,968 54,406 122,141 60,220 75,114 60,529 40,768 86,531 46,820 22,924 35,710 26,276 51,529 Dec. 3 683,868 54,406 122,141 61,220 75,114 60,483 40,768 86,487 46,820 22,924 35,710 26,266 51,529 Dec. 10 683,884 56,306 121,694 61,031 74,975 59,781 40,700 86,341 46,782 22,913 35,691 26,237 51,433 Dec. 17 682,667 56,197 121,225 60,826 75,812 58,999 40,593 86,189 46,730 22,893 35,661 26,205 51,337 Dec. 24 687,317 56,132 120,958 60,707 75,717 60,496 40,544 90,101 46,704 22,884 35,625 26,185 51,264 Total gold certificate reserves: Nov. 26 21,343,138 836,691 5,955,7641,091,6681,478,6641,215,8671,080,544 4,487,407 625,666 523,927 743,643 522,461 ,780,836 Dec. 3 21,418,038 804,473 6,302,8991,102,8721,448,6111,182,6331,020,673 4,318,034 662,982 499,401 740,397 528,065 806,998 Dec. 10 21,451,054 789,618 6,229,1251,086,9141,452,2771,146,2461,058,611 4,375,033 665,340 477,965 785,574 545,607 ,838,744 Dec. 17 21,468,837 789,260 6,434,4271,051,5081,458,2131,115,1271,053,952 4,300,582 643,649 452,609 769,298 529,221 870,991 Dec. 24 21,482,487 807,439 6,275,5191,081,0591,469,4031,144,7251,071,465 4,340,989 646,204 476,872 781,769 521,044 865,999 Other cash: Nov. 26 262,621 25,186 42,836 10,738 22,862 16,241 21,669 37,764 17,550 5,925 10,755 13,308 37,787 Dec. 3 251,165 24,596 41,037 10,302 19,739 15,256 21,838 37,491 14,988 5,732 8,728 13,740 37,718 Dec. 10 252,344 26,782 44,756 10,886 20,026 15,756 20,555 36,283 12,932 5,302 8,637 13,770 36,659 Dec. 17 250,107 28,606 41,291 12,146 17,890 15,212 20,438 36,846 12,906 6,619 9,370 12,719 36,064 Dec. 24 243,401 24,998 39,873 11,409 19,741 15,993 19,391 37,219 14,405 6,801 10,061 10,981 32,529 Discounts & advances : Secured by U. S. Gov't. securities: Nov. 26.. 332,060 15,238 101,075 25,445 30,405 39,425 18,287 9,885 19,300 1,750 24,950 1,700 44,600 Dec. 3. . 223,965 9,565 43,165 9,125 9,968 10,465 13,667 11,135 33,275 1,650 37,200 7,700 37,050 Dec. 10.. 211,025 10,123 39,855 6,640 17,895 20,465 15,937 9,835 18,375 1,950 12,200 12,500 45,250 Dec. 17. . 128,232 9,945 25,030 5,345 7,545 4,595 14,087 10,455 13,530 6,750 19,600 9,500 1,850 Dec. 24. . 234,647 9,415 106,445 9,135 28,775 10,865 14,237 12,795 13,430 1,000 13,050 5,200 10,300 Other: Nov. 26.. 38,431 2,419 12,096 3,062 4,076 1,852 1,583 5,141 1,323 945 1,323 1,247 3,364 Dec. 3. . 38,416 2,419 12,096 3,062 4,061 1,852 1,583 5,141 1,323 945 1,323 1,247 3,364 Dec. 10.. 38,358 2,419 12,258 2,900 4,041 1,852 1,583 5,141 1,323 945 1,323 1,247 3,326 Dec. 17.. 40,183 2,547 12,736 3,224 4,052 1,950 1,665 5,413 1,393 995 1,393 1,313 3,502 Dec. 24. . 48,139 2,496 21,280 3,159 4,008 1,911 1,632 5,304 1,365 900 1,365 1,287 3,432 Industrial loans: Nov. 26 4,721 1,481 40 3,200 Dec. 3 3,644 1,482 25 2,137 Dec. 10 4,490 1,368 29 3,093 Dec. 17 4,485 1,444 34 3,007 Dec. 24 1,441 1,406 35 Acceptances purchased : Nov. 26 629 629 Dec. 3 403 403 Dec. 10 290 290 Dec. 17 12 12 Dec. 24 U. S. Gov't. securities: Bills: Nov. 26 12,669,278 862,600 3,685,636 906,3291,148,378 693,836 577,0361,524,552 667,217 324,082 567,365 519,2781,192,969 Dec. 3 12,520,543 882,107 3,531,957 879,6101,145,493 705,537 589,585 ,647,896 606,260 329,483 575,565 454,730 1,172,320 Dec. 10 12,249,016 879,130 3,466,546 859,3181,119,225 688,315 575,1061,556,003 626,990 321,763 562,296 449,1911,145,133 Dec. 17.... 11,882,116 848,534 3,378,160 831,8991,083,731 665,044 555,5401,547,486 592,777 311,332 544,365 414,8511,108,397 Dec. 24 11,786,735 826,707 3,355,183 824,7701,074,503 658,995 550,4531,512,581 600,606 308,621 539,704 435,7651,098,847 Certificates: Nov. 26 7,243,405 484,416 1,624,119 490,727 701,804 499,637 395,8721,012,132 392,893 218,780 376,661 362,870 683,494 Dec. 3 7,066,405 454,497 1,516,376 480,748 672,141 514,119 418,370 995,432 414,252 237,730 340,570 387,909 634,261 Dec. 10. ... 7,023,605 452,282 1,509,790 478,499 668,231 510,084 415,257 988,253 410,889 235,774 338,572 384,531 631,443 Dec. 17 6,889,605 443,799 1,481,699 469,551 655,524 500,099 407,175 969.C84 402,816 231,136 332,133 376,913 619,676 Dec. 24 6,872,255 443,911 1,483,907 469,880 654,242 496,733 404,822 964,018 399,846 229,377 331,447 373,614 620,458 Notes: Nov. 26. ... 1,398,750 93,544 313,629 94,763 135,523 96,483 76,446 195,450 75,870 42,248 ,72,735 70,072 131,987 Dec. 3 1,456,250 93,663 312,497 99,073 138,515 105,949 86,219 205,139 85,370 48,991 70,184 79,941 130,709 Dec. 10.... 1,500,750 96,639 322,601 102,242 142,781 108,990 88,729 211,163 87,795 50,379 72,344 82,165 134,922 Dec. 17 1,481,750 95,448 318,670 100,987 140,984 107,556 87,571 208,421 86,633 49,710 71,431 81,064 133,275 Dec. 24. ... 1,531,750 98,942 330,748 104,732 145,823 110,716 90,231 214,869 89,120 51,125 73,876 83,275 138,293 Bonds: Nov. 26 928,033 62,064 208,085 62,872 89,916 64,014 50,720 129,676 50,337 28,030 48,258 46,491 87,570 Dec. 3 1,076,63. 69,247 231,035 73,247 102,407 78,330 63,743 151,663 63,116 36,220 51,888 59,102 96,635 Dec. 10 1,211,803 78,033 260,489 82,556 115,291 88,006 71,645 170,507 70,892 40,679 58,415 66,345 108,945 Dec. 17 1,403,826 9C.429 301,911 95,676 133,570 101,900 82,966 197,461 82,077 47,096 67,674 76,800 126,266 Dec. 24. ... 1,709,593 110,429 369,149 116,892 162,753 123,571 100,707 239,817 99,467 57,061 82,454 92,944 154,349 Total U. S. Govt. securities: Nov. 26 22,239,466 1,502,624 5,831,4691,554,6912,075,6211,353,970 1100,074 2,861,8101,186,317 613,1401,065,019 998,7112,096,020 Dec. 3 22,119,831 1,499,514 5,591,8651,532,6782,058,5561,403,9351,157,917 3,000,1301,168,998 652,4241,038,207 981,682 2,033,925 Dec. 1C 21,985,174 1,506,084 5,559,4261,522,6152,045,5281,395,3951,150,7372,925,9261,196,566 648,5951,031,627 982,2322,020,443 Dec. 17 21,657,297 1,478,210 5,480,4401,498,113 2,013,8091,374,5991,133,2522,922,4521,164,303 639,2741,015,603 949,6281,987,614 Dec. 24 21,900,333 1,479,989 5,538,9871,516,274 2,037,3211,390,0151,146,2132,931,2851,189,039 646,1841,027,481 985,5982,011,947 Total loans and securities: Nov. 26 22,615,307 1,520,281 5,945,269 1,584,679 21.,110,1021,395,2871,123,144 2,876,8361,206,940 615,8351,091,2921,001,6582,143,984 Dec. 3 22,386,259 1,511,498 5,647,5291,546,347 2,07:2,5851,416,2771,175,304 3,016,4061,203,596 655,0191,076,730 990,629 2,074,339 Dec. 10 22,239,337 1,518,626 5,611,8291,533,5232,067,4641,417,7411,171,350 2,940,9021,216,264 651,4901,045,150 995,979 2,069,019 Dec. 17 21,830,209 1,490,702 5,518,2181,508,126 2,025,4061,381,1781,152,0112,938,3201,179,226 647,0191,036,596 960,4411,992,966 Dec. 24 22,184,560 1,491,900 5.666 7121,529,9742,070,1041,402,8261,162,0822,949,3841,203,834 648,0841,041,896 992,0852,025,679 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Duejfrom foreign banks: Nov. 26 126 Dec. 3 126 Dec. 10 126 Dec. 17 126 Dec. 24 126 Federal Reserve notes of other Banks: Nov. 26 125,712 3,868 19,716! 5,379 6,564 11,872 13,802 16,399 9,285 7,221 7,850 4,955 18,801 Dec. 3 111,445 4,106 14,620 5,684 6,056 12,147 12,359 13,886 6,962 6,515 6,896 3,931 18,283 Dec. 10 116,718 3,729 17,015 8,122 6,889| 12,967 12,311 16,691 6,791 4,676 7,028 4,082 16,417 Dec. 17 129,083 4,776 18,882 6,612 7,252 13,338 13,307 18,365 8,518 5,349 8,743 5,152 18,789 Dec. 24 129,288 6,873 17,929 7,205 7,873 14,468 10,652 19,738 8,376 5,359 7,559 5,554; 17,702 Uncollected items: Nov. 26 2,611,422 220,760 530,738! 181,727 246,727 236,229 155,675 391,007 116,975 64,593 141,873 116,142 208,976 Dec. 3 2,770,319 240,008 548.7851 191,251 278.5721 240,334 162,169 435,550 124,921 75,699 148,661 110,054 214,315 Dec. 10 2,612,191 206,238 529.2521 170,324 235,931! 243,103 170,382 390,664 127,O67| 71,975 139,680 109,185 218,390 Dec. 17 3,846,062 307,691 762,632 263,456 373,214' 352,137 262,790 617,375 185,058 93,272 185,569 145,384 297,484 Dec. 24 3,193,544 287,233 635,273 217,325 337,094 291,085 199,187 457,284 141,955 72,718 164,114 135,113 255,163 Bank premises: Nov. 26 33,201 1,245 8,276' 3,159 5,177' 2,638 1,487 3,045 1,977 1,211 2,462 805 1,719 Dec. 3 33,168 1,245 8,257! 3,159 5,168! 2,644 1,487 3,045 1,976 1,211 2,456 801 1,719 Dec. 10 33,301 1,269 8,257) 3,159 5,200i 2,645 1,562 3,046 1,976 1,211 2,456 801 1,719 Dec. 17 33,284 1,269 8,257 3,174 5,168! 2,645 1,561 3,046 1,976 1,211 2,456 801 1,720 Dec. 24 33,242 1,245 8.257J 3,169 5,168 2,639 1,559 3,047 1,976 1,211 2,456 802 1,713 Other assets: Nov. 26 70,849 4,786 15,647' 4,349 6,995' 4,844 3,945 9,944 4,197 2,054 3,571 3,565 6,952 Dec. 3 75,764 5,131 15,743 4,805 7,235! 5,350 4,526 10,845 4,737 2,417 3,605 4,237 7,133 Dec. 10 84,264 5,632 17,922 5,395 7,623 6,049 4,949 12,067 5,285 2,705 4,081 4,484 8,072 Dec. 17 92,171 9,057 18,901! 5,690 8,277; 6,248 5,232 12,766 5,559 2,866 4,318 4,869 8,388 Dec. 24 101,632 6,848 21,658 6,335 9,50li 7,154 5,978 14,533 6,274 3,299 4,915 5,570 9,567 Total assets: Nov. 26 47,062,345 2,612,82312,518,2722,881,7073,877,1002,882,9832,400,270 7,822,4161,982,594 ,220,7692,001,4501,662,8975,199,064 Dec. 3 47,046,253 2,591,06312,578,896 22,,886644,,4422883,837,975 2,874,646 2,398,360 7,835,2712,020,1661,245,9971,987,4771,651,4605,160,514 Dec. 10 46,789,304 2,551,90012,458,1822,818,3313,795,419 2,844,5122,439,7247,774,700 2,035,6591,215,3271,992,6101,673,9115,189,029 Dec. 17 47,649,848 2,631,36712,802,63422,,885500,,772200 3,895,4292,885,8902,509,2957,927,3142,036,8961,208,9482,016,3541,658,590 5,226,411 Dec. 24 47,368,249 2,626,54212,665,2472,856,4843,918,8932,878,8952,470,3187,822,2082,023,0281,214,3472,012,7741,671,152 5,208,361 Liabilities Federal Reserve notes: Nov. 26 24,635,735 1,457,474 5,679,8481,671L,.739 2,.115,4771,745,6251,395,156 4,608,2031,123,019 622,621 938,540 625,1422,652,891 Dec. 3 24,706,491 1,464,784 5,685,8701,674,8902,126,7491,747,9671,398,6124,621,782 1,131,159 625,282 946,785 662299,,334400 2,653,271 Dec. 10 24,761,080 1,468,822 5,681,9771,683,829 2,136,6631,753,8881,404,3284,628,367 1,139,482 626,522 946,734 629,2532,661,215 Dec. 17 24,822,907 1,471,958 5,710,3581,684,5422,150,5291,757,9911,407,9654,635,899 1,145,064 626,740 947,730 662299,,552 2,654t,579 Dec. 24 24,984,449 1,487,691 5,760,6431,698,520 2,.162,2351,761,8101,415,870 4,669,3381,153,162 630,382 952,028 631,,384 2,661,386 Deposits: Member bank —reserve account: Nov. 26. . 17,120,791 755,185 5,301,317 824,515 1,262,155 768,383 741,0302,548,179 638,336 454,577 849,208 841,9692,135,937 Dec. 3. . 17,038,499 743,633 5,344,226 832,801 1,263,650 748,688! 735,9742,534,520 635,244 450,797 801,706 835,7542,111,506 Dec. 10.. 17,132,158 745,042 5,325,166 811,182 1,255,417 762,0531 761,3972,557,686 662,376 438,343 830,347 852,6642,130,485 Dec. 17.. 17,581,259 779,455 5,514,446 849,779 1,309,782 758,405 788,6612,594,009 659,575 454,592 860,898 834,2192,177,438 Dec. 24. . 17,376,982 782,999 5,359,014 850,646 1,303,579 780,034i 765,9572,555,523 657,788 455,735 851,744 844,6232,169,340 U. S. Treasurer-general account: Nov. 26. . 1,313,869 125,483 230,904 142,183 172,818 100,153 59,975 177,009 60,335 58,525 50,027 48,913 87,544 Dec. 3. . 1,256,041 104,772 252,485 109,951 110,728 109,182 55,523 165,822 93,590 80,574 71,250 46,559 55,605 Dec. 10.. 933,611 68,577 201,285 81,773 82,766 51,257 55,888 100,987 70,548 60,622 50,923 52,070 56,915 Dec. 17.. 615,901 47,442 177,084 36,682 63,116 38,280 38,625 87,369 22,403 28,988 26,099 29,339 20,474 Dec. 24. . 928,913 69,244 227,984 57,152 96,221 65,911 67,779 117,207 43,964 43,836 46,334 43,879 49,402 Foreign: Nov. 26. . 450,700 23,697 2199,530 29,905 34,336 18,091 15,137 50,211 12,922 9,230 12,922 12,184 32,535 Dec. 3. . 466,396 25,662 2194,349 32,392 37,191 19,595 16,396 54,386 13,997 9,998 13,996 13,197 35,237 Dec. 10.. 516,904 28,926 2210,177 36,523 41,934 22,094 18,487 61,322 15,782 11,273 15,781 14,880 39,725 Dec. 17.. 469,440 26,238 2191,272 33,121 38,028 20,036 16,765 55,610 14,312 10,223 14,312 13,494 36,029 Dec. 24. . 461,517 25,560 2190,543 32,262 37,042 19,517 16,330 54,169 13,941 9,958 13,940 13,144 35,111 Other: Nov. 26. . 518,477 2,475 450,936 2,004 5,891 2,069 2,305 3,227 5,910 1,983 1,334 787 39,556 Dec. 3.. 519,276 4,654 445,664 1,733 8,040 3,189 1,379 3,632 6,619 1,960 2,787 1,712 37,907 Dec. 10.. 474,736 3,367 408,407 1,866 7,337 1,954 1,152 2,289 5,509 1,239 1,911 1,545 38,160 Dec. 17.. 481,248 4,433 408,934 2,229 7,232 2,128 1,007 3,591 6,527 1,399 775 736 42,257 Dec. 24. . 505,795 4,422 434,085 1,478 8,521 1,191 1,084 2,549 9,020 1,851 683 449 40,462 Total deposits: Nov. 26 19,403,837 906,840 6,182,687 998,6071,475,200 888,696 818,4472,778,626 717,503 524,315 913,491 903,8532,295,572 Dec. 3 19,280,212 878,721 6,236,724 976,8771,419,609 880,654 809,2722,758,360 749,450 543,329 889,739 897,2222,240,255 Dec. 10 19,057,409 845,912 6,145,035 931.3441,387,454 837,358 836,9242,722,284 754,215 511,477 898,962 921,159 2,265,285 Dec. 17 19,147,848 857,568 6,291,736 921,8111,418,158 818,849 845,058 2,.740,579 702,817 495,202 902,084 877,788 2,276,198 Dec. 24 19,273,207 882,225 6,211,626 941,5381,445,363 866,653 851,150 2,729,448 724,713 511,380 912,701 902,095 2,294,315 Deferred availability items: Nov. 26 2,292,519 201,903 428,624 152,864 218,803 211,951 155,758 336,982 114,799 54,665 122,302 107,958 185,910 Dec. 3 2,326,759 200,666 428,536 153,830 223,655 209,133 159,443 356,224 112,363 58,164 123,708 98,868 202,169 Dec. 10 2,234,807 190,048 402,583 144,104 203,312 216,130 167,263 324,672 114,486 58,020 119,481 97,453 197,255 Dec. 17 2,938,187 254,535 569,091 185,187 258,426 271,535 224,949 451,044 161,462 67,646 139,094 125,030 230,188 Dec. 24 2,367,352 209,058 462,255 157,004 242,706 212,632 171,753 323,115 117,363 52,994 120,370 111,260 186,842 Other liab. incl. accrued div.: Nov. 26 20,405 1,153 6,061 1,271 2,089 1,033 863 2,970 908 539 811 868 1,839 Dec. 3 20,226 1,225 5,824 1,308 2,193 1,031 857 2,998 807 540 866 828 1,749 Dec. 10 20,665 1,286 5,975 1,356 1,911 1,116 898 3,117 870 553 857 733 1,993 Dec. 17 22,792 1,261 8,149 1,300 1,989 1,310 867 3,171 840 529 786 775 1,815 Dec. 24 22,191 1,414 6,427 1,358 2,155 1,404 919 3,325 890 676 831 854 1,938 1 After deducting $69,000 participations of other Federal Reserve Banks on Nov. 26; Dec. 3; Dec. 10; Dec. 17; and Dec. 24. 2 After deducting $251,056,000 participations of other Federal Reserve Banks on Nov. 26; $271,932,000 on Dec. 3; $306,612,000 on Dec. 10; $278,052,000 on Dec. 17; and $270,844,000 on Dec. 24. JANUARY 1948 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - Ka C n i s ty as Dallas F c S i r s a a c n n o - Total liabilities: Nov. 26 46,352,496 2,567,370 12,297,2202,824,4813,811,5692,847,3052,370,2247,726,781 1,956,229 1,202,140 1,975,144 1,637,821 5,136,212 Dec. 3 46,333,688 2,545,396 12,356,9542,806,9053,772,2062,838,7852,368,184 7,739,364 1,993,779 1,227,315 1,961,098 1,626,258 5,097,444 Dec. 10 46,073,961 2,506,068 12,235,5702,760,6333,729,3402,808,4922,409,4137,678,4402,009,053 1,196,572 1,966,034 1,648,598 5,125,748 Dec. 17.... 46,931,734 2,585,322 12,579,3342,792,8403,829,1022,849,6852,478,8397,830,6932,010,183 1,190,117 1,989,694 1,633,145 5,162,780 Dec. 24. ... 46,647,199 2,580,388 12,440,9512,798,4203,852,4592,842,4992,439,692 7,725,226 1,996,128 1,195,432 1,985,930 1,645,5935,144,481 Capital Accts.: Capital paid in: Nov. 26 194,548 11,226 68,343 14,332 18,855 8,183 7,467 23,719 6,352 4,280 6,490 7,266 18,035 Dec. 3 194,730 11,227 68,473 14,364 18,855 8,190 7,467 23,723 6,354 4,281 6,490 7,270 18,036 Dec. 10.... 194,851 11,230 68,476 14,362 18,942 8,187 7,470 23,736 6,360 4,281 6,496 7,275 18,036 Dec. 17 195,047 11,231 68,492 14,370 18,950 8,202 7,493 23,766 6,392 4,285 6,502 7,293 18,071 Dec. 24... . 195,355 11,232 68,807 14,370 18,843 8,215 7,513 23,784 6,394 4,292 6,519 7,297 18,089 Surplus (section 7): Nov. 26 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Dec. 3 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Dec. 10 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Dec. 17 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Dec. 24. ... 439,823 27,557 136,549 34,720 41,394 20,676 18,663 65,078 16,577 10,997 15,729 13,777 38,106 Surplus (section 13b): Nov. 26 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 3 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 10 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 17 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 24. ... 27,455 3,012 7,253 4,489 1,007 3,325 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Nov. 26 48,023 3,658 8,907 3,685 4,275 3,494 3,154 5,409 2,915 2,279 2,950 2,726 4,571 Dec. 3.... 50,557 3,871 9,667 3,950 4,513 3,670 3,284 5,677 2,935 2,331 3,023 2,848 4,788 Dec. 10.... 53,214 4,033 10,334 4,127 4,736 3,832 3,416 6,017 3,148 2,404 3,214 2,954 4,999 Dec. 17 55,789 4,245 11,006 4,301 4,976 4,002 3,538 6,348 3.223 2,476 3,292 3,068 5,314 Dec. 24.... 58,417 4,353 11,687 4,485 5,190 4,180 3,688 6,691 3,408 2,553 3,459 3,178 5,545 Total liabilities and cap. accts. Nov. 26 47,062,345 2,612,823 12,518,2722,881,7073,877,1002,882,9832,400,2707,822,416 1,982,594 1,220,769 2,001,450 1,662,897 5,199,064 Dec. 3.... 47,046,253 2,591,063 12,578,8962,864,4283,837,9752,874,6462,398,3607,835,2712,020,166 1,245,997 1,987,477 1,651,4605,160,514 Dec. 10.... 46,789,304 2,551,900 12,458,1822,818,3313,795,4192,844,5122,439,7247,774,7002,035,659 1,215,327 1,992,610 1,673,911 5,189,029 Dec. 17. ... 47,649,848 2,631,367 12,802 6342,850,7203,895,4292,885 8902,509,2957,927,3142,036,896 1,208,948 2,016,354 1,658,5905,226,411 Dec. 24 47,368,249 2,626,542 12,665,2472,856,4843,918,8932,878,8952,470,3187,822,2082,023,028 1,214,347 2,012,774 1,671,152 5,208,361 Contingent liability on bills purchased for foreign correspondents: Nov. 26. .. . 2,905 186 1930 235 270 142 119 395 102 73 102 96 255 Dec. 3.... 2,841 182 1909 230 264 139 116 386 100 71 100 94 250 Dec. 10 2,762 177 1884 224 257 135 113 375 97 69 97 91 243 Dec. 17.... 2,523 162 1807 204 235 124 104 343 88 63 88 83 222 Dec. 24.... 2,455 157 1786 199 228 120 101 334 86 61 86 81 216 Commit, to make indus. loans: Nov. 26. ... 7,467 766 1,395 77 400 352 580 3,750 147 Dec. 3.'.'.. . 7^443 773 1,355 86 400 352 580 3,750 147 Dec 10 7 561 887 1,365 84 400 352 580 3,750 143 Dec. 17.... 7,739 794 1,642 78 400 352 580 3,750 143 Dec. 24 7,687 743 1,642 77 400 352 580 3,750 143 i After deducting $1,975,000 participations of other Federal Reserve Banks on Nov. 26; $1,932,000 on Dec. 3; $1,878,000 on Dec. 10; $1,716,000 on Dec. 17; and $1,669,000 on Dec. 24. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Nov. 26 25,289,864 ,509,248 5,792,477 ,709,770 2,182,3881,782,6951,442,273 4,686,8651,167,332636,647 962,081660,1412,757,947 Dec. 3 25,399,409 ,506,702 5,842,458 ,726,8752,191,2001,786,1961,445,766 4,708,2961,171,983639,075 966,644658,038 22,,7\56,176 Dec. 10 25,500,660 ,515,644 5,860,127 ,733,177 2,205,3401,794,4541,454,905 4,716,9271,183,068 639,359 972,896 656,666 2,768,097 Dec. 17 25,603,480 ,526,144 5,902,283 ,730,4832,222,2091,802,3751,457,413 4,736,8221,182,223640,606 2,773,592 Dec. 24 25,688,442 ,539,074 5,905,342 ,741,4342,231,3811,808,1021,461,099 4,763,1791,189,054645,959 975,599 656,109 2,772,110 Collateral held against notes outstanding: Gold certificates: Nov. 26 12,509,000 440,000 3,470,000 515,000 695,000 650,000 725.000 3,010,000 315,000190,000 280,000169,000 2,050,000 Dec. 3 12,599,000 440,000 3,570,000 525,000 695,000 650,000 675,000 3,040,000 315,000190,000 280,000169,000 2,050,000 Dec. 10 12,749,000 460,000 3,570,000 550,000 715,000 675,000 675,000 3,040,000 315,000200,000 280,000169,000 2,100,000 Dec. 17 12,789,000 460,000 3,570,000 550,000 725,000 675,000 675,000 3,070,000 315,000200,000 280,000169,000 2,100,000 Dec. 24 12,769,000 460,000 3,570,000 550,000 735,000 675,000 675,000 2,990,000 315,000 200,000 280,000169,000 2,150,000 Eligible paper: Nov. 26 270,421 15,238 99,675 25,445 39,425 19,300 1,750 24,950 44,638 Dec. 3 180,033 9,565 41,665 9,125 10,465 33,275 1,650 37,200 37,088 Dec. 10 154,183 10,123 39,180 6,640 20,465 18,375 1,950 12,200 45,250 Dec. 17 85,170 9,945 23,555 5,345 4,595 13,530 6,750 19,600 1,850 Dec. 24 171,490 9,415 104,295 9,135 10,865 13,430 1,000 13,050 10,300 U. S. Govt. sec.: Nov. 26 13,400,0001,100,000 2,400,0001,200,0001,500,000 1,150,000 750,0001,700,000 950,000450,000 700,000 500,0001,000,000 Dec. 3 13,450,000 1,100,000 2,400,0001,200,0001,500,000 1,150,000 800,0001,700,000 950,000450,000 700,000 500,0001,000,000 Dec. 10 13,450,000 1,100,000 2,400,0001,200,0001,500,0001,150,000 800,0001,700,000 950,000 450,000 700,000 500,0001,000,000 Dec. 17 13,450,000 1,100,000 2,400,0001,200,0001,500,0001,150,000 800,0001,700,000 950,000 450,000 700,000 500,0001,000,000 Dec. 24 13,550,000 1,100,000 2,400,0001,200,0001,500,000 1,150,000 800,0001,800,000 950,000 450,000 700,000 500,0001,000,000 Total collateral : Nov. 26 26,179,421 1,555,2385,969,6751,740,4452,195,0001,839,4251,475,000 4710,0001,284,300 641,7501,004,950 669,000 3,094,638 Dec. 3 26,229,033 1,549,5656,011,6651,734,1252,195,0001,810,4651,475,000 4740,000 1,298,275641,6501,017,200 669,000 3,087,088 Dec. 10 26,353,183 1,570,123 6,009,180 1,756,640 2,215,0001,845,4651,475,000 4740,000 1,283,375651,950 992,200 669,000 3,145,250 Dec. 17 26,324,170 1,569,945 5,993,5551,755,3452,225,0001,829,5951,475,000 4770,0001,278,530 656,750 999,600 669,000 35,,1101,850 Dec. 24 26,490,490 1,569,415 6,074,2951,759,1352,235,0001,835,8651,475,000 4,790,000 278,430 651,000 993,050 669,000 3$,,]160,300 58 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 t t o n h t o e d r e a i d z te e l d oans o G u u ts a lo t r a a a n n n d t s e in ed g a A va a d i m d la i o b ti u l o e n n t t a o l week e M nd o i n n t g h , T o h r ursday b m a b n e e m k r s - 1 New Chi- b s c a e i n r t v y k e s b C a o t n r u k y n s borrowers York cago Date N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a u o n n u t d e t m s e e t e r a a n n g g t d u r s e i a n e r - g - To 1 t 9 a 4 l 6 r — es O er c v to e b s e r held: 16,167 4,174 904 6,362 4,726 November.... 16,311 4,208 925 6,433 4,744 1942 1947—October 17,073 4,324 1,024 6,781 4,944 June 30 565 310,680 81,108 69,674 137,888 November.... 16,986 4,273 1,010 6,756 4,947 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Oct 23 17,348 4,463 1,048 6,844 4,993 J D u e n c e . 1 3 3 9 1 0 43 4 5 , ,3 21 4 7 7 6 4 , , 5 71 6 8 3 , , 8 0 1 4 8 81 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 O N N c o o t v v . . . 3 1 6 0 3 1 1 1 6 7 6 , , , 9 0 8 6 0 7 2 3 2 4 4 4, , , 2 2 2 2 8 7 6 9 7 1 1 1, , , 0 0 0 0 1 1 2 6 3 6 6 6, , , 7 7 7 1 5 8 9 5 0 4 4 4 , , , 9 8 9 7 5 3 9 2 0 1944 Nov. 20 17,033 4,298 1,012 6,746 4,977 June 30 6,433 8,046,6722,064,318 1,735,777 3,810,797 Nov. 27 16,948 4,291 1,007 6,747 4,903 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 Dec. 4 16,991 4,320 1,008 6,743 4,919 1945 Dec. 11 17,013 4,294 1,006 6,793 4,920 June 30 8,422 10,149,315 1,386,8511,190,944 3,694,618 Excess reserves: Dec. 31 8,757 10,339,400 510,270 435,345 966,595 1946—October 863 10 4 197 652 1946 November. . . . 854 19 7 203 625 June 29 8,771 10,344,018 70,267 60,214 142,617 1947—October 954 60 14 263 618 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 November. . . . 850 39 10 214 587 Mar. 1 3 9 1 47 8,771 10,344,018 11,746 10,965 15,392 Oct. 23 ,157 190 34 292 641 Apr. 30 8,771 10,344,018 10,356 9,658 13,452 Oct. 30 726 14 3 189 520 May 31 8,771 10,344,018 9.23C 8,601 13,176 Nov. 6 882 37 9 253 583 June 30 8,771 10,344,018 3,589 3,218 6,726 Nov. 13 861 15 4 221 621 July 31 8,771 10,344,018 3,245 2,908 6,709 Nov. 20 894 73 12 200 609 Aug. 30 8,771 10,344,018 2,992 2,703 6,729 Nov. 27 773 34 10 189 540 Sept. 30 8,771 10,344,018 2,977 2,689 6,739 Dec. 4 821 61 9 200 551 Oct. 31 8,771 10,344,018 2,886 2,609 5,165 Dec. 11 813 42 5 217 549 Nov. 29 8,771 10,344,018 2,823 2,553 Borrowings at Federal Reserve Banks: NOTE.—The difference between guaranteed loans authorized and sum 1946—October 107 2 61 44 of loans outstanding and additional amounts available to borrowers November. . . . 211 28 1 128 54 under guarantee agreements outstanding represents amounts repaid 1947—October 171 70 9 66 26 and authorizations expired or withdrawn. November. . . . 274 60 7 154 54 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Oct. 23 83 1 2 56 24 [Amounts in thousands of dollars] Oct. 30 336 146 31 120 39 Nov. 6 234 57 130 47 W o o D r f a e l d t p a 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 t p - p o p l i r d c 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 p m v e n u - e d - o n d 1 t t) s ( t a a L m o n o u d o a t i u n - n n s g t 1 ) ( s C a t m a m o o n m e u o d n t u m i - t n n s i g t t ) - ( s P a p ta m a a o n t r u o i t d o i t u i c - n n n i s - g t) N N N D D e e o o o c c v v v . . . . . 2 2 1 1 4 7 0 3 1 3 3 2 2 2 1 2 1 7 7 5 2 7 9 4 1 6 2 5 2 1 2 0 2 6 7 "5 1 ii 9 1 1 1 1 1 4 6 8 2 9 1 5 2 9 2 6 6 5 5 4 0 5 6 7 8 1 Weekly figures of excess reserves of all member banks and of 1934... 984 49,634 20,966 13,589 8,225 1,296 country banks are estimates. Weekly figures of borrowings of all mem- 1935. . . 1,993 124,493 11,548 32,493 27,649 8,778 ber banks and of country banks may include small amounts of Federal 1936. . . 2,280 139,829 8,226 25,526 20,959 7,208 Reserve Bank discounts and advances for nonmember banks, etc. 1937. . . 2,406 150,987 3,369 20,216 12,780 7,238 1938. . . 2,653 175,013 1,946 17,345 14,161 12,722 1939. . . 2,781 188,222 2,659 13,683 9,220 10,981 1940... 2,908 212,510 13,954 9,152 5,226 6,386 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1941. . . 3,202 279,860 8,294 10,337 14,597 19,600 SMALL CENTERS 1 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 0 4 , 3 3 , , 4 4 8 8 9 3 5 5 2 1 5 0 , , 5 8 3 5 2 7 1,2 4 9 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 x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its bank bank 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 November 1946 15,932 8,234 12,258 5,795 1946 October 1947 15,880 8,532 12,422 6,092 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 November 1947 16,002 8,505 12,536 6,091 1947 Boston 1,921 875 352 235 Mar. 31, 3,548 569,825 4,595 1,081 8,160 2,727 New York 2,935 2,160 1,073 1,171 Apr. 30. 3,552 571,408 5,371 1,109 ,279 2,616 Philadelphia 1,101 746 938 899 May 31. 3,553 571,893 4,595 1,618 ,735 2,761 Cleveland 1,343 923 1,065 831 June 30. 3,555 572,836 195 1,778 7,018 4,043 N A O J S u e o u c l p t v g y . t . . . 3 2 3 3 3 1 9 0 1 0 . . . . 3 3 3 3 3 , , , , , 5 5 5 5 5 6 6 7 5 6 6 7 3 8 3 5 5 5 5 5 8 7 7 7 7 3 7 8 6 4 , , , , , 9 6 9 3 1 8 9 1 0 6 6 9 4 0 1 1 1 1 1 , , , , 3 3 1 9 2 5 7 3 0 2 1 5 9 2 9 4 1 1 1 1 , , , , , 6 7 8 8 9 3 9 5 0 2 2 2 8 1 7 6 7 7 , , , , , 8 4 4 3 3 7 8 3 9 1 1 6 5 6 7 3 5 5 5 4 , , , , , 0 9 8 0 9 1 0 9 2 9 9 2 2 8 4 A S C R t h i t . c l i a h c L n a m o g t u a o o i n s d 2 1 1 , , , 0 5 1 6 6 2 1 6 8 8 2 3 1,4 3 4 4 1 3 9 0 4 7 1 1 1 1 , , 7 0 6 9 5 3 7 1 5 4 3 1 9 4 2 2 7 8 6 1 2 3 0 4 Minneapolis 600 299 832 451 1 Includes applications approved conditionally by the Federal Re- Kansas City 556 106 1,683 205 serve Banks and under consideration by applicant. Dallas 989 142 1,619 64 * Includes industrial loans past due 3 months or more, which are not San Francisco. .. 1,187 611 603 305 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and r Revised. the sum of the following four columns represents repayments of ad- 1 Includes any banks in outlying sections of reserve cities that have vances, and applications for loans and commitments withdrawn or been given permission to carry the same reserves as country banks. expired. Ail reserve cities have a population of more than 15,000. 59 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DBPOSITS, 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 a s e n i - t d s' po d s e it - s « f d r d o u o m - e Total Re- Ex- F e R e r e a d - l mestic quired eess serve banks Banks Firsthalf of November 1947 91,332 12,062 79,271 79,484 28,369 5,980 16,991 16,109 883 279 Central reserve city banks: New York 22,484 4,170 18,314 20,667 1,472 53 4,257 4,222 35 85 5,253 1,168 4,085 4,740 888 146 1,010 1,001 9 9 33,923 5,622 28,301 29,242 11,376 1,833 6,763 6,531 233 135 1,993 278 1,715 1,815 198 32 381 375 6 5 577 29 547 501 306 23 120 119 1 5 Philadelphia 2,338 381 1,957 2,060 272 75 433 428 5 14 Cleveland 3,838 501 3,336 3,366 1,359 178 786 755 31 29 2,153 377 1,776 1,870 445 103 415 401 14 14 Atlanta 2,076 477 1,600 1,749 411 135 395 374 21 9 4,042 496 3,546 3,433 2,138 311 854 815 39 7 St Louis 2,030 619 1,411 1,723 325 102 381 364 17 6 Minneapolis 1,097 333 764 915 178 62 198 194 4 9 2,847 906 1,941 2,352 364 251 513 492 20 15 Dallas 2,507 659 1,848 2,073 336 * 257 467 435 32 2 8,425 566 7,859 7,384 5,044 304 1,821 1,779 41 19 Country banks 29,672 1,102 28,570 24,836 14,633 3,947 4,961 4,355 606 50 2,360 85 2,275 2,038 1,114 198 386 352 34 7 New York 4,097 85 4,013 3,554 3,347 336 777 698 79 22 Philadelphia 2,053 16 2,037 1,779 1,653 209 398 348 50 4 Cleveland 2,439 24 2,414 2,090 1,758 287 467 398 69 4 2,178 134 2,045 1,776 875 315 346 301 45 2 Atlanta 2,428 182 2,246 2,013 705 348 364 324 40 1 3,848 82 3,766 3,248 2,376 528 690 597 92 1 St Louis 1,849 149 1,700 1,523 620 275 285 250 34 1 1,519 84 1,435 1,265 750 214 254 222 31 1 Kansas Citv 2,321 81 2,240 1,884 313 415 324 283 42 3 Dallas 2,761 154 2,607 2,112 206 604 373 308 65 San Francisco 1,820 27 1,793 1,554 916 219 298 272 25 5 Seconc! half of November1947 A li member banks 91,709 11,915 79,794 79,824 28,266 5,839 16,981 16,164 817 270 Central reserve city banks: 22,697 4,160 18,537 20,796 1,458 58 4,290 4,247 43 34 New York 5,270 1,152 4,118 4,724 892 156 1,010 998 11 5 Reserve city banks 34,143 5,512 28,631 29,357 11,358 1,838 6,749 6,553 196 173 1,965 277 1,688 1,769 197 35 376 366 11 3 New York 570 29 541 496 305 23 '120 117 2 5 Philadelphia 2,348 360 1,987 2,052 266 80 431 426 5 21 3,939 491 3,448 3,420 1,369 187 790 766 24 15 2,144 365 1,779 1,858 441 101 411 398 13 24 2,072 462 1,611 1,752 410 129 392 375 16 15 Chicago 4,052 490 3,562 3,446 2,138 309 844 817 26 11 2,028 603 1,426 1,716 324 101 367 363 5 18 Minneapolis 1,078 317 761 902 178 59 194 191 3 6 2,895 900 1,995 2,376 363 265 525 497 28 24 Dallas 2,543 643 1,900 2,112 338 247 465 443 23 2 8,510 576 7,934 7,458 5,028 300 1,834 1,793 41 29 Country banks 29,598 1,091 28,507 24,946 14,558 3,787 4,933 4,366 567 58 2,358 88 2,270 2,037 1,107 192 382 352 31 10 New York 4,087 83 4,003 3,581 3,315 305 766 700 65 22 Philadelphia 2,056 15 2,041 1,793 1,638 200 396 349 46 3 Cleveland 2,427 25 2,402 2,085 1,749 277 464 397 67 5 2,168 135 2,033 1,780 871 302 340 301 38 4 Atlanta 2,412 177 2,235 2,019 704 331 359 325 34 1 Chicago 3,846 80 3,766 3,259 2,371 517 685 598 87 1 1,836 144 1,693 1,529 620 259 283 251 32 4 Minneaoolia . 1,511 82 1,430 1,271 750 202 257 223 34 Kansas City 2,320 80 2,239 1,895 310 405 328 284 44 2 Dallas 2,761 154 2,608 2,138 207 585 378 312 66 San Francisco 1,816 27 1,788 1,560 915 211 296 273 23 4 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. 1 Demand deposits subject to reserve requirements, i. eM gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. «Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection) of all member banks estimated at 71,900 million dollars in the first half and 72,350 million in the second half of November. U.S. Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency i Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin s$l $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 g 10 g 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937..: 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—July 28,254 20,185 1,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 g 21 2 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 g 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 g 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 g 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 g 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 g 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. T.... 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 October 28,552 19,833 1,385 1,011 63 2,078 6,233 9,064 8,721 2,499 4,986 427 793 5 11 3 November... 28,766 20,008 1,396 1,020 64 2,102 6,303 9,123 8,760 2,513 5,023 426 782 5 11 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal No 1 v 9 . 4 7 30. g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d s k e s e r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d No 1 v 9 . 4 7 30, Oc 1 t 9 . 4 3 7 1, No 19 v 4 . 6 30, certificates agents Gold . . 22,614 21,410 2 1,205 Gold certificates 21,410 18,548 2,815 47 47 49 Federal Reserve notes 25,338 66 797 24,475 24,283 24,580 Treasury currency—total . . . .. 4,557 32,244 54 260 4,244 4,221 4,232 Standard silver dollars 493 309 29 3 152 152 146 Silver bullion . ... . 1,935 1,935 Silver certificates and Treasury notes of 1890. . *2,244 203 2,042 2,030 2,007 Subsidiary silver coin 936 13 21 903 895 878 IVlinor coin 354 7 6 341 339 331 United States notes 347 2 24 320 315 319 Federal Reserve Bank notes 387 1 3 383 387 440 National Bank notes 105 1 1 103 104 111 Total—Nov. 30, 1947 (4) 23,654 1,324 18,548 3,873 28,766 Oct. 31 1947 . . (4) 23,331 1,330 18,229 3,945 28,552 Nov. 30, 1946 (4) 20,578 2,269 15,494 3,806 28,861 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. 53, and seasonally adjusted figures in table on p. 62. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. • To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because 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. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JANUARY 1948 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Ear- Do- Amount— Amount— Change in Gold Net marked mestic Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a f n l or s a e s d a e s j r u o i s n e t s a e l l d ly Period a s t t o o e f c n k d I i n n s c t o r g e c o a k l s d e or im g e o p x l o p d r o t rt go c o r l r d e a : i n s d e - e- d g p u o ro c ld - period (-) crease (—) tion* End of year figures: 1939 7,598 +742 1936 211,258 1,132 5 1,116 6 -85.9 131.6 1940 . . 8,732 +1,134 1937 212,76O 1,502.5 1,585 5 -200.4 143.9 1941 11,160 +2,428 1938 14 512 1 751 5 1 973 6 —333 5 148. A 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 1947 P28,863 P-89 1944 20 619 — 1 319 0 —845 4 —459.8 35.8 1945 20,065 -553 9 — 106 3 -356.7 32.0 Monthly averages of daily 1946 20 529 464 0 311 5 465 4 51.2 figures: 1946—December. . 20,529 59.4 -61.2 82.8 5.8 1946— N D O e o c c t v o e e b m m e b r b e e r r 2 2 2 8 8 8 , , , 9 7 5 9 2 8 7 7 8 2 2 2 8 8 8 , , , 6 5 7 4 8 1 1 8 0 + + + 6 5 5 9 3 3 1947— F M J e a a b n r r c u u h a a r r y y .. . . . . . 2 2 2 0 0 0 , , , 7 3 4 4 3 6 8 0 3 •-4 2 1 1 1 3 8 9 2 . . . 2 3 5 - 1 1 2 5 6 0 3 . . . 8 4 6 -6 2 1 8 0 9 4 3 6 . . . 5 5 1 5 5 7 . . . 5 5 6 1947— F M J e a a n b r u r c u a h a ry ry 2 2 2 8 8 8 , , , 3 5 2 0 4 7 0 3 3 2 2 2 8 8 8 , , , 3 4 3 0 5 5 0 8 8 - - 2 + 1 5 5 5 2 8 8 A J J M u u p l a n y r y e il 2 2 2 2 1 0 0 1 , , ,5 7 9 2 3 7 3 6 7 4 3 6 3 3 2 1 3 7 1 5 3 0 1 9 . . 5 0 4 6 2 2 1 0 4 1 2 0 4 9 9 . . . 2 1 7 2 2 1 2 7 1 1 9 6 2 3 . . . 7 0 1 0 6 6 7 7 . . . . 1 2 2 3 April 28,185 28,412 +54 August 21,766 228.8 111.7 42.3 7.0 J M u a n y e 2 28 8 , , 2 1 3 5 6 8 2 2 8 8 , , 3 3 5 7 6 8 + -5 2 6 2 September.. 21,955 189.4 109.6 153.1 7.0 July 28,259 28,316 -62 October 22,294 339.0 450.8 -4.0 8.2 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 , , 3 71 9 1 4 + + 3 7 1 8 7 N D o ec v e e m m b b e e r r . . . . P 2 2 2 2 , . 6 7 1 5 4 4 P 3 1 2 3 0 9 . . 1 3 P2 f 6 4 5 ) . 7 5 - - 8 4 2 4 .8 .6 6.2 N O D o c e t c v o e e b m m e b r b e e r r 2 2 2 8 8 8 , , , 9 6 5 3 4 9 7 8 8 2 2 2 8 8 8 , , , 5 5 6 6 9 5 2 8 0 -1 + -3 1 8 6 3 8 ex 1 p P l A a P n n r a e n t l u i i o m al n i n f o a i f g r y u m . re o s n t a h r ly e f e ig st u i r m es a t s e e s e o ta f b l t e h e o n U p n . it 1 ed 1 1. States Mint. For 2 Includes gold in the Inactive Account amounting to 27 million P Preliminary dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. lFor end of year figures, represents change computed on absolute 1 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. 8 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 3,618.4 million dollars on Dec. 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 City* centers * centers2 City centers City cities City cities 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — n ol e d w s s e e ri r e ie s s » » 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 J2OO.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 11,050,021 417,475 527,336 105,210 19.0 10.0 { 3 40 7 7 4 , , 9 3 4 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 1 6 6 . . 9 5 1946—November 86,645 31,088 46,105 9,452 19.9 11.6 31,379 46,037 23.8 17.8 December 103,900 41,252 52,295 10,353 25.8 12.6 40,021 52,139 28.7 19.2 1947—January 93,488 34,305 49,140 10,043 20.6 11.6 33,592 48,778 23.8 17.4 February 81,567 29,745 43,199 8,622 20.4 11.6 29,173 44,011 24.0 18.1 93,314 33,547 49,955 9,812 20.4 11.9 34,439 50,582 24.9 18.6 April 87,771 31,391 46,904 9,475 19.2 11.3 29,997 46,403 21.5 17.0 May 87,840 30,895 47,464 9,482 19.0 11.3 31,695 48,023 22.7 17.3 June 94,446 35,632 49,265 9,548 22.7 12.1 35,092 48,595 25.6 17.9 July 93,741 34,779 49,178 9,784 21.2 11.5 33,026 48,525 22.9 17.2 August 84,423 28,331 46,717 9,375 17.5 11.0 29,025 47,026 20.6 16.6 September 91,903 31,837 49,962 10,104 20.2 12.1 31,605 49,978 23.1 18.0 October ••105,290 37,504 '56,564 11,222 21.8 '12.4 35.162 55.025 23 9 18.2 November 92,921 31,738 51.002 10,181 21.6 13.1 33,531 51,621 26.5 19.8 r Revised. 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. 8 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947 and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OP ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total d T em ot a a n l d Time deposits End of month c a d o u d e u r j a p u r t n o s e s d i s n t d i e c t e d y s c a d o u d e u r j a p u r t n o s e s d i s n t d * i e c t e d y s a d d e T j p u o o s t s a t i e l t d s a D d d e e j p u m o s a s te n it d d s 1 d G U e S m o p n t v o a e i e s t t n e e i r t t d s n s - « 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 r a t r n s e i k n d s c e y banks banks 1929—June -. 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December. 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December. 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60f943 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 1,576 15,814 December. 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December. 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December. 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 1946—November. 169,000 109,700 142,300 83,000 ,900 53,400 33,500 16,600 3,300 26,700 December. 167,107 110,044 140,377 83,314 ,103 53,960 33,808 16,869 3,283 26,730 1947—January (Jan. 29). . 165,900 108,600 139,800 82,500 3,100 54,200 33,900 17,000 3,300 26,100 February (Feb. 26).. 165,100 106,800 138,900 80,600 3,700 54,600 34,100 17,100 3,400 26,200 March (Mar. 26)... 165,000 106,500 138,900 80,400 3,700 54,800 34,200 17,200 3,400 26,100 April (Apr. 30) 165,100 107,400 139,000 81,300 2,700 55,000 34,400 17,200 3,400 26,100 May (May 28)...... 165,000 107,600 138,900 81,500 2,200 55,200 34,500 17,300 3,400 26,100 June (June 30) 165,455 108,575 139,156 '82,134 1,367 '55,655 '34,835 17,428 3,392 26,299 July (July 30) P 166,400 109,200 140,400 '83,200 1,400 '55,800 '34,900 17,500 3,400 26,000 August (Aug. 27)P. . 167,100 109,600 140,900 '83,400 1,700 '55,800 '34,900 17,500 3,400 26,200 September(Sept.24)P ""168,600 110,600 142,200 '84,200 1,900 '56,100 '35,100 17,600 3,400 26,400 October (Oct.29) P. . . 169,700 111,700 143,400 '85,400 1,800 '56,200 '35,200 17,600 3,400 26,300 November (Nov.26) P 170,400 112,500 143,800 85,900 1,900 56,000 35,000 17,600 3,400 26,600 p Preliminary. ' Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. • Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Prior to June 30,1947, includes a relatively small amount of demand deposits. e Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—.Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Total, banks banks Assets all banks Na- State In- Nontional sured insured Depos- U. S. Government End of month a i n b to c a r e l- s s ' 1 Total i b C n p t a o o a n r d s s y k i h e - s - Total sec r u D e r c i i - t t ies G a u n a - r- f s C e u e r t a n e r c v s d - 1 h e s, Num 1 1 b 9 9 e 4 3 r 0 4 o - f 3 9 banks suspended: 29 2 1 2 15 1 6 18 1 9 8 81 3 teed 1941 8 4 3 1 1942 9 6 3 1943 4 2 2 1 1 9 9 4 3 0 9 — — D D e e c c . . . . . . 1 1 , , 3 2 0 7 4 9 1 1 , , 3 3 1 4 9 8 5 3 3 6 1 1 , , 1 2 9 2 2 4 1 1 , , 0 0 4 7 6 8 1 1 4 4 6 6 8 7 8 4 1 1 9 9 4 4 4 5 0 1 1 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1946 0 1 1 9 9 4 4 2 3 — — D D e e c c . . . . . . 1 1 , ,4 7 1 8 7 8 1 1 , , 4 8 6 4 4 3 1 1 6 0 1 1, , 7 3 1 4 6 5 1 1 , , 7 2 1 2 6 0 126 1 1 0 1 2 8 1947 1 1 1944—Dec... 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Dec... 2,933 3,022 6 2,837 2,837 179 (in thousands of dollars) :* 1946—Dec... 3,284 3,387 6 3,182 3,182 200 1934-39 125,991 14,61626,54844,348 40,479 1947—Jan... 3,331 3,436 6 3,234 3,234 196 1940 5,943 256 5,341 346 Feb... 3,355 3,463 6 3,257 3,257 200 1941 3,726 3,144 503 79 M Ap a r r . . . . . . 3 3 , , 3 3 7 8 5 2 3 3 , , 4 4 8 9 1 2 5 5 3 3 , , 2 2 8 9 4 0 3 3 , , 2 2 8 9 4 0 1 1 9 9 2 7 1 1 9 9 4 4 2 3 6 1, , 7 2 0 2 2 3 4,982 1 1 , , 3 2 7 4 5 1 327 M Ju a n y e . . . . 3 3 , , 3 3 8 9 7 3 3 3 , , 5 5 0 2 8 3 5 6 3 3 , , 2 3 7 0 7 2 3 3, , 3 2 0 7 2 7 2 2 2 1 6 6 1 1 9 9 4 4 4 5 405 0 405 July.. 3,398 3,548 6 3,351 3,351 191 1946 0 S A e u p g t . . . . . 3 3 , , 4 3 0 9 7 6 3 3 , , 5 5 4 5 2 3 6 6 3 3 , , 3 3 6 2 0 5 3 3 , , 3 3 6 2 0 5 2 1 1 8 2 8 1947 167 167 Oct... 3,412 3,524 6 3,314 3,314 205 Nov., *>3,414 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks F rreiimmary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit Insurance Corporation loans). * Includes working cash with oostmasters. 5 ner cent reser 1 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. JANUARY 1948 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets 1 Total * b In a t n e k r- 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 - s i e t c ie u s r- m D an e- d*1 Time' tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941 Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—June 29 136,572 31,486 105,087 95,911 9,175 33,124 159,171 12,311 98,060 48,800 11,067 14,567 Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 302 '131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 '89,295 '52,375 11,721 14,716 Nov. 26« 135,400 42,580 92,820 82,220 10,600 35,210 158,730 12,290 93,760 |52,680 11,900 14,731 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7.173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31. 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8v950 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 32,378 142,890 12,311 98,043 32,536 9,352 14,026 Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 302 , 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 '89,281 '34,947 9,880 14,183 Nov. 26e 116,740 37,700 79,040 70,120 8,920 34,530 141,120 12,290 93,750 35,080 10,030 14,198 All insured commercial banks: 1939—Dec. 30 39,290 16,863 22,427 15,567 6,860 21,873 56,069 9,523 31,483 15,063 6,527 13,534 1940—Dec. 31 42,557 18,395 24,162 17,064 7,099 26,287 63,461 10,539 37,333 15,589 6,676 13,438 1941—Dec. 31. .*.... 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 27,586 87,803 11,144 60,504 16,154 7,055 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,80*, 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—June 29 117,409 26,791 90,618 82,977 7,641 31,843 140,612 12,007 96,459 32,145 9,068 13,330 Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13.354 1947—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 '87,930 '34,486 9,558 13,386 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—June 29 102,032 23,302 78,729 72,272 6,458 28,079 122,519 11,801 84,602 26,115 7,920 6,887 Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 Nov. 26« 98,199 32,205 65,994 58,749 7,245 30,306 119,891 11,710 80,044 28,137 8,436 6,927 All national banks: 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 12,489 31,559 5,898 17,579 8,081 3,397 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 15,099 35,787 6,574 20,885 8,329 3,528 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 16,184 50,468 7,400 34,499 8,570 3,729 5,081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—June 29 66,277 14,469 51,809 47,271 4,537 18,607 80,212 7,816 54,930 17,466 4,862 5,012 Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,00? 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5.012 State member banks: 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 7,293 17,781 3,512 10,652 3,617 2,124 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 8,865 20,642 3,849 12,944 3,849 2,169 1,342 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1942—Dec. 31 21,687 5,905 15,782 13,802 1,980 8,096 27,808 3,600 20,024 4,184 2,371 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 9,472 42,307 3,986 29,672 8,649 3,058 1,875 Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 • Partly estimated. ' Revised. Relatively small amounts (partly estimated) of demand deposits at mutua sayings banks, included with time deposits of those banks for dates prior to June 30, 1947, are now shown separately. Demand and time deposits of "all banks" have been revised accordingly. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. For other footnotes see following page. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other * Cla a s n s d o f d a b t a e nk Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O se it t c i h u e e s r r - a C ss a e s t h s * Total* I b n a t n e k r- i m D a e n - d r Time' a c c T a c p o o t i u t a a n l l ts N b u a o m n f k b s er 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 ,312 859 1941—Dec. 31 7,233 3,696 3,536 2,270 266 3,431 9,574 457 5,504 3,613 1,288 662 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—Dec. 31 10,847 2,832 8,014 6,899 ,115 3,889 13,671 448 9,131 4,092 1,245 299 1944—Dec. 30 13,972 2,971 11,002 9,880 ,122 4,348 17,168 351 11,879 4,938 1,298 181 1945—Dec. 31 16,849 3,310 13,539 12,277 ,262 4,962 20,571 425 14,101 6,045 1,362 130 1946—June 29 17,430 3,830 13,600 12,212 ,388 4,300 20,387 510 13,441 6,436 1,433 142 Dec. 31 17,646 4,429 13,217 11,749 ,468 4,639 20,879 597 13,526 6,756 1,483 147 1947—June 30 2 17,970 5,027 12,943 11,352 ,591 '4,013 20,488 638 12,901 ••6,949 1,566 258 Nov. 26« 18,560 5,500 13,060 11,380 ,680 4,230 21,250 580 13,710 6,960 1,600 7,274 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 1940—Dec. 31 5,431 3,074 2,357 1,240 ,116 2,324 7,032 116 3,504 3,411 978 6,952 1941—Dec. 31 5,776 3,241 2,535 1,509 ,025 2,668 7,702 129 4,213 3,360 959 6,810 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 ,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—June 29 15,392 3,491 11,901 10,716 ,185 3,766 18,108 206 11,857 6,045 1.149 6,446 1947— D Ju ec n . e 3 3 1 0 1 1 5 5 , , 8 8 3 9 1 6 4 4 , ,5 0 9 4 7 0 1 1 1 1 , , 7 2 9 9 1 9 1 9 0 , , 9 5 4 2 9 4 , , 2 3 6 5 8 0 4 3 , , 1 4 0 9 9 8 1 1 8 8 , , 8 2 3 4 6 0 2 20 6 1 0 1 1 2 1 , , 2 5 2 5 5 0 r6 6 , , 4 3 8 5 8 1 1 1 , , 1 2 9 4 3 5 6 6 . , 4 4 6 5 1 7 Noninsured nonmember commercial banks: 1939—Dec. 30 , ,378 375 1,003 749 254 601 1,649 351 ,031 268 358 950 1940—Dec. 31 ,372 405 967 694 273 837 1,876 396 ,225 255 334 907 1941—Dec. 31 ,457 455 1,002 761 241 763 1,872 329 ,291 253 329 852 1942—Dec. 31» ,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 ,588 276 1,312 1,160 153 494 1,829 299 ,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 ,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 ,905 365 279 714 1946—June 29 2,038 339 1,699 1,496 204 534 2,279 303 ,584 391 284 696 Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 ,302 404 290 690 1947—June 30 2 r2,074 430 ••1,645 1,403 241 514 2,248 ••436 ,351 461 '322 797 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1940—Dec. 31 10,248 4,956 5,292 3,215 2,078 966 10,659 10,655 1,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—June 29 17,125 4,356 12,769 11,438 1,331 747 16,281 16,264 1,715 541 Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 1,784 541 1947—June 30 2.... 18,339 4,686 13,653 12,140 1,513 839 17,442 17,428 1,842 533 Nov.26«.... 18,660 4,880 13,780 12,100 1,680 680 17,610 17,600 1,870 533 Insured mutual savings banks: 1939—Dec. 30 1,329 605 724 422 303 133 1,409 1,407 153 51 1940—Dec. 31 1,654 637 1,018 548 470 202 1,818 1,815 161 53 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,785 164 52 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 2,044 201 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—June 29 11,453 3,132 8,322 7,662 660 550 10,979 10,965 1,122 191 Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 1,218 191 Noninsured mutual savings banks: 1939—Dec. 30 8,887 4,323 4,565 2,679 1,885 685 9,114 9,113 1,156 500 1940—Dec. 31 8,594 4,319 4,274 2,667 1,607 764 8,841 8,840 1,131 498 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,742 1,077 496 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,618 1,035 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30. 4,708 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 4,163 3,522 641 180 5,022 5,020 558 350 1946—June 29 5,671 4,447 3,777 671 197 5,302 5,299 593 350 Dec. 31 5,813 4,538 3,833 705 206 5,442 5,439 611 350 1947—June 302 5,964 1,316 '4,649 3,924 724 181 5,541 5,539 624 342 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 June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series recently announced by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above, particularly with respect to number of banks. Deposits unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks. '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. 65 JANUAKY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1947* ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Loans Investments Cash, Total i T n o v t e a a s l n t m d lo e a n n t s s Total C op i o n e m n cl m u m e d a r i c n r i k g a e l t , Rea lo l a e n s s tate l O oa th n e s r 1 Total U o bl S ig . a G tio o n v s 't o O f b p S l o t i a l g i t t a e i t c s i a o a l n n s d sec O ur th it e ie r s 1 b d a re u n s e k e s r f , v r e o a s m n , d e a R s ss t e a e a t t l e s a O s t s h e e ts r l a ia s t b s o e i t l t i a s t l — ies paper subdivisions ^cash items and capital United States and possessions. . 131,779,438 38,578,709 15,000,872 12,949,306 10,628,531 93,200,729 83,116,152 5,040,490 5,044,087 33,716,747 1,138,464 613,750 167,248,399 United States 131,095,561 38,365,140 14,890,901 12,906,494 10,567,745 92,730,421 82,679,471 5,020,618 5,030,332 33,543,664 1,130,776 566,933 166,336,934 Possessions 683,877 213,569 109,971 42,812 60,786 470,308 436,681 19,872 13,755 173,083 7,688 46,817 911,465 State Alabama 911,200 282,876 99,373 70,370 113,133 628,324 526,178 81,210 20,936 297,345 8,899 3,069 1,220,513 Arizona 323,422 122,540 53,022 30,753 38,765 200,882 183,713 11,882 5,287 81,279 3,101 2,311 410,113 Arkansas 552,187 146,128 36,663 37,592 71,873 406,059 344,912 45,300 15,847 211,028 3,384 802 767,401 California 10,620,145 3,877,945 1,381,730 1,758,313 737,902 6,742,200 6,009,391 577,943 154,866 2,487,944 105,112 46,363 13,259,564 Colorado 768,356 209,407 74,363 46,919 88,125 558,949 513,989 22,984 21,976 289,994 3,054 2,459 1,063,863 Connecticut 2,493,030 616,277 101,325 391,477 123,475 1,876,753 1,620,126 61,173 195,454 391,289 23,545 15,558 2,923,422 Delaware 451,406 113,585 39,090 46,165 28,330 337,821 249,717 14,066 74,038 101,158 3,989 1,134 557,687 District of Columbia. 809,500 213,892 81,933 66,945 65,014 595,608 55t,930 1,624 43,054 260,423 15,506 2,607 1,088,036 Florida 1,315,573 289,008 130,561 52,981 105,466 1,026,565 930,191 73,457 22,917 446,573 14,636 4,722 1,781,504 Georgia 1,263,979 498,356 196,219 110,568 191,569 765,623 696,182 45,613 23,828 442,315 13,366 4,731 1,724,391 Idaho 327,138 81,121 24,556 23,714 32,851 246,017 237,475 7,471 1,071 84,868 2,106 606 414,718 Illinois 9,003,361 2,344,919 1,399,711 333,089 612,119 6,658,442 5,950,503 388,225 319,714 2,679,080 43,608 32,726 11,758,775 Indiana 2,327,564 563,914 168,532 238,190 157,192 1,763,650 1,608,217 88,979 66,454 653,083 16,267 4,570 3,001,484 Iowa 1,858,490 442,445 106,051 157,762 178,632 1,416,045 1,268,244 112,893 34,908 550,723 10,310 1,707 2,421,230 Kansas 1,167,542 299,425 81,113 62,596 155,716 868,117 779,829 57,465 30,823 390,853 6,226 1,724 1,566,345 Kentucky 1,176,932 355,316 114,830 109,928 130,558 821,616 753,300 31,438 36,878 331,897 6,989 1,660 1,517,478 Louisiana 1,133,191 299,012 127,626 62,417 108,969 834,179 695,631 119,821 18,727 426,793 12,133 5,933 1,578,050 Maine 646,612 151,876 40,460 71,286 40,130 494,736 429,026 13,824 51,886 100,338 4,436 1,180 752,566 Maryland 1,684,130 363,850 97,036 145,651 121,163 1,320,280 1,214,518 19,334 86,428 362,219 13,803 11,000 2,071,152 Massachusetts 6,763,344 1,946,464 592,789 1,018,300 335,375 4,816,880 4,316,807 75,129 424,944 1,019,588 52,902 26,396 7,862,230 Michigan 3,954,049 1,064,868 300,950 475,647 288,271 2,889,181 2,580,155 197,085 111,941 981,717 27,223 11,302 4,974,291 Minnesota 2,312,363 642,253 226,845 203,262 212,146 1,670,110 1,501,997 82,364 85,749 621,514 14,098 6,771 2,954,746 Mississippi 565,310 143,707 40,392 40,403 62,912 421,603 314,511 99,671 7,421 195,506 4,610 1,027 766,453 Missouri 3,031,238 1,054,790 446,950 292,106 315,734 1,976,448 1,771,317 111,396 93,735 1,032,815 20,057 9,789 4,093,899 Montana 390,185 80,218 23,272 20,077 36,869 309,967 292,307 9,980 7 ,680 121,264 2,168 947 514,564 Nebraska 968,025 205,536 61,369 33,972 110,195 762,489 693,550 43,503 25,436 360,716 5,076 2,077 1,335,894 Nevada 134,227 44,138 9,605 21,501 13,032 90,089 80,877 8,641 571 32,610 966 892 168,695 New Hampshire 521,378 157,567 26,526 103,866 27,175 363,811 289,615 16,456 57,740 60,284 3,848 265 585,775 New Jersey 4,286,988 995,144 246,094 509,790 239,260 3,291,844 2,793,682 216,633 281,529 792,S61 54,046 15,215 5,149,110 New Mexico 195,066 78,906 28,707 23,094 27,105 116,160 104,858 8,974 2,328 71,727 1,425 122 268,340 New York ,837,752 11,067,362 4,750,500 3,514,021 2,802,841 24,770,390 22,849,432 863,023 1,057,935 8,076,113 290,833 231,766 44,436,464 North Carolina ,339,737 434,539 167,830 93,976 172,733 905,198 791,544 74,344 39,310 425,724 9,401 9,559 1,784,421 North Dakota 451,632 51.342 11,963 11,949 27,430 400,290 376,589 14,703 8,998 99,765 1,587 852 553,836 Ohio ,777,368 1,724,121 568,782 605,536 549,803 4,053,247 3,559,301 288,557 205,389 1,445,944 51,059 15,262 7,289,633 Oklahoma ,063,827 299,423 132,836 47,528 119,059 764,404 667,603 83,403 13,398 503,931 7,972 4,358 1,580,088 Oregon ,034,900 282,002 130,441 70,896 80,665 752,898 662,106 82,745 8,047 287,515 10,827 4,909 1,338,151 Pennsylvania ,364,587 2,293,851 1,017,692 693,819 582,340 7,070,736 5,791,517 317,368 961,851 2,167,373 120,254 45,114 11,697,328 Rhode Island 959,212 199,880 59,923 103,275 36,682 - 759,332 , 660,584 7,826 90,922 126,297 12,147 3,767 1,101,423 I South Carolina 480,969 125,176 43,041 32,509 49,626 355,793 314,526 26,279 14,988 175,505 2,806 1,127 660,407 South Dakota 375,939 77,053 15,658 17,992 43,403 298,886 274,191 14,369 10,326 112,009 1,934 973 490,855 Tennessee ,390,019 458,937 171,017 99,403 188,517 931,082 796,597 108,562 25,923 471,349 15,665 4,776 1,881,809 Texas ,930,530 1,423,886 729,720 172,505 521,661 2,506,644 2,251,389 194,163 61,092 1,878,325 48,791 6,765 5,864,411 Utah 419,933 161,020 47,064 66,563 47,393 258,913 242,407 13,933 2,573 115,646 3,088 558 539,225 Vermont 317,284 154,109 18,398 102,591 33,120 163,175 132,345 11,289 19,541 39,255 3,924 390 360,853 Virginia ,413,060 545,494 155,906 191,551 198,037 867,566 788,510 40,509 38,547 396,557 17,587 4,581 1,831,785 I Washington ,675,731 563,117 249,765 182,891 130,461 1,112,614 964,874 112,173 35,567 480,752 9,933 4,357 2,170,773 West Virginia 720,294 204,719 46,705 93,967 64,047 515,575 472,841 23,179 19,555 207,874 8,023 784 937,975 W W y is o c m on in si g n , 1 4 5 2 9 7 , , 2 6 0 5 1 5 5 4 6 9 4 , , 1 5 2 0 2 4 20 1 3 2 , , 6 34 2 1 6 23 1 3 3 , , 4 3 3 5 8 0 1 2 2 3 7 , , 4 4 3 4 1 0 1,8 1 6 1 3 0 , , 1 0 5 7 1 9 1,6 1 8 0 0 0 , , 9 41 4 8 9 9 6 2 , , 6 96 9 2 7 8 2 9 , , 9 2 6 40 4 5 5 9 6 7 , r2 6 9 3 1 5 16 1, , 0 9 8 7 3 3 2 1 0 7 0 0 3, 2 0 1 4 7 8 , , 1 0 1 8 9 9 •These figures, with detailed breakdown of assets and liabilities and by class of bank but not by States, were released by the Federal bank supervisory agencies on Nov. 10; subsequently a revision of 143 million dollars was made between demand and time deposits of individuals, partnerships, and corporations. 1 Includes items not classified as to type. 2 Deposits unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks. Digitized for FRASER3 Includes 12 banks for which asset and liability data are not available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1947*--Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits Individuals, partnerships, Borrowings Total Number Total Interbank Gov U er . n S m . ent s S u p b ta o d t l i e i v t s i i s c a i a o n l n d s a c n C h d e e c r o k ti f s f f i , i e c e d e t r c s . ' Dem an a d n d c o 1 rporat T io im ns e d d e e T p m o o t a s a i n t l s d 2 de T p ti o o m s ta i e t l s 2 a li n a d b i o li t t h ie e s r a c c a c p o i u t n al ts ban o k f s 3 United States and possessions 154,191,122 11,690,112 1,427,589 7,519,756 2,149,076 79,629,657 51,774,932 101,092,661 53,098,461 1,287,045 11,770,232 14,767 United States 1-53,349,192 11,679,477 1,371,697 7,409,875 2,130,617 79,306,923 51,450,603 100,642,672 52,706,520 1,266,422 11,721,320 14,716 Possessions . 841,930 10,635 55,892 109,881 18?459 322,734 324,329 449,989 391,941 20,623 48,912 51 State Alabama 1,141,783 58,929 10,000 102,991 5,552 710,890 253,421 886,442 255,341 4,981 73,749 219 Arizona.... 390,254 2,969 1,909 44,725 5,076 241,917 93,658 296,324 93 930 2 723 17 136 j i Arkansas 722,308 45,118 6,147 65,705 3,528 506,577 95,233 625,416 96,892 1,220 43,873 228 California 12,486,978 395,119 78,511 637,554 219 608 5,795,441 5,360,745 6 981 903 5,505 075 104 978 667 608 202 Colorado 1,002,524 71,772 9,884 37,228 8,772 651,022 223,846 775 ,577 226,947 3,520 57 819 147 Connecticut. 2,648,045 36,522 9,137 57,197 24,085 857,066 1,664,038 981,634 1,666,411 12,530 262,847 187 Delaware 495,332 3,260 9,435 21,463 8,931 309,661 142,582 344,080 151,252 2,641 59,714 41 District of Columbia • . 1,015,018 44,340 14,821 62 18,214 710,642 226,939 787,054 227,964 7,218 65 800 19 Florida 1,678,563 116,899 14,797 168,760 13,903 1,045,395 318,809 1,329,277 349,286 5,772 97,169 184 Georgia 1,607,433 144,803 14,598 124,948 5,886 998,789 318,409 1,286,639 320,794 13,059 103,899 378 Idaho 395,940 5,378 3,246 38,700 3,236 251,963 93,417 301,718 94,222 1,130 17,648 48 Illinois . . . 10,988,257 1,183,254 224,390 646,986 101,469 6,214,424 2,617,734 8,222,695 2,765 ,562 77,112 693,406 879 Indiana 2,824,560 105,939 24,546 264,284 26,138 1,537,703 865,950 1,952,245 872,315 7,397 169 527 494 .Sowa 2,295,768 145,297 39,229 200,667 15,027 1,364,823 530,725 1,762,248 533,520 2,445 123,012 663 Kansas 1,479,858 83,223 14,388 176,160 12,235 1,038,166 155,686 1,321,716 158,142 2,430 84,057 612 Kentucky 1,410,563 119,248 17,225 92,034 35,132 930,721 216,203 1,191,108 219,455 6,599 100,316 387 Louisiana . . .. 1,492,633 169,664 7,503 178,814 12,243 852,294 272,115 1,214,296 278,337 7,409 78,008 158 Maine 680,717 8,844 3,533 18,065 2,512 210,049 437,714 240,968 439,749 2,359 69,490 96 ^Maryland 1,905,619 94,566 10,495 87,658 9,079 875,816 828,005 1,069,942 835,677 7,301 158,232 178 IVlassachusetts . . . . 7,083,669 316,135 29,283 152,120 51,859 2,576,449 3,957,823 3,120,523 3,963,146 69,132 709,429 378 Michigan 4,681,647 151,022 34,088 215,008 51,238 2,126,833 2,103,458 2,565,277 2,116,370 21,043 271,601 448 ^Minnesota 2,764,473 283,324 23,433 194,061 28,581 1,255,935 979,139 1,778,489 985,984 13,261 177,012 680 IMississippi • .... 722,048 47,439 7,055 102,481 2,005 431,256 131,812 589,130 132,918 1,152 43,253 205 Missouri . . . 3,835,652 685,586 31,879 207,316 23,476 2,242,970 644,425 3,182,933 652,719 18,060 240,187 595 Montana 491,293 20,672 4,326 42,236 5,753 325,441 92,865 397,493 93,800 835 22,436 110 Nebraska 1,259,767 171,389 16,547 50,795 8,633 872,996 139,407 1,120,187 139,580 8,441 67,686 417 Nevada . . .• 159,455 805 1,478 17,727 3,375 82,768 53,302 105,994 53,461 1,915 7,325 g New Hampshire . . 525,626 6,921 2,739 9,354 3,516 118,712 384,384 140,679 384,947 1,721 58,428 108 New Jersey 4,765,229 41.767 31,166 237,667 50,486 1,900,049 2,504,094 2,247,919 2,517,310 20,959 362,922 370 New I^exico ....'. 255,906 6,754 2,405 35,730 2,858 168,204 39,955 215,632 40,274 267 12,167 46 New York . . 40,028,275 4,620,684 314,677 763,343 994,066 20,013,081 13,322,424 26,332,854 13,695,421 618,309 3,789,880 797 North Carolina 1,666,754 169,160 20,707 201,849 16,652 919,637 338,749 1,319,935 346,819 16,544 101,123 226 North Dakota 527,059 12,904 4,584 78,833 3,174 323,354 104,210 386,349 140,710 863 25,914 152 Ohio 6,805,653 260,736 74,041 390,188 67,028 3,364,666 2,648,994 4,042,144 2,763,509 37,408 446,572 675 Oklahoma 1,478,527 156,942 20,215 177,026 19,578 997,781 106,985 1,364,008 114,519 6,671 94,890 386 Oregon . . . 1,264,812 31,896 7,056 66,430 17,813 744,016 397,601 860,377 404,435 6,140 67,199 71 Pennsylvania . . 10,484,679 574,563 56,558 347,492 74,194 5,516,925 3,914,947 6,429,741 4,054,938 76,071 1,136,578 1 017 Rhode Island 996,756 11,901 17,291 31,984 6,509 353,862 575,209 420,848 575,908 11,851 92,816 29 South Carolina .... 626,614 16,695 11,255 60,453 4,876 447,054 86,281 538,805 87,809 1,606 32,187 149 South Dakota 467,617 10,928 7,708 43,640 2,819 324,520 78,002 387,428 80,189 891 22,347 170 Tennessee 1,762,962 215,830 13,890 136,279 10,667 975,640 410,656 1,341,759 421,203 8,500 110,347 298 Texas 5,517,518 654,971 42,017 387,535 57,272 3,907,153 468,570 4,984,471 533,047 17,419 329,474 879 Utah 507,080 33,135 2,248 30,952 3,464 272,518 164,763 341,634 165,446 1,861 30,284 59 Vermont 325,306 1,310 1,504 6,202 1,726 80,975 233,589 89,691 235,615 1,847 33,700 79 Virginia . . 1,693,173 102,546 24,911 76,755 20,350 918,490 550,121 1,113,892 579,281 10,318 128,294 315 'Washington . 2,055,299 78,693 13,035 135,428 19,544 1,070,872 737,727 1,315,502 739,797 7,706 107,768 125 West Virginia .... 861,961 29,354 9,140 51 ,973 9,248 500,273 i 261,973 596,300 265 ,661 6,428 69,586 181 ^Visconsin 2,868,197 122,076 30,983 177,570 37,180 1,241,102 1,259,286 1,582,495 1,285,702 5,811 174,081 557 Wyoming . 204,032 8,195 1,684 17,447 2,051 130,032 44,623 158,901 45,131 568 12,519 55 For footnotes, see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n lo a v e n a e n n d s t s t s - Total o c m p k p i p l i n u n e a e e a g r d - r n t - i - - - A c tu u g r l r - - i- b d a s e e T r n e e o r r o a s d s c k l u - - rit o i T e t e r h o s s - R l t o a e a t a e n l s s C l u o m o a n n e s r O lo t a h n e s r 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 f s s - i - - ire N c o t tes Bonds teed p d I s s a i o t u o i i c n a o v l b a f i t d n i e t l - - - s s O r s i e t t h c ie u e s r - All insured commercial banks: 1940—Dec. 31.. 42,55 18,395 7,178 281 663 727 4 4,077 24,162 17,064 662 2,756 9,925 7193,608 491 1941—Dec. 31.. 49,29021,259 9,214 ,450 614 662 4 4,545 28,03121,046 988 3,159 12,797 4 1023,651 333 1942—Dec. 31.. 66,240 18,903 7,757 ,642 950 597 4 ,2691,042 47,33640,7054,462 727 5,79920,999 718 3,533 098 1943—Dec. 31.. 83,507 18,841 7,777 ,505 ,414 922 4437 ,868 918 64,66658,6834,63613,218 7,67230,656 501 3,,287 696 1944—Dec. 30.. 103,38221,352 7,920 ,723 2,269 2265 4343 944 82,03075,8753,971 15,300 15,77839,848 9783,422 733 1945—Dec. 31.. 121,80925,765 9,461 ,314 3,164 3606 4677 1,181 96,04388,9122,455 07116,04551,321 223,873 258 1946—Dec. 31.. 112,17830,733 14,016 ,358 ,517 609 103 1,098 81,445 73,5541,271 288 6,780 53,200 154,298 592 1947—June 30. . 110,68233,250 14,765 ,549 ,517 278 8,201 1,047 77,43369,136 835 441 5,34153,505 14 4,8263,471 Member banks, total: 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,0132,970 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,090 2,871 1942—Dec. 31.. 59,263 16,088 7,3871,089 934 538 3,423 ,847 870 43,17537,5464,363 6,285 5,40918,948 540 2,9652,664 1943—Dec. 31.. 74,258 16,288 7,421 1,0231,398 839 3,274 ,484 848 57,97052,9484,36012,071 6,906 27,265 3452,729 2,294 1944—Dec. 30.. 91,569 18,676 7,5311,1982,2492,108 3,209 ,505 72,89367,6853,74813,98214,12734,927 9022,857 2,350 1945—Dec. 31.. 107,18322,775 8,949 8553,1333,378 3,4551,9001,104 84,40878,3382,27516,98514,27144,792 163,2542,815 1946—Dec. 31.. 96,36226,696 13,154 8841,506 ,467 5,358 3,3081,020 69,66663,042 1,16710,043 5,60246,219 113_,,_5_4_8 3,077 1947—June 30.. 94,80228,655 13,820 9721,507 154 6,240 3, 965 66,14659,198 773 7,544 4,369 46,502 10 3,982 2,966 Oct. 6.. 97,32830,738 66,59059,288 4,2243,079 New York City:* 1940—Dec. 31.. 10,910 3,384 2,125 465 190 130 468 7,52 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1942—Dec. 31.. 17,957 4,116 2,546 787 193 117 303 14813,841 12,5471,855 2,144 2,056 5,4201,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 1,054 323 107 252 15315,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 1,742 859 86 253 17918,243 17,179 913 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 17,574 477 3,433 3,32510,337 1 606 629 1946—Dec. 31.. 20,83 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 * 99210,202 1 557 601 1947—June 30. . 20,332 6,548 4,171 1,196 286 104 500 29113,784 12,571 137 1,103 77510,555 1 631 582 Oct. 6.. 20,46( 6,881 13,58812,305 694 588 Chicago:2 1940—Dec. 31.. 2,377 696 492 42 54 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31. 2,760 95 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31. 3,973 832 658 34 32 62 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. 4,55 1,004 763 102 52 45 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. 5,443 1,18 738 163 163 45 4,258 3,91 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 211 233 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 117 101 105 3,266 2,912 60 498 146 2,207 167 187 1947—June 30. . 4,802 1,565 1,178 100 84 130 3,237 2,890 106 368 132 2,284 175 173 Oct. 6.. 5,040 1,72 3,316 2,93. 205 176 Reserve city banks. 1 1 1 9 9 9 4 4 4 0 1 2 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . 2 1 1 0 3 5 , , , 9 0 3 1 1 4 5 3 7 6 5 7 , , , 9 1 1 3 0 0 1 2 5 2 3 2 , , , 5 9 4 8 5 5 9 7 6 3 2 26 9 0 3 0 0 1 1 9 1 1 7 5 4 2 1 1 0 5 9 7 3 4 4 4 5 8 3 2 6 6 7 8 1 1 0 , , 8 3 5 2 1 2 2 3121 8 7 4 , , , 2 0 8 4 1 8 3 3 1 1 5 6 3 , , , 4 2 0 6 3 0 8 7 4 1, 2 4 1 9 4 0 5 3 1 2,253 1,7 7 75 2 7 1 1 3 3 6 4 , , , 8 2 2 1 8 4 0 1 8 1 1 , , 8 1 0 1 7 4 1 3 9 9 9 95 5 8 6 4 4 8 8 8 2 9 2 1 3 0 1943—Dec. 31.. 27,52 6,201 3,058 279 217 267 420 658 30121,321 19,68 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 379 660 313 26,78125,042 1,704 5,730 5,181 11,987 440 ,000 740 1945—Dec. 31.. 40,108 8,51 3,661 205 4271,503 459 855 404 31,59429,552 1,034 6,982 5,65315,878 5 ,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 22371,436 435 24,52722,250 441 3,799 1,99316,013 4 ,2721,004 1947—June 30. . 34,611 11,441 5,726 197 185 540 27131,675 405 23,17020,845 334 3,038 1,50315,967 3 ,364 962 Oct. 6.. 35,792 12,495 23,29720,884 ,3901,023 Country banks: 1940—Dec. 31. 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 5 6 4 1 2 3 7 — — — — — — — D D D D D D Ju e e e e e e n c c c c c c e . . . . . . 3 3 3 3 3 3 3 0 1 1 1 1 1 0 . . . . . . . . . . . . . . 3 3 3 2 2 1 1 1 5 5 5 8 2 0 6 2 , , , , , , , , 4 0 0 5 1 8 4 5 1 0 2 2 5 8 1 1 2 2 0 6 8 9 8 9 5 4 8 5 5 4 5 , , , , , , , , 1 9 6 0 8 5 3 0 0 1 5 9 0 9 0 3 2 0 4 6 0 4 9 8 2 2 1 1 1 1 1 1 , , , , , , , , 1 4 7 2 6 4 4 0 4 7 2 8 8 5 3 4 9 6 6 4 4 3 3 4 6 6 6 8 5 7 7 7 7 8 4 0 5 7 9 1 : 1 8 2 9 4 0 3 3 2 2 2 4 1 1 1 7 7 4 0 1 8 6 9 3 1 4 1 0 3 1 7 3 2 , , , , , , , , 3 9 8 7 7 8 7 6 8 7 8 1 2 2 9 4 1 1 0 9 5 3 7 4 1 1 , , 6 5 5 3 7 6 1 1 2 4 1 7 9 0 , , 8 7 4 7 2 3 5 4 3 0 0 0 3 2 3 3 3 3 0 6 8 5 4 9 6 3 1 1 0 3 2 2 2 1 1 2 5 7 5 6 3 7 1 9 , , , , , , , , 9 5 4 6 6 5 3 4 1 5 0 2 1 3 8 0 7 5 8 0 8 4 0 72 2 2 2 1 3 9 6 4 2 4 1 5 , , , , , , , , 1 2 9 8 5 5 3 4 9 6 9 7 5 7 6 7 9 3 2 2 5 9 7 1, 6 6 8 2 0 1 1 7 7 8 3 4 3 1 9 1 9 2 0 5 0 2 3 3 3 5 4 1 , , , , , , 1 0 0 4 2 0 0 5 2 6 3 9 2 1 0 6 5 4 4 2 4 2 1 1 , , , , , , 0 4 4 5 4 4 9 2 8 9 3 2 4 7 6 4 1 3 6 2 4 0 0 0 1 1 1 1 2 5 8 2 2 6 7 7 , , , , , , , , 0 7 4 9 7 7 6 5 8 0 3 2 1 9 9 4 1 6 5 6 3 7 6 0 5 5 8 2 7 6 3 4 7 1 1 9 6 8 1 5 4 0 , , , , , , , , 2 1 2 3 2 2 5 8 2 4 5 4 5 1 3 1 2 6 2 2 1 4 0 3 1 1 1 1 1 , , , , , 9 8 8 0 1 0 2 2 5 5 2 2 0 8 6 5 6 5 9 8 2 5 7 0 Oct. 6.. 36,027 9,638 26,38923,164 1,934 ,291 Insured nonmember commercial banks: 1940—Dec. 3i.. 5,431 3,074 518 416 21 751,240 803 2,357 1,240 10 162 834 234 595 521 1941—Dec. 3l . 5,776 3,241 543 478 20 641,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 3l.. 6,984 2,818 370 553 16 59 ,225 422 173 4,166 3,16: 99 442 390 2,053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 16 82 ,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 ,136 383 67 9,146 8,197 223 1,319 ,652 4,928 76 566 383 1945—Dec. 31 . 14,639 2,992 512 459 31 228 ,224 460 7711,64 10,584 180 2,087 ,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 ,748 723 7911,791 10,524 104 2,247 ,179 6,991 3 752 516 1947—June 30.. 15,896 4,597 945 576 11 125 ,963 895 8211,299 9,949 62 1,897 972 7,013 4 845 505 r Revised. • These figures do not include data for banks in possessions of the United States. 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. 1 Central reserve city banks- 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 I In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l n o d d f a b te ank F s B s w e e R e a r d r i v n e e t 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 a n d e n i o c s k t e - t h s i s c * j p u m s o d a a t d e s e n i - - d t d s * m D e I s n o d t - t i e c e p 8 r o b s a F i e n t i o s g k r n - m U G er . o e n S n v - . t - p v s S o i u a t s l b i a i n t o t d i d c n e i a s - s l c C h c o e f a e e e i f t n e c f r r c i d d t k s . - i ' s - , p a v n a s i p I t h d r d i n o o t i u d n r p c n a a i e s o s - l - r , s r - - , I b n a t n er k - U P G m S e i a o n r . a o n e n s g v v n d S t - s - a - t . l v S p s i a i u s o t c n i a b l a o d i t d l t n e - i s s - p a v n s a p i I t h d r i d n o o t i u d n r p n c a a i e s o s - l - r , s r - , - r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 1940— Dec. 31.. 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,676 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31.. 13,072 1,305 9,080 48,22110,234 813 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 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—June 30.. 16,039 1,804 8,498 r80,869 9,807 1,372 1,247 6,495 2,111 '78,077 64 111 771 '33,604 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—Dec. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—June 30.. 16,040 1,409 5,521 69,595 9,612 1,369 1,095 5,376 1,976 67,933 60 106 649 27,259 50 8,315 Oct. 6.. 16,946 1,496 5,993 70,79310,471 1,455 2,308 5,059 1,821 69,047 50 110 661 27,511 332 8,463 New York City:* 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31.. 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 26 816 29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—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 2,234 Oct. 6.. 4,254 143 55 15,941 2,975 1,298 564 225 783 16,463 14 12 17 1.437 268 2,250 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 1 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—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 Oct. 6.. 993 30 144 3,612 1,111 25 161 323 50 3,548 2 7 871 i 420 Reserve city banks. 1940—Dec. 31.. 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 ""2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 ""2 2,566 1946—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 Oct. 6.. 6,764 494 1,835 24,580 5,378 125 789 2,025 554 24,508 20 46 314 10,975 35 2,847 Country banks: 1940—Dec. 31. . 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31.. 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30.. 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—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 v2,511 451 23,380 17 49 308 14,101 38 2,869 Oct. 6.. 4,934 829 3,959 26,660 1,006 7 794 2,487 435 24,528 17 50 324 14,229 28 2,946 Insured nonmember commercial banks: 1940—Dec. 31 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 978 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 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 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—June 30 395 2,979 ••11,274 194 152 1,119 135 r10,144 4 122 ••6,361 10 1,245 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. 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. JANUARY 1948 69 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 lo an an d s Total i t t a c n a c r u g i u d i n a r a r l u d - a l i l , - s l , - G a U t l i o n i o o . g b d v n - a S - t s . d . e O a c l t s u t e i e h e r r - s i s e - r G U l t T o i i o g . b o o S v - a n . - t o s . t O h c t e u t i h r e r s s e i- r e R l s o t e a a a n t l e s 3a to nks Other Total Total Bills o d c C n t f e e a i e e f d b t i i s r e - - n t - s s - - Notes Bonds' O s ri e t t h c i e e u r s - Total- Leading Cities 1946—November.. . 6,129 19,123 1,125 957 452 953 2,370 2,59547,006 43,078 690 6,854 4,923 30,611 3,928 1947- -July 63,40 20,232 1,860 588 523 514 472 029 160 3,086 43,169 39,025 950 4,595 2,643 30,837 4,144 August 63,630 20,838 2,259 622 471 504 472 127 242 3,141 42,792 38,561 649 4,294 2,626 30,992 4,231 September... 64,343 21,371 2,757 573 444 501 475 199 224 3,198 42,972 38,689 791 4,133 2,686 31,0794,283 October 64,840 22,220 3,432 494 546 492 487 278 220 3,271 42,620 38,340 680 4,034 2,576 31,050 4,280 November.. . 64,953 22,88 4,154 419 457 451 4943,356 211 3,345 42,066 37,842 897 3,811 2,159 30,975 t4,224 Oct. 1 64,796 22,056 3,116 667 567 497 4783,244 246 3,241 42,740 38,400 519 4,025 2,632 31,224 4,340 Oct. 8 64,71 22,068 3,202 554 536 499 4863,258 285 3,248 42,651 38,373 545 3,993 2,600 31,235 4,278 Oct. 15 64.62C 22,258 3,432 498 568 495 4883,279 228 3,270 42,36: 38,103 629 3,997 2,599 30,878 4,259 Oct. 22 65,02 22,148 3,595 344 493 491 4863,295 154 3,290 42,881 38,632 938 4,125 2,630 30,939 4,249 Oct. 29 65,034 22,572 3,817 406 564 480 4963,316 187 3,306 42,462 38,19: 769 4,032 2,418 30,973 4,270 Nov. 5 64.91C 22,694 3,971 399 462 474 4863,331 246 3,325 42,216 37,982 71 3,924 2,349 30,992 4,234 Nov. 12 64,93 22,880 4,152 444 463 458 4863,34' 182 3,348 42,05 37,834 80 3,763 2,262 31,002 4,223 Nov. 19 64,924 22,874 4,214 374 432 439 5153,36' 180 3,353 42,050 37,829 ,041 3,765 2,029 30,994 4,221 Nov. 26 65,04 23,099 .4,277 458 472 .433 4873,380 235 -•3,35 41,943 37,724 ,021 3,793 1,997 30,913 4,219 Dec. 3 65,02 23,229 14,368 476 443 434 5113,388 230 3,379 41,798 37,560 948 3,291 2,847 30,474 4,238 Dec.^10 65,141 23,343 14,471 428 421 418 5093,413 291 3,392 41,797 37,564 ,110 3,272 2,842 30,3404,233 Dec.U7 65,38= 23,518 14,629 331 646 403 4903,429 177 3,413 41,867 37,653 ,367 3,289 2,847 30,1504,214 Dec. 24 63,30. 23,722 14,729 407 634 404 4903,446 193 3,419 41,583 37,366 ,299 3,263 2,771 30,033 4,217 New York City 1946—November.. . 0,93^ 6,391 3,975 812 292 279 210 157 57114,542 13,402 163 1,680 1,448 10,111 1,140 1947—July 20,01 6,186 4,176 477 351 103 191 130 658 13,828 12,600 398 1,013 766 10,423 ,228 August 19,80. 6,403 4,309 523 330 9 18 181 67413,400 12,131 142 811 725 10,453 ,269 September... 20,03 6,566 4,525 490 311 91 185 102 170 69: 13,465 12,173 255 712 74 10,459 ,292 October 2O,O3i 6,840 4,815 412 368 82 189 102 161 71113,196 11,965 250 724 618 10,373 ,231 November.. . 19,90; 7,088 5,191 320 314 74 193 105 160 73112,815 11,639 412 629 375 10,223 ,176 Oct. 1 20,26. 6,888 4,675 571 371 89 186 100 193 70313,377 12,062 15 68 696 10,532 1,315 Oct. 8 20,05 6,842 4,709 473 381 8: 190 102 200 70513,214 11,977 161 666 646 10,504 1,237 Oct. 15 19,78- 6,82 4,806 423 371 80 189 102 14 71212,95 11,744 163 70 619 10,255 1,213 Oct. 22 20,02 6,696 4,88' 278 335 79 186 103 112 71413,33 12,142 45 789 632 10,268 1,189 Oct. 29 20,041 6,94 4,996 316 38: 80 193 104 156 72013,10 11,902 325 774 499 10,304 1,199 Nov. 5 19,89 6,97 5,086 313 316 80 185 104 168 72512,91- 11,741 272 711 454 10,304 1,173 Nov. 12 19,91 7,102 5,190 349 316 75 183 105 152 73212,815 11,638 373 609 419 10,237 1,177 Nov. 19 19,88- 7,O7.r 5,235 281 288 7: 21 106 148 73 12,809 11,633 541 585 315 10,192 1,176 Nov. 26 19,91 7,19. 5,253 338 334 70 188 105 173 73412,723 11,545 462 612 31 10,157 1,178 Dec. 3 19,97 7,28( 5,293 380 310 75 211 104 171 73612,695 11,498 43 505 510 10,049 1,197 Dec. 10 19,97. 7,290 5,3r 339 279 65 212 104 236 73812,683 11,488 508 514 476 9,9901,195 Dec. 17 20.14J 7,352 5,366 248 490 63 190 106 151 73812,793 11,616 699 512 45. 9,9501,177 Dec. 24 2O,18i 7,434 5,413 320 469 60 191 105 152 72412,752 11,575 699 528 420 9,9281,177 Outside New York City 1946—November. . . 45,19( 12,73 7.15C 145 2822,275 2,02432,464 29,676 527 5,174 3,475 2O,5OC2,788 1947—July 43,38 14,04* 7,684 111 172 411 2812,92 2,428 29,34 26,425 552 3,58: ,877 20,414 2,916 August 43,82 14,43 7,950 99 141 407 2853,025 2,467 29,39: 26,430 507 3,483 ,901 20,539 2,962 September.. 44,31 14,805 8,232 83 133 410 2903,097 2,506 29,50' 26,516 536 3,421 ,939 20,620 2,991 October.... 44,80- 15,381 8,617 82 178 410 2983,176 2,560 29,42< 26,375 430 3,310 ,958 20,6773,049 November.. , 45,05 15,79' 8,963 99 143 377 3013,251 2,614 29,25: 26,20. 485 3,182 ,784 20,752 3,048 Oct. 1 44,53 15,168 8,441 96 196 408 2923,144 2,538 29,363 26,338 367 3,343 ,936 20,692 3,025 Oct. 8 44,66. 15,226 8,493 81 155 417 2963,156 2,543 29,43' 26,396 38 3,32 ,954 20,73 3,041 Oct. 15 44,83i 15,43 8,626 75 197 41 2993,177 2,558 29,40. 26,359 466 3,290 ,980 20,623 3,046 Oct. 22 45,00 15,452 8,706 66 158 41 3003,192 2,576 29,551 26,490 485 3,336 ,998 20,671 3,060 Oct. 29 9 15,625 8,821 90 18: 400 3033,212 2,586 29,36 26,290 444 3,258 ,919 20,6693,071 Nov. 5 45,01' 15,71 86 146 394 3013,22 2,600 29,302 26,24 445 3,213 ,895 20,688 3,061 Nov. 12 45,02i 15,77 8,962 9 14 383 3033,242 2,616 29,242 26,196 434 3,154 ,843 20,7653,046 Nov. 19 45,041 15,799 8,979 93 144 36 3013,261 2,622 29,24 26,196 500 3,180 ,71 20,8023,045 Nov. 26 45,12 15,904 r9,024 120 138 363 2993,275 '2,623 29.22C 26,179 55( 3,181 ,683 20,7563,041 Dec. 3 45,05: 15,949 9,075 96 133 359 3003,284 2,64. 29,10. 26,062 514 2,786 2,337 20,425 3,041 Dec. 10 45,16 16,053 9,154 89 14: 353 29 3,309 2,65- 29,11' 26,076 602 2,758 2,366 20,350 3,038 Dec. 17 45,241 16,166 9,263 83 156 340 30! 3,323 2,675 29,07' 26,03 668 2,777 2,392 20,2003,037 Dec. 24 45,11' 16,288 9,316 165 344 2993,341 2,695 28,83 25,791 600 2,735 2,35 20,105 3,040 r Revised. 1 Including guaranteed obligations. Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v h - l k - e s C va a i u n sh lt b m a w n a d e n i c o s t e - k h t s i s c p m u o a d s a d s e t n e i - - t d d s 1 s p p u v n h c a o a a o i e i n d r l r p r r d s a t - - - s - , - , s p s d t s a i i o a u i c o n v t l a b n d i e i l t - - s s - c C c h a o f e e e i f e n t e f r r c c d i d t s - . k i ' - s, U m G er . o e n v n S - - t . s p p u v n h c a o a a o e i n i r d r l p r r d s a t - - - s - , - , s p s d t s a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S e i a o n r . a n o e s g n v d v n S t s - - a - t . l m D t D i e o c s e - - ma F n e d i o g r n - Time B o n o w g r s - - C o i a t u a c a p n - l - ts B d it e a s b n 2 - k tions tions Total- Leading Cities 1946—November.. 1,691 775 2,348 46,338 46,871 2,779 1 445 3, 689 3, 604 230 76 9,841 ,364 55 267 5,644 77,416 1947—July 11,792 762 2,30846,89046,794 3,096 1 491 586 4,058 327 79 9,153 ,339 46 138 5,740 81,551 August.... 11,952 753 2,295 46,81746,632 3,096 1 326 808 4,080 332 80 9,274 ,374 38 222 5,766 76,051 September . 12,257 809 2,37047,27647,460 3,056 1 393 931 4,134 333 84 9,696 ,431 36 203 5,783 81,583 October.... 12,432 790 2,452 47,19747,804 2,978 1 513 1380 4,167 328 83 9,978 ,410 38 231 5,810 90,187 November.. 12,371 816 2,418 47,58348,343 3,090 1 509 1071 4,144 327 81 9,905 ,380 38 338 5,836 85,152 Oct. 1.... 12 383 743 2,370 47,05647,330 3,076 1 685 1 56114,151 328 82 9,728 ,412 38 239 5,804 22,137 Oct. 8.... 12 477 790 2,439 46,76746,838 2,925 1 398 1 65214,166 328 84 0,034 ,417 38 234 5,812 18,918 Oct. 15.... 12571 800 2,672 46,92748,892 2,954 1 570 1 34414,174 327 83 0 437 ,405 38 216 5,808 18,070 Oct. 22.... 12421 800 2,42947 46747,974 2,908 1 412 1 37214 169 327 83 0 029 ,400 39 98 5,807 22,339 Oct. 29.... 12309 816 2,352 47,77147,988 3,027 1 499 96914 175 327 82 9 664 ,414 39 368 5,820 20,394 Nov. 5.... 12429 774 2,402 47 45247,766 3,129 1449 109514 169 324 79 0 005 ,391 38 277 5,843 20,331 Nov. 12.... 12 180 872 2,48347 27548 696 3,060 1 512 1 10514 162 332 81 0 0021,374 38 426 5,846 17,997 Nov. 19 12417 817 2,46147 62248 449 3,028 1430 103614 147 329 8110 090 ,377 38 201 5,831 23,702 Nov. 26.... 12458 800 2,326 47 98248 460 3,141 1645 104814096 323 81 9 5261,378 39 ••447 5,825 21,762 Dec. 3.... 12413 818 2,33448 24748 379 3,146 1 800 74114069 328 81 9 7021,378 39 303 5,842 20,346 Dec. 10.... 12489 882 2,36348 57048 966 3,106 1404 71714061 335 80 9 6731,374 41 345 5,832 20,509 Dec. 17.... 12 857 896 2,53349 16050 216 3,122 1 813 46114055 341 8010 1901,388 38 156 5,830 24,912 Dec. 24... . 12 700 815 2,387 48 87649 446 3,119 1,523 54414090 333 79 9 7921,357 38 298 5,825 23,688 New York City 1946—November.. 4 079 131 40 16 012 16 445 322 780 1 252 1 325 28 7 2 951 1,204 23 109 2,157 31 379 1947—July . ... 4 098 124 3516 22416 651 231 827 134 1 348 15 12 2 9081,194 20 65 2,181 33 026 August. . . . 4 117 122 321595516 325 220 692 203 1 351 16 12 2 8591,222 12 123 2,190 29 025 September . 4 233 128 371603816 503 210 714 232 1 371 15 12 3 0001,276 11 133 2,189 31 605 October 4 315 130 391583416390 241 810 481 1376 15 12 3 0471,257 13 142 2,195 35 162 November.. 4 244 143 431584916476 326 771 368 1 353 22 12 3 0031,229 13 161 2,207 33 531 Oct. 1... 4 260 120 361591716 390 265 943 541 1 379 15 12 3 0141,262 13 183 2,195 9 119 Oct. 8... 4,318 130 331567816076 226 746 578 1 377 15 12 3 0451,264 13 213 2,197 7 436 Oct. 15... 4,415 133 4115 53616 530 213 862 479 1 380 15 12 3 1821,253 13 142 2,197 6 777 Oct. 22... 4,313 132 4715 96116 431 229 694 479 1 366 15 12 3,088 1,245 14 2,194 8 497 Oct. 29... 4,270 137 381607716 523 272 804 329 1 376 14 12 2,907 1,259 13 170 2,193 8 301 Nov. 5... 4,241 138 3915 77816334 364 743 381 1363 15 12 3,024 1,239 13 164 2,210 7 893 Nov. 12... 4,123 155 3915 70916 408 325 764 380 1357 25 12 2,995 1,223 13 210 2,209 7 010 Nov. 19... 4,284 133 5115 88916514 306 669 354 1355 25 12 3,087 1,227 13 59 2,206 9 329 Nov. 26... 4,330 147 4216,02( 16,647 308 908 356 1339 25 12 2,907 1,225 13 213 2,202 8 628 Dec. 3... 4,351 139 4216,264 16,771 286 1,041 243 1,336 23 12 2,947 1,227 14 101 2,205 8 257 Dec. 10... 4,353 153 38 16,27516,912 273 671 241 1,333 23 12 2,9111,231 14 158 2,200 8 631 Dec. 17... 4,504 157 4216,44517 310 237 1,048 134 1 336 23 12 3,2261,243 11 55 2,201 10959 Dec. 24. .. 4,357 141 4316,408 17,010 238 804 163 1,341 13 12 3,037 1,203 11 168 2,197 9,430 Outside New York City 1946—November. 7,612 644 2,30830,32630,426 2,457 665 2,437 12,279 202 69 6,890 160 32 158 3,487 346,037 1947—July 7,694 638 2,27330,66630,143 2,865 664 45212,710 312 67 6,245 145 26 73 3,559 48,525 August. . . 7,835 631 2,26330,86230,307 2,876 634 60512,729 316 68 6,415 152 26 99 3,576 47,026 September 8,024 68 2,33331,23830,957 2,846 679 69912,763 318 72 6,696 155 25 70 3,594 49,978 October... 8,117 660 2,41331,36331,414 2,737 703 89912,791 313 71 6,931 153 25 89 3,615 55,025 November. 8,127 673 2,37531,73431,867 2,764 738 70312,791 305 69 6,902 151 25 177 3,629 51,621 Oct. 1... 8,123 623 2,334 31,13930,940 2,811 742 1,020 12,772 313 70 6,714 150 25 56 3,609 13,018 Oct. 8... 8,159 660 2,406 31,08930,762 2,699 652 1,074 12,789 313 72 6,989 153 25 2 3,615 11,482 Oct. 15... 8,156 66 2,63 31,39 32,362 2,741 708 86512,794 312 7 7,255 152 25 74 3,61 11,293 Oct. 22... 8,108 668 2,382 31,50631,543 2,679 718 89312,803 312 7 6,94 155 25 94 3,613 13,842 Oct. 29... 8,039 679 2,314 31,69431,465 2,755 695 64012,799 313 70 6,757 155 26 198 3,62 12,093 Nov. 5... 8,188 636 2,363 31,67431,432 2,765 706 71412,806 309 67 6,98 152 25 113 3,633 12,438 Nov. 12... 8,057 71 2,44431,56632,288 2,735 748 72512,805 30 69 7,007 15 25 21 3,63 10,987 Nov. 19... 8,133 684 2,41031,73331,935 2,722 761 68212,792 304 69 7,003 150 25 14 3,62 14,373 Nov. 26... 8,128 653 2,28431,96231,813 2,833 737 69212,75 298 69 6,619 153 26 '23 3,62 13,134 Dec. 3... 8,062 679 2,292 31,98331,608 2,860 759 49812,733 305 69 6,75. 15 25 20 3,63 12,089 Dec. 10... 8,136 729 2,32532,29532,054 2,833 733 47612,728 312 68 6,762 143 2 18 3,63 11,878 Dec. 17... 8,353 739 2,49 32,71532,906 2,885 765 32 12,719 318 68 6,964 14 2 10 3,62 13,953 Dec. 24. .. 8,343 674 2,34432,46832,436 2,88 719 38 12,74 320 6 6,755 15 •2 13 3,62 14,258 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 3 Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will be furnished upon request. JANUARY 1948 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 Total Comd F i e s d tr e i r c a t l a R nd es e d r a v t e e i l m n a o v a n e e n n d s s t t s - Total i t m t a c n a c u r g i u d n i e r a r a l u d r a l i - l , - - l s , - G U a T li o n o g . o b d S v a - t - . b . d r e o O a c k t l u s t e i e e h e r r r - s e i s s - r G U l T o i o g o b . a v S - - t o . . t O h c e t t u s i r h r e e s i e - s - r e R l s e o t a a a l n t s e L b o a t a n o n k s s O lo t a h n er s Total Total Bills o d c C n t f e a e i e d e f t b i i s - e r n - t s - s - - Notes Bonds1 O s ri e t t h c ie u e s r tions tions Boston Nov. 26 867 1,053 688 28 18 15 113 8 175 1,814 1,718 15 177 69 1,457 96 Dec. 3 866 1,047 692 18 18 16 113 6 176 1,819 1,726 12 164 103 1,447 93 Dec. 10 863 1,051 696 17 18 16 113 6 177 1,812 1,721 22 159 108 1,432 91 Dec. 17 891 1,082 711 22 16 18 17 114 5 179 1,809 1,720 24 183 117 1,396 89 Dec. 24 878 1,113 736 18 17 18 16 113 16 179 1,765 1,677 32 158 115 1,372 88. New York* Nov. 26 083 7,876 5,581 341 337 83 207 274 173 880 14,207 12,856 480 643 38511,3481,351 Dec. 3 118 7,963 5,623 383 313 88 230 272 171 88314,155 12,785 444 535 58411,2221,370 Dec. 10 113 7,979 5,647 343 282 77 232 273 236 14,134 12,766 518 544 54611,1581,368 Dec. 17 296 8,051 5,701 254 494 76 209 276 151 89014,245 12,893 712 542 53111,1081,352 Dec. 24 359 8,143 5,756 323 473 72 210 280 152 87714,216 12,859 711 558 50011,0901,357 Philadelphia Nov. 26 561 855 500 5 22 10 11 77 1 229 1,706 1,437 33 113 55 1,236 269 Dec. 3 544 855 497 5 22 9 11 77 6 228 1,689 1,421 23 97 88 1,213 26& Dec. 10 554 865 506 5 22 9 11 77 4 231 1,689 1,421 29 103 79 1,210 268- Dec. 17 559 869 509 4 23 9 11 77 2 234 1,690 1,425 41 107 79 1,198 265 Dec. 24 585 872 511 4 22 9 11 77 4 234 1,713 1,444 53 119 79 1,193 269* Cleveland Nov. 26 336 1,438 ••833 26 16 78 14 221 31 '219 2,898 2,577 30 133 90 2,324 321 Dec. 3 323 1,447 841 25 15 79 14 224 30 219 2,876 2,557 24 112 159 2,262 319 Dec. 10 336 1,452 845 24 14 81 13 226 29 220 2,884 2,565 31 108 174 2,252 319 Dec. 17 314 1,439 860 26 15 75 14 226 2 221 2,875 2,556 25 110 186 2,235 319 Dec. 24 310 1,450 873 26 14 75 13 227 1 2,860 2,540 21 108 182 2,229 320 Richmond Nov. 26 620 779 375 6 33 22 165 3 174 1,841 1,722 27 184 87 1,424 119 Dec. 3 607 783 377 6 33 23 166 3 175 1,824 ,705 27 169 119 1,390 119 Dec. 10 601 789 381 6 33 22 168 3 176 1,812 ,693 24 163 119 1,387 119 Dec. 17 592 797 390 6 32 22 168 3 176 1,795 ,676 21 163 109 1,383 119 Dec. 24 567 798 390 6 32 21 170 2 177 1,769 ,649 17 149 109 1,374 120 Atlanta Nov. 26 381 811 494 6 37 37 65 5 167 1,570 ,378 13 211 117 1,037 192 Dec. 3 381 819 494 7 37 37 65 5 174 1,562 ,371 11 193 136 1,031 191 Dec. 10 388 828 502 7 36 37 67 5 174 1,560 ,369 13 190 138 1,028 191 Dec. 17 393 835 509 7 33 37 67 5 177 1,558 ,368 15 194 149 1,010 190 Dec. 24 389 848 518 33 37 66 5 181 1,541 ,354 12 188 151 1,003 187 Chicago* Nov. 26 ,810 2,683 1,830 42 67 304 3 350 6,127 5,539 161 578 306 4,494 588. Dec. 3 ,825 2,679 1,848 40 67 304 2 350 6,146 5,552 170 457 533 4,392 594 Dec. 10 ,829 2,685 1,848 37 67 306 353 6,144 5,549 182 448 521 4,398 595 Dec. 17 ,874 2,674 1,850 35 68 307 4 352 6,200 5,601 252 448 529 4,372 599 Dec. 24 ,858 2,715 1,861 38 70 309 4 358 6,143 5,545 214 453 511 4,367 598 St. Louis Nov. 26 194 961 594 26 18 139 3 174 1,233 1,084 23 114 98 849 149 Dec. 3 201 976 601 27 18 140 5 178 1,225 1,077 23 79 124 851 148 Dec. 10 199 989 613 26 18 140 4 181 1,210 1,067 23 80 127 837 143 Dec. 17 217 1,005 629 27 18 141 3 180 1,212 1,066 22 87 118 839 146 Dec. 24 186 1,004 624 27 18 142 2 182 1,182 1,036 13 81 113 829 146 Minneapolis Nov. 26 208 417 254 13 5 53 90 791 723 17 39 64 603 68 Dec. 3 193 414 253 11 5 54 89 779 710 11 35 67 597 69 Dec. 10 192 413 252 10 5 54 90 779 709 9 36 68 596 70 Dec. 17 188 412 252 •10 5 54 89 776 706 9 39 67 591 7G -Dec. 24 185 416 253 12 5 54 89 769 699 10 39 66 584 70 Kansas City Nov. 26 493 791 525 18 11 106 127 1,702 1,504 86 286 154 978 Dec. 3 445 790 524 18 11 106 127 1,655 1,456 47 255 207 947 199 Dec. 10 450 793 526 17 11 107 128 1,657 1,456 58 243 209 946 201 Dec. 17 455 800 530 17 11 108 130 1,655 1,455 57 245 209 944 200 Dec. 24 435 802 530 16 11 109 132 1,633 1,434 65 238 205 926 199 Dallas Nov. 26 289 998 697 31 39 76 147 1,291 1,177 33 193 99 852 114 Dec. 3 294 1,005 703 30 38 75 151 1,289 1,177 34 173 124 846 112 Dec. 10 307 1,009 707 29 38 76 152 1,298 1,187 41 173 127 846 HI Dec. 17 307 1,018 716 28 39 76 153 1,289 1,177 37 168 128 844 112 Dec. 24 273 1,007 702 29 38 76 155 1,266 1,152 23 164 121 844 114 San Francisco Nov. 26 200 4,437 1,906 44 411,787 625 6,763 6,009 103 1,122 473 4,311 754 Dec. 3 230 4,451 1,915 44 411,792 629 6,779 6,023 122 1,022 603 4,276 756 Dec. 10 308 4,490 1,948 45 391,806 621 6,818 6,061 160 1,025 626 4,250 757 Dec. 17 299 4,536 1,972 43 391,815 632 6,763 6,010 152 1,003 625 4,230 753 Dec. 24 ,280 4,554 1,975 43 40 ,823 634 6,726 5,977 128 1,008 4,222 749 City of Chicago* N De o c v . . 2 3 6 5 5 6 9 5 9 1 1 , , 8 8 4 4 4 9 1 1, , 4 4 4 2 2 7 2 2 7 6 5 5 8 8 7 7 0 0 1 1 8 8 3 3 3 3 , , 7 7 1 5 6 5 3 3, , 3 3 4 0 1 2 1 9 3 2 5 4 3 0 2 5 2 3 1 4 9 8 7 2 2 , , 6 5 0 3 8 6 4 4 1 1 4 4 Dec. 10 597 1,850 1,444 23 58 70 185 3,74 3,334 130 318 336 2,550 413 Dec. 17 656 1,834 1,443 22 59 70 184 3,82 3,404 204 320 342 2,538 418 Dec. 24 ,63 1,877 1,454 25 61 71 193 3,758 3,342 14: 324 336 2,540 4I6 r Revised. 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 or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s F w e R e a e r r i e a n d t v h - l k - e s C v a a in s u h lt m b a w n a d e n i c o s t t e k - h i s c s j m p u o d a s a t d s e e n i - - t d d s 1 s p p u n v c h a o a a o n i e i r d p r l r r d a s t - s - - - , - , S p s d s t a i i o a u c i o n v t l a b n e d i i l t - - s s - c C h c o a f e e e e i f n t c e f r r c i d t k s d - . i ' s - , U m G er o . e n S v n - . - t s u p p v n h c a a o i a o e n i d l p r r r r d s a - t - s - , - - , S p s d s t a i i o a u c i o n v t l a b n e i d i t l - - s s - U P G m S e i a n o r a o n . e g n s S v v n d t s - . - a - t l m D ti e o c s - - For- Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i e a t b n s' - k tions tions Boston Nov.r26 515 54 111 2,383 2,353 183 47 491 290 19 18 314 936 i Dec." 3 505 64 111 2,398 2,373 166 45 491 286 20 15 313 784 Dec.|10 507 68 113 2,420 2,397 158 48 491 280 19 11 314 769 Dec. 17 526 71 135 2,473 2,493 148 54 490 316 18 4 314 974 Dec. 24 529 62 121 2,442 2,457 137 51 490 304 20 4 314 1,025 New York* S Nov. 26 ,595 190 13017,47617,964 526 955 388 2,156 2,9701,228 232 2,390 9,161 >Dec.| 3 ,643 187 13917,74218,088 509 1,090 266 2,149 3,015 1,230 124 2,394 8,716 [ Dec. 10 ,624 204 13417,74118,242 482 714 2612,145 2,9751,233 179 2,389 9,145 Dec. 17 ,802 209 15017,97218,697 452 1,099 1472,149 3,2921,246 67 2,38911,536 Dec. 24 ,651 184 14417,92418,380 454 851 178 2,165 3,107 1,206 176 2,38510,041 Philadelphia Nov. 26 487 43 96 2,097 95 38 383 340 11 24 302 803 Dec. 3 490 49 109 2,111 88 30 381 348 12 10 304 727 ;)Dec. 10 473 53 96 2,106 87 39 381 341 11 9 303 752 ' Dec. 17 504 53 124 2,152 85 36 379 372 11 1 302 885 Dec. 24 503 42 107 2,176 2,261 92 38 377 349 11 9 301 902 Cleveland Nov. 26 763 77 163 3,016 3,136 153 57 1,274 464 6 23 468 1,282 Dec. 3 781 85 170 3,062 3,116 151 69 1,269 478 6 10 469 1,118 Dec. 10 775 92 172 3,086 3,165 141 51 1,272 472 5 13 466 1,034 Dec. 17 825 97 193 3,120 3,261 153 55 1,273 512 5 2 467 1,298 Dec. 24 803 92 169 3,052 3,179 152 57 1,276 495 6 24 467 1,432 Richmond Nov. 26 508 62 189 2,090 2,072 186 47 591 417 6 208 673 Dec. 3 498 65 165 2,080 2,054 178 51 586 429 7 208 747 Dec. 10 508 70 182 2,098 2,078 174 59 585 430 4 210 679 Dec. 17 506 69 186 2,091 2,104 179 53 584 444 5 211 799 Dec. 24 510 62 179 2,067 2,077 175 42 584 420 5 211 768 Atlanta Nov. 26 448 45 165 ,768 278 26 539 504 176 661 Dec. 3 446 42 178 ,771 276 25 538 520 177 627 Dec. 10 467 46 185 ,791 281 27 536 543 176 644 Dec. 17 486 46 198 ,827 278 33 536 551 175 753 Dec. 24 462 43 179 ,784 283 26 536 542 175 807 Chicago* Nov. 26 ,665 102 394 6,192 6,146 •557 103 166 2,363 1,496 665 3,044 Dec. 3 ,643 107 388 6,183 6,100 574 98 118 2,367 1,552 668 2,756 Dec. 10 ,660 110 394 6,218 6,152 543 105 1252,366 1,539 667 2,716 Dec. 17 ,678 114 400 6,282 6,310 542 113 86 2,360 1,578 666 3,223 Dec. 24 ,684 107 392 6,269 6,299 523 100 99 2,365 1,541 3,354 St. Louis Nov. 26 398 28 129 1,367 1,469 93 27 43 458 679 168 668 Dec. 3 397 29 121 1,364 1,449 98 28 31 458 687 169 646 Dec. 10 423 33 120 1,393 1,500 99 24 27 456 705 168 607 Dec. 17 415 32 125 1,403 1,546 99 23 16 456 718 169 702 Dec. 24 419 29 122 1,378 1,517 100 20 21 457 704 169 700 Minneapolis Nov. 26 236 13 832 817 123 12 26 247 342 98 406 Dec. 3 231 12 91 822 809 123 16 18 247 341 98 386 Dec. 10 214 13 107 821 806 128 12 15 248 343 98 401 Dec. 17 227 13 96 820 812 126 12 10 248 337 98 423 Dec. 24 242 13 93 847 827 134 12 11 248 327 98 400 Kansas City Nov. 26 528 29 292 1,823 1,842 195 30 39 378 4 895 183 833 Dec. 3 486 27 284 1,724 1,747 195 33 29 377 4 896 183 799 Dec. 10 514 32 292 1,816 1,833 200 31 25 377 4 879 183 699 Dec. 17 543 30 308 1,849 1,893 200 33 20 376 4 892 183 831 Dec. 24 537 29 298 1,833 1,864 209 30 20 376 4 876 183 814 Dallas Nov. 26 497 33 274 1,882 1,835 200 34 28 339 29 646 185 686 Dec. 3 496 33 273 1,862 1,810 206 30 22 339 31 667 185 573 Dec. 10 507 35 267 1,875 1,848 190 31 20 339 31 672 184 592 Dec. 17 488 35 297 1,894 1,903 181 36 16 338 35 667 183 730 Dec. 24 501 33 289 1,883 1,875 179 36 20 339 35 646 184 759 San Francisco Nov. 26 ,818 124 295 7,056 6,974 552 269 1214,877 119 483 2,609 Dec. 3 ,797 118 305 7,128 6,953 582 285 88 4,867 119 483 674 2,467 Dec. 10 ,817 126 301 7,205 7,031 623 263 86 4,865 125 494 674 2,471 Dec. 17 ,857 127 321 7,277 7,151 679 266 59 4,866 128 511 673 2,758 Dec. 24 ,859 119 294 7,221 7,017 681 260 65 4,877 139 481 672 2,686 City of Chicago* Nov. 26 ,106 42 189 4,010 4,068 304 51 ,167 37 1,113 449 2,042 Dec. 3 ,086 41 195 4,034 4,063 314 49 ,169 37 1,146 451 1,824 Dec. 10 ,105 40 185 4,040 4,083 299 55 ,171 37 1,140 451 1,836 Dec. 17 ,131 45 205 4,131 4,224 303 56 ,173 37 1,177 449 2 151 Dec. 24 ,146 46 192 4,117 4,196 288 54 ,178 38 1,145 449 2,144 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - in l g Total Accep O t b in i w l g l n s banks bo B u il g ls ht ( a R F F c B e o e c a d s o r n e e u o r k r n v w a s t e l ) n Others I U S m i t n n p a i t t o t o e e r s d ts E U S f x r n t p o a i o t t m e e r d s ts ' c D h e o a x l n l - g ar e G U s o h n o i i p d t p e p s d e o s d i t n o t b r s e e F i t d o w n r i e e n e ig n o n r States countries 1946 October 202 204 154 71 82 50 154 18 1 23 8 November 227 208 155 73 82 54 152 23 1 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 (2) 24 7 March 266 228 170 75 95 58 158 36 27 7 April 256 215 154 71 83 61 140 42 8 25 8 May 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 i 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. . . . 242 219 168 83 85 4 47 140 42 24 11 October 283 237 180 83 97 2 55 144 54 i 23 10 November 287 245 188 76 112 56 147 61 2 25 9 4 3 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. 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 balances investment investment and in borrowed2 In partners' In firm In capital (net)i an a d cc t o ra u d n i t n s g an a d cc t o ra u d n i t n s g banks Free O (n th e e t) r 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 ac ( c n o e u t) nts 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 4P13 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... »533 8210 »687 February. . . 3 573 8217 8 681 March 3 576 8216 8 677 April 8 553 3 205 8 665 May 8 530 3 201 8 652 June 552 6 333 395 222 650 162 24 9 271 July 8 564 3 251 3 677 August..... •550 »241 8 656 September. . 8 570 3 280 8 630 October 8 606 ••3 257 3616 November. . 8 593 3 247 3617 ' Revised. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): September, 78; October, 79; November, 76. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] Stock security yields Prime Prime exmo Y w n e e t a h e r k , , or m 4 m p - c o a o e t n p o r m t c e h 6 i r - a s , - l 1 a a b d c n e a a 9 c r c n y s 0 e e ' k s p s - 1 , t- ch n l c a o r e a e a l a w n - s l n l 2 g - e m bi o 3 ll n - s t h 3 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 d h 2 - - - - 3 t i a - s y x s t e o u a a e b r 5 s l - e 19 T o c t i a ti l es Y N C o e i r w t k y e K 7 N r c n a o i o s t r i t t e t a e h h s n r e - n d r 1 e W 1 r c n e i S t s i o t e a e u s n r t n d hness 1938 average1. . . 2.53 1.69 2.75 3.26 1939 average.. . . 2.78 2.07 2.87 3.51 1940 average.. . . 2.63 2.04 2.56 3.38 1945 average .75 .44 1.00 .375 .81 1.18 1941 average.. . . 2.54 1.97 2.55 3.19 1946 average .81 .61 1.16 .375 .82 1.16 1942 average.. . . 2.61 2.07 2.58 3.26 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 average.. . . 2.72 2.30 2.80 3.13 1944 average.. . . 2.59 2.11 2.68 3.02 1946 December.. 1.00 .81 1.38 .375 .85 1.30 1945 average.. . . 2.39 1.99 2.51 2.73 1946 average.. . 2.34 1.82 2.43 2.85 1947—January... 1.00 .81 1.38 .376 .84 1.26 1947 average.. . . 2.28 1.81 2.33 2.76 February.. 1.00 .81 1.38 .376 .85 1.26 March 1.00 .81 1.38 .376 .82 1.24 1943—December 2.65 2.10 2.76 3.17 April 1.00 .81 1.38 .376 .83 1.24 May L.00 .81 1.38 .376 .85 1.27 1944—March. . . 2.10 2.75 3.12 June 1.00 .81 1.38 .376 .85 1.29 June 2.23 2.55 3.18 July LOO 81 1.38 .703 85 1.33 September 2.18 2.82 3.14 August.... LOO .88 1.38 .748 .85 1.31 December. 1.93 2.61 2.65 September. L06 .94 1.38 .804 .87 1.28 October. . . 1.06 .94 1.38 .857 .97 1.35 1945—March. . . 2.53 1.99 2.91 November. .06 .94 1.38 .932 .99 1.47 June 2.50 2.20 2.80 December.. L19 1.03 1.38 .950 1.04 1.54 September 2.45 2.05 2.81 December. 2.09 1.71 2.38 Week ending: Nov. 29. . IK 15 /IB 1M-1K .944 1.01 1.49 1946—March. . . 2.31 1.75 2.34 2.93 Dec. 6. . . 1M 1-lVit 1%-iX .948 1.04 1.49 June 2.41 1.84 2.51 2.97 Dec. 13. .. 1M lViB .949 1.04 1.48 September 2.32 1.83 2.43 2.75 Dec. 20. .. 1M lVie ix .951 1.03 M.55 December. 2.33 1.85 2.43 2.76 Dec. 27. .. 1M lVie IX .952 1.04 1.61 1947—March. . . 2.31 1.82 2.37 2.80 June 2.38 1.83 2.44 2.95 1 Monthly figures are averages of weekly prevailing rates. September 2.21 1.77 2.25 2.69 2 The average rate on 90-day stock exchange time loans was 1.50 December. 2.22 1.82 2.27 2.61 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. s Rate on new issues offered within period. 1 Beginning Dec. 16, comprises 2% Sept. 1951-53, 2% Dec. 1951-55, 1 Prior to March 1939 figures were reported monthly on a basis not and 2)4% Mar. 1952-54 bonds. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics. Tables 120-121' Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October pp. 463-464; for description, see pp. 426-427. 1947, pp. 1251-1253. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade) 2 grade) s Total years and Indus- Rail- Public over Aa Baa trial road utility Number of issues 120 30 30 30 30 40 1945 average 1.60 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average.... 1.45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average.... 1.58 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1946—December 1.60 2.24 1.97 2.55 2.61 2.69 2.83 3.17 2.66 3.04 2.77 1947—January.. 1.56 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February. 1.54 2.21 1.99 2.48 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March. . . 1.52 2.19 2.02 2.49 2.55 2.64 2.80 3..15 2.61 3.02 2.73 April 1.53 2.19 1.98 2.49 2.53 2.63 2.81 3..16 2.60 3.03 2.71 May 1.53 2.19 1.95 2.49 2.53 2.63 2.82 3.17 2.60 3.05 2.71 June 1.56 .22 1.92 2.50 2.55 2.64 2.83 3.21 .60 3.10 2.72 July 1.57 2.25 1.91 2.51 2.80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 August... 1.54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 2.72 September 1.53 2.24 1.92 2.57 2.85 61 2.69 2.86 3.23 2.67 3.09 2.78 October. .. 1.58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 2.87 November 1.72 2.36 2.18 2.75 3.02 2.77 2.85 3.01 3.44 2.84 3.30 .93 December. 1.81 2.39 2.35 2.86 3.12 2.86 2.94 3.16 3.52 2.92 3.42 3.02 Week ending: Nov. 29... Dec. 6... Dec. 13. .. Dec. 20. .. Dec. 27... , u, auu o wauca, itBptv.uvti,y, ;s 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Corporate 4 Common (index, 1935-39=100) V of o lu tr m ad e - Year, month, or week m U G e . e r o n n v S - t - 2 . g M ( r h i a p u i d g a n e h l i ) c - 3 - H gr i a g d h e - Mediu I m nd - u a s n - d lo R w ai e l r - -gra P d u e blic fa D ul e t - ed fe P rr r e e d - 7 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s i a n t h n h g a d o 8 r s e u ( s i - o n ) f Total trial road utility Number of issues 1-8 15 15 15 402 354 28 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 121.5 115.2 122.4 109.9 113.3 5 67.1 184.7 123 128 105 103 953 1946—December 103.87 133.4 121.5 115.9 123.0 112.9 111.9 67.7 186.2 126 129 119 110 1,320 1947—January 104.32 134.4 122.6 116.3 123.5 114.3 111.2 68.3 187.3 125 129 115 111 998 February 104.35 133.1 122.7 116.8 123.7 114.3 112.4 69.3 189.0 129 133 119 111 1,176 March 104.61 132.5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 April 104.57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103.75 134.7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 108 102 1,158 August 103.89 134.3 122.3 116.1 123.9 110.4 113.9 69.6 188.7 125 130 105 101 674 September 103.95 134.4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 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 November 102.11 129 A 118.8 113.3 120.0 105.1 114.7 68.1 174.5 124 130 100 97 862 December 101.59 126.2 117.0 112.5 119.1 104.6 113.9 172.1 122 129 104 94 1,170 Week ending: Nov. 29 101.88 128.1 117.8 113.0 119.7 104.7 114.5 67.8 175.0 122 129 100 95 881 Dec. 6 101.86 127.7 117.0 112.9 119.6 104.6 114.6 173.7 121 128 99 94 982 Dec. 13 101.86 126.6 116.8 112.7 119.2 104.5 114.3 174.6 120 127 99 94 1,095 Dec. 20 101.86 126.2 117.2 112.6 119.3 105.0 113.4 173.3 123 130 105 94 1,285 Dec. 27 101.28 126.2 117.0 112.3 118.9 104.4 113.5 171.2 124 131 109 94 1,213 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months. 6 Standard and Poor's Corporation. 7 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 8 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 (new Total Total Year or month f i a u r n n n e g d - d ) - m e ( a f i d e o g n s o r n d - t - ) ic Total S n a m p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 2 m e ( a f i d e o g n s o r n d - t - ) ic Total S n m a p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o gn r- 2 notes notes 1937 . .. 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 . . . 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 . . . 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,557 4,589 4,579 952 121 3,506 2,038 1,468 10 3,968 3,863 208 741 2,914 2,313 601 105 1946—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 31,033 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 O S N e c o p t v o t e e b m m er b b .. e e r r . 8 7 7 1 0 8 3 5 3 6 5 7 1 7 1 9 1 2 6 5 7 1 7 1 9 1 2 2 1 1 7 1 0 7 4 1 85 4 2 5 7 9 5 0 8 6 4 3 1 0 3 7 9 6 3 1 1 8 3 8 4 4 9 1 1 1 6 3 0 5 4 1 1 1 1 6 3 0 5 4 1 5 2 ' 4 2 4 2 0 8 1 8 2 7 4 2 6 1 5 7 1 1 8 3 25 9 6 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds* proceeds* Repayment Other Total P eq la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 .. . 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 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—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 October 622 612 510 388 122 33 15 18 45 24 November 561 547 425 354 71 81 74 7 22 18 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Rai road Year or month Total Retire- All net New ment of other pro- money securi- purceeds ties poses4 1934 172 21 120 31 1935 120 57 54 10 1936 774 139 558 77 1937 . ... 338 228 110 1 1938 54 24 30 1939 182 85 97 1940 319 115 186 18 1941 361 253 108 1942 47 32 15 1943 160 46 114 1944 602 102 500 1945 1,436 115 1,320 1946 691 129 559 3 1946—November.. 18 18 December.. 47 35 10 2 1947—January.... 33 28 5 February... 8 7 2 March 12 9 1 April 17 17 May.. .. 37 15 22 June 28 28 July 28 22 August 23 23 September.. 5 4 2 October ... 35 31 4 November. 37 37 •cs Public utility Industrial Other Total Retire- All Total Retire- All Total Retire- All 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- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 130 11 77 42 62 25 34 2 20 19 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 751 89 611 50 1,079 616 373 90 71 57 7 7 1,208 180 943 86 831 469 226 136 16 8 7 1 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1,180 245 922 13 961 167 738 56 155 42 9 104 L.340 317 993 30 828 244 463 121 94 55 18 21 464 145 292 27 527 293 89 146 4 4 469 22 423 25 497 228 199 71 21 13 4 4 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 2 291 69 2,159 63 I 969 811 1,010 148 206 85 65 56 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 53 21 28 3 528 465 48 15 11 5 2 3 510 417 84 9 270 206 30 34 66 53 12 2 43 14 26 3 229 136 84 9 11 5 5 1 67 47 18 2 119 94 8 16 66 58 6 2 332 223 107 2 90 52 5 33 9 1 8 93 30 61 2 328 204 24 99 3 3 225 31 179 16 165 129 26 10 10 5 5 536 353 181 2 141 96 26 19 21 21 6 307 234 68 4 239 175 43 21 14 3 1 10 140 28 95 16 79 65 9 6 2 2 1 306 157 136 13 71 45 13 13 51 38 4 9 303 280 8 16 259 193 20 45 16 7 8 277 245 31 1 213 129 49 35 21 15 5 1 1 Estimates of new issues sold for cash in the United States. 1 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. » Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 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. 77 JANUARY 1948 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 - - to b A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m p e N u a r r e o r c n o t o t d n a d s u l - - s s O g d o b u th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n f n n d i i g g d n l u - c- c In h t c r d e a i m u 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 o e l r l v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1.465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 >,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 . . L.896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 L.925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 3 171 130 127 136 8 165 356 281 273 302 321 H.139 82 657 Quarterly 1945—i 492 49 38 63 «50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 •47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 *36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 *36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 * -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 •51 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 « 38 41 41 93 77 67 77 93 310 20 149 4 3 853 97 3 61 102 i 44 50 3 57 124 85 77 91 66 '415 21 209 1947—i 870 126 69 94 «50 47 50 98 90 89 96 63 426 20 177 2 870 99 83 105 *56 46 57 64 111 87 92 71 432 23 192 3 860 98 77 102 *51 46 58 69 122 78 93 67 436 22 190 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 5 Electric power 8 Telephone7 Year or quarter r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I b n in e t c a f c o o x o m r 8 m e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1 537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1 803 396 177 173 1946 7,627 273 289 235 3,828 953 645 454 1,992 277 200 171 Quarterly 1945—1 2,277 430 149 31 966 288 142 101 436 115 46 41 2 2,422 514 199 68 909 230 125 95 444 109 45 44 3 2,230 237 127 28 888 205 119 96 449 103 44 43 4 1,973 -426 -25 118 917 181 148 115 474 70 43 46 1946—1 1,869 39 14 56 970 299 196 107 475 84 54 43 2 . . 1,703 -57 -45 52 920 221 151 110 497 75 53 43 3 2,047 161 128 41 936 207 142 112 502 56 44 43 4 2,008 130 191 85 1,002 226 156 125 519 62 49 42 1947—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 3 2,177 181 109 37 1,018 196 135 111 555 38 27 33 78 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 l Nonmarketable public issues Fully End of month d T g d i r o r e o e t b s a c t s l t i b n d T e d t i a e o r e r e r t b i e a c n t s l t g t- Total 2 Tre b a il s l u s ry c i C n a e t d e r e t s i b f o i t - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total 2 s b a U o v . n i n S d g s . s T t s a r a e x v a i s a n u n g r d s y S is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g t b e t e c u e e e u a r a d e r r r i i a s i n t t n n i - g e - - s edness notes 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 U.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 Dec. 259,149 257,649 176,613 17.033 29,987 10,090 119,323 56,451 49.776 5,725 24,585 1,500 331 1947—Jan... 259,776 258,378 176,444 17,074 29,791 10,090 119,323 57,157 50,343 5,590 24,777 1,399 262 Feb... 261,418 258,113 175,410 17,048 28,784 10,090 119,323 57,765 50,717 5,570 24,938 3,305 181 Mar.. 259,124 255,800 172,462 17,038 27,792 8,142 119,323 58,156 50,945 5,443 25,183 3,324 175 Apr... 257,701 254,427 170,535 16,610 26,294 8,142 119,323 58,612 51,117 5,477 25,280 3,275 171 May. 258,343 254,975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 3,368 171 June. 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 July.. 259,448 256,321 168,509 15,756 25,122 8,142 119,323 59,296 51,552 5,592 28,516 3,127 74 Aug.. 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 2,987 73 Sept... 259,145 256,107 167,946 15,725 24,894 7,840 119,323 58,640 51,759 5,531 29,520 3,038 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 Nov. . 258,212 255,591 166,404 15,335 24,501 7,840 118,564 59,670 52,008 5,534 29,517 2,621 83 Dec . 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1 Including amounts held by Government agencies and trust funds, which aggregated 4,540 million on Nov. 30, 1947. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, Armed Forces Leave bonds, and 2}4 per cent Treasury investment bonds, series A-1965, not shown separately. Back figures—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING DECEMBER 31, 1947 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales3 during Redempout- period tions and Issue and coupon rate Amount Issue and couponrate Amount Month standing maturities at end of month All Series Series Series All Treasury bills l Treasury bonds—Cont. series E F G series Jan. 2, 1948.. . 1,301 Dec. 15, 1949-52 2.3 3^8 491 Jan. 8, 1948.... 1,304 Dec. 15, 1949-53 2 1,786 Fiscal year Jan. 15, 1948 1,105 Mar. 15,1950-52. . . .2 1,963 ending: Jan. 22, 1948 1,104 Sept.15, 1950-52 2•2;Hj 1,186 June—1940.. 2,905 1 109 114 Jan. 29, 1948 1,101 Sept.15,1950-52. . . .2 4,939 1941.. 4,314 1 492 203 67 395 148 F F e e b b . . 1 5 3 , , 1 1 9 9 4 4 8 8 1 1 , , 0 1 0 0 2 4 J D u e n c e . 1 1 5 5 , , 1 19 9 5 5 0 1-54 1 . • i y 2 2 H 2 1, , 6 6 2 3 7 5 1 19 9 4 4 3 2 . . . . 2 1 1 0 , , 2 1 5 8 6 8 11 5 9 7 9 8 4 9 8 3 5 2 2 7 6 1 4 7 3 5 5 8 2 2 0 7 3 5 2 9 8 2 4 0 8 7 Feb. 19-, 1948 1,102 Sept.15,1951-53. . . .2 7,986 1944.. 34,606 15 498 11 820 802 2 876 2,371 Feb. 26, 1948 1,203 Sept.15, 1951-55 2.. .3 755 1945.. 45,586 14 891 11 553 679 2 658 4,298 Mar. 4, 1948 1,201 Dec. 15, 1951-53 2 • 2M 1,118 1946.. 49,035 9 612 6 739 407 2 465 6,717 Mar. 11, 1948 1,205 Dec. 15, 1951-55. . . .2 510 1947.. 51,367 7 208 4 287 360 2 561 5,545 C J F M M M e a e r n a a b a t r . r , . r . . . o 1 1 2 1 1 f . 8 , 5 , , , 1 1 i 1 9 n 9 1 1 9 4 4 9 d 4 9 8 8 4 8 e 4 8 b 8. t . e . dne5 7/ S 8 H 3 3 2 1 1 , , , , , 1 9 3 1 1 0 4 4 3 0 2 2 4 3 7 J J J M M J D M u u u u e n a n a a n n c r r r e e e e . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 3 2 2 5 4 2 2 6 - - - - - - - - 5 5 6 5 5 5 5 5 5 6 0 4 4 4 5 8 . . . 2 2 . . 2 . . . • • . . . . . 2 2 2 . . . H Z 2 / . H . . i ^ 2 2 2 5 8 2 1 1 1 , , , , , , 4 0 5 6 6 8 6 7 4 2 0 1 6 2 8 2 9 4 1 1 2 5 1 5 1 19 9 4 4 7 6 — — J J A F M M J u u D e a p a a n b l n r e y r y . . . e c . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 4 5 5 1 1 0 1 1 0 9 0 , , , , , , , , 5 7 3 1 9 2 7 3 5 1 6 4 4 1 7 4 2 7 7 5 0 7 6 3 9 5 5 6 4 4 5 7 5 7 8 5 8 1 7 1 2 2 2 9 8 6 6 2 3 3 3 3 3 3 5 3 7 0 4 3 0 3 9 7 2 1 9 9 5 5 4 0 2 5 3 3 4 2 2 2 9 3 5 3 1 5 4 7 2 1 2 3 1 1 1 1 7 0 7 6 9 5 5 9 8 9 8 4 1 8 7 3 4 5 3 4 4 4 4 4 5 9 4 5 0 3 2 8 7 8 9 5 4 3 1 3 Apr. 1, 1948 Pi 1,321 Sept.15, 1956-59 2'•2% 982 Aug... . 51,664 460 294 21 144 404 O J J J J O u u u u c c l l l n t t y y y . e . 1 1 1 1 1 1 , , . , , , ' 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 8 8 8 8 8 8 S S S S S e e e e e r r r r r . . . . . " " " " " H K G F J" " " ' "7 V % A 1 s 4> 2 2 1 1 1 1 ^ , , , , , 3 4 2 7 1 7 6 7 5 2 0 4 7 7 4 7 9 2 J J D J S D u u u e e e n n n p c c e e e . . t. 1 1 1 1 1 1 5 5 5 5 5 5 , , , . , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 6 5 6 5 6 9 0 8 2 9 - - - - - - 6 6 6 6 6 5 2 5 7 3 2 9 . s 2 3 2 3 . . . . . . 2 2 2 2 2 2 % % % H H M 3 3 2 5 1 , , ,, , 41 8 4 2 9 81 2 7 8 1 58 3 0 4 9 D O S M N e e c o a c p t v t t u . . r . . i . . t . ies 5 5 5 5 1 2 1 2 an , , , , 8 0 7 0 d 9 0 5 5 7 8 9 3 amoun 4 4 4 4 t 1 8 8 6 s 2 7 8 6 outsta 3 3 3 2 n 0 2 0 6 d 4 5 4 3 ing Dec 2 2 2 1 e 1 2 4 7 mber 1 1 1 1 3 4 6 3 3 1 2 2 1 7 , 1947 3 4 4 4 5 3 0 3 7 1 4 4 Dec. 15, 1963-68 3 2,831 June 15, 1964-69 3..2^2 3,761 Dec. 15, 1964-69 3 • 2H} 3,838 Year of All Series Series Series Series Treasury notes Mar. 15, 1965-70 3 2 y> 5,197 maturity series C-D E F G S O e c p t. t . 1 1 5 , , 1 1 9 9 4 4 8 8 1 1 y 2 3 4 , , 7 09 4 2 8 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 7 6 - - 7 7 2 1 3 3 • 2V2 3 7 , , 4 9 8 6 1 7 Jan. 1, 1949 1y% 3,535 Sept.15, 1967-72.. 2H 2,716 1948 510 510 Dec. 15, 1967-72 3'•2H 11,689 1 1 9 9 4 5 9 0 9 8 8 1 3 7 8 9 1 8 7 3 Treasury Bonds Postal Savings 1951 1,563 432 1,130 M M Tu a a n r r e . . 1 1 1 5 5 5 , , 1 1 1 9 9 9 4 4 4 8 8 8 - - 5 5 0 1 * ^ . . . 2 . 3 2 / 3 1 1 , , 1 2 0 1 2 6 5 3 2 Pa b n o a n m d a s Canal Loa . n 2V . 3 , 1 5 1 0 5 1 1 1 9 9 9 5 5 5 2 4 3 4 9 7 , , , 9 2 5 0 6 9 1 7 3 4 6 7 , , , 2 2 2 6 0 6 7 7 6 2 53 06 7 2 i ,1 1 5 2 7 1 Sept. 15, 1948 2 2% '451 Total direct issues. . . .165,758 1955 8,653 5,821 587 2 245 Dec 15 1948-50 2 2 571 1956 6,357 3,110 667 2,580 June 15, 1949-51... .'2 1,014 Guaranteed securities 1957 6,142 3,266 534 2,342 Sept. 15, 1949-51... .2 1,292 Federal Housing Admin. 1958 2,847 308 2,539 Dec. 15, 1949-51 .2 2,098 Various 33 U 19 n 5 c 9 lassified. . 2, - 4 3 5 0 0 316 2,134 1 Sold on discount basis. See table on Open-Market Money Rates, Total 52,053 2,742 31,068 3,154 15,118 p. 75. 2 Partially tax exempt. s Restricted. 4 Called for redemption on Mar. 15, 1948. JANUARY 1948 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i b e n T c e t u e a o r r r t e i i a t n s l i g t e - s Total m b C a e n o rc k m i 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 i e e r - - s s M b a a v u n i t n u k g a s s l a r c O s a o s a t t o r i n h p o d c e o n i r a - s - S l g e a o t o r n c a n d v a t - e - l a S m U n p d e . e c n S i t t a r . u l a G s g t o e P v n f e u c u r b i n n e l d s - ic s tions ments isues issues 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,500 400 4,775 2,305 1941—June 54,747 21,884 19,700 2,184 32,863 10,900 7,100 3,400 2,400 600 6,120 2,375 December. 63,768 23,654 21,400 2,254 40,114 13,600 8,200 3,700 4,400 700 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 17,900 9,200 3,900 5,400 900 7,885 2,737 December. 111,591 47,289 41,100 6,189 64,302 23,700 11,300 4,500 11,600 1,000 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,500 1,500 10,871 3,451 December. 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,000 2,100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December. 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,992 84,200 21,792 150,774 58,500 22,700 9,600 29,800 5,300 18,812 6,128 December. 276,246 115,062 90,800 24,262 161,184 63,500 24,400 10,700 29,100 6,500 20,000 7,048 1946—June 268,578 108,183 84,400 23,783 160,395 62,900 25,300 11,500 25,200 6,500 22,332 6,798 December. 257,980 97,850 74,500 23,350 160,130 r63,600 25,300 11,800 22,100 '6,300 24,585 6,338 1947—April 254,598 93,457 71,600 21,857 161,141 r65,700 25,100 12,000 19,800 '6,900 25,280 6,314 May 255,146 92,788 70,700 22,088 162,358 '65,900 25,200 12,000 20,200 '7,000 26,186 5,966 June 255,197 91,872 70,000 21,872 163,325 -•66,100 25,000 12,100 20,100 '7,100 27,366 5,445 July 256,395 91,949 70,400 21,549 164,446 r66,400 25,000 12,200 20,400 '7,100 28,516 4,825 August. . . 257,183 91,892 69,700 22,192 165,291 '66,600 24,900 12,200 20,700 '7,200 29,220 4,496 September 256,177 2,129 69,800 22,329 164,048 r-65,700 24,700 12,100 20,400 '7,100 29,520 4,424 October. . 256,348 91,968 69,800 22,168 164,380 65,700 24,900 12,200 20,400 7,200 29,447 4,488 ' Revised. x Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Sept. 30, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Marketable public securities. In millions of dollars] U. S. U. S. Gov- Gov- End of month s T t o a o u n t t a d - l - a m e c g r i e e e n n n s - t - s F e R e e r r e a d v - l - e b C m c a o i n e a m r k l - - s M s t in u a g v u a s l - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - a m e c g r i e e e n n n s - t - s F e R e e r r e a d v - l - e b C m c a o i n e a m r k l - - s M s i t n u a g u v a s l - - I c a n o n s m c u e - r- Other ing and Banks C1) banks panies ing and Banks (x) 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 7,00924,26282,830 10 491 23 18351,046 1945—Dec 15 222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,578 11 220 24 285 47,015 1946—June.... 10 119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,962 11 521 24 346 44, 177 Dec 7 802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,961 11 845 23 969 42,684 1947—June.... 11 255 83 251 6,936 374 420 3,191 Sept.. . . 167,980 4,38822,32962,773 11 833 23 610 43,047 Sept.. . . 11 059 50 483 7,327 266 282 2,651 Oct 167,142 4,352 22,16862,529 11 769 23 445 42,879 Oct 14 393 50 976 8,948 277 323 3,819 Treasury bills: 1-5 years: 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35 376 408 693 25,165 701 1,742 6,673 1946—June 17,039 3 14,466 1,142 3 1 1,424 1946—June... . 35 055 443 797 25,285 709 1,506 6,319 Dec 17,033 2 14,745 1,187 11 1,088 Dec 39 570 576 831 28,470 1,047 2,101 6,550 1947—June.... 15,775 11 14,496 787 1 1 479 1947—June.... 42 522 469 698 29,917 1,574 2,671 7,193 Sept.. . . 15,725 36 14,019 768 5 3 894 Sept.. . . 42 415 364 569 29,540 1,505 2,611 7,826 Oct 15,732 20 13,563 1,067 7 26 1,050 Oct 38 323 357 403 27,283 1,424 2,467 6,387 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 6,81316,676 243 576 10,439 1946—June.... 32 847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,496 11,221 257 490 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 Sept 24,894 43 7,119 7,754 221 293 9,464 Sept 18 932 384 40 12,013 1,111 1,765 3,619 Oct 24,808 42 7,087 7,687 213 299 9,480 Oct 18 932 378 40 12,133 1,077 1,681 3,622 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 5,523 10,996 11,905 1946—June.... 18,261 9 1,748 11,396 227 623 4 258 1946—June 37 189 3,400 83 3,308 6,026 12,547 11,829 Dec 10,090 6 355 6,120 211 603 2 796 Dec 32,384 2,975 78 2,433 5,303 11,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2 443 1947—June.... 40,352 3,374 78 2,587 6,75115,137 12,425 Sept.. . . 7,840 2 472 4,763 116 135 2 352 Sept.. . . 43,068 2,814 100 4,639 7,132 15,45712,926 Oct 7,840 3 811 4,452 81 163 2 330 Oct 43,068 2,810 100 4,686 7,182 15,448 12,848 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 6,933 10,559 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 75348,408 11,04923,22629 700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—June.... 119,323 5,306 72748,756 11,40723,30529 822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Sept.. . . 119,323 4,270 72049,460 11,48623,16430 223 Sept 11,689 660 704 1,587 3,183 5,555 Oct 118,564 4,251 70849,298 11,46522,94329 899 Oct 11,689 657 703 1,588 3,186 5,555 * 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. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n u t l o v i a e l e s u e l a r - 1 - - s - S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e t p - 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 e i a s d - v s r e - f T c e t o e r r r a s a u t u c c n - s n t . t o s t s - i j O p tu e e t x n r h e - d e s r i- e b i T x u t p u o d e r t g e n a e s l d t - s B ( d u + e u r f ) d p i c g l o u i e t r s t c T e o a r t u c c u - n . s * t t s G b I a f e n d d l u n a c u e n e n r r c d e r i c r a n a e e l g s a e s p e ( e G + ( d r — i r ) e o o b d o ) s t s r Fiscal year ending: June 1945. . . 10,28924,884 6,949 1,7933,82447,740 46,4573,61790,029 1,646 5,106 100,397 -53,941 +791 +4,529 +57,679 June 1946. . . 9,39221,493 7,725 1,7143,91544,239 43,038 4;7~2~2 48,542 1,918 8,532 63,714 -20,676 -524 -10,460 +10,740 June 1947. . . 10,01319,292 8,049 2,0395,30944,703 43,259 4 95817,142 1,355 19,051 42,505 +754 -548 -10,930 -11,136 1946—December. 766 2,120 722 89 416 4,113 4,107 952 1,580 21 1,110 3,662 +445 -480 -3,163 -3,128 1947—January... 546 2,117 693 58 445 3,860 3,820 343 1,412 71 1,288 3,113 +706 -125 +1,210 +628 February.. 1,376 1,845 666 387 368 4,643 4,378 124 1,457 16 2,318 3,914 +464 +317 +2,422 +1,642 March.... 785 3,865 682 118 275 5,724 5,701 626 1,428 1 1,544 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 315 2,624 2,556 141 1,728 46 2,085 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 625 3.204 2,865 92 1,327 432 2,000 3,851 -987 +99 -245 +642 June 778 2,492 602 1251,484 480 5,473 1,396 1,493 18 2,632 5,540 -67 -634 -758 -57 July 625 757 663 80 343 2,469 2,397 245 979 549 61,896 3,669 -1,272 -129 -239 +1,161 August 1,255 41 643 352 202 865 2,536 103 908 273 1,775 3,060 -524 +206 +332 +649 September. 797 2,639 699 136 615 884 4,872 668 1,006 9 1,249 2,932 +1,940 -435 +552 -953 October... 644 702 782 71 25 2,455 2,390 157 1,150 >-60'•1,078 2,445 -55 +283 +155 -74 November. 1,315 350 695 329 36: 3,053 2,743 127 930 20 1,118 2,194 +549 + 138 -172 -859 December.. 880 1, 76 14. 578 4,260 4,246 972P1,O67 1,162 3,224 + 1,022 -547 -838 -1,312 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 n a s r c t c n o k - - f - ce R i e p - ts I m nv e e n s ts t- p tu e E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n e c 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 f a u n l i a n n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1945 3,239 2,757 453 1,553 3,820 2,444 -938 25,119 1,500 22,622 997 421 24,698 June 1946.... 2,940 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—December.. 71 237 109 -27 125 26 331 3,920 682 2,570 668 418 3,502 1947—January. . . 219 45 126 131 123 44 121 102 1,620 2,736 746 391 4,711 February. . 440 87 123 11 361 41 224 478 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 ,707 842 2,317 1,548 395 4,312 May 590 159 126 -33 327 456 110 ,402 989 1,807 1,607 336 4,066 June 246 476 137 90 477 305 348 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 6749 1,362 M.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 November . 523 274 107 128 160 17 19 4,292 1,290 1,417 1,585 357 3,935 December.. 80 119 116 57 153 25 464 3,454 866 968 1,621 357 3,097 P Preliminary. r Revised. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 1 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund* * Excess of receipts (+) or expenditures (—). 5 Change in classification. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE UNITED STATES TREASURY 1 [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 t a a g x n if d e t s o ce th l t l e a a r x n e m e s o i u s s - in C c a o s m h e o C u a t s g h o c o o u m tg e o o r ( ( — +) ) Fiscal year ending June—1941 9,371 14,060 -4,689 j F u i n s e c — al 1 y 9 e 4 a 1 r ending: 1,418 1,852 164 37 407 2,547 1 1 9 9 4 4 3 2 2 1 5 5 , , 2 2 4 9 5 1 3 7 4 8 , , 5 9 8 7 5 9 - - 5 1 3 9 , , 7 2 3 9 5 4 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—November. 2,869 2,325 +544 December. 4,207 3,629 +578 1946—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 1,082 177 127 3 84 595 April 2,819 3,654 -835 March 81 1,967 1,712 80 3 103 541 May 3,316 3,351 -35 April 1,014 648 228 66 2 68 572 June 5,295 5,193 +102 May 1,528 158 170 63 3 62 539 July 2,565 3,392 -827 June 33 1,068 1,386 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 A Se u p g t u e s m t ber.. 1,49 2 5 6 1,12 6 8 2 1,5 2 1 7 4 6 4 3 3 5 1 1 6 7 4 9 5 6 7 2 2 5 O N c o t v o e b m er b . e . r . . 3 2 , , 3 63 4 1 9 2 2 , , 6 5 1 3 2 3 + + 8 1 1 8 6 October 1,188 246 384 28 1 65 736 November.. 1,491 67 249 22 2 54 627 1 Revised figures. For description, see Treasury Bulletin for September 1947. JANUARY 1948 81 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 items l Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i - a l v e n - s m m C p r s a t l i 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 u S m n t s - . . v e e n O r s s t i s t e t t - c i h e u e s - r 2 e L s t m u a t q a r r n e u u n e d n i c d s p t - , , - c u h f u t e a n a D r r t n r d i e e r g b d - e i d - e s d - s3 O s a t e s h - ts er b a t y B F g u n a u u o r t U n e a e l n d l . e s r d y S - d s . d p , e a n b O y o e a t t n b h e - l e s e , r l O i i a t t i b h e i e s l r - i m U G n e e t r . o e s e n t n v S r - t - - . o i v n w P a e t r t s e n i e t - r e l - y d All agencies: Sept. 30, 1946 29,569 1,157 5,949 1,429 1,836 39016,973 1,536 37 1,250 3,37 24,069 496 Dec. 31, 1946 30,409 1,398 6,649 1,265 1,873 54 16,924 3391,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,33 1,588 7,294 1,003 1,985 3,42615,486 3801,176 169 1,250 3,142 27,268 509 June 30, 1947 '29,666 ,79; 7,662 851 1,777 3,56512,691 1651,163 506 2,045 26,763 269 Sept. 30, 1947 31,03 1,556 9,212 1,093 1,725 3,55312,662 283 953 667 2,144 28,005 138 Classification by agency, Sept. 30, 1947 Department of Agriculture: Farm Credit Administration: F B e a d n e k r s a l f o in r t c e o rm op e e d r i a a t t i e v e c s redit banks. 4 2 7 9 5 6 3 2 9 3 1 5 (*) 3 4 9 3 9 23 7 8 3 Production credit corporations. . . 109 109 Regional Agricultural Credit Corp. 14 14 Agricultural Marketing Act Revolving Fund 1 () 1 1 Federal Farm Mortgage Corp 125 6 95 24 120 Rural Electrification Administration 712 27 678 7 () 712 F C a o r m m m er o s d ' i H ty o m Cr e e d A it d C m o i r n p istration.... 1,2 4 7 4 2 9 46 6 7 3 3 1 1 6 6 1 410 22 5 9 8 65 1 3 1 5 43 7 8 4 Federal Crop Insurance Corp 41 16 10 15 9 32 Housing and Home Finance Agency:ti Home Loan Bank Board: Federal home loan banks 336 182 225 123 123 Federal Savings and Loan Insur- Ho a m nc e e O C w o n rp ers' Loan Corp 5 1 4 8 8 5 508 18 1 1 2 1 3 9 5 1 2 8 5 1 Public Housing Administration and affiliate:6 Public Housing Administration 6.. 504 5 278 8 204 6 11 493 Defense Homes Corp 55 2 (5) 53 (') 1 55 Federal Housing Administration.... 199 36 " 26 126 1 11 3 162 Federal National Mortgage Association 5 5 (5) 5 Reconstruction Finance Corp.7 1,836 19 899 116 115 110 334 1,523 Export-Import Bank 1,803 1 1,789 13 189 1,613 F T F U e e e . d d n S e e n . r r e a a M s l l s e a W D e r e i o V t p i r m o a k s l s e l i e t A y C I g n o A e s m n u u c m t r y h a i o n s r s c i i e t o y n C : orp 1,0 2 7 8 2 8 0 0 3 3 2 1 2 2 (5/ 1,041 7 1 4 4 7 2 *( ( ( 6 5 5 )" ) ) 4 8 2 32 1, 2 0 7 2 7 4 0 1 8 Maritime Commission functions 8. .. 4,192 560 1 3 3,305 29 212 3,799 War Shipping Adm. functions 9 7,003 163 6,507 115 191 333 6,670 Allother «» 8,589 31 3^420 3*386 1,657 10 49 63 8,525 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1947 Purpose of loan M F C F a o e o r r d m r p . t . . b c i m F n r a a e e e t n t e d d d e k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d r m d p i i - t . t y t R A r E t i i f u d l o i e r m c n c a a - l . - F A H e a d r o 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 u i o d n b u g m l s ic - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e l . d s i C - . B p p I E o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n l s - a J g u 1 e n 9 a n 4 e l 7 c l 3 , ie 0 s , To aid agriculture 122 391 235 174 678 592 (*) 7 2,200 4 2,053 To aid home owners 520 117 27 665 660 To aid industry: Railroads 145 17 162 164 Other .1. . 209 31 240 224 To aid financial institutions: Banks 1 5 6 6 Other . 336 4 340 293 Foreign loans 258 'l'796 3,350 5,405 4,058 Other "( y . .. _ . 278 218 (5) 95 591 597 Less: Reserve for losses ""?Y S 1 1 ' 276 " 13 49 9 397 393 Total loans receivable (net)... 95 391 235 161 678 316 508 278 336 904 1,789 3,523 9,212 7,662 1 Assets are shown on a net basis, i.e., after reserve 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, 318, 476, 635, and 635 on Sept. 30, Dec. 31, 1946, Mar. 31, June 30, and Sept. 30, 1947, respectively; International Monetary Fund Quota—2,750 on Mar. 31, June 30, and Sept. 30, 1947. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are excluded beginning June 30, 1947; U. S. Govt. interest in these banks was liquidated June 26, 1947. 6 Less than $500,000. 6 Reorganization Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance Agency in lieu of National Housing Agency, with three constituent agencies: Home Loan Bank Board, Federal Housing Administration, and Public Housing Administration. Figures for the latter represent activities under United States Housing Act, as amended; its war housing and other operations are included under "all other." 7 Includes U. S. Commercial Co. and War Damage Corp. 8 Figures are for Mar. 31, 1947. 9 Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 10 Figures for three small agencies included herein are for dates other than Sept. 30. 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. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BUL- LETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517. 82 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 a t i s l o 1 u 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 Du f M a r- c a tu n r u N e - s on- 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 u o r r l n 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 = n r 3 l 1 g 5 o 0 s - a * 0 3 d 9 - 1 u 9 s = ( e v 3 a 1 ) a l 5 * e l 0 - - s * 0 39 p m c = 1 r o o i 9 1 c m d 2 0 e 6 i 0 - s ty 3 1 s p 9 u = r 3 m i 1 5 c 0 e e - r 0 3 s s 9 able durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 138.6 123.8 1920 .... 75 93 60 83 63 30 90 104.2 124 2 129 99 154 4 143 3 1921 58 53 57 66 56 44 65 79 7 80 2 110 92 97 6 127 7 1922 73 81 67 71 79 68 88 88 2 86 0 121 94 96 7 119 7 1923 88 103 72 98 84 81 86 101.0 109.1 142 105 100 6 121 9 1924 82 95 69 89 94 95 94 93 8 101 7 139 105 98 1 122 2 1925 90 107 76 92 122 124 120 97 0 107 2 146 110 103 5 125 4 1926 96 114 79 100 129 121 135 98.9 110 5 152 113 100 0 126 4 1927 95 107 83 100 129 117 139 96 8 108 5 147 114 95 4 124 0 1928 99 117 85 99 135 126 142 96 9 109 7 148 115 96 7 122 6 1929 .... 110 132 93 107 117 87 142 102.8 103.1 117 1 152 117 95 3 122 5 1930 91 98 84 93 92 50 125 95 8 89 8 94 7 131 108 86 4 119 4 1931 75 67 79 80 63 37 84 86.3 75 8 71 8 105 97 73 0 108 7 1932 58 41 70 67 28 13 40 75.7 64.4 49 5 78 75 64 8 97 6 1933 69 54 79 76 25 11 37 76.1 71 3 53 1 82 73 65 9 92 4 1934 75 65 81 80 32 12 48 84.0 83.1 68.3 89 83 74.9 95.7 1935 .... 87 83 90 86 37 21 50 87.8 88.7 78 6 92 88 80 0 98 1 1936 103 108 100 99 55 37 70 95.1 96 4 91 2 107 100 80 8 99 1 1937 113 122 106 112 59 41 74 101.1 105 8 108 8 111 107 86 3 102 7 1938 89 78 95 97 64 45 80 94.6 90.0 84.7 89 99 78 6 100 8 1939 109 109 109 106 72 60 81 100.0 100 0 100 0 101 106 77 1 99 4 1940 125 139 115 117 81 72 89 105.8 107.5 114 5 109 114 78 6 100 2 1941 162 201 142 125 122 89 149 119 4 132 1 167 5 130 133 87 3 105 2 1942 199 279 158 129 166 82 235 131.1 154.0 245.2 138 149 98.8 116.5 1943 .... 239 360 176 132 68 40 92 138.8 177.7 334 4 137 168 103 1 123 6 1944 235 353 171 140 41 16 61 137.0 172 4 345 7 140 186 104 0 125 5 1945 203 274 166 137 68 26 102 132.0 151 8 293 4 135 207 105 8 128 4 1946 P170 »192 *165 *134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1945 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 182 184 214 168 145 145 140 148 138.1 149.1 149.6 292.8 139 258 134.1 148.6 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 176 178 207 163 140 155 136 170 139.0 149.4 150.1 314.2 134 287 150.6 158 4 August 182 185 '210 169 150 166 150 179 140.2 152.7 154.3 323.3 143 282 153.6 160 3 September" ' 186 191 218 172 153 183 168 195 141.5 155.7 156.6 336.9 142 291 157.4 163.8 October 190 194 223 176 154 184 170 196 142.2 156.5 156.9 341.6 145 275 158.5 163 8 November P192 P193 P225 *>178 *>156 P142.4^156.7 P157.2 147 300 159.5 164.9 * Average per working day, P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 84-87. For points in total index, by major groups, see p. 105. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 91 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. 93-95. 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. JANUARY 1948 83 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] 1947 Industry Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Industrial Production—Total. 183 182 189 189 190 181 185 184 176 182 186 190 vl92 Manufactures—Total 191 190 196 197 198 194 191 191 183 188 192 197 P199 Durable Manufactures 214 211 221 222 225 222 218 219 207 '210 218 223 P225 Iron and Steel... 178 159 192 191 196 195 193 181 188 195 204 202 Pig iron 174 152 193 191 194 189 193 189 174 187 188 198 197 Steel 193 174 206 207 213 213 215 211 198 205 214 224 222 Open hearth. 163 145 177 174 179 178 179 176 166 170 177 184 182 Electric 404 381 414 446 457 461 469 458 429 454 477 '509 5081 Machinery 271 276 277 277 281 276 273 275 266 267 276 280 P282 Manufacturing Arsenals and Depots1. . . Transportation Equipment 235 235 229 233 239 237 225 233 217 •213 r227 233 Automobiles (including parts) 187 187 181 190 197 193 179 191 185 180 '197 198 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products... 197 203 208 202 197 187 179 171 170 174 179 P184 Smelting and refining 175 181 184 190 195 203 198 188 181 180 182 176 P175 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 198 203 211 215 205 195 183 176 167 167 171 180 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. ... 142 141 142 147 147 144 142 142 133 '142 140 143 P149 Lumber.. . 135 132 131 137 138 135 134 133 121 133 128 128 PUS Furniture. 157 160 161 167 166 161 158 160 155 160 164 P176 Stone, Clay, and Glass Products.. . 202 210 219 219 218 211 200 207 195 199 r202 201 P202 Glass products 226 232 245 235 241 234 229 230 207 211 219 210 208 Plate glass 152 135 149 154 159 151 163 154 124 151 151 156 143 Glass containers 251 265 278 263 269 263 251 257 235 231 243 229 230 Cement 162 177 182 203 192 175 141 171 164 171 171 174 178 Clay products 150 152 168 164 165 164 162 164 160 162 160 161 P165 Gypsum and plaster products.. . . 215 219 227 232 224 218 210 216 224 225 221 230 P231 A O b th ra er s i s v t e o n a e n d a n a d s b c e l s a t y o s p p ro ro d d u u c c ts t 1 s . . . . . 252 263 271 260 258 249 247 239 220 '216 '226 225 P223 Nondurable Manufactures. 173 174 176 176 175 172 170 168 163 169 172 176 Textiles and Products 174 164 172 173 172 166 155 154 Textile fabrics 163 152 160 161 160 154 152 143 129 142 147 P15S Cotton consumption 164 141 161 161 160 154 148 133 118 130 130 139 149 N Ra y y lo o n n a d n e d li v s e il r k i e c s onsumption1 256 254 263 262 270 270 271 263 263 267 279 •280 291 Wool textiles 181 180 171 178 172 159 161 155 130 156 168 168 Carpet wool consumption. . . 161 165 155 174 182 170 191 175 141 184 192 193 Apparel wool consumption. . 230 223 214 222 210 195 186 175 149 176 184 186 Wool and worsted yarn 178 175 166 169 161 149 147 144 121 147 '162 161 Woolen yarn 178 171 160 158 145 128 126 124 108 134 '144 140 Worsted yarn 177 180 175 184 183 178 177 174 139 165 •188 189 Woolen and worsted cloth. . . 181 181 173 178 171 158 156 152 132 148 159 159 Leather and Products 121 115 116 120 122 116 113 107 101 116 122 125 Leather tanning 110 110 113 118 122 119 119 114 106 115 120 121 Cattle hide leathers 121 122 127 134 140 137 138 130 121 130 131 136 Calf and kip leathers. . . . 91 94 98 99 99 102 96 94 78 93 103 94 Goat and kid leathers.... 70 68 67 81 84 79 88 92 90 87 94 100 Sheep and lamb leathers. 137 130 117 108 102 95 83 84 84 101 118 112 Shoes 117 118 121 121 113 109 103 97 117 123 128 127 129 Manufactured Food Products. . . 162 161 156 157 158 155 154 155 156 157 155 P158 156 Wheat flour 155 162 158 160 149 144 152 143 148 136 136 Cane sugar meltings1 145 Manufactured dairy products. 146 147 148 149 153 154 157 148 147 P140 Butter 77 79 82 81 85 82 79 82 85 74 76 75 66 Cheese 172 172 178 185 198 206 191 196 197 174 167 163 151 Canned and dried milk... 143 148 147 152 164 173 173 184 188 158 160 157 137 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 84 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 Nov. Dec. Jan. Feb. Mar. Manufactured Food Produtcs—Continued Meat packing 163 151 163 159 149 Pork and lard 179 151 172 165 143 Beef 150 162 164 167 169 Veal 160 138 133 121 122 Lamb and mutton . . 116 105 108 104 101 Other manufactured foods . . . . 160 168 165 158 160 Processed fruits and vegetables 160 170 157 137 151 Confectionery • 135 147 138 142 145 Other food products . 164 172 171 166 165 Alcoholic Beverages 213 234 241 223 208 Malt liquor 194 101 183 157 160 Whiskey 64 158 188 179 151 Other distilled spirits 191 333 623 695 619 Rectified liquors . . 463 426 408 372 314 Industrial Alcohol from Beverage Plants l . . Tobacco Products. . 169 148 158 168 158 Cigars 131 109 111 110 98 Cigarettes 216 192 208 228 216 Other tobacco products 81 72 69 67 66 Paper and Paper Products... 153 150 156 157 159 147 146 150 151 154 pulp . 162 159 166 171 174 96 98 99 100 99 Soda DUID 109 109 109 109 113 Sulohate DUID • 248 236 252 260 266 Sulphite pulp . • 139 139 145 150 151 Paper . 145 144 147 148 151 Paperboard 175 168 179 181 180 Fine oaDer 90 86 83 83 88 Printing paper • • 142 155 153 155 160 Tissue and absorbent paper 156 152 148 142 151 Wrapping paper 136 134 137 137 139 Newsprint 84 87 87 89 89 Paperboard containers (same as Paperboard) Printing and Publishing 130 138 138 140 142 Newsprint consumption 118 120 111 125 124 Printing paper (same as shown under Paper). .... Petroleum and Coal Products. . . P177 P178 P180 P185 P185 Petroleum refining 2 Gasoline 148" U8 142 143' 142' Fuel oil . 161 167 166 170 174 Lubricating oil . ... . 147 154 160 162 167 Kerosene 150 162 175 185 176 Other petroleum products * Coke 152 143 171 172 172 By-product coke 148 139 163 165 165 Beehive coke 272 278 410 416 424 Chemical Products. . 243 249 251 251 251 Paints 150 152 154 156 157 Soap 115 128 131 136 135 261 260 266 276 283 Industrial chemicals . 411 422 430 429 431 Explosives and ammunition x Other chemical products * . .... Rubber Products. . 243 252 247 246 239 Minerals—Total.. 136 137 146 146 148 Fuels 140 141 151 150 153 Coal 118 128 162 151 153 Bituminous coal .... 116 130 173 162 163 Anthracite 123 121 118 107 113 Crude petroleum. . 150 147 146 150 153 Metals 117 111 117 122 117 Metals other than gold and silver ... .... 169 153 158 166 159 Iron ore (Copper* Lead* Zinc)* Gold 44 53 60 61 Silver . . 58 55 64 66 • nC NO • 00 00 Apr. May June July Aug. Sept. Oct. Nov. 150 151 152 156 145 146 142 170 153 154 157 171 155 144 141 185 159 159 154 149 140 153 146 159 121 119 141 154 158 174 171 190 105 102 104 93 91 99 109 114 161 158 154 156 160 162 160 P160 145 138 132 133 138 147 133 P135 149 153 135 119 118 125 134 167 164 164 168 172 173 171 P171 189 162 159 164 176 198 229 220 154 149 150 157 168 196 204 203 131 106 79 55 56 78 71 503 350 319 329 385 277 323 120 276 194 215 231 238 297 468 562 160 142 159 156 160 163 175 169 94 106 101 98 107 113 126 124 221 187 216 210 211 213 229 224 68 55 66 72 80 83 80 68 156 161 160 146 157 157 161 163 150 155 155 140 151 151 155 158 169 173 178 160 178 171 177 182 97 97 105 108 113 110 105 97 112 112 116 98 105 104 107 112 254 265 277 253 278 259 275 281 150 151 151 131 151 149 154 160 147 152 151 137 147 147 151 154 178 184 179 166 178 182 184 186 87 88 88 75 86 87 89 89 158 160 162 147 157 157 167 168 144 148 147 136 148 151 152 157 132 141 144 124 127 123 128 135 93 92 91 91 94 97 91 90 141 142 146 139 145 144 152 153 124 125 131 131 133 131 138 137 P179 P184 P191 P195 P201 P203 P203 139' 145" 154' 157' 163' 162 162 P161 163 171 173 178 180 183 187 156 163 168 157 164 154 160 170 175 182 186 177 169 177 166 168 165 161 171 170 177 177 162 161 160 156 164 162 169 170 324 428 340 307 415 439 r449 411 251 253 250 251 249 248 248 P249 155 153 151 152 152 153 152 138 137 142 135 135 137 138 M48 298 292 251 291 294 295 294 P294 433 435 439 438 431 425 425 M26 234 220 216 207 '210 223 P226 143 151 148 140 150 153 154 P156 144 156 153 144 155 160 162 P164 111 153 140 113 143 153 156 P159 127 165 147 117 151 161 163 P169 102 104 110 93 114 122 126 P119 155 157 159 160 161 164 166 P166 136 124 122 117 117 111 P107 189 169 166 160 163 153 P145 60 64 63 60 56 55 68 66 61 51 47 55 p Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JANUARY 1948 85 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 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Industrial Production—Total... 183 180 184 t85 187 185 185 185 178 185 191 194 193 Manufactures—Total 192 188 192 193 195 193 191 191 184 191 197 200 199 Durable Manufactures 214 209 218 220 224 222 219 220 208 212 219 224 P225 Iron and Steel 178 159 192 191 196 195 197 193 181 188 195 204 202 Pig iron 174 152 193 191 194 189 193 189 174 187 188 197 Steel 193 174 206 207 213 213 215 211 198 205 214 222 Open hearth.. . 163 145 177 174 179 178 179 176 166 170 177 184 '182 Electric 404 381 414 446 457 461 469 458 454 477 '509 508 Machinery 271 276 277 277 281 276 273 275 266. 267 276 280 P282 Manufacturing Arsenals and Depots *. Transportation Equipment 235 235 229 233 239 237 225 233 217 '227 233 P238 Automobiles (including parts) 187 187 181 190 197 193 179 191 185 '180 ••197 P200 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products 192 197 203 208 202 197 187 179 171 170 174 179 vl84 Smelting and refining 176 182 184 190 196 203 198 187 180 180 182 176 J>176 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 198 203 211 215 205 195 183 176 167 167 171 180 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 139 129 126 135 140 143 145 149 151 150 150 P146 Lumber.. . 131 114 107 118 126 134 138 143 133 147 143 138 Furniture.. 157 160 161 167 166 161 158 '160 155 •160 164 172 PI 76 Stone, Clay, and Glass Products 207 203 208 205 209 208 206 209 196 •207 211 211 P206 Glass products 228 218 241 229 241 234 242 229 200 218 223 215 209 Plate glass 152 135 149 154 159 151 163 1S4 124 151 151 156 143 Glass containers 254 247 273 255 269 263 269 254 225 241 248 236 232 Cement 175 161 14* 154 157 166 148 183 181 193 198 202 192 Clay products !55 153 156 156 159 160 162 163 160 166 166 170 P171 Gypsum and plaster products 219 224 218 221 215 215 213 221 224 226 225 236 f>235 Abrasive and asbestos products. . . . 252 263 271 260 258 249 247 239 '216 '226 225 P223 Other stone and clay products l. . .. Nondurable Manufactures. .. 174 172 171 171 171 169 168 165 173 178 180 P179 Textiles and Products 174 164 172 173 172 166 164 155 142 154 164 P171 Textile fabrics 163 152 160 161 160 154 152 143 129 142 147 152 Cotton consumption 164 141 161 161 160 154 148 133 118 130 130 139 149 Rayon deliveries 256 254 263 262 270 270 271 263 263 267 279 '280 291 Nylon and silk consumption 1. . . Wool textiles 181 180 171 178 172 159 161 155 130 156 '168 168 Carpet wool consumption. . 161 165 155 174 182 170 191 175 141 184 192 193 Apparel wool consumption. 230 223 214 222 210 195 186 175 149 176 184 186 Woolen and worsted yarn. . 178 175 166 169 161 149 147 144 121 147 '162 161 Woolen yarn 178 171 160 158 145 128 126 124 108 134 '•144 140 Worsted yarn 177 180 175 184 183 178 177 174 139 165 '188 189 Woolen and worsted cloth. . 181 181 173 178 171 158 156 152 132 148 159 159 Leather and Products 123 114 116 123 121 115 113 106 99 116 121 126 P126 Leather tanning 114 110 113 127 121 118 119 112 100 114 11.8 122 Cattle hide leathers 126 122 130 145 140 137 138 125 114 126 '129 137 Calf and kip leathers 94 92 96 104 97 98 92 96 77 97 101 96 Goat and kid leathers... . 68 68 67 84 83 82 86 92 89 84 95 100 Sheep and lamb leathers. 145 124 109 119 99 93 89 83 78 105 115 112 Shoes 129 117 118 121 121 113 109 103 97 117 123 128 P\21\ Manufactured Food Products 158 157 149 140 140 144 149 154 166 "178 181 166 P160 W Ca h n e e a t s u f g lo a u r r meltings 1 146 153 162 160 157 143 138 146 141 147 '148 144 Manufactured dairy products. . . P96 P95 M27 P161 P202 P229 P192 P121 P91 Butter 59 62 68 71 77 84 102 113 104 81 73 64 50 C C Ic h a e n e c e n r s e e e d a m and dried milk 1 1 2 0 9 3 1 1 2 1 4 4 1 1 3 1 2 9 1 1 5 3 1 7 1 16 7 1 8 2 1 1 9 4 6 2 2 5 4 6 0 2 2 7 5 9 4 2 2 4 1 2 8 1 1 9 6 5 3 1 1 7 4 0 7 1 1 4 2 7 7 1 9 1 9 3 P Preliminary. T Revised. 1 Series included in total and group indexes but not available for publication separately. 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 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Meat packing 181 175 191 152 138 139 151 150 146 127 136 144 189 Pork and lard 210 199 225 162 133 139 154 157 150 119 114 133 216 Beef 156 162 168 153 154 149 159 151 151 141 165 159 165 Veal 172 130 124 106 115 118 124 141 154 155 191 195 203 Lamb and mutton. 116 103 115 105 99 102 104 96 90 89 106 113 114 Other manufactured foods 166 164 150 143 142 143 143 146 163 186 194 178 167 Processed fruits and vegetables. 147 132 102 86 83 88 90 101 173 263 287 171 '124 Confectionery 159 149 142 144 135 123 118 100 97 128 162 176 Other food products 172 175 164 158 159 160 161 165 171 176 176 180 Alcoholic Beverages. 196 210 206 195 187 182 167 178 182 181 206 252 197 Malt liquor 149 161 150 142 149 162 170 189 196 192 197 190 157 Whiskey 64 158 188 179 151 131 106 79 55 56 78 71 1 Other distilled spirits. . 401 366 405 417 403 302 210 198 191 208 379 837 252 Rectified Iiquor3 463 426 408 372 314 276 194 215 231 238 297 468 562 Industrial Alcohol from Beverage Plants 1 Tobacco Products 172 138 157 160 151 142 165 162 165 172 181 172 Cigars 131 109 112 110 98 94 106 101 98 107 113 126 124 Cigarettes 221 177 208 215 201 205 187 227 221 222 228 238 228 Other tobacco products 83 63 68 65 66 68 55 67 72 78 89 85 70 Paper and Paper Products. . . 153 150 156 157 159 156 161 160 145 156 157 161 164 Paper and pulp 147 146 150 151 154 150 155 155 140 151 150 155 158 Pulp 162 159 167 171 175 171 174 178 159 176 170 177 182 Groundwood pulp 101 99 103 104 106 106 105 106 96 100 98 K>7 103 Soda pulp 109 109 109 109 113 112 112 116 98 105 104 107 112 Sulphate pulp 24S 236 252 260 266 254 265 277 253 278 259 275 281 Sulphite pulp 139 139 145 150 151 150 151 151 131 151 149 154 160 Paper 145 144 147 148 151 147 152 152 137 147 147 151 154 Paperboard 175 168 179 181 180 178 184 179 166 178 182 184 186 Fine paper 90 86 83 83 88 87 82 88 75 86 87 89 89 Printing paper 142 155 153 155 160 158 160 162 147 157 157 '167 168 Tissue and absorbent paper 156 147 147 147 151 146 148 150 131 148 151 154 157 Wrapping paper 136 134 137 137 139 132 141 144 124 127 123 128 135 Newsprint 85 85 87 89 89 95 93 92 89 93 97 91 91 Paperboard containers (same as Paperboard). Printing and Publishing 135 141 133 138 145 144 145 146 130 139 145 159 Newsprint consumption 129 126 114 122 129 131 129 129 113 120 149 Printing paper (same as shown under Paper) Petroleum and Coal Products. . . P177 vl78 P!85 vl85 P179 P184 P195 P201 P203 P203 Petroleum refining 2 Gasoline 148 148 142 143 142 139 145 154 157 163 162 162 Fuel oil 161 167 166 170 174 163 171 173 178 180 183 187 Lubricating oil 147 152 155 160 165 162 170 168 156 162 154 160 Kerosene 155 167 179 194 180 174 176 171 173 170 168 177 Other petroleum products J. . Coke 152 143 171 172 172 166 168 165 161 171 170 177 177 By-product coke 148 139 163 165 165 162 161 160 156 164 162 169 170 Beehive coke 272 278 410 416 424 324 428 340 307 415 439 '449 411 Chemical Products. . . 244 250 252 254 253 252 247 247 245 250 P251 Paints 149 152 151 154 157 157 157 156 150 151 151 152 Soap 116 128 128 134 135 135 133 140 134 136 143 145 P149 Rayon 261 260 266 276 283 289 292 251 291 294 295 294 P294 E In x d p u lo st s r i i v a e l s c a h n e d m i a c m al m s unition x 411 422 430 429 431 433 435 439 438 431 425 425 P426 Other chemical products 1. . Rubber Products. . . 243 252 247 246 239 234 220 216 207 '210 '217 223 P226 Minerals-—Total . 133 132 141 141 143 139 153 152 145 155 158 158 P155 Fuels 140 141 151 150 153 144 156 153 144 155 160 162 P164 Coal 118 128 162 151 153 122 153 140 113 143 153 156 P159 Bituminous coal... 116 130 173 162 163 127 165 147 117 151 161 163 Anthracite 123 121 118 107 113 102 104 110 93 114 122 126 Crude petroleum 150 147 146 150 153 155 157 159 160 161 164 166 Metals. 105 76 81 84 83 112 140 148 151 144 P132 Metals other than gold and silver. 144 92 97 104 103 153 200 213 220 219 206 P183 Iron ore 174 58 69 73 72 173 279 306 334 326 257 (Copper; Lead; Zinc)1 Gold Silver P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figuress, 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. 87 JANUARY 1948 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 1947 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Oct. Total 149.6 152.0 150./ 154.3 156.6 156.9 157.2 290.3 292.8 298.2 314.2 323.3 336.9 341.6 Durable goods 173.9 176.7 174.7 177.3 179.4 180.8 182.0 323.3 328.1 331.1 350.1 356.9 372.2 379.6 Nondurable goods 130.4 132.5 130.7 136.2 138.7 138.1 137.5 258.1 258.3 266.0 279.1 290.4 302.4 304.5 Iron and Steel and Products 151.2 154.9 156.1 158.5 159.3 160.2 161.3 273.6 273.7 280.8 304.4 314.4 325.7 329.0 Blast furnaces, steel works, etc— 122 124 128 130 129 129 206 203 209 235 250 253 250 Steel castings 162 170 158 162 163 163 298 291 316 315 313 326 333 Tin cans and other tinware 133 130 138 148 150 146 274 249 233 295 331 343 326 Hardware 136 139 136 134 137 139 267 278 282 297 289 305 317 Stoves and heating equipment.... 131 134 134 140 146 147 248 259 265 275 281 314 328 Steam, hot-water heating apparatus 166 170 148 150 150 151 307. 326 328 296 289 311 318 Stamped and enameled ware 148 151 147 150 153 154 289 301 303 319 328 345 351 Structural and ornamental metal work 155 165 168 168 166 275 274 275 317 336 335 343 Electrical Machinery 223.4 227.6 215.0 215.6 218.9 222.8 225.2 397.2 408.1 416.0 422.3 420.3 442.2 455.9 Electrical equipment 170 172 170 169 171 173 298 304 308 333 330 344 350 Radios and phonographs 203 210 178 185 190 198 390 409 427 386 385 420 445 Machinery except Electrical 214.0 217.7 217.4 222.4 224.3 225.1 225.9 376.2 388.0 390.1 426.1 442.6 448.2 Machinery and machine-shop products 183 187 185 186 187 187 322 334 337 356 360 372 374 Engines and turbines 240 245 231 232 231 231 485 482 492 494 513 507 493 Tractors 172 172 180 176 180 183 254 269 270 311 303 318 329 Agricultural, excluding tractors... 152 156 176 182 185 184 270 277 281 362 370 387 394 Machine tools 169 165 137 142 141 140 286 292 286 240 251 254 254 Machine-tool accessories 204 206 167 169 168 166 336 343 343 282 280 294 292 Pumps 237 241 233 230 231 226 444 453 451 479 475 488 475 Refrigerators 181 183 217 221 222 221 293 311 302 422 404 421 437 Transportation Equipment, except Autos 287.8 292.4 248.9 250.0 257.4 267.2 275.3 524.1 542.3 531.1 483.0 482.9 501.5 535.2 Aircraft, except aircraft engines. . 361 369 326 329 329 338 664 681 680 622 638 624 663 Aircraft engines 322 330 301 300 299 295 508 530 484 485 487 501 500 Shipbuilding and boatbuilding 193 193 127 126 138 149 347 354 337 243 242 266 298 Automobiles 192.3 193.3 195.0 192.0 198.3 197.7 197.0 330.3 324.3 325.7 348.8 338.7 373.5 380.3 Nonferrous Metals and Products 182.0 184.0 168.6 170.0 171.7 173.3 173.6 331., 338. 345.3 326.6 329.7 343.6 353.2 Primary smelting and refining 140 142 146 143 142 142 247 251 257 297 289 299 292 Alloying and rolling, except aluminum 158 160 139 136 135 135 285 287 290 260 248 254 257 Aluminum manufactures 215 216 168 172 178 181 358 362 374 299 308 322 341 Lumber and Timber Basic Products.. . . 140.4 142.4 156.5 161.5 161.6 162.1 162.7 285.2 292.0 284.7 359.8 387.3 385.7 385.5 Sawmills and logging camps 151 153 169 176 175 176 310 315 306 397 430 426 421 Planing and plywood mills 147 151 160 161 163 166 281 295 291 345 366 373 387 Furniture and Lumber Products 125.2 127.7 127.8 131.9 133.5 136.1 138.3 254.4 264.2 268.5 281.4 293.3 305.0 318.5 Furniture 124 126 126 129 131 134 250 260 264 274 285 298 315 Stone, Clay, and Glass Products 143.8 143.9 140.2 144.6 145.5 146.0 267.0 271.3 274.8 285.9 301.7 306.0 311.2 Glass and glassware 174 172 159 166 166 168 310 316 319 313 334 341 343 Cement 142 143 147 151 152 151 250 243 244 284 297 298 295 Brick, tile, and terra cotta 122 120 126 129 130 130 244 249 242 276 289 295 301 Pottery and related products 159 160 160 166 165 166 281 286 286 309 330 327 343 Textile-Mill and Fiber Products 106.2 107.6 101.2 102.5 104.2 106.4 108.3 235.5 241.1 246.0 237.5 240.1 256.3 264.9 Cotton goods except small wares. 121 123 118 118 119 122 293 297 306 303 306 317 329 Silk and rayon goods 83 84 79 80 82 84 191 200 202 203 209 220 228 Woolen and worsted manufactures, 112 114 100 103 107 108 253 255 254 243 234 269 270 Hosiery 79 80 75 76 78 79 156 163 168 149 159 166 177 Dyeing and finishing textiles 117 119 114 115 118 121 227 238 247 241 249 270 271 Apparel and Other Finished Textiles. . . 134.9 134.6 131.7 142.2 145.6 149.6 148.1 283.0 283.6 283.2 278.9 302.3 318.5 336.0 Men's clothing, n.e.c 118 122 121 128 130 134 243 246 272 260 265 285 302 Shirts, collars, and nightwear .... 88 93 97 102 104 107 191 196 218 219 226 243 259 Women's clothing, n.e.c 146 142 140 154 158 162 320 312 285 283 323 335 350 Millinery 95 79 80 93 93 99 180 168 117 146 171 173 195 Leather and Leather Products 102.2 102.9 100.6 103.8 104.8 105.6 106.0 204.7 199.5 201.6 214.2 220.4 231.6 234.9 Leather 88 87 91 92 93 94 160 158 160 187 190 199 199 Boots and shoes 94 95 94 97 98 98 195 188 191 205 210 222 224 Food and Kindred Products 127.7 133.5 143.1 157.3 161.1 146.9 140.7 246.5 232.2 252.0 295.8 325.6 331.6 308.8 Slaughtering and meat packing.. . , 69 121 135 136 135 136 116 109 226 281 270 272 272 Flour 140 141 142 142 140 143 279 291 289 326 336 335 339 Baking 108 111 114 115 116 118 194 197 205 218 218 223 231 Confectionery 113 114 104 113 123 137 199 214 226 211 233 271 312 Malt liquors 157 156 183 188 188 185 256 251 250 350 365 370 344 Canning and preserving 180 143 164 233 252 158 625 453 312 402 654 677 434 Tobacco Manufactures 95.8 97.6 89.8 91.6 92.3 95.1 97.0 196.0 207.4 212.7 200.0 203.0 204.9 214.5 Cigarettes 124 126 120 120 119 122 227 239 247 254 249 244 253 Cigars 81 83 75 77 79 82 181 192 194 163 174 180 191 NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, Printing and Publishing, Paper, Rubber, Food, Miscellaneous and Textile-Mill 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 November 1947 are preliminary. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry group or industry 1946 1947 1946 1947 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Oct. Paper and Allied Products 141.7 144.3 140.7 143.0 143.5 145.0 145.8 259.8 268.5 276.6 298.7 300.6 308.5 314.4 Paper and Pulp 136 138 141 143 143 143 253 260 267 310 312 317 317 Paper goods nee 151 153 150 150 152 156 271 280 289 297 293 309 319 Paper boxes 145 149 134 138 139 142 264 274 285 274 280 291 304 Printing and Publishing 125.0 126.6 128.8 129.8 130.7 132.0 132.8 203.1 208.4 214.0 233.6 235.5 245.0 247.9 Newspaper periodicals 113 114 120 121 122 122 176 179 182 209 214 222 222 Book and job 137 138 138 138 139 142 228 233 241 259 255 267 273 Chemicals and Allied Products 187.2 190.9 189.8 189.7 195.2 198.4 199.1 329.1 335.3 345.0 378.7 380.4 395.1 400.5 Drugs, medicines, and insecticides. 194 195 187 186 188 187 317 332 342 348 363 373 384 Rayon and allied products . . 120 122 120 120 122 123 211 210 215 238 240 247 245 Chemicals n.e.c. 170 173 181 179 178 177 290 294 301 342 337 336 336 Explosives and safety fuses 178 175 177 190 191 192 293 292 283 325 353 357 354 Ammunition small arms 161 160 159 103 161 165 339 326 332 356 204 376 387 Cottonseed oil ... . .... 115 135 64 72 100 128 197 278 341 162 185 264 359 Fertilizers 117 118 109 115 122 122 297 280 277 288 305 335 320 Products of Petroleum and Coal 146.8 146.6 153.7 154.1 153.4 152.8 152.8 257.3 252.7 252.6 295.6 297.2 302.4 297.9 Petroleum refining 136 136 141 142 140 139 233 228 227 265 262 266 259 Coke and by-products 119 118 125 125 125 127 220 216 216 248 264 267 273 Rubber Products 194 8 198 8 175 2 177 8 178 1 182 0 184 3 363 9 361 3 377 4 352.7 357 4 369 0 375 6 Rubber tires and inner tubes 234 238 212 215 208 211 400 398 415 390 396 398 398 Rubber goods other 168 171 148 154 158 162 328 335 340 305 322 338 352 Miscellaneous industries . . . 180.2 182 0 170 1 173 5 177 8 182 3 185.1 339.3 350.7 354.0 341.2 347.5 368.1 383.4 Instruments, scientific 252 239 243 243 245 247 446 449 422 453 460 469 479 Photographic apparatus 199 200 217 217 216 219 322 334 344 386 385 394 405 For footnotes see p. I FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 1947 Group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 149.1 151.5 152.4 153.4 154.4 154.6 153.8 151.9 151.7 149.4 152.7 155.7 156.5 P156.7 Durable 173.8 176.4 177.1 178.7 180.8 181.5 181.2 178.2 179.5 174.0 176.2 179.0 180.7 P181.8 Nondurable 129.7 131.8 133.0 133.4 133.6 133.4 132.2 131.1 129.8 130.0 134.2 137.3 137.4 P136.9 P 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 Sept. Oct. June July Aug. Sept. Oct Sept. Oct June July Aug. Sept. Oct All manufacturing. . 40.3 40.5 40.2 39.8 39.8 40.4 40.5 112.6 113.0 122.6 123.0 123.6 124.9 125.7 Durable goods 40.3 40.7 40.7 40.0 40.0 40.6 40.9 120.1 120.2 130.3 130.5 131.2 133.0 133.7 Iron and steel and products 39.7 40.3 40.5 39.3 39.6 40.2 40.4 124.1 123.9 136.3 136.5 137.6 139.7 139.8 Electrical machinery 40.8 40.7 39.8 39.8 39.2 40.3 40.6 118.5 118.6 129.5 130.8 131.4 132.5 133.2 Machinery except electrical 41.1 41.5 41.3 40.9 40.5 41.2 41.4 126.0 126.6 136.3 137.1 137.7 139.4 140.1 Transportation equipment except autos., 38.8 40.0 40.1 40.1 39.6 39.6 40.4 135.6 135.9 138.7 139.5 140.6 142.2 143.4 Automobiles 38.5 38.8 38.7 37.7 37.2 39.2 39.6 138.5 137.6 148.5 149.6 150.0 151.5 153.2 Nonferrous metals and products 40.7 40.9 40.5 39.7 39.5 40.1 40.7 119.2 119.5 128.6 128.9 129.4 131.3 131.7 Lumber and timber basic products 41.4 41.9 42.8 42.2 43.3 42.7 42.4 93.5 93.6 105.3 103.3 104.8 105.4 105.5 Furniture and finished lumber products. 41.8 42.2 41.7 41.1 41.2 41.5 42.1 97.7 99.0 106.1 105.8 107.0 109.3 110.5 Stone, clay, and glass products 40.5 40.6 40.8 40.1 40.6 40.6 40.7 108.7 109.6 119.0 119.8 120.8 122.1 122.9 Nondurable goods. 40.3 40.2 39.8 39.7 39.5 40.2 40.2 105.0 105.6 114.0 115.0 115. < 116.5 117.4 Textiles—mill and fiber products 40.0 40.2 38.6 38.4 38.2 39.5 39.7 94.0 94.8 102.4 102.8 103.2 104.8 105.5 Apparel and other finished products 36.9 36.8 36.0 35.8 35.2 35.9 36.8 101.0 99.7 99.4 102.0 103.8 104.6 105.1 Leather and manufactures 38.2 37.5 38.1 38.2 38.1 39.1 39.0 98.2 98.7 105.3 105.5 105.7 107.2 108.2 Food and kindred products 43.0 42.4 43.2 43.2 43.4 43.5 42.8 101.3 103.5 111.9 112.1 114.0 113.0 115.9 Tobacco manufactures 39.5 40.3 38.2 39.6 39.2 39.1 39.8 89.3 90.5 95.0 95.3 95.1 95.3 95.4 Paper and allied products 43.0 43.4 42.9 42.9 42.4 42.9 43.0 103.7 105.0 116.5 119.0 119.6 120.8 121.1 Printing, publishing and allied industries.. . 41.0 41.0 39.9 39.6 39.4 40.2 40.1 131.5 132.5 149.9 149.8 150.8 153.2 153.9 Chemicals and allied products 40.9 41.3 41.1 40.9 40.9 41.0 41.3 111.0 110.2 123.2 124.7 125.2 126.3 125.4 Products of petroleum and coal 40.4 40.4 40.7 40.5 40.6 40.9 40.5 136.8 134.7 146.4 149.5 149.4 151.4 150.9 Rubber products 40.6 39.4 39.1 38.6 38.7 39.9 40.1 132.3 131.3 141.9 144.5 144.5 144.7 143.6 Miscellaneous industries 41.1 41.4 40.3 39.4 39.3 40.2 40.6 107.6 108.8 116.7 117.8 117.7 119.1 120.1 NOTE.—Preliminary November 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.3 and 126.6; Durable, 40.8 and 134.1; Nondurable, 39.8 and 118.5 respectively. Back figures are available from the Bureau of Labor Statistics. 89 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government1 1939 30,287 10,078 845 ,150 2,912 6,705 ,382 3,228 3,987 1940 32,031 10,780 916 ,294 3,013 7,055 ,419 3,362 4,192 1941 36,164 12,974 947 ,790 3,248 7,567 ,462 3,554 4,622 1942 39,697 15,051 983 ,170 3,433 7,481 ,440 3,708 5,431 1943 42,042 17,381 917 ,567 3,619 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—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 42,103 15,180 866 ,742 4,079 8,688 ,574 4,640 5,334 August 42,449 15,457 896 ,770 4,083 8,761 1,594 4,573 5,315 September 42,846 15,712 894 ,796 4,114 8,772 1,599 4,588 5,371 October 43,077 15,785 894 ,805 4,102 8,792 1,594 4,685 5,420 November 43,141 15,812 896 816 4,077 8,817 1,596 4,699 5,428 UNADJUSTED 1946—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 42,201 15,233 866 ,847 4,140 8,558 ,590 4,686 5,281 August , 42,624 15,595 896 ,894 4,144 8,586 ,602 4,619 5,288 September 43,036 15,798 894 1,904 4,114 8,684 ,583 4,634 5,425 October 43,298 15,832 894 1,895 4,102 8,880 ,586 4,662 5,447 November 43,449 15,851 896 1,852 4,077 9,081 ,588 4,676 5,428 1 Includes Federal Force Account Construction. ^ NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. November 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] Civi ian labor force Year or month in T s o t t i a tu l t n io o n n a - l T la o b ta o l r Employed 1 Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1940 2 100 230 56,030 55,640 47,520 37,980 9,540 8,120 44 200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102 460 60,230 56,410 53,750 44,500 9,250 2,660 42 230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65 890 54,630 53,960 45,010 8,950 670 38 590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40 230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1946—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 ]Vtay 107,330 61,760 60,290 58,330 49,370 8,960 1,960 45 570 June3 .... 107,407 64,007 62,609 60,055 49,678 10,377 2,555 43 399 July 107,504 64,035 62,664 60,079 50,013 10,066 2,584 43 469 August . . 107,590 63,017 61,665 59,569 50,594 8,975 2,096 44 573 September 107,675 62,130 60,784 58,872 50,145 8,727 1,912 45,544 October 107,755 62,219 60,892 59,204 50,583 8,622 1,687 45,535 November 107,839 61,510 60,216 58,595 50,609 7,985 1,621 46,330 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. • 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. 90 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 and public Month Factories Commercial Educational Other utilities 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 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 9 650 0 293 8 268 5 73.7 73.8 50 0 75 9 18 8 42 8 27.1 47 4 156 4 141 5 October 573.2 793 3 235.1 349 5 140.2 95.5 41.0 80 0 12 6 41.1 31.5 61.3 112 8 165.9 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 1947 1946 1945 1946 1947 1945 1946 1947 1945 1946 1947 Federal Reserve district Nov. Oct. Nov. 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 49,166 34,760 4pril 396 735 602 309 127 177 87 608 425 New York 143,463 95,577 May 243 952 675 148 197 234 95 756 441 Philadelphia 41,969 27,592 June 227 808 605 82 215 226 146 593 379 Cleveland 73,665 42,851 July 258 718 660 108 202 203 149 516 458 Richmond 72,369 62,782 August 264 680 823 67 205 218 196 475 605 Atlanta 84,807 52,333 September. . 278 620 650 43 187 193 235 433 457 Chicago 137,322 86,018 October. . . . 317 573 793 61 134 209 256 439 584 St. Louis 50,402 24,725 November. . 370 504 715 61 130 224 309 373 492 Minneapolis 31,026 20,511 December... 331 457 62 109 269 348 Kansas City 33,091 26,849 Dallas 76,006 29,747 Year 3,2997,490 1,311 1,754 1,988 5,735 Total (11 districts) 715,108 793,286 503,745 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION NOTE.—Data for most recent month preliminary. [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION Year or month Total p P m e r i r o m r e o t v n y p - e t - - s S h c t t o m i r o o u m n a n c - l e - l l h f ( a - o T m t I u o D it s i 4 l l e e y - s h R g ( o a T r e I u o n n I i s t ) d u t i l a n p e l g W h e ( o V a T r u a r i e s n t a t i l - n s n e ' d g End of month Total [In C m c m o i e a m i r l l - l - ions M s t i n u a o g v u a f l s - - doll S l i a a o n a n r a g s v d n s ] - I c a n o n s m c u e - r- a F e g e r e a d n l - - Other* 1935 320 224 94 2 banks banks associ- panies cies * 1936 . .. 557 246 309 2 ations 1937 495 60 424 11 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 3 3 2 0 1 3 8 9 1 1 1, , , 1 0 1 9 6 9 3 2 8 4 9 5 7 6 6 2 4 4 2 2 2 1 1 6 5 9 0 6 4 2 1 6 8 0 1 2 2 2 1 1 6 1 5 3 1 5 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 6 2 0 8 1 1 4 3 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 7 9 8 0 6 — — — — — T D D D D j e e e e )e c c c c c, 2 1 1 , , , 1 7 4 3 7 9 9 0 6 7 9 3 9 5 1 1,1 9 6 4 2 6 0 3 3 2 2 2 4 0 8 1 3 2 7 3 8 8 7 1 0 2 1 1 1 2 5 9 4 1 4 6 2 9 0 5 3 2 1 4 4 1 4 1 2 2 2 1 8 2 1 0 3 7 5 1 5 2 7 3 1 1 9 5 2 5 3 0 3 7 0 3 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 3 9 5 (2) 2 3 2 1 4 1 9 7 6 4 3 7 5 27 3 8 2 7 5 1941— D Ju e n c. e . 3 2 , , 1 7 0 5 7 5 1 1 ,3 4 1 6 8 5 1 18 5 6 7 2 2 3 5 7 4 6 7 6 8 8 9 2 2 3 2 4 0 1 1 7 5 9 4 1946— D N e o c v e e m m b b e e r r . .. . 6 7 7 7 3 4 5 0 8 2 2 6 8 9 7 1942— D Ju e n c e 3 3 ,4 6 9 2 1 0 1 1 , 6 6 2 6 3 9 2 2 1 3 9 6 2 2 7 7 2 6 1 9 0 4 3 0 2 2 24 4 5 3 1 1 9 6 5 3 1947— F M J e a a b n r r c u u h a a r r y y . . . . . . . 8 8 7 9 6 9 4 4 3 4 0 9 ( 2 ) 3 2 2 0 8 7 1 1 1 6 3 8 1943— D Ju e n c e 3 3 , , 7 6 0 2 0 6 1 1 , , 7 70 0 5 0 2 2 5 5 2 6 2 29 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 n a r y e il 1 1 1 1 5 1 2 2 7 4 5 5 2 0 1 3 3 3 6 9 3 3 3 6 4 3 3 1944— D Ju e n c e 3 3 , , 3 5 9 5 9 4 1 1 , , 6 5 6 9 9 0 2 2 6 5 0 8 2 2 6 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 1 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 6 4 1 9 4 4 5 9 6 7 3 3 4 9 7 1 9 9 7 5 6 4 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1, , 5 5 0 7 6 0 2 2 6 6 5 3 2 2 6 5 4 3 1 1 , , 0 04 0 7 0 4 1 3 3 1 12 3 2 4 N O o c v to em be b r e . r . . . . . 2 1 4 9 4 2 4 4 6 7 4 3 8 9 1 1 0 5 6 0 1946— D Ju e n c e 3 2 , , 1 9 0 4 2 6 1 1, , 4 4 2 8 9 8 2 25 6 2 0 2 2 3 4 3 7 9 91 7 7 4 1 9 1 1 1 2 0 2 6 1 Mortgages insured under War Housing Title VI through April 1947—June . 2,860 1,386 245 229 889 8 102 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 ana cases in transit to or being audited at the month in which reinsurance took olace. Federal Housing Administration. JANUARY 1948 91 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 * Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 Tanuarv 750 1,124 903 798 1,114 230 301 334 394 520 823 569 405 P583 February 728 1,107 887 670 1,150 234 314 325 318 *»437 494 793 561 352 P713 March 992 1,197 1,030 815 1,327 249 358 365 385 743 839 665 431 P8831 April 989 1,231 1,005 757 1,299 258 361 366 406 J>512 732 870 639 351 P787 May 1,092 1,455 1,135 851 1,421 282 386 372 393 *474 810 1,069 763 457 P94T June . .. 1,003 1,296 870 878 1,241 296 332 360 382 P463 707 965 511 496 P778; July 1,265 1,197 893 826 1,155 302 294 356 431 P450 963 903 537 395 P706- August 1,280 L ,191 737 883 1,143 318 304 360 422 P400 962 887 378 461 P743 September.... 1,269 L.194 514 643 1,101 289 282 335 377 P481 981 912 180 266 P619 October 1,237 1.144 455 537 P1.226 329 329 344 394 P492 908 815 111 142 November 1,072 1 185 639 P986 312 323 322 P478 760 862 317 '508 December 1,286 938 736 Pl.097 282 336 297 P529 1,004 602 439 P567 Jan.-Oct 10,607 12,136 8,431 7,657 P12.176 2,786 3,260 3,517 3,901 P4,684 7,820 8,876 4,915 3,756 P7,493 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS 1 RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c s o t t d s - Ore l c o a e u n l s e - - c l d . h c i a s .l e n . - r o r e p a T v i e e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n N e i c l r o w e a m t t a i e y ng i m n N c e om t e Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 138 79 1945 8,899 8,049 849 447 1946 P7.627 P7,OO8 P619 P289 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1946—September... 138 160 183 125 91 154 164 139 75 October 139 155 183 142 128 146 157 139 79 1946—August. . . , 664 613 51 18 November... 137 117 166 147 136 151 157 148 '82 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 IS 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 October 145 156 192 152 104 147 163 149 75 August.... , 719 655 64 31 November... 147 160 195 145 105 150 163 151 75 September. 716 681 36 4 October 739 696 43 P10 UNADJUSTED UNADJUSTED 1946—September... 149 160 181 140 120 166 245 150 79 October 149 155 180 142 197 154 216 152 82 1946—August. . . , 710 '628 82 54 November... 141 117 166 144 171 148 169 154 84 September. 660 593 68 r40 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 October 156 156 188 152 161 155 235 163 78 August 745 664 81 51 November. . . 150 160 195 142 133 147 163 158 77 September. 727 679 48 20 October... 794 718 76 P48 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for P Preliminary. r Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 92 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=100J Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc 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 207 176 169 184 201 236 275 193 227 185 229 275 244 1946 264 221 220 236 257 290 345 250 292 247 287 352 306 SEASONALLY ADJUSTED 271 230 231 239 266 '292 347 261 294 '253 283 '357 '319 276 231 232 250 111 293 363 264 303 251 299 348 317 1947—January 265 215 228 247 256 293 341 245 278 262 281 363 313 February .... 268 219 224 234 256 281 338 262 290 261 272 347 330 273 237 229 236 257 307 347 260 294 279 298 347 325 Apr il 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 291 236 234 267 290 303 361 290 337 287 346 368 321 October 275 211 r224 253 271 297 348 266 308 276 320 360 324 November P300 248 248 *>278 296 310 383 298 339 ?281 *328 415 P329 UNADJUSTED 1946—November 336 284 301 318 333 "•371 416 318 371 302 '339 '435 '375 441 398 392 408 430 494 570 409 463 385 448 567 504 *t947—January 209 170 182 188 194 219 273 196 228 196 225 294 249 February 222 171 188 192 210 226 298 210 244 202 247 306 278 March..: 266 227 229 255 262 292 347 250 288 258 283 337 295 April 268 227 223 248 266 290 350 258 297 264 290 347 297 May 280 241 237 261 283 301 349 276 315 269 297 356 301 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 Z72 August 236 176 179 193 237 233 310 224 264 242 277 327 306 September 299 248 244 267 293 322 368 296 340 311 336 387 335 October 298 234 '253 280 290 324 372 284 330 304 336 396 335 November P373 306 323 *37O 371 394 460 364 428 P336 P393 507 ^401 STOCKS» 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 113 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 187 1943 155 142 143 141 144 175 161 160 152 151 152 159 172 1944 162 147 150 148 151 190 185 161 159 169 157 177 177 1945 166 153 160 150 156 198 188 159 166 165 158 190 182 1946 213 182 195 191 205 250 258 205 225 211 210 50 238 SEASONALLY ADJUSTED 1946—November 256 209 '220 220 249 298 330 249 274 259 '256 303 296 December 274 205 238 219 258 319 348 256 292 281 303 364 334 268 197 234 216 257 315 311 262 291 278 298 327 315 February 275 206 249 225 261 307 335 264 296 270 293 343 330 273 211 242 223 264 295 321 263 288 266 302 343 331 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 231 189 210 210 222 252 282 225 246 246 224 285 253 October 251 213 224 231 238 281 300 245 274 251 239 306 288 November P272 221 234 P238 268 310 337 259 290 281 P266 357 315 UNADJUSTED 1946—November. 277 236 247 242 263 316 347 274 293 279 '274 324 313 December 235 186 213 187 214 266 293 231 246 246 248 306 274 234 180 206 188 225 268 280 225 250 253 258 294 277 February 252 194 231 218 242 290 312 240 266 257 264 305 290 March. r; 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 255 206 227 231 246 283 311 250 273 265 251 319 285 October 283 239 253 263 274 320 336 275 307 279 272 345 319 November P294 249 263 *262 283 329 354 285 310 303 P285 382 333 9 Revised. P Preliminary. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN -for June 1946, pp. 588-612. 93 JANUARY 1948 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 seasonal adjustment (In millions of dollars) 1946 1947 1946 1947 Out- Year or month Sales stand- Feb. 2.. . 197Feb. 1 .217 Aug. 3 .217Aug. 2 .220 (total Stocks ing 9 214 8.... .219 10.... .228 9.... .223 for (end of orders 16 . 209 15.... .246 17 . 239 16 .225 month) month) (end of 23.... .213 22.... .216 24 .255 23.... .243 month) Mar. 2.... .217 Mar. 1.... .238 31.... .281 30.... .277 9 233 8.. . 254 Sept. 7 264Sept. 6. . 265 16 243 15.... .267 14.... .293 13.... .291 1939 average 128 344 23 ... 255 22 .. 286 21 280 20 301 1940 average. 136 353 108 30.... .257 29.... .283 28.... .257 27.... .316 1941 average... . 156 419 194 Apr. 6 272Apr. 5.... .319 Oct. 5 277Oct. 4 .326 1942 average... . 179 599 263 13. .. 282 12 ... 265 12 . 281 11 304 1943 average 204 508 530 20 289 19 271 19.... .295 18.... .299 1944 average 227 534 560 27.... .232 26 267 26.... .287 25.... .306 1945 average.... 255 564 728 May 4 .248May 3 .27* Nov. 2.... .277Nov. 1 .313 1946 average. 318 714 907 11.... .274 10.... .311 9 .314 8 .347 18.... .246 17.... .273 16.... .342 15.... .380 1946—October. . 341 882 846 25... .245 24 .277 23 363 22 ^9S November 404 '922 ••693 June 1.... .223 31.... .250 30.... .334 29 .367 December. 526 776 557 8.... .273June 7 .293 Dec. 7 .475Dec. 6 ...508 15.... .283 14 .300 14 .519 13 .570 1947—January.. 256 769 619 22.... .248 21.... .25e> 21.... .532 20.... .576 February., 250 838 603 29.... .239 28.... .245 28.... .281 27.... .357 March. . . 332 865 485 July 6 .192July 5 ....208 April 321 849 387 13 .210 12.... .22?! 1947 1948 May 336 818 351 20.... .201 19... .217 June 304 769 470 27.... .204 26 .213 Jan. 4 .188Jan. 3.... .205 July 252 730 593 11.... .232 10 August . . . 273 793 622 18. .. 223 17.. September 340 819 659 25 .220 24.... October. . . 367 912 663 November. P417 P943 P605 NOTE.—-Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. P Preliminary. r Revised. 1 These figures represent retail sales, stocks, and outstanding orders as reported by a sample of 296 of the larger department stores located in various cities throughout the country and are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 11 11 11 Nov. 1 O 9 c 4 t 7 . m 19 o 4 s 7 . 1 N 9 o 4 v 7 . O 19 c 4 t 7 . m 19 o 4 s 7 . 1 N 9 o 4 v 7 . O 19 c 4 t 7 . m 19 o 4 s. 7 1 N 9 o 4 v 7 . O 19 c 4 t 7 . United States. . p+7 +7 +7 Cleveland-co nt.\ Chicago +10 +6 +9 Kansas City— Boston P+3 -2 +6 Y To o l u e n d g o s x town x. . + + 1 9 2 + +9 | +7 C Pe h o ic ri a a g o x x + + 1 7 2 + + 4 5 + + 8 9 O c k o l n ah t. oma City. + 10 +5 +4 N P B D o e o o w r s w t t l o n a H n t n o a d A w ve n re n a , . . . . . . + -7 5 -8 + - - 2 4 8 W P E i r t h i t e e s e 1 b l u in r g g h x 1. . . . + + - 1 4 3 3 ! + + 2 - 1 2 4 | + + + 1 1 1 1 0 0 0 F T I D n o e e d r r s i t r a e M W n H a o p a a n o y u i l e n t i s e s e . 1 1 * . . . . . . . . + + + + 1 1 7 6 0 8 + - — 5 9 0 3 + + + + 1 9 5 4 1D S T a h u l r l l e s a a v s eport + + +2 1 1 0 1 2 + + + 7 6 3 + + + 6 8 4 N C P A S S S S N B N N T L W A C C W P Y C C R U E P B P R B e h l p p y c o r h a r l e l o e o l a u e i w i k e i r t o i m o o e i e b r r a i h n n r n i u v i w l a n w c l f r l c i i r d a B v l a r v n u g a e o e f n c c n g k g d h t a i k a c c g Y a e a d n i l o t m r a n n o a g g i h i e e d Y h 1 e d a u o a l l r e n e n y o r n s s e f f s s k o a e s k a n e b n s a l p l i o i g t t n t c r - t n p l e 1 e e e o n e m l e u d o e r p B t x a l x d l e h k x F r n k c r a s r d d r x h t p t a e i t d a 1 1 i l o l i a C s . r x 1 l a y * . n i r . l i . . e . s e . x t . . . . . . . 1 y . . . . . . . . . . . . 1 . . . . . . . . . . p+ + + + + + + + 1 + + + + + + + + + + + + + + + + + + + - + - — 1 2 2 1 1 1 1 1 2 4 7 9 9 9 5 3 4 9 9 7 7 5 6 4 6 3 9 3 1 1 1 3 0 0 0 9 1 + + + + r + + + + + + + + + + + + + + + + + + — - - 3 + 3 1 1 3 2 7 4 3 9 6 9 3 2 7 4 9 6 6 6 2 3 9 5 8 0 1 1 0 2 3 5 + + + + + + + + + + + + + + i + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 i 5 8 8 5 6 9 6 5 8 8 7 8 2 9 5 7 7 6 0 9 7 3 4 2 0 0 0 0 0 0 A R J O A H T A J C M N M C N C L N R M C M W G R B B K B R B W t a i a l a c y h r o h i h o i a u e o r a a u t r a n c c a o o a W i r i c l a i h l e m w t l s a l n l a a r g a k o a n n k a m s c n b n a e o h u t s e f h m r n r t t u c x n s m i s o s t o . i p h i t n t n n m t l m o l m v i i o o l g o t a g O h s v d e n a e l n a o i e n v t o V l i i k t n k h n n o s i n b o b , s o R a o 1 l g n a r i g n l x l t l e v , t g a m l 1 u o l l u n r h T e o d o x o - l t e e i e t s o e r o d N S a n u l n o e a e x g , x l g m . n , a g n r n , e n . . S y a . S l e s . . n e C x x . l . . . . . x 1 x . . . m * . . . . . . . C C . . . . . . . . . . . . . + + + + + + - + + + + 1 + + + + + + + + + 2 - — - + + - - - - 1 1 1 2 4 1 1 2 1 2 9 1 6 3 4 7 8 6 7 6 8 6 4 3 2 3 8 9 6 0 4 1 1 0 0 2 + + - + + + + + + + + + + + + + 1 + + + + - - - - 1 1 4 3 3 7 0 3 2 6 2 2 8 5 7 3 9 2 3 5 2 4 1 7 0 7 0 1 0 + + + + + + + + + + + + + + + + + + + + + + + + + - - - - - - 1 4 1 4 8 1 6 6 3 2 2 2 9 2 9 5 3 7 5 8 4 6 8 4 2 2 6 4 8 1 0 1 0 S M K S S L L Q S S M M D T F D H W J O G P S F L M E K D G E M t a o . t i t t p o o u t i o a l a u v u r m e u a r . n e . . n i e . a t S p i i i e u n r e r p a s n i n t n l c L l a t t m n n L d s t l L n u P i e t a w l b u i n s c r J e n v h i s a n n e s o i t e n o c h p i n o l h d t k a o p o a s e 1 e i v S a S n s o a g u s h y u a e t o i s a i a h u r u u R s i g a t v p t f - i m B s r i l n p R . i x s l k i e s i i l C o o s i o 1 C o s a o e e e L i l p a l n 1 A c i y r l l l i l t e i . . p t x . i o h s d e k h y t . s 1 r . i . u y * . . 1 . . . . . e . d . . . l . . . i . . . . . . a . . . l s . s . . . . . . . . . . . . . . . . . . . . . . . . v+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - 1 7 3 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 5 7 1 8 9 8 5 9 3 3 1 5 3 | 1 5 1 6 3 0 1 4 6 9 0 1 0 3 0 + + + 4 + + + + + + + + + + + - + + + + + + + + + + + + + + - - - 2 3 5 5 1 1 6 1 1 1 8 4 2 7 8 7 6 7 5 7 1 6 5 6 7 6 5 7 8 8 1 9 7 1 2 1 1 0 3 + + + + + + + + + + + + + - + + + 1 + + + + + + + + + + + + 1 8 - 1 1 1 1 1 1 1 1 1 1 1 0 1 1 2 2 6 0 0 2 7 9 7 2 7 5 5 9 5 8 6 8 7 2 7 2 7 0 0 1 0 3 1 0 S F S S S S S S V C D H S T F L L O S P B R B P S S T Y E B a S a a a a a t a r o a h o p o o u e a o o n a i a a o e v a a o a e N n n n N n v B c l n o r s n o c c l r a i k k r l k u l t n e s c l s t l r e t F p t s o e g l k t e e l a e a i i n s l F e A r a k a J A D L r a o a t n u n m m a j a r r t p m e r o o s m W l B t r o n s n o s g n B s a i a n n n i a k e o i a a t s R a x 1 a f e d d n h e l p g k n d n e e 1 t t e n n e e i g a o C l l o o r e a e a e e n x d x c a * c l l x n n o x a s l m n r l i h c e t i e d d C a a s n a o t s i h l y r s c . 1 r o n h c d i x i l 1 x d o . s 1 x t . o d . . . . . y . . . i t . . . . n L . . . . . x . . . . * . . . . o . . . . . . . . P P P P P P P P + + + + + + - + - + + + + + + + + 1 + + - - + - - - - 2 2 4 1 2 1 8 1 1 1 1 5 2 3 3 5 2 6 3 5 9 9 2 3 6 2 7 8 6 ~ 3 1 0 ; - + + - + + + + + - + + + + + + + 1 - - - - - + + + + + 1 1 1 1 2 2 3 5 1 1 1 6 6 7 7 3 8 7 5 3 2 9 3 5 1 1 1 0 1 6 3 3 ] 3 + + + - + + + + + + + + + + + + + + + + + + 1 + + + + + + - 1 1 1 1 3 4 2 8 7 4 6 4 6 4 6 5 9 3 7 3 5 4 3 7 5 7 4 5 3 0 7 0 3 0 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. 3 Ten months 1947. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly "sales=100* Number Sales during ( S e t n o d c k o s f October Sales during Stocks at end Department of stores period month) period of month reporting Ten 1947 1946 1947 1946 O 1 c 9 t 4 . 7 m 1 o 9 s 4 . 7 1 Oc 9 t 4 . 7 1947 1946 Oct. Sept. Oct. Oct. Sept. Oct. GRAND TOTAL—entire store3 358 +8 +5 +3 2.6 2.7 MAIN STORE—total 357 +7 +4 +4 2.7 2.8 232 217 218 629 570 609 Women's apparel and accessories 355 +4 -2 -8 2.2 2.4 244 237 234 528 469 574 Coats and suits 339 +3 -7 -11 1.4 1.7 322 282 313 467 452 523 Dresses 341 + 1 -5 + 1 1.4 1.4 222 216 221 331 279 327 Blouses, skirts, sportswear, etc 335 + 10 ? -29 1.9 2.9 277 276 252 512 452 725 Juniors' and girls' wear 317 +9 -2 -24 2.0 2.8 288 315 264 564 478 747 Juniors' coats, suits, dresses 224 + 13 -3 -27 1.5 2.3 302 319 266 453 409 618 Girls' wear ._ 242 +3 -1 -23 2.5 3.4 287 331 278 719 596 931 Aprons, housedresses, uniforms 292 0 -3 -21 2.4 3.1 138 143 138 336 286 430 Underwear, slips, negligees 340 -8 + 1 + 11 3.1 2.6 211 194 229 666 545 605 Knit underwear 161 + 1 +8 -\-33 2.6 1.9 238 212 237 608 501 463 Silk and muslin underwear, slips 186 -8 -2 +25 3.1 2.3 206 192 225 648 533 524 Negligees, robes, lounging apparel 164 -18 -2 -23 3.8 4.0 192 175 236 730 573 956 Infants' wear 321 -1 +6 -1 2.4 2.4 320 343 323 791 720 804 Shoes (women's, children's) , 245 +5 +4 +33 3.3 2.6 238 257 227 783 743 590 Furs 270 + 1 -5 -28 3.1 4.4 195 165 194 610 576 863 Neckwear and scarfs 248 +29 +5 -27 1.8 3.1 356 293 276 631 515 888 Handkerchiefs • 293 -4 -4 -17 5.0 5.8 168 135 176 849 670 1,006 Millinery 176 +2 -3 -2 1.0 1.0 246 277 242 236 199 244 Gloves (women's, children's) , 333 -14 -4 -18 4.6 4.8 178 156 208 815 727 993 Corsets, brassieres ^ 339 + 7 +6 +7 2.4 2.4 264 259 248 647 611 609 Hosiery (women's, children's) , 350 +26 -2 +9 1.2 1.4 215 173 171 267 252 244 Handbags, small leather goods 328 +5 -5 -23 2.3 3.2 201 202 191 467 369 613 Men's and boys' wear 330 -4 +5 +24 3.7 2.9 203 202 210 752 682 608 Men's clothing 242 +9 +17 + 113 2.9 1.4 229 220 210 658 622 302 Men's furnishings, hats, caps 312 -9 0 +9 4.2 3.5 185 165 203 771 652 713 Boys' clothing and furnishings 292 -10 2 -3 3.8 3.6 219 269 243 837 789 879 Men's and boys' shoes, slippers 186 -11 +6 +50 5.5 3.3 171 186 192 946 847 628 Home furnishings 318 +20 +14 +14 2.9 3.0 248 220 207 708 677 620 Furniture, beds, mattresses, springs 239 +31 + 7 +8 2.9 3.5 215 194 164 619 613 575 Domestic floor coverings 267 +56 +25 +57 2.3 2.3 293 233 188 663 703 421 Draperies, curtains, upholstery 300 +6 -3 -3 2.9 3.2 255 194 240 738 724 764 Major household appliances 234 +41 + 103 + 153 1.4 0.8 397 387 281 587 534 231 Domestics, blankets, linens, etc 306 -6 -1 +9 3.2 2.7 199 199 212 631 575 582 Linens and towels 205 -4 -7 +6 4.1 3.8 173 167 181 717 632 680 Domestics-muslins, sheetings 169 +2 + 13 +84 2.2 1.2 203 209 199 441 420 253 Blankets, comforters, spreads 189 -11 -6 0 3.1 2.8 218 227 246 681 628 680 Lamps and shades 239 + 19 +2 -21 2.7 4.0 250 195 210 667 615 844 China and glassware 242 +21 +9 +31 5.3 4.9 169 150 140 896 856 684 Housewares 241 +15 +6 -3 3.1 3.7 291 283 254 910 829 948 Piece goods 298 +8 +5 +32 2.4 2.0 295 278 273 713 709 546 Silks, rayons, and velvets 112 + 11 +7 +41 2.2 1.7 280 260 252 610 575 438 Woolen dress goods 92 + 12 -1 +23 1.6 1.4 514 487 461 796 915 659 Cotton wash goods 126 -11 +8 +43 3.1 1.9 199 188 223 620 592 444 Small wares 342 -1 0 -9 3.7 4.1 191 174 193 711 604 785 Lace, trimmings, embroideries, and ribbons. , 122 —5 -4 -16 3.4 3.8 251 220 265 851 789 1,012 Notions 231 + 18 + 12 -6 2.8 3.5 249 233 211 701 620 748 Toilet articles, drug sundries, and prescription! 328 -3 -4 -8 4.3 4.5 144 139 148 615 505 672 Jewelry and silverware 308 -4 1 -11 3.9 4.2 216 192 225 834 718 929 Jewelry 207 -5 -4 -19 3.7 4.3 217 189 230 802 684 994 Silverware 142 +6 +6 + 12 3.6 3.4 223 198 210 809 699 711 Art needlework 243 -4 0 -12 3.2 3.5 208 168 217 675 637 765 Stationery, books, magazines 252 -5 + 1 -9 3.9 4.1 201 172 211 781 625 855 Stationery 159 -6 +4 -8 4.1 4.1 198 179 211 803 619 850 Books, magazines 92 +2 -4 7 3.7 4.1 171 148 168 637 536 675 Miscellaneous 308 +3 +2 + 10 3.6 3.3 199 162 194 712 598 660 Toys and games 157 +4 -9 +9 4.7 4.4 229 131 220 1,066 841 991 Sporting goods, cameras 68 + 15 + 14 +32 5.6 4.9 222 176 194 1,252 931 946 Luggage 254 +6 + 7 + 14 4.7 4.4 172 203 162 806 655 706 BASEMENT STORE—total 205 + 13 +12 -4 2.2 2.6 213 200 189 477 423 496 Women's apparel and accessories. 195 + 11 +8 -11 1.9 2.4 212 201 191 407 349 458 Men's and boys' clothing and furnishings. . .. 163 +14 +21 +9 2.9 3.1 219 214 191 640 562 585 Home furnishings 135 + 17 + 13 -6 2.1 2.7 238 206 203 512 478 546 Piece goods 52 +2 + 7 +22 2.3 1.9 289 261 284 666 647 551 Shoes 128 ^ + 18 +24 + 12 3.3 3.4 162 165 138 531 494 480 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 93. 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. 95 JANUARY 1948 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 m a it l 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 n 2 - 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 11,114 491 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 L.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 L ,331 ,419 520 1937 7,491 3,971 2,752 1,384 1,368 1,219 1,504 L.459 557 1938 7,064 3,612 2,313 970 1,343 1,299 1,442 ,487 523 1939 7,994 4,449 2,792 1,267 1,525 1,657 1,468 ,544 533 1940 9,146 5,448 3,450 1,729 1,721 1,998 ,488 ,650 560 1941 9,895 5,920 3,744 1,942 1,802 5,176 ,601 ,764 610 1942 6,478 2,948 1,491 482 1,009 L.457 ,369 ,513 648 1943 5,334 1,957 814 175 639 ,143 ,192 ,498 687 1944 . 5,776 2,034 835 200 635 1,199 ,255 ,758 729 1945 6,638 2,365 903 227 676 .462 .520 .981 772 1946 10,166 3,976 1,558 544 1,014 2,418 2J262 3,054 874 1946—October 9,022 3,458 1.261 466 795 2,197 2,082 2,621 861 November 9,542 3,646 1,358 505 853 2,288 2,166 2,859 871 December 10,166 3,976 1,558 544 1,014 2,418 2,262 3,054 874 1947—January 10,024 4,048 1,566 581 985 2,482 2,337 2,764 875 February 10,019 4,156 1,608 631 977 2,548 2,383 2,602 878 March 10,379 4,329 1,695 691 1,004 2,634 2,403 2,768 879 April 10,631 4,536 L ,812 753 1,059 2,724 2,423 2,782 890 May . 10 934 4,739 1.928 816 1,112 2,811 2,460 2,835 900 June 11,230 4,919 2,036 880 1,156 2,883 2,508 2,887 916 Tulv 11 302 5,045 2,092 922 1,170 2,953 2 548 2,786 923 August... 11,431 5,178 2,167 965 1,202 3,011 2,578 2,755 920 September 11,677 5,286 2,257 1,004 1,253 3,029 2,606 2,864 921 October? 12 052 5,453 2,370 1,047 1,323 3,083 2,646 3,035 918 November P 12,668 5,724 2,561 1,099 1,462 3,163 2,718 3,310 916 ^Preliminary. 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 r m c k i s a - * l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c n l a t o o r n d a i m i a u n e 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 p a n d t n i a d e o i s r r n 8 n- 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 a i n e l - l s b In t a r d n ia k u l s s 2 - p I c a n l t o o r n d i a m i a u 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 9,11 88 287 156 44 79 168 130 455 288 67 1936. . . 1,090 161 326 191 66 102 244 248 610 354 105 1937 1,219 258 374 221 93 125 148 368 662 400 148 1938. . . .. 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939 1,657 523 448 131 99 147 96 213 680 827 261 194 257 1940. . 1,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941 M76 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 L 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—October..... 5,197 865 547 108 90 171 104 312 176 105 21 19 34 November. . 5,288 907 565 112 94 176 106 328 172 120 22 20 33 December... 5,418 956 608 117 98 185 110 344 191 166 26 25 39 1947—January.... 5,482 991 611 122 102 186 110 360 187 98 22 20 33 February. . . 5,548 1,030 611 125 105 190 110 377 180 90 21 20 33 March 5,634 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 3,011 ,248 652 152 124 240 114 481 204 113 25 22 42 September.. ,029 ,255 643 154 125 245 114 493 206 107 27 24 41 October?... 3,083 ,281 647 157 127 250 114 507 218 121 28 23 45 November?. 3,163 ,307 670 163 130 257 116 520 220 141 27 25 44 PPreliminary. 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 November amounted to 101 million dollars, and loans made during November were 16 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. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h r f in e m T x g o c o a l t b u a u i d l l t , e o - - s m o m t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H s a h a t p o o n o u p r l c s l d e e i e s - - Je st w o e re lr s y s o r t e t A o h t r a l e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c d r h p e a ir t a u n a e s r d i c e - l t d , l e o m r t a a n i o n n o i d z d n s a * - - 2 i m l s n c o o a s a e n s t n n a a h s t l l houses Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931.. . 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 . 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934.. . 741 146 314 131 35 115 1943 516 54 79 68 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—October 1,413 145 268 233 242 525 1939 1,525 377 536 273 93 246 November.... 1,494 156 285 251 256 546 1940 1,721 439 599 302 110 271 December.... 1,591 165 306 275 273 572 1941 1,802 466 619 313 120 284 1 1 1 9 9 9 4 4 4 3 2 4 . . 1,0 6 6 0 3 3 9 9 5 2 1 1 5 7 8 2 2 3 3 2 2 7 9 6 1 1 9 1 2 3 1 9 0 3 6 7 7 6 0 7 1 1 1 0 5 0 1 9 0 1947— F M Ja e a n b r u r c u a h r a y ry. ... 1 1 1, , , 8 7 6 2 3 6 1 2 8 2 1 1 1 8 9 5 6 1 3 3 3 4 2 7 8 3 5 3 3 2 0 1 9 5 7 6 2 2 2 8 9 8 4 6 0 5 5 6 , 8 2 9 0 6 9 1 1 9 9 4 4 6 5.. . 1,0 6 1 7 4 6 3 1 3 9 7 8 3 2 6 8 6 3 2 1 8 4 12 7 3 4 1 1 6 0 0 7 A J M u p a n r y e il 2 2 1 , , , 1 0 9 2 2 2 5 2 7 2 2 2 5 3 7 4 7 6 3 4 4 9 2 3 7 3 9 3 3 3 8 3 6 8 7 4 3 3 3 3 5 1 4 8 4 6 6 6 3 5 6 7 2 4 1946 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.... 2,332 314 478 429 430 681 December. 1,014 337 366 28 123 160 OctoberP 2,409 324 492 449 454 690 1947 • November?.. . 2,489 339 512 474 470 694 January.. . 985 337 352 27 114 155 Volume extended dur- February.. 977 338 349 29 107 154 ing month: March.... 1,004 358 354 •29 105 158 1946—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 June 1,156 423 395 37 119 182 July 1,170 429 398 39 120 184 1947—January 307 44 69 65 24 105 August.... 1,202 440 408 41 124 189 February 289 42 70 55 25 97 September. 1,253 462 423 43 128 197 March 343 54 81 59 31 118 October ? .. 1,323 495 443 46 131 208 April 364 60 84 69 36 115 November** 1,462 560 474 49 149 230 May . 375 59 83 77 42 114 June . 392 59 80 92 44 117 July 384 63 84 75 42 120 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL August 363 58 79 70 45 111 BANKS, BY TYPE OF CREDIT September... . 387 66 80 76 54 111 [Estimates. In millions of dollars] October? 412 68 86 87 54 117 November?. . . 405 70 92 87 44 112 Retail instal- Repair Personal ment paper * 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 paper2 and instalof period: Year or month Total 1 modern- ment 1941 196.8 49.3 18.8 18.6 110.1 Auto- n*t»«. ization cash 1942 125.4 21.4 12.8 15.6 75.6 mobile utncr loans12 loans 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—October 150.6 24.4 15.7 26.7 83.8 1946 108.4 15.0 7.4 2.4 83.6 November.. 156.1 26.2 16.7 27.5 85.7 December.. 162.7 27.5 17.8 28.3 89.1 1946—October.... 99.7 14.5 7.0 2.2 76.0 November.. 103.7 14.9 7.6 2.3 78.9 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. 215.5 46.3 26.0 39.4 103.8 August 137.8 23.6 13.4 3.6 97.2 October?... 221.0 48.1 27.0 41.2 104.7 September.. 138.4 24.3 14.1 3.8 96.2 November?. 228.6 49.6 28.7 42.5 107.8 OctoberP... 141.1 25.3 14.7 4.0 97.1 November?. 144.6 26.6 15.7 4.1 98.2 Volume extended during month: Volume extended 1946—October.... 28.8 5.5 •3.5 3.3 16.5 during month: November.. 28.5 5.2 3.6 2.8 16.9 1946—October 22.5 4.0 1.8 0.3 16.4 December.. 31.2 5.6 3.7 2.6 19.3 November.. 23.0 4.1 1.7 0.2 17.0 December.. 26.2 3.4 1.6 0.3 20.9 1947—January. . . 29.1 6.4 3.5 2.4 16.8 1947—January.... 22.4 3.6 1.8 0.2 16.8 February. . 27.4 6.2 3.4 2.4 15.4 February... 22.2 3.9 1.6 0.2 16.5 March 31.3 7.1 3.5 2.7 18.0 March.... 25.6 3.9 1.8 0.3 19.6 April 32.4 7.7 4.1 3.1 17.5 April....... 27.4 4.8 2.4 0.3 19.9 May ..*.... 32.8 7.5 4.3 3.7 17.3 May 26.9 4.7 2.4 0.5 19.3 June 33.8 7.5 4.3 3.9 18.1 June 27.3 4.8 2.7 0.5 19.3 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 . 34.8 4.1 3.7 18.2 September. 27.1 5.2 3.0 0.5 18.4 OctoberP. .. 36.2 4.7 4.3 18.4 October?... 27.1 5.5 3.3 0.5 17.8 November?. 34.4 5.1 3.3 17.7 November?. 27.8 5.1 3.3 0.4 19.0 p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JANUARY 1948 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 ag re e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding Item 1 N 9 o 4 v 7 . ? O 19 c 4 t 7 . S 1 e 94 p 7 t. 1 N 9 o 4 v 7? . y 1 O 9 e c 4 a t r 7 . S 1 e 9 p 4 t 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 p H s o l t o l i o d a u r n s a e c e s p 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 +7 +8 +12 + 17 + 14 +19 October 39 27 52 32 60 C C a re s d h it s a s l a e l s es: +1 +8 +8 -12 -9 -5 N De o c v e e m m b b e e r. r . . . . . 3 3 8 6 2 2 7 6 4 4 7 7 3 4 4 4 5 54 9 Instalment +12 +6 +17 +33 +27 +39 Charge account +4 + 12 +7 +20 + 13 +14 January 1947 30 23 47 26 52 Accounts receivable, end February.... 29 21 41 25 52 of month: March 33 25 44 27 56 Total +8 +5 +3 +45 +42 +39 April 30 23 44 25 54 Instalment.. + 10 +6 +3 +50 +43 +38 May 30 24 44 26 56 June 28 23 45 24 54 Collections during July 28 22 41 23 53 month: August 28 22 39 23 51 Total +2 +3 +9 + 18 + 16 +25 September . . 31 24 39 25 53 Instalment ... . 0 0 +16 + 15 + 15 +28 October 31 23 40 23 57 November*3.. 30 23 39 25 55 Inventories, end of month, at retail value. +3 +7 +2 + 13 + 16 + 16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash I m ns e t n a t l- C ac h c a o r u g n e t - Total Cash I m ns e t n a t l- a C cc h o a u r n g t e I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average . . .. 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average . . 145 188 66 111 38 84 70 112 64 4 32 1945 average 162 211 68 124 37 94 69 127 64 4 32 202 '242 '102 176 50 138 91 168 '60 4 '36 1946—October . - 218 '248 120 203 55 156 104 186 56 5 39 November 257 '296 146 233 61 176 112 197 57 5 38 December... . -•328 384 199 292 75 223 121 205 '58 5 '37 1947—January 163 188 '107 146 74 175 121 250 57 6 37 February '158 179 109 144 73 154 115 195 56 6 38 210 236 146 192 75 160 129 185 r56 6 '38 April ••206 230 '137 192 79 163 123 186 55 6 39 May 216 241 138 202 81 167 127 198 55 6 39 June ......... 195 '218 '125 '181 82 165 122 193 55 6 39 Tuly '160 184 '114 ••142 83 146 124 190 57 6 37 August 174 196 130 157 84 145 123 162 56 6 38 September ••216 '235 156 206 87 167 138 167 54 6 40 October 234 251 180 225 95 181 147 203 53 7 40 November* 266 285 222 253 111 204 152 214 53 7 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. 93. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average=100] Fuel, Year or month All items Food pparel Rent el a e n ct d r i i c c i e ty, fur H ni o s u h s in e gs Miscellaneous 1929.: 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931.: 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934.. 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936.: 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938.: 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939.: 99.4 95.2 100.5 104.3 99.0 101.3 100.7 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 September 163.8 203.5 187.6 113.6 124.6 187.5 140.8 October... 163.8 201.6 189.0 114.9 125.2 187.8 141.8 November 164.9 202.7 190.2 115.2 126.9 188.9 143.0 Back figures.—Bureau of Labor Statistics, Department of Labor. JANUARY 1948 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C a r a o l h l s l d e i u e m a d c n i t d - s in f H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 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 1 19 9 4 4 1 0 8 7 7 8 . . 3 6 6 8 7 2 . . 7 4 8 7 2 1 . . 7 3 8 8 3 9 . . 0 0 1 1 0 0 0 8 . . 8 3 8 7 4 3 . . 8 8 7 7 1 6 . . 7 2 9 9 5 9 . . 8 4 1 9 0 4 3 . . 8 2 8 7 4 7 . . 4 0 8 9 8 4 . . 5 3 8 7 2 7 . . 0 3 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1 1 1 1 9 9 9 9 4 4 4 4 3 5 6 4 1 1 1 1 0 0 2 0 4 3 1 5 . . . . 0 1 1 8 1 1 1 1 2 4 2 28 2 8 3 . . . . 2 6 9 3 1 1 1 1 3 0 0 0 0 6 6 4 . . . . 7 2 6 9 1 9 9 9 0 8 6 9 9 . . . . 7 5 9 5 1 1 1 1 3 1 1 1 7 6 7 8 . . . . 2 7 5 1 1 1 9 9 1 0 8 7 6 0 . . . . 4 4 3 1 8 8 8 9 3 0 4 0 . . . . 0 8 0 1 1 1 1 1 0 0 0 1 3 4 3 5 . . . . 7 8 5 8 1 1 1 1 1 3 1 1 5 2 1 7 . . . . 5 6 4 8 1 9 9 9 0 5 5 4 1 . . . . 2 2 9 4 1 1 1 1 1 0 0 0 2 1 4 4 . . . . 7 6 5 3 1 9 9 9 0 2 3 4 0 . . . . 2 7 6 3 1946—November. 139.7 169.8 165.4 120.7 172.5 131.3 94.5 130.2 145.5 118.9 118.2 106.5 December. 140.9 168.1 160.1 124.7 176.7 134.7 96.1 134.7 157.8 125.7 120.2 108.9 1947—January. . . 141.5 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February.. 144.6 170.4 162.0 128.6 173.8 138.0 97.9 137.9 174.8 129.3 124.6 110.9 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 147.7 177.0 162.4 131.8 166.4 139.2 103.4 140.3 178.8 133.2 127.8 115.7 May 147.1 175.7 159.8 131.9 170.8 138.9 103.3 141.4 177.0 127 A 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. 157.4 186.4 179.3 138.2 184.8 142.0 114.1 150.7 183.3 122.3 130.6 115.9 October. . . 158.5 189.7 177.8 r140.0 191.7 143.0 115.9 151.1 185.8 128.6 132.3 117.1 November. 159.5 187.9 178.0 142.1 202 .4 144.7 118.1 151.5 187.5 135.8 132.9 118.8 Week ending: 1947—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. 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 Nov. 1... 157.4 187.7 173.8 140.9 195.9 142.7 118.3 151.3 185.2 127.8 133.4 117.2 Nov. 8... 157.9 186.1 176.3 141.3 198.7 142.9 118.4 151.3 185.2 129.1 133.4 117.9 Nov. 15... 158.5 186.9 178.0 141.5 199.6 142.9 118.7 151.3 185.3 131.3 133.5 118.1 Nov. 22. .. 159.2 188.6 178.8 142.0 200.4 144.0 118.7 151.3 186.1 136.5 134.7 118.1 Nov. 29. .. 159.8 190.3 178.3 142.6 203.3 144.7 119.1 151.3 187.2 138.0 134.8 118.7 Dec. 6... 161.0 193.6 179.6 143.1 204.0 145.3 119.4 151.3 187.6 138.4 134.8 120.1 Dec. 13.. . 161.4 196.2 179.0 143.5 204.9 146.3 120.2 151.5 188.4 135.1 135.2 119.8 Dec. 20. .. 162.5 196.9 178.2 145.4 204.4 146.9 126.2 151.6 189.1 132.9 135.3 120.5 Dec. 27. .. 163.0 197.0 177.8 146.0 203.4 146.9 127.7 152.0 189.1 133.0 135.3 121.5 1947 1947 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov Nov. Oct. Nov. Farm Products: Metals and Metal Products: Grains 165.4 208.8 230.3 241.4 245.5 Agricultural implements.. . 112.5 118.6 119.6 120.7 125.3 Livestock and poultry.. .. 197.4 215.9 224.8 224.5 211.0 Farm machinery 113.8 119.7 120.8 121.8 126.7 Other farm products 153.3 152.6 150.3 153.7 157.2 Iron and steel 114.0 139.4 140.4 140.8 140.9 Foods: Motor vehicles 1 148.2 156.3 159.4 159.9 160.3 Daity products 182.9 164.3 170.6 167.3 175.9 Nonferrous metals 118.4 141.8 142.0 142.0 142.2 Cereal products 136.1 153.3 158.7 167.6 172.5 Plumbing and heating 107.2 128.6 135.9 136.0 136.0 Fruits and vegetables.... 139.5 133.0 130.1 130.8 135.5 Building Materials: Meats 202.8 234.6 244.8 230.0 217.6 Brick and tile 129.1 144.3 145.4 145.6 147.3 Other foods 141.4 140.7 150.7 157.2 159.4 Cement 107.0 116.9 119.0 120.1 120.6 Hides and Leather Products: Lumber 192.1 276.7 285.7 290.0 295.6 Shoes 162.9 174.9 175.2 178.0 187.0 Paint and paint materials.. 151.3 154.9 157.9 161.4 161.8 Hides and skins 221.0 215.6 221.1 r243.7 263.4 Plumbing and heating 107.2 128.6 135.9 136.0 136.0 Leather 178.1 190.7 197.4 204.3 216.0 Structural steel 120.1 143.0 143.0 143.0 143.0 Other leather products. . . 123.5 139.1 139.5 139.6 141.3 Other building materials... 125.3 150.1 150.6 152.5 152.6 Textile Products: Chemicals and Allied Products: Clothing 127.9 134.3 134.4 134.7 135.6 Chemicals 106.9 117.5 118.2 122.1 124.3 Cotton goods 174.7 199.2 202.3 204.6 209.1 Drugs and Pharmaceuticals 152.8 136.6 136.6 137.5 151.1 Hosiery and underwear. . . 89.3 99.9 99.9 100.0 101.4 Fertilizer materials 96.3 105.5 109.8 111.3 112.0 Silk 115.0 68.2 68.3 71.2 73.3 Mixed fertilizers 91.1 97.3 97.2 97.7 100.8 Rayon 30.2 37.0 37.0 37.0 37.0 Oils and fats 191.0 133.3 '163.3 193.4 226.7 Woolen and worsted goods 117.7 133.3 133.8 134.2 134.9 Housefurnishing Goods: Other textile products... 161.3 171.8 175.1 176.3 174.8 Furnishings 124.4 138.1 138.5 139.3 140.0 Fuel and Lighting Materials: Furniture 111.8 120.9 122.4 124.9 125.5 Anthracite 113.5 121.7 122.5 122.8 123.3 Miscellaneous: Bituminous coal 137.4 169.8 170.1 172.2 173.3 Auto tires and tubes 73.0 60.8 60.8 60.8 61.0 Coke 147.5 170.2 181.9 182.0 182.2 Cattle feed 210.8 261.3 287.2 280.5 282.7 Electricity 65 64.5 65.2 Paper and pulp 127.7 157.6 159.5 159.8 160.7 Gas 84.4 86.0 87.0 86.8 Rubber, crude 46.2 33.7 36.4 43.0 49.3 Petroleum products 73.4 92.2 93.7 96.5 99.9 Other miscellaneous 113.3 121.3 124.6 126.6 128.4 r Revised. 1 Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions ot dollars.] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1946 1947 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 8.8 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 1.2 .5 .5 2.6 -2.1 -2.4 -1.5 -2.1 -4.2 -.7 — 1.4 Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .7 .8 1.9 -.2 -.1 -.2 .2 -.1 Equals: National income 87.4 72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1 203.3 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 22.9 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 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 67.5 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 1946 1947 1929 1933 1939 1941 1944 1946 National income 87.4 39.6 72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1 203.3 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 salaries2 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 income3 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 ad justment 10.3 -2.0 5.8 14.6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 22.9 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 27.4 Corporate profits tax liability 14 .5 1.5 7.8 13.9 8.6 8.0 9.3 11.0 11.6 10.8 10.8 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 16.6 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 1 Less than 50 million dollars. 1 Includes employee contributions to social insurance funds. 8 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. 101 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annua totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 2 3 4 1 2 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 * 7.8 1.1 4.0 5.7 2.3 8.5 8.7 8.9 9.3 10.3 9.6 10.4 P C r h o a d n u g c e e r in s' b d u u s r i a n b e l s e s e in q v u e ip n m to e ri n e t s . 6 1 . .6 4 — 1 1 . 8 6 4. . 6 4 3 7 . . 9 7 -2 5 . . 0 3 1 3 2 . . 7 4 1 2 1 . . 0 5 1 4 3 . . 9 2 1 5 5 . . 4 7 16 2 % 5 7 1 1 8 .0 5 1 2 8 . . 0 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 W No ar nwar }l.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 8 1 8 . . 6 6 2 2 1 . . 4 3 2 2 3 . . 1 1 1 3 7 .7 1 1 3 5 . . 3 8 }l8.2 17 A 16.7 Less: Government sales 2 (*) (S) (3) (a) 1.2 3.0 4.2 2.6 2.2 J 9 9 1 8 .9 State and local 7.2 5.9 7.9 7:s 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 Trans- Non- Year or month in s P c o e o n r m a - l e rec T e o ip ta ts l 4 b T u d o i r s t s - a e l - p m i C n ro o g o d d m u i i n t c - y - - D i u n is t d i t u v ri s e b - - S in e tr d r i v u e i s s c - e m G er e o n n v - t - b c p i s u o n l o f o t n s o c i y u r o t i r a e r n i - l e - s in O l c a t o b h m o e r r e5 i p n r r e c a i n o n e d m t t a o l e rs 6 ' i i n n s p t a c o e n e o n r d r m a e - l s e t m p e f a e n y r t - s" i a n g t c u r o i r c m a u l e l- 8 ments dustries tries ance 1929.: 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 .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—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 11.1 172.3 August 194.9 122.5 124.6 56.2 35.7 15.3 17.4 2.1 1.8 45.9 14.3 10.4 173.1 September. r210.9 r124.5 '126.6 '57.5 '36.4 15.2 17.5 '2.1 1.8 '48.4 '15.0 21.2 •"188.1 October.. . 204.4 125.2 127.2 58.1 36.4 15.1 17.6 2.1 1.9 50.6 14.9 11.8 180.1 •• 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. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 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. m 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. 102 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 Nov. Dec. Dec. Dec. Dec. page Nov. Dec. Dec. Dec. Dec. 26 3 10 17 24 26 10 17 24 WEEKLY FIGURES * In billions of dollars WEEKLY FIGURES *—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC.—Cont. Reserve Bank credit, total 2 22.93 22.83 22.62 22.74 23.01 Corporate bonds: U. C B N S e i . o l r l G t t s e i o s fi v c t a . t s e e s c urities, total.. 3 3 3 3 2 1 2 2 7 1 . . . . 2 2 6 4 4 4 7 0 2 1 2 2 7 1 . . . . 1 0 5 4 2 7 2 6 2 1 1 2 7 1 . . . . 0 9 2 5 2 9 5 0 2 1 1 6 1 1 . . . . 8 6 4 8 9 6 8 8 2 1 6 1 1 1 . . . . 8 5 9 7 3 7 0 9 A H Ba a ig a a h-grade (Treas. series). . 3 3 3 7 7 7 3 2 2 . . . 4 8 8 6 1 0 3 2 2 . . . 4 8 8 9 3 4 3 2 2 5 8 8 1 6 6 3 2 2 .5 8 8 1 4 4 3 2 2 . . . 8 5 8 9 3 6 Bonds 3 .93 1.08 1.21 1.40 1.71 Gold stock 2 22.60 22.68 22.71 22.72 22.74 Money in circulation 2 28.73 28.82 28.87 28.92 29.11 In unit indicated Treasury cash and deposits. .. 2 2.64 2.60 2.27 1.95 2.25 Member bank reserves 2, 4 17.12 17.04 17.13 17.58 17.38 Stock prices (1935-39=100): Required reserves 4 16.17 16.18 16.20P16.38 P16.30 Total 40 122 121 120 123 124 E E x x c c e e s s s s r r e e s s e e r r v v e e s s • (weekly avg.): 4 .95 .85 .94 PI.20 Pl.07 I R n a d i u lr s o t a r d ia l 4 4 0 0 1 1 2 0 9 0 1 9 2 9 8 1 9 2 9 7 1 10 3 5 0 1 1 3 0 1 9 Total* 5 .77 .82 .81 Pl.00 P. 94 Public utility 40 95 94 94 94 94 New York City* 5 .03 .06 .04 .11 .05 Volume of trading (mill, shares) 40 .88 .98 1.09 1.29 121 Chicago 5 .01 .01 .01 .03 Reserve city banks 5 .19 .20 .22 .24 BUSINESS CONDITIONS4 Country banks8 5 .54 .55 .55 P.63 P.63 Wholesale prices (1926=100): Total 69 159.8 161.0 161.4 162.5 163.0 MEMBER BANKS IN LEADING CITIES F O a th rm er p th ro a d n u f c a t r s m and food. . 6 6 9 9 1 1 9 4 0 2 . . 3 6 1 14 9 3 3 . . 1 6 1 14 9 3 6 . . 5 2 1 1 9 4 6 5 . . 9 4 1 1 9 4 7 6 . . 0 0 All reporting banks: Production: Loans and investments 16 65.04 65.03 65.14 65.39 65.31 Steel (% of capacity) 73 96.3 97.7 97.7 97.8 86.6 U. S. Govt. securities, total.. 16 37.72 37.56 37.56 37.65 37.37 Automobile (thous. cars)... 73 84 '•111 118 121 76 Bonds 18 30.91 30.47 30.34 30.15 30.03 Paperboard (thous. tons)... 74 170 180 183 184 127 Certificates 18 3.79 3.29 3.27 3.29 3.26 Crude petroleum (mill, bbls.) 74 5,257 5,265 5,253 5,284 5,285 Notes 18 2.00 2.85 2.84 2.85 2.77 Electric power (mill. kw. hrs.) 75 4,983 5,218 5,327 5,368 4,830 Bills 18 1.02 .95 1.11 1.37 1.30 Basic commodity prices Other securities 20 4.22 4.24 4.23 4.21 4.22 (Aug. 1939 = 100) 75 "357.7 356.6 353.1 348.8 353.0 Demand deposits adjusted.. 16 47.98 48.25 48.57 49.16 48.88 Total freight carloadings U. S. Govt. deposits 16 1.13 .82 .80 .54 .62 (thous. cars) 76 792 879 854 832 599 Loans, total 16 23.10 23.23 23.34 23.52 23.72 Department store sales Commercial 20 14.28 14.37 14.47 14.63 14.73 (1935-39 = 100) 76 367 508 570 576 357 Real estate 20 3.38 3.39 3.41 3.43 3.45 For purchasing securities: Total 20 1.85 1.86 1.78 1.87 1.94 1947 U. S. Govt. securities. . 20 .89 .91 .85 .73 .81 Other securities 20 .96 .95 .93 1.14 1.12 Other 20 3.59 3.61 3.68 3.59 3.61 Sept. Oct. Nov. New York City banks: Loans and investments 17 19.92 19.98 19.97 20.15 20.19 MONTHLY FIGURES U.S. Govt. securities, total.. 17 11.55 11.50 11.49 11.62 11.58 In billions of dollars Bonds 19 10.16 10.05 9.99 9.95 9.93 RESERVES AND CURRENCY Certificates 19 .61 .51 .51 .51 .53 Notes... 19 .31 .51 .48 .46 .42 Reserve Bank credit 7 22.62 22.80 22.87 Bills 19 .46 .43 .51 .70 .70 Gold stock 7 21.87 22.15 22.48 Demand deposits adjusted.. 17 16.02 16.26 16.28 16.45 16.41 Money in circulation 28.65 28.60 28.65 U. S. Govt. deposits 17 .37 .26 .25 .15 .18 Treasury cash 1.32 1.33 1.33 Interbank deposits 17 4.13 4.17 4.14 4.47 4.24 Treasury deposits .55 .94 1.29 Time deposits 17 1.38 1.37 1.37 1.37 1.37 Member bank reserves: Loans, total 17 7.20 7.28 7.29 7.35 7.43 Total 4, 7, 14 16.87 17.07 16.99 Commercial 21 5.25 5.29 5.32 5.37 5.41 Central reserve city banks. . 14 5.27 5.35 5.28 For purchasing securities: Reserve city banks 1 6.69 6.78 6.76 To brokers: Country banks 15 4.91 4.94 4.95 On U. S. Govts 21 .34 .38 .34 .25 .32 Required reserves: On other securities... 21 .33 .31 .28 .49 .47 Total 4 15.93 16.12 16.14 To others 21 .26 .29 .28 .25 .25 Central reserve city banks. . 14 5.24 5.27 5.23 All other 21 1.01 1.01 1.08 1.00 .98 Reserve city banks 15 6.43 6.52 6.54 Banks outside New York City: Country banks 1 4.26 4.33 4.36 Loans and investments 17 45.12 45.05 45.17 45.24 45.12 Excess reserves: U.S. Govt. securities, total.. 17 26.18 26.06 26.08 26.04 25.79 Total 4, .93 .95 .85 Bonds 19 20.76 20.43 20.35 20.20 20.11 New York City .02 .06 .04 Certificates 19 3.18 2.79 2.76 2.78 2.74 Chicago .01 .01 .01 Notes 19 1.68 2.34 2.37 2.39 2.35 Reserve city banks .26 .26 .21 Bills 19 .56 .51 .60 .67 .60 Country banks .65 .62 .59 Demand deposits adjusted.. 17 31.96 31.98 32.30 32.72 32.47 Money in circulation, total 28.57 28.55 28.77 U. S. Govt. deposits 17 .76 .57 .54 .40 .45 Bills of $50 and over 8.69 8.72 8.76 Interbank deposits 17 6.77 6.91 6.91 7.11 6.91 $10 and $20 bills 15.35 15.30 15.43 Time deposits 17 13.08 13.06 13.07 13.06 13.10 Coins, $1, $2, and $5 bills... 4.53 4.54 4.58 Loans, total 17 15.90 15.95 16.05 16.17 16.29 Commercial 21 9.02 9.08 9.15 9.26 9.32 ALL BANKS Real estate 21 3.28 3.28 3.31 3.32 3.34 IN THE UNITED STATES For purchasing securities. 21 .92 .89 .88 .88 .90 All other 21 2.69 2.70 2.71 2.70 2.74 Total deposits and currency*.. 10 P168.60 P169.70 Pi 70.40 Demand deposits adjusted"... 10 P84.20 P85.40 P85.90 Time deposits adjusted6 10 P56.10 P56.20 P56.00 Per cent per annum Currency outside banks' 10 P26.40 P26.30 P26.60 MONEY RATES, ETC. U. S. Govt. deposits* 10 Pl.90 Pi. 80 Pl.90 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 944 .948 .949 .951 .952 Certificates 34 i.01 1.04 1.04 1.03 1.04 Loans and investments, total*. 11 P115.3O P116.40 P116.7O 3-5 years 34 l.49 1.49 1.48 31.55 1.61 Loans" 11 P35.60 P36.90 P37.7O 7-9 years 34 l.76 1.76 1.76 1.76 1.88 U. S. Govt. securities* 11 P7O.8O P7O.5O P70.10 15 years or more 34, 37 2.37 2.37 2.37 2.37 2.41 Other securities* 11 P8.90 P9.00 P8.90 For footnotes see p 106. JANUARY 1948 103 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 Sept. Oct. Nov.5 page Sept. Oct. Nov.* MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS TREASURY FINANCE—Cont. All member banks: Loans and investments, total 14 97.00 97.98 98.20 Ownership of U. S. Govt. securities— Loans 14 30.30 31.53 32.21 Cont. U. S. Govt. securities 14 59.44 59.17 58.75 Marketable public issues—Cont. Other securities 14 7.27 7.28 7.25 By earliest callable or due date: Demand deposits adjusted* 14 71.14 72.12 72.54 Within 1 year: Time deposits 14 28.29 28.39 28.19 Total outstanding 31 51.79 55.05 54.34 Balances due to banks 14 11.69 12.05 11.99 Commercial bank and F. R. Balances due from banks 14 5.75 5.98 5.91 Bank 31 37.48 39.34 Central reserve city banks: F. R. Bank 31 21.62 21.63 21 !46 Loans and investments, total 14 25.50 25.47 25.35 1-5 years: Loans 14 8.41 8.81 9.06 Total outstanding 31 42.42 38.32 38.32 U. S. Govt. securities 14 15.42 15.06 14.71 Commercial bank and F. R. Other securities 14 1.68 1.60 1.58 Bank 31 30.11 27.69 Demand deposits adjusted* 14 20.03 20.07 20.06 F. R. Bank 31 .57 .40 " .49 Time deposits 14 2.37 2.36 2.34 5-10 years: Balances due to banks 14 5.36 5.41 5.33 Total outstanding 31 18.93 18.93 18.93 Reserve city banks: Commercial bank and F. R. Loans and investments, total 15 35.74 36.21 36.39 Bank 31 12.05 12.17 Loans 15 12.35 12.91 13.18 F. R. Bank 31 .04 .04 U. S. Govt. securities 15 20.98 20.85 20.80 Over 10 years: Other securities 15 2.41 2.44 2.41 Total outstanding 31 54.81 54.81 54.81 Demand deposits adjusted* 15 24.70 25.08 25.39 Unrestricted issues: Time deposits 15 11.34 11.37 11.34 Nonbank, commercial Balances due from banks 15 1.81 1.87 1.84 bank, and F. R. Bank.. 31 6.63 6.68 Country banks: Commercial bank and Lo L a o n a s n a s n d investments, total 1 1 5 5 3 9 5 . . 5 7 3 6 3 9 6 . . 8 3 1 1 3 9 6 . . 9 4 6 6 F. F R . . R B . a B nk an k 3 3 1 1 5. . 4 1 4 0 5. . 4 1 9 0 "!io U. S. Govt. securities 15 23.04 23.26 23.24 Other securities 15 3.19 3.24 3.25 Demand deposits adjusted* 15 26.41 26.97 27.08 Time deposits 15 14.59 14.65 14.50 MONEY RATES, ETC. Per cent per annum Balances due from banks 15 3.73 3.90 3.87 CONSUMER CREDIT* F. R. Bank discount rate 33 1.00 1.00 1.00 Consumer credit, total 22 11.67 P12.05 P12.67 Treasury bills (new issues) 33 .804 857 .932 Single-payment loans 22 2.61 P2.65 P2.72 Corporate bonds: Charge accounts 22 2.86 P3.04 P3.31 Aaa 33,37 2.61 2.70 2.77 Service credit 22 .92 P. 92 P.92 Baa 37 3.23 3.35 3.44 Instalment credit, total 22, 23 5.28 P5.45 PS.12 High-grade (Treas. series) 37 2.57 2.68 2.75 Instalment loans. 23 3.03 P3.08 P3. 16 U. S. Govt. bonds, 15 years or more.. 37 2.24 2.27 2.36 Instalment sale credit, total 23 2.26 P2.37 P2.56 Automobile 23 1.00 Pl.05 Pi. 10 Other 23 1.25 Pl.32 Pi. 46 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing 28 256.18 256.35 255.67 Stock prices (1935-39 =100): Bonds (marketable issues) 28 119.32 118.56 118.56 Total 39 123 125 124 Notes, certificates, and bills 28 48.46 43.38 47.68 Industrial 39 128 131 130 Savings bonds, savings notes, etc. 28 58.64 59.71 59.67 Railroad 39 104 104 100 Special issues 28 29.52 29.45 29.52 Public utility 39 102 101 97 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 .76 1.14 .86 Total interest-bearing: Brokers' balances (mill, dollars): Commercial banks* 29 69.80 69.80 Credit extended to customers 41 570 606 593 Fed. agencies and trust funds... 29 33.94 33.94 34.19 Money borrowed 41 280 ••257 247 F. R. Banks 29 22.33 22.17 22.21 Customers' free credit balances.... 41 630 616 617 Individuals* 29 65.70 65.70 Corporations* 29 20.40 20.40 Insurance companies* 29 24.70 24.90 BUSINESS CONDITIONS Mutual savings banks* 29 12.10 12.20 State and local govts.* 29 7.10 7.20 Marketable public issues: Personal income (annual rate, bill, By class of security: dollars):« 6 Bills: Total 48 210.9 '204.4 204.9 Total outstanding 30 15.72 15.73 15.34 Total salaries and wages 48 124.5 '125.2 127.5 Commercial bank and F. R. Proprietors' income, dividends, and Bank 30 14.79 14.63 interest 48 '63.4 '65.5 65.0 F. R. Bank 30 14.02 13.56 12.56 All other 48 '23.0 13.7 12.4 Certificates: Labor force (mill, persons):* Total outstanding. 30 24.89 24.81 24.50 Total 49 62.1 62.2 61.5 Commercial bank and F. R. Civilian 49 60.8 60.9 60.2 Bank 30 14.87 14.77 Unemployment 49 1.9 1.7 1.6 F. R. Bank 30 7.12 7.09 7.26 Employment 49 58.9 59.2 58.6 Notes: Nonagricultural 49 50.1 50.6 50.6 Total outstanding 30 7.84 7.84 7.84 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons):* 6 Bank 30 5.24 5.26 Total 50 42.8 43.1 P43.1 F. R. Bank 30 .47 .81 1.43 Manufacturing and mining 50 16.6 16.7 P16.7 Bonds: Trade 50 8.8 8.8 P8.8 Total outstanding 30 119.49 118.73 118.73 Government 50 5.4 5.4 P5.4 Unrestricted issues: Transportation and utilities 50 4.1 4.1 P4.1 Nonbank, commercial Construction 50 1.8 1.8 Pi.8 bank, and F. R. Bank.. 30 71.31 70.61 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 50.43 50.98 P51.02 F. R. Bank 30 50.19 50.02 Hourly earnings (cents) 51 124.9 125.7 P126.6 F. R. Bank 30 .72 .71 .97 Hours worked (per week) 51 40.4 40.5 P40.3 For footnotes see p. 106. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart 1947 Chart 1947 book book page Sept. Oct. Nov. page Sept. Oct. Nov, MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Consumers' prices (1935-39=100): All items 67 163.8 163.8 164.9 Industrial production:6 Food 67 203.5 201.6 202.7 Total (1935-39 =100) 53, 54 186. 190 P192 Apparel 67 187.6 189.0 190.2 Groups (points in total index): Rent 67 113.6 114.9 115.2 Durable manufactures 53 '82.5 84.5 Wholesale prices (1926=100): Machinery and trans, equip 54 '43.9 44.7 Total 69 157.4 158.5 159.5 Iron and steel 54 21.4 22.4 P22.2 Farm products 69 186.4 189.7 187.9 Nonferrous metals, lumber, and Other than farm and food 69 138.2 140.0 142.1 building materials 54 17.1 17.4 P17.8 Prices paid and received by farmers Nondurable manufactures 53 80.6 82.4 PS3A (1910-14=100): T F C o e h x o e t d m i , l i e c l s i a q l a u s n , o d r p , l e a e t n a r t o d h l e e to r u b m a , c c r o u bber, 5 5 4 4 r2 2 2 0 . . 9 7 2 2 1 3 . . 3 3 P P2 2 3 2 . . 4 0 Ca P R sh a e i c d f e a i r v m e d i ncome (mill, dollars): 7 7 1 1 2 2 8 3 6 8 2 2 3 8 9 9 2 2 4 8 1 7 and coal products 54 22.9 23.0 P23.1 Total 72 3,060 3,773 P3.110 Paper and printing 54 14 14 P14.9 Livestock and products 72 1,552 1,637 PI,556 Minerals 53,54 23.3 23.5 P23.6 Crops 72 1,497 2,122 PI.540 Selected durable manufactures Govt. payments 72 11 14 P14 No ( n 1 f 9 e 3 rr 5 o - u 3 s 9 = m 1 e 0 ta 0 l ) s : 55 182 176 P!75 INTERNATIONAL TRADE AND FINANCE Steel 55 214 224 222 Short-term foreign liabilities and assets Cement 55 171 174 178 reported by banks (bill, dollars): Lumber 55 128 128 PI 35 Total liabilities 77 7 5.60 Transportation equipment 55 r227 233 P238 Official 77 72.44 Machinery 55 276 280 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 7 .49 Ap ( p 1 a 9 r 3 el 5 - w 3 o 9 o = l 1 c 0 o 0 n ) s : umption 56 184 186 To P ta r l i v a a s t s e e ts 7 7 7 7 7 7 3 1 . . 1 9 7 6 L M C P e a o a a p t n t t e h u o r n e f b a r o c c a t o r u n d r s e u d m f p o t o i d o n p roducts.... 5 5 5 5 6 6 6 6 1 1 1 1 8 5 3 2 2 7 0 0 1 1 1 1 2 5 3 8 1 5 9 4 P1 1 1 5 4 8 8 9 6 Ex E I p m x o E p p r x t o o s c r r l t t a s u s n d d i n i g m L po en rt d s - L (m ea i s ll e , d e o x l p la o r r s t ) s : ... 7 7 7 9 9 9 Pl. P 1 4 0 8 0 1 P Pl l . . P 2 2 4 2 2 9 5 6 2 Industrial chemicals 56 425 425 P426 Excess of exports or imports ex- Rayon 56 295 294 P294 cluding Lend-Lease exports 79 P619 P734 Foreign exchange rates: New orders, shipments, and inven- See p. 125 of this BULLETIN.. 80-81 tories (1939=100): New orders: Total 57 '260 255 269 1947 Durable 57 '292 291 307 Nondurable. 57 '240 233 246 Apr.- July- Oct. Shipments: June Sept. Dec. T D o u t r a a l b le 5 5 7 7 ' ' 3 3 1 3 5 6 3 3 3 1 9 8 3 35 2 1 8 QUARTERLY FIGURES Nondurable 57 300 304 312 In billions of dollars Inventories: TREASURY FINANCE Cons N T D tr o o u u t n r c a a d t l b i u o l r e n a b c l o e n tracts (3 mo. moving 5 5 5 7 7 7 r ' r 2 2 2 3 0 6 3 7 1 2 2 21 3 6 1 6 4 2 2 21 6 3 5 5 9 Bu N T d o e g N t t e a a t r l t e r i e c e o x e c n p i e a p e i l t p n s t d d s e i t f a u e n n r d e s s e e xpenditures: 2 2 2 6 6 6 1 1 4 3 0 . . . 5 3 8 5 9 9 9 2 9. . . 8 6 9 1 6 0 3 9 7 . . . 1 3 8 5 8 6 avg., mill, dollars):6 Internal revenue collections, total... 26 8.29 8.46 Total 59 751 755 Individual income taxes 26 4.45 4.14 Residential 59 309 312 Corporate income taxes 26 1.98 2.29 Other 59 442 443 Misc. internal revenue 26 1.86 2.02 Re T P P s r u i o d i b t v e a l a n l i c t t e ia , l t o c t o a n l tracts (mill, dollars):6 6 6 6 0 0 0 2 2 2 7 5 0 9 9 3 3 2 0 2 3 3 0 3 2 1 9 1 2 8 4 Ca C E C sh x a a c s s i h h e n s c s o i o n u o m c t f o g e m o c a a e s n h d i o n u c t o g m o e : or outgo.... 2 2 2 7 7 7 1 1 - 2 1 .7 . . 2 4 7 0 3 1 1 - 0 0 . . . 0 5 4 3 0 7 1- and 2-family dwellings 60 177 235 224 Other , 60 82 68 73 Per cent per annum MONEY RATES Value of construction activity (mill, » T N o o P d P t n a o r u r l i l b e v l l a s a i i r c t d s e ) e : n * tial: 6 6 6 1 1 1 1, 3 4 27 0 7 9 9 2 1, 3 4 33 3 6 4 4 0 1, 4 2 28 3 7 6 6 8 Ba O T N S n o o k t e h u w t a e r t h a l r Y , t e N e r o 1 s n 9 o r k o r a c t n n i h C t d e i c i e t r u s W y n s t e a o s n m t d e e r r E n l a o c s i a t t e n ie r s n s : cities. 3 3 3 3 5 5 5 3 2 2 2 1 . . . . 8 3 9 4 3 8 5 4 2 2 2 1. . . . 7 6 2 2 7 9 1 5 J 2 2 2 1 . . . . 8 6 2 2 2 1 2 7 Residential: P Pu ri b v l a ic te 6 6 1 1 53 1 0 0 565 7 CORPORATE SECURITY ISSUES In unit indicated Freight carloadings:6 Commercial and Financial Chronicle T G o r M o ta u i l p s c s ( e 1 ( l 9 l p 3 a o n 5 i e - n 3 o t 9 s u s = i n 1 0 to 0 t ) a l index) : 6 6 3 3 1 7 4 9 2 .7 1 8 4 1 5 .9 83 T N o e d w ta a l t c a i a s p ( s b u it i e a l s l l , dollars): 4 4 2 2 1 1 . . 7 1 0 0 1. . 2 8 5 6 Coal 63 32.6 33.2 34 Securities and Exchange Commission All other 63 29.4 29.8 29 data (mill, dollars):* Net proceeds: Department stores: All issuers 43 1,605 1,266 Indexes (1935-39=100) :6 Industrial 43 634 389 Sales 64 291 275 300 Railroad 43 82 57 Stocks 64 231 252 272 Public utility 43 854 753 296 stores: New money: Sales (mill, dollars) 65 340 367 P417 All issuers 43 932 797 Stocks (mill, dollars) 65 819 912 Industrial 43 428 285 Outstanding orders (mill, dollars) 65 659 663 P605 Railroad 43 60 49 Stocks-sales ratio (months' supply) 65 2.4 2.5 P23 Public utility 43 414 420 For footnotes see p. 106 105 JANUARY 1948 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—Cont. in billions of dollars FIGURES FOR SELECTED DATES In billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS9 Gross national product •6 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 19.9Individuals: Nondurable goods 45 95.3 97.8 100.0 Total holdings 24 151.2 156.9 Services 45 44.2 45.0 46.1 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 10.4Unincorporated businesses: Change in business inventories. 46 2.7 1.5 2.0 Total holdings 24 27.5 27.2 Net foreign investment 46 8.3 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:' 6 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 12.7 1946 1947 July 31 Feb. 26» CALL DATE FIGURES« J 2 u 9 ne D 3 e 1 c. J 3 un 0 e OWNERSHIP OF DEMAND DEPOSITS9 Individuals, partnerships, and corpora- ALL MEMBER BANKS In billions of dollars tions, total 25 77.5 77.8 Holdings of U. S. Govt. securities: Nonfinancial: Bonds 12 45.44 46.23 46.51 Total 25 38.3 37.2 Notes 12 10.47 5.60 4.37 Manufacturing and mining 25 16.4 16.0 Certificates 12 15.29 10.04 7.54 Trade 25 13.0 12.5 Bills 12 1.07 1.17 .77 Public utilities 25 4.4 4.2 Loans: Other 25 4.5 4.5 Commercial 13 9.69 13.15 13.82 Financial: Agricultural 13 .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 Toothers 13 2.48 1.47 1.15 Individuals excl. farmers 25 21.4 22.1 State and local govt. securities 13 3.31 3.55 3.98 Farmers 25 6.2 6.7 Other securities 13 3.15 3.08 2.97 Nonprofit ass'ns and other 25 5.0 5.2 « Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Number of issues included reduced from 5 to 3 on Dec. 16. 4 Several changes have been made in the Weekly Series on Business Activity appearing in the January issue of the Chart Book, pp. 73-76: Miscellaneous Freight Carloadings has been deleted; Crude Petroleum Production has been added; other changes involve pagination only. 6 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 6 Adjusted for seasonal variation. 7 As of Aug. 31, 1947. 8 Member bank holdings of State and local government securities on Sept. 30, 1946, and on Oct. 6, 1947, were 3.62 and 4.22 billion dollars, respectively, and of other securities on both dates 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. 106 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 Sept. Oct.p NOV.P page1 Sept. Oct.p NOV.P In millions of dollars In millions of dollars Consumer credit outstanding, total. . . 3 11,677 12,052 12,668Consumer instalment sale credit Instalment credit, total 3, 5 5,286 5,453 5,724 granted, cumulative totals:2 Instalment loans 5 3,029 3,083 3,163 By automobiles dealers 468 494 551 Instalment sale credit 5 2,257 2,370 2,561 By furniture and household appli- Charge accounts. 3 2,864 3,035 3,310 ance stores 296 310 362 Single-payment loans 3 2,606 2,646 2,718 By department stores and mail- Service credit 3 921 918 916 order houses 190 197 236 Consumer credit outstanding, cumu- By all other retailers 89 90 108 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 11,677 12,052 12,668 itanding, cumulative totals:2 Charge accounts 4 6,391 6,599 6,944 Commercial and industrial banks. 3,029 3,083 3,163 Single-payment loans 4 3,527 3,564 3,634 Small loan companies 1,620 1,645 1,693 Service credit 4 921 918 916 Credit unions 977 998 1,023 Consumer instalment sale credit out- Miscellaneous lenders 732 748 766 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,257 2,370 2,561 loans 493 507 520 Furniture and household appliance stores 6 1,253 1,323 1,462 Department stores and mailorder houses 6 787 834 939 Allother 6 325 339 379 v Preliminary. x 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. DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF DECEMBER 1, 1947 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Dec. 1, 1947 1946 Dec. 1, 1947 1946 Dec. 1, 1947 1946 Dec. 1, 1947 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7 234 6 906 21 New York 31,175 24 385 6,498 10,448 189 80 Philadelphia 53,294 51,515 17,856 20,086 Cleveland 223,477 181,524 53.574 54,840 Richmond 1,154 1,098 153,006 164,313 25,994 30,684 Atlanta 1,777 2,193 162,801 167,485 5,748 8,203 Chicago 1,362,253 885,728 56,271 70,492 1,322 1,509 St. Louis X2 830 23,189 407,906 301,354 38,238 51,610 16 14 Minneapolis 407,825 311,826 40,630 32,194 243,524 253,898 Kansas City 217 270 370,214 242,282 436,157 552,571 4,439 5,207 Dallas 2 062 3,986 64,640 57,398 63,901 127,459 84 102 San Francisco 600 958 6,125 6,236 125,858 109,383 32,726 36,139 Total 8,640 11,694 3,249,950 2,400,952 870,725 1,067,970 282,321 296,949 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1946 Dec. 1, 1947 1946 Dec. 1, 1947 1946 Dec. 1, 1947 1946 Dec. 1, 1947 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,147 4,101 3,911 4,108 34,599 35,511 89,948 72,227 New York 33,681 14,256 6,795 6,648 1,325 1,325 50,309 39,785 Philadelphia 18,919 12,576 2,753 2,646 59,124 61,100 23,406 21,280 Cleveland 75 154 27 834 6,182 5,863 162,708 139,237 14,699 11,820 Richmond 40,004 37,453 5,102 4,522 1,328,495 1,271,597 31,686 26,230 Atlanta 33,026 32,720 4,208 3,902 267,156 272,113 18,718 12,580 Chicago 579,227 448,519 17,672 18,080 42,770 37,141 32,940 23,209 St. Louis 78 669 54 714 9,306 9,018 414 533 343,140 11,089 8,204 Minneapolis 404,729 362,585 9,626 9,893 3,379 2,876 45,708 41,946 Kansas City 158,129 153,260 8,311 9,578 5,320 3,662 37,996 32,590 Dallas 40,306 36,140 1,882 1,825 6,634 5,114 San Francisco 30,913 31,812 13,447 13,111 121,041 89,422 Total 1,497,904 1,215,970 89,195 89,194 2,319,409 2,167,702 484,174 384,407 1 Includes 10,000 bales grown in miscellaneous territory. 2 Includes 11,000 bales grown in miscellaneous territory. NOTE.—1946 figures for all crops except cotton are as revised in December 1947. 107 JANUARY 1948 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 On par list Total banks, branches Not on par list and offices on which (Nonmember) Federal Reserve checks are drawn Total Member Nonmember 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 Nov 30 1947P 14,077 4,113 12,029 3,786 6,921 3,022 5,108 764 2,048 327 By districts and by States Nov. 30, 1947* District Boston • • • • 485 287 485 287 335 212 150 75 928 830 928 830 797 762 131 68 Philadelohia 844 132 844 132 647 97 197 35 Cleveland .... 1,152 238 1,152 238 716 207 436 31 Richmond .... 1,013 428 790 302 475 199 315 103 223 126 Atlanta 1,159 161 541 125 340 110 201 15 618 36 Chicago 2,486 559 2,430 533 1000 215 1,430 318 56 26 St Louis .... 1,470 131 1,117 71 495 40 622 31 353 60 Minnpaoolis 1,278 111 604 40 475 26 129 14 674 71 Kansas Citv 1,751 6 1,740 6 758 4 982 2 11 Dallas 1,004 36 895 28 612 19 283 9 109 8 San Francisco 507 1,194 503 1,194 271 1,131 232 63 4 State 222 22 112 22 87 22 25 110 10 37 10 37 5 30 5 7 228 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 Connecticut 115 22 115 22 64 11 51 11 39 14 39 14 17 4 22 10 District of Columbia... 19 38 19 38 16 35 3 3 Florida 177 2 114 2 71 2 43 63 374 30 95 27 64 26 31 1 279 3 Idaho 48 45 48 45 26 43 22 2 878 3 876 3 503 3 373 2 488 88 488 88 237 32 251 56 664 162 664 162 163 501 162 Kansas 610 608 214 394 2 KWitnckv 385 36 385 36 113 25 272 11 Louisiana 160 64 58 41 46 36 12 5 102 23 Maine 63 67 63 67 38 35 25 32 168 101 168 101 78 67 90 34 ^Massachusetts 182 152 182 152 147 140 35 12 443 206 443 206 229 160 214 46 677 6 262 6 208 6 54 415 206 55 39 7 31 1 8 6 167 48 Missouri 596 527 180 347 69 112 112 82 30 Nebraska 409 2 409 2 145 2 264 8 18 8 18 6 17 2 1 New Hampshire 65 2 65 2 52 1 13 1 NPW Tersev 341 136 341 136 293 120 48 16 New T^lexico 47 7 47 7 33 14 7 New York 659 708 659 708 574 652 85 56 North Carolina . 205 169 86 46 53 27 33 19 119 123 North Dakota 151 24 46 4 41 5 4 105 20 Ohio 667 188 667 188 423 165 244 23 Oklahoma .... 384 1 374 1 225 1 149 10 Oregon 68 80 68 80 32 75 36 5 Pennsvlvania 998 141 998 141 765 118 233 23 Rhode Island 19 41 19 41 11 29 8 12 South Carolina 151 31 57 29 31 27 26 2 94 2 South Dakota 170 47 69 21 63 20 6 1 101 26 Tennessee 294 72 195 56 81 45 114 11 99 16 Texas ... 886 4 827 4 562 4 265 59 Utah 60 15 60 15 34 13 26 2 Vermont 69 10 69 10 40 2 29 8 Virginia 314 89 307 88 202 43 105 45 7 1 Washington 123 119 119 119 54 112 65 7 4 West Virginia 182 179 108 71 3 Wisconsin 553 149 444 98 163 21 281 77 109 51 Wyoming 55 55 38 17 v 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. 108 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. 110 Gold production 111 Gold movements 111 International capital transactions of the United States. 112-117 International Monetary Fund and Bank. 118 Central banks 118-122 Money rates in foreign countries. 123 Commercial banks 124 Foreign exchange rates. 125 Price movements: Wholesale prices 126 Retail food prices and cost of living. . 127 Security prices 127 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. JANUARY 1948 109 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 St n a i t t e e s d t g A i e n r n a - - 1 g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece H ga u r n y - 1938—Dec 14,512 431 581 32 192 30 24 . 83 53 55 2,430 29 27 37 1939—Dec 17,644 466 609 40 214 30 21 56 53 55 2,709 29 28 24 1940—Dec 21,995 353 734 51 27 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 1939 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec 20,619 11,111 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 403 716 354 2 361 82 127 191 61 38 52 1,090 1946—Dec 20,529 *>563 735 354 2 543 65 145 226 38 53 796 24 1947—Jan 20,748 P645 723 354 6 63 147 231 38 53 796 24 Feb 20,330 P706 691 354 7 54 125 236 32 53 796 24 Mar 20,463 P726 633 354 7 53 126 229 32 53 696 27 Apr 20,774 P726 634 354 6 53 98 234 32 53 696 27 May 20,933 P723 639 354 7 53 92 239 32 53 696 27 June 21,266 P623 643 354 8 45 93 259 32 53 696 30 July.... 21,537 M95 644 354 6 46 87 259 32 53 544 30 Aug 21,766 P394 649 354 7 45 88 32 53 544 30 Sept.. . . 21,955 650 354 8 45 89 279 32 53 444 33 Oct 22,294 599 6 45 83 279 32 444 33 Nov, . . .22,614 593 7 45 84 32 548 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 4 84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 274 26 5164 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—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 20 775 111 Sept 274 100 190 23 805 111 Oct 274 100 191 23 20 804 111 Nov.. . . 100 223 End of month S d w e e n - S la w e n r i - d tz 6 - T k u ey r- U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n e s7 r - Government go p l r d e vi r o e u s s e rv f e ig s1 u re n s ot included in 1 1 9 9 3 3 9 8 — — D D e e c c 3 30 2 8 1 5 7 4 0 9 1 2 2 9 9 2,69 8 0 1 6 6 9 8 5 5 2 2 5 5 9 7 14 7 1 1 6 7 6 8 End of month U St n a 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 5 4 3 2 1 — — — — — D D D D D e e e e e c c c c c 4 4 2 3 3 8 6 8 3 2 2 3 7 5 3 1 1 6 , , 3 1 6 8 9 4 5 6 2 6 2 8 5 4 5 2 2 1 1 2 9 4 6 1 1 2 1 1 4 1 1 1 1 1 1 1 1 1 8 5 9 2 0 9 7 5 1 0 2 1 0 4 6 8 3 2 1 8 9 0 *83 4 3 2 3 1 5 7 1 9 2 2 2 2 1 1 4 4 2 8 6 7 5 9 5 6 1 1 1 9 9 9 4 3 3 0 9 8 — — —- - A D D A M u e e u a c c g g r . 1 15 8 5 6 0 4 1 2 3 , 7 7 8 3 5 7 2 9 6 M 4 3 5 2 6 3 5 9 0 1 9 3 4 1 4 7 1946—Dec. , . . 381 1,430 237 1 200 215 32 240 Dec 48 292 17 1947—Jan 348 1,432 238 1 200 215 28 239 1941— Sept 24 4 151 Feb 324 1,431 238 1 200 235 28 239 Dec 25 17 Mar 265 1,432 233 1 197 235 27 240 1942—-Dec 12 17 Apr 217 1,427 226 1 194 235 27 240 1943—-Dec 43 17 May.... 190 1,416 207 1 192 235 27 240 1944—Dec 12 52,354 ' 214'' 17 June. .. . 168 1,355 191 1 189 235 27 P240 1945—Dec 18 5 2,341 457 17 July 144 1,370 185 1 189 235 27 P240 1946—June 71 52,196 Aug 126 1,373 174 1 183 215 26 P240 Sept 113 52,535 Sept 93 1,386 169 1 183 215 29 P240 Dec 177 52,587 Oct 101 1,389 169 1 28 P240 1947—-Mar. . . . 163 52,345 Nov 101 170 1 215 P240 June 151 52,382 P Preliminary. 1 Reported at infrequent intervals or on de- 1 Figures through March 1940 and for December 1942, December 1943, and December 194^ layed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equaliinclude, in addition to gold of the Central Bank held at home, gold of the Central Bank helc zation Account; France—Exchange Stabilization ab 2 r o O a n d M an a d y g 1 o , ld 1 9 b 4 e 0 l , o g n o g l i d n g b e to lo n th g e i n A g r t g o e n B t a in n e k S o t f a C bi a li n z a a d t a io n tr a F n u sf n e d r . red to Foreign Exchange Con- Fu 2 n F d ig a u n r d e R fo e r n t e e n s d F o u f n d S ; ep B te e m lg b iu e m r. —Treasury. trol Board. Gold reported since that time is gold held by Minister of Finance, except for 3 Reported figure for total British gold reserves December 1945 and December 1946 when gold holdings of Foreign Exchange Control Boarc on Aug. 31, 1939, less reported holdings of Bank are included also. of England on that date. 4 3 F F i i g g u u r r e e s fo re r la D te e c t e o m l b a e s r t 1 o 9 ff 3 ic 8 i a i l s r t e h p at o r o t ff d ic a i t a e l s ly fo r r e p t o h r e t e r d e s o p n e c A ti p v r e . c 3 o 0 u , n 1 t 9 r 3 ie 8 s . , as follows: Java— 4 5 F G i r g o u s r s e f o o ff r i c f i i a r l s t h o o f ld m in o g n s t h. of gold and U. S. Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941 dollars as reported by British Government; total 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- British holdings (official and private) of U. S. rately. dollars, as reported by banks in the United 6 Beginning December 1943, includes gold holdings of Swiss Government. States are shown in table on p. 115. 7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For available back figures see Banking Exchange Equalization Account during 1939. and Monetary Statistics, p. 526, and BULLETIN for NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555 November 1947, p. 1433; June 1947, p. 755; and for a description of figures, including details regarding special internal gold transfers affect- February 1945, p. 109. For details regarding ing the reported data, see pp. 524-535 in the same publication. special internal gold transfers affecting the British and French institutions, see p. 118 footnote 4 and p. 119 footnote 10. 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o ar n t o h r pro w d o u r c ld tion Total Africa North and South America Other outside reported South j Rho- I West I Belgian United I Can- Mex- I Colom- I Nica- U.S.S.R.i monthly Africa desia I Africa21 Congo3 States* ada5 ico6 bia Chile | ragua7 $l=156/n grains of gold 9/io fine;i. e.t 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... 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940.. 1,297,349 1,094,264 491,628 29,155 32,163 » 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942.... 966,132 494,439 26,641 29,225 130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527 448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061 429,787 20,746 18,445 35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646,914 427,862 19,888 18,865 32,511 94,385 17,734 6,282 6,985 16,450 5,950 1946 663,266 417,647 19,061 20,475 51,182 98,994 15,301 8,068 6,357 21,595 4,585 1946—Nov.. 54,948 33,823 1,527 1,820 4,424 8,092 1,161 1,203 657 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 1,276 371 581 820 490 Mar.. 51,824 28,665 1,574 1,855 5,500 9,235 1,273 856 555 820 490 Apr.. 55,412 31,824 1.537 1,890 6,246 8,921 1,464 540 610 820 560 May. 59,738 35,308 1,508 1,820 7,220 9,412 1,130 528 502 785 525 June. 57,215 33,984 1,498 1,680 6,117 9,418 1,065 553 520 890 490 July. 61,314 35,396 1,554 1,855 7,319 9,149 1,112 513 636 3,220 560 Aug.. 59,057 34,875 1,541 1,855 7,033 9,131 1,079 410 684 1,960 490 Sept.. 34,692 1,516 6,979 8,668 1,044 658 490 Oct.. 35,361 8,185 9,057 915 679 420 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 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. 5 Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp\ 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year Total Other Philim n p e o t rts U K d n i o i n m t 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 - d tz- Canada Mexico c A a L n m a t e R i r n i e - - p R i i p n e - e - t A ra u l s i - a A So fr u ic th a Japan India | c o o A th u l e n l r publics public tries 1938 1,973,5691,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401 168,74016, 13,301 1939 3,574,1511,826,403 3,798165,122 341,618 28,71586,987 612,949 33,610 57,020 35,636 74,250 22,862165,605 50, 168,623 1940 4,744,472 633,083 241,778 977 63,260161,489 90,320 2,622,330 29,880 128,259 38,627103,777184 756111,739 49 2284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292893 9,444 3 63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 119 20,008 1943 68,938 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695;-108,560 199 572 18,365 1945 -106,250 160 53,148 15,094-41,748 103 106 357 -133,471 1946 311,494 458 -14 344,130 3,591-134,405 -156 41118 550 -2,6135-18,083 1946 Dec. -61,193 27,473 449-110,276 -151 17 18,883 -868 e 3,279 1947 Jan. -16,820 -2 51,174 443-97,579 -132 32,544 -374 —2,899 Feb. 20,361 9 30,319 222-30,341 -49 37,490 -556 -16,734 Mar. 153,634- -120 101,642 221-13,269 -129 66,674 1,140 —214 Apr. 44,050 26,341 -9,793 2,898 122 1126,376 •1,390 -515 May 129,734 -75 26,442 262 24,352 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 52,913 217 96,026 -70 53,228 -334 -638 July 219,201 -449 1 51,820 282 103,894 1,111 60,081 -551 • 5,233 Aug. 111,657 2 2,220 330 90,369 -1,543 16,042 «4,221 Sept. 109,600 -5 22,515 13,903 499 242 24,730 -286 37,760 610,215 Oct. 450,830 245,712 140,568 14,088 -7 552 152 49,263 -56 21 6497 Nov.? 265,700 142,821 63,697 103 58,283 -252 29 997 p Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 frcm Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portual, $43,935,000 from Italy, $33,405,CCO frcm Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 frcm Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. s Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. 4 Includes $133,980,000 to China and $509,000 from other countries. 5 Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries. 6 Includes imports from U. S. S. R. as follows: 1946—December, $4,492,000; 1947—July, $5,626,000; August, $5,627,000; September, $11,287,- 000; October, $5,346,000. 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. 111 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From Jan. 2, 1935, funds in U. S. funds of in- in U. S. securities: securities: Inflow in Total ternational banking Return Inflow of brokerage institutions funds of U. S. foreign balances Total Official i Other in U. S. abroad funds funds 1935—Mar. (Apr. 3) . 265.9 64.1 4.4 59.7 155 0 31 8 —6 2 21 1 June (July 3) 632.5 230.3 22.6 207.7 312 8 43 7 15 8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390 3 114 4 427 6 4 June (July 1)...:.. 1,993.6 823.4 80.3 743.1 449 0 180 5 524 1 16.5 Sept 30 2,331 9 947.1 86.0 861.1 456 2 272 2 633 3 23 2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar 31 2,998 4 1,188.6 129.8 1,058.8 411 0 319 1 1 075 7 4 1 June 30 3,639 6 1,690.1 293.0 1,397.1 466 4 395 2 1 069 5 18 3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493 3 1,125 1 31 9 Dec 29 3,501 1 1,259.3 334.7 924.6 449 1 583 2 1 162 0 47 5 1938—Mar 30 3,301 3 1,043 9 244.0 799.9 434 4 618 5 1 150 4 54 2 June 29 3,140 5 880.9 220.6 660.4 403 3 643 1 1 155 3 57 8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477 2 625 0 1 125 4 64 1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550 5 646 7 1,188 9 63 9 June 28 4,742.0 2,194.6 508.1 1,686.5 607 5 664.5 1,201 4 74 0 Sept 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3)...:.. 5,531.3 2,920.7 1,012.9 1,907.8 684 1 785.6 1,042 1 98 9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101 6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 Tune duly 2) 5,660.1 3,278.0 1,459.8 1,818.2 818 6 834.1 631 2 98 2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841.1 623 5 100 9 Dec 31 5,354.1 2,979.6 1.177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) . , 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636 4 3,217.0 1,352.8 1,864.2 842 3 838 8 632 0 106 2 Sept 30 5,798 0 3,355 7 1,482 2 1,873.5 858 2 830 5 646 1 107 5 Dec 31. 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943 Mar 31 6,292 6 3,788.9 1,868.6 1,920.3 898 7 810 5 685 9 108 6 June 30 6,652 1 4,148.3 2,217.1 1,931.2 896 9 806 8 687 9 112 1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708 1 114 8 Dec 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar 31 7,611 9 5,034.4 3,005.0 2,029.4 868 0 904 1 685 8 119 6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856 6 929.8 702 4 119 1 Sept 30 7,576 9 4,807.2 2,644.8 2,162.3 883 5 1,026 2 737 8 122 2 Dec 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820 6 130 5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760 4 1,011 2 848 4 131 8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818 4 134 6 Dec 31 .... 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1945—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139 9 Tune 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624 5 1,103 9 615 0 141 4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478 3 150 4 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 July 31 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156 3 s 1,177 3 385 9 159 8 Aug 31 9.519.6 4.869.1 1.726.9 3,142.3 2,758.0 172.2 1,193.6 362.6 164.1 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. 3 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 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. 112 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total1 K do in m g- France la e n r d - s la e n r- d Italy E O ur t o h p er e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 1,440.7 554.9 210.2 114.5 130.4 24.0 166.6 1,200.6 () 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 45.6 311.6 2,051.3 150. 201.2 243.0 21.4 1937—Dec. 29 3,501.1 993.7 281.7 311.9 607.5 22.1 436.1 2,653.0 106, 410.6 315 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 36.2 1939—Dec. (Jan. 3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354 1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 ,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 ,193.7 ,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 .338.4 ,784.1 247.5 1 1 9 9 4 4 6 7 — — O N F A D A J J M M S J u u e a e e c p u o a a l n b n p c t g r y v y r . . e . t . . . . . . 3 3 2 3 3 3 3 3 3 3 3 3 1 0 8 1 1 1 0 1 0 1 0 1 8 8 7 7 7 7 6 6 7 7 6 6 , , , , , , , , , , , , 0 0 8 5 5 6 2 0 6 0 7 7 1 0 8 2 5 2 2 5 6 6 8 4 5 2 1 8 5 8 9 1 4 9 8 6 . . . . . . . . . . . . 8 0 9 7 4 7 3 0 9 5 5 6 7 6 5 5 5 4 5 4 6 6 4 6 4 3 6 5 8 8 9 5 4 1 4 5 0 6 8 3 5 9 5 3 8 4 1 . . . . . . . . . . . . 1 9 3 2 1 6 6 8 5 5 7 1 4 4 3 4 3 3 3 3 3 3 3 3 3 2 8 0 6 3 5 3 9 0 1 2 3 1 1 4 9 6 1 0 2 6 9 4 . . . . . . . . . . . . 1 7 1 4 8 3 4 2 0 2 8 6 3 3 3 3 3 2 3 2 3 3 3 3 7 2 5 2 1 9 9 5 5 3 4 3 0 2 1 6 9 5 1 6 6 0 6 3 . . . . . . . . . . . . 1 8 1 4 6 1 7 7 8 5 8 0 7 7 7 7 7 7 8 7 8 8 8 7 4 5 6 6 6 7 0 0 8 0 1 9 5 6 0 6 9 6 1 4 6 8 1 9 . . . . . . . . . . . . 9 3 9 5 1 8 6 6 1 0 8 3 2 2 2 3 2 2 2 2 1 1 1 1 1 0 2 4 5 8 2 1 9 8 5 6 3 3 8 6 2 7 1 5 8 1 8 1 . . . . . . . . . . . . 4 5 0 2 5 8 7 8 7 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 2 2 2 2 2 0 1 2 1 1 4 4 4 4 5 3 6 9 6 1 1 6 8 3 9 9 6 2 2 3 1 0 2 0 . . . . . . . . . . . . 7 9 5 5 3 8 9 2 2 0 5 1 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 7 6 6 5 6 4 3 5 2 4 2 3 3 4 7 0 4 5 6 5 9 4 3 4 8 9 4 3 5 5 2 2 4 6 3 1 . . . . . . . . . . . . 9 5 2 8 8 8 5 8 9 2 0 6 , , , 9 9 9 8 7 8 7 8 1 1 0 7 7 6 3 5 6 7 1 0 6 3 6 9 9 7 3 7 3 0 3 7 4 4 3 0 . . . . . . . . . . 1 7 7 3 6 0 8 3 4 , , , , , , , , , , , , 5 5 5 4 4 4 3 3 3 5 4 4 6 4 4 7 6 3 6 8 1 3 4 7 9 4 6 4 6 1 4 4 8 1 7 7 . . . . . . . . . . . . 6 8 4 0 2 3 7 3 6 4 1 0 1 , , , , , , , , , , 3 3 3 2 2 0 1 1 1 0 9 9 2 2 6 5 4 8 1 4 7 7 7 5 6 5 7 8 7 5 8 2 9 2 2 8 . . . . . . . . . . . . 9 6 4 3 9 1 0 8 6 7 0 1 4- 2 2 2 3 2 2 2 2 2 2 2 6 7 8 0 5 6 4 3 4 3 8 3 0 4 2 0 9 4 9 . 8 1 9 . . . . . . . . . . . 9 2 0 4 0 6 0 6 6 1 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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* Ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 631.5 128.6 129.6 55.7 72.4 7.3 59.9 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 23.0 82.4 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 6.9 119.1 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939) 1,513.9 364.0 155.3 87.9 205.1 1.7 196.8 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—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 1,178.7 244.8 Nov. 30 5,495.4 485.5 181.2 185.8 353.2 185.2 693.1 2,084.0 937.41,029.3 1,183.9 260.8 Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Jan. 31 5,300.6 423.0 157.0 195.6 363.6 300.7 701.0 2,141.0 748.01,010.3 1,112.9 288.5 Feb. 28 5,047.3 381.9 129.0 197.8 370.5 227.1 673.1 1,979.3 784.7 981.0 1,043.5 258.7 Mar. 31 4,841.3 312.2 146.2 166.7 378.5 198.2 719.1 1,921.0 670.2 956.1 1,042.5 251.5 Apr. 30 4,815.4 423.1 129.6 205.0 383.6 205.4 689.2 2,035.9 519.6 1,000.0 1,012.7 247.2 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 July 31 4,703 .2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.8 1,168.9 932.6 245.3 Aug. 31.. 4,869.1 471 .2 125.6 210.0 385.5 143.1 668.0 2,003.3 484.2 1,221.0 910.8 249.7 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - d u Italy E O u t r h o e p r e E T u o r t o a p i 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 r1 1935—Dec. (Jan. 1, 1936). 361.4 208.8 48.1 -.4 1.6 13.7 38.5 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 3.0 431.5 178.0 62.0 -3.3 2.7 16.3 88.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 6.5 132.0 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939). 510.1 206.2 68.4 -5.6 2.6 13.7 175.6 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940). 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941). 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 -1 2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—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 Tuly 31 156.3 255.1 57.6 -28.6 -2.1 2.3 170.9 455.3 58.8 -276.9 -56.0 -24.9 Aug. 31 172.2 257.9 58.1 -23.3 -1.7 3.0 170.1 464.1 60.7 -283.8 -48.6 -20.3 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Inflow less than $50,000. 4 See Table 1, footnote 3. JANUARY 1948 113 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 Owi>ed 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—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 *947—Jan. 31 1,308.2 98.1 50.0 24.7 31.5 27.0 261.8 493.0 290.0 453.2 61.0 10.9 Feb. 28 1,229.8 101.3 49.9 23.6 31.8 26.8 264.6 497.9 218.9 457.6 61.1 -5.7 Mar. 31 1,282.6 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6.4 Apr. 30 1,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 May 31 1,380.7 103.6 49.6 2.2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 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 July 31 1,177.3 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 2-232.2 Aug. 31 1,193.6 104.3 47.9 .2 30.1 26.7 267.3 476.5 397.0 488\0 61.4 -229.3 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 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* ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 7.6 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -3.3 31 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -4.9 38.3 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -5.5 33.9 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -4.9 32.2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Sept. 30...: 478.3 -189.7 77.6 220.1 335.8 1.7 56.0 501.6 -153.9 91.5 30.5 8.6 Oct. 31 472.1 -193.4 81.6 216.8 334.7 1.6 56.0 497.2 -155.7 93.4 29.7 7.5 Nov. 30.;:: 454.4 -194.9 74.3 213.6 336.3 2.0 55.4 486.7 -158.2 94.1 25.0 6.9 Dec. 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Jan. 31 464.4 -196.2 73.0 199.4 338.4 3.0 56.6 474.2 -137.1 84.9 33.4 9.1 Feb. 28 439.7 -197.5 71.4 194.4 338.7 -7.0 55.3 455.2 -141.9 86.2 32.1 8.0 Mar. 31 414.3 -197.9 71.2 188.0 338.4 -15.5 47.8 432.0 -144.6 88.2 30.6 8.1 Apr. 30 416.7 -198.3 73.8 179.3 344.2 -15.6 46.0 429.5 -141.9 90.6 30.3 8.1 May 31 398.5 -200.5 72.3 168.6 345.4 -15.4 45.2 415.5 -141.0 86.5 28.8 8.7 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 July 31 385.9 -203.5 71.1 149.7 351.2 -15.1 40.8 394.2 -128.1 84.2 27.5 8.1 Aug. 31 362.6 -203.3 73.6 129.9 350.7 -15.1 40.6 376.3 -131.7 82.7 27.3 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O 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 (3) 2.4 1.3 2.5 .1 1.3 7.6 -4.5 1.0 2.9 — .9 1936—Dec. 30 12.9 4.0 10.4 — .9 9.1 .3 -.3 22.6 -7.6 -4.2 2.1 (4) 1937—Dec 29 . . 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 (4) 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 I939—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 (Tan 1 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec 31 . . 100 9 16 8 19.9 17 6 13.5 .2 7.7 75.7 14.1 3.9 6 3 8 1942—Dec. 31. 104.4 17 A 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 Q 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17.6 3.8 6.0 L3 1944—Dec 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 L.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 i.3 1946—Sept. 30 150.4 18.6 22.1 15.7 36.9 .3 14.0 107.5 19.2 18.3 3.7 6 Oct 31 153.1 19.2 22.4 16.3 37.9 .5 14.1 110.4 20.1 17.1 4.0 L.5 Nov. 30 154 7 19 2 22.0 16.1 38 6 .5 14.8 111.2 21.5 15.3 5 0 8 Dec. 31. 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4 8 2 0 1947—jan. 31 150.4 19.2 20.1 17.3 39.5 .4 14.1 110.8 22.1 10.3 5.3 1.9 Feb 28 156 6 19 8 20 0 14 9 39 9 .4 14.0 109.0 21.7 18.0 5 2 2 8 Mar. 31. 154 5 17.7 20.4 16.3 41.5 .4 13.8 110.0 20.0 16.3 5.5 2 8 Apr 30 161.6 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 30 160 8 18 9 19.7 18.2 43.2 .5 14.0 114.5 19.7 19.0 6 7 1 0 July 31 159.8 20.2 19.5 17.0 42.6 .5 14.3 114.0 19.1 19.0 6.9 .8 Aug. 31 s164.1 18.3 19.4 17.0 43.4 .4 14.2 112.8 20.0 23.5 7.1 .8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 3 Inflow less than $50,000. * Outflow less than $50,000. 5 Amounts outstanding Aug. 31 (in million of dollars): foreign brokerage balances in United States, 113.1; United States brokerage balances abroad, 25.8. 114 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 [In millions of dollars] LIABILITIES Total foreign te I r n n - a- countriesl United Neth- Switz- Date t i i n o s n ti a - l Official K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia 2 Ot A he ll r * tutions and Official private 1934—Dec.3 669.7 92.4 76.9 33.9 12.9 13.7 18.8 76.7 232.9 99.3 122.8 202.8 12.0 1935—Dec 3 . . 1,301.1 130.3 205.5 163.5 68.6 86.1 26.1 136.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 232.5 235.7 176.3 78.8 123.5 41.7 158.3 814 3 186 1 263 9 331.9 27.1 1937—Dec. 29 1,893.1 427.1 261.5 143.9 89.1 302.1 25.7 194.9 1,017.1 175.6 280.9 399.5 20.0 193g—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 I943—Dec. 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728 6 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31. 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 1,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.21,046.41,549.7 181.8 1946—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 1,177.51,180.71,396.4 208.1 Oct. 31.... 284.4 46,395.1 3,487.2 638.1 284.6 215.7 4359.1 188.9 851.9 42,538.3 1,103.31,180.51,359.3 213.7 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 6931.8 1,104.81,316.4 232.8 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 1,131.81,293.5 257.3 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 1,102.61,224.2 227.5 Mar. 31 2,726.9 5,575.4 2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 778.21,077.6 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 2,391.2 627.51,121.61,193.3 216.0 May 31.... 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.61,130.9 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 July 31.... 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.41,113.2 214.1 Aug. 31. .. 2,777.9 5,603.3 2,437.2 532.5 205.8 226.6 399.1 163.4 831.2 2,358.6 592.2 1,342.51,091.5 218.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m De a n rk - l F a i n n d - m G a e n r- y Greece6 L b u o x u e rg m 6 - N w o a r y - P g o a rt l u 6 - m R an u i - a6 Spain6 SwedenUSSR6 s Y la u v g i o a - 6 ot A h l e l r I939—Dec.' 526.4 159.2 28.1 21.4 9.5 56.3 142 2 109.8 1940—Dec 3 .. 657.3 144.8 17.3 16 5 6.7 48 7 235 4 187.9 1941—Dec. 31. .. 614-6 117.3 18 1 5 7 6 6 65 2 210 7 191 0 1942—Dec. 31. .. 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57^9 1943—Dec. 31. .. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. .. 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—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 July 31.... 783.1 164.0 45.6 36.2 46.3 32.2 22.6 80.0 40.1 8.2 12.2 122.9 50.3 13.1 109.3 Aug. 31. .. 831.2 185.3 48.8 39.9 53.6 36.0 20.1 78.0 47.7 9.4 12.1 115.2 52.5 12.5 120.2 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a 8 - Peru7 z V u e e n la e- 7 A L O i a m c 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 sa.5 27.3 62.5 37.7 42.1 121.8 1942—Dec. 31. .. 597.7 67.6 "i6!8' 67.7 34.5 "43!4 "ii!4 100.3 "'4.9' 95.7 "20.Y 36.9 .7 '26!9 64.2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67. 1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 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—Sept. 30. . . 1,180.7 144.5 13.5 231.0 51.2 65.2 6. 7 160.6 7.8 142.2 13.7 85.4 39.1 52.5 167.3 Oct. 31. .. 1,180.5 147.9 14.3 223.5 49.8 61. 5 7.1 158.0 6.7 133.2 13.6 84.6 43.8 68.7 167.6 Nov. 30. .. 1,150.8 131.4 13.6 205.6 50.5 60.7 8.6 159.1 6.0 143.2 13.5 84.1 40.7 67.3 166.7 Dec. 31... 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—Jan. 31.. . 1,131.8 166.0 12.4 183.4 46.2 51. 0 7.3 147 3 4.9 149.3 13.6 78.2 37.0 51.5 183.8 Feb. 28... 1,102.6 180.0 13.7 157.8 45.2 55.9 9.0 145.9 3.9 142.1 11.8 75.2 34.3 45.5 182.4 Mar. 31. . . 1,077.6 181.4 12.8 127.6 51.0 51. 9 8.5 150 8 4.0 139.1 10.5 73.2 34.0 46.7 186.1 Apr. 30... 1,121.6 223.0 11.7 115.3 53.4 56.2 9.3 168 0 3.2 127.6 10.6 71.0 35.9 49.4 186.6 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 July 31.... 1,290.4 309.3 14.6 98.8 41.2 32.0 6.9 284 0 3.2 137.7 10.1 69.7 38.2 66.2 178.6 Aug. 31... 1,342.5 307.5 15.2 110.8 44.9 34.2 8.6 287 7 2.3 149.2 13.6 71.5 41.7 74 0 181.3 For footnotes see p. 116. JANUARY 1948 115 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 m a lo n e u n a y d r , 1 - - B M l i a s r y h a 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 g i 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 U A o o f n u r f i i t o c h n a Other 1939—"Dec» 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec * .. 769.9 207.5 91.1 110.3 198 6 162 4 73.3 1941—Dec. 31.... 780.0 156.8 61.6 69.9 226.8 264.9 113.6 1942—Dec. 31.... 930.0 360.9 "27]4 41.6 * 13 * i "i'.o 4.8 160.4 254.729!9 36.2 149.6 23!i 'i!8 "6.*8 "ii'A "ii'.o "'91'.8 1943—Dec. 31.... 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31.... 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31..:. L,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—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 80.5213.7 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 89.2229.7 35.1 5.7 22.3 14.5 52.2 99.8 Dec. 31... L.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. .. ,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... L.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... L.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 ... 1,147.4 339.1 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 July 31.... L,113.2 309.6 36.2 47.2 43.3 11.8 17.6 85.8 452.640.4 68.7214.1 42.4 9.4 19.4 13.7 49.5 79.7 Aug. 31.. . ],091.5 286.1 35.3 44.7 53.6 14.6 17.6 82.8 440.341.7 74.9218.5 46.2 9.5 21.1 13.3 55.5 72.9 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. 115. 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. 6 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 8 Prior to June 30, 1942, included under "All other." 7 Prior to June 30, 1942, included under "Other Latin America." 8 Included "Canal Zone" prior to June 30, 1942. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for 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 ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A he ll r 1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 27.2 311.8 743.2 96.3 174.6 117.4 8.5 1935 -Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 13.5 273.3 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 10.9 223.0 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 20.8 179.0 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 13.5 135.4 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Sept. 30 615.7 65.3 3.0 137.1 5.5 10.7 73.4 294.9 50.3 182.6 72.7 15.1 Oct. 31 602.7 56.5 3.9 128.8 4.5 10.5 77.8 282.1 49.7 182.1 74.3 14.5 Nov. 30 642.6 55.9 4.1 138.8 6.3 12.9 80.8 298.8 52.9 200.2 75.0 15.8 Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 «B2.8 312.9 52.2 226.8 99.2 17.2 1947—Jan. 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 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 30.1 Apr. 30 801.8 42.4 21.1 51.0 8.3 22.0 106.4 251.3 36.4 381.7 98.1 34.3 May 31 880.2 39.6 18.8 39.3 9.5 23.8 113.1 244.1 36.8 438.0 127.3 34.0 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 July 31 979.2 36.9 21.4 47.2 10.2 24.3 138.8 278.9 34.0 444.9 185.0 36.3 Aug. 31 963.3 34.1 20.9 41.9 9.8 23.6 139.7 270.0 32.2 451.8 177.7 31.7 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. 116 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] 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 e r n k - 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 Spain S d w en e- USSR1 s Y la u v g i o a - 1 ot A h l e l r 1939—Dec.2... 104.7 6.5 3.2 1.4 53.4 3.6 8.7 28.0 1940—Dec.2... 69.5 1.5 .3 1.8 39.6 9 1.0 24 1941—Dec. 31. 60.5 1.1 1.9 34.4 .5 .6 22.1 1942—Dec. 31. 56.3 .8 5.6 34.0 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31. 52.9 .7 7.6 33.9 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31. 78.3 .7 ( 33.9 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31. 74.6 .6 33.9 .7 31.6 .5 1.6 .9 4.7 1946—Sept. 30. 73.4 6.9 3.5 33.9 12.6 .7 1.0 3.6 5.5 5.5 Oct. 31. 77.8 7.2 4.3 33.9 12.6 .7 1.3 7.2 4.1 6.1 Nov. 30. 80.8 7.7 5.9 33.9 13.0 2.1 .9 6.5 3.9 6.2 Dec. 31. 82.8 7.5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 9.4 1947—Jan. 31. 83.8 7.1 6.4 30.3 12.4 3.7 .9 7.3 5.5 9.5 Feb. 28. 83.9 7.4 6.1 30.4 12.5 4.0 .9 6.2 5.6 10.2 Mar. 31. 92.6 8.0 8.3 30.4 13.2 4.2 1.0 3.8 6.0 13.2 Apr. 30. 106.4 8.9 7.1 30.4 12.8 5.2 1.0 6.9 3.7 7.1 22.9 May 31. 113.1 8.9 9.1 30.3 13.0 5.9 1.2 7.0 3.5 7.4 26.3 June 30 127.6 10.1 11.4 30.3 12.9 6.3 1.5 6.9 4.3 7.5 35.4 July 31. 138.8 9.0 17.8 30.3 13.0 7.0 1.3 11.9 1.6 8.7 37.5 Aug. 31. 139.7 10.3 17.9 30.3 12.6 8.0 1.3 12.0 1.3 9.3 36.2 Latin America French Nether- Date A La m ti 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 a n a n d n u e a i d i s e 4 - t s Mexico I l W n S n a a a u d n n e m r i d d s i e 4 s - t s P m an a a 6 - Peru* V zu e e n la e 4 - O A L i a m t c h t a i e e n r r - 1939—Dec.2.... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec.2 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31. 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31. 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31. 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 1.1 1.4 3.8 8.7 1944—Dec. 31. 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 8.6 .8 1.2 5.1 11.7 1945—Dec. 31. 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 1.1 1.9 6.1 33.4 1946—Sept. 30. 182.6 21.4 2.6 37.2 14.5 23.8 1.7 21.1 22.0 .9 3.0 7.0 27.0 Oct. 31. 182.1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 17.6 .9 2.7 4.8 24.9 Nov. 30. 200.2 24.0 2.0 43.9 14.0 19.8 2.5 41.1 20.6 .8 2.7 6.6 21.7 Dec. 31. 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 25.5 1.3 3.7 8.7 23.1 1947--Jan. 31. 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 27.0 1.6 5.4 10.4 27.1 Feb. 28. 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 28.8 1.7 6.5 15.6 27.9 Mar. 31. 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 30.7 2.2 7.0 19.6 33.9 Apr. 30. 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 33.7 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 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 32.9 2.6 5.6 16.7 36.3 July 31. 444.9 65.8 3.3 164.1 20.5 35.7 3.9 53.3 27.6 2.7 5.9 18.2 42.3 Aug. 31. 451.8 71.8 3.2 163.6 22.7 35.2 3.8 54.5 31.0 3.8 6.3 18.5 36.2 Asia and i\11 Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 6 H K o o n n g g I C B n l m a o d n e u n a y i d r " , a - - , l B M a is y r a h i a t - - 6 Japan I N l n E a e d e n a r i t d s - e h t s s - 6 i l p P a I p h n s i i - d n l- s e T ke u y r- 6 O A t s h i e a r ot A he ll r7 A t l r i u a a s - -N Z la e e n a w d - A S E E t a u i g n 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 o f 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 8 23 7 1 7 55 8 22 14 0 6 4 1941—Dec. 31 87 9 23 5 3.1 18.9 23 0 19 5 9 7 1942—Dec. 31 35.3 11.1 f' .9 2.2 .7 5 L.6 14 4 1.8 2.0 4.8 1.0 .7 .1 1 7 1.2 1943—.Dec.31 26.3 1 7 1.0 2.0 .5 .5 7 13 Q ? 1 8 3 Q s ? .1 $ 2 4 7 1944—Dec. 31 51.4 1.5 (3 .9 22.3 .1 .5 L.5 13.8 1.8 8.8 11.7 .6 .2 .2 9 7 1.0 1945—Dec. 29.9 1.0 .8 7.5 .1 .5 L.4 13.8 2.0 2.7 9.9 1.7 .7 .3 4 7 2.5 1946—Sept.30 72.7 34.7 3.2 11.7 .2 .3 1.2 16.6 .9 3.9 15.1 3.3 1.2 .3 7 7 2.5 Oct. 31 74.3 34 6 6.5 10.1 .2 .5 0 160 1 4 0 14.s ? 7 10 .4 8 4 ? 0 Nov.30 75.0 40.8 4.0 9.1 .2 .2 .9 14 7 .9 4.2 15.8 3.1 .9 .4 9 1 2.4 Dec. 31 99.2 53.9 5.9 12.0 .2 .2 L.O 20 2 1.4 4.4 17.2 3.4 1.1 .4 10 1 2.2 1947—Jan. 94 5 43 8 1 5.0 12.7 .5 .2 1 25 1 4 4 5 19 4 1 ? .4 10 4 Feb. 28 85.0 36.8 (3) 5.1 12.9 .5 .2 9 23 0 1 S 4.0 ?7 1 6 ? .4 14 7 4 s Mar.31 88.9 41.2 4.1 14.6 1.0 .2 1.4 20 3 2.0 3.9 30.1 6.5 1.5 .5 .1 16.0 5.5 Apr. 30 98 1 47 0 4.0 14.2 1 3 .2 9 22 4 ? s 4 5 34 7 5 1 .4 .1 18 3 8 May 31 127.3 76.1 (a) 3.5 13.2 1.1 .2 S 23 ? ? 7 5 8 U 0 6 6 1 6 .4 .4 18 9 0 June 30 173.3 104.8 .1 3.5 32.8 2.2 .2 .5 ?0 ? 3 3 5.8 SOs 9 0 1 0 .3 .1 15.2 5 0 July 31 185.0 110.7 .1 3.1 33.7 1.6 .3 .5 25 1 3.2 6.7 36.3 11.3 1.7 .2 .1 188 4.2 Aug. 31 177.7 108.2 .3 3.1 27.5 1.6 .3 .5 24 5 3.5 8.4 31.7 9.0 1.5 .2 .3 158 4.9 1 Prior to June 30, 1942, included under "All other." 2 Report dates for these years are as follows: 1939—Jan. 3, 1940; an.d 1940—Jan. 1, 1941. » Less than $50,000. 4 Prior to June 30, 1942, included under "Other Latin America.1 6 Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." 7 Country breakdown not available until June 30, 1942. 117 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millionsof dollars] 1947 1946 1947 1946 International Fund International Bank Nov. Aug. May Nov. Sept. June Mar. Sept. Gold 1 345 1 333 Member currencies (balances with de- Member currencies (balances with de- positories and securities payable on positories and securities payable on demand): demand): United States 335 478 420 United States 1,929 2,030 Other members 873 872 624 Other members 3,304 3,155 Investment securities (U. S. Govt. obli- Unpaid balance of member subscriptions. . 1,342 1,202 gations) 407 156 148 Other assets l Calls on subscriptions to capital stock 2. . 45 4 411 Member subscriptions 7,922 7,722 Loans (incl. undisbursed portions) 455 250 Accumulated net income . . , —2 Other assets . . 3 Bonds outstanding 250 Loans—undisbursed ' 223 "'158 Other liabilities 2 Capital2 : 1,645 1,605 1,603 Accumulated net income -2 -1 -1 1 Less than $500,000. 2 Excludes uncalled portions of capital subscriptions, amounting to 6,580 million dollars as of Sept. 30, 1947, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o u u r n es d s in s m te i r l l l i i n o g n ) s of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n l 3 a- :Deposits l O ia t b h i e li r assets 2 and ad- ties ties and Coin Notes vances Bankers' Public Other capital 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 4 .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 •630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec 31 2 « 780 0 .3 28.5 6 4 267.8 751.7 219 9 11.2 54.1 17 9 1942—Dec. 30 .2 •950 0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17 9 1943—Dec. 29 .2 s 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 5 1,250 0 1.9 11.6 5.1 317.4 1.238.6 260.7 5.2 52.3 17 8 1945—Dec. 26 .2 t 1,400 0 .4 20.3 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 i ] ,450.0 1.3 22.1 13.6 327.6 ,428.2 278.9 10.3 57.3 18.1 1947 Jan. 29 :.. .2 ,450 0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18 3 Feb. 26 .2 ,450.0 .9 74.7 16.0 294.6 ,375.6 285.2 22.4 60.1 18.4 Mar. 26 .2 ,450.0 .6 59.5 11.1 338.7 ,390.7 286.4 10.6 94.4 18.5 Apr 30 .2 ,450 0 1.0 62.6 18.0 344.8 ,387.6 303.7 6.9 98.0 17 8 May 28 .2 ,450.0 1.3 56.1 8.7 353.9 1,394.1 301.9 5.0 95.1 18.0 June 25 .2 ,450.0 1.8 55.2 20.6 337.0 ,395.0 290.3 8.0 98.3 18.1 July 30 .2 ,450 0 2.4 30.9 28.6 364.6 11,419.3 301.8 11.3 95.1 18 3 Aug. 27 .2 ,450.0 2.5 56.8 16.6 332.0 1,393.4 282.0 14.0 93.4 18.4 Sept 24 .2 ,450 0 2 3 73.7 14.6 325.9 1,376.5 289 6 16.2 92 1 18 5 Oct. 29 .2 ,450.0 2.0 89.4 5.9 318.9 L,360.8 288.8 13.8 95.9 17.8 Nov. 26 .2 ,450.0 1.5 109.8 4.5 302.1 1,340.5 292.5 14.0 93.3 18.0 »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, 6 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. NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) Gold and S t U at n e i s ted O as t s h e e t r s circ N ul o a t t e ion liab a i n li d ties dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o m o m v e i e n n r t n io - n Other capital 3 1938—Dec. 31. .. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. . . 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. . . 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. .. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. . . .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. .. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. .. 156.8 1,157.3 688.3 29.5 129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. . . 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Jan. 31 1.0 1,196.8 718.8 39.3 1,138.6 533.3 150.1 82.9 51.0 Feb. 28 1.0 1,172.3 738.9 47.6 1,137.9 493.6 215.7 75.3 37.3 Mar. 31 1.2 1,146.9 757.5 40.4 1,153.2 536.3 159.8 64.6 32.1 Apr. 30 1.0 1,186.0 751.2 59.2 1,153.9 542.6 195.7 69.3 35.9 May 31 1.0 1,123.0 731.0 41.3 1,148.1 477.6 179.4 58.5 32.6 June 30 4.0 1,063.7 716.0 40.4 1,152.6 474.4 105.6 54.4 36.9 July 31 .7 1,081.9 722.6 42.0 1,153.7 468.3 124.1 63.7 37.3 Aug. 30 2.4 1,141.5 720.3 39.0 1,158.9 515.0 133.6 58.7 37.1 Sept. 30 1.9 1,088.0 744.7 49.5 1,172.2 481.1 128.2 62.0 40.5 Oct. 31 .7 1,136.4 799.4 53.1 1,179.4 548.7 143.4 71.2 46.9 Nov. 29 1.4 1,039.9 820.6 46.2 1,182.3 536.7 84.2 62.0 42.8 Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits Other mill ( io F n ig s u o r f e s f i r n ancs) Golds F c o h e r a e x n i - g g e n m O a p rk e e n t6 Special Other c F c u o o p r s a t o t s i c o 7 - n Other • a O ss th e e ts r 8 ci N t r i c o o u t n l e a- Govern- C.A.R.9 Other c li a a a t p i b n e i i d s t l a i- l 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..t°84,616 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-i-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. i°129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—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. n82,817 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 iHO8,758 770,670 770 62,304 4,992 May 29. 82,817 6 82,221 125 88,429 426,000 63,700 i2103,846 775,053 745 66,745 4,599 June 26. 82,817 6 82,983 84 87,134 426,000 95,000 12119,662 807,064 834 76,747 9,040 July 31. i°64,817 6 99,114 8 85,195 426,000113,600 12120,046 831,587 792 71,329 5,075 Aug. 28. 64,817 3 97,490 20 98,224 426,000124,900 i2105,639 838,442 750 70,651 7,250 Sept. 25. I°52,817 7 107,877 130 101,935 426,000139,300 12103,067 852,195 779 71,299 6,861 Oct. 30. 52,817 10 108,050 250 132,913 426,000127,800 i2lO8,155 867,700 762 81,030 6,502 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves, s Beginning November 1944, includes a certain amount of sterling and United States dollars. * 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). 6 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. 6 For explanation of this item, see BULLETIN for July 1940, p. 732. 7 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. 8 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. 9 Central Administration of the Reichskreditkassen. 10 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, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million francs of gold transferred from Bank of France to Stabilization Fund. 11 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." 12 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 on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 119 JANUARY 1948 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) Nov. Oct. Sept, Nov. date of month) Nov. Oct. Sept, Nov. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. O G T G R e e o o th m d l v d e i e p s r r r c o n g e o r o m p a u l o r n d e y r t n t a s e t a n d a s d d n e v s d f c a e o u n l p r r o e c a i a i t e r g i n a s e n s t s e t t e o l o y x G c b h a o a n v n k t g . s . e 1 . . . 1 2 2 1 , , , 4 1 5 9 4 6 8 4 1 : 1 7 1 2 1 2 , , , 4 3 2 9 1 6 8 5 0 2 4 3 3 2 7 , , ,5 5 0 8 7 2 0 8 6 2 7 5 7 0 Nati D N O on e t o h p a t e e o l r s c B i l i t i r s a a c b n u i k l l a i t t i o i e o f s n C an o d s t c a a p R it i a c l a— 2 1 4 6 7 0 1 5 , , , 8 9 6 8 0 0 6 8 0 2 1 4 5 7 2 2 7 , , , 7 7 9 8 2 3 ' 4 4 2 1 3 4 6 8 9 7 , , , 1 0 8 5 8 3 8 5 82 1 3 3 9 9 1 5 , , , 2 6 4 3 7 7 8 9 8 D O Cu e th p r e r o e r s n i a c t s s y s — e c t G M i s rc o e u v m l e a b r t n e io m r n b e 2 n an t k 4 2 1 , , , 6 7 7 3 2 4 1 3 7 4 3 3 4 2 1 , , , 6 5 6 4 1 5 5 9 3 7 6 8 3 2 , , 7 3 5 4 1 3 4 5 6 3 6 5 Iss F G C u o e o o r l n e d d t i e r g i p n b t u . e t ( x i t o c h h n o a s u n s t g o a e n I d n s t ' o l. f F c u o n lo d n a e n s) d : , , 7 4 0 6 3 1 1 1 1 , , 5 4 4 4 4 8 1 3 1 , , 1 2 6 7 1 6 O Ce t G h rt e o i r f v ic e li a r a n t b e m s il O N e it n o t a i h e t t f i e s o s r p e n a a c a n r u l d t i r i z i c e t c i i d p e a s a p * t i i t o a n l. . i n . . 12,0 8 1 9 6 7 9 6 6 12,08 7 9 8 10, 6 8 1 2 9 4 8 2 6 1 S O N L e o t o t c h a t o u e e n r r s I i c n t a i i a r e t s n c ' s s l d u . e l t B a d s t i a i s o n c n k ounts , , , , , 3 5 9 0 0 2 2 6 9 7 1 1 9 4 3 6 7 0 3 0 5 1 , , , , , 3 9 3 1 9 2 9 5 0 0 1 8 2 8 4 6 5 1 ' 7 9 1 2 , , , , , 1 6 0 7 6 2 5 8 2 1 6 1 4 8 9 Co tr m a m lia o n (t w ho ea us lt a h n ds B o a f n p k o u o n f d s A ): us- D O e th m e a r n l d ia b d i e li p t o ie s s i ts and capital , 1 8 1 9 9 6 36 6, , 8 0 1 5 0 7 6 6 , , 0 4 7 0 5 2 Gold and foreign exchange 178,813175,620218,131 National Bank of Czechoslovakia Checks and bills of other banks. . 2,330 3,011 2,151 (millions of koruny): S O O D N e t e t o S O T c h h p t u p e e e r t o h e r r e r s i c c a e t i l a i i i s r t i r a e s s a u c s l s b r u e o y i ( t l f l i s a i n t b t T i i c i e o r l l s l . a n s G d ) a i n o n d v g e c r B a n a p m n it e k a n s l t : and 2 4 1 1 2 5 1 1 3 9 5 2 5 5 8 5 , , , , , , 8 0 3 3 1 3 8 9 0 8 9 2 5 5 8 0 3 8 2 4 2 1 2 3 0 0 2 1 9 7 9 4 0 3 , , , , , , 3 5 5 3 3 8 3 4 1 3 9 2 7 1 4 3 3 13 2 1 1 2 5 7 2 9 3 9 1 4 7 8 , , , , , , 5 0 1 7 3 1 2 7 7 4 7 8 1 1 9 4 2 0 O D L O N G o t e t o o h h p a l t e d e e n o r r s s c a i l a t i n a i s r s a n d c — s b d u e i f l t l O o N a s d it r t l i e i e i d s e o w i c g s n o n — a u n n e O d N t x s l c e c d h w a a p n i g ta e l 6. . . . 5 5 1 1 5 4 3 6 2 0 , , , , , , 5 4 9 7 2 2 2 9 1 5 0 6 1 8 9 2 8 4 5 5 1 0 9 7 5 7 3 , , , , , , 0 9 7 0 6 1 1 3 6 5 9 0 9 3 5 5 7 2 5 4 1 6 7 4 5 8 2 , , , , , , 1 1 8 9 8 6 9 1 3 4 6 7 3 7 6 3 0 0 1 3 7 1 2 6 9 4 8 5 0 4 , , , , , , , 7 9 0 5 7 0 8 4 3 7 2 8 8 9 2 7 3 3 3 5 2 3 2 7 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): G O C O D O F N B L N o o l l o t t t e o e a o h h h r a l m t t i e c d e e e e n m i k c r r r a s g l c e n a n l l a a i d t i o d i r o s a g m c a e s b a a d u n e x G c i i e t l s c l o n c s a o i p h n t s o t a v i o a i t u e n o e s n I s n d B n r i n g t n t s a t a e s d m ' n n l 4 i . d k s e c F n c o o t u a u f n p n d I i t s t s 3 a s l ue... . 6 5 7 7 2 1 4 2 5 4 0 8 8 1 1 6 2 , , , , , , , , , , , 2 2 6 8 0 5 4 9 6 7 0 1 0 8 8 4 7 9 0 1 4 0 9 0 5 4 8 2 7 7 0 8 3 6 5 2 7 7 1 5 4 2 4 0 6 8 8 1 1 3 , , , , , , , , , , , 8 4 5 3 2 4 6 0 6 2 0 0 2 0 9 0 6 7 8 9 6 7 5 3 0 7 2 2 1 9 1 0 4 6 2 4 7 7 1 4 3 2 4 8 8 1 8 8 1 2 , , , , , , , , , , , 6 9 7 1 5 1 1 6 6 4 1 5 6 5 3 9 9 2 9 8 6 7 4 4 3 9 6 7 5 9 6 9 8 6 3 4 7 7 6 4 4 1 5 2 9 1 9 1 , , , , , , , , , , 2 4 0 0 8 2 7 8 5 8 3 6 2 8 5 0 0 8 9 9 9 5 1 9 3 5 2 3 7 4 S G G O N D O F C L e o o l o t e t o o e c h h r a p l t v e a u d e e e n o t i r r r r . s g i s i c n t i n c a l i a i t g i r o e s s n a c e s — s m b d a u e x i c t l p c l O G s a d c i h e t t i o t o i n a i s h e o u n v c s s e n n a o g e r t t a r u e i s n n o n m d n t ( s n e c e a n a t c t ) p c i o ta u l nt.... 5 2 1 1 , , , , 6 2 6 5 8 1 1 1 - 7 2 6 4 5 2 7 2 1 7 5 2 2 0 8 0 4 2 6 3 1 5 2 1 1 , , , , 5 7 7 2 9 1 1 1 0 3 7 2 9 6 2 7 1 1 3 0 4 0 3 0 4 7 1 6 4 5 2 2 1 , , , , 1 6 4 2 8 1 1 5 5 4 5 5 2 4 8 7 1 1 9 2 0 6 2 3 2 0 1 6 6 3 2 7 1 , , , , 2 7 5 6 5 1 1 1 1 6 0 0 6 8 2 6 0 1 0 3 2 5 0 7 3 5 9 7 8 0 2 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos): (thousands of sucresj: O O D G F L G N o o t o e t o o h h r a p l v t e d e e e n o e i r r s g s r c a n i n l a a t i t i r m s s a n c e h s b d u e x e o i n t l c l m d s a i t h t t i e i a i s s e o n c e s a n o g c n a u u e d n r n i d t a t s i b e c r s a o p a i d tal , 9 3 2 6 2 2 7 3 4 2 2 5 0 1 3 1 3 2 5 0 4 3 0 1, 9 4 6 2 2 2 3 3 2 9 2 3 5 7 1 0 5 7 0 7 9 O G N L O F N D o o o t t e e o h h r a l t m t e d e e e n i c r r a s g l c n a n l a a i i d i r s a m n c e s b d d u e x i t e l o c l s d a i p h n t t i i o a i s e o s n I c s n i n o g t t s a u e ' n l n . ( d t n s F e c u t a ) n p d i t 3 al 2 3 2 2 1 3 9 2 6 5 7 1 0 8 0 6 8 3 4 6 6 , , , , , , , , 4 5 0 0 1 8 8 0 2 9 6 7 7 1 3 6 1 3 6 7 4 6 4 0 3 2 2 2 1 1 4 5 7 0 4 1 0 0 5 8 7 2 8 5 , , , ] , , , 1 4 5 2 7 3 7 5 9 2 4 5 7 8 1 2 3 5 6 8 7 National Bank of Bulgaria 5 National Bank of Egypt (thou- Central Bank of Chile (millions sands of pounds): of pesos): Gold 6,376 6,375 G N o e l t d claim on Int'l. Fund 3 2 8 0 6 0 2 1 0 6 0 4 2 24 0 1 0 326 L Fo o r a e n i s g n a n e d x c d h i a s n c g o e unts 1 5 4 , , 2 6 8 5 6 0 1 5 6 , , 2 0 8 8 9 8 Paid-in capital—Int'l. Bank.... 1 British, Egyptian, and other Discounts for member banks.... 735 801 855 533 Government securities 298,931 05,746 Loans to Government 810 1,260 ,136 1,048 Other assets 26,437 26,797 Other loans and discounts 1,147 1,360 ,375 819 Note circulation 126,619 40,101 Other assets 2,375 1,518 ,457 1,811 Deposits—Government 92,466 82,964 Note circulation 3,690 3,734 803 3,299 Other 117,085 22,053 Deposits—Bank 720 721 639 569 Other liabilities and capital 15,510 15,179 Other 410 311 322 200 Other liabilities and capital 533 537 501 470 Central Reserve Bank of El Salvador (thousands of colones): Bank of the Republic of Colombia Gold 36,931 36,979 32,737 (thousands of pesos): Foreign exchange (net) 28,269 32,686 •37,465 Gold 146,587145,318155,099252,824 Net claim on Int'l. Fund 3 1,563 1,563 Foreign exchange 50,542 40,391 27,076 53,950 Loans and discounts 4,555 2,146 1,920 Net claim on Int'l. Fund 3 21,867 21,867 21,867 Government debt and securities. 5,510 5,510 5,837 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 1,225 Other assets 1,737 1,803 1,835 Loans and discounts 109,321135,578126,208 34,895 Note circulation 48,476 49,053 45,461 Government loans and securities. 102,826 82,359 81,383 84,975 Deposits 24,492 26,102 27,978 Other assets 46,026 46,709 42,223 39,749 Other liabilities and capital 5,597 5,532 '6,356 r Revised. 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. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 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. 6 Gold not reported separately beginning Dec. 31, 1946. 7 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1947 1946 1947 1946 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept Nov. State Bank of Ethiopia—Issue Bank of Italy (millions of lire): (Aug.) dept. (thousands of dollars): Gold 523 523 Silver 6,040 9,150 9,150 Foreign exchange 6,936 8,224 Foreign exchange 27,603 29,665 29,815 34,984 Advances—Treasury 503,713468,342 Treasury bills 2,832 2,832 2,832 596 Other Govt. agencies 15,259 28,862 Other assets 28,060 21,360 21,395 9,624 Loans and discounts 113,486 43,886 Circulation—Notes 39,726 41,435 41,779 35,550 Government securities 105,500 82,810 Coin 24,574 21,350 21,175 9,624 Other assets 31,022 45,005 Other liabilities and capital 236 222 238 30 Bank of Italy notes 567,297 371,863 Allied military notes 72,217 86,067 Bank of Finland (millions of Deposits—Government markkaa): Demand 54,458 65,982 Gold 2 2 2 1 Other 60,375 139,772 Foreign assets (net) 874 628 937 1,905 Other liabilities and capital 22,091 13,969 Clearings (net) -2,261 -2,375 -2,813 - 7,642 Loans and discounts 34,207 33,698 32,875 30,312 Bank of Japan (millions of yen): Securities 388 397 417 469 Cash and bullion 2,857 1,395 Other assets 861 1,074 1,179 789 Advances to Government 49,378 19,554 Note circulation 25,809 25,129 24,484 19,492 Loans and discounts 36,705 45,299 Deposits 1,615 1,716 1,669 1,028 Government securities 62,845 21,018 Other liabilities and capital 6,647 6,579 6,446 5,314 Reconversion Fin. Bk. bonds. . . 23,367 Other assets 6,838 5^072 Bank of Greece (billions of drach- Note circulation 156,417 74,817 mae) : Deposits—Government 4,716 3,814 Gold and foreign exchange (net), 647 650 891 Other 16,533 9,774 Loans and discounts 23 23 18 Other liabilities 4,325 3,933 Advances—Government 729 734 498 Other 1,053 993 586 Bank of Java2 Other assets 125 122 51 Bank of Mexico (millions of pesos): D N e o p te o s c i i t r s c — ul G at o io v n ernment 82 7 2 5 76 7 4 4 46 6 8 1 M "A e u ta th ll o ic r iz re e s d e " r v h e o 3 ldings of securi- 642 639 656 698 Other 203 198 133 ties, etc 1,482 1,495 1,490 1,633 Other liabilities and capital 1,477 1,486 1,382 Bills and discounts 638 627 610 530 Other assets 158 138 163 180 Bank of Guatemala (thousands of Note circulation 1,692 1,654 1,662 1,726 quetzales): Demand liabilities 877 902 963 1,067 Gold 27,229 27,229 27,229 28,476 Other liabilities and capital ' 352 343 294 248 Foreign exchange 19,908 20,136 20,839 16,197 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Netherlands Bank (millions of Rediscounts and advances 2,986 2,922 2,820 '1\780 guilders): Other assets 8,542 8,391 8,377 3,450 Gold 04 502 699 Circulation—Notes 29,608 29,240 28,852 28,500 Silver (including subsidiary coin) 2 2 2 1 2,* 2,876 2,855 2,712 Foreign bills 258 292 379 4,507 Deposits—Government 7,676 7,645 7,803 4,411 Loans and discounts 151 156 154 158 Other liabil B it a ie n s k s and capital 1 8 1 , , 5 20 3 6 1 8 1 , ,7 4 2 3 9 7 1 8 2 , , 5 4 5 5 4 1 1 2 1 , , 4 8 7 0 6 4 G Ot o h v e t r . d as e s b e t t s and securities ,5 1 0 4 0 7 3,6 1 0 4 0 1 3,6 1 0 5 0 2 99 Na li t o i F D G L o ns o n o o i s r a a l o e c d n l f i o g s u B — f n n o a t r e T s n i x n r k c e t h ) a : o a s n u f g ry H e ungary (mil- 1, 3 3 4 9 8 4 9 3 0 4 5 1, 3 3 3 9 9 9 4 3 8 0 8 1,2 3 3 9 9 9 4 1 3 2 0 4 3 2 5 4 8 5 6 2 4 5 D O N e t o h p t e e o r s c i l i t i r s a c — b u i l l O G a B it t t l o i i o h e o v s c e n e k r — a r e n n d O m d N l e e c d n w a t pit : al ,8 5 8 2 1 1 7 0 0 0 2 2 8 6 5 9 5 5 2,8 4 9 2 1 2 6 6 9 1 2 9 1 7 7 5 5 2,8 6 8 2 1 5 4 6 2 2 7 6 7 9 0 0 5 2 1 , , 6 2 6 5 1 2 1 5 8 4 1 6 5 2 7 1 0 0 D O O N e t t o h h m t e e e a r r c n l a i d i r s a c s b u d e i t l e l s a i p t t i o i e o s s n i t a s— nd O G c t o a h v p e e i r t r a n l ment , 1, 2 3 8 1 1 3 9 2 8 3 6 9 9 3 7 1, 3 2 8 1 1 8 6 3 0 1 3 8 9 1 5 1,8 3 2 1 3 8 4 2 1 4 5 2 5 4 4 9 5 0 0 3 3 6 8 2 7 8 7 Re ( s t e h S G A r o t v o d u e e l v r s d l a a i B n n n a d g c s n e e s k o x f c t o o h p f a S o n N u t g a e n e t w d e r s e o ) Z s : r e e r S a v l t e a a t n e d un- 7 2 6 , , 8 6 0 0 2 8 7 2 9 , , 8 7 0 0 2 5 8 2 8 , , 8 3 0 5 2 6 Reserve Bank of India (millions of dertakings 33,440 30,107 26,910 rupees): Investments 3,868 3,868 3,949 Issue department: Other assets 1,087 944 716 S G In t o e d l r i d l a i n n a g t G h s o e o v c m u t. e r i S t a i e n e c s d u r a i b ti r e o s ad. . 11,3 4 5 5 4 7 3 4 8 11,3 4 5 5 4 7 3 4 8 11,3 4 5 5 7 4 3 8 4 D O N e t o h m te e a r c n l i d i r a c b d u i e l l a i p t t o i i e o s s n i ts and capital 4 6 4 5 7 , , , 1 7 8 9 2 8 7 5 4 4 6 4 7 5 , , , 8 1 4 4 3 4 2 5 9 4 7 4 6 1 , , , 8 2 6 5 0 7 2 6 5 Bank N R in u o g p t e e d e c e i c p r o c a u i r n l t a m ti e o n n t: 11, 3 9 6 3 1 4 11,7 3 3 4 6 8 12,0 2 1 2 0 0 Bank G o o l f d Norway (millions of kroner): 333 339 339 D T O O N L B r o e a t t o e h h a l p t a a e e e n o n s r r s s s u c i l a o e t r t i o s s y a s f s b i e a G b i s t l b i s s o i l u r t l v i o s e e e a s d r d d n i a e s m n p c d e a o n r u c t t n a m p te e it d n a . t l . . . . . 5 3, , 9 4 2 9 8 1 0 0 9 7 3 3 9 5 4 3 5, , 5 8 9 2 9 7 7 1 1 8 2 8 0 2 3 8 0 1 4 5, , 7 8 5 5 2 6 6 8 0 1 2 1 0 6 2 5 6 D F S O L O N e o o e t c o c h r a p c t e u e e n u o i r r s g p s i c t i n a a a i i t t r e s s n i c a s s — o d u s e n s t l G B d s a e a i t t a o s i s c o n c v c n ( k o e o n s u r u n e n n t m t t ) s e ( n n t et) 4 8 1 1 , , , , 1 0 2 9 5 0 3 3 8 3 8 6 7 3 5 1 9 7 4 6 3 3 8 1 1 , , , , 9 1 2 9 5 0 9 8 8 6 6 7 7 3 4 3 4 7 4 3 4 3 8 1 1 , , , , 9 1 9 3 5 0 1 6 6 7 6 7 7 3 7 7 3 5 5 2 3 Central Bank of Ireland (thousand; Blocked 856 861 896 of pounds): Other 339 339 327 Gold 2,646 2,646 2,646 2,646 Other liabilities and capital 744 761 757 Sterling funds 42,430 41,873 40,510 37,974 Note circulation 45,076 44,519 43,157 40,620 1 Latest month available. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 The increase of 85.2 million guilders in the gold holdings represents the first instalment paid to the Netherlands Government by the Tripartite Commission for the Restitution of Monetary Gold. The gold was transferred to the Bank and, together with an additional sum, was used to reduce the Government's debt by 100 million guilders. JANUARY 1948 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1947 1946 1947 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 722 722 3,415 Gold 5,298 5,374 ,307 4,921 Foreign exchange 33,257 34,349 35,441 Foreign exchange 77 32 65 148 Loans and discounts 17,319 17,338 100 Loans and discounts 207 133 157 114 Government loans and securities. 9,249 9,451 9,727 Other assets 100 101 99 94 Other assets 4,641 4,510 1,151 Note circulation 4,202 4,192 ,108 3,898 Note circulation 40,753 41,289 30,917 Other sight liabilities 1,123 1,098 ,174 1,055 Demand deposits 6,994 9,328 15,410 Other liabilities and capital 358 351 346 324 Other liabilities and capital 17,442 15,753 3,507 Central Bank of the Republic of Central Reserve Bank of Peru Turkey (thousands of pounds): (thousands of soles): Gold 5 475,625473,960 473,960 658,370 Gold and foreign exchange 133,443141,468 Foreign exchange and foreign Net claim on Int'l. Fund l 20,491 clearings 286,295286,535292 756190,937 Contribution to Int'l. Bank. . . . 2,480 li]375 Loans and discounts 615,245615,955633 178794,195 Discounts 72,165 49,378 Securities 184,615185,780187642165,424 Government loans 694,108'620,799 Other assets 36,347 40,175 33 857 87,798 Other assets 121,739 24,800 Note circulation 914,041948,511942 096918,584 Note circulation 688,003577,662 Deposits—Gold 151,119149,338149338196,533 Deposits 229,023226,410 Other 281,628258,567287 951246,462 Other liabilities and capital 127,400 43,748 Other liabilities and capital 251,341245,990 242008535,145 Bank of Portugal (millions of Bank of the Republic of Uruguay escudos): (thousands of pesos): Gold 4,904 4,975 6,069 Gold 277,278303,184 Foreign exchange (net) 11,117 11,289 12,569 Silver 13,068 13,385 Loans and discounts 386 391 360 Paid-in capital—Int'l. Bank. . . . 318 Advances to Government 1,288 1,286 1,324 Advances to State and govern- Other assets 554 572 481 ment bodies 33,109 20,784 Note circulation 8,375 8,215 8,445 Other loans and discounts 164,034115,061 Demand deposits—Government 1,774 2,127 3,084 Other assets 266,718349,695 Other 7,121 7,168 8,347 Note circulation 216,345196,696 Other liabilities and capital 979 1,002 926 Deposits—Government 54,985 40,567 Other 249,175250,744 National Bank of Rumania 2 Other liabilities and capital 234,021314,102 South African Reserve Bank (thousands of pounds): Central Bank of Venezuela (thou- Gold 3 197,639197,710231,148 sands of bolivares): Foreign bills 39,169 30,969 18,068 Gold « 557,408 557,408 557,080 Other bills and loans 8,085 9,029 5,734 Foreign exchange (net) 65,683 94,278 53,316 Other assets 11,580 10,413 12,256 Other assets 83,623 83,449 47,496 - Note circulation 62,752 62,562 64,295 Note circulation—Central Bank. 507,302 495,612 449,419 Deposits 187,300179,255196,492 National banks. 4,111 4,335 7,225 Other liabilities and capital 6,421 6,304 6,419 Deposits 162,041 187,156190,165 Other liabilities and capital 33,260 48,033 11,083 Bank of Spain (millions of pesetas): Gold 1,215 1,215 1,220National Bank of the Kingdom Silver 522 522 516 of Yugoslavia 2 Government loans and securities. 15,855 15,766 15,819Bank for International Settle- Other loans and discounts.... 10,046 9,091 5,714 ments 7 (thousands of Swiss gold Other assets 3,478 3,271 3,062 francs): Note circulation 25,003 23,886 21,804 Gold in bars 92,843 85,919 89,695122,998 Deposits—Government 2,461 2,089 396 Cash on hand and on current Other 3,039 3,363 3,575 account with banks 7,541 18,523 6,211 5,868 Other liabilities and capital.. 612 529 555 Sight funds at interest 496 3,572 496 140 Rediscountable bills and accept- Bank of Sweden (millions of kronor): ances (at cost) 35,898 30,338 34,157 5,601 Gold 222 223 204 939 Time funds at interest 19,276 16,129 19,785 10,825 F Sw or e e d ig is n h a G s o se v t t s . s ( e n c e u t) rities and ad 463 390 343 842 S F u u n n d d r s y i n b v il e l s s te a d n d i n i n G v e e r s m tm an e y n t 8 s . . . . . . 2 5 9 9 1 , , 6 1 2 6 6 0 2 6 9 1 1 , , 1 1 7 6 2 0 2 6 9 2 1 , , 2 1 3 6 3 0 309,942 vances to National Debt Office4 2,839 2,865 2,638 1,145 Other assets 7,448 7,373 4,290 73 Other domestic bills and advances 85 89 234 217 Demand deposits (gold) 17,672 17,721 18,071 20,679 Other assets 311 323 311 859 Short-term deposits (various Note circulation 2,702 2,694 2,664 2,576 currencies): Demand deposits—Government 567 558 570 900 Central banks for own ac- Other 297 279 135 146 count 7,278 7,818 8,080 4,402 Other liabilities and capital 355 359 360 381 Other 6,603 6,472 2,928 1,234 Long-term deposits: Special accounts 228,909 228,909 228,909229,001 Other liabilities and capital 253,826 253,265 250,038200,130 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 5 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 7 See BULLETIN for December 1936, p. 1025. 8 Before March 1947, included in "Sundry bills and investments." 122 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 - d h s - S d w e e n - S l w a e n r i - d tz- b C an e k n tr o a f l — R D 3 e a 1 c t . e eff D e a ct t i e ve b C a e n n k tr a of l — R D 3 e a 1 c t . e efl D fe a ct t i a vo In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1937 2 3 4 2 2 2H Hi Argentina Mar. 1, 1936 Italy Sept. 6, 1947 May 10, 1938.. . 4 July 3, 1945 Japan 3.29 Apr. 7, 1936 May 13 Belgium Aug. 27, 1947 Java 3 Jan. 14, 1937 May 30 "3" Bolivia 6 2 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Sept. 28 .... 3 Oct. 27 iy2 Nov. 25 I* J A a p n r . . 17 4, 1939 '4'' B C u an lg a a d r a ia A Fe u b g . . 1 8 4 , , 1 1 9 9 4 4 4 6 L M it e h x u ic a o nia 6 J J u u l n y e 1 4 5 , , 1 1 9 9 4 3 2 9 May 11 3 Chile 3-4 j| Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia 4 July 18, 1933 NewZealand. July 26, 1941 Aug. 24 4 Costa Rica.... 3 Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 3 Czechoslovakia 2H Oct. 28, 1945 Peru 5 Aug. 1, 1940 Sept. 28 3 Oct. 26 2 Dec. 15 ... 3 Jan 25 1940 2 Denmark Jan. 15, 1946 Portugal 2H Jan. 12, 1944 Apr. 9 3 V Ecuador 7 June 8, 1943 Rumania.... May 8, 1944 May 17 El Salvador.. . 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941 Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 3 Finland Dec. 13, 1947 Sweden Feb. 9, 1945 June 27 2\4k Jan. 16, 1945 1'}/ Jan. 20 N F D e o e b c v . 1 9 9 7 1946 i s y '22 21/ F G r e a r n m c a e ny & 2 3 y2 O A c p t r . . 9 9 , , 1 1 9 9 4 4 0 7 U T Sw u n r i i k t t e z e d e y r K la i n n d g . - . IX N Ju o ly v . 26 1 , , 1 1 9 9 3 3 6 8 Jan. 10, 1947 Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Hungary 5 Oct. 29, 1947 U.S.S.R.. .. 4 July 1, 1936 Aug. 27 3y2 India 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 &3 In effect Dec. 31, NOTE.—Changes since Nov. 30: Finland—Dec. 13, up from 4H to 5}4 per 1947 2 &3 2H cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands r Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1932—Oct .82 .71 .71 1.50 1933—Oct .79 .73 .75 1.50 1934—Oct .77 .68 .75 1.50 1935—Oct .63 .62 .75 2.37 1936—Oct .70 .56 .54 .75 1.69 1937—Oct .70 .55 .53 .75 1.00 1938—Oct .75 .70 .68 .75 2.75 1.00 1939—Oct .88 1.88 .77 1.71 1.62 1940—Oct .65 1.03 .02 1.00 1.81 1941—Oct .54 1.03 .00 1.00 1.37 1942—Oct .53 1.03 .00 1.04 1.61 1943—Oct .43 1.03 .00 1.00 1.73 1944—Oct .38 1.03 1.00 1.10 1.73 1945—Oct .36 .83 .75 .96 1.25 1.30 1.00 1946—Oct .40 .53 .51 .63 1.29 1.07 .90 1946—Nov.. .40 .53 .51 .63 .21 1.01 .78 1.25 Dec. .40 .53 .50 .63 .19 1.21 .78 1.25 1947—Jan .40 .53 50 .63 .48 1.44 .77 1.25 Feb .40 .53 .51 .63 .39 1.72 1.46 1.25 Mar .40 .53 .51 .63 .41 1.65 1.19 1.25 Apr .41 .53 .51 .63 1.41 1.59 1.11 1.25 May .41 .53 .51 .63 1.46 1.45 1.08 1.25 June .41 .53 .51 .63 1.45 1.46 .86 1.25 July .41 .53 .51 .63 1.51 1.52 1.09 1.25 Aug .41 .53 .51 .63 1.30 1.00 1.25 Sept .41 .53 .51 .63 1.08 .75 1.25 Oct .41 .53 .51 .63 .95 .95 1.38 i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JANUARY 1948 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b 1 m a 1 i n l l L k io s o s n . n t e s d r o l F o i n n f ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a o s l o n h l t e o i a y c r n t e a d t B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs Other Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1939—December. 274 174 334 609 1,015 290 2,441 1,398 ,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 ,307 1,154 761 349 4,032 2,712 ,319 245 1944—December. 500 199 147 ,667 ,165 772 347 4,545 3,045 ,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 ,588 265 1946—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 ,008 454 5,629 3,749 ,880 348 February. 463 421 659 ,436 ,439 ,015 451 5,519 3,603 ,916 364 March... . 466 444 750 ,317 ,455 ,034 465 5,556 3,606 ,950 374 April 476 435 709 ,346 ,461 ,064 470 5,583 3,628 ,956 376 May 460 430 659 ,350 ,470 ,099 489 5,571 3,593 ,978 386 June 464 451 672 ,330 ,479 ,131 518 5,658 3,667 ,992 386 July 475 442 699 ,283 ,488 ,139 504 5,644 3,668 ,975 386 August ... 479 455 724 1,248 ,492 ,154 473 5,628 3,663 ,965 396 September 465 472 758 1,193 1,493 ,155 476 5,615 3,653 ,962 397 October... 468 466 825 1,147 1,500 ,185 487 5,690 3,713 1,977 387 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a i n n o a f m d m i i a l o n li n o d t n h o s l l f o a ig r f s u ) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a f a u b o n b e a r d r e n o f i r k n g a o e s n d m t O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time li c a O a b a p t i n h l i i d t e t a i r e l s 1939—December 292 53 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 ,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—November 730 117 ,476 128 4,496 931 22 6,362 2,902 3,460 1,493 December 753 136 ,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—January 689 134 ,481 134 4,369 960 21 6,233 2,700 3,533 1,514 February. 635 155 ,506 126 4,264 1,066 21 6,171 2,585 3,586 1,558 March 695 121 ,555 195 4,239 993 21 6,188 2,569 3,619 1,590 April 719 97 ,628 142 4,349 1,035 21 6,356 2,719 3,637 1,594 May 631 81 ,664 113 4,162 998 20 6,066 2,383 3,682 1,563 June 637 106 ,709 126 4,131 1,041 20 6,152 2,508 3,644 1,578 July 645 99 ,761 119 4,110 1,036 20 6,170 2,481 3,690 1,580 August 670 82 ,805 116 4,109 1,014 19 6,186 2,412 3,774 1,591 September 663 83 2,027 113 3,963 933 19 6,193 2,387. 3,806 1,570 October 702 93 1,931 102 3,882 1,156 19 6,283 2,531 3,753 1,563 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o n f f i k g f u s r . a r e n s c E s i ) n n d re C se a r s v h es Du b e an f k ro s m B co il u ls n d te i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t n i h l i d i t e t a i r e l s 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 61,221 762 558 753 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 199 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—September 16,553 17,723 177,269 55,935 16,319 262,130 260,366 1,765 10,798 10,871 October 15,505 18,389 183,716 61,262 18,618 273,488 271,672 1,816 12,490 11,513 November 16,909 18,423 187,560 63,941 21,116 281,576 279,703 ,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 July 21,428 20,388 208,792 79,789 24,928 324,665 321,678 2,987 18,589 12,072 August 21,585 19,464 210,551 80,220 29,200 326,393 323,415 2,978 21,932 12,695 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at \Y% per cent through Oct. 20, 1945, and ath /% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 124 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 inNew York for cable transfers. In cents per unit offoreign 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 ll a a d r) a C (p h es il o e ) 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) 1939 30.850 35J .38 3.3704 6.002725.1248 21.2111 96.018 5.1727 4.0000 11.879 57.061 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 290.909 85.141 5.1668 4.0000 6.000 57.085 1941 29.773 223!704' 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.OOOO *5.313 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 2322.808321.17 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 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 57.001 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 October 29.773 25.125 321.19 2.2830 5.4406 100.000 89.989 56.980 November. . . . 29.773 25.125 321.15 2.2812 5.4406 100.000 89.589 56.980 December. . . . 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 56.980 Year or month s C ( l k o z o v e 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 n a 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 r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - Q) ( 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) 1939 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82 1940 . ... 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38 1941 22.0101 239.968 224.592 219.770 30.137 25.0703 223.439 20.538 322.54 1942 30.122 20 569 322.78 1943 30.122 20 577 324.20 1944 30 122 20 581 324.42 1945 21.9711 30.122 20.581 237.933 323.46 1946 22.0060 220.876 .8409 30.155 2.4434 20.581 37.813 322.63 1947 2.0060 20.864 .8407 30 164 20.577 37.760 322.29 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 October 2.0060 20.861 .8407 30 169 20.576 37.762 322.48 November. . . 2.0060 20.863 .8404 30 176 20.576 37.768 322.44 December.... 20,060 20,860 .8403 30.177 20.575 37.699 322.50 United Year or month N (k o r r o w ne a ) y P (z o l l o a t n y) d ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- ( S A p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) ( S S m d t e o e r t l n a l t a l i t r e t s ) s - ( S k d w r e o n e n - a) e ( S f r r w l a a n i n t c z d ) - Off K ic ( i i p a n l o g u d n o d F ) m ree tr C o o U ll n e r ( - d p u e g s u o tr N a ) c o o y o l n l n e - - d Y ( s d la u in v g a i o r a - ) 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443 14- 62.011 836.789 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 5034.03 0? 65.830 55.159 1946 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 65.830 56.280 1947 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 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 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.... 20.158 4.0203 400.75 9.132 27.822 23.363 403.00 65.830 56.204 October 20.159 4.0240 400.75 9.132 27.823 23.363 403.10 65.830 56.204 November.... 20.159 3.9985 400.75 9.132 27.825 23.363 403.05 65.830 56.204 December.... 20.159 4.0088 400.75 9.132 27.826 23.363 403.13 65.830 56.204 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. * At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955. NOTE.-—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p. 933; February 1944, p. 209; and February 1943, p. 201. 125 JANUARY 1948 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 n t 1 a 2 0 it 0 6 t e e ) d s = C (1 a 9 1 n 2 0 6 0 a ) d = a ( M 19 1 e 2 0 x 9 0 i ) co = K ( U 1 in 9 1 n 3 g 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 8 0 ) ce = (1 I 9 1 t 3 0 a 8 0 ly )i = ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u = l n l e a y e t 1 n h 0 1 1 d e 9 9 0 s r 3 3 ) - 8 9 - S (1 w 9 1 3 e 0 5 d 0 ) en = (J S u = w l l y a i 1 t n 1 z 0 d 9 e 0 1 r ) - 4 1926 100 100 2 124 106 132 150 2 126 144 1933 66 67 90 86 61 67 100 89 2 90 91 1934 75 72 95 88 58 65 99 90 2 96 90 1935 . . . 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 1943 103 100 182 163 234 209 160 196 218 1944 ... . 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 296 181 194 221 1946 121 109 286 175 648 1,406 251 186 215 1945—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 P5.779 4,221 272 199 223 August 154 131 292 194 998 P5,876 5,347 271 199 223 Seotember 157 134 298 195 1,090 5,498 P273 200 224 October 159 139 304 199 P1,122 5,799 P274 230 November 160 PU3 306 203 Pl.204 P232 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 Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n o tr d d i u u al s c - ts Foods t p ri r I a o n l d d u u r c s a - t w s f I in n t i r d s i h u a e l s , d goods goods products 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—December 168 160 125 114 113 102 156 193 217 308 272 1947 T anuarv 165 156 128 114 115 104 157 196 218 313 273 February 170 162 129 116 119 107 158 197 218 312 274 M^arch . .. 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 181 167 133 120 131 116 168 207 207 337 276 August 182 172 136 120 133 117 167 209 204 338 276 September 186 179 138 120 134 123 165 213 P2O5 P339 P278 October 190 178 140 123 139 128 167 218 November 188 178 142 P127 P143 P131 171 221 p Preliminary. Sources.—$ee BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued R E T A IL F O OD P R I C ES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France Nether- er- United Can- King- France Nether- Year or States ada d om (1938 lands land Year or States ada d om (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)! = 100) 1936 101 98 130 120 120 1936 99 98 147 U 32 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 .. . 98 104 141 100 130 130 1 9 38 . . .. 101 102 156 ioo 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 . ... 106 116 168 149 177 175 1941 .. 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1946-December. 186 146 168 861 216 1946-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 M ay . 156 133 203 886 216 June ' 7 191 158 1 161 941 222 June 157 135 *203 935 217 July 193 160 i 101 974 2^1 July . 158 136 1101 965 217 August.... 197 161 99 1,089 222 August.... 160 137 100 1,068 218 September. 204 165 100 1,187 222 September. 164 139 101 1,157 218 October... 202 171 101 P1,309 229 October... 164 142 101 Pl,268 223 November. 203 P174 Pi ,378 P230 November. 165 Pi 44 P103 Pl.336 P223 P 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 i alsso the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, Augus 194477, 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. S E C U R I TY P R I C ES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S d p t n e r a i i r t c i t e e v ) ed s e 1 d C (1 a = 9 n 3 a 5 1 d - 0 a 0 3 2 ) 9 ( K 1 D 9 U i 2 e 1 n n c i g e = t m d ed b o 1 m e 0 r 0) ( F 19 r 3 1 8 a 0 n 0) ce = N l e a t n h d e s3 r- ( U 1 S = 9 n t 3 a i 1 5 t t 0 e e - 0 3 d s ) 9 C (1 a = 9 n 3 a 5 d 1 - 0 a 3 0 4 9 ) ( K 19 U i 26 n n i g = t d ed om 100) 1 ( 9 D F 38 r e a c = n em ce 1 b 5 0 e 0 r ) (1 N 9 l 3 e 8 a t n h = d e s6 r- 100) Number of issues. . . 15 (2) 87 50 13 402 100 278 5 295 37 1939 113.8 98.2 112.3 114.2 94.2 75.9 112 1940 115.9 95.1 118.3 7114.2 88.1 77.4 7C.8 7140 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—December... .121.5 117.6 134.7 142.6 106.9 125.5 106.4 97.8 1,244 159.8 1947—January 122.6 117.8 135.0 142.1 109.0 125.2 106.2 98.6 1,068 180.1 February. . . . 122.7 118.1 134.0 140.8 106.9 128.7 109.4 96.7 1,028 179.5 March 122.4 118.2 133.3 139.8 105.9 123.7 106.4 96.9 1,103 183.6 April 122.8 117.9 132.6 138.6 104.3 119.3 104.8 96.6 1,017 201.9 M ay 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 122.5 119.3 131.1 131.1 105.3 126.0 107.4 98.2 1,135 203.4 August 122.3 119.2 126.4 128.6 106.3 124.5 105.5 92.2 1,265 206.5 September. . . 121.5 119.0 126.4 125.2 106.6 123.1 104.1 88.7 1,298 P219.1 October 120.0 118.8 128.0 P122.0 105.9 125.1 105.5 89.3 P 1,245 November. . . 118.8 P118.5 128.2 P121.4 123.6 P1O7.3 90.2 V1,294 P Preliminary. r Revised. 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. 8 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. 8 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. JANUARY 1948 127 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 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, Associate General Counsel DIVISION OF SECURITY LOANS CARL E. PARRY, Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director DIVISION OF PERSONNEL ADMINISTRATION J. BURKE KNAPP, Assistant Director 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 (December 31, 1947) ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT LAWRENCE CLAYTON Vice President CHESTER C. DAVIS ERNEST G. DRAPER W. RANDOLPH BURGESS, NEW YORK DISTRICT R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT RAY M. GIDNEY JOHN H. MCCOY, CLEVELAND DISTRICT J. N. PEYTON M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. J. T. BROWN, ATLANTA DISTRICT LAURENCE F. WHITTEMORE EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JAMES H. PENICK, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT PAUL W. MCCRACKEN, Associate Economist ALFRED C. NEAL, Associate Economist ED H. WINTON, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Mar\et Account HERBERT V. PROCHNOW, Acting Secretary 128 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 Harold D. Hodgkinson William Willett E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe New York. . Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds J. W. Jones H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse Philadelphia. . . Thomas B. McCabe Alfred H. Williams Karl R. Bopp Wm. G. McCreedy Warren F. Whittier W. J. Davis Robert N. Hilkert C. A. Mcllhenny E. C. Hill P. M. Poorman2 Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 Donald S. Thompson Richmond. W. G. Wysor Hugh Leach R. L. Cherry R. W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta. . Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers T. A. Lanford J. F. Porter L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. Chicago. . Clarence W. Avery C. S. Young Allan M. Black2 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis. . Russell L. Dearmont Chester C. Davis 0. M. Attebery C. A. Schacht F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes D. W. Woolley3 Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart W. N. Ambrose C. R. Shaw Harry R. Wellman H. N. Mangels D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Chief Officer Federal Reserve Branch Chief Officer Bank of Bank of 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 R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta. . , Birmingham P. L. T. Beavers Dallas El Paso Mac C. Smyth Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco.. . Los Angeles W. N. Ambrose St. Louis... . Little Rock CM. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis William B. Pollard Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager. 129 JANUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS' The material listed below may be obtained from MONETARY AND BANKING REFORM IN PARAGUAY. the Division of Administrative Services, Board of Includes translation of laws, accompanying re- Governors of the Federal Reserve System, Wash- ports, and introduction reviewing the monetary ington 25, D. C. Remittance should be made pay- history of Paraguay. July 1946. 170 pages. able to the order of the Board of Governors of the $1.00 per copy. Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE FEDERAL RESERVE BULLETIN. Issued monthly. Sub- (Board of Governors of the Federal Reserve Sysscription price in the United States and its posses- tem). September 1946. 31 pages. sions, Bolivia, Canada, Chile, Colombia, Costa THE FEDERAL RESERVE ACT, as amended to Novem- Rica, Cuba, Dominican Republic, Ecuador, ber 1, 1946, with an Appendix containing pro- Guatemala, Haiti, Republic of Honduras, Mexico, visions of certain other statutes affecting the Newfoundland (including Labrador), Nicaragua, Federal Reserve System. 372 pages. 50 cents per Panama, Paraguay, Peru, El Salvador, Uruguay, paper-bound copy; $1.00 per cloth-bound copy. and Venezuela is $2.00 per annum or 20 cents per FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. copy; elsewhere, $2.60 per annum or 25 cents per Space for plotting through 1948. April 1947 copy. Group subscriptions in the United States edition. 24 pages. 50 cents per copy; in quanfor 10 or more copies to one address, 15 cents per tities of 10 or more copies for single shipment, copy per month, or $1.50 for 12 months. 35 cents each. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY POSTWAR ECONOMIC STUDIES. (8 pamphlets.) RATES, AND BUSINESS. Issued monthly. $9.00 per No. 1. Jobs, Production, and Living Standards. annum, or $1.00 per copy. In quantities of 10 or No. 2. Agricultural Adjustment and Income more copies of a particular issue for single ship- No. 3. Public Finance and Full Employment. ment, 75 cents each. No. 4. Prices, Wages, and Employment. DIGEST OF RULINGS to October 1, 1937. Digests of No. 5. Private Capital Requirements. Board rulings, opinions of the Attorney General No. 6. Housing, Social Security, and Public and court decisions construing the Federal Re- Works. serve Act, with compilation showing textual No. 7. International Monetary Policies. changes in the Act. 683 pages. $1.25 per copy. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on bank- The price for the set of eight pamphlets is $1.25; ing and monetary subjects by members of the 25 cents per pamphlet, or, in quantities of 10 or Board's staff. August 1941; reprinted March more for single shipment, 15 cents per pamphlet. 1947. 496 pages. Paper cover. $1.00 per copy; THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND in quantities of 10 or more copies for single ship- FUNCTIONS. November 1947. 125 pages. 75 ment, 75 cents each. cents per cloth-bound copy; in quantities of 10 or more copies for single shipment, 50 cents each. BANKING AND MONETARY STATISTICS. Statistics of Paper-bound copies available without charge. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKcopy. No charge for individual sections (un- GROUND AND INTERPRETATION.1 25 cents per copy; bound), as listed on page 1577 of the December in quantities of 10 or more copies for single 1947 BULLETIN. shipment, 15 cents each. PROVISIONS OF STATE LAWS RELATING TO BANK RE- REGULATIONS OF THE BOARD OF GOVERNORS OF THE SERVES as of December 31, 1944. 1945. 30 pages. FEDERAL RESERVE SYSTEM. Individual regulations with amendments. * A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN. 1 Available early in 1948. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS From the July 1943, June 1944, May 1945, and (From Federal Reserve Bulletin except as otherwise indicated) June 1946 BULLETIN, with supplementary infor- BUSINESS LOANS OF MEMBER BANKS, by Albert R. mation for separate trades.) Koch. March 1947. 11 pages. THE STRUCTURE OF INTEREST RATES ON BUSINESS COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- LOANS AT MEMBER BANKS, by Richard Youngdahl. MENT FINANCING, by Frieda Baird. March 1947. July 1947. 17 pages. 6 pages. MEMBER BANK LOANS TO SMALL BUSINESS, by VALUES AND LIMITATIONS OF CONSUMER FINANCIAL Charles H. Schmidt. August 1947. 16 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. BUSINESS LOANS OF MEMBER BANKS. From March Young and Duncan McC. Holthausen. March May, June, July, and^ August 1947 issues of 1947. 9 pages. BULLETIN. 80 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC THE BRITISH CRISIS. September 1947. 12 pages. DEBT BY BANKS. April 1947. 4 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS NEW GUATEMALAN BANK LAW, by David L. Grove. AND BUSINESSES. September 1947. 2 pages. April 1947 BULLETIN with translation of new FINANCIAL POSITION OF MANUFACTURING AND TRADE Bank Law. 39 pages. IN RELATION TO SIZE AND PROFITABILITY, 1946, by Albert R. Koch and Charles H. Schmidt. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen. May September 1947. 12 pages. 1947. 20 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- REVISION OF WEEKLY STATISTICS FOR MEMBER TISTICS. September 1947. 12 pages. BANKS IN LEADING CITIES. June-July 1947. 9 STERLING IN MULTILATERAL TRADE, by J. Burke pages. Knapp and F. M. Tamagna. September 1947. 8 SECURITY PLEDGED ON MEMBER BANK LOANS TO pages. BUSINESS, by Tynan Smith. June 1947. 17 COMMERCIAL BANK LOANS TO FARMERS, by Tynan pages. Smith and Philip T. Allen. October 1947. 13 SURVEY OF CONSUMER FINANCES—I. EXPENDITURES pages. FOR DURABLE GOODS AND INVESTMENTS. June FINANCIAL POSITION AND BUYING PLANS OF CON- 1947. 17 pages. SUMERS, July 1947. October 1947. 4 pages. SURVEY OF CONSUMER FINANCES—II. CONSUMER IN- POSTWAR BANK CREDIT PROBLEMS, by Marriner S. COMES AND LIQUID ASSET HOLDINGS. July 1947. Eccles. October 1947. 5 pages. 15 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND SURVEY OF CONSUMER FINANCES—III. CONSUMER CONTROLS, by Marriner S. Eccles. December SAVING IN 1946 AND OWNERSHIP OF SELECTED 1947. 8 pages. NONLIQUID ASSETS. August 1947. 12 pages. FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by SURVEY OF CONSUMER FINANCES. From the June, Philip T. Allen. December 1947. 6 pages. July, and August 1947 issues of BULLETIN. 44 FARM PRODUCTION LOANS AT COMMERCIAL BANKS, pages. by Herman Koenig and Tynan Smith. Decem- RETAIL CREDIT SURVEY—1946. From July 1947 ber 1947. 8 pages. BULLETIN with supplementary information for THE STRUCTURE OF INTEREST RATES ON COMMERnine separate trades. 40 pages. (Also, RETAIL CIAL BANK LOANS TO FARMERS, by Richard Young- CREDIT SURVEY—1942, 1943, 1944, and 1945. dahl. December 1947. 10 pages. 131 JANUARY 1948 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 I =r= 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 git: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis