Federal Reserve Bulletin, 1948-02

F E D E R AL E S E R VE BULLETIN FEBRUARY 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 Recovery in Western Europe. . 133-147 Relations of Individual Western European Countries with the Western Hemisphere . . . 148-151 Report of National Advisory Council on International Monetary and Financial Problems, April 1-September 30, 1947.. 152-166 Law Department—Supplement to Regulation D Amended. 167 Current Events and Announcements.. 168-169 Directors of Federal Reserve Banks and Branches 170-182 National Summary of Business Conditions. 183-184 Financial, Industrial, Commercial Statistics, U. S. (See p. 185, for list of tables) . 185-243 International Financial Statistics (See p. 245, for list of tables). 245-263 Board of Governors and Staff; Open Market Committee and Staffs Federal Advisory Council. . 264 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 265 Federal Reserve Publications. . 266-267 Map of Federal Reserve Districts. . 268 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 February 1948 NUMBER 2 RECOVERY IN WESTERN EUROPE The halting and precarious nature of eco- careful studies of the program proposed by nomic recovery in Western Europe has the Paris Conference, and represent the judgconstituted one of the major uncertainties in ment of the Executive Branch as to where world affairs and has been one of the prin- the balance should be struck between Eurocipal factors obstructing the achievement of pean needs and American capabilities. The a just and lasting peace. Great material as- Congress and the American people are sistance has been extended to this area by now confronted with a momentous decision the United States since the end of the war, which, however made, will powerfully inbut the amount has proved insufficient to fluence the course of world events. Western restore Western Europe to economic health Europe (the term is loosely employed to and independence. Increasing realization of comprise the seventeen participating Eurothe gravity of the situation led during 1947 pean nations1) has developed, and despite to a widespread demand for a new approach the ravages of two world wars retains, the to, and a new perspective on, the problem of greatest concentration of economic power European recovery. In response to the sug- outside the United States. The 270 million gestion contained in Secretary Marshall's people of Western Europe can still wield speech at Harvard University last June, the immense influence in world affairs, and the Committee of European Economic Co- direction of this influence may be largely operation convened in Paris last summer to determined by the fate of the European develop a recovery program for Europe. Recovery Program. The seventeen participating European countries (including Western Germany) pledged ECONOMIC PROGRESS SINCE THE WAR themselves to cooperate in a major effort at The end of the war in Europe found a reconstruction and development of their large part of Western Europe economically economic systems, and turned to the United prostrate. Germany, once the heart of the States for assistance in carrying out their industrial complex of the Continent, was in program. a state of ruin and stagnation. The countries The President has now submitted recom- recently liberated from German occupation mendations to the Congress concerning the had also suffered tremendous physical war extent to which the resources of the United damage to their factories, homes, and trans- States may safely and wisely be devoted to the accomplishment of this task. These 1 Austria, Belgium, Denmark, France, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, recommendations have been based upon Sweden, Switzerland, Turkey, United Kingdom, and Western Germany. FEBRUARY 1948 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE portation systems. Their fields, like those Western Germany, Austria, and Greece, of Germany, had been so ruthlessly exploited however, output remained far below prewar, during the war that food production was at while Italy also lagged seriously behind. a low ebb. Their populations were weak- VOLUME OF INDUSTRIAL OUTPUT IN CERTAIN WESTERN ened by wartime privations, and their man- EUROPEAN COUNTRIES1 power scattered among their armed forces [1938=100] and in the slave labor camps of Germany. Country October 1945 October 1947 Resumption of industrial operations was obstructed by acute shortages of fuel, raw ma- Austria8. 3 23 63 Belgium 58 < 104 terials, and other necessary supplies, while Denmark 78 117 France 63 100 the complex fabric of internal trade so im- Ireland.. 101 5 112 Italy a 27 * 78 portant to the functioning of modern in- Netherlands 54 109 Norway 80 122 dustrialized economies had almost disinte- Sweden 106 111 Western Germany American Zone e 22 41 grated. In addition, a surfeit of money had British Zone 3 23 33 been inherited from the financing of war 1 No index of industrial production is available for the United and occupation expenditures, creating the Kingdom, but there is sufficient evidence to support the assertion in the text that British production is now greater than prewar. threat of chaotic inflation. 2 1937 = 100. 8 January 1946. * September 1947. Although the United Kingdom had es- 6 Second quarter of 1947. 6 First quarter of 1946. caped the extreme destruction and disor- SOURCE.—Statistical Office of the United Nations, Monthly Bulletin of Statistics, except for Austria, for which figures represent ganization visited upon some areas of the rough estimates on a 1937 base, and for Italy, for which data of Bulletin of the Federation of Industry have been used. Continent, its domestic economy, too, was suffering from depletion of stocks and de- Since the war coal has been the weakest terioration of equipment, a reduced and point in Western Europe's productive strucover-worked labor force, and the threat of ture. Output of Ruhr coal, which has promonetary inflation. Even the European neu- vided the basis for much of the industrial trals had been unable to isolate themselves development on the European Continent, from wartime shortages, or to escape their was less than 25 per cent of the 1938 level dependence on trade with the dislocated in the months following the end of the war, areas. and even by the end of 1947 had recovered Industrial production. From this state of to only 65 per cent of prewar. The United near-collapse at the end of the war, the Kingdom and the rest of Western Europe economy of Western Europe has shown in (with the exception of France) have been many respects a remarkable recovery, re- producing substantially less coal than in the flected first and foremost in the expansion prewar period, mainly as a result of labor of industrial output. In all war-ravaged shortages and the inadequacy of supplies. countries output is very considerably above In 1947 coal production in Western Europe the low point reached at the end of the war, as a whole was still 20 per cent below the and by the autumn of last year the United 1938 level. Kingdom, Ireland, Belgium, the Nether- War damage to transportation systems has lands, and the three Scandinavian countries been largely repaired, and the railroads of had actually carried production to levels Western Europe have been successfully hanhigher than prewar, while production in dling an immense amount of traffic. In eight France was about equal to that of 1938. In of the ten countries listed in the following 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE table the railroads were carrying more Western Europe and the average yield freight in August 1947 than before the war. were considerably below the prewar averages, and the severe winter and the subsequent RAILROAD FREIGHT IN CERTAIN WESTERN EUROPEAN drought led to a disastrously short 1947 crop. COUNTRIES Production of bread grains was only about 70 [Ton-miles, 1937=100] per cent of prewar in Western Europe as a Country October 1945 August 1947 whole, and little better than 40 per cent in France. Production of fats and oils in 1946- Austria i 35 132 Belgium. ... 54 93 47 was some 35 per cent below the prewar Denmark 2 167 149 France 81 111 average, but is expected to recover some- Netherlands 3. . 59 99 N Sw or e w de a n y 8 1 10 8 8 3 * 1 1 8 3 2 9 what during the current year. The cattle Switzerland 110 121 Turkey . . 204 5 196 population was substantially maintained dur- United Kingdom • 139 120 ing the war, but as a result primarily of 1 Beginning of 1946. 2 Freightcar miles. * Tons carried. short supplies of fodder, there were con- 4 May-June 1947. « March 1947. « 1938 = 100. SOURCE.—Computed from Statistical Office of the United siderable declines in the output of dairy Nations, Monthly Bulletin of Statistics, November 1947. products as compared with prewar. There The progress made so far, while impres- was widespread slaughtering of pig herds sive in many instances, must be considered in during the war, and continuing shortages the light of two factors affecting comparison of feedstuffs have prevented any substantial with prewar years—first, the increase in replacement of this loss. Western Europe population since 1937, estimated at 7 per cent has therefore had only about 60 per cent for Western Europe as a whole; and sec- of its prewar pig population, and the doondly, the necessity for devoting a large pro- mestic supply of pork and lard has been portion of current production to the repair severely reduced. of war damage and the reconstitution of de- Monetary problems. In varying degrees pleted stocks. Furthermore, the prewar years the governments of Western Europe have all were themselves a period of inadequate in- had to exercise controls over economic life to dustrial production in many of the countries assure the direction of short supplies to the concerned, which even up to the outbreak most essential ends, and especially to ward of the war had not shaken off the debilitating off or mitigate the pervasive inflationary effects of the world depression. pressures created by the swollen money sup- Agriculture. The recovery of agriculture ply. In part this surfeit of money has been since the war has not kept pace with progress inherited from the war; in part it has arisen in industry, and total agricultural output in from postwar budget deficits and from Western Europe probably remains around 20 credit expansion on behalf of private underper cent below prewar. The intensively takings. From whatever source, it has exercultivated lands of this area suffered greatly cised a highly disruptive influence. Either it during the war from the lack of fertilizers has stimulated an openly inflationary priceand from irrational crop rotation, as well as wage spiral, as in France and Italy (and, in from war devastation. The restoration of virulent form, in Greece); or, where this evil their productivity must necessarily be a grad- has been averted through the rigorous enual process. forcement of price and rationing controls, In 1946 both the area sown to grains in the excess purchasing power has created a FEBRUARY 1948 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE state of "suppressed inflation" leading to Plan Commission in France, which has other serious economic distortions. In coun- found its long-term economic planning contries suffering from the latter condition (the stantly frustrated by inflationary developmost striking example being Germany), ments, vigorously expounds the view that prices soar in the black market, wages cease unless France achieves monetary stability it to provide any real incentive to workers be- cannot find the way to expansion of producyond the limited amount required to pur- tion, to social welfare and reconciliation, or chase the weekly rations at controlled prices, to economic independence. The French and resources tend to be diverted toward the Government, impelled by such considerproduction of nonessential goods for sale ations, has recently taken drastic fiscal and through uncontrolled channels. monetary measures, and has discontinued its It has been in the field of monetary and recourse to the Bank of France for financial fiscal policy that the least progress has been aid. Meanwhile, in Italy there has been made by some Western European countries. equal recognition of the threat to recovery Currency reforms were carried out after the which is contained in continuing monetary war in a number of countries (Denmark, instability. The Italian Government has re- Norway, Belgium, Netherlands, Austria), cently imposed severe restrictions upon bank in the course of which substantial portions credit, which, in conjunction with a capital of the money supply were "blocked" (with- levy and other fiscal reforms, have led to condrawn from active circulation). Together siderable dishoarding of goods and to a subwith capital levies, aimed especially at stantial reduction in prices. Both countries wartime profits, these measures have pro- have also carried out successive devaluations vided some alleviation, but most of these of their currencies since the end of the war countries have continued to suffer from with the commendable objective of achievthe inflationary consequences of budgetary ing more realistic rates of exchange; howdeficits. ever, the particular methods used have in The United Kingdom, without having re- some instances given grounds for criticism sorted to any such drastic measures, has because of their departure from the princicontinued to impose and collect heavy taxes ples of international monetary cooperation. with the result that the British Government's RELIANCE UPON EXTERNAL AID budget, despite the high level of expenditures, shows a moderate surplus. Even in Such recovery as has been achieved in the United Kingdom, however, an excessive Western Europe thus far has been greatly volume of purchasing power has been press- dependent upon the continual flow of exing upon the supply of goods available at ternal aid. controlled prices. In no country have in- Aside from its internal disorders, Western flationary pressures been entirely neutralized, Europe was confronted at the end of the war and in several there has been only belated with an acute balance of payments problem recognition of the immense importance of with the rest of the world. This highly infirm monetary policy. dustrialized area, with a population density In this respect, recent developments in four-and-a-half times that of the United France and Italy are encouraging. A spe- States, is dependent even in normal times cial report issued recently by the Monnet upon imported food and raw materials, 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE petroleum products, and other supplies. further factors intervened which served to In the aftermath of the war, its import re- increase the strain. First, a general rise in quirements for such commodities were aug- world market prices, accelerating after demented by the necessity of reconstituting control of prices in the United States, added stocks and of making good deficiencies in to the balance of payments deficit in money domestic production, especially of food. At terms. Even a uniform price rise would the same time, commodities in which the have increased the deficit in view of the great area was ordinarily self-sufficient had to be excess of imports over exports; to make matimported until domestic production revived, ters worse, import prices (especially for the most striking example being coal. food) rose more rapidly than export prices While import requirements were swollen, so that the effect on the deficit was comthe export capacity of most Western Eu- pounded. Second, Western Europe found ropean countries was severely restricted. In itself abnormally dependent upon sources general, markets were available, but the of supply in the Western Hemisphere bevolume of production that could be spared cause of the disruption of trade relations with for export after meeting domestic consump- Eastern Europe and the slow progress of tion and reconstruction needs was limited. rehabilitation in the Far East. An extreme Nonetheless much has been accomplished example of the breakdown of East-West since the end of the war, especially through trade relations is to be found in Western deliberate set-asides for export markets in Germany, whose essential requirements for such lines of production as textiles and auto- food imports have had to be covered almost mobiles. Indeed, in the case of the United entirely from Western Hemisphere sources Kingdom, the volume of exports in the rather than from the former surplus foodlast quarter of 1947 was one-sixth above producing areas of Eastern Europe. the 1938 level. In most of the Continental To a very considerable degree, the gap in countries, however, exports have remained Western Europe's balance of payments was substantially below prewar figures, pri- closed through aid from the United States marily because of economic dislocations Government. The table on the following and continued production difficulties. At page shows the amount of assistance prothe same time, both in the United Kingdom vided from this source in loans, property and on the Continent, the war caused severe credits, and grants from July 1, 1945 to losses in other important sources of overseas December 31, 1947. Of the total amounts income. Merchant fleets were depleted and made available about 84 per cent had been foreign investments had been liquidated or utilized by the end of the period. lost; receipts from American tourists had Additional assistance was rendered during also disappeared, although for a time ex- this period by Canada, which disbursed penditures by the American armed forces nearly 1 billion dollars on loans to the provided a substitute in many of the coun- United Kingdom and over 400 million on tries concerned. credits to other Western European countries; A great gap thus appeared between West- lesser amounts were provided by various ern Europe's external payments and receipts Latin American countries, notably Argenwhich could not be closed even by rigorous tina. Furthermore, a large number of couneconomy in the use of imported goods. Two tries, mainly those in the sterling area, lent FEBRUARY 1948 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE UNITED STATES ASSISTANCE TO WESTERN EUROPEAN COUNTRIES JULY 1, 1945-DECEMBER 31, 1947 [In millions of dollars] Amounts made available 1 Amounts utilized Amounts unutilized as of Dec. 31, 1947 Countries Total L p o r a o n p s e r a t n y d Grants 2 Total L p o r a o n p s e a rt n y d Grants 2 Total L p o r a o n p s e r a t n y d Grants credits credits credits Austria 340 34 306 241 6 235 99 28 71 Belgium-Luxembourg 263 199 64 213 149 64 50 50 Denmark 30 30 16 16 14 14 France 2,323 1,977 346 1,953 1,891 62 370 86 284'" Greece 743 121 622 502 97 405 241 24 217 Italy 1,304 352 952 1,011 250 761 293 102 191 Netherlands. 334 308 26 296 270 26 38 38 Norway 92 91 1 34 33 1 58 58 Sweden 1 1 1 1 Switzerland ... 2 2 2 2 Turkey 152 52''' 100 20 14 6 132 38 94 United Kingdom 4,734 4,435 299 4,399 4,100 299 335 335 Western Germany 1,047 64 983 785 42 743 262 22 240 Unallocated 3 359 24 335 330 330 29 24 5 Total Western European Countries 11,724 7,687 4,037 9,803 6,868 2,935 1,921 819 1,102 1 Excludes cancellations and expirations. 2 Includes approximately 400 million dollars in lend-lease pipelines shipped after V-J Day. This amount was offset in settlements with the United Kingdom, Belgium, and the Netherlands against goods in the reverse lend-lease pipelines, net claims against the United States, and other U. S. obligations. Lend-lease shipments between July 1, 1945, and V-J Day are excluded. 3 Estimated from the unallocated amount for all countries. SOURCE.—U. S. Department of Commerce, Clearing Office for Foreign Transactions. major assistance to the United Kingdom clusive of gold contributions to the Interthrough the net accumulation of sterling bal- national Monetary Fund) totalled 2]/ billion 2 ances in London; the amount of these bal- dollars from the middle of 1945 through the ances rose by the equivalent of some 1*4 end of 1947. A few countries, however, billion dollars during the year following the made gains during the period; those counend of the war, although about half of tries which suffered losses of gold and dollar this sum has subsequently been withdrawn. balances (again aside from gold contribu- There was also a substantial volume of pri- tions to the Fund) lost nearly 3 billion, of vate relief shipments and remittances from which over half was attributable to France the United States, some small investment of alone. In addition, some countries have reprivate United States capital, and—in the sorted to liquidation of long-term investlast eight months of 1947—nearly 750 mil- ments both in the United States and in other lion dollars of assistance to Western Europe parts of the world. from the newly-launched International Fund and International Bank. THE NEED FOR A DEFINITIVE RECOVERY PROGRAM All of these sources of financing were inadequate, however, to sustain Western From the emerging pattern of events in Europe's essential imports., especially from Western Europe since the war, it has become the Western Hemisphere, and many of the increasingly apparent that the economic and countries concerned were forced to carry out political obstacles to reconstruction are more drastic liquidation of their existing gold and formidable than had been expected. While dollar resources. Net losses of gold and dol- progress has been very substantial, the job lar balances for the area as a* whole (ex- remains half done, and country after coun- 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE try has found it possible to maintain the sub- evolved a concrete program which, by intesistence of its people only by continued re- grating external assistance with extensive liance upon external aid. measures of self-help and mutual help, Unlike the situation which developed promises to restore their war-shattered three years after the end of the first World economies, to achieve a reasonable balance War, there has been no threat of depression in their international accounts, and to acand the stagnation of unemployment. On complish the fundamental readjustments rethe contrary, it has been demonstrated that quired for their sound economic developthe malady from which Western Europe ment. But the attainment of these objecsuffers is insufficiency of productive re- tives remains vitally dependent upon the prosources, even when fully employed, in re- vision of adequate external aid during the lation to the demands which must be made next few years. upon them. Unemployment exists only in Italy, where it is a chronic problem, and to PRODUCTION GOALS IN THE RECOVERY a lesser extent in Germany and Greece, PROGRAM where it is attributable to continuing internal The expansion of productive resources dislocations inherited from the war. which is planned for Western Europe under It would be a mistake to attribute Western the European Recovery Program has been Europe's present plight wholly to the ravages described in the report of the Paris Conof the war, although in every respect these ference as similar in scale to the mobilization far surpassed any previous experience. The of United States resources during the last fact is that Europe never fully recovered war. It is designed to restore agricultural from the effects of the first World War and production to around the prewar level and the great depression in the thirties. Euro- to raise industrial output to heights never pean countries did not give adequate recog- before attained. It should be noted, hownition in the years following the war to the ever, that no comparable increase may be exneed for concerted action in economic re- pected in the standard of living. The popuconstruction, and it was partly for this reason lation of Western Europe will be 11 per cent that their recovery in the twenties proved so higher in 1951 than before the war, while short-lived. During the inter-war period, losses of overseas investments and the as- Western Europe failed to make the economic sumption of large external indebtedness durprogress required to sustain an increasing ing the war and postwar periods will necespopulation and to promote its living stand- sitate the exportation of a much larger proards. portion of Western Europe's domestic pro- The work of the Paris Conference marks duction than before the war. a new departure in European economic co- A major effort is to be made to rehabilitate operation. The comprehensive report pro- agriculture, as may be seen from the table on duced by the Conference represents an ex- the following page, where the goals for traordinary effort by the participating coun- 1951-52 are compared with present and pretries to assess their capabilities and their war production. The output of grains by needs, to establish principles for internal the end of the Program is expected to exceed reform, and to develop plans for mutual aid. the prewar average by 10 per cent; increases The nations of Western Europe have now both in the area sown and in average yields 139 FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE will be required to achieve this result. Live- many produced more than those two counstock herds are to be expanded from present tries combined. levels, although pig herds would remain well The increased steel output would provide below the prewar figure because of the short- the basis for a general expansion in the proage of feeding stuffs. Output of meat, fats, duction of machinery, which together with and oils would also fail to attain prewar levels some imported equipment of specialized despite the considerable expansion which is types would enable the participating councontemplated for the next few years. tries to expand and modernize their facilities for the manufacture of consumers' GOALS FOR WESTERN EUROPEAN OUTPUT OF SELECTED goods. There would also be large increases AGRICULTURAL PRODUCTS IN 1951-52 in the production of trucks, railway rolling stock, and other transportation equipment, Product 1934-38 = 100 while output of agricultural machinery, Bread grains needed for the rationalization of European Coarse grains Potatoes agriculture, is to increase several times above Pulses Sugar prewar. In addition, the Western European Cattle Pigs Fats and oils countries (outside of Germany, where ocean Meat Milk shipping and shipbuilding have been pro- Eggs hibited) contemplate a major ship construction program, with special emphasis on the The Program envisages an increase in coal tankers required to handle Western Europe's output and a major expansion of steel pro- growing imports of petroleum products. duction in order to provide the basis for Total Western European consumption of more general industrial development in energy (from coal, lignite, petroleum, and Western Europe. This expansion will re- hydroelectric power) would be 18 per cent quire big new investments which would higher in 1951-52 than in 1938; in fact, it be made, however, very largely from Euro- would be about 30 per cent higher in the parpean sources. Coal production in Western ticipating countries outside Western Ger- Europe is to be raised from 440 million tons many. A major feature of the development in 1947 to 585 million in 1951, or to 6 per program is the expansion of electric generatcent above the 1938 level. Crude steel pro- ing capacity to 65.4 million kilowatts, or 68 duction would be increased from 30.3 mil- per cent in excess of prewar, to which a longlion tons in 1947 to 52.5 million in 1951-52, range project for cooperative international representing a 15 per cent advance over 1938. power development would eventually add Since coal and steel production in Western further capacity of 2.3 million kilowatts. Germany even in 1951 would remain well Coal consumption in Western Europe is exbelow the 1938 level, it is apparent that a pected to expand from 85 per cent of the very striking development in these basic 1938 level in 1947 to 110 per cent in 1951. industries is called for in the other Western European countries. For example, the IMPORT REQUIREMENTS OF THE PROGRAM United Kingdom and France (including the The fundamental nature of the Western Saar) would each surpass Germany in steel European economy is such that it can supproduction, although before the war Ger- port its population only by extensive par- 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE ticipation in world trade. No production the demands of a growing population and to effort could overcome its basic dependence build up consumption standards, which, priupon external sources of supply for food, marily because of general supply shortages, fibers, petroleum products, timber, and other cannot be realized through imports at the industrial raw materials. Some of these present time. Also, although the developcommodities are ordinarily produced in sur- ment of mining and manufacturing would plus by individual Western European coun- diminish the need for imports of coal and tries or by their colonial dependencies, and many fabricated products, it would call for play an important role in the active trade increased imports of many industrial maamong the territories in this group. But terials from the outside world. even in normal times this area as a whole In fact, estimates prepared by United requires net imports of all these products— States experts indicate that the total volume as well as of additional items—for domestic of imports required from the outside world consumption or for incorporation in export in order to carry out the European Recovery products. At the present time, as has been Program would amount to around 15 billion explained above, the area is suffering from dollars (at July 1947 prices) during each of an abnormal degree of dependence upon ex- the next four years.2 These estimates, which ternal sources of supply, and the correction have been developed in great detail, are of this condition must be a central objective based upon the following fundamental asof any genuine recovery program. sumptions : It should be noted that, for the purposes 1. That the countries of Western Europe of the present discussion, the colonial dewill use their best efforts to maximize their pendencies of Western European countries own production and that of their colonial are treated as integral parts of the mother areas, and to direct it toward meeting their country. Trade between a country and its essential needs; dependencies does not ordinarily give rise to 2. That the intended levels of consignificant payments problems; on the other sumption (standard of living) will be no hand, a mother country must accept responhigher than required to avoid social unrest sibility for meeting the external payments and to offer adequate incentives to the requirements of its dependencies. Hence, working population; and in considering the need of Western Euro- 3. That investment projects will be appean countries for external aid, their trade propriately designed to increase producbalances with their dependencies may be tivity and to restore Western Europe to a ignored, but the relations of their dependself-supporting basis by the end of the encies with the outside world must be taken recovery period. into full account. The projected imports of certain key bulk Despite the planned expansion of produccommodities, which together would contion both in Western Europe and in the stitute by value nearly one-half of total imcolonial areas, no decline is anticipated in the aggregate volume of imports by Western 2 Estimates of the prospective aggregate balance of payments European countries and their dependencies position of Western European countries (with their dependencies) are presented in the document Outline of a European from the outside world. The increase in Recovery Program submitted by the Department of State to the Senate Foreign Relations Committee on Dec. 19, 1947. Supplementary detailed estimates by countries and by comfood production would largely serve to meet modities have subsequently been submitted to the Committee. 141 FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE ports, are shown in the following table. war in 1947-48 to almost 80 per cent in The major commodity import programs, in 1951-52. The bulk of the imports from the the form endorsed by United States experts outside world would be obtained from the as necessary for a genuine recovery program, Far East but about 40 per cent would be are reviewed in the following paragraphs. supplied by the United States and other countries of the Western Hemisphere. PROJECTED IMPORTS OF SELECTED COMMODITIES BY WESTERN EUROPEAN COUNTRIES AND THEIR DEPENDENCIES Meat represents, next to fats and oils, the FROM THE OUTSIDE WORLD1 most serious deficiency in the present Euro- [In millions of metric tons] pean diet. Average per capita consumption FiscalYear is expected to rise from about 70 per cent of Product 1948-49 1949-50 1950-51 1951-52 prewar in 1947-48 to about 80 per cent in 1951-52, but entirely through increased Bread grains 15.8 16.4 15.6 15.6 Coarse grains 5.9 8.0 8.7 8.7 domestic production rather than through Fats and oils 1.1 0.9 1.1 1.1 Meat 1.8 1.8 1.8 1.9 higher imports. More than half of the im- Sugar 2.3 2.2 2.1 2.1 Coal 55.9 41.1 34.6 31.2 Petroleum. . . 47.5 50.4 54.3 60.7 port requirements would be supplied by Timber 2 15.5 17.3 19.0 21.1 Cotton 1.2 1.2 1.3 1.3 Canada and Latin America; the small Steel Crude 1.3 1.3 1.3 1.2 amounts to be furnished by the United Finished 1.8 1.8 1.6 1.2 States would represent only an insignificant 1 Excludes all trade within the area comprised by Western fraction of this country's production. European countries and their dependencies. 2 In millions of cubic meters. Fuel and raw materials. Coal, the most Foodstuffs. Grains, and especially bread important source of energy for Western grains, represent the major item among im- Europe, must continue to be imported as ports of foodstuffs. The scheduled imports, long as the United Kingdom and Western together with increasing domestic produc- Germany do not attain their prewar output. tion, would enable Western Europe to raise In 1948-49 coal imports from the United its average per capita consumption from 74 States are expected to reach 33 million tons, per cent of prewar in 1947-48 to 95 per cent amounting to 5 per cent of American proin 1951-52. During the period as a whole, duction and to about 6 per cent of total about one-third of the bread grains and one- European consumption. By 1951, however, fifth of the feed grains would be supplied by it is believed that rising coal production in the United States, and most of the remainder Western Europe (plus increased shipments by other countries of the Western Hemi- from Poland) will eliminate the need for sphere. United States exports to Western imports from this country. Europe in 1948-49 would be equal to about Importation of petroleum products is 15 per cent of the United States bread grain scheduled to rise by 1951-52 to about 170 per crop in 1947, but to less than 2 per cent of last cent of the prewar level as a result of inyear's feed grain production. creased demands for industrial use and for Imports of fats and oils cannot be ex- motor transportation. More than two-fifths panded because of world supply shortages, of the imports would be supplied from "dolbut increasing production in the European lar sources" but for the most part these sources dependencies in Southeast Asia would en- would be American-owned oil properties in able per capita consumption in Western the Caribbean area and the Middle East Europe to be raised from 65 per cent of pre- rather than the United States. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE Timber has become one of the most serious Europe (including the steel content of steel bottlenecks in European reconstruction. It products and machinery) would not exceed is needed particularly in the form of pit- in any year 5 per cent of present American props for coal mining, cross ties for rail- steel production. roads, and construction lumber for the re- The importation of machinery and equipbuilding of factories and homes. The rise ment would be as important as steel in in total imports during the next few years meeting certain key requirements. Imports reflects the anticipated resumption of sup- would include agricultural machinery for plies from Eastern Europe. In fact, timber the improvement of food production, mining supplies from the Western Hemisphere are machinery for the expansion of coal and iron expected to decline from 7 million cubic ore output, steel-manufacturing equipment meters in 1948-49 to 6 million in 1951-52; for incorporation in the projected new of these the United States would furnish steel plants, trucks and freight cars for the about one-fourth, or some 2 per cent of rehabilitation of transport systems, and elec- American production. trical generating and transmission equip- Cotton is the most important industrial ment for use in power development. Virraw material to be imported into Western tually all of these imports would have to be Europe, since cotton textiles are required in supplied by the United States. The largest large volume not only for domestic con- single item would be agricultural equipsumption but also for export. Cotton re- ment, exports of which to Western Europe quirements are larger than prewar, because might reach 10 per cent of prospective Amerof the depletion of stocks suffered during the ican production. In general, the filling of war, and the drop in European production machinery and equipment requirements of synthetic fibers. The United States would should impose no undue strain on this counexport to Western Europe around one-fifth try's productive capacity. of its production, which would supply somewhat less than half of the programmed im- BALANCE OF PAYMENTS DEFICIT WITH ports. WESTERN HEMISPHERE Steel and steel products. Apart from food, The foregoing section has set forth the fuel, and raw materials, the most important nature of the import program for Western group of commodities needed in Western Europe which has been judged both neces- Europe consists of steel and steel products, sary to accomplish the purposes of the Eurodeluding machinery and vehicles. Despite pean Recovery Program and feasible from the expected rapid expansion of its own iron the point of view of availabilities in world and steel production, Western Europe would markets. The next problem was to estimate require substantial imports of crude and fin- the capacity of Western Europe (and its ished steel, largely from the United States; colonial dependencies) to cover the cost of however, imports of steel scrap from the the Program through the development of United States have had to be eliminated from exports to the outside world. Such export the Program in view of the tight supply estimates, prepared by United States experts, situation in this country. Under the plans as are presented in the table on the next page. revised by United States experts, total steel They are based upon the fundamental asexports from the United States to Western sumptions stated on page 141; in addition it FEBRUARY 1948 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE ESTIMATED EXPORTS TO THE OUTSIDE WORLD BY WESTERN the projected production and import pro- EUROPE AND ITS DEPENDENCIES a grams are carried out, and during the period [In billions of dollars, at July 1, 1947 prices] of European recovery the anticipated receipts To To other To from exports fall far short of the amounts Period Total United Western rest of States Hemisphere world required to pay for current imports. The excess of any country's imports over ex- Fifteen months, April 1948-June 1949 9.6 2.3 1.8 5.5 ports, adjusted for net receipts or payments Twelve months ending: June 1950 9.1 2.1 1.9 5.1 June 1951 10.4 2.5 2.3 5.6 on "invisible" transactions (shipping, tour- June 1952 11.5 2.8 2.6 6.1 ists, investment income, etc.), represents the 1 Excludes all trade within the area comprised by the Western current account deficit in its international European countries and their colonial dependencies. balance of payments. Detailed estimates is assumed that the countries concerned will have been prepared by United States experts engage in vigorous development of new for- concerning the balance of payments position eign outlets and new export lines, and that of each Western European country (and high levels of income and employment will of its dependencies) during the period of be maintained in the major markets of the the proposed European Recovery Program world, particularly in the United States. (April 1948-June 1952). The following sum- In the contemplated expansion of exports mary table shows the current account deficit lies the main hope of restoring Western which those countries, taken as a group, Europe to a self-supporting basis. This ex- would incur with the major areas of the outpansion cannot be achieved, however, unless side world. Certain of the United States ESTIMATED CURRENT ACCOUNT DEFICIT OF WESTERN EUROPEAN COUNTRIES (INCLUDING DEPENDENCIES) WITH THE OUTSIDE WORLD1 April 1948-June 1952 [In billions of dollars] Western Hemisphere Period Total Rest of world Total United States Other At July 1947 prices of imports and exports Fifteen months, April 1948-June 1949 8.7 8.1 4.9 3.2 0.6 Twelve months ending: June 1950.. 5.4 5.3 3.0 2.4 0.1 June 1951.. 4.0 4.1 2.1 2.0 *0.1 June 1952.. 2.9 3.3 1.6 1.8 *0.4 Total... 21.0 20.8 11.5 9.4 0.2 At assumed future prices of importsand exports 2 Fifteen months, April 1948-June 1949 9.3 8.5 5.2 3.3 0.8 Twelve months ending: June 1950 5.2 to 5.9 5.1 to 5 6 2.8 to 3.1 2.3 to 2.5 0.1 to 0.3 June 1951 3.2 to 4 S 3.5 to 4 4 1. 7 to 2 3 1. 7 to 2.1 *0 3 to 0 1 June 1952... 1.6 to 3.3 2 .4 to 3.6 1.1 to 1.7 1.3 to 1.8 *0.8 to *0.3 Total... 19.3 to 23.0 19.4 to 22.1 10.8 to 12.3 8.6 to 9.8 *0.1 to 0.9 * Surplus. 1 Excludes all trade within the area comprised by the Western European countries and their colonial dependencies. 2 It has been assumed that the price indexes (July 1, 1947 = 100) for Western European exports and imports will remain at about their present levels during 1948-49, i. e. 105 and 107.5 respectively (but only 105 for imports from "Other Western Hemisphere"); and that in subsequent years, they will either remain at those levels or decline each year by 5 percentage points in the case of exports and by 7.5 points in the case of imports. The higher deficits (or lower surpluses) in the range estimates given for the last three years therefore reflect the less favorable assumption of continued high prices; and the lower deficits (or higher surpluses) the more optimistic assumption that, commencing in 1949-50, Western Europe will enjoy the benefit of declining world market prices and, further, of an improving ratio between import and export prices. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE estimates are also compared in the accom- force operating in this direction would be panying chart with corresponding figures as the expansion of merchandise exports, but estimated by the Paris Committee of Euro- favorable developments are also anticipated pean Economic Cooperation. with respect to "invisible" transactions; in particular, the resumption of American tour- BALANCE OF PAYMENTS ist travel and the efforts by Western Euro- WESTERN EUROPEAN COUNTRIES WITH WESTERN HEMISPHERE pean countries to regain their position in COMPARISON OF ESTIMATES, AT CONSTANT (JULY 1,1947) PRICES BILLIONS OF DOLLARS BILLIONS OF DOLLARS world merchant shipping operations are expected to provide major assistance in the solution of Western Europe's "dollar problem." It may also be noted that while the area's total imports from the outside world would not diminish, it is expected that there will be a major shift in its sources of supply away from the United States and toward the other Western Hemisphere countries (in this instance, mainly South Amer- UNITED STATES ica) and the rest of the world (especially Eastern Europe and the Far East). This shift would tend to reduce Western Europe's 1 deficit with the United States but conversely tend to increase its payment problems in trade with the two other major areas. \EXPORTS' The table presented above also demon- OTHER WESTERN HEMISPHERE strates that the over-shadowing difficulty confronted by Western Europe (with its dependencies) in its external payments is its extremely unbalanced relations with the Western Hemisphere. This problem obviously will be of such dimensions during the next few years as to be quite unmanage- CEEC U.S. CEEC U.S. CEEC U.S. CEEC U.S. 1st YEAR 2nd YEAR 3rd YEAR 4th YEAR able without external aid. This particular NOTE.—Imports and exports include net debits or net credits, deficit has therefore become the primary respectively, on each of the following accounts: freight, other invisibles, and current account of dependencies. point of departure for the aid program which CEEC (Committee of European Economic Cooperation) estimates relate to calendar years starting with 1948; U. S. experts' the President has proposed to the Congress. estimates relate to fiscal years starting with 1948-49; U. S. estimate for first three-months' period (April-June 1948) is The bill covering the aid program initially omitted. provided for a continuing authorization of As may be seen from the table, the Pro- 17 billion dollars as the United States congram envisages, under either assumption as tribution to the European Recovery Proto the trend of prices, a steady reduction in gram during the 4% years from April 1948 the aggregate deficit of Western Europe (in- through June 1952. This proposed figure, cluding its dependencies) with the outside which by agreement was subsequently withworld, and with each major area. The major drawn, was based primarily on the estimated FEBRUARY 1948 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE deficit of Western Europe (and its depend- two ways. First, the impact of Western encies) with the Western Hemisphere dur- European needs upon the United States ing that period (19.4--22.1 billion dollars, economy is diminished to the extent that depending upon price assumptions). It was goods in short supply (especially foodassumed that about 4 billion dollars of this stuffs) are procured in Canada and Latin deficit would be financed by loans from America rather than in the United States; it other sources (mainly the International Bank is true that most of the dollars spent in those and other Western Hemisphere countries), countries will subsequently be respent by and the remaining range, after some further them here, but their demands are likely to adjustments, was reduced to the round figure fall upon goods which the United States can of 17 billion dollars. better afford to spare. Second, the dollars The following tabulation shows the der- spent for "off-shore purchases" would lend ivation of the 6.8 billion dollars which the needed support to the dollar balance of pay- Congress has been asked to authorize for ments positions of the other Western Hemithe first fifteen months of United States sphere countries. The reason that these participation in the Program (April 1948- countries cannot be expected to participate June 1949): more fully in financing Western Europe is that they find it necessary to collect dollars [In billions of dollars] Deficit of Western Europe (inch dependencies) with for most of their export surplus to that area Western Hemisphere „ . . 8.5 Sources of financing other than new aid program * 2.1 in order to meet the net payments which Remaining deficit with Western Hemisphere 6.4 they have to make to the United States. Portion of Western Germany's deficit with "rest of world" 2 0.2 Funds required for advance obligations against ship- The concentration of attention upon the ments in 1949-50 0.2 problem of Western Europe's balance of pay- Amount of requested authorization 6.8 ments with the Western Hemisphere should 1 Includes 822 million dollars of proposed appropriations to not be allowed, however, to obscure the fact Department of the Army for "disease and unrest" imports into Germany; 700 million of anticipated loans from other Western that there remain significant payments prob- Hemisphere countries; and 585 million of expected financing by the 2 T In h t e e e rn x a te ti n o s n io a n l o B f a t n h k e U an n d i te f d ro m St a o te th s e a r i d m p i r s o c g e r ll a a m ne t o o u s t h s e o u fi r n c a e n s c . ing lems in other directions. While Western of a portion of this deficit arises from the special responsibilities of this country as an occupying power in Germany. Europe as a whole is expected to have only a moderate deficit with the "rest of the Of the 8.5 billion dollar deficit with the world" in 1948-49 (and indeed a small sur- Western Hemisphere, 5.2 billion is expected plus in the later years of the Program) some to be incurred with the United States, and individual Western European countries have 3.3 billion with the other countries of the prospective deficits with the "rest of the Hemisphere. Since these other countries world" which are large enough to constitute (Canada and various Latin American coun- a significant problem (see table on page 144). tries) are expected to finance only 700 million In addition, the pattern of trade among the dollars of their export surplus to Western Western European countries and with their Europe, it is proposed that United States colonial dependencies gives rise in some infunds be provided to cover 2.6 billion dollars stances to payments problems for which a of "off-shore purchases" in the rest of the solution must be found. In general, how- Western Hemisphere. ever, it is believed that these matters will give The financing of "off-shore purchases" rise to no serious difficulties if there is a serves the interests of the United States in moderate degree of flexibility in the admin- 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOVERY IN WESTERN EUROPE istration of United States funds under the The treatment of Western Europe as a Program, and if the Western European unit is, of course, much more than a statiscountries cooperate effectively to deal with tical convenience. It reflects the conception the particular problems which some of them which underlies the whole Program that may confront. recovery in Western Europe cannot be In this discussion, the area comprised by achieved piecemeal—that it must be sought Western Europe and its colonial depend- through comprehensive measures applicable encies has been treated as a unit. Actually, to the area as a whole. The broad geoof course, the countries of this area are in graphical scope of the Program is dictated very different stages of economic recovery by the pervasive economic interdependence and are reliant in very different degrees upon of the Western European countries, and by external aid. In an article that follows, there the compelling need for more intimate colis presented a brief statement, with support- laboration among these countries in working ing statistical data, concerning the import out solutions to their common problems. requirements and the estimated balance of Similarly, the comprehensive review which payments deficits of the various participating has been made of production and export countries during the first fifteen months of capabilities, of the levels of consumption and the proposed Program. No precise data are investment, and of import requirements, has available at the present time to show the been necessary to establish the area's genuine expected distribution by countries of United needs for external aid. No more restricted States aid under the Program, but it has approach could have done justice to the chalbeen declared that Portugal, Switzerland, lenging need for a definitive program of and Turkey will be expected to finance all European recovery. their requirements through use of their own resources. FEBRUARY 1948 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RELATIONS OF INDIVIDUAL WESTERN EUROPEAN COUNTRIES WITH THE WESTERN HEMISPHERE As pointed out in the preceding article, the over- dollars in the year 1951-52 as compared with 8.5 shadowing difficulty confronted by Western Eu- billion during the first 15 months of the Program. ropean countries (with their dependencies) in their During the initial 15-month period, five areas— external payments is their extremely unbalanced the United Kingdom and its dependencies, the relations with the Western Hemisphere. If the French Union, the members of the Benelux Cus- European Recovery Program is adopted in the toms Union (Belgium-Luxembourg and the Nethform which has been proposed to the Congress, erlands), Western Germany, and Italy—account the net deficit of these countries with the Western for 81 per cent of Western Europe's projected im- Hemisphere during the initial 15-month period of ports from, and 88 per cent of its projected deficit the Program (April 1948-June 1949) is expected with, the Western Hemisphere. The following to be no less than 8.1 billion dollars at July 1947 paragraphs review briefly the relations of these prices, and 8.5 billion at the prices which are ex- and the other Western European countries with pected to prevail during the period. The table the Western Hemisphere. on the opposite page shows how this deficit (at United Kingdom. Of all Western European na- July 1947 prices) would be distributed among the tions, the United Kingdom (with its dependencies) various Western European countries (and their has the largest prospective imports from the Westdependencies) in their relations with both the ern Hemisphere (34 per cent of the total), as well United States and the rest of the Western Hemi- as the largest prospective deficit with that area (27 sphere; a final column in the table shows the pros- per cent of the total). However, its deficit would pective deficit of these countries with the "rest of be equal to only about half of its imports, the lowest the world" (excluding the Western European ratio among the R\e major areas. The British countries and their dependencies). A second table dependencies would have a substantial surplus in shows the distribution by commodities of the pro- their trade with the United States, which would jected imports by the various Western European offset nearly one-third of the mother country's countries (and their dependencies) from the West- deficit with this country. It is expected that the ern Hemisphere during the period April 1948- United Kingdom will have a sizable surplus with June 1949. countries outside Western Europe and the Western The deficit with the Western Hemisphere should Hemisphere (mainly with the sterling area) but be regarded in some degree as an enduring element little of this trade will yield currencies which can in the structure of world trade. Western Europe be employed to meet the deficit with the Western (with its dependencies) may be expected to attain Hemisphere. eventual equilibrium not by achieving an absolute Foodstuffs would account for three-eighths of balance in its relations with this Hemisphere but the total imports by the United Kingdom (with rather by developing an offsetting surplus in its its dependencies) from the Western Hemisphere trade with the "rest of the world." At the present and, allowing for freight charges on food shiptime, however, the deficit with the Western ments, would be equivalent to some seven-eighths Hemisphere is abnormally large. As recovery pro- of its deficit. Equipment is the second most imceeds in Western Europe and in its dependencies portant item (11 per cent of all imports), re- (especially those in Southeast Asia), and as sources flecting the need for renovation and expansion of of supply in Eastern Europe and the Far East British industrial installations. Cotton, timber, oil, become more, readily accessible, the deficit with the and tobacco would constitute a large part of the Western Hemisphere (and especially with the remainder. United States) is destined to decline. As may be French Union. France and its dependencies are seen from the table on page 144, the deficit is expected to account for about 15 per cent of the expected to amount to little more than 3 billion imports and about 20 per cent of the deficit of 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES all Western European countries in relation to the among all the countries concerned, reflects the Western Hemisphere. The deficit would reach 85 relatively scant progress which has been made in per cent of the expected imports, with the de- German reconstruction. pendencies adding to the burden of the mother Foodstuffs would constitute one-half of the area's country. France would also confront a substantial imports from the Western Hemisphere, and, inpayments problem in its relations with countries cluding freight charges, would be equivalent to outside Western Europe and the Western Hemi- about 60 per cent of its deficit. Industrial equipsphere (mainly with the sterling area). ment would amount to about 10 per cent of im- In contrast with the United Kingdom, projected ports; by contrast, Germany was formerly the main fuel imports (coal and oil) of the French Union are source of supply of industrial equipment for most as large as food imports, each of these items European countries. Cotton is the largest projected amounting to 22 per cent of all imports. Equipment, both agricultural and industrial, and cotton ESTIMATED CURRENT ACCOUNT DEFICITS OF WESTERN constitute the next most important items. Imports EUROPEAN COUNTRIES (INCLUDING DEPENDENCIES) WITH of coal and of agricultural equipment from the OUTSIDE WORLD,1 BY AREAS Western Hemisphere are larger than those of any APRIL 1948-JUNE 1949 other Western European country. Benelux Countries. The Benelux area accounts [In millions of dollars, at July 1, 1947 prices] for about 14 per cent of the projected imports and Western Hemisphere 17 per cent of the projected deficit of all Western Rest European countries in relation to the Western Country- of United world Hemisphere; the Netherlands and its dependencies Total States Other would incur about 63 per cent of the deficit for Austria -194 -140 -54* -101 the area. Net exports from the Belgian Congo Belgium-Luxembourg.. . . -545 -398 -147 -98 Dependencies2 +26 +27 -1 would somewhat reduce the area's deficit, but Denmark -192 -92 -100 -72 Netherlands dependencies would have a deficit Fra D n e c p e endencies 2 -1 - , 1 4 6 0 3 0 -1, - 1 9 5 4 8 -2 - 4 6 2 9 -3 -3 3 2 1 with the Western Hemisphere as a whole despite Greece -194 -131 -63 -66 Iceland — 12 -8 -4 -3 their surplus with the United States (which, inci- Ireland -151 -56 -95 -42 Italy -977 -733 -244 -53 dentally, would be far smaller than before the war). Netherlands -814 -478 -336 -130 Dependencies 2 -51 +63 -114 -55 The deficit with the Western Hemisphere repre- Norway -90 -59 -31 -62 sents 83 per cent of imports for the Netherlands Po D rt e u p g e a n l dencies 2 -7 + 4 3 -4 + 3 5 -3 -2 1 + -2 4 3 0 and its dependencies, but only 64 per cent for Sweden -75 -46 -29 -85 Switzerland +26 +12 + 14 +52 Belgium-Luxembourg with its colonial territories; Turkey +2 + 1 + 1 +67 United Kingdom -2,490 -1,132 -1,358 +988 the deficit of the Netherlands alone would be larger Dependencies2 +310 +370 -60 -254 Western Germany: per capita than that of any other major Western U. S.-U. K. Zone -915 -719 -196 -308 European country. F Sa re a n r ch Zone - — 81 11 -4 -9 6 -3 -2 5 -1 -6 6 Food imports by the Benelux area would amount Total -8,062 -4,864 -3,198 -590 to 32 per cent of its total imports from the Western Adjustment for antici- Hemisphere, equipment to 22 per cent, and steel pated higher prices 3. . . -412 -153 and coal to 7 per cent. Before the war the Low Ad s j h u i s p t p m in e g n t se f r o v r i c s e a s v 4 ing in + 100 + 100 Countries imported equipment, steel, and coal pri- Adjusted deficit -8,527 -5,176 -3,351 marily from Western Germany, their natural source of supply for these commodities. Western Germany. Western Germany is expected 1 Excluding balances arising from trade within the area comprised by Western European countries and their colonial deto account for about 9 per cent of the imports and pendencies. 2 The dependencies include the colonies, protectorates, and 12 per cent of the deficit of all Western European mandates of Western European countries, but exclude self-governing areas, such as the British Dominions (inclusive of Burma, countries in relation to the Western Hemisphere. Ceylon, India, and Pakistan). The Netherlands East Indies is treated as a dependency, but not French Indo-China. The combined United States-United Kingdom 3 Assumes rise in prices from July 1, 1947, by 1*4 per cent on zones of occupation represent about 90 per cent Western European imports from "United States" and "rest of world," by 5 per cent on imports from "Other Western Hemiof the total. The deficit is equal to nine-tenths of sphere," and by 5 per cent on exports. « Estimated net dollar savings to be derived from the proposed the projected imports; this high ratio, the largest temporary transfer to Western European countries of up to 300 United States-owned bulk cargo carriers. FEBRUARY 1948 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES import item among raw materials. Almost one- though small in comparison with those of the fourth of imports would consist of "other" goods, five major areas, would be very considerable for mainly consumers' goods required to provide in- these countries, and especially in relation to their centives to higher labor efficiency. trade with the Western Hemisphere. In Greece Italy. Italy's prospective imports and deficit in and Austria, the deficits reflect the slow progress relation to the Western Hemisphere are about as of reconstruction. For Greece, foodstuffs would large as those of Western Germany, but the compo- account for 55 per cent of imports from the Western sition of its imports would be somewhat different. Hemisphere, and equipment for almost 15 per cent. Food would account for less than 40 per cent of . For Austria, foodstuffs (45 per cent) and cotton imports from the Western Hemisphere, and fuel (12 per cent) would be the largest import items. (coal and oil) and cotton for 15 per cent each. The economic prospects of both Denmark and Italy's expected grain imports from the Western Ireland are closely linked with the recovery of the Hemisphere are second only to those of the United United Kingdom, which is their best customer. Kingdom and Western Germany, while before the Danish imports from the Western Hemisphere are war Italy, because of autarkic policies, came close expected to include mainly feed and foodstuffs to being self-sufficient in grain. Its coal imports (50 per cent), coal and oil (18 per cent), and agrifrom the Western Hemisphere would be second cultural and industrial equipment (12 per cent); only to those of France; before the war Italy's Irish imports would show a similar composition. coal requirements were covered exclusively from Norway and Sweden are expected to have mod- European sources. erately large deficits; the estimated deficit for Other Countries. Among other countries, Greece, Iceland is very small in absolute figures, but larger Austria, Denmark, and Ireland are expected to have per capita than that of any other Western European deficits with the Western Hemisphere which, al- country. Norway's food imports would be less # PROJECTED IMPORTS BY WESTERN EUROPEAN COUNTRIES (INCLUDING DEPENDENCIES) FROM WESTERN HEMISPHERE APRIL 1948-JUNE 1949 [In millions of dollars, at July 1, 1947 prices] Total mer- Other Agri- Country c i a f h m n r a e d p n i o g d n r h i t s e t s e t Grains s f a f o t e u n o e f d d d f - s F li e z r e t r i s - b T ac o c - o C to o n t- Coal P l e e t u r m o- s I a r t n e o d e n l T b i e m r - e m t c q u u e u r l n a i - p l t - O e m q t e u h n i e p t r - O p i o t m h r - e ts r f m r p N e a e i e g y n t - h ts t payments Austria • • 233 40 44 3 22 2 2 13 67 40 Belgium-Luxembourg 775 141 139 22 46 21 35 29 ' '23' 5 153 138 22 Dependencies * 37 1 2 40 -6 Denmark ...... 217 34 73 2 7 7 11 29 16 4 8 12 14 France •• 1,596 110 146 12 16 166 189 105 28 33 50 216 249 276 Dependencies1 241 72 23 2 17 41 2 9 6 82 -13 Greece • • 262 52 67 2 8 • •• -y 5 8 22 34 50 Iceland 23 2 4 1 2 1 1 10 2 Ireland 192 64 14 8 2 11 13 2 7 2 15 52 2 Italy 1,160 294 76 5 149 88 61 15 14 5 19 299 134 Netherlands 869 176 121 7 23 33 25 32 54 25 8 227 126 12 Dependenciesl 176 6 1 2 173 -6 Norway 248 47 38 6 4 15 26 5 55 52 Portugal 135 38 12 3 4 2 ' "io' 10 6 ""'5' 3 15 20 Dependencies * 8 2 1 5 Sweden 498 25 76 2 10 29 59 27 12 78 180 Switzerland 535 99 66 8 14 4 12 29 2 2 46 143 110 Turkey 64 8 5 8 16 21 5 United Kingdom 3,727 490 989 2 154 227 162 79 210 14 453 888 59 Dependencies *• 522 68 33 7 28 3 6 2 363 Western Germany: U. S.-U. K. Zone 1,014 339 100 13 16 66 23 8 103 212 134 French Zone 93 45 2 2 16 9 1 1 16 1 Saar 14 8 2 4 Total 12,639 2,153 2,025 46 293 790 389 652 325 334 158 1,471 3,176 827 1 The dependencies include the colonies, protectorates and mandates of Western European countries, but exclude self-governing areas, such as the British Dominions (inclusive of Burma, Ceylon, India, and Pakistan). The Netherlands East Indies is treated as a dependency, but not French Indo-China. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES than 35 per cent of its total imports from the are expected to have export surpluses in relation Western Hemisphere; equipment (including some to the Western Hemisphere, small for Turkey but ships) would account for almost 25 per cent, and considerable in the case of Switzerland. Turkey is steel for more than 10 per cent. Only 25 per the only country in the group expected to export cent of Sweden's imports from the Western Hemi- rather than import food; equipment would constisphere would consist of food; equipment would tute about 40 per cent of its imports from the constitute 18 per cent and petroleum 12 per cent. Western Hemisphere, with petroleum and steel as Portugal would have a deficit about as large as the next largest items. Switzerland is expected that of Sweden, but could cover it out of existing to conform to the usual pattern by importing large reserves. Its imports from the Western Hemi- amounts of food (40 per cent) and moderate quansphere include mainly food (40 per cent) and tities of equipment (11 per cent). equipment (14 per cent). Turkey and Switzerland FEBRUARY 1948 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS, APRIL I-SEPTEMBER 30, 1947 Given below is the text of the report submitted and liabilities of the United States and its balance by the National Advisory Council to the President of international transactions. The section of this on January 19, 1948, which the President sent to report dealing with foreign countries' gold and Congress on January 20. The appendices to this short-term dollar resources is quoted below on pages report included statistics on postwar United States 163 to 165. Other sections of the report include Government financial assistance to foreign countries,detailed statistics on foreign credits and other finansimilar to the statistics included in the preceding cial aid by the United States Government, on the report of the Council but covering the period international investment position of the United through June 30, 1947. Copies of the full report States, on foreign countries' national debts, revenue may be obtained from the National Advisory Coun- and income and the public debt of the United States, cil on International Monetary and Financial Prob- and on the balance of payments of the United States. lems, Washington 25, D. C. The report also includes extensive material on the The Council has also submitted to the Senate legal status of investments in foreign countries. Committee on Finance a report on the foreign assets I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS on March 1, 1946 (H. Doc. No. 489, 79th Cong, 2d sess; subsequently included as Appendix B to H. The National Advisory Council on International Doc. No. 497, 79th Cong., 2d sess.); March 8, 1946 Monetary and Financial Problems was established (H. Doc. No. 497, 79th Cong, 2d sess.); January 13, by the Congress in the Bretton Woods Agreements 1947 (H. Doc. No. 53, 80th Cong, 1st sess.); and Act (59 Stat. 512, 22 U. S. C. 286b), approved by June 26, 1947 (H. Doc. No. 365, 80th Cong, 1st the President on July 31, 1945. The statute directs sess.) respectively.2 the Council to coordinate the policies and operations The present report covers the activities of the of the representatives of the United States on the Council from April 1, 1947 to September 30, 1947. International Monetary Fund and the International This section discusses the organization and proce- Bank for Reconstruction and Development, the dures of the Council. Part II covers general activi- Export-Import Bank of Washington and all other ties of the Council, particularly as they relate to the agencies of the Government "to the extent that they Anglo-American financial agreement, the Philippine make or participate in the making of foreign loans loan, and credits extended by the Export-Import or engage in foreign financial, exchange, or mone- Bank, United States Maritime Commission and War tary transactions." The Council is also directed to Assets Administration. Part III constitutes the third advise and consult with the President and the report by the Council on participation of the United United States representatives on the Fund and the States in the International Bank for Reconstruction Bank on major problems arising in the administraand Development and in the International Monetary tion of the Fund and the Bank; and to recommend Fund during the period from April 1 to Septemto the President general policy directives for the ber 30, 1947. Part IV covers activities of the Counguidance of the representatives of the United States cil in relation to the early planning and developon the Fund and Bank. Portions of the statute mental phases of the European Recovery Program. stating the duties and powers of the Council are presented in Appendix A.1 MEMBERSHIP The members of the Council, according to law, REPORTS during the period under review, were the following: Since its first meeting on August 21, 1945, the The Secretary of the Treasury, John WT. Snyder, Council has submitted four formal reports which Chairman. were transmitted by the President to the Congress The Secretary of State, George C. Marshall. 1 Appendices are omitted here but are part of the complete report submitted to the Congress. 2 See FEDERAL RESERVE BULLETIN for July 1947, p. 836. 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL The Secretary of Commerce, W. Averell Harri- Andrew N. Overby and Eugene R. Black, regularly man. attended the meetings of the Council. The Chairman of the Board of Governors of the Federal Reserve System, Marriner S. Eccles. PROCEDURE The Chairman of the Board of Directors of the The Council ordinarily meets each week and Export-Import Bank, William McChesney Marholds such special meetings as are required. Joint tin, Jr. meetings with the President's Committee for Fi- By agreement, the following served as alternates: nancing Foreign Trade have been held at approxi- Andrew N. Overby, Special Assistant to the mately monthly intervals. In the period under Secretary of the Treasury (to July 15, 1947). review the Council also met (during the week of Frank A. Southard, Jr., Director of the Office of August 18-22) with representatives of the United International Finance, Treasury Department, Kingdom to consider problems arising in conjuncsucceeded Mr. Overby on July 15, 1947. tion with the implementation of the Anglo-Ameri- William L. Clayton, Under Secretary of State can financial agreement. for Economic Affairs. (Willard L. Thorp re- The Council in discharging its functions makes placed Mr. Clayton after the period covered use of the services of the existing personnel of its by this report.) Rve member agencies. Its Staff Committee consists Thomas C. Blaisdell, Jr., Assistant to the Secre- of technical representatives of member agencies and tary of Commerce. a representative of the Securities and Exchange J. Burke Knapp, Assistant Director of Research Commission. The Alternate United States Execuand Statistics, Board of Governors of the Fed- tive Directors on the International Monetary Fund eral Reserve System. and the International Bank generally attend meet- Herbert E. Gaston, Vice Chairman of the Board ings of the Staff Committee. The Staff Committee of Directors of the Export-Import Bank. collects and analyzes information and prepares reports and recommendations for the Council. This Harold Glasser, Assistant Director of the Office procedure has enabled the Council to maintain the of International Finance in the Treasury Department, was the Secretary of the Council. close inter-agency liaison essential for successful per- The United States Executive Directors on the formance of its coordinating functions in the most International Monetary Fund and on the Inter- economical manner. Secretariat functions are pernational Bank for Reconstruction and Development, formed by personnel of the Treasury Department. II. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK THE ANGLO-AMERICAN FINANCIAL AGREEMENT pation of the date on which the convertibility provisions became effective (July 15, 1947). Conse- The Anglo-American financial agreement of Dequently, at the beginning of July 1947, the United cember 6, 1945, which the Secretary of the Treasury Kingdom was prepared to state that the obligais delegated to carry out in consultation with the tions in question were already being implemented National Advisory Council, provided for a credit of with respect to many countries, and would be im- $3,750,000,000 to the Government of the United plemented by July 15 with respect to most other Kingdom, and for the assumption by that Governimportant countries. The Government of the ment of certain obligations to liberalize the use of United Kingdom requested, however, that the prosterling as an instrument of nondiscriminatory multilateral world trade. visions permitting postponement in exceptional The gradual extension of the area in which circumstances be applied in the case of 14 countries sterling could be freely used for current trading with which appropriate arrangements could not purposes had been begun in December 1946, as set be completed by July 15, 1947, with the underforth in the report of the activities of the National standing that the obligations would become effec- Advisory Council from February 28, 1946 to March tive retroactively to July 15 upon the date of com- 31, 1947 (H. Doc. No. 365, 80th Cong., 1st sess., pletion of the arrangements. The National Adpage 4). Throughout the period following April visory Council recommended that the requested 1, 1947, the Government of the United Kingdom postponements be granted, and this was confirmed continued this policy of implementing the conver- by an exchange of letters between the Secretary of tibility clauses of the financial agreement in antici- the Treasury and the Chancellor of the Exchequer. FEBRUARY 1948 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL (This exchange of letters appears as Appendix B to days, August 18 to August 20, came to the conthis report.) By July 15, 1947, the British Govern- clusion that the fundamental purposes of the Angloment had instituted a system providing for the American financial agreement could not be fulfilled free availability of current accruals of sterling for if this excessive drain of British dollar reserves were current payments by all countries, except the 14 for permitted to continue. Therefore, it was agreed which postponement had been granted. between the representatives of the two Governments This system of convertibility of sterling, how- that the free convertibility of sterling should be ever, could not be maintained. The period covered temporarily suspended, and that the British Govby this report was characterized by increasing mal- ernment should be given an opportunity to revise adjustments in the British and world economies. its system of international payments with a view During 1946 the British had incurred a balance of to carrying out the basic objectives of the Anglopayments deficit which was much lower than had American financial agreement. been anticipated- during the Washington negotia- The British agreed that in the construction of an tions. During 1947, however, the continuing rise alternative system they would be guided by the in world prices tended to increase the British bal- principles of the financial agreement, having due ance of payments deficit, and this adverse trend regard to the necessity of conserving the British was not compensated by a reduction in the volume dollar resources. These understandings were set of imports or an increase in the volume of exports. forth in an exchange of letters of August 20, 1947 On the contrary, the volume of exports in the first between the Secretary of the Treasury and the half of the year was substantially below the target, Chancellor of the Exchequer. (This exchange of due to the winter crisis, and the volume of imports letters appears as Appendix C to this report.) It rose, near the middle of the year, to the highest was agreed in these letters that frequent consultapostwar level. In addition, Government expendi- tions would be held between the two Governments tures overseas remained at a higher level than had with a view to arriving at the most feasible method been expected. of implementing the principles of the financial These developments occurred at a time when agreement, and that during the interim period while most of the countries with which the United King- the British were revising their payments arrangedom trades were also suffering depletion of their ments with third countries, no withdrawals would gold and dollar reserves. Hence, as soon as the be notified against the amount remaining in the line convertibility provisions of the financial agreement of credit. became effective, these countries tended to make During the course of the negotiations in Washmaximum use of their convertibility privileges in ington and in London in August and September order to meet their dollar payments. The net cur- 1947 questions were raised concerning the interrent sterling receipts of such countries tended to pretation of Section 9 of the financial agreement, become a drain on British dollar resources, and the which provides that quantitative import restrictions use, in some cases, of sterling balances previously imposed by either country should be administered accumulated, further contributed to the drain. "on a basis which does not discriminate against im- It was the cumulative effect of these factors which ports from the other country in respect of any caused the drawings under the credit to increase product." The United States Government agreed rapidly. In the third quarter of 1946 the United that in its interpretation of the British obligation Kingdom had drawn $400,000,000; in the fourth under Section 9, it would take into consideration quarter, $200,000,000; and in the first quarter of the unusual aspects of the financial position of the 1947, $500,000,000. The rate of drawings acceler- United Kingdom. ated to $950,000,000 in the second quarter of 1947 and to $1,300,000,000 in the two months of July EXPORT-IMPORT BANK CREDITS and August, leaving an undrawn balance on August During the period under review the Council con- 31, 1947 of $400,000,000. tinued to work closely with the Export-Import On August 18, a delegation from the United Bank in order to coordinate the Bank's policies Kingdom Treasury, headed by Sir Wilfred Eady, with those of other agencies concerned with foreign arrived in Washington and began consultations lending. New credits authorized by the Bank durwith the National Advisory Council. In the course ing this period included: $50,000,000 to Mexico, of these discussions, it was ascertained that the drain $13,000,000 to Austria, $3,162,000 to the Netheron the British dollar resources had risen to a level lands, $5,600,000 to Egypt and $15,650,000 to Brazil. which would soon unduly deplete the British gold The Council offered no objection to consideration and dollar reserves. The National Advisory Coun- *by the Export-Import Bank of an allocation of up to cil, meeting in emergency sessions during the three $19,000,000 for the purpose of financing cotton 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL exports to Germany out of the $100,000,000 which tion of the credits by country and object of fihad been set aside by the Bank for financing cotton nancing. exports to European countries. In January 1947, the Council approved considera- The total net credits authorized from July 1, 1945 tion by the Export-Import Bank of credits to Italy to September 30, 1947 by the Board of Directors of totaling not more than $100,000,000. The Bank the Export-Import Bank amounted to $2,358,- earmarked this amount for the extension during 000,000. The following table shows the distribu- 1947 of credits for the purposes of financing imports from the United States and thereby assisting NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK1 specific parts of Italian industry in the restoration JULY 1, 1945 TO SEPTEMBER 30, 1947 and expansion of export markets. As of September [In millions of dollars] 30, 1947, the Export-Import Bank had approved credits (guaranteed by the Italian Government) Object of credit financing totaling $23,000,000 in favor of the Instituto Mobiliare Italiano, an Italian public credit institution, for Area and country L r L e e e q n a u s d i e - - R st e r c u o c n - - v D o e p e l - - - p C to u o n r t - - Other Total thr A ee s p p r r e o v je io ct u s s l i y n v r o ep lv o i r n t g ed i , n i d n u s M tr a ia rc l h f in 1 a 94 n 6 ci n th g e . Counsitions tion ment chases2 cil approved consideration by the Bank of the extension to Chinese Government agencies and pri- Europe: vate enterprises of credits aggregating $500,000,000 Austria 13.0 30.8 13.8 Belgium 55.0 45.0 100.0 for the purchase in the United States of materials, Czechoslov akia 20.0 42.0 22.0 Denmark 20.0 20.0 equipment, and services to assist in the rehabilita- Finland 62.5 7^6 & io!6* 79.5 tion and development of the Chinese economy. The France 55o!6 650.0 1,200.0 Germany... . 319.0 19.0 Bank earmarked this amount for the extension of Greece 25.0 25.0 credits for specific projects submitted to the Bank Italy 100.0 25.0 45.0 130.0 Netherlands. . . 50.0 6154.3 3.2 207.5 and approved by it prior to June 30, 1947. On Norway 50.0 50.0 Poland 40.0 40.0 June 27, the Bank announced that after the ex- Unallotted cot- piration of the earmark of this amount on June 30 ton credits 29.0 29.0 it would be willing to consider loans for specific Total, Europe. 655.0 1,046.8 116.2 100.0 17.8 1,935.8 projects in China on the same basic principles as Latin America : apply to its loan activities throughout the world. Argentina 0 2 0.2 Bolivia 3.0 3.0 As of September 30, 1947, the unutilized lending Brazil 69 4 69.4 Chile 47 4 47.4 capacity of the Bank was $818,900,000. Colombia 3 5 3.5 E M c e u x a i d co or 57 1. . 8 0 57 1. .0 8 THE PHILIPPINE LOAN AND THE JOINT PHILIPPINE- Peru .1 .1 AMERICAN FINANCE COMMISSION Venezuela 6 .6 Congress by Public Law 656 (79th Congress), Total, Latin America 183.0 183.0 approved August 7, 1946, authorized the Recon- Asia and Africa: struction Finance Corporation to extend credits China 33.8 33 0 66.8 during the fiscal year 1947 to the Philippine Gov- Netherlands Indies. . . 100.0 100.0 ernment of not more than $75,000,000 upon such Saudi Arabia. . 25.0 25.0 Turkey 28.1 28.1 terms as that agency, after consultation with the Egypt 5.6 5.6 National Advisory Council, should deem to be Ethiopia 3 0 3.0 warranted by the financial position of the Philippine Total, Asia and Africa 136.8 58.7 33.0 228.5 Government. The initial advance of $25,000,000 under this authorization was covered in the pre- Miscellaneous.... 10 7 10.7 ceding report of the Council. Total, all areas. .655.0 1,183.6 368.6 133.0 17.8 2,358.0 In accordance with recommendations contained 1 Cancellations and expirations deducted. Numerous small ex- in an interim report of the Joint Philippine-Ameriporter-importer loans extended by the Bank, July 1, 1945 through can Finance Commission, established at the recom- Sept. 30, 1947, are excluded. Also excluded are Mexican authorizations of $30,000,000 and Peruvian authorization of $400,000 mendation of the National Advisory Council to approved prior to June 30, 1945 recorded on Export-Import Bank study the financial and budgetary situation of the books subsequent to June 30, 1945. 2 Credits extended by the Export-Import Bank under general Philippine Government, the Council approved conapproval of the Council. Hungarian credit of $7,000,000 cancelled Apr. 2, 1947. sideration by the Reconstruction Finance Corpora- 3 Revolving credits. tion of an additional $45,000,000 loan out of the re- * For financing tobacco purchases. 6 For financing food purchases. maining line of credit available under Public Law 6 Excludes $93,000,000 participation by private banks through Sept. 30, 1947 and $4,500,000 cancellation. 656, provided that $10,000,000 would become re- 155 FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL payable before September 30, 1947, if Philippine STATUS OF MERCHANT SHIP SALES TO FOREIGN COUNTRIES Government revenues for the fiscal year 1947 ex- AS OF SEPTEMBER 30, 1947 ceeded a stipulated amount. In fact, this condition [In millions of dollars] was satisfied and following extension of the $45,-* 000,000 loan by the Reconstruction Finance Corpo- Credits made Credits ration, $10,000,000 was repaid by the Philippine available by utilized Country United States by Government by June 30, 1947. The total amount Maritime purchasers Commission outstanding on September 30, 1947, was therefore $60,000,000, consisting of the initial advance of Brazil 9.4 9.4 $25,000,000 and a net additional advance of $35,- China . 9.4 7.0 000,000. Both advances bear interest at 2 per cent F Fr i a n n l c a e nd.... 42.1 8 42. . 1 8 per annum; the maturity date of the former is Greece 41.3 41.3 Italy 41.7 41.7 January 1, 1952, and of the latter July 1, 1953. Netherlands 11.4 .0 Norway.... 27.9 11.5 The final report and recommendations of the Peru 4.1 4.1 Joint Philippine-American Finance Commission Turkey 6.0 2.8 were submitted to the President by the Chairman Total. . . 194.1 160.7 of the National Advisory Council on June 7, 1947, and have been printed as H. Doc. No. 390 (80th Ships for which mortgage contracts were not yet Cong., 1st sess.). The report outlined a compresigned as of September 30, 1947, have also been hensive and integrated financial, monetary, fiscal delivered to Norway under special custody agreeand trade program to achieve economic recovery ments. and development in the Philippines and the establishment of sound governmental financial policies WAR ASSETS ADMINISTRATION FOREIGN CREDITS and practices suited to postwar conditions and the independent status of the Philippine Government. The Council in consultation with the War Assets The report stressed the full utilization of available Administration considered the credit terms that Philippine resources for these purposes. would be appropriate for sales of domestic surplus to foreign governments. The Council recommended that while the terms on such credits should, UNITED STATES MARITIME COMMISSION FOREIGN if practicable, conform to those granted by the War CREDITS Assets Administration to domestic buyers, the War Under the Merchant Ship Sales Act of 1946, the Assets Administration give consideration in its ne- United States Maritime Commission was author- gotiations with foreign governments to credit terms ized, with certain limitations, to sell war built ves- conforming in general to those extended by the sels to noncitizens at not less than the statutory Export-Import Bank on reconstruction and developsales price and upon terms and conditions not more ment loans, except where the Surplus Property Act favorable than those extended to United States of 1944 may otherwise require. The Council also citizens. recommended that each request for credit, with During the six months period under survey the preliminary credit terms discussed by the War National Advisory Council agreed to consideration Assets Administration, be reported to the Council by the Maritime Commission of $37,400,000 of for such action as may be required. credits for the purchase of war built vessels by During the period under review, the War Assets foreign governments or nationals. As reported Administration entered into credit agreements with previously, the Maritime Commission after consul- the Government of Finland and the Government tation with the Council, had extended $97,000,000 of the Philippines covering credits of a maximum of credits as of March 31, 1947. Credits utilized of $10,000,000 in each instance. As of September by purchasers between April 1 and September 30, 30, 1947, a $25,000,000 credit was being negotiated 1947, of $63,700,000 (including credits previously with the Kingdom of the Netherlands. In conconsidered by the National Advisory Council) formity with the recommendation of the Council brought the total of credits for which contracts the terms agreed upon in each case were 3 per cent had been signed as of September 30, 1947, to $160,- interest per annum with serial payments over a 700,000. 15-year period, with, however, payment in full in The following table indicates the status of mer- three years on those items subject to statutory limichant ship sales as of September 30, 1947, showing tations (i.e. raw materials, consumer goods and credits made available by the United States Mari- small tools, hardware and nonassembled articles time Commission and credits utilized by purchasers. which may be used in the manufacture of more 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL than one type of product). The Council also ap- Under the terms of this agreement the United States proved in principle the extension of credits by the Stabilization Fund undertook for a period of four War Assets Administration to domestic exporters years commencing July 1, 1947, to purchase Mexito be secured by a guarantee by the appropriate can pesos, on request by the Mexican government, governmental authority of the foreign country in to an amount equivalent to $50,000,000 for the purwhich the goods are sold. The Council recom- pose of stabilizing the United States dollar-Mexican mended that the amounts involved in such credit peso rate of exchange. arrangements be charged, with the agreement of This agreement extended and enlarged the stabithe country concerned, against the over-all amount lization agreement of 1941 which had been twice specified in any War Assets Administration surplus extended for two-year periods and which was property line of credit made available to a particular scheduled to expire on June 30, 1947. It was country. pointed out that the stabilization agreement was In addition to the three contracts mentioned consistent with the aims and purposes of the Interabove, several foreign applications for credits for national Monetary Fund, of which both countries the purchase of United States domestic surplus are members, and would in fact serve to suppleproperty have been acted on by the Council but ment the efforts of that international organization had not resulted in the negotiation of firm con- to stabilize the rates of exchange between all the tracts by September 30, 1947. member countries. Other requests for stabilization agreements were OTHER COUNCIL ACTIVITIES considered during the period under review but no The National Advisory Council approved con- new agreements were executed. sideration by the United States Treasury Depart- The President's Committee for Financing Forment of a Mexican request for renewal of the eign Trade, appointed on June 26, 1946, continued United States-Mexican Stabilization Agreement. to advise and consult with the National Advisory Accordingly, on May 13, 1947, a new stabilization Council on problems of foreign trade and internaagreement between the two countries was executed. tional finance. III. ACTIVITIES RELATING TO INTERNATIONAL MONETARY FUND AND INTERNA- TIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The National Advisory Council, in accordance International Bank had redeemed $250,000,000 of with statutory authority, continued to coordinate the special notes of the United States that had been the activities of the United States representatives of issued to it, leaving $315,785,000 outstanding in the the Fund and Bank with those of other agencies of hands of the Bank. Of the special notes issued to the Government by giving them advice and assist- the International Monetary Fund $203,000,000 had ance in carrying out their duties. In this period been redeemed, leaving $1,579,000,000 outstanding. the Fund and Bank made a number of important policy decisions and the United States participated SECOND ANNUAL MEETING OF THEFUND AND BANK fully in these matters. The Boards of Governors of the Fund and Bank held their second annual meeting in London, Sep- UNITED STATES SUBSCRIPTIONS TO THE tember 11-17, 1947. The Secretary of the Treasury, FUND AND BANK John W. Snyder, as United States governor of both On May 23, 1947, the United States completed institutions, and the Under Secretary of State for payment of the required 20 per cent of its subscrip- Economic Affairs, William L. Clayton, as altertion to the International Bank. Total payments in nate governor, attended. The Executive Directors cash to the Bank amounted to $69,215,000. The also participated at these meetings. The advisers to amount of $565,785,000 was paid in the form of the governor included the United States Ambassanoninterest bearing, nonnegotiable notes, in accord- dor to the United Kingdom, the Chairman of the ance with the Articles of Agreement of the Bank Board of Directors of the Export-Import Bank, the and the Bretton Woods Agreements Act. The Chairman of the Securities and Exchange Commisremaining 80 per cent of the subscription to the sion, the President of the Federal Reserve Bank of Bank will not be called unless required to meet the New York, and representatives of the constituent Bank's obligations. The payment of the United agencies of the Council. States subscription to the Fund had been completed At these meetings the terms of the agreements in February, 1947. As of September 30, 1947, the between the Fund and the Bank and the United FEBRUARY 1948 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL Nations were ratified by the governors, the applica- MEMBERSHIP CHANGES IN THE FUND AND BANK tion of Finland for membership was approved, In the period under review, four countries were changes in quotas and capital subscriptions were admitted to membership in the Fund and Bank: approved, and various by-laws of the organizations Syria, Lebanon, Australia, and Finland. The dewere amended. The Boards of Governors received cision of the Fund and Bank to admit Syria and the annual reports of the two institutions, and the Lebanon had been taken at the first annual meetreport of the audit. At the closing session the goving, in September 1946. Membership was accepted ernor of China'was elected as Chairman for the by these countries on April 10 and April 14, 1947, coming year, and the governors of France, India, respectively, in accordance with the conditions prethe United Kingdom and the United States were viously stipulated. Syria's quota in the Fund and elected as Vice Chairmen. It was decided to hold subscription to the Bank were each $6,500,000, while the third annual meeting in Washington in the Lebanon's quota and subscription were each $4,month of September, 1948. 500,000. Australia had participated in the Bretton Woods Conference, but had not accepted member- AGREEMENTS OF THE FUND AND BANK WITH THE ship in the Fund within the period permitted for UNITED NATIONS the original signatories. Subsequently Australia Soon after the inception of the United Nations applied for membership and the application was Organization, steps were taken to bring the Fund approved in May 1947 by the Boards of Governors and the Bank into relationship with the United Na- without a meeting by a telegraphic vote in accordtions, in accordance with the charter and the provi- ance with the by-laws of the Fund and Bank. sions of the Articles of Agreement, which provided Australia completed acceptance on August 5, 1947. for cooperative arrangements with other interna- Australia's quota in the Fund was $200,000,000 and tional organizations. (Fund Agreement, Article X; its subscription to the Bank was likewise $200,- Bank Agreement, Article V, Section 8.) Draft agree- 000,000. ments were approved by the Economic and Social In the case of Finland, the Board of Executive Council of the United Nations on August 16, 1947, Directors recommended admission to the Fund with and by the Executive Directors of the Bank and a quota of $38,000,000 and that admission to the Fund on August 20, 1947. The agreements were Fund be made contingent upon application for ratified by the Boards of Governors on September stock of the Bank in an amount equal to the as- 16-17, 1947, and by the General Assembly of the signed quota. This recommendation was approved United Nations on November 15, 1947. The two by the Boards of Governors at the London meeting. agreements are identical except for one clause re- Membership is open to Finland until March 15, lating to the Bank's loans. They provide for re- 1948. ciprocal representation at meetings, exchange of On September 30, 1947, forty-five countries were information, coordination in the collection of statis- members of the Fund and Bank. The members tical data, and consultation on problems of mutual with their quotas and capital subscriptions as of interest. The agreements further provide that pro- September 30, 1947, are listed in Appendix D. posed budgets of. the Fund and Bank will be submitted to the United Nations for information only. ADDITIONAL EXECUTIVE DIRECTORS The Bank Agreement contains the following special In accordance with Resolution No. 10 of the clause (Article IV, Section 3): Savannah Conference, Mr. Guido Carli of Italy "The United Nations recognizes that the action was elected thirteenth Executive Director of the to be taken by the Bank on any loan is a matter to Fund in May, 1947 and Mr. Constantino Brescianibe determined by the independent exercise of the Turroni of Italy was elected thirteenth Executive Bank's own judgment in accordance with the Director of the Bank in August 1947. The Boards Bank's Articles of Agreement. The United Na- of Governors, at the London meetings, also provided tions recognizes, therefore, that it would be sound for the election of a fourteenth director to represent policy to refrain from making recommendations to the countries which will not have participated in the Bank with respect to particular loans or with elections prior to December 31, 1947. The addirespect to terms or conditions of financing by the tional directors will hold office until the second Bank. The Bank recognizes that the United Na- regular election in 1948. tions and its organs may appropriately make recom- THE FUND mendations with respect to the technical aspects of reconstruction or development plans, programmes Par values. In July the Fund accepted a par or projects." value for Syria and Lebanon, which have a com- 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL mon currency, at 45.6313 cents for the Syro-Leba- Fund's request and this joint statement of policy, nese pound. The Fund also accepted a par value the Treasury Department gave notice in the Fedof 29.850746 cents for the Venezuelan bolivar, and eral Register of July 31, 1947 that it was consider- 35.7143 cents for the Turkish lira. ing amendments to the regulations issued under the Quotas. At the second annual meeting in London Gold Reserve Act of 1934. After holding a pubthe governors agreed to increase the quota of Iran lic hearing, the Secretary of the Treasury issued a from $25,000,000 to $35,000,000, and of Egypt from number of amendments to the regulations, which $45,000,000 to $60,000,000, conditional upon pro- were approved by the President and became effecportional increases in their Bank subscriptions. The tive on November 24, 1947. payment of the increased subscriptions had not Fund exchange transactions. The Fund's first exbeen made as of September 30, 1947. change transaction occurred on May 8, 1947, when Gold sales at premium prices. The Fund con- France purchased $25,000,000 from the Fund in sidered the problem arising from transactions in exchange for francs. Total sales of foreign exgold in various countries at prices above monetary change by the Fund to September 30, 1947 are sumparities. While in many instances, these transac- marized in the following table: tions in gold took place illegally, in others they occurred in legal open markets or tolerated black Sales of Sales of markets. The Executive Directors of the Fund Country U. S. Dollars Pounds Sterling realized that exchange stability might be under- (In millions) mined "by continued and increasing external pur- France . . . . 100.0 chases and sales of gold at prices which directly or United Kingdom. 60.0 indirectly produce exchange transactions at depre- Mexico .... 22.5 ciated rates." Since these transactions also involved Netherlands. 18.0 1.5 a loss to monetary reserves when the gold moved Chile 2.5 into private hoards the Fund was of the opinion that such transactions were not conducive to the ob- Total 203.0 1.5 jectives for which the Fund had been established. The Fund accordingly issued a statement on June Transitional exchange arrangements. Under Ar- 24, 1947 deprecating international transactions in ticle XIV, Section 3, of the Fund Agreement, each gold at premium prices and recommended that all member is required to notify the Fund whether the of its members take effective action to prevent such member intends to avail itself of the transitional transactions with other countries or with the na- arrangements provided in Article XIV, Section 2, or tionals of other countries (Appendix E). whether it is prepared to accept the obligations of The Fund at this time also took action under Article VIII, Sections 2, 3 and 4 relating to con- Article IV, Section 2, of the Agreement which pro- vertibility and freedom of payments and transfers vides that for current international transactions. "The Fund shall prescribe a margin above and In response to the Fund's request as to whether below par value for transactions in gold by mem- they were willing to accept the obligations of Article bers, and no members shall buy gold at a price VIII, Sections 2, 3 and 4, the following countries above par value plus the prescribed margin, or signified their willingness: El Salvador, Guatemala, sell gold at a price below par value minus the Mexico, Panama, and the United States. All other prescribed margin." countries which are members of the Fund have sig- The Executive Directors set this margin at one- nified their intention of invoking the transitional fourth of one per cent exclusive of minting and period clauses of Article XIV, Section 2 permittransport and transfer charges. The practice of ting the retention of restrictions on international the United States Treasury in gold transactions payments. fully complies with these requirements. Organizational changes. Mr. Harry D. White's The National Advisory Council fully agreed with resignation as the United States Executive Director the position taken by the Fund with regard to gold on the Fund became effective on June 1, 1947. The sales at premium prices. Accordingly, on July 18, National Advisory Council wishes here to record its 1947, the Secretary of the Treasury and the Board appreciation of the valuable services rendered by of Governors of the Federal Reserve System issued Mr. White to the United States in the cause of ina joint statement requesting American banks, busi- ternational economic cooperation. ness enterprises and individuals to refrain from On June 12, 1947, with the advice and consent encouraging and facilitating traffic in gold at pre- of the United States Senate, the President of the mium prices (Appendix F). To implement the United States appointed Mr. Andrew N. Overby FEBRUARY 1948 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL as United States Executive Director on the Fund. increasing annual payments in the later years. This Mr. Overby took office on July 1, 1947. loan is also at 3/4 per cent with the additional 1 per cent commission. The Danish loan will be ex- THE BANK pended for agricultural and textile machinery, ma- In the period under review the International Bank chine tools, trucks, steel products, textiles, and made its first loans and also issued its first securities chemicals. These supplies of materials and equipon the American market. Both the loans made ment will contribute greatly to the restoration of the and the securities issued involved complex ques- Danish economy, whose greatest need is for mations of policy and law, to which the Council gave terials of this type. extended consideration. The Bank also extended a loan of $10,000,000 in Loans. On May 9, 1947, the Bank granted a loan dollars and the equivalent of $2,000,000 in Belgian of $250,000,000 to the Credit National, a quasi- francs in August to the Duchy of Luxembourg. public French corporation created in 1919 to assist This loan bears interest and commission at the same in financing the reconstruction and development rate as the other loans of the Bank, and will run of the French economy. This loan is fully guaran- for 25 years, with amortization over a 23-year teed by the Government of the French Republic. period beginning in July 1949. This loan will be The loan is for 30 years, with amortization over used for the purchase of locomotives, rolling stock, a 25-year period beginning 1952. The amortiza- and railway equipment, and for the purchase of tion schedule is arranged so as to permit smaller equipment for the steel industry. It should be payments of principal in the earlier years than in noted that this is the first loan of the Bank prothe later years, when some shorter-term credits pre- viding, in part, funds in currencies other than dolviously received will have been fully repaid and the lars. The Belgian Government authorized the use French balance of payments may be expected to of the equivalent of $2,000,000 of the Belgian provide the necessary repayment more easily. The paid-in subscription for the purpose of this loan. rate of interest is i% per cent plus a commission of The Bank received loan applications from other 1 per cent per annum which, in accordance with members: Poland, Czechoslovakia, Iran, Mexico, the Bank's Articles of Agreement, will be set aside and Chile. As of September 30, 1947 these requests in a special reserve fund. While the French Gov- for assistance were still under consideration by the ernment had applied for a loan of $500,000,000, the Bank. Bank considered it necessary to limit its commit- Borrowing operations of the Bank. On June 30, ment at the time though stating that it would be 1947, the Bank filed a registration statement with willing to consider an additional loan subsequently. the Securities and Exchange Commission and on The proceeds of the loan will be used to finance re- July 15 made its first public offering of securities. construction in France, including the purchase of This consisted of $100,000,000 in 10-year 2% per capital equipment and raw materials. cent bonds, due July 15, 1957, and $150,000,000 On August 7, 1947, the Bank also granted a loan in 25-year 3 per cent bonds due July 15, 1972. The of $195,000,000 to the Kingdom of the Netherlands. issue, sold at par, was substantially oversubscribed. The loan is for 25 years with amortization begin- It is expected that further issues of the Bank's ning in 1952. On this loan also, the schedule of securities will be offered when the Bank needs amortization payments provides for relatively larger additional funds. repayment in the later years. The rate of interest Before these bonds could be placed on the market, is 3J4 per cent, plus the commission of 1 per cent a number of steps had to be taken to facilitate their per annum, which is to be set aside as a special sale and to assure conformity with the laws applireserve against loss by the Bank. The loan proceeds cable thereto. are to be used exclusively for the reconstruction of The National Advisory Council agreed to the productive facilities in metropolitan Netherlands. issue of these securities in the United States market While the Netherlands Government had applied at the time, and also granted permission to the originally for a loan of $535,000,000 to cover its Bank to buy and sell its securities after issue in acreconstruction program for a three-year period be- cordance with the Articles of Agreement. This perginning in 1947, the Bank limited the loan to 1947 mission was necessary since the Bank's Articles rerequirements. It will consider extending further quire the consent to such transactions of the governcredits in 1948 and 1949 in the light of the situation ment in whose markets its funds are raised. It was then prevailing. also agreed that dollar funds not currently needed The third loan was made in August to the King- by the Bank for other purposes might be held in dom of Denmark. This loan of $40,000,000 is for the form of United States Government obligations. 25 years with amortization beginning in 1953, with In order to assure that the Bank's transactions in 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL these securities will not conflict with United States counter brokers and dealers under the Securities monetary and credit policies, the Bank is to con- Exchange Act of 1934 in connection with this dissult with the Federal Reserve Bank of New York, tribution; and from the provisions of the latter Act as agent for the Federal Open Market Committee. relating to membership in "National Securities As- The United States Treasury Department will also sociations." The Commission also permitted the be kept fully informed. trading of the Bank's bonds on a when-issued basis The Bank also made a number of interpreta- on the New York Stock Exchange so that the bonds tions of and decisions on its Articles of Agreement automatically qualified for sale under the "blue sky at the request of the Executive Director for the laws" of a number of States. Finally the Com- United States in connection with the issue of the mission concurred in the opinion of counsel for Bank's securities. The Bank held that if it is the Bank that an exemption was available under the necessary to call part of the 80 per cent of the mem- Trust Indenture Act of 1939. ber countries' subscriptions to the Bank in order Encouragement of private foreign lending by the to meet the Bank's obligations, the failure of any Bank. During the period under review the Namember to pay its share of a call does not excuse tional Advisory Council approved a proposal that failure on the part of other members to make their the International Bank encourage private foreign payments. If the amount realized from a call is lending by making stand-by commitments. The not sufficient to cover the Bank's obligations, suc- stand-by commitments would be assumed in concessive calls may be made on the members, up to the nection with the offering in the private capital limit of their subscriptions, until the aggregate market of obligations of foreign governments which paid in by them on the calls is sufficient to meet are members of the Bank. Where the terms of the Bank's obligations. Moreover, the Bank may such obligations would be more favorable to the make capital calls in anticipation of the maturity borrower than those generally applicable to loans of its own obligations or to meet payments re- from the Bank, the Bank would not enter into quired as the result of a default on loans made, such stand-by commitments for more than 50 per participated in, or guaranteed by the Bank. The cent of any issue. As of September 30, 1947, there Bank's Executive Directors also decided that Article were no foreign private loans issued in which the IV, Section 2(c), of the Agreement empowers Bank made a stand-by commitment. the Bank, without restriction by members, to use Establishment of Advisory Council to Bank. Upon currency paid to it as repayment of principal for nomination by the President of the Bank, the Board the repurchase of the Bank's obligations, or to of Governors at the London meeting approved the amortize or to anticipate amortization payments following members for the Bank's Advisory Counon the Bank's obligations. cil, organized in accordance with Article V, Section Although the sale in the United States of the 6 of the Bank's Articles of Agreement: bonds of the International Bank remains subject to the Securities Acts, the Securities and Exchange Name Nationality Representation Commission granted certain qualified exemptions Sir Arthur Salter United Kingdom Chairman Edward E. Brown United States Banking which had been requested by the Bank with the Herbert Hoover United States Commerce support of the National Advisory Council. These R. Dickson Harkness Canada Industry exemptions relieved brokers and dealers from un- Leon Jouhaux France Labor derwriters' liabilities under the Securities Act of Pedro Beltran Peru Agriculture Sir C. V. Raman India Science 1933 in the distribution of the Bank's securities; Lionel Robbins United Kingdom Economist from registering with the Commission as over-the- S. K. Alfred Sze China Other Activities IV. THE EUROPEAN RECOVERY PROGRAM AND INTERIM AID The end of the war found Europe in a state of devastated countries. Increased lending authority destitution and the United States in a position of of the Export-Import Bank provided for the exmajor importance in world affairs. The United tension of rehabilitation loans. The special prob- States Government adopted measures designed to lems of the United Kingdom in the transitional meet its new position. Goods under lend-lease postwar period resulted in the extension of a loan and large quantities of surplus property were of $3,750,000,000 in July 1946. The National turned over to foreign countries on generous terms. Advisory Council, however, in surveying the post- The United States financed about 70 per cent of war foreign financial assistance extended by the the operations of UNRRA which transferred large United States Government, in its report for the quantities of food, fuel and industrial materials to period ending March 31, 1947, stated: FEBRUARY 1948 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL "It has during the period under review become gold and dollar resources and tapped other sources increasingly clear that such resources as remain as follows: available will not, by reason either of their amount Millions of or of the nature of developing needs abroad, prove dollars adequate for the accomplishment of the purposes Declines in gold reserves. 1,925 for which foreign financial assistance has been Declines in dollar balances. . . 990 provided." Liquidation of dollar securities 215 Short-term credits from United States This conclusion was based on studies which incommercial banks 140 dicated that substantial set-backs to European re- Dollar purchases from International covery had occurred, that existing commitments for Monetary Fund. . 50 financial assistance by the United States would soon be exhausted, and that the gold and dollar resources of Western European countries were being rapidly Total 3,320 depleted. During the same period a few of the countries participating in the Paris Conference registered SET-BACKS TO EUROPEAN RECOVERY, 1946-47 gains in their gold and dollar position which, in the The European countries, with the exception of aggregate, amounted to approximately one billion Germany, made considerable progress toward re- dollars. However, the gains of these countries did covery after the war. Transportation systems were not compensate for the losses suffered by the other rebuilt, industrial output was revived, and export participants. markets were partly restored. Considerable prog- Nearly half of the total of $3,320,000,000 was ress in the restoration of productive resources was accounted for by France, which during the twomade during 1946. But the prolonged and severe year period disposed of $1,215,000,000 from her winter of 1946-47, especially in Great Britain, the gold stocks, drew her dollar balances down by following drought and the depletion of financial $260,000,000, borrowed on short-term $20,000,000 resources contributed to retard further recovery. It from United States commercial banks and purwas evident that substantial progress could not take chased $50,000,000 from the Fund. With the place without continued assistance from the United gradual exhaustion of the funds made available by States and fundamental readjustments in European the United States, few countries have been able to industry and trade. avoid similar depletion. During the five-month After July 1, 1946 no new substantial commit- period July-November 1947, losses of gold and dolments of United States aid to European countries lar balances on the part of countries participating were authorized. The existing commitments were in the European Recovery Program have been largely drawn down by July 1, 1947. Total loans estimated at $925,000,000 and their purchases of and credits made available to European countries dollars from the Fund have totaled $347,000,000. from July 1, 1945 to June 30, 1947 amounted to In addition, France, Netherlands and Luxembourg slightly less than $8,000,000,000, while total loans drew $267,000,000 on their loans from the Internaand credits utilized were approximately $5,500,tional Bank for Reconstruction and Development 000,000. Of the approximately $2,500,000,000 not between the beginning of June and the end of utilized by July 1, 1947, $1,300,000,000 was drawn November, 1947. by the United Kingdom by the end of August. It was clear that it would be impossible for the (The data on total United States loans and credits Western European countries to continue to draw available to Europe, July 1, 1945 to June 30, 1947, on their gold and dollar balances at the rate preare given in Appendix G.) vailing during the summer of 1947. Only Portugal, Switzerland and Turkey had holdings of gold and THE DEPLETION OF GOLD AND DOLLAR RESOURCES dollars in excess of estimated minimum needs for JUNE 30, 1945 TO JUNE 30, 1947 monetary reserves and foreign trade requirements. In extending financial assistance to foreign coun- The other countries had insufficient reserves to tries, the United States Government had always cover their total monetary and trade requirements. given consideration to their capacity to pay for im- The gold and dollar holdings of several of these ports with their own gold and dollar resources. countries were close to the estimated minimum As a consequence, from July 1945 through June levels of working balances needed for foreign trade 1947 most of the European countries which took purposes, without any allowance being made for part in the Paris Conference liquidated part of their reserves against domestic monetary circulation. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL (Detailed tables on gold and dollar assets o£ foreign problems. An estimate of the external assistance countries are attached as Appendix H.) which these countries believed necessary to restore The rapid decline of the gold and dollar holdings their economic position, was submitted along wTith of these countries which had followed shortly after a statement dealing in detail with the position and the sharp contraction of United States financial prospects of these countries and Western Germany. assistance and had gathered momentum during the Meanwhile, in June 1947, the President created spring of 1947 forced them to impose increasingly three committees to study and report to him on the drastic exchange and trade restrictions. As a result, relationship between foreign aid and the United the standard of living and the production level of States domestic economy. Two governmental comindustry declined. In particular, France and Italy mittees under the direction of the Secretary of the during the summer and early fall of 1947 were Interior and the Council of Economic Advisers forced to suspend their purchases of all but the undertook to conduct studies on the impact of formost essential commodities, such as wheat and coal, eign aid upon our national economy. The third with the result that there was danger that the pipe- committee, consisting of representatives from variline of industrial materials would begin to run dry. ous fields of industry and finance under the chairmanship of the Secretary of Commerce, undertook POLICY DEVELOPMENTS, JUNE TO SEPTEMBER to analyze the character and quality of United States 30, 1947 resources available for foreign aid, to advise the Secretary of State Marshall's speech at Harvard President on the limits within which such aid on June 5, 1947, may be considered as the starting might be safely and wisely planned, and to consider point of the formal European Recovery Program. the relation between foreign aid and the domestic In this speech Secretary Marshall pointed out that economy. *'Europe's requirements for the next three or four The necessity for interim financial assistance to years of foreign food and other essential products— France, Italy and Austria prior to the inauguration principally from America—are so much greater of a full scale European Recovery Program became than her present ability to pay that she must have apparent as a result of the drains upon their limited substantial additional help, or face economic, social reserves of gold and dollars to finance import reand political deterioration of a very grave character." quirements. The crisis was intensified by very Secretary Marshall pointed out that before the serious crop failures in France and Italy during United States Government could proceed further in 1947, the depletion of existing credits at a more its efforts to assist Europe on the road to recovery rapid rate than had been previously anticipated, there must be agreement among the countries of and the absence of assurance that additional long- Europe as to their foreign requirements and the term financial assistance would become available. extent of self-help to be provided in order to give By September 30, 1947, it had been generally agreed proper effect to whatever assistance would be ren- within the Government that interim aid to France, dered by the United States. As a result of Secre- Italy and Austria should receive consideration in tary Marshall's statement of objectives, the Foreign advance of the long-range European Recovery Pro- Ministers of Great Britain and France arranged for gram. a conference to which sixteen European countries The financial and monetary problems raised by sent delegates. At this conference, the Committee the European Recovery Program have been under of European Economic Cooperation was formed. continuing study by the National Advisory Council On September 22, 1947, the Committee of Euro- and its constituent agencies. As of September 30, pean Economic Cooperation completed and sent to 1947, the National Advisory Council was giving the United States Government a report consisting detailed consideration of various points which had of a general statement of the problems pertaining been raised by the Committee of European Ecoto European economic recovery, and outlined a plan nomic Cooperation in connection with the longof the sixteen participating countries to meet these range program. FOREIGN COUNTRIES' GOLD AND SHORT-TERM DOLLAR RESOURCES* At the end of June 1947, the gold and short-term around 19 billion dollars. Out of this total, "sterdollar resources of all foreign countries totaled ling area" countries held 4.2 billion. Among the other countries that participated in the Paris Euro- * Portion of a report entitled "Foreign Assets and Liabilities pean recovery program discussions, Switzerland, of the United States and Its Balance of International Transactions," submitted by the National Advisory Council on Inter- Portugal, and Turkey held about 2.4 billion and national and Financial Problems to the Senate Committee on the remaining participants 3.1 billion. Other Euro- Finance, Dec. 18, 1947. FEBRUARY 1948 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL pean countries (including the U.S.S.R.) are esti- of international trade or to back their currencies. mated to have held somewhat less than 4 billion Holdings not so required may be estimated roughly dollars, Asiatic countries about 1.7 billion, Latin as follows: (a) About 1.5 billion dollars held by America about 33 billion and Canada 0.9 billion. Switzerland, Portugal, and Turkey and about 1 The appended table gives the available figures for billion held by some Latin American countries conindividual countries.1 stituted reserves which might be judged to be over GOLD AND SHORT-TERM DOLLAR RESOURCES OF FOREIGXN COUNTRIES, JUNE 30, 1947 [In millions of dollars] Dollar balances2 Total Dollar balances 2 Total Country Gold i re- Country Gold i resources sources Official Private Official Private Europe: British Commonwealth, Austria 10 10 etc., Cont. Belgian monetary area (in- Total, sterling area as of cluding Luxembourg and June 30, 1947 3,574 123 460 4,157 Belgian Congo) 659 28 166 853 Canada and Newfoundland. . . 310 299 289 898 Bulgaria 25 1 26 Czechoslovakia 11 9 17 37 Total, British Commonwealth Denmark 32 17 35 84 (and other sterling area Finland 15 8 23 countries) , 3,8S4 749 5,055 French monetary area 700 106 210 1,016 France (680) (88) (182) (950) Asia: Dependencies included in China 95 260 79 434 International Monetary French Indo-China. . . . 27 10 37 Fund quota of France.... (20) (18) (28) (66) Iran 7 12 146 Germany 320 11 16 347 Japan 16 222 Greece 20 15 17 52 Netherlands Indies 78 16 275 Hungary 37 1 3 41 Philippines 395 54 450 Italy 60 79 108 247 Siam 14 1 50 Netherlands and N.W.I 214 65 155 434 Syria and Lebanon. . . . 4 10 17 Norway 77 29 62 168 Other Asia, etc 316 49 Poland 60 5 12 77 Portugal and dependencies . ., 390 12 32 434 Total, Asia... 681 785 214 1,680 Rumania 268 3 5 276 Spain and dependencies 111 4 8 123 Latin America: Sweden 168 24 109 301 Argentina 630 118 147 895 Switzerland 1 ,355 67 329 1,751 Bolivia 22 8 9 39 Turkey 191 16 35 242 Brazil 354 38 47 439 U.S.S.R 2,500 49 1 2,550 Chile 45 15 35 95 Yugoslavia 76 9 3 88 Colombia 93 28 14 135 Other Europe (except sterling Costa Rica 2 3 5 10 area) 100 16 17 133 Cuba 259 27 263 549 Dominican Republic 2 8 12 22 Total, Europe (except ster- Ecuador 20 13 4 37 ling area) 7,384 581 1,348 9,313 Guatemala 27 12 16 55 Haiti 2 10 6 18 British Commonwealth (and Honduras 1 3 4 other sterling area countries): Mexico 131 13 113 257 United Kingdom 2,360 2,689 Nicaragua 4 2 3 9 Dependencies included in In- Panama 3 67 70 ternational Monetary Fund Paraguay 1 1 1 3 quota of U.K 66 67 Peru 20 11 29 60 Australia 95 31 143 Salvador 15 14 6 35 Egypt 53 20 76 Uruguay 189 4 12 205 Eire H 15 29 Venezuela 235 20 34 289 Iceland 1 4 8 Unidentified 20 32 52 India 274 28 315 Iraq 3 3 Total, Latin America. 369 858 3,278 New Zealand 23 1 7 31 Union of South Africa 757 34 5 796 Grand Total 2,157 3,169 19,326 1 Official gold holdings; for countries whose holdings have not been published, available estimates have been used. 2 Deposits and other short-term dollar resources, as reported by banks and bankers in the United States to the Federal Reserve Banks and the U. S. Treasury. 3 Includes 10 million dollars held by Ethiopia, Liberia, Greenland, and unidentified countries. Most of these resources constituted reserves the holders' minimum needs; (b) If there were needed by their holders to finance the current flow applied to the Philippine Republic the same general standards applied to other countries, its dollar hold- 1 These figures cover all official gold stocks (using available estimates where figures are not officially published) and both ings would seem to be about 250 million dollars official and private dollar balances as reported by bankers in over minimum requirements; (c) The holdings of the United States to Federal authorities. The figures do not, however, include gold and U. S. dollar notes that may be South Africa as of June 30 may have been over that privately hoarded in foreign countries or short-term liabilities of brokers, commercial concerns, and the Commodity Credit country's minimum needs by 300 million or more, Corporation. No deduction has been made for foreign countries' but there has since been announced a loan by South gold and dollar liabilities. 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL Africa of 325 million dollars of gold to the United they could hardly be expected to supply any great Kingdom. amount of loans of gold or dollars of the type Foreign countries' total resources included about needed to overcome other countries' dollar 14 billion dollars in gold stocks held abroad or ear- shortages. marked in the United States and 5.3 billion dollars The amount of reserves that a country needs in short-term dollar assets held on the books of depends upon a complex set of considerations inbanks and bankers in the United States. Of these cluding not only financial and economic but also resources, the entire gold stocks and 2,160 million psychological factors involving confidence in the dollars in dollar balances were held officially (by country's currency as well as political and hisforeign governments, their agencies and central torical factors. When a country's reserves are rebanks), while the remaining dollar balances—3,170 duced below the amount that a prudent man would million dollars—were held privately (by commer- consider safe, the country may be fortunate and cial banks, business firms, individuals, and others). be able to maintain its financial stability; however, It may be noted that private dollar balances are it subjects itself to the risks of economic and posconsiderably larger than official dollar balances. sible political dislocation arising from external and This represents a change from the situation which internal doubts and lack of confidence. A country prevailed before February 1946, and is the result may have to weigh the question of maintaining a of an accelerated contraction of official balances and safe level of reserves against the immediate need of a gradual expansion of private balances. In large imports vital to its economy, and in such a case may part these private balances actually represent the decide to hold a lower level of reserves than pruworking funds of foreign commercial banks and dence at other times would dictate. For all these business firms engaged in international finance and reasons, it is not possible to devise any simple gentrade activities, and their increase reflects the ex- eral formula for determining the needs of different pansion of the volume and value of their transac- countries. tions after the war. The remainder (probably a Neither can the amount of reserves needed be small part only) consists of "refugee" funds held judged by a simple comparison with levels prein the United States for safety and stability by pri- vailing before the war. The erratic price rises vate individuals, and their use in financing foreign since then and the shifts in composition of foreign needs will depend on the degree of control which trade would alone nullify the usefulness of such foreign governments can exercise, or the willingness comparisons. More important, however, is the of private holders to repatriate them. fact that throughout the thirties most countries Net sales of gold to the United States and draw- already suffered from reserve deficiencies and it ings on official dollar balances by foreign govern- was these deficiencies that led to their imposing ments amounted during 1946 to 1,835 million dol- restrictions on foreign trade and exchange. The lars and during the first half of 1947 they amounted longer-term objective of the United States—freer to 2,275 million. For the one and one-half year multilateral world trade—requires the avoidance of period as a whole, the liquidation of gold and dollar such restrictions. balances proceeded at approximately equal rates: Hence, in the last analysis, the amount of re- Net gold sales came to 2,085 million dollars and net serves needed by a given country at a given time drawings on official balances to 2,020 million. The is a matter that requires determination on the net decline in gold stocks and official balances dur- basis of the most expert and responsible judgment. ing the period was 4,000 million dollars (inclusive For purposes of the present discussion, the needs of addition from gold production and deduction for of each country have been estimated very roughly contribution to the International Monetary Fund). by taking a figure based on the country's volume A further loss of gold and dollars of around 650 of current payments to other countries for goods million dollars has occurred in the third quarter of and services, to represent the amount of working 1947. This contraction of gold and dollar resources balances needed, and adding a second figure based has been unevenly distributed, with the result that on its volume of currency in circulation, to reprea number of foreign countries have already re- sent the amount needed for domestic monetary duced their reserves below the levels that prudence reserves. Even though such approximations canwould require them to keep, although a few coun- not represent any real judgment as to the need of tries, as noted above, continue to hold resources any particular country, it is quite apparent that, which might be regarded as over their minimum even allowing for a considerable margin of error, needs. Even these latter countries, with but a few there are few if any countries, outside of the groups exceptions, have recently been losing reserves, and previously listed as having surplus holdings, that FEBRUARY 1948 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF NATIONAL ADVISORY COUNCIL are in a position to make further drafts on their and the expansion of their currencies, many coungold and dollar resources without serious danger tries have been forced to suspend legal reserve to their future financial stability. requirements and currency convertibility, and to The implicit assumption that each country needs introduce rigorous exchange controls. to hold working balances proportional to its volume In view of the general abandonment of the gold of current payments to other countries arises from standard and the adoption of managed currency normal business practice and procedures. The par- systems, a gold reserve is no longer technically ticular figure used in the present calculations— required to meet demands for gold payments within three months' payments to other countries—is an any country. In these circumstances monetary rearbitrary figure which is undoubtedly too high for serves may logically be considered not as internal some countries and too low for others. Most reserves, but as funds (supplemented, to a limited working balances for trading purposes have in the extent, by the possibility of drawing upon the past been privately held separately from monetary International Monetary Fund) for meeting conreserves; government participation in foreign trade tingencies in international payments and for the and monopoly of exchange resources has tended to stabilization of exchange rates. It is clear that the shift trade working balances from private to official amount of international currency a country needs accounts and to add them to the monetary reserves is not directly related to the volume of its central of central banks or exchange authorities. In normal bank's sight liabilities, or even to the amount of its times such working balances would be distributed domestic money supply (currency plus demand deamong the various currencies of the major trading posits). While the traditional reserve ratios of countries. Nowadays, however, for most imports central banks are open to this technical criticism, of foreign countries, settlement is ultimately made they nonetheless command the attention and rein gold or dollars.2 spect of the general public in the countries con- The particular figure used for monetary reserve cerned. Hence, governments continue to regard requirements—25 per cent of the notes and other seriously any decline in the reserve ratio and to demand liabilities of the central bank (or other impose increasingly stringent restrictions on forissuing institution)—corresponds to the level to eign payments whenever this ratio tends to fall which the legal requirement in the United States below what is customarily regarded in the country (for Federal Reserve notes and deposits) was concerned as a safe or minimum level. lowered in June 1946. This figure is considerably While, in the present crisis, many foreign counlower than the 40 per cent ratio which was re- tries have already drawn their reserves below what garded as a standard for purposes of currency would ordinarily be regarded as a prudent level, it stabilization in the period after World War I. The is clear that such use of monetary reserves for monetary laws of most countries still provide for meeting current deficits must in the long run delay reserve requirements in gold and exchange at and jeopardize the restoration of international conlevels between 25 and 50 per cent, or even higher. vertibility of currencies. The depletion of re- However, because of the decline in their reserves serves of foreign countries makes it impossible for them to relax import and exchange controls, and 2 For purposes of this discussion, trade between countries thus ultimately runs counter to the United States within the same monetary area (siich as the sterling area) is objective of expanded multilateral trade. regarded as internal trade, not foreign trade. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Reserves deposit with the Federal Reserve Bank of its district: Central Reserve City Banks 6 per cent of its time deposits plus— The Board of Governors, effective at the opening of business on February 27, 1948, amended the Sup- 14 per cent of its net demand deposits if not in plement to Regulation D, relating to reserves re- a reserve or central reserve city; quired to be maintained by member banks with 20 per cent of its net demand deposits if in a Federal Reserve Banks, so as to increase from 20 reserve city, except as to any bank located in an to 22 per cent the reserves required to be maintained outlying district of a reserve city or in territory against net demand deposits by member banks in added to such city by the extension of the city's central reserve cities. There is set forth below the corporate limits, which, by the affirmative vote text of the Supplement as thus amended: of five members of the Board of Governors of SUPPLEMENT TO REGULATION D the Federal Reserve System, is permitted to maintain 14 per cent reserves against its net demand Effective as to each member bank at the opening of deposits; business on February 27, 1948 RESERVES REQUIRED TO BE MAINTAINED 22 per cent of its net demand deposits if lo- BY MEMBER BANKS WITH FEDERAL cated in a central reserve city, except as to any RESERVE BANKS bank located in an outlying district of a central Pursuant to the provisions of section 19 of the reserve city or in territory added to such city by Federal Reserve Act and section 2(a) of its Regu- the extension of the city's corporate limits, which, lation D, the Board of Governors of the Federal by the affirmative vote of five members of the Reserve System hereby prescribes the following Board of Governors of the Federal Reserve Sysreserve balances which each member bank of the tem, is permitted to maintain 14 per cent or 20 Federal Reserve System is required to maintain on per cent reserves against its net demand deposits. FEBRUARY 1948 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Nominations for the Board of Governors problems of bank credit as outlined in the President's Economic Report to Congress, as well as with On January 26, 1948, President Truman renomiother matters in the interest of a sound banking nated M. S. Szymczak of Illinois, whose present system and a sound economy. appointment to the Board of Governors will expire Sincerely yours, on January 31, for an additional term of 14 years. (Signed) HARRY S. TRUMAN. The President also nominated Thomas Bayard McCabe of Pennsylvania to serve the unexpired Honorable Marriner S. Eccles term of the late Ronald Ransom, which will expire Chairman, Board of Governors of on January 31, 1956. These nominations, if conthe Federal Reserve System firmed by the Senate, will bring the Board to its Washington, D. C. full complement of seven members. With respect to the chairmanship of the Board, the following letters were made public by the January 27, 1948 White House: My dear Mr. President: You have stated in your complimentary letter THE WHITE HOUSE the substance of our conversation of last week. As WASHINGTON I advised you then, I desired to have time to con- January 27, 1948 sider fully your decision and request. I have not Dear Mr. Eccles: altered my conviction that the Chairman of this Shortly after I became President you offered to Board should serve at the pleasure of the President, resign as Chairman of the Board of Governors and I sought to have such a provision included in of the Federal Reserve System and said it was your the Banking Act of 1935. feeling that the Chairman, who is designated by I have carefully considered your request. After the President, should serve at his pleasure. I told consultation with close friends and associates on you then and on other occasions that there was no the Board and because of the reasons mentioned one I desired to appoint in your place. in your letter, I have decided to remain with the You will have completed your present term as Board in the capacity you suggest. Chairman on February 1, your appointment as Respectfully yours, a member of the Board continuing until 1958. (Signed) M. S. ECCLES. As I explained to you last week, it is now my prefer- Chairman. ence to appoint a new member of the Board to fill The President, the vacancy created by the death of Vice Chairman The White House. Ransom and, when confirmed by the Senate, to designate him as Chairman. Resignation of Branch Director This decision, as I assured you, reflects no lack On January 16, 1948, the Board of Governors acof complete confidence in you, or dissatisfaction in cepted the resignation of Mr. W. T. Bland, citrus any respect with your public service, or disagreefruit grower and nurseryman of Lake Jem, Florida, ment on monetary or debt-management policies, as a director of the Jacksonville Branch of the or with official actions taken by the Board under Federal Reserve Ban^ of Atlanta. Mr. Bland had your chairmanship. All who are familiar with your record recognize your devotion to the public wel- served the branch as a director since March 11, 1947. fare and the constructiveness that has characterized your leadership in the Federal Reserve System. Appointments of Branch Directors Therefore, I urged you to remain as a member The Board of Governors of the Federal Reserve of the Board and to accept the Vice Chairmanship System on January 19, 1948, announced the appointso that the benefit of your long experience and judgment will continue to be available and so that ment of Mr. Henry C. Isaacson, President, Isaacson you may carry forward legislative proposals now Iron Works, Seattle, Washington, as a director of pending in Congress dealing with the important the Seattle Branch of the Federal Reserve Bank of 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS San Francisco for the unexpired portion of the term Mr. W. T. Bland of Lake Jem, Florida, who reending December 31, 1949. Mr. Isaacson succeeds signed. Mr. Phillips formerly served as a director Mr. John T. Tenneson, President, Superior Packing of the Jacksonville Branch from February 28, 1938, Company, Seattle, Washington, whose term expired to April 18, 1942, when he was called to active December 31, 1947. service in the Army of the United States. On January 20, 1948, the Board of Governors an- On February 11, 1948, the Board of Governors nounced the appointment of Mr. Alvin A. Voit, announced the appointment of Mr. A. Howard President, Mengel Company, Louisville, Kentucky, Stebbins, Sr., President, Stebbins and Roberts, as a director of the Louisville Branch of the Federal Incorporated, Little Rock, Arkansas as a director Reserve Bank of St. Louis for the unexpired portion of the Little Rock Branch of the Federal Reserve of the term ending December 31, 1950. Mr. Voit Bank of St. Louis for the unexpired portion of the succeeds Mr. E. J. O'Brien, Jr., President, E. J. term ending December 31, 1950. Mr. Stebbins O'Brien and Company, Louisville, Kentucky, whose succeeds Mr. S. M. Brooks, President, Brooks term expired December 31, 1947. Advertising Agency, Little Rock, Arkansas, whose On January 26, 1948, the Board of Governors an- term expired December 31, 1947. nounced the appointment of Mr. Lewis B. Swift, Admissions of State Banks to Membership in the President, Taylor Instrument Companies, Rochester, Federal Reserve System New York, as a director of the Buffalo Branch of The following State banks were admitted to memthe Federal Reserve Bank of New York for the bership in the Federal Reserve System during the unexpired portion of the term ending December 31, period December 16, 1947 to January 15, 1948: 1950. Mr. Swift succeeds Mr. Marion B. Folsom, Treasurer, Eastman Kodak Company, Rochester, Connecticut New York, whose term expired December 31, 1947. New Haven—The Community Bank and Trust On February 6, 1948, the Board of Governors Company announced the appointment of Mr. Howard New Yor\ Phillips, Vice President and General Manager, Dr. P. Phillips Company, Orlando, Florida, as a Cape Vincent—Citizens Bank of Cape Vincent director of the Jacksonville Branch of the Federal North Da\ota Reserve Bank of Atlanta for the unexpired portion of the term ending December 31, 1949, to succeed Rhame—The Bank of Rhame, North Dakota FEBRUARY 1948 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. Term District No. 1—Boston Expires Class A: Dec. 31 Leon A. Dodge.. . President, The First National Bank of Damariscotta, Damariscotta, Me 1948 Earle W. Stamm.. . President, The National Bank of Commerce of New London, New London, Conn 1949 Allan Forbes.. .President, State Street Trust Company, Boston, Mass.. 1950 Class B.- Frederick S. Blackall, jr. President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. I 1948 Roy L. Patrick. President, Rock of Ages Corporation, Burlington, Vt.. 1949 Philip R. Allen.. .Director, Bird & Son, inc., E. Walpole, Mass.. 1950 Class C: Vacancy 1948 Harold D. Hodgkinson2. Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass 1949 Albert M. Creighton1.. . Chairman of the Board. 1950 District No. 2—New York Class A: .President, Citizens National Bank and Trust Company of Howard A. Wilson. Fulton, Fulton, N. Y 1948 .Chairman of the Board, The Chase National Bank of the WinthropW. Aldrich.. City of New York, New York, N. Y 1949 . Chairman of the Board, and President, The National Bank Frederic E. Worden.. of Auburn, Auburn, N. Y.. . 1950 1 Chairman. 2 Deputy Chairman. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Carle C. Conway.. . .Chairman of the Board, Continental Can Company, Inc., New York, N. Y 1948 Lewis H. Brown.. . .Chairman of the Board, Johns-Manville Corporation, New York, N. Y 1949 Charles E. Adams. . ..Chairman of the Board, Air Reduction Company, Inc., New York, N. Y.... . 1950 Class C: William I. Myers2.. .Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1948 Robert D. Calkins. .Director, and Vice President, General Education Board, New York, N. Y.. 1949 Vacancy .. 1950 Buffalo Branch Appointed by Federal Reserve Bank: Charles H. Diefendorf President, The Marine Trust Company of Buffalo, Buffalo, N. Y 1948 Raymond F. Leinen.. .Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y 1949 C. George Niebank. . .President, Bank of Jamestown, Jamestown, N. Y.. 1949 Clyde C. Brown. . .President, The Cuba National Bank, Cuba, N. Y.. 1950 Appointed by Board of Governors: Carl G. Wooster Farmer, Union Hill, N. Y 1948 Thomas Robins, Jr.. .President, Hewitt-Robins, Incorporated, Buffalo, N. Y... . 1949 Lewis B. Swift. .. . .President, Taylor Instrument Companies, Rochester, N.Y. 1950 District No. 3—Philadelphia Class A: George W. Reily. . . .President, Harrisburg National Bank, Harrisburg, Pa.. . 1948 John B. Henning. . .President, Wyoming National Bank, Tunkhannock, Pa.... 1949 Archie D. Swift.. . . .Chairman of Board, Central-Penn National Bank, Philadelphia, Pa.. 1950 Class B: Albert G. Frost. . .President, The Esterbrook Pen Company, Camden, N. J. 1948 William J. Meinel. .President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa 1949 Walter H. Lippincott.. . .President & Director, Lobdell Company, Wilmington, Del. 1950 Class C: Thomas B. McCabe1. . . .President, Scott Paper Company, Chester, Pa.. 1948 Warren F. Whittier2.. . Agricultural Consultant, Chester Springs, Pa 1949 C. Canby Balderston.. . .Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa.. 1950 1 Chairman. 2 Deputy Chairman. FEBRUARY 1948 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES District No. 4—Cleveland Expires Class A: Dec. 31 Ben R. Conner. . .President, The First National Bank of Ada, Ada, Ohio. . . 1948 John D. Bainer.. .President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa 1949 John T. Rohr. .President, The Toledo Trust Company, Toledo, Ohio.. 1950 Class B.- Joel M. Bowlby. . . .President, The Eagle-Picher Company, Cincinnati, Ohio. . 1948 Ross Pier Wright.. .Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa 1949 L. H. Lund.. . .Vice President and Treasurer, Westinghouse Electric Corporation, Pittsburgh, Pa... . . 1950 Class C: Reynold E. Klages2.. . President, Columbus Auto Parts Company, Columbus, Ohio 1948 Geo. C. Brainard1. .President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio 1949 A. Z. Baker.. .Chairman of the Board, The Cleveland Union Stock Yards Company, Cleveland, Ohio.. 1950 Cincinnati Branch Appointed by Federal Reserve Bank: Neil McElroy. . .Vice President and General Manager, The Procter & Gamble Company, Cincinnati, Ohio 1948 Spears Turley. . . Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky 1948 Waldo E. Piers on.. .President, The First National Bank of Cincinnati, Cincinnati, Ohio 1949 Walter H. J. Behm.. .President, The Winters National Bank and Trust Company of Dayton, Dayton, Ohio. . 1950 Appointed by Board of Governors: Francis H. Bird... . .Dean, College of Business Administration, University of Cincinnati, Cincinnati, Ohio 1948 S. Headley Shouse. . . .Tobacco and livestock raiser, Lexington, Ky 1949 Paul G. Blazer. . .Chairman of the Board, Ashland Oil & Refining Company, Ashland, Ky 1950 Pittsburgh Branch Appointed by Federal Reserve Bank: Archie J. McFarland President, Wheeling Steel Corporation, Wheeling, W. Va. 1948 Laurence S. Bell.... .Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa 1948 R. E. Bowie. . . .President, Security Trust Company, Wheeling, W. Va 1949 T. C. Swarts.. ..Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa... 1950 1 Chairman. 2 Deputy Chairman. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 A. H. Burchfield, Jr Vice President and General Manager, Joseph Home Company, Pittsburgh, Pa 1948 Howard W. Jordan President, Pennsylvania Rubber Company, Jeannette, Pa. 1949 Josiah M. Koch Vice President, Quaker State Oil Refining Corporation, Oil City, Pa 1950 District No. 5—Richmond Class A: James D. Harrison President, First National Bank of Baltimore, Baltimore, Md 1948 Warren S. Johnson... . .President, Peoples Savings Bank & Trust Company, Wilmington, N. C 1949 John A. Sydenstricker.. ..Cashier, First National Bank in Marlinton, Marlinton, W. Va 1950 Class B: Charles C. Reed... .. .President, Williams & Reed, Inc., Richmond, Va 1948 H. L. Rust, Jr... . .President, H. L. Rust Company, Washington, D. C 1949 Cary L. Page .. .President and Treasurer, Jackson Mills, Wellford, S. C.. 1950 Class C: W. G. Wysor1.. ..General Manager, Southern States Cooperative, Inc., Richmond, Va 1948 Edward R. Stettinius, Jr... .Rector, University of Virginia, Rapidan, Va 1949 Charles P. McCormick2. . . .President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md 1950 Baltimore Branch Appointed by Federal Reserve Bank: Holmes D. Baker President, The Citizens National Bank, Frederick, Md... . 1948 George M. Moore. . .Vice President, The Union National Bank of Clarksburg, Clarksburg, W. Va 1949 Eugene G. Grady.. . .President, The Western National Bank of Baltimore, Baltimore, Md 1949 W. Bladen Lowndes. . . .President, Fidelity Trust Company, Baltimore, Md... , 1950 Appointed by Board of Governors: James E. Hooper Vice President, William E. Hooper and Sons Company, Baltimore, Md 1948 L. Vinton Hershey. . . .President and General Manager, Hagerstown Shoe Company, Hagerstown, Md 1949 James M. Shriver.. . .President, The B. F. Shriver Company, Westminster, Md. 1950 1 Chairman. 2 Deputy Chairman. FEBRUARY 1948 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Charlotte Branch Bee. 31 Appointed by Federal Reserve Bank: Angus E. Bird... . . Chairman of the Board, The Citizens and Southern National Bank of South Carolina, Columbia, S. C 1948 Allen H. Sims.. ..Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C 1949 George S. Crouch.. .President, Union National Bank, Charlotte, N. C 1949 N. S. Calhoun.... . .President, Security National Bank, Greensboro, N. C.. . 1950 Appointed by Board of Governors: R. Flake Shaw... ..Executive Vice President and Secretary, North Carolina Farm Bureau Federation, Greensboro, N. C 1948 W. A. L. Sibley. . .Vice President and Treasurer, Monarch Mills, Union, S. C. 1949 R. E. Ebert. . . .President, Dixie Home Stores, Inc., Greenville, S. C... 1950 District No. 6—Atlanta Class A: R. C. Williams.. . .President, The First National Bank of Atlanta, Atlanta, Ga. 1948 W. D. Cook. . . . Chairman of the Board, First National Bank in Meridian, Meridian, Miss 1949 George J. White... . President, The First National Bank of Mount Dora, Mount Dora, Fla... 1950 Class B: J. A. McCrary.. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1948 Donald Comer.. . Chairman of the Board, Avondale Mills, Birmingham, Ala. 1949 A. B. Freeman. . .Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1950 Class C: J. F. Porter2. . .President, Tennessee Burley Tobacco Growers Association, Columbia, Tenn 1948 Rufus C. Harris. . . President, The Tulane University of Louisiana, New Orleans, La 1949 Frank H. Neely1.. .President, Rich's, Inc., Atlanta, Ga 1950 Birmingham Branch Appointed by Federal Reserve Bank: M. B. Spragins.. . .President, The First National Bank of Huntsville, Huntsville, Ala 1948 James G. Hall.. .Executive Vice President, The First National Bank of Birmingham, Birmingham, Ala 1949 R. L. Adams.. . . .President, Bank of York, York, Ala 1949 W. C. Bowman.. .President, The First National Bank of Montgomery, Montgomery, Ala 1950 1 Chairman. 2 Deputy Chairman. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Wm. Howard Smith. . . President, McQueen-Smith Farms, Prattville, Ala 1948 Thad Holt.. .President-Treasurer, Voice of Alabama, Inc., Birmingham, Ala 1949 J. Roy Faucett. .Faucett Brothers, Northport, Ala.. 1950 Jacksonville Branch Appointed by Federal Reserve Bank: J. S. Fairchild.. .Executive Vice President, The First National Bank of Winter Garden, Winter Garden, Fla 1948 Max Losner.. .President, The First National Bank of Homestead, Homestead, Fla 1949 H. S. Moody.. .Executive Vice President, Manatee River Bank & Trust Company, Bradenton, Fla 1949 J. W. Shands.. .President, The Atlantic National Bank of Jacksonville, Jacksonville, Fla.. 1950 Appointed by Board of Governors: Charles S. Lee... .Planter and cattle raiser, Oviedo, Fla 1948 Howard Phillips. Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla 1949 Marshall F. Howell.. . Secretary-Treasurer, Bond-Howell Lumber Company, Jacksonville, Fla... 1950 Nashville Branch Appointed by Federal Reserve Bank: Edward Potter, Jr.. .President, Commerce Union Bank, Nashville, Tenn 1948 W. G. Birdwell. .Cashier, Citizens Bank & Trust Company, Carthage, Tenn. 1949 L. R. Driver. .President, The First National Bank in Bristol, Bristol, Tenn 1949 W.H.Hitchcock.. .President, First and Peoples National Bank, Gallatin, Tenn... 1950 Appointed by Board of Governors: H. C. Meacham... . Farmer, Franklin, Tenn.... 1948 W. Bratten Evans. . President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1949 C. E. Brehm. Acting President, University of Tennessee, Knoxville, Tenn.. 1950 New Orleans Branch Appointed by Federal Reserve Bank: T. G. Nicholson.. .President, The First National Bank of Jefferson Parish at Gretna, Gretna, La 1948 W.S.Johnson.. .Executive Vice President, The First National Bank of McComb City, McComb, Miss 1949 John Legier.. .President, National American Bank of New Orleans, New Orleans, La 1949 T. J. Eddins.. . President, Bank of Slidell, Slidell, La.. 1950 FEBRUARY 1948 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec, 31 JohnJ. Shaffer, Jr Planter, Ellendale, La 1948 E. O. Batson President, Batson-McGehee & Company, Inc., Millard, Miss 1949 H. G. Chalkley. . . .President, Sweet Lake Land and Oil Company, Inc., Lake Charles, La 1950 District No. 7—Chicago Class A: Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1948 Horace S. French. . .President, The Manufacturers National Bank of Chicago, Chicago, 111 1949 Vivian W. Johnson. . .President, First National Bank, Cedar Falls, Iowa... . 1950 Class B: William C. Heath President, A. O. Smith Corporation, Milwaukee, Wis... 1948 William J. Grede President, Grede Foundries, Inc., Milwaukee, Wis 1949 Nicholas H. Noyes Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind 1950 Class C: Clarence W. Avery1.. ..President and Chairman, The Murray Corporation of America, Detroit, Mich 1948 Paul G. Hoffman2. . . .President, The Studebaker Corporation, South Bend, Ind. 1949 Allan B. Kline .. .President, American Farm Bureau Federation, Chicago, 111. 1950 Detroit Branch Appointed by Federal Reserve Bank: Charles A. Kanter President, The Manufacturers National Bank of Detroit, Detroit, Mich ~ 1948 Rudolph E. Reichert President, Ann Arbor Bank, Ann Arbor, Mich 1948 Charles T. Fisher, Jr.. .President, The National Bank of Detroit, Detroit, Mich. 1949 Appointed by Board of Governors: Ernest Gilbert Farmer, Waldron, Mich 1948 Ben R. Marsh ... .Viet President and General Manager, Michigan Bell Telephone Company, Detroit, Mich 1949 District No. 8—St. Louis Class A: Phil E. Chappell. . . . President, Planters Bank and Trust Company, Hopkinsville, Ky 1948 G. R. Corlis .. .President, Anna National Bank, Anna, 111 1949 Tom K. Smith. . . . .Chairman of Board, Boatmen's National Bank, St. Louis, Mo 1950 1 Chairman. 2 Deputy Chairman. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 A. Wessel Shapleigh. .President, Shapleigh Hardware Company, St. Louis, Mo. 1948 K. August Engel. . .President, Arkansas Democrat Company, Little Rock, Ark. 1949 Louis Ruthenburg.. .President and General Manager, Servel, Inc., Evansville, Ind.. 1950 Class C: J. P. Redman Farmer, Cairo, 111 1948 Russell L. Dearmont1. .Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo.. 1949 Vacancy.. 1950 Little Rock Branch Appointed by Federal Reserve Bank: Chas. A. Gordon. .Vice President, Simmons National Bank, Pine Bluff, Ark. 1948 Lloyd Spencer.. . President, First National Bank, Hope, Ark 1948 Emmet Morris. .Chairman, Worthen Bank and Trust Company, Little Rock, Ark 1949 Geo. S. Neal.. . President, Bank of Russellville, Russellville, Ark.. 1950 Appointed by Board of Governors: Cecil C. Cox . Farmer, Stuttgart, Ark 1948 Ralph E. Plunkett.. .President, Plunkett-Jarrell Grocer Company, Little Rock, Ark 1949 A. Howard Stebbins, Sr... .President, Stebbins and Roberts, Inc., Little Rock, Ark.. 1950 Louisville Branch Appointed by Federal Reserve Bank: Lee L. Persise. . .President, The State Bank of Salem, Salem, Ind 1948 H. Lee Cooper. .President, Ohio Valley National Bank, Henderson, Ky.. 1948 A. C. Voris .President, Citizens National Bank, Bedford, Ind 1949 Wallace M. Davis. . Vice President, Citizens Fidelity Bank and Trust Company, Louisville, Ky.. 1950 Appointed by Board of Governors: Geo. O. Boomer.. .President, The Girdler Corporation, Louisville, Ky.. 1948 Rosco Stone... .Farmer, Hickman, Ky • 1949 Alvin A. Voit.. .President, Mengel Company, Louisville, Ky.. 1950 Memphis Branch Appointed by Federal Reserve Bank: Norfleet Turner.. .President, First National Bank, Memphis, Tenn.. 1948 H. W. Hicks.. . . .President, First National Bank, Jackson, Tenn 1948 W.W.Campbell. .President, National Bank of Eastern Arkansas, Forrest City, Ark 1949 W. P. Kretschmar. . .Chairman of Board, Commercial National Bank, Greenville, Miss.. 1950 1 Chairman. FEBRUARY 1948 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Leslie M. Stratton, Jr.. . .Executive Vice President, Stratton-Warren Hardware Company, Memphis, Term.. 1948 Hugh M. Brinkley. . .Farmer, Hughes, Ark 1949 M. P. Moore . .Partner, E. E. Moore and Co., Senatobia, Miss... 1950 District No. 9—Minneapolis Class A: F. D. McCartnev. .Vice President, First National Bank, Oakes, N. D 1948 Clarence E. Hill. .Chairman of the Board, Northwestern National Bank, Minneapolis, Minn . . 1949 J. R. McKnight. .President, Pierre National Bank, Pierre, S. D.. 1950 Class B: .President, Chippewa Canning Company, Chippewa Falls, Ray C. Lange. Wis 1948 .Chairman of the Board, West Publishing Company, St. Homer P. Clark. Paul, Minn 1949 . President, Missoula Mercantile Company, Missoula, Mont. 1950 Walter H. McLeod. Class C: Paul E. Miller. .Director, Agricultural Extension Division, University of Minnesota, Minneapolis, Minn 1948 W. D. Cochran2. . .W. D. Cochran Freight Lines, Iron Mountain, Mich.. 1949 Roger B. Shepard1.. . Chairman of the Board . 1950 Helena Branch Appointed by Federal Reserve Bank: E. D. MacHaffie.. - .President, State Publishing Company, Helena, Mont.. 1948 Theodore Jacobs.. . .President, First National Bank, Missoula, Mont.. 1948 B. M. Harris.. .President, Yellowstone Bank, Columbus, Mont.. 1949 Appointed by Board of Governors: R. B. Richardson. .President, Western Life Insurance Company, Helena, Mont. 1948 Malcolm E. Holtz. .Agriculturalist, Great Falls, Mont 1949 District No. 10—Kansas City Class A: .Chairman of the Board and President, United States T. A. Dines. National Bank, Denver, Colo 1948 . Chairman of the Board and President, Citizens National M. A. Limbocker. Bank, Emporia, Kans 1949 .Executive Vice President, Goodland State Bank, Good- W. L. Bunten. land, Kans.. 1950 1 Chairman. 2 Deputy Chairman. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Willard D. Hosford. . Vice President and General Manager, John Deere Plow Company, Omaha, Neb 1948 J. M. Bernardin. . .Lumberman, Kansas City, Mo 1949 L. C. Hutson.. .President and General Manager, Chickasha Cotton Oil Company, Chickasha, Okla.. 1950 Class C: Lyle L. Hague . Farmer and stockman, Cherokee, Okla 1948 Robert B. Caldwell1. , .Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1949 Robert L. Mehornay2. .President, North-Mehornay Furniture Company, Kansas City, Mo.. 1950 Denver Branch Appointed by Federal Reserve Bank: J.D.Allen.. .President, The First National Bank of Eagle County, Eagle, Colo ' 1948 Albert K. Mitchell. .Rancher, Albert, N. M 1948 P. K. Alexander. . Vice President, The First National Bank of Denver, Denver, Colo.. 1949 Appointed by Board of Governors: M. E. Noonen. .Sheep rancher, Kremmling, Colo 1948 W. A. Alexander. . Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo.. 1949 Oklahoma City Branch Appointed by Federal Reserve Bank: Hugh L. Harrell. .Vice President, First National Bank and Trust Company, Oklahoma City, Okla 1948 D. M. Tyler. .First Vice President, Dewey Portland Cement Company, Dewey, Okla. 1948 S. A. Bryant. .President, The Farmers National Bank, Cushing, Okla.. 1949 Appointed by Board of Governors: Rufus J. Green. .Rancher and farmer, Duncan, Okla 1948 Cecil W. Cotton.. .President, C. W. Cotton Supply Company, Tulsa, Okla.. 1949 Omaha Branch Appointed by Federal Reserve Bank: Fred W. Marble. .President, Stock Growers National Bank, Cheyenne, Wyo. 1948 I. R. Alter.. . .President, First National Bank, Grand Island, Neb 1949 Walter S. Byrne. .General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb. 1949 Appointed by Board of Governors: Fred S. Wallace. . Farmer, Gibbon, Neb.. 1948 Vacancy. 1949 1 Chairman. 2 Deputy Chairman. FEBRUARY 1948 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 11—Dallas Expires Class A; Dec. 31 Walter P. Napier. . ..Chairman of the Board, Alamo National Bank, San Antonio, Texas 1948 J. Edd McLaughlin Vice President, Security State Bank and Trust Company, Rails, Texas 1949 W. L. Peterson.. . .President, The State National Bank, Denison, Texas.. 1950 Class B: J. R. Milam President, The Cooper Company, Inc., Waco, Texas 1948 George L. MacGregor. . . .Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas 1949 W. F. Beall. . . . President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas.. 1950 Class C: R. B. Anderson2.. .General Manager, W. T. Waggoner Estate, Vernon, Texas. 1948 J. R. Parten1. . . .President, Woodley Petroleum Company, Houston, Texas. 1949 G. A. Frierson. . . .G. A. Frierson & Son, Shreveport, La.. 1950 El Paso Branch Anointed by Federal Reserve Bank: W. S. Warnock Vice President, El Paso National Bank, El Paso, Texas. 1948 W. Henry Wooldridge President, Lone Star Motor Company, El Paso, Texas.. 1948 George G. Matkin Vice President, State National Bank, El Paso, Texas . . . 1949 W. H. Holcombe. . . .Executive Vice President, Security State Bank, Pecos, Texas ' 1950 Appointed by Board of Governors Dorrance D. Roderick President, Newspaper Printing Corporation, El Paso, Texas 1948 Hiram S. Corbett.. ..President, J. Knox Corbett Lumber Company, Tucson, Ariz 1949 Hal Bogle. . .Livestock feeding, farming and ranching, Dexter, N. M... 1950 Houston Branch Appointed by Federal Reserve Bank: James A. Elkins.. ..Attorney, Vinson, Elkins, Weems & Francis, Houston, Texas' 1948 B.C.Roberts. .President, Wharton Bank & Trust Company, Wharton, Texas 1948 Melvin Rouff. . .First Vice President, Houston National Bank, Houston, Texas 1949 R. Lee Kempner.. ..Chairman of the Executive Committee, United States National Bank, Galveston, Texas. . 1950 Appointed by Board of Governors: Ross Stewart ..President, C. Jim Stewart & Stevenson, Inc., Houston, Texas 1948 George A. Slaughter Farming, Wharton, Texas 1949 J. E. Wheat Attorney at Law, Woodville, Texas.. 1950 1 Chairman. 2 Deputy Chairman. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term San Antonio Branch Expires Appointed by Federal Reserve Bank: Dec. 31 Robert D. Barclay. .President, National Bank of Commerce, San Antonio, Texas 1948 C. L. Skaggs.. .President, The First National Bank of Weslaco, Weslaco, Texas 1948 Riley Peters.. .Executive Vice President, First State Bank, Kerrville, Texas 1949 E. R. L. Wroe.. .President, American National Bank, Austin, Texas.. . 1950 Appointed by Board of Governors: Henry P. Drought. . .Attorney at Law, San Antonio, Texas 1948 Holman Cartwright. .Livestock and farming, Twin Oaks Ranch, Dinero, Texas.. 1949 Edward E. Hale.. .Chairman of the Department and Professor of Economics, The University of Texas, Austin, Texas. 1950 District No. 12—San Francisco Class A: Carroll F. Byrd.. .President, The First National Bank of Willows, Willows, Calif 1948 William W. Crocker. . .President, Crocker First National Bank of San Francisco, San Francisco, Calif 1949 Chas. H. Stewart.. .President, Portland Trust and Savings Bank, Portland, Ore... 1950 Class B: Reese H. Taylor.. . .President, Union Oil Company of California, Los Angeles, Calif 1948 Walter S. Johnson. .President, American Box Corporation, San Francisco, Calif 1949 St. George Holden.. .St. George Holden Realty Company, San Francisco, Calif. 1950 Class C: Harry R. Wellman2.. .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1948 Bray ton Wilbur1. . .President, Wilbur-Ellis Company, San Francisco, Calif.. . . 1949 WTm. R. Wallace, Jr.. .Member of the firm, Williamson & Wallace, Attorneys at Law, San Francisco, Calif.. 1950 Los Angeles Branch Appointed by Federal Reserve Bank: M. Vilas Hubbard.. .President, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif 1948 Frank L. King. .President, California Bank, Los Angeles, Calif 1948 W. R. Bimson.. .President, The Valley National Bank of Phoenix, Phoenix, Ariz... 1949 1 Chairman. 2 Deputy Chairman. FEBRUARY 1948 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Fred G. Sherrill. . .Vice President, J. G. Boswell Company, Los Angeles, Calif 1948 Y. Frank Freeman. . .Vice President, Paramount Pictures, Inc., Hollywood, Calif.. 1949 Portland Branch Appointed by Federal Reserve Bank: William C. Christensen. . . .President, The Commercial National Bank of Hillsboro, Hillsboro, Ore 1948 W.W.Flint.. ..President, The First National Bank of Cottonwood, Cottonwood, Idaho 1948 E. B. MacNaughton. . .Chairman of the Board, The First National Bank of Portland, Portland, Ore.. 1949 Appointed by Board of Governors: R. B. Taylor . .Livestock and farming, Adams, Ore 1948 Aaron M. Frank.. .President, Meier & Frank Company, Inc., Portland, Ore... 1949 Salt Lake City Branch Appointed by Federal Reserve Bank: Chas. L. Smith.. .President, The First National Bank of Salt Lake City, Salt Lake City, Utah 1948 John A. Schoonover President, The Idaho First National Bank, Boise, Idaho. . 1948 D. F. Richards. . . President, American National Bank of Idaho Falls, Idaho Falls, Idaho.. 1949 Appointed by Board of Governors: Merle G. Hyer .Livestock and farming, Lewiston, Utah. .. 1948 Henry Aldous Dixon.. .President, Weber College, Ogden, Utah. . 1949 Seattle Branch Appointed by Federal Reserve Bank: Ben j. N. Phillips.. .President, First National Bank in Port Angeles, Port Angeles, Wash 1948 Fred C. Forrest.. .Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash 1948 Lawrence M. Arnold Chairman of the Board, Seattle-First National Bank, Seattle, Wash.. 1949 Appointed by Board of Governors: John M. McGregor. . ..Manager, McGregor Land and Livestock Company, Hooper, Wash 1948 Henry C. Isaacson.. .President, Isaacson Iron Works, Seattle, Wash 1949 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 26 and released for publication January 28] Industrial production was maintained at record ences reduced production in a few lines such as postwar levels in December. Department store cotton textiles and paperboard. Output of manusales continued in large volume in December and factured foods also declined somewhat, after allowthe early part of January. The general price level ances for seasonal changes, owing mainly to a advanced further while prices of speculative com- reduction from the high November rate of livestock modities declined somewrhat. slaughter. Petroleum refining activity increased in December and early January. Despite a substantial INDUSTRIAL PRODUCTION gain in output of fuel oil, supplies were short of The Board's seasonally adjusted index of indus- exceptionally heavy demands. trial production was 191 per cent of the 1935-39 Minerals production in December was maintained average in December as compared with 192 in No- at the level of the preceding month. Coal output vember and 190 in October. was not as large as in November, while crude oil Activity in durable goods industries continued production showed a further gain. to advance in December and was at a new postwar peak rate. Iron and steel production advanced to EMPLOYMENT the highest rate of the year, after allowance for Nonagricultural employment showed the usual mill closings on Christmas Day, and continued to large seasonal increase from mid-November to midincrease in January. Assembly of passenger auto- December, reflecting the pre-Christmas expansion mobiles advanced further in December from the in trade. The number of persons unemployed in high November rate, and production for the year early December remained at the low November was about 3.6 million units as compared with 2.2 level of 1.6 million, about half a million less than million in 1946 and 3.8 in 1941. Output of trucks a year ago. in 1947 was the highest on record. Production of CONSTRUCTION freight cars in December reached a total of 9,800 units, which virtually met the goal established for Value of construction contracts awarded, as rethe industry last spring. ported by the F. W. Dodge Corporation, declined more than seasonally in December, reflecting chiefly Output of nondurable goods showed a slight dedecreases of about one-fifth in awards for resicline in December largely because holiday infludential building and public works. As compared INOUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PHYSICAL VOLUME SEASOWALLY ADJUSTED, 1936 -S9 -100 1939 1941 1943 1945 1947 1941 1943 1945 1947 1939 1940 1941 I94E 1943 1944 1945 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for December. for December. FEBRUARY 1948 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS with December 1946, however, values of awards port of prices of Government bonds continued in for most types of construction were substantially December and the first three weeks of January. larger. Purchases were particularly large after December DISTRIBUTION 24 when the Federal Open Market Committee reduced the prices at which bonds would be purchased Department store sales in December showed the usual sharp increase and the Board's seasonally for System account. Total holdings of Government adjusted index remained at the advanced November securities at Reserve Banks declined 700 million level. Total sales in the fourth-quarter holiday dollars, however, reflecting substantial market sales shopping season were 9 per cent larger than in the and redemption of bills and certificates. same period in 1946. Sales in the first half of The post-Christmas return of currency from cir- January showed somewhat more than the usual culation was offset in its effect on bank reserves by seasonal decline. an excess of Treasury receipts from taxes and calls Loadings of railroad freight in December and on war loan accounts over current expenditures. the early part of January continued at an exception- Total holdings of Government securities by memally high rate for this season of the year, owing ber banks in leading cities showed little further mainly to the sustained large volume of shipments change during December and the first half of of manufactured goods. Loadings of grain and January. These banks sold bonds but increased livestock were considerably below the high levels their holdings of bills. Business loans continued prevailing a year ago. to increase sharply during most of December and, following a small post-Christmas decline, COMMODITY PRICES showed further growth in the first half of January. Real estate and consumer loans also expanded The general level of wholesale commodity prices further. continued to advance from the middle of December to the latter part of January, reflecting chiefly further INTEREST RATES AND BOND YIELDS increases in prices of petroleum and metal products. Prices of commodities traded in the organized Accompanying reduction in Federal Reserve supmarkets generally declined somewhat from the ad- port prices for bonds, yields on Treasury bonds vanced levels reached during the autumn. increased by as much as one-fourth of a point on The consumers' price index advanced further by some issues. Yields on corporate bonds also rose about 1 per cent in December, reflecting chiefly somewhat. Short-term money rates advanced increases in retail prices of foods and fuels. slightly in December and January. In January the Federal Reserve Banks increased BANK CREDIT their discount rates from 1 per cent to 154 per cent. Purchases by the Federal Reserve System in sup- MEMBER BANKS IN LEADING CITIES CONSUMERS' PRICES BILLIONS OF DOLLARS »&. C t I/ A/ CLO iA? %/FOODJ - ^ k\-\- IT EMS RENT 100 - 80 1940 1941 1942 1943 1944 1945 1946 1947 1939 1940 1941 1942 1943 1944 1945 1946 1947 Demand deposits (adjusted) exclude U. S. Government and Bureau of Labor Statistics' indexes. "All items" includes interbank deposits and collection items. Government securities housefurnishings, fuel, and miscellaneous groups not shown include direct and guaranteed issues. Wednesday figures, latest separately. Midmonth figures, latest shown are for December. shown are for Jan. 28. 184 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 187 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 188 Federal Reserve Bank statistics 189-192 Guaranteed war production loans 193 Deposits and reserves of member banks.. 193-194 Money in circulation 195-196 Gold stock; bank debits and deposit turnover 196 Deposits and currency; Postal Savings System; bank suspensions.. 197 All banks in the United States, by classes 198-199 All insured commercial banks in the United States, by classes. . 200-201 Weekly reporting member banks 202-205 Commercial paper, bankers' acceptances, and brokers* balances. . 206 Money rates and bond yields 207 Security prices and new issues 208-209 Corporate earnings and dividends... 210 Treasury finance 211-213 Government corporations and credit agencies... 214 Business indexes 215-224 Department store statistics. . 225-227 Consumer credit statistics.. 228-230 Cost of living 231 Wholesale prices 232 Gross national product, national income, and income payments. . 233-234 Current statistics for Federal Reserve chart books 235-239 Number of banking offices on Federal Reserve par list and not on par list 240 Changes in number of banking offices in the United States. . 241 Earnings and expenses of Federal Reserve Banks during 1947. . 242-243 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 arc 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. FEBRUARY 1948 185 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 15 > 10 —, 1939 1940 1941 1942 1943 1944 1945 1946 I94T 30 30 TOTAL RESERVE BANK HOLDING! 25 OF US GOVERNMENT SECURITIES 25 - 20 20 / - &\ / 15 15 BIL - 1 / \ 10 10 jl CERTIFICATES Jr 4 - r v J\ • j \\ Jt — y^ J NOTES^ _ -—*~*\^^ 1939 1940 1941 1942 1943 1944 1945 1946 1947 Wednesday figures, latest shown are for Jan. 28. See p. 187. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve U. S Government Treas- Treas- Other balances Date c v o a D a a n u n i d s c n d - - e ts s Total se T c b a u u r i e n r r l i y a d l t s s ie - s o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t o e c u i a n n u u r n g y c r t d - - y - M i c n t u o i o c l n a n i e r - - y T h c i u r o n a e r l g s a y d h s s - - F u B p s r w e R e o y a d r i s n e e v t i - d h k t r e e s s a - lb N p m e o r o e s m n d it - e s - - c s F o e R e a e u r r c e a d v n - - l - e ts Total c E e x s - s2 certificates Monthly averages of daily figures: 1946—Oct 251 23,471 22,030 1,441 421 24,14320,330 4,546 28,588 2,274 444 947 597 16,167 863 Nov 351 23,674 22,116 1,558 498 24,522 20,437 4,548 28,727 2,282 596 992 598 16,310 854 Dec 305 23,767 22,401 1,366 674 24,74620,488 4,552 28,997 2,256 556 852 606 16,517 900 1947—Oct 208 22,092 20,847 1,245 498 22,79822,149 4,551 28,598 1,327 945 908 647 17,073 954 Nov 313 22,082 20,158 1,924 472 22,86622,479 4,551 28,648 1,330 1,287 1,011 631 16,988 850 Dec 268 21,905 18,908 2,996 685 22,85822,712 4,556 28,937 1,330 967 1,016 614 17,261 987 End-of-month figures: 1946—Oct. 31.... 253 23,518 22,047 1,470 338 24,10920,402 4,549 28,600 2,285 628 1,020 595 15,931 567 Nov. 30 316 23,944 22,356 1,588 530 24,79120,470 4,551 28,861 2,269 620 951 598 16,513 1,063 Dec. 31 163 23,350 22,241 1,109 580 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 562 1947—Oct. 31 296 22,168 20,650 1,518 442 22,90622,294 4,554 28,552 1,330 1,400 884 631 16,956 864 Nov. 29 331 22,209 19,813 2,395 435 22,97522,614 4,557 28,766 1,324 1,277 1,180 626 16,974 829 Dec. 31... . 85 22,559 18,230 4,329 536 23,18122,754 4,562 28,868 1,336 870 961 563 17,899 1,499 Wednesday figures: 1947—Mar. 5 239 23,242 22,044 ,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 ,105 402 23,04720,413 4,557 28,242 1,335 713 1,148 636 15,943 673 Mar. 26 287 22,810 21,704 ,105 390 23,48620,438 4,556 28,170 1,355 1,600 1,060 637 15,658 559 Apr. 2 429 21,938 20,833 ,105 391 22,75820,486 4,557 28,247 1,333 946 1,093 642 15,540 563 Apr. 9 277 22,276 21,171 ,105 339 22,89320,497 4,559 28,250 1,336 753 1,033 641 15,934 886 Apr. 16 101 21,905 20,800 ,105 468 22,47420,583 4,558 28,163 1,332 613 879 641 15,987 844 Apr. 23 141 21.829 20,724 ,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 L,105 223 22,20520,774 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 L,091 331 22,23320,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21.... 117 21,676 20,589 1,087 278 22,07120,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28 130 21,590 20,485 1,105 299 22,01920,932 4,561 28,211 1,372 751 846 626 15,705 520 June 4. ... 173 21,760 20,664 1,097 301 22,23420,990 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 21,79721,123 4,561 28,195 1,333 225 857 632 16,241 750 June 25 132 21,582 20,485 1,097 343 22,05721,174 4,553 28,183 1,329 642 915 636 16,081 674 July 2.... 110 21,629 20,532 1,097 406 22,14521,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9 120 21,611 20,515 1,097 304 22,03521,336 4,551 28,363 1,329 566 844 631 16,190 670 July 16 99 21,758 20,663 1,095 391 22,24821,434 4,550 28,225 1,331 756 952 631 16,336 759 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 16,354 742 Aug. 6.... 123 21,869 20,777 1,092 219 22,21121,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13 183 22,030 20,939 1,091 282 22,49421,611 4,551 28,223 1,329 1,053 1,000 622 16,428 779 Aug. 20. ... 239 22,097 21,008 1,089 300 22,63621,666 4,551 28,239 1,330 1,265 987 624 16,407 721 Aug. 27.... 134 22,107 21,018 1,089 237 22,47821,766 4,550 28,302 1,335 915 1,123 626 16,493 775 Sept. 3 125 22,224 21,135 1,089 274 22,62321,765 4,552 28,749 1,323 459 1,149 632 16,628 841 Sept. 10 120 22,042 20,848 1,194 309 22,47221,815 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 22,57321,950 4,552 28,556 1,319 800 924 645 16,831 875 Oct. 1 156 22,392 21,195 1,196 383 22,93121,955 4,551 28,559 1,316 1,053 832 643 17,034 985 Oct. 8.... 111 22,355 21,148 1,207 385 22,85222,092 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. 22 125 21,772 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 22,78922,294 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 1,708 208 22,68922,442 4,550 28,709 1,328 1,224 950 632 16,839 766 Nov. 19 199 22,222 20,117 2,105 620 23,04122,513 4,552 28,595 1,327 1,560 926 631 17,068 883 Nov. 26 370 22,239 19,913 2,327 325 22,93422,597 4,554 28,725 1,330 1,314 969 626 17,121 954 Dec. 3 262 22,120 19,587 2,533 448 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 22,61722,708 4,556 28,874 1,331 934 992 618 17,132 935 Dec. 17 168 21,657 18,772 2,886 913 22,73822,723 4,557 28,923 1,332 616 951 615 17,581 1,165 Dec. 24 283 21,900 18,659 3,241 827 23,01122,743 4,556 29,111 1,318 929 967 609 17,377 1,073 Dec. 31... . 85 22,559 18,230 4,329 536 23,18122,754 4,562 28,868 1,336 870 961 563 17,899 1,499 1948—Jan. 7.... 164 21,683 17,148 4,536 473 22,32022,762 4,560 28,658 1,340 562 1,009 569 17,503 1,166 Jan. 14 165 21,896 17,018 4,878 507 22,56822,790 4,559 28,374 1,333 819 959 568 17,863 1,537 Jan. 21 168 21,540 16,311 5,229 518 22,22722,829 4,559 28,211 1,323 1,268 913 565 17,334 P1,069 Jan. 28... 281 21,987 15,904 6,082 391 22,65822,894 4,558 28,086 1,332 1,945 888 555 17,305 p1.049 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. FEBRUARY 1948 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 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 i v sc e o rn u m nt e s n o t f o a b n l d ig a a t d io v n a s n c a e n s d Other secured advances b o a b n li k g s a t s i e o c n u s r e o d f b th y e d U ir . e S ct . secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate Effective Rate Effective Rate Effective Boston 1M Jan. 14, 1948 Jan. 14, 1948 V Jan. 14,1948 New York IK Jan. 12, 1948 Jan. 12, 1948 2 Apr. 6, 1946 Philadelphia.. . \K Jan. 12, 1948 Jan. 12, 1948 1" Mar. 23, 1946 Cleveland IK Jan. 12, 1948 Jan. 12, 1948 Mar. 9, 1946 A R Ch i t c l i a h c n a m t g a o o nd I I K K J J J a a a n n n . . . 1 1 1 2 2 2 , , , 1 1 1 9 9 9 4 4 4 8 8 8 J J J a a a n n n . . . 1 1 1 2 2 2 , , , 1 1 1 9 9 9 4 4 4 8 8 8 2 2H M J J a a a n n r . . . 2 1 1 4 2 6 , , , 1 1 1 9 9 9 4 4 4 6 8 8 St. Louis Jan. 12, 1948 Jan. 12, 1948 Jan. 12, 1948 Minneapolis. . Jan. 12, 1948 Jan. 12, 1948 A Jan. 15, 1948 Kansas City... Jan. 19, 1948 Jan. 19, 1948 2Y2 Jan. 19, 1948 Dallas Jan. 12, 1948 Jan. 12, 1948 Mar. 16, 1946 San Francisco. IK Jan. 15, 1948 Jan. 15, 1948 2V2 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK 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 [In effect January 3i. Per cent per annum] Maturity Jan. 31 ginning— rate To industrial or 1- 90 days ijan. 12, 1948 commercial To financing institutions 91-120 days 1 Jan. 12, 1948 businesses 121-180 days ijan. 12, 1948 Federal On p d u i r s c c h o a u s n e t s s or 1 Date on which rate became effective at the Federal Reserve Bank Reserve o b f y B N t a h e c e w k o Y t f h i o g e r u r k r . F e s e . d — T e h S r e a e l e s a R m B es e a e n r r k v a i e t n e g s B g a a e n n n k d e s r . a M lly o n a e p ta p r ly y to S t a a n ti y st i p cs u , r ch T a a s b es le m 1 a 1 d 7 e , Bank lo O an n s x co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e- ing c m om O en m n ts itpp. 443-445. tion is portion obligated MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Boston 0 Net demand deposits1 Time N Ph e i w la d Y e o lp rk hia i Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r A S C C R t h l i t . e c l i a v c h L n a e m o g l t u a a o o i n n s d d 2 1 ^ - - 5 5 1-5 Minneapolis. . . . June 21, 1917-Aug. 15, 1936.. 13 10 7 3 Kansas City Aug. 16, 1936-Feb. 28, 1937.. 19^} 15 103^ 4/^ Dallas Mar. 1, 1937-Apr. 30, 1937.. 22^t 17/Hs 12M 5% San Francisco.. . IK Mav 1, 1937-Apr. 15, 1938.. 26 20 14 6 Apr. 16, 1938-Oct. 31, 1941.. 22^t 173^ 12 5 Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 1 Including loans made in participation with financing institutions. Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 2 Rate charged borrower less commitment rate. Sept. 14, 1942-Oct. 2, 1942. . 22 20 14 6 8 Rate charged borrower. Oct. 3, 1942 and after 20 20 14 6 * Rate charged borrower but not to exceed 1 per cent above the discount rate. 1 Demand deposits subject to reserve requirements, i. e., total 6 Charge of K Per cent is made on undisbursed portion of loan. demand deposits minus cash items in process of collection and demand Back figures.—See Banking and Monetary Statistics, Table 118, balances due from domestic banks (also minus war loan and series E pp. 446-447. bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1,1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936 Savings deposits 2H Regulation T: O Po th st e a r l d s e a p v o in s g it s s d p e a p y o a s b it l s e 2y2 Fo a r nd e x d te e n a s le io rs n s o n o l f i s c te r d e d s it e cu b r y i tie b s rokers 75 100 75 I I I n n n l 6 9 e 0 s m s d o t a h n y a t s h n s to 9 o 0 6 r d m m a o y o r s n e ths 2 2 2 V V V 2 2 2 Re F F g o o u r r l a l s t o h i a o o n n r s t U s b a y : l e b s anks on stocks 7 7 5 5 1 1 0 0 0 0 7 7 5 5 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. 188 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 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Dec. 24 Dec. 17 Jan. Dec. Jan. Assets Gold certificates 20,965,170 :0,895,17020,850,17020,810,170 10,810,17020,795,17020,786,17021,010,17020,810,17017,829,179 Redemption fund for F. R. notes 691,082 692,963 694,906 695,066 687,127 687,317 682,667 691,084 687,127 797,722 Total gold certificate reserves 1,656,25221,588,13321,545,076 21,505,23621,497,29721,482,48721,468,837 21,701,25421,497,29718,626,901 Other cash 380,522 376,269 350,613 303,347 272,631 243,401 250,107 388,021 272,631 382,039 Discounts and advances For member banks.. . 170,264 77,515 83,865 102,513 34,825 234,986 128,615 206,522 34,825 180,362 For nonmember banks, etc 110,800 90,800 80,800 60,800 50,600 47,800 39,800 120,800 50,600 127,340 Total discounts and advances 281,064 ^168,315 164,665 163,313 85,425 282,786 168,415 327,322 85,425 307,702 Industrial loans 2,001 2,869 1,423 1,428 1,387 1,441 4,485 1,972 1,387 589 Acceptances purchased. 12 U. S. Govt. securities: Bills: Under repurchase option 6,189,229 Other 10,004,321 10,234,744 10,781,05610,896,83511,433,41011,786,73511,882,116 9,709,27111,433,410 9,462,980 Certificates: Special Other 5,899,955 6,076,555 6,236,955 6,250,705 6,796,505 6,872,255 6,889,605 5,881,655 6,796,505 7,180,012 Notes 1,542,750 1,497,950 1,497,950 1,468,950 1,476,550 1,531,750 1,481,750 1,542,750 1,476,550 355,300 Bonds 4,539,599 3,731,166 3,380,021 3,066,952 2,852,869 1,709,593 1,403,826 4,790,968 2,852,869 753,390 Total U. S. Govt. securities ,986,< ,540,415 1,895,98221,683,44222,559,33421,900,33321,657,29721,924,64422,559,334 23,940,911 Other Reserve Bank credit outstanding... 388,541 515,409 506,099 471,585 535,331 826,287 907,970 527,670 535,331 504,653 Total Reserve Bank credit outstanding 22,658,23122,227,00822,568,16922,319,76823,181,47723,010,847 22,738,17922,781,60823,181,47724,753,855 Liabilities Federal Reserve notes. 24,159,085 24,278,02324,435,80524,651,25324,820,43424,984,449 24,822,907 24,155,80124,820,434 24,386,525 Deposits: Member bank — reserve account 17,304,92: 17,334,455 17,863,39017,502,75517,899,37117,376,98217,581,25916,919,04817,899,37116,062,827 U. S. Treasurer—general account 1,944,667 1,268,026 818,916 562,199 870,031 928,913 615,901 2,343,035 870,031 1,942,481 Foreign 405,775 424,514 456,372 485,138 391,849 461,517 469,440 360,056 391,849 641,682 Other 482,036 488,559 502,338 523,955 569,433 505,795 481,248 689,087 569,433 280,760 Total deposits.... 20,137,400 19,515,55419,641,01619,074,047 19,730,68419,273,20 19,147,84820,311,22619,730,68418,927,750 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 48.9 49. 48.9 49.2 48.3 48.5 48.8 48.8 43.0 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91 days to 6months 1 year to 2 years to Oyer 15 days day days days 6months to 1 year 2 years 5 years 5 years Discounts and advances: Dec. 31 85,425 43,159 9,548 494 32,159 65 Jan. 7 163,313 104,998 11,045 3,339 43,867 44 20 Jan. 14 164,665 80,818 7,934 16,138 50,542 9 213 20 Jan. 21 168,315 64,567 7,655 21,358 72,775 1 944 16 Jan. 28 281,064 144,362 20,620 45,188 70,837 43 14 Industria loans: Dec.31 1,387 1,316 1 2 34 11 23 Jan. 7 1,428 1,363 1 2 28 11 23 Jan. 14 1,423 1,360 1 2 26 11 23 Jan. 21 2,869 2,806 2 27 11 23 Jan. 28 2,001 1,810 21 21 65 50 11 23 U. S. Government securities: Dec. 31 22,559,334 3,857,251 1,620,1915,097,8663,782,482 609 804 4 954 971 197 633 2,439 136 Jan. 7 21,683,442 2, 806,6453,019,793 3,699,4473,597,9123,487 301 2 221 492 197 633 2,653 219 Jan. 14 21,895,982 2,465,9663,151,924 3,754,5213,617,8573,489 801 2 251,992 198 633 2,965 288 Jan. 21 21,540,415 2,809,118 1,572,416 3,938,9783,090,2443,449 026 2 165,567 198 633 3,316 433 Jan. 28. . 21,986,625 3,015,7932,587,864 3,699,8322,861,4443,371 276 2 126,917 376 033 3,947 466 189 FEBRUARY 1948 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates: Dec. 31 20,810,170 759,612 6,259,354 ,016,5381,434,2291,044,2811,013,770 4,182,995 620,743 431,975 750,224 505,160 2,791,289 Jan. 7 20,810,170 754,972 6,426,300 935,9341,401,4571,029,2871,054,4914,082,676 605,874 409,679 745,234 503,413 2,860,853 Jan. 14 20,850,170 746,742 6,499,187 966,6771,355,300 1,013,2761,057,142 4,099,883 595,751 424,154 757,945 498,318 2,835,795 Jan. 21 20,895,170 731,288 6,490.717 941,4431,339,466 1,008,4451,058,329 4,163,976 614,592 450,327 761,432 519,313 2,815,842 Jan. 28 20,965,170 734,909 7,110,828 933,4491,264,234 948,9611,021,924 4,038,875 596,231 409,762 730,543 493,6492,681,805 Redemption fund for F. R. notes: Dec. 31 687,127 56,120 120,919 60,691 75,702 60,479 40,529 90,074 46,693 22,880 35,619 26,180 51,241 Jan. 7 695,066 56,006 120,446 60,489 75,551 59,655 40,422 100,074 46,649 22,862 35,582 26,180 51,150 Jan. 14. . . . . . 694,906 56,006 120,446 60,489 75,551 59,655 40,422 99,945 46,649 22,863 35,582 26,148 51,150 Jan. 21 692,963 55,914 120,015 60,328 75,406 58,969 40,317 99,803 46,617 22,841 35,556 26.11S 51,079 Jan. 28 691,082 55,830 119,661 60,178 75,274 58,236 40,217 99,677 46,584 22,827 35,533 26,091 50,974 Total gold certificate reserves: Dec. 31 21,497,297 815,732 6,380,2731,077,2291.509,9311,104,7601,054,299 4,273,069 667,436 454,855 785,843 5311,.,340 2,842,530 Jan. 7 21,505,236 810,978 6,546,746 996,4231,477,0081,088,9421,094,9134,182,750 652,523 432,541 780,816 529,5932,912,003 Jan. 14 21,545,076 802,748 6,619,6331,027,1661,430,8511,072,931 ,097,5644,199,828 642,400 447,017 793,527 524,4662,886,945 Jan. 21 21,588,133 787,202 6,610,7321,001,7711,414,8721,067,4141,098,646 4,263,779 661,209 473,168 796,988 545,4312,866,921 Jan. 28 21,656,252 790,739 7,230,489 993,6271,339,5081,007,1971,062,1414,138,552 642,815 432,589 766,076 519,740 2,732,779 Dec. 31.' 272,631 24,804 39,412 14,687 23,878 19,620 23,750 42,326 15,047 6,793 10,380 12,455 39,479 J J a a n n . . 1 7 4 3 3 0 5 3 0 , , 3 6 4 1 7 3 3 2 2 7 . , 4 34 8 9 8 5 5 0 9 , ,6 5 9 5 2 4 2 1 2 7 , f7 8 3 5 O 2 2 2 7 8 , , 1 8 3 2 1 7 2 2 1 5 , , 4 4 2 1 6 5 2 2 3 7, , 7 1 2 8 7 1 5 4 4 7 , , 5 3 2 3 6 0 1 1 5 5 , , 5 8 4 4 5 0 6 8, , 8 7 5 2 1 0 1 1 1 2 , , 5 6 2 5 7 2 1 1 3 5 , , 8 7 4 9 5 6 4 4 1 5 , , 0 9 0 4 9 7 Jan. 21 376,269 34,122 64,221 25,176 34,631 26,513 28,594 56,952 18,316 7,949 14,132 16,390 49,273 Jan. 28 380,522 35,795 62,472 23,963 35,328 26,193 29,147 57,566 18,530 9,631 14,885 17,356 49,656 Discounts & advances: Secured by U. S. Govt. securities: Dec. 31. . 34,444 2,235 24,955 3,455 1,704 615 80 175 50 700 475 Jan. 7. . 101,853 2,554 51,730 4,790 2,529 3,265 6,305 14,505 550 1,500 11,250 2,500 375 Jan. 14. . 83,194 9,938 31,552 4,675 8,634 3,140 7,155 1,910 7,100 2,500 4,715 1,500 375 Jan. 21. . 76,805 1,805 12,760 5,765 5,408 1,637 12,555 2,560 10,400 2,000 17,040 4,500 375 Jan. 28.. 169,170 12,255 20,640 5,267 13,703 12,700 17,905 14,175 22,750 16,110 18,240 9,000 6,425 Other: Dec. 31. . 50,981 3,238 16,905 3,386 5,086 2,479 2,075 6,882 1,771 1,265 1,771 1,670 4,453 Jan. 7. . 61,460 3,891 19,456 4,925 6,035 2,979 2,493 8,269 2,408 1,520 2,128 2,006 5,350 Jan. 14.. 81,471 5,090 25,856 6,545 7,825 3,959 3,313 10,989 3,189 2,020 2,828 2,747 7,110 Jan. 21.. 91,510 5,720 29,106 7,355 8,744 4,449 3,723 12,349 3,539 2,270 3,178 3,087 7,990 Jan. 28. . 111,894 6,980 35,456 8,975 10,583 5,429 4,543 15,069 4,694 2,770 3,878 3,767 9,750 Industrial loans: Dec. 31 1,387 1,357 30 Jan. 7 1,428 1,404 24 Jan. 14 1,423 1,401 22 Jan. 21 2,869 1,346 23 1,500 Jan. 28 2,001 1,342 139 32 488 LvS. Govt. securities: Bills: Dec. 31 11,433,410 771,910 3,270,067 798,3661,040,322 636,584 531,6111,535,867 568,921 298,577 522,437 395,279 1,063,469 Jan. 7 10,896,835 723,465 2,612,865 778,3591,044,679 707,684 546,2921,561,047 594,302 333,541 507,913 474,1431,012,545 Jan. 14 10,781,056 724,746 2,585,103 770,0891,033,579 700,165 540,4871,538,258 574,543 329,997 502,516 483,135 998,438 Jan. 21 10,234,744 688,022 2,454,107 731,066 981,205 664,686 513,100 1,460,633 551,581 313,274 477,051 463,827 936,192 Jan. 28 10,004,321 656,484 2,450,313 714,606 959,114 649,723 501,5481,427,893 489,985 306,221 466,311 422,462 959,661 Dec. 31. ... 6,796,505 442,209 1,482,995 468,634 647,980 485,785 396,910 946,565 390,354 223,788 328,193 363,390 619,702 Jan. 7 6,250,705 420,197 1,498,806 446,488 599,255 405,945 313,367 888,151 345,120 191,328 291,352 283,276 567,420 Jan. 14.... 6,236,955 419,274 1,495,509 445.505 597 937 405,053 312,677 886,196 344,361 190,908 290,710 282,653 566,172 Jan. 21 6,076,555 408,491 1,457,048 434,048 582,560 394,635 304,637 863,404 335,505 185,998 283,234 275,384 551,611 Jan. 28 5,899,955 396,618 1,414,702 421,434 565,629 383,167 295,782 838,314 325,754 180,591 275,003 267,380 535,581 Notes: Dec. 31 1,476,550 96,070 322,183 101,811 140,776 105,536 86,229 2C5,644 84,804 48,618 71,300 78,947 134,632 Jan. 7 1,468,950 98,749 352,228 104,927 140,828 95,400 73,643 208,720 81,105 44,963 68,469 66,571 133,347 Jan. 14 1,497,950 100,697 359,182 106,999 143,608 97,283 75,096 212,842 82,706 45,850 69,822 67,885 135,980 Jan. 21 1,497,950 100,697 359,182 106,999 143,608 97,283 75,096 212,842 82,706 45,850 69,822 67,885 135,980 Jan. 28 1,542,750 103,710 369,924 110,199 147,903 100,192 77,343 219,206 85.18C 47,222 71,909 69,916 140 046 Bonds: Dec. 31 2,852,869 185,619 622,496 196,711 271,995 203,909 166,605 397,328 163,852 93,936 137,759 152,534 260,125 Jan. 7 3,066,952 206,173 735,400 219,072 294,029 199,180 153,755 435,777 169,336 93,876 142,954 138,991 278,409 Jan. 14 3,380,021 227,219 810,468 241,435 324,043 219,512 169,451 480,260 186,621 103,459 157,546 153,179 306,828 Jan. 21 3,731,166 250,824 894,667 266,517 357,7C7 242,317 187,054 530,154 206,009 114,207 173,913 169,093 338,704 Jan. 28 4,539,599 305,170 1,088,515 324,263 435,211 294.82C 227,584 645,022 250,645 138,953 211,595 205,730 412,091 Total U. S. Govt. securities: Dec. 31 22,559,334 1,495,808 5,697,7411,565,5222,101,0731,431,8141,181,3553,085,4041,207,931 664,9191,059,689 990,150 2,077,928 Jan. 7 21,683,442 1,448,584 5,199,2991,548,846 22,,007788,,7799111,408,2091,087,057 33,,009933,,6699551,189,863 663,7081,010,688 962,9811,991,721 Jan. 14 21,895,982 1,471,936 5,250,2621,564,0282,099,1671,422,0131,097,7113,117,5561,188,231 670,2141,020,594 986,8522,007,418 Jan. 21 21,540,415 1,448,034 5,165,004 ,538,630 22,,OO6655,,OO88CC1,398,9211,079,887 3,,006677,,0033331,175,801 659,3291,004,020 976,189 11,962,487 Jan. 28 21,986,625 1,461,982 5,323,454 ,570,5022,107,8571,427,9021,102!,,257 3,130,4351,151,564 672,9871,024,818 965,488 2,047,379 Total loans and securities: Dec. 31 22,646,146 1,501,281 5,739,601 ,573,720 2,107,8631,434,9381,183,510 3,092,4611.209,752 666,1841,062,160 991,820 2,082,856 Jan. 7 21,848,183 1,455,029 5,270,485 ,559,9652,087,3551,414,4771,095,855 3,116,4691,192,821 666,7281,024,066 967,487 1,997,446 Jan. 14 22,062,070 1,486,964 5,307,670 ,576,6492,115,6261,429,1341,108,1793,130,4551.198,520 674,7341,028,137 2,014,903 Jan. 21 21,711,599 1,455,559 5,206,870 ,553,0962,079,2321,405,0301,097,665 3,081,9421.189,740 663,5991,024,238 1,970,852 Jan. 28 22,269,690 1,481,217 5,379,5501,586,0862,132,2821,446,063 ,125,1933,159,6791,179,008 691,8671,046,936 978,255 2,063,554 Due from foreign banks: Dec. 31 Jan. 7 131 Jan. 14 131 Jan. 21 131 Jan. 28 131 1 After deducting $64,000 participations of other Federal Reserve Banks on Dec. 31; Jan. 7; Jan. 14; Jan.21; and Jan. 28. 190 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 ew rk - d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes of other Banks: Dec. 31 162,242 9.130 17,676 10,866 8,922 22,291 16,919 22,440 10,191 8,158 10,128 7,051 18,470 Jan. 7 166,026 6,453 20,495 1 0.517 11,659 24,409 15,761 21,792 10,510 7,990 10,471 7,854 18,115 Jan. 14 181,739 7,876 28,827 10,386 9,836 28,067 19,874 21,466 9,987 8,316 10,164 6,969 19,971 Jan. 21 167,253 8,396 23,224 10,057 * 9,187 30,505 16,845 20,450 8,910 7,068 8,040 6,779 17,792 Jan. 28 156,868 6.120 22,439 8,022 7,978 32,564 14,642 16,865 9,628 5,632 9,012 6,196 17,770 Uncollected items: Dec. 31 2,984,999 244.218 670,430 192,379 275,270 253,489 174,514 464,388 161,999 67,641 159,158 109,719 211,794 Jan. 7 2,782,736 229,987 541,079 190,136 251,830 247,225 175,538 426,666 120,325 80,087 158,831 120,292 240,740 Jan. 14 3,230,715 282,648 652,041 196,419 324,279 257,146 215,721 508,090 151,404 87,071 169,648 137,715 248,533 Jan. 21 3,279,448 243,192 599,906 200,798 316,220 305,665 266,789 463,859 160,010 90,902 178,317 171,349 282,441 Jan. 28 2,771,85 216,163 519,136 168,061 283,168 239,515 171,311 426,056 126,319 80,103 169,020 120,122 252,877 Bank premises: Dec. 31 33,007 1,241 8,239 3,182 4,938 2,637 1,559 3,064 1,973 1,208 2,456 797 1,713 Jan. 7 33,00 1,241 8,239 3,182 4,938 2,637 1,559 3,064 1,973 1,208 2,450 797 1,713 Jan. 14 33,00 1,241 8,239 3,182 4,938 2,637 1,559 3,064 1,973 1,208 2,450 797 1,713 Jan. 21 32,99 1,241 8,239 3,182 4,934 2,637 1,559 3,064 1,973 1,208 2,450 797 1,713 Jan. 28 32,966 1,236 8,239 3,176 4,925 2,637 1,556 3,061 1,973 1,209 2,450 797 1,707 Other assets: Dec. 31 115 237 7,544 25,057 7,455 10,780 8,219 6,700 15,992 7,162 3,657 5,726 6,012 10,933 Jan. 7 112,747 7,668 26,659 7,567 10,636 7,389 5,695 15,976 6,619 3,371 5,466 5,005 10,696 Jan. 14 117,367 7 940 28,135 7,921 11,203 7,771 5,927 16,268 6,819 3,483 5,531 5,277 11,092 Jan. 21 123,246 8,361 28,993 8,459 11,988 8,102 6,247 17,239 7,079 3,721 5,741 5,664 11,652 Jan. 28 137,459 9,263 32,681 9,399 13,416 8,857 7,036 19,537 7,967 4,186 6,184 6,268 12,665 Total assets: Dec. 31 47,711,654 2,603,95612,880,7192,879,5263,941,5912,845,9592,461,2557,913,7532,073,5631,208,4982,035.8541,659,1975,207,783 Jan. 7 46,751,371 2,538,71112,464,2882,785,5283,870,5662,806,5102,412,5067,814,0602,000,3191,198,6471,993,6301,644,8765,221,730 Jan. 14 47,520,676 2,621,91112,704,2682,844,5833,925,5692,823,1062,476,5557,933,7102,026,9461,230,6822,022,1121,682,1225,229,112 Jan. 21 47,279,040 2,538,07912,542,2162,802,5473,871,0732,845,8712,516,3497,907,2982,047,2401,247,6172,029,9091,730,1895,200,652 Jan. 28 47,405,703 2,540,53913,255,0372,792,3423,816,6142,763,0312,411,0307,821,3291,986,2431,225,2192,014,5661,648,7375,131,016 Liabilities Federal Reserve notes: Dec. 31 24,820,434 1,472,299 5,765,9161,681,8802,139,9631,741,8961,397,7164,636,5681,143,968 626,969 949,067 624,7392,639,453 Jan. 7 24,651,253 1,457,474 5,696,5591,669,2692,128,4461,728,4621,388,8534,624,8071,138,220 626,476 948,090 621,0592,623,538 Jan. 14 24,435,805 1,440,641 5,635,2331,657,4072,112,2251,710,3291,374,6594,589,4261,129,784 622,212 943,131 613,9002,606,858 Jan. 21 24,278,023 1,431,790 5,601,0981,647,1962,096,5351,696,5181,369,0844,568,0571,123,141 618,429 936,725 610,3852,579,065 Jan. 28 24,159,085 1,427,432 5,579,0021,643,2372,093,6091,683,4691,365,6884,553,3851,115,909 615,589 932,427 606,3142,543,024 Deposits: Member bank —reserve account: Dec. 31. . 17,899,371 766,622 5,573,276 867,1141,386,873 784,772 789,3202,655,849 691,845 450,542 868,410 863,2272,201,521 Jan. 7. . 17,502,755 775,279 5,348,608 834,4191,370,898 775,282 776,0202,611,123 675,287 437,888 841,737 851,2872,204,927 Jan. 14.. 17,863,390 807,447 5,610,548 872,5651,350,990 774,966 797,8472,642,562 668,675 449,535 844,303 861,1852,182,767 Jan. 21.. 17,334,455 761,435 5,366,812 842,5251,294,219 764,175 784,2922,565,273 657,009 451,312 832,811 860,1962,154,396 Jan. 28. . 17.3G4.922 765,356 5,456,468 842,6321,285,863 742,249 751,3852,593,583 641,415 437,575 831,808 827,6972,128,891 U S Treasurer-general account: Dec. 31. . 870,031 66,431 229,639 77,363 79,221 43,913 55,312 101,887 41,733 43,975 40,670 39,504 50,383 Jan. 7.. 562,199 41,086 120,241 30,133 44,367 45,520 31,249 95,214 31,056 34,778 27,211 25,933 35,411 Jan. 14.. 818,916 52,691 127,104 51,711 84,174 67,267 46,468 119,744 42,891 52,140 49,569 44,630 80,527 Jan. 21. . 1,268,026 68,087 282,673 57,359 115,965 78,441 73,055 243,520 77,479 69,615 62,780 55,381 83,671 Jan. 28.. 1,944,667 85,317 1,009,387 75,290 103,227 71,722 73,764 153,756 67,972 73,028 69,426 73,236 88,542 Foreign: Dec. 31.. 391,849 21,125 2168,000 26,649 30,597 16,121 13,489 44,744 11,515 8,225 11,515 10,857 29,012 Jan. 7.. 485,138 26,142 2207,979 32,999 37,888 19,963 16,703 55,406 14,259 10,185 14,259 13,444 35.911 Jan. 14. . 456,372 23,794 2200,155 30,505 34,647 18,453 15,441 51,218 13,558 9,415 13,181 12,804 33,201 Jan. 21.. 424,514 23,038 2176,458 29,533 33,543 17,865 14,948 49,586 13,126 9,115 12,761 12,396 32,145 Jan. 28. . 405,775 21,810 2170,978 27,953 31,749 16,910 14,149 46,934 12,424 8,628 12,078 11,733 30,429 OtheDr"ec. 31. . 569,433 7,444 472,411 4,707 12,185 2,062 2,347 5,724 8,161 2,645 4,325 2,292 45,130 Jan. 7. . 523,955 4,356 443,124 1,852 10,935 5,202 1,805 2,032 6,715 1,912 1,351 583 44,088 Jan. 14. . 502,338 2,457 426,354 1,703 11,683 5,655 1,012 2,370 5,208 2,676 1,352 874 40,994 Jan. 21.. 488,559 3,408 417,268 1,751 10,936 4,160 919 2,520 6,131 1,868 210 487 38,901 Jan. 28. . 482,036 3,218 408,615 2,015 10,255 6,130 1,416 2,867 5,923 1,745 679 349 38,824 Total deposits: Dec. 31. ..... 19,730,684 861,622 6,443,326 975,8331,508,876 846,868 860,4682,808,204 753,254 505,387 924,920 915,8802,326,046 Jan. 7 19,074,047 846,863 6,119,952 899,4031,464,088 845,967 825,7772,763,775 727,317 484,763 884,558 891,2472,320,337 Jan. 14 19,641,016 886,389 6,364,161 956,4841,481,494 866,341 860,7682,815,894 730,332 513,766 908,405 919,4932,337,489 Jan. 21 19,515,554 855,968 6,243,211 931,1681,454,663 864,641 873,2142,860,899 753,745 531,910 908,562 928,4602,309,113 Jan. 28 20,137,400 875,701 7,045,448 947,8901,431,094 837,011 840,7142,797,140 727,734 520,976 913,991 913,0152,286,686 Deferred availability items: Dec. 31 2,449,763 224,606 449,937 164,635 227,328 221,555 173.035 372,809 150,013 57,024 135,688 93,632 179,501 Jan. 7 2,311,246 188,359 425,750 159,369 212,178 196,010 167,578 328,611 108,228 68,549 134,581 107,326 214,707 Jan. 14 2,724,711 249,046 481,713 172,866 265,573 210,087 210,551 430,860 140,048 75,695 143,942 123,119 221,211 Jan. 21 2,764,134 204,375 474,412 166,193 253,201 248,254 243,348 380,470 143,477 78,161 157,913 165,544 248,786 Jan. 28.; 2,383,405 191,187 406,221 142,959 224,875 205,826 173,708 372,392 115,548 69,119 141,236 103,443 236,891 accrued div.: Dec. 31 14,806 901 4,109 898 1,383 762 619 2,337 678 867 601 446 1,205 Jan. 7 15,586 1,318 3,810 943 1,528 932 697 2,547 742 489 645 603 1,332 Jan. 14 16,495 905 4,173 1,039 1,645 988 763 2,748 818 525 700 675 1,516 Jan. 21 15,565 881 3,753 945 1,719 858 725 2,623 750 533 632 721 1,425 Jan. 28 16,256 882 3,787 956 1,747 896 759 2,679 745 830 636 718 1,621 Total liabilities: Dec. 31 47,015,687 2,559,42812,663,2882,823,2463,877,5502,811,0812,431,8387,819,9182,047,9131,190,2472,010,2761,634,6975,146,205 Jan. 7 46,052,132 2,494,01412,246,0712,728,9843,806,2402,771,3712,382,9057,719,7401,974,5071,180,2771,967,8741,620,2355,159,914 Jan. 14 46,818,027 2,576,98112,485,2802,787,7963,860,9372,787,7452,446,7417,838,9282,000,982 1,212,1981,996,1781,657,1875,167,074 Jan. 21. 46,573,276 ,493,01412,322,4742,745,5023,806,1182,810,2712,486,3717,812,0492,021,1131,229,0332,003,832 1,705,1105,138,389 Jan. 28 46.696.146 ,495,20213,034,4582,735,0423,751,3252,727,2022.380,8697,725,5961,959,9361,206,5141,988,2901,623,4905,068,222 2 After deducting $223,720,000 participations of other Federal Reserve Banks on Dec. 31; $277,032,000 on Jan. 7; $256,088,000 on Jan. 14; $247,928,000 on Jan. 21; and $234,668,000 on Jan. 28. FEBRUARY 1948 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS— Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Capital Accts.: Capital paid in: Dec. 31 195,517 11,243 68,888 14,370 18,843 8,220 7,514 23,827 6,404 4,293 6,522 7,304 18,089 Jan. 7.... 195,820 11,263 68,911 14,407 18,837 8,277 7,551 23,879 6,416 4,313 6,540 7,314 18,112 Jan. 14.... 196,262 11,266 68,943 14,428 18,857 8,299 7,621 23,904 6,433 4,330 6,578 7,479 18,124 Jan. 21 196,397 11,269 68,929 14,453 18,878 8,320 7,633 23,923 6,439 4,334 6,597 7,484 18,138 Jan. 28 196,901 11,285 68,968 14,466 18,895 8,334 7,660 23,933 6,445 4,339 6,613 7,504 18,459 Surplus (section 7): Dec. 31 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Jan. 7.... 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Jan. 14 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Jan. 21 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Jan. 28 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16.972 11,233 16,148 14,111 38,952 Surplus (section 13b): Dec. 31 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 7.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 14.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 21 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 28.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Dec. 31 24,718 2,157 2,628 2,071 2,019 2,099 2,031 2,362 1,753 1,652 1,771 1,778 2,397 Jan. 7 27,687 2,306 3,391 2,298 2,310 2,303 2,178 2,795 1,903 1,751 1,931 1,909 2,612 Jan. 14 30,655 2,536 4,130 2,520 2,596 2,503 2,321 3,232 2,038 1,848 2,071 2,038 2,822 Jan. 21 33,635 2,668 4,898 2,753 2,898 2,721 2,473 3,680 2,195 1,944 2,195 2,177 3,033 Jan. 28 36,924 2,924 5,696 2,995 3,215 2,936 2,629 4,154 2,369 2,060 2,378 2,325 3,243 Total liabilities and cap. accts.: Dec. 31 47,711,654 2,603,956 12,880,7192,879,5263,941,591 2,845,959 2,461,255 7,913,7532,073,563 1,208,498 2,035,854 1,659,197 5,207,783 Jan. 7 46,751,371 2,538,711 12,464,2882,785,5283,870,566 2,806,5102,412,506 7,814,0602,000,319 1,198,647 1,993,630 1,644,876 5,221,730 Jan. 14 47,520,676 2,621,911 12,704,2682,844,5833,925,5692,823,1062,476,555 7,933,7102,026,946 1,230,682 2,022,112 1,682,122 5,229,112 Jan. 21.... 47,279,040 2,538,079 12,542,2162,802,5473,871,073 2,845,8712,516,349 7,907,2982,047,240 1,247,617 2,029,909 1,730,189 5,200,652 Jan. 28 47,405,703 2,540,539 13,255,0372,792,3423,816,614 2,763,0312,411,030 7,821,329 1,986,243 1,225,219 2,014,566 1,648,737 5,131,016 Contingent liability on bills purchased for foreign correspondents: Dec. 31 2,460 157 1787 199 228 121 101 335 86 62 86 81 217 Jan. 7 2,275 146 1728 184 212 111 93 309 80 57 80 75 200 Jan. 14 2,498 157 1799 202 230 122 102 340 90 63 88 85 220 Jan. 21 2,951 186 1944 239 272 145 121 401 106 74 103 100 260 Jan. 28 3,451 217 11,104 280 318 169 142 469 124 86 121 117 304 Commit, to make indus. loans: Dec. 31 ... 7,434 490 1,642 78 400 351 580 3,750 143 Jan. 7 7,200 434 1,465 81 400 351 580 3,750 139 Jan. 14 7 148 437 1,415 75 400 351 580 3,750 140 Jan. 21 ... 7,200 492 1,415 72 400 351 580 3,750 140 Jan. 28 7,040 496 1.275 75 373 351 580 3,750 140 i After deducting $1,673,000 of other Federal Reserve Banks on Dec. 31; $1,547,000 on Jan. 7; $1,699,000 on Jan. 14; $2,007,000 on Jan. 21; and $2,347,000 on Jan. 28. 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 i e s - K C an it s y as Dallas F c S r is a a c n n o - F.R.notes outstanding (issued to Bank): Dec. 31 25,705,984 1,535,9985,929,626 1,746,1012,229,858 1,805,5251,458,4834,769,011 1,187,366644,064 972,664 660,9812,766,307 Jan. 7 25,625,343 1,531,150 55,,991122,,9988331,741,2372,227,289 1,790,344 1,450,3414,756,949 1,184,814 644,091 970,123i657,6512,758,371 Jan. 14 25,514,724 1,530,6205,883,795 1,737,114 2,212,8071,783,5941,434,2774,743,284 1,178,627641,961 967,259!652,6012,748,785 Jan. 21 25,335,943 1,525,050 55,,882200,,5599991,729,5472,190,460 1,760,084 1,431,649 4,718,5331,174,118639,778 965,947643,068 2,737,110 Jan. 28 25,251,670 1,520,3375,809,826 1,724,170 2,188,153 1,747,3641,418,800 4,704,2461,170,518 636i,158 964,022-641,0132,727,063 Collateral held against notes outstanding: Gold certificates: Dec. 31 12,719,000 460,000 3,570,000 550,000 735.00G 675,000 675,0002,990,000 315,000 200,000 280,000 169,000 2,100.000 Jan. 7 12,519,000 460,000 3,570,000 550,000 735,000 675,000 675,0002,790,000 315,000200,000 280,000 169.000 2,100,000 Jan. 14 12,569,000 460,0003,570,000 550,000 735,000 675,000 675,000 2,790,000 315,000200,000 280,000 169,000 2,150,000 Jan. 21 12,529,000 460,0003,570,000 550,000 735,000 675,000 675,000 2,750,000 315,000 200,000 280,000 169,000 2,150,000 Jan. 28 12,399,000 460,0003,570,000 550,000 735,000 675,000 675,0002,720,000 315,000 200,000 280,000 169,0002,050,000 Eligible paper: Dec. 31 32,410 2,235 24,880 3,455 615 50 700 475 Jan. 7 76,134 2,554 51,570 4,790 3,265 830 1,500 11,250 375 Jan. 14 64,025 9,938 31,302 4,675 3,140 7,380 2,500 4,715 375 Jan. 21 52,102 1,805 12,810 5,765 1,637 10,670 2,000 17,040 375 Jan. 28 114,517 12,255 20,065 5,267 12,700 23,455 16,110 18,240 6,425 U. S. Govt. sec: Dec. 31 13,550,000 1,100,0002,400,0001,200,0001,500,0001,150,000 800,0001,800,000 950,000 450,000 700,000 500,000 1,000,000 Jan. 7 13,750,000 1,100,0002,400,0001,200,0001,500,0001,150,000 800,0002,000,000 950,000 450,000 700,000 500,000 1,000,000 Jan. 14 13,750,000 1,100,0002,400,0001,200,0001,500,0001,150,000 800,0002,000,000 950,000 450,000 700,000 500,000 1,000,000 Jan. 21 13,750,000 1,100,0002,400,0001,200,0001,500,000l,150,0C0 800,0002,000,000 950,000450,000 700,000 500,000 1,000,000 Jan. 28 13,750,000 1,100,0002,400,0001,200,0001,500,0001,150,000 800,0002,000,000 950,000450,000 700,000 500,0001,000,000 Total collateral: Dec. 31 26,301,410 1,562,2355,994,8801,753,4552,235,0001,825,6151,475,0004,790,0001,265,050650,000 980,700 669,0003,100,475 Jan. 7 26,345,134 1,562,5546,021,5701,754,7902,235,0001,828,26. 1,475,0004,790,0001,265,830651,500 991,250 669,0003,100,375 Jan. 14 26,383,025 1,569,9386,001,3021,754,67 2,235,0001,828,1401,475,0004,790,0001,272,380652,500 998844,,715 669,0003,150,375 Jan. 21 26,331,102 1,561,8055,982,8101,755,7652,235,0001,826,63^1,475,000 4,750,0001,275,670652,000 999977,,040 669,0003,150,375 Jan. 28 26,263,517 1,572,2555,990,0651,755,2672,235,0001,837,7001,475,0004,720,0001,288,455666,110 998,240669,0003,056,425 192 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 Central reserve [Amounts in thousands of dollars] Month, or m A em ll - city banks s R er e v - e Coun- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al week ending Thursday ba b n e k r s * New Chi- b c a i n ty ks ba t n ry ks1 to date outstanding available to York borrowers Date under guar- N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e r ti a d o n n - a o n u te t m s e t e a a n n g t d s re in e- g To 1 t 9 a 4 l 6 r — es D N er e o v c v e e e s m m b h b e e e r r l . d : . . . 1 1 6 6 , , 5 3 1 1 7 1 4 4 , ,2 2 0 7 8 0 9 93 2 8 5 6 6 , , 5 4 1 3 5 3 4 4 , , 7 7 9 4 4 4 1947—November.... 16,986 4,273 1,010 6,756 4,947 1942 December 17,261 4,404 1,024 6,861 4,972 June 30 565 310,680 81,108 69,674 137,888 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Nov. 27 16,948 4,291 1,007 6,747 4,903 1943 Dec. 4 16,991 4,320 1,008 6,743 4,919 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Dec. 11 17,013 4,294 1,006 6,793 4,920 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Dec. 18 17,306 4,424 1,041 6,849 4,992 Dec. 25 17,258 4,370 1,016 6,867 5,005 1944 Jan. 1 17,716 4,594 1,051 7,047 5,025 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Jan. 8 17,628 4,504 1,029 7,056 5,039 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Jan. 15 17,440 4,408 1,032 6,965 5,035 1945 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 Excess reserves: Dec. 31 8,757 10,339,400 510,270 435,345 966,595 1946—November. . . . 854 19 7 203 625 December 900 27 5 227 642 1946 1947—November.... 850 39 10 214 587 June 29 8,771 10,344,018 70,267 60,214 142,617 December 987 105 13 271 597 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 1947 Nov. 27 773 34 10 189 540 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 Dec. 4 821 61 9 200 551 Apr. 30 8,771 10,344,018 10,356 9,658 13,452 Dec. 11 813 42 5 217 549 May 31 8,771 10,344,018 9,236 8,601 13,176 Dec. 18 990 109 29 237 615 June 30 8,771 10,344,018 3,589 3,218 6,726 Dec. 25 939 45 267 627 July 31 8,771 10,344,018 3,245 2,908 6,709 Jan. 1 1,384 261 29 447 647 Aug. 30 8,771 10,344,018 2,992 2,703 6,729 Jan. 8 1,295 160 10 459 666 Sept. 30 8,771 10,344,018 2,977 2,689 6,739 Jan. 15 1,139 117 12 345 665 Oct. 31 8,771 10,344,018 2,886 2,609 5,165 Nov. 29 8,771 10,344,018 2,823 2,553 Borrowings at Federal Dec 31 8,771 10,344,018 2,412 2,183 Reserve Banks: 1946—November. . . . 211 28 128 54 NOTE.—The difference between guaranteed loans authorized and sum December 157 6 104 46 of loans outstanding and additional amounts available to borrowers 1947—November. . . . 274 60 7 154 54 under guarantee agreements outstanding represents amounts repaid December 224 38 6 123 57 and authorizations expired or withdrawn. Nov. 27 315 62 11 182 60 Dec. 4 274 17 192 65 Dec. 11 279 52 "5' 165 57 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Dec. 18 186 1 124 61 [Amounts in thousands of dollars] D Ja e n c . . 25 1 2 1 6 4 2 9 2 7 4 9 20 10 7 2 1 6 5 1 4 Jan. 8 102 37 44 21 W D e a d te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o ic n i s - Jan. 15 172 59 20 52 41 o o r f l p as e t r i d o a d y ) N b u e m r - Amount (a p m c le o o t m e u d - n 1 t) s ( t a a m n o d u in n g t) 2 ( s a ta m o n u o d t u i - n n g t) ( s a t m a o n u o d t u i - n n t g ; b co er 1 u n W b t a r e n y e k k b s l a y a n n k d f s i g o a u r f r e e c s e o s u t o n i f m t r a y e t x e b c s e a . s n s k W s r e e m s e e a k r y l v y e in f s i c g l o u u f r d e e s a l s o l m f m a b l o l e r m a ro m b w e o r i u n n g b t s a s n o o f k f s a l F l a e m n d d e e r m a o l - f Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 SMALL CENTERS * 1940 2,908 212,510 13,954 9,152 5,226 6,386 [Averages of daily figures. In millions of dollars] 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 In places of 15,000 In places of under 1943 3,471 491,342 926 10,532 9,270 17,930 and over population 15,000 population 1944 June 30... 3,483 510,857 45 11,366 4,048 11,063 Demand Demand D Ju e n c. e 1 9 3 3 4 0 0 5 . . . . . . 3 3 , , 4 5 8 0 9 2 5 5 2 3 5 7 , , 5 3 3 3 2 1 1,29 7 5 0 3 3 , , 8 2 9 5 4 2 4 5 , , 1 2 6 2 5 4 2 2 , , 7 5 0 0 6 1 d e e i x n p c t o e e s r p i - t ts de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Dec. 31.,. 3,511 544,961 320 1,995 1,644 1,086 bank bank 1946 June 29. .. 3,524 552,711 615 1,210 5,366 1,110 December 1946 15,855 8,189 12,151 5,783 Dec. 31. .. 3,542 565,913 4,577 554 8,309 2,670 November 1947 16,002 8,505 12,536 6,091 1947 Mar. 31. . . 3,548 569,825 4,595 1,081 8,160 2,727 December 1947 16,077 8,458 12,469 6,045 Apr. 30... 3,552 571,408 5,371 1,109 7,279 2,616 May 31... 3,553 571,893 4,595 1,618 5,735 2,761 Boston 1,911 868 347 232 June 30... 3,555 572,836 195 1,778 7,018 4,043 New York 2,956 2,169 1,043 1,157 July 31... 3,558 574,999 1,902 1,732 6,886 3,902 Philadelphia 1,129 735 926 887 Aug. 30.... 3,563 576,161 351 1,858 7,437 5,028 Cleveland 1,350 909 1,058 818 Sept. 30... 3,566 577,614 1,229 L,892 7,395 5,019 Oct. 31 3,567 578,300 1,139 1,901 7,316 4,892 Richmond 1,126 394 910 469 Nov. 29 3,573 583,986 1,375 4,627 7,471 5,994 Atlanta 1,578 489 682 214 Dec. 31 3,574 586,726 945 1,387 7,434 4,869 Chicago 2,018 1,403 1,757 959 St. Louis 665 335 1,039 284 1 Includes applications approved conditionally by the Federal Re- Minneapolis 598 299 818 453 serve Banks and under consideration by applicant. Kansas City 552 105 1,673 204 * Includes industrial loans past due 3 months or more, which are not Dallas 1,001 143 1,615 65 included in industrial loans outstanding in weekly statement of con- San Francisco. . . 1,192 610 601 303 dition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- 1 Includes any banks in outlying sections of reserve cities that have vances, and applications for loans and commitments withdrawn or been given permission to carry the same reserves as country banks. expired. All reserve cities have a population of more than 15,000. 193 FEBRUARY 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 s a e i n - ts d « po d s e i - ts 8 m f d r d e o u o s m e - tic Total qu R i e re - d c E e x s - s s F e e R e r r e a v d - l e banks Banks First half of December 1947 All member banks 91,594 11,718 79,876 80,090 28,178 5,746 i7 ,034 16,208 826 258 Central reserve city banks: New York 22,685 4,079 18,606 20,875 1,446 53 4,318 4,262 56 33 Chicago 5,269 1,148 4,121 4,746 894 151 1,014 1,003 11 Reserve city banks. 34,036 5,410 28,626 29,454 11,336 1,799 6,777 6,571 206 161 Boston , 1,930 261 1,669 1,752 197 34 369 362 7 4 New York 570 27 543 499 303 23 121 118 3 3 Philadelphia 2,321 344 1,977 2,043 268 79 428 425 4 9 Cleveland 3,970 483 3,487 3,490 1,375 180 808 780 28 6 Richmond , 2 140 361 1,779 1,860 437 106 412 398 14 8 Atlanta 2 067 468 1,598 1,753 408 122 394 375 19 16 Chicago 4 064 488 3,576 3,475 2,136 306 861 823 38 12 St. Louis 2 026 606 1,420 1,723 320 98 374 364 10 25 Minneapolis 1066 311 756 887 179 67 191 188 3 3 Kansas City 2 831 868 1,962 2,333 361 257 508 488 20 29 Dallas 2,513 631 1,882 2.114 341 228 471 443 27 10 San Francisco. . . 8,538 562 7,976 7,525 5,012 299 1,840 1,806 34 33 Country banks. .. 29,604 1,081 28,523 25,014 14,502 3,743 4,925 4,372 552 61 Boston 2,335 87 2,247 2,030 1,099 183 380 350 30 8 New York 4,067 82 3,985 3,590 3,325 289 763 702 61 29 Philadelphia.. . 2,066 15 2,051 1,813 1,621 192 392 351 41 5 Cleveland 2,427 26 2,401 2,078 1,730 286 457 395 62 7 Richmond 2,177 137 2,040 1,789 864 306 343 302 41 2 Atlanta 2,439 179 2,260 2,029 702 342 366 326 40 1 Chicago 3,855 78 3,776 3,273 2,361 512 688 600 88 1 St. Louis 1,841 140 1,701 1,533 619 257 280 252 28 3 Minneapolis. . , 1,503 80 1,423 1,268 751 198 256 223 34 . . _ . Kansas City... 2,302 78 2,223 1,894 309 387 326 284 42 Dallas , 2,769 153 2,616 2,148 207 581 375 313 62 San Francisco. 1,824 26 1,799 1,569 913 209 299 274 24 Second half of December 1947 All member banks 92,700 12,014 80,687 80,740 28,212 5,851 17,475 16,337 1,138 193 Central reserve city banks: New York 23,221 4,297 18,924 21,239 1.443 61 4,485 4,334 151 44 Chicago 5,372 1,174 4,199 4,821 900 157 1,034 1,018 16 9 Reserve city banks. 461 5,463 28,998 29,622 11,366 1,896 6,939 6,606 333 87 Boston 989 283 1,706 1,789 196 39 387 370 17 5 A S N C P C R M D S K h a t h l i e t a a . e c i n l i w i l n n a l v h c L l a s a n n a e m F o d a Y s g l t e r u s a e a o o o a a i n l n s C p n r p d d k h c o it i i l y a s i c s o .. . . . . . , , , , , , , , , , 5 3 1 1 0 0 0 8 5 0 5 7 8 0 5 4 8 5 6 9 7 2 8 6 1 3 7 7 8 3 7 8 0 3 5 3 6 4 4 5 3 6 8 6 0 2 7 6 2 8 6 0 5 1 1 8 7 9 0 0 8 5 1 9 4 3 3 2 2 8 1 1 1 1 , . , , , , , , , 0 6 5 7 4 6 0 9 0 5 7 2 2 4 9 3 0 3 5 0 2 6 1 5 3 0 2 4 2 7 8 0 0 3 3 2 2 2 1 1 1 7 , , , , , , , , , 5 7 8 4 7 0 3 0 5 5 8 7 4 3 1 8 6 9 4 7 0 8 7 9 9 0 6 7 7 7 9 3 0 2 5 1, , , 3 1 3 0 3 4 4 3 2 3 1 8 0 3 3 3 0 2 6 6 4 8 3 7 7 0 0 0 6 4 3 8 0 3 3 2 2 1 1 1 1 1 2 6 0 7 8 4 0 9 2 2 6 3 8 3 2 7 1 0 8 8 0 1,8 3 4 8 4 4 5 4 8 1 1 6 8 0 4 4 2 6 7 2 2 9 6 5 5 8 1 7 1 2 3 8 7 1,8 3 3 4 3 4 8 4 1 7 1 1 9 6 3 8 9 2 8 4 2 8 6 7 3 0 1 1 6 5 0 0 7 6 3 3 5 2 2 4 1 1 3 1 2 2 5 5 6 9 2 2 9 1 1 1 1 1 2 5 6 3 5 3 1 2 1 2 3 Country banks. .. 29,646 1,080 28,566 25,058 14,504 3,737 5,017 4,378 638 54 Boston 2,355 87 2,268 2,037 1,101 192 396 351 45 7 New York 4,098 85 4,013 3,612 3,327 295 794 705 89 22 Philadelphia... 074 15 2,059 1,823 1,623 190 401 353 48 6 Cleveland 2,441 27 2,414 2,075 1,724 302 467 394 73 4 Richmond 2,171 138 2,033 1,788 863 300 347 302 45 3 Atlanta 2,444 183 2,260 2,028 702 350 367 326 41 Chicago 3,851 78 3,773 3.270 2,363 511 698 600 98 1 St. Louis 1,843 137 1,706 1,539 620 255 284 253 31 9 Minneapolis. .. 1,489 77 1,411 1,260 751 192 256 221 34 Kansas City... 2,304 76 2,228 1,904 309 380 329 285 44 Dallas 2,766 150 2,615 2,159 207 564 374 315 60 San Francisco. 1,812 25 1,787 1,564 913 204 304 274 31 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. . . . . ,. J. , „ • J * Demand deposits subject to reserve requirements, l. e., 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 73,200 million dollars in the first half and 73, 750 million in the second half of December. 194 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 currencyi Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion i 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 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 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—August 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 8 20 2 September... 28,507 20,262 1,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4,567 436 795 8 21 2 October 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November... 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December. . . 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947—January 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 2,460 4,757 434 774 9 23 3 February.... 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 6 14 3 March . . 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 2,447 4,754 432 771 6 14 1 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 5 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 5 11 2 Tune 28,297 19,769 1,355 986 64 2,078 6,289 8,996 8,530 2,466 4,808 430 810 5 12 2 July 28,149 19,622 1,356 980 63 2,058 6,230 8,935 8,529 2,453 4,824 428 806 5 12 2 August . 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 4,874 428 804 5 12 2 September.. . 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 2,503 4,941 428 800 5 12 2 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 December. . . 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 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. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal D 1 ec 9 . 4 7 31, g a o s g l i d l a v i e n 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 e s r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d De 1 c 9 . 4 7 31, No 1 v 9 . 4 7 30, D 1 e 9 c 4 . 6 31, certificates agents Gold 22,754 21 ,544 21,210 Gold certificates 21,544 18,682 2,815 47 47 49 Federal Reserve notes 25,706 ' • •7 5 7" 0 1,048 24,582 24,475 24,672 Treasury currency—total 4,562 273 4,239 4,244 4,231 Standard silver dollars 493 310 27 2 154 152 148 Silver bullion 1,938 1,938 Silver certificates and Treasury notes of 1890. 3 2,248 207 2,040 2,042 2,01.1 Subsidiary silver coin 942 13' ' 21 908 903 882 JVfinor coin 354 6 6 343 341 331 United States notes 347 3 31 313 320 316 Federal Reserve Bank notes . 384 1 4 378 383 434 National Bank notes 104 1 1 103 103 110 Total—Dec. 31, 1947 i 23,792 1,336 18,682 4,136 28,868 Nov. 30, 1947 23,654 1 ,324 18,548 3.873 28,766 Dec. 31, 1946 20,648 2,272 15,566 4,043 28^952 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. 187, and seasonally adjusted figures in table on p. 196. 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 maybe 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. 195 FEBRUARY 1948 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 n r a s d e j a u s s o t n e a d l ad s j e u a s s te o d n a f l or s a e d as ju o s n t a e l d ly Period a s t t o e c n k d I i n n c r g e o a l s d e im go p l o d rt go cr ld ea : s d e e- g p o ro ld variation variation of stock or export or in- ducperiod crease (—) tion1 End of year figures: 1939 7,598 +742 1937 212 760 1 502 5 1,585 5 -200.4 143.9 1940 8,732 +1,134 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1941 11,160 +2,428 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1942 15,410 +4,250 1940 21 995 4,351 2 4,744 5 -644.7 170.2 1943 20,449 +5,039 1941 22,737 741.8 982.4 -407.7 169.1 1944 25,307 +4,858 1942 22 726 — 10 3 315 7 -458.4 125.4 1945 28,515 +3,208 1943 21 938 —788 5 68 9 -803.6 48.3 1946 28,952 +437 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1947 28,868 -84 1945 20 065 —553 9 — 106 3 —356.7 32.0 1946 20,529 464.0 311.5 465.4 51.2 Monthly averages of daily 1947 22,754 2,224.9 P1,866.3 210.0 figures: 1947—January 20,748 219.3 -16.8 196.1 7.6 1946—December 28,997 28,710 +69 February.. . 20,330 •-418.2 20.4 -684.5 5.5 March 20,463 132.5 153.6 203.5 5.5 1947—January 28,543 28,458 -252 April 20,774 311.5 44.1 272.0 6.2 February 28,300 28,300 -158 May 20,933 159 0 129.7 13.1 7.2 S N J J A A O M M u u e o p u c a p a n l v t r g y y r t o e i e u e c l b m m s h e t r b b e e r r , , 2 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 8 , , , , , , , , , 6 2 2 5 1 1 2 6 2 5 4 3 5 9 8 5 5 7 2 8 6 8 8 5 9 4 3 2 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 8 , , , , , , , , , 7 4 3 3 5 5 3 3 3 1 1 5 7 6 9 5 1 9 1 2 8 8 2 8 6 6 4 + -1 + + + + - - - 3 5 6 3 1 2 1 5 5 7 6 2 6 3 2 7 8 4 8 1948— S J A N J O D J u u e a u c o e l n n p t y g c v o u e t e u e e b a m s m m e r t y r b b b e e e r r r . . . . . . P 2 2 2 2 2 2 2 22 1 1 1 1 2 2 2 , , , , , , , 9 9 2 7 2 6 7 5 3 6 6 5 1 9 4 5 3 6 6 5 4 4 4 7 P 3 3 2 3 2 1 1 1 7 3 3 2 2 8 3 8 0 3 8 9 0 9 9 0 . . . . . . . 4 8 0 1 5 4 3 6 P 2 2 4 2 1 1 1 0 1 5 6 1 0 7 0 9 0 5 1 9 8 . . . . . . . 2 2 8 7 7 6 2 5 - - - 1 1 4 8 - 1 4 2 1 5 4 4 2 4 2 6 9 3 . . . . . . 0 . . 6 8 7 3 0 9 1 6 8 6 7 7 7 . . . . . . 1 2 2 0 0 3 December 28,937 28,650 +88 p Preliminary. 1 Annual figures are estimates of the United States Mint. For 1948—January 28,394 28,309 -341 explanation of monthly figures see table on p. 247. 2 Includes gold in the Inactive Account amounting to 1,228 million 1¥or end of year figures, represents change computed on absolute on Dec. 31, 1937. amounts in first column. 3 Change reflects primarily gold subscription to International Mon- NOTE.—For discussion of seasonal adjustment factors and for back etary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 5 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,633.2 million dollars on Jan. 31, 1948. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.-—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year and month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City* centers * centers 2 City centers City cities City cities 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e ri r e ie s s » 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 2 1 2 0 6 , , 9 8 6 6 1 5 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 r r i i e e s s 4 4 j 1,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1946—• D ecem ber 103,900 41,252 52,295 10,353 25.8 12 6 40,021 52,139 28.7 19.2 1947—January '93,490 34,305 49,140 •"10,045 20.6 11 6 33,592 48,778 23.8 17.4 February 81,567 29,745 43,199 8,622 20.4 11 6 29,173 44,011 24.0 18.1 March '93,308 33,547 49,955 '9,806 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 '94,447 35,632 ••49,267 9,548 22.7 12.1 35,092 48,595 25.6 17.9 July- '93,740 34,779 49,178 '9,783 21.2 '11 6 33,026 48,525 22.9 17.2 August ^84,427 28,331 '46,720 '9,377 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 '56,554 '11,232 21.8 12 4 35 162 55.025 23.9 18.2 November '92,910 31,738 51,002 '10,169 21.6 13.1 33,531 51,621 26.5 19.8 December . . . 118,382 46,225 60,295 11,862 27.2 13.5 44,131 59,878 29.9 20.0 ' Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers included: 133 in 1940-1942 (old series); 193 in 1942 (new series)—November 1947; 192 beginning December 1947, one city having been dropped when the reporting bank was absorbed by a reporting bank in another city. 3 See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; 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. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Time deposits Total deposits aemana United adjusted deposits Total Demand States Currency and adjusted deposits deposits Govern- Com- Mutual Postal outside End of month currency oann aA adjusted adjusted1 ment Total mercial savings Savings banks outside currency depositss banks»« banks«« System • banks outside banks 1079—Tune *. 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 Tune 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ) 1Rfi 4,761 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1938—june 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 I1,251 5,417 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 11,251 5,775 1939—Tnne . ... 60.943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—Tune 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—Tune 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—june , 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—Tune 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 150,988 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 25,097 175,401 102,341 148,911 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 December .... 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—January (Jan. 29).. 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) v 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 December (Dec. 31) v 171,200 113,500 144,600 86,900 1,400 56,300 35,100 17,800 3,400 26,600 v Preliminary. 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. 3 Excludes interbank time deposits', United States Treasurer's time deposits, open account, 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. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [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 b n to c a r e l- s s ' 1 Total i b C n p t a o o a n d r s s k y i e h - a - Total sec r u D e r c i i - t t ies G t a e u n e a - d r- f s C e u e r t a n e r c v s - d 1 h e s, Num 1 1 1 b 9 9 9 e 4 4 3 r 2 1 4 o -4 f 0 banks suspended: 313 8 9 1 4 6 6 207 3 6 84 3 1 1943 4 2 2 1944 1 1 1 1 19 9 9 4 4 3 0 1 9 — — — D D D e e e c c c . . . . . . . 1 1 1 , , , 3 2 3 1 7 0 4 9 4 1 1 1, , , 3 3 3 9 1 4 6 9 8 2 5 3 6 3 6 1 1 1 , , , 1 2 2 9 7 2 2 4 4 1 1 1 , , , 0 0 1 4 7 2 6 8 8 1 1 1 4 4 4 6 6 6 9 8 7 5 8 4 1 1 1 9 9 9 4 4 4 7 6 5 0 0 1 1 1 19 9 4 4 3 2 — — 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 , ,3 7 4 1 5 6 1 1 , , 2 7 2 1 0 6 126 1 1 0 1 2 8 1948—January 1 1 1 9 9 9 4 4 4 5 6 4 — — — D D D e e e c c c . . . . . . 2 2 3 , , , 3 2 9 4 8 3 2 4 3 2 3 3 , , , 4 0 3 1 2 8 1 2 7 8 6 6 2 2 3, , , 1 8 2 8 3 5 2 7 2 2 2 3 , , , 2 1 8 5 8 3 2 2 7 2 1 1 0 5 7 0 2 9 Dep ( o i 1 n s 9 it t 3 s h 4 o - o u 4 f 0 s a su n s d p s e o n f d . e . d . d o ll b a a r n s) k : s * 131,934 14,872 26,54849,689 40,825 1947—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 8 7 2 5 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 97 2 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, , 3 2 0 7 2 7 3 3 , , 3 2 0 7 2 7 2 2 1 2 6 6 1 19 9 4 4 5 4 405 0 405 July 3,398 3,548 6 3,351 3,351 191 1946 0 S A e u p g t .. . 3 3 ,3 4 9 0 6 7 3 3 , , 5 5 4 5 2 3 6 6 3 3 , , 3 3 2 6 5 0 3 3 , , 3 3 2 6 5 0 2 1 1 8 2 8 1 1 9 9 4 4 7 8—January 167 167 Oct... 3,412 3,524 6 3,314 3,314 205 Nov... P3,414 Dec. . 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 pp PPrreelliimmiinnaarryy.. at the time of closing (in some instances with the aid of Federal Deposit 1 OOutdsitanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund * Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters suspensions were reported. Back figures.—See 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. FEBRUARY 1948 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o f d a b t a e nk Total Loans G U o . ve r S n- . Other as C s a e s ts h 1 Total b In a t n e k r- 1 De- a c c T a c o p o t i u a ta n l l t: N b u a m o n f b k e s r Total ment secur- mand Time obliga- ities tions All banks: 1939—Dec. 30 50,88- 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 54,17 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 61,12< 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 78,14 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 96,96( 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,46 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,22' 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—June 29 136,57: 31,486 105,087 95,911 9,175 33,124 159,171 12,311 98,060 48,800 11,067 14,567 Dec. 31 131.6OJ 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 302 131,09* 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14.716 Dec. 31 e. . . . 134,93C 43,100 91,830 81,150 10,680 37,910 161,380 13,020 95,350 53,010 11,940 14,715 All commercial banks: 1939—Dec. 30 40,66? 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, 30 105,53C 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1 1 9 9 4 4 6 5 — — J D u e n c e . 3 2 1 9 1 11 2 9 4 , , 4 0 4 1 8 2 2 7 6, , 0 1 8 3 3 0 9 9 7 2 , , 9 3 3 1 6 8 9 8 0 4 , , 6 4 0 7 6 3 7 7, , 8 3 4 3 5 1 3 3 2 4, , 8 3 0 7 6 8 1 1 4 5 2 0, , 2 8 2 9 7 0 1 1 4 2 , , 0 3 6 1 5 1 1 9 0 8 5 , , 0 9 4 2 3 1 3 3 2 0 , , 5 2 3 4 6 1 9 8 , v 3 9 5 5 2 0 1 1 4 4 , , 0 0 2 1 6 1 Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 39,033 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 35,907 11,679 89,281 34,947 9,880 14,183 Dec. 31« 116,280 38,190 78,090 69,130 8,960 37,030 43,610 13,020 95,340 35,250 10,060 14,182 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 49,29C 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 83,50: 18,841 64,666 58,683 5,983 27,183 04,094 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 25,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,80V 25,765 96,043 88,912 7,131 34,292 .47,775 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 40,612 12,007 96,459 32,145 9,068 13,330 Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 36,990 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 33,659 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 10,917 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 29,670 13,640 91,820 24,210 7,589 6,884 1946—June 29 102,03 23,302 78,729 72,272 6,458 28,079 22,519 11,801 84,602 26,115 7,920 6,887 Dec. 31 96.362 26,696 69,666 63,042 6,625 29,587 18,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,80: 28,655 66,146 59,198 6,948 28,694 15,435 11,041 76,380 28,014 8,315 6,928 Dec. 31*. . . 97,773 32,585 65,188 57,905 7,283 32,651 22,265 12,391 81,573 28,301 8,453 6,923 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 23,64? 10,004 13,644 9,735 3,908 15,099 35,787 6,574 20,885 8,329 3,528 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 16,184 50,468 7,400 34,499 8,570 3,729 5,081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944_Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—June 29 66,277 14,469 51,809 47,271 4,537 18,607 80,212 7,816 54,930 17,466 4,862 5,012 Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 State member banks: 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 7,293 17,781 3,512 10,652 3,617 2,124 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 8,865 20,642 3,849 12,944 3,849 2,169 1,342 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1942—Dec. 31 21,687 5,905 15,782 13,802 1,980 8,096 27,808 3,600 20,024 4,184 2,371 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 9,472 42,307 3,986 29,672 8,649 3,058 1,875 Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 e Partly estimated. * "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. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following page. 198 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 I Amounts in millions of dollars] Loans and investments Depc>sits Investments Other Cla a s n s d o f d b at a e nk Total Loans Total G U m ov . e e S n r t . n- s O e t c h u e r r - a C ss a e s t h s1 Total1 I b n a t n e k r- ^ De- Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er obliga- ities mand tions All nonmember commercial banks: 1939—Dec 30 6,727 3,276 3,451 1,987 1,464 2,692 8,378 464 4,282 3,633 1 3*3 8,122 1940—Dec. 31. . .. 6,803 3,479 3,324 1,934 1,389 3,161 8,907 512 4,729 3,667 I 312 7,859 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1942—Dec 31 8,137 3,136 5,002 3,836 1,166 3,760 10,867 309 6,908 3,650 1,230 7,460 1943—Dec. 31. . . 10,847 2,832 8,014 6,899 1,115 3,889 13,671 448 9,131 4,092 I 245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 I 362 7,130 1946—June 29 . 17,430 3,830 13,600 12,212 1,388 4,300 20,387 510 13,441 6,436 I 433 7,142 Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—June 302 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec. 31e 18,520 5,610 12,910 11,230 1,680 4,380 21,360 630 13,770 6,960 610 7,262 insured nonmember commercial banks: 1939—Dec. 30 5,350 2,901 2,448 1,239 1,210 2,091 6,729 113 3,252 3,365 1 005 7,172 1940—Dec. 31 5,431 3,074 2,357 1,240 1,116 2,324 7,032 116 3,504 3,411 978 6,952 1941—Dec 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1942—Dec. 31 .. 6,984 2,818 4,166 3,162 1,004 3,308 9,535 145 5,981 3,409 955 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6,535 1944—Dec 30 11,824 2 678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1 022 6,452 1945—Dec. 31 . .. 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1 083 6,416 1946—June 29 15,392 3,491 11,901 10,716 1,185 3,766 18,108 206 11,857 6,045 1,149 6,446 Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12.225 6,351 1,193 6,457 1947—june 30 15,896 4,597 11,299 9,949 1,350 3,498 18,240 201 11,550 6,488 1,245 6,461 Noninsured nonmember commercial banks: 1939—Dec 30 1,378 375 1,003 749 254 601 1,649 351 1.031 268 358 95Q 1940—Dec. 31 1,372 405 967 694 273 837 1,876 396 L ,225 255 334 907 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1L.291 253 329 852 1942—Dec 31 3 .. 1,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec 30 2,148 292 1,856 1,682 174 473 2,358 161 ,892 305 276 729 1945—Dec 31 2,211 318 1,893 1,693 200 514 2,452 181 L,905 365 279 714 1946—June 29 2,038 339 1,699 1,496 204 534 2,279 303 1,584 391 284 69S Dec. 31 ...... 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—June 30 2 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 All mutual savings banks: 1939—Dec 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 J 3OQ 551 1940 Dec 31 10 248 4,956 5,292 3,215 2,078 966 10 659 4 10 6S5 [ 292 551 1941—Dec 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 L 241 548 1942—Dec 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 194^—Dec 31 11 871 4,484 7,387 6,090 1,297 797 U 738 8 11,730 1L 276 545 1944—Dec 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 L 378 543 1945—Dec 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Tune 29 17 125 4,356 12,769 11,438 1,331 747 16,281 17 16 264 L 715 541 Dec. 31. 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—June 302 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 .84? 533 Dec. 31 e 18,650 4,910 13,740 12,020 1,720 880 17,770 1 10 17,760 1,880 533 Insured mutual savings banks: 1939—Dec 30 1,329 605 724 422 303 133 1,409 2 1,407 153 51 1940 Dee 31 1 654 637 1,018 548 470 202 1 818 3 1 815 161 53 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 4 1,785 164 52 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 4 2,044 201 56 1943—Dec 31 7,525 3,073 4,452 3,844 608 559 7,534 7 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8 8,902 892 192 1945—Dec 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—June 29 11,453 3,132 8,322 7,662 660 550 10,979 14 10,965 1,122 191 Dec 31 . 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—june 30 12,375 3,370 9,005 8,216 789 658 11,901 1 12 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 1 9 113 1 156 500 1Q40—Dec 31 8 594 4,319 4,274 2,667 1,607 764 8 841 1 8 840 1 131 498 1941—Dec 31 8,687 4,259 4,428 3,075 1,353 642 8,744 2 8,742 1 077 496 1942 Dec 31 8 747 3 954 4 792 3 711 1 082 533 8 620 2 8 618 1 035 490 1943—Dec 31 4 345 1,411 2,935 2,246 689 238 4 204 1 4 203 468 361 1944—Dec 30 4,708 1,260 3,448 2,819 629 184 4,466 2 4,464 485 351 1945—Dec 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Tune 29 5 671 1,224 4 447 3 777 671 197 5 302 3 5 299 593 350 Dec 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 1947—June 302 5,964 1,316 4,649 3,924 724 181 5,541 2 5,539 624 342 2 June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Deposits unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks. 3 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc. For other footnotes, see preceding page. 199 FEBRUARY 1948 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 Class of bank loans in- Agri- securities Real Direct of and and clud- Con- StatesOther call date i m nv e e n s t t s - Total o m p k in a e e g r n t - - c t a u u l r * l - - b a e T r n o r o s d k- o T th o - l t o e a s a t - e ns s l u o m an e s rO lo th an e s r Total Total Bills C o d c e f a e r t b t i e i n t f s - i - - Notes Bonds G t a e u n e a - d r- p s a i o u c n l a b i d l t - - r s i e t c ie u s - Pa- deal- ers ed- diviperi ers ness sions AH insured commercial banks: 1940—Dec. 31.. 42 557 18 395 7 1781,281 663 7274,468 4 077 24,162 17,064 662 2,756 9,9253,7193 6083 491 1941—Dec. 31.. 49^290 21 ] 259 9^2141^450 614 662 4^773 4! 545 28^031 21,046 988 3,159 12,7974^1023^6513,333 1942—Dec. 31.. 66,240 18,903 7,7571,642 950 597 4,6462,269 1,04247,336 40,705 4,462 6^727 5,79920,9992,7183,5333,098 1943—Dec. 31.. 83,507 18,841 7,7771,5051,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,656 2,5013,2872,696 1944—Dec. 30.. 103,382 21,352 7,9201,7232,269 2,2654,343 1,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,4222,733 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,6064,6772,361 1,18196,043 88,912 2,455 19,07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,3581,5171,6097,1034,031 1,09881,445 73,554 1,27112,288 6,78053,200 15 4,2983,592 1947—June 30.. 110,682 33,250 14,765 1.5491.5171,2788,201 4,893 1,04777.433 69.136 835 9.441 5.341 53.505 144,8263,471 Member banks, to 1 t 9 a 4 l 0 : —Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,0913,4863,013 2,970 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293,8323,0902,871 1942—Dec. 31.. 59,263 16,088 7,3871,089 934 538 3,4231,847 870 43,175 37,546 4,363 6^285 5,409 18,9482,5402,965 2,664 1943—Dec. 31.. 74,258 16,288 7,421 1,0231,398 839 3,2741,484 848 57,970 52,948 4,360 12,071 6,90627,2652,345 2,729 2,294 1944—Dec. 30.. 91,569 18,676 7,531 1,1982,2492,1083,2091,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,857 2,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,3783,4551,9001,10484,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,5061,4675,3583,3081,02069,666 63,042 1,16710,043 5,60246,219 113,5483,077 1947—June 30.. 94,802 28,655 13,820 972 1,5071,1546,2403,998 965 66,146 59,198 773 7,544 4,36946.502 103,9822,966 Oct. 6.. 97,328 30,738 66.590 59,288 4.2243,079 New York City:* 1940—Dec. 31.. 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.. 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,4201,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4.078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 291 13.784 12,571 137 1,103 775 10,555 1 631 582 Oct. 6 20,469 6,881 13.588 12.305 694 588 Chicago:11 1940—Dec. 31.. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4.598 4,213 133 1.467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2.207 167 187 1947—June 30. . 4,802 1,565 1,178 1 100 84 42 130 29 3,237 2,890 106 368 132 2,284 175 173 Oct. 6 5,040 1,724 3.316 2,935 205 176 Reserve city banks: 1940—Dec. 31.. 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31.. 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2.497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,5031,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,99316,013 4 1,2721.004 1947—June 30. . 34,611 11,441 5.726 197 185 540 2,713 1,675 405 23,170 20,845 334 3.038 1.503IS.967 3 1,364 96? Oct. 6.. 35,792 12.495 23.297 20.884 1.3901,023 Country banks: 1940—Dec. 31.. 10.826 5,309 1,453 590 21 201 1,644 1.400 5.517 3,269 45 433 2,081 710 1,1461,102 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,2221,028 1942—Dec. 31.. 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 1,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3.466 4,422 12,540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4.544 16,713 9 1,3421,067 1946—Dec. 31.. 35,412 8,004 2.433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,5511,285 1947—June 30. . 35,057 9,102 2,744 774 26 244 3.381 1,693 240 25,955 22,893 197 3.035 1,96017,696 5 1,8131,250 Oct. 6. . 36,027 9.638 26,389 23.164 1,9341,291 [nsured nonmember commercial banks: 1940—Dec. 3i.. 5,431 3,074 518 416 21 75 1,240 803 2,357 1,240 10 162 834 234 595 521 1941—Dec. 3i . 5,776 3,241 543 478 20 64 1,282 854 2,535 1.509 17 152 1,069 271 563 462 1942—Dec. 3i". 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 3l.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1.147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2.087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—June 30.. 15,896 4,597 945 576 11 125 1,963 895 82 11.299 9,949 62 1,897 972 7,013 4 845 505 • These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans: consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 2 Central reserve city banks. 200 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 tin millions of dollars] Demand deposits Time deposits Class a o nd f bank F s w e e R d r i v e e t - h e r s al C i a n sh a w B n i a c t l e h - s m D d a e e n - - d In de te p r o b s a i n ts k U.S. States C f e ie r d ti- vi I d n u d a i- ls, U G e . r o n S v - - . S a t n a d tes vi I d n u d a i- ls, r B o o w r- - C t a a p l icall date Re- vault do- posits Gov- and and partner- Inter- ment polit- partner- ings acserve mestic ad- ern- political offi- ships, bank and ical ships, counts Banks banks' justed* Do- For- ment subdi- cers' and cor- Postal subdi-and cormestic8 eign visions checks, pora- Sav- visions poraetc. tions ings tions All insured commercial banks: 1940— Dec. 31. . 13,992 ]L.234 8,202 33,820 5,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,676 1941—Dec. 31.. 12,396 L.358 8,570 37,845 5,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31. . 13,072 11,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 J1,445 8,445 59,921 5,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 1,829 11,075 74,722 U ,566 1,24823,740 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 11,804 8,498 80,869 ,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Member banks total •„ 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 31, . 12,396 1,087 6,246 33,754 S,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,184 15.,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 70,243 10,644 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 70,793 10,471 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 5 26 816 "29 1,862 1944—Dec. 30.. 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—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 L, 105 12 665 178 38 2,588 2 453 304 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 i 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—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 3,612 111 25 161 323 50 3,548 2 7 871 j 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 2,511 451 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: 1 19 9 4 4 1 0 — — D D eecc>. 3 3 1 i 2 27 4 1 3 2 2 , , 3 0 2 1 5 7 3 4 , , 3 0 9 9 1 2 1 9 0 5 8 3 2 5 5 3 0 6 5 1 7 1 4 5 6 8 8 3 2, , 8 4 2 8 2 3 1 1 8 8 13 8 8 7 7 4 3 3, , 2 3 7 1 6 1 8 6 9 95 7 9 8 1942—Dec. 31 287 2,934 5,65J 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 75C 96 6,518 6 4 68 3,750 979 1944—Dec. 30 352 31434 8,652 182 1,245 775 103 7^863 6 4 76 4,553 10 1,022 1945—Dec. 31 391 3,955 10,537 233 5 858 135 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 3 152 1,119 135 10,144 4 5 122 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 bankt 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. 201 FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing Com- or carrying securities U. S. Government obligations Total mer- Date or month in l m o a v n a e e n d n s s t t s - Total i t t a c n c a r u g i d u i n r a a r u l d a l i - l , - l s , - G a U t l T i o i n o o g . o b d v n a - S - s t b . . d r e o O a k c t l s u t e i e e h e r r r - s e i s s - i G l U t o o T i i . b g v o o - a t n S - o . s t . O h c t t e s u i h r e e r e - s s i- i j R l s e o t a a a l n t s - e b Lo a t a n o i ks Othei Total Total Bills o d c n C t e f a e i e d f e t b s i i e r - n - t s - s - - Notes Bonds1 O r s i e t t h c i e e u r s - Total— Leading Cities 1946—December. . 65,287 19,494 11,370 944 526 813 2,454 176 2,716 45,793 41,847 817 6,483 4,040 30,5073,946 1947—August 63,630 20,838 12,259 622 471 504 4723,127 242 3,141 42,792 38,561 649 4,294 2,626 30,992 4,231 September. . 64,343 21,371 12,757 573 444 501 4753,199 224 3,198 42,972 38,689 791 4,133 2,686 31,079 4,283 October.... 64,840 22,220 13,432 494 546 492 3,278 220 3,271 42,620 38,340 680 4,034 2,576 31,050 ,280 November.. 64,953 22,887 14,154 419 457 451 3,356 211 3,34542,066 37,842 897 3,811 2,159 30,975 4,224 December. . 65,13 23,428 14,569 387 527 407 3,427 199 3,409 41,707 37,474 1 ,251 3,291 2,832 30,100 4,233 Nov. 5 64,910 22,694 13,971 399 462 474 4863,331 246 3,32542,216 37,982 717 3,924 2,349 30,9924,234 Nov. 12 64,937 22,880 14,152 444 463 458 4863,347 182 3,34842,057 37,834 807 3,763 2,262 31,0024,223 Nov. 19. . . . 64,924 22,874!14,214 374 432 439 5153,367 180 3,353 42,05037,829 1,041 3,765 2,029 30,9944,221 Nov. 26 65,042 23,099 14,277 458 472 433 4873,380 235 3,35741,943 37,724 1,021 3,793 1,997 30,913 4,219 Dec. 3 65,027 23,229114,368 476 443 434 5113,388 230 3,37941,798 37,560 948 3,291 30,4744,238 Dec. 10 65,140 23,343 14,471 428 421 418 5093,413 291 3,39241,797 37,564 1,110 3,272 30,340 4,233 Dec. 17 65,385 23,518 14,629 331 646 403 4903,429 177 3,413 41,867 37,653 1,367 3,289 30,150 4,214 Dec. 24. . . . ;65 ,305 23,722 14,729 407 634 404 4903,446 193 3,419 41,583 37,366 1,299 3,263 2,771 30,033 4,217 Dec. 31. . 64,815 23,328 14,650 292 492 376 5143,459 106 3,43941,487 37,227 1,530 3,338 2,854 29,5054,260 1948—Jan. 7 65,142 23,229 14,637 245 442 353 5013,472 144 3,43541,913 37,642 2,031 3,387 2,826 29,398 4,271 Jan. 14 65,088 23,243 14,689 181 426 337 5053,493 147 3,46541,845 37,587 2,060 3,327 2,808 29,3924,258 Jan. 21 . . . . 65,530 23,394 14,761 221 416 330 5033,508 182 3,47342,136 37,886 2,354 3,437 2 ,786 29,309 4,250 Jan. 28 64,953 23,394 14,727 230 444 312 4993,516 180 3,48641,559 37,323 2,209 3,410 2,739 28,9654,236 New York City 1946—December. . 20,705 6,453 4,054 778 361 206 96 152 598 14,252 13,119 258| 1 ,165 10,081 1 ,133 1947—August 19,803 6,403 4,309 523 330 187 102 181 67413,400 12,131 142 811 725 10,453 1,269 September. . 20,031 6,566 4,525 490 311 185 102 170 692 13,465 12,173 255 712 747 10,459 ,292 October 20,036 6,840 4,815 412 368 189 102 161 711 13,196 11,965 25Oi 724 618 10,373 ,231 November. . .19.903 7,088 5,191 320 314 193 105 160 731 12,815 11,639 412 629 375 10,223 ,176 December. 20,056 7,286 5,343 290 377 202 104 160 73712,770 11,576 661 536 481 9,898 ,194 Nov. 5 19,891 6,977 5,086 313 316 185 104 168 72512,914 11,741 272 711 454 10,304 ,173 Nov. 12. . . . 19,917 7,102 349 316 183 105 152 73212,815 11,638 373 609 419 10,237 ,177 Nov. 19. . . . 19,884 7,075 281 288 214 106 148 73112,809 11,633 541 585 315 10,192 ,176 Nov. 26 19,918 7,195 5,253 338 334 188 105 173 73412,723 11,545 462 612 314 10,157 ,178 Dec. 3 19,975 7,280 5,293 380 310 211 104 171 73612,695 11,498 434 505 510 10,049 ,197 Dec. 10 19,973 7,290 5,317 339 279 212 104 236 73812,683 11,488 508, 514 476 9,990 ,195 Dec. 17 20,145 7,352 5,366 248 490 190 106 151 73812,793 11,616 699' 512 455 9,950 ,177 Dec. 24 20.186 7,434 5,413 320 469 191 105 152 72412,752 11,575 699 528 420 9,928 ,177 Dec. 31. 20,002 7,076 5,328 207 337 206 103 91 74812,926 11,702 964 621 543 9,574 ,224 1948—Jan. 7.... 20,175 7,037 5,324 184 304 200 103 111 758 13,138 11,911 1,280 597 519 9,515 1,227 Jan. 14. . . . 19,842 6,992 5,327 125 297 201 105 126 76012,850 11,631 1,045 591 491 9,5041,219 Jan. 21 20,13? 7 ,065 5,343 160 299 197 108 136 76213,073 11,875 1,199 663 512 9,501 1,198 Jan. 28. . . . 19,850 7,085 5,324 169 331 197 106 144 76412,765 11,571 1,104 655 526 9,2861,194 Outside New York City 1946—December. . 44,. 13,041 7,316 165 605 2892,358 2,11831,541 28,728 559 4,868 2,875 20,4262,813 1947—August 43,827 14,435 7,950 141 407 2853,025 2,467 29,392 26,430 507 3,483 1,901 20,539 2,962 September. 44,312 14,805 8,232 133 410 290 3,097 2,506 29,507 26,516 536 3,421 1,939 20,6202,991 October. . . 44,804 15,380 8,617 178 410 2983,176 2,560 29.424 26,375 430 3,310 1,958 20,677 3,049 November. 45,050 15,799 8,963 143 377 3013,251 2,614 29,251 26,203 485 3,182 1,784 20,7523,048 December. 45,079 16,142 9,226 150 313 3013,323 2,672 28,937 25,898 590 2,755 2,351 20,2023,039 Nov. 5 . . . 45,019 15,717 8,885 86 146 394 3013,227 2,600 29,30226,241 445 3,213 1,895 20,6883,061 Nov. 12. .. 45,020 15,778 8,962 95 147 383 3033,242 2,616 29,242 26,196 434 3,154 1,843 20,7653,046 Nov. 19. .. 45,040 15,799 8,979 93 144 367 3013,261 2,622 29,241 26,196 500 3,180 1,714 20,8023,045 Nov. 26. .. 45,124 15,904 9,024 120 138 363 2993,275 2,623 29,220 26,179 559 3,181 1,683 20,7563,041 Dec. 3. . . 45,052 15,949 9,075 96 133 359 3003,284 ,64329,103 26,062 514 2,786 2,337 20,4253,041 Dec. 10... 45,16 16,053 9,154 89 142 353 2973,309 ,65429,114 26,076 602 2,758 2,366 20,3503,038 Dec. 17... 45,240 16,166 9,263 83 156 340 3003,323 ,67529,074 26,037 668 2,777 2,392 20,2003,037 Dec. 24. .. 45 ,119 16,288 9,316 87 165 344 2993,341 695 28,831 25,791 600 2,735 2,351 20,1053,040 Dec. 31. 44,813 16,252 9,322 85 155 320 3083,356 2,691 28,561 25,525 566 2,717 2.311 19,931 3,036 1948—Jan. 7... 44,967 16,192 9,313 61 13S 300 3013,369 2,677 28,775 25,731 751 2 , 790 2,307 19,8833,044 Jan. 14... 45,246 16,251 9,362 56 129 286 3043,388 2 , 70528,995 25,956 1,015 2 ,736 2,317 19,8883,039 Jan. 21... 45,392 16,329 9,418 52 117 279 3063,400 2,711 29,063 26,011 1 .155 2,774 2,274 19,8083,052 Jan. 28... 45,103 16,309 9,403 61 113 262 3023,410 2,722 28,794 25,752 1,105 2,755 2,213 19,6793,042 c Corrected. 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. 202 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 sxcept 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 a n d e n i o c s t - e k h t s i s c j p m u o a d s a d s t e n e i - - t d d s 1 s p p u n v h c a o a a o e n i i r r d l p r r d a s t - - - s - , - , S p s d s t a i i o a u i c o n v l t b a n d i e i l - t - s s - c C c h o a e f e e i e f n t e f r r c c d i s t d . - k i- s, U m G er . o e n n v S - t - . s p p u n h v c a o a a o n e i i r r p d l r r d a s t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n i d e i l - t - s s - P m U G S e i a o n r a . n o e g s n v d n v S t s - - a t - . l m D t D i e o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n 2 - k tions tions Total- Leading Cities 1946—December.. 11,891 804 2,388 47,028 47,364 2,843 1,616 2,466 13,629 247 79 9,855 1,325 54 204 5,643 3 92,160 1947—August. . . . 11,952 753 2,295 46,817 46,632 3,096 1,326 808 14,080 332 80 9,274 1,374 38 222 5,766 76,051 September . 12,257 809 2,370 47,276 47,460 3,056 1,393 931 14,134 333 84 9,696 1,431 36 203 5,783 81,583 October 12,432 790 2,452 47,197 47,804 2,978 1,513 1,380 14,167 328 83 9,978 1,410 38 231 5,810 90,187 November.. 12,371 816 2,418 47,58348,343 3,090 1,509 1,071 14,144 327 81 9,905 1,380 38 338 5,836 85,152 December. . 12,719 848 2 , -16248,708 49,363 3,148 1,700 651 14,093 335 80 9,922 1,370 39 228 5,831 104,009 Nov. 5.... 12,429 774 2,402 47,452 47,766 3,129 1,449 1,095 14,169 324 79 10,005 1,391 38 277 5,843 20,331 Nov. 12 12,180 872 2,483 47,275 48,696 3,060 1,512 1,105 14,162 332 81 10,002 1,374 38 426 5,846 17,997 Nov. 19.... 12,417 817 2,461 47,622 48,449 3,028 1,430 1,036 14,147 329 81 10,090 1,377 38 201 5,831 23,702 Nov. 26 12,458 800 2,326 47,982 48,460 3,141 1,645 1,048 14,096 323 81 9,526 1,378 39 447 5,825 21,762 Dec. 3.... 12,413 818 2,334 48,247 48,379 3,146 1,800 741 14,069 328 81 9,702 1,378 39 303 5,842 20,346 Dec. 10.... 12,489 882 2,363 48,570 48,966 3,106 1,404 717 14,061 335 80 9,673 1,374 41 345 5,832 20,509 Dec. 17.... 12,857 896 2,533 49,160 50,216 3,122 1,813 461 14,055 341 80 10,190 1,388 38 156 5,830 24,912 Dec. 24.... 12,700 815 2,387 48,876 49,446 3,119 1,523 544 14,090 333 79 9,792 1,357 38 298 5,825 23,688 Dec. 31.... 13,138 826 2,694 48,685 49,809 3,246 1,961 793 14,192 338 79 10,251 1,353 30 37 5,826 22,692 1948—Jan. 7..., 12,726 845 2,566 48,620 48,635 3,263 1,440 568 14,177 347 77 10,285 1,346 37 128 5,834 19,372 Jan. 14.... 13,051 842 2,551 48,963 49,672 3,271 1,483 520 14,158 359 77 10,292 1,351 36 90 5,826 20,565 Jan. 21.... 12,546 779 2,419 48,970 49,282 3,222 1,518 589 14,158 383 77 9,944 1.332 37 130 5,826 22,253 Jan. 28.... 12,689 792 2,243 48,833 48,701 3,264 1,420 693 14,127 391 75 9,297 1,347 37 206 5,836 21,103 New York City 1946—December.. 4,146 135 42 16,228 16,773 241 875 824 1,327 39 9 3,046 1,167 21 106 2,156 40,021 1947—August 4,117 122 32 15,955 16,325 220 692 203 1,351 16 12 2,859 1,222 12 123 2,190 29,025 September . 4,233 128 37 16,038 16,503 210 714 232 1,371 15 12 3,000 1,276 11 133 2,189 31,605 October 4,315 130 39 15,834 16,390 241 810 481 L ,376 15 12 3,047 1,257 13 142 2,195 35,162 November.. 4,244 143 43 15,849 16,476 326 771 368 1,353 22 12 3,003 1,229 13 161 2,207 33,531 December.. 4,424 148 42 16,336 17,055 264 931 209 1,341 19 12 3,072 1,220 12 102 2,202 44,131 Nov. 5.... 4,241 138 39 15,778 16,334 364 743 381 1,363 15 12 3,024 1,239 13 164 2,210 7,893 Nov. 12.... 4,123 155 39 15,709 16,408 325 764 380 1,357 25 12 2,995 1,223 13 210 2,209 7,010 Nov. 19.... 4,284 133 51 15,889 16,514 306 669 354 1,355 25 12 3,087 1,227 13 59 2,206 9,329 Nov. 26.... 4,330 147 42 16,020 16,647 308 908 356 ,339 25 12 2,907 1,225 13 213 2,202 8,628 Dec. 3.... 4,351 139 42 16,264 16,771 286 1,041 243 ,336 23 12 2,947 1,227 14 101 2,205 8,257 Dec. 10.... 4,353 153 38 16,275 16,912 273 671 241 ,333 23 12 2,911 1,231 14 158 2,200 8,631 Dec. 17.... 4,504 157 42 16,445 17,310 237 1,048 134 ,336 23 12 3,226 1,243 11 55 2,201 10,959 Dec. 24.... 4,357 141 43 16,408 17,010 238 804 163 1,341 13 12 3,037 1,203 11 168 2,197 9,430 Dec. 31 4,554 144 47 16,286 17,272 283 1,093 262 ,357 13 12 3,239 1,195 12 30 2,206 10,157 1948—Jan. 7.... 4,337 139 37 16,307 16,707 353 678 181 ,347 13 13 3,233 1,192 10 56 2,207 7,546 Jan. 14.... 4,594 135 41 16,362 16,882 369 755 152 L ,347 13 12 3,159 1,197 10 33 2,207 8,173 Jan. 21 4,354 125 45 16,508 16,935 343 748 164 1 ,356 13 12 3,075 1 ,181 10 17 2,207 8,822 Jan. 28.... 4,472 130 37 16,420 16,850 291 750 187 1,352 12 12 2,964 1,197 10 11 2,207 8,991 Outside New York City 1946—December.. 7,745 669 2,346 30,80030,591 2,602 741 1,642 12,302 208 70 6,809 158 33 98 3,487352,139 1947—August 7,835 631 2,263 30,862 30,307 2,876 634 605 12,729 316 68 6,415 152 26 99 3,576 47,026 September . 8,024 681 2,333 31,23830,957 2,846 679 699 12,763 318 72 6,696 155 25 70 3,594 49,978 October 8,117 660 2,413 31,363 31,414 2,737 703 899 12,791 313 71 6,931 153 25 89 3,615 55,025 November.. 8,127 673 2,375 31,734 31,867 2,764 738 703 12,791 305 69 6,902 151 25 177 3,629 51,621 December.. 8,295 700 2,420 32,372 32,308 2,884 769 442 12,752 316 68 6,850 150 27 126 3,629 59,878 Nov. 5.... 8,188 636 2,363 31,67431,432 2,765 706 714 12,806 309 67 6,981 152 25 113 3,633 12,438 Nov. 12 8,057 717 2,444 31,56632,288 2,735 748 725 12,805 307 69 7,007 151 25 216 3,637 10,987 Nov. 19 8,133 684 2,410 31,73331,935 2,722 761 682 12,792 304 69 7,003 150 25 142 3,625 14,373 Nov. 26.... 8,128 653 2,284 31,962 31,813 2,833 737 692 12,757 298 69 6,619 153 26 234 3,623 13,134 Dec. 3.... 8,062 679 2,292 31,98331,608 2,860 759 498 12,733 305 69 6,755 151 25 202 3,637 12,089 Dec. 10.... 8,136 729 2,325 32,295 32,054 2,833 733 476 12,728 312 68 6,762 143 27 187 3,632 11,878 Dec. 17.... 8,353 739 2,491 32,715 32,906 2,885 765 327 12,719 318 68 6,964 145 27 101 3,629 13,953 Dec. 24.... 8,343 674 2,344 32,468 32,436 2,881 719 381 12,749 320 67 6,755 154 27 130 3,628 14,258 Dec. 31.... 8,584 682 2,647 32,399 32,537 2,963 868 531 12,835 325 67 7,012 158 27 7 3,620 12,535 1948—Jan. 7.... 8,389 706 2,529 32,313 31,928 2,910 762 387 12,830 334 64 7,052 154 27 72 3,627 11 ,826 Jan. 14.... 8,457 707 2,510 32,601 32,790 2,902 728 368 12,811 346 65 7,133 154 26 57 3,619 12,392 Jan. 21 8,192 654 2,374 32,462 32,347 2,879 770 425 12,802 370 65 6,869 151 27 113 3,619 13,431 Jan. 28.... 8,217 662 2,206 32,41331,851 2,973 670 506 12,775 379 63 6,333 150 27 195 3,629 12,112 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. FEBRUARY 1948 203, 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 Comloans merd F i e s d tr e i r c a t l a R nd e se d r a v t e e in m a v n e e s n d t t - s Total i t t a c n c a u r g i u i d n r a a r l d a u l - i l , - l s- G a U T l o i n o o g . b d v a - S - t b . . d r e o O a c k l s u t e e e h r r r - i e s s - r G l U T o i o g b . o v a - S - t. o . t O h c s u t e e h r r - s e i- r e R lo st e a a a n t l e s L b o a t a n o n k ; s O l t o h a e n r s Total Total Bill; o d c n C t e f e a i e f d e b t s i i e r - - n t s - s - - Notes Bonds O rit t i : h c e e u s r tions ties tions ties Boston Dec. 31 ,848 1,082 731 17 16 114 4 178 1,766 1,677 52 178 116 1,331 89 Jan. 7 866 1,081 730 16 16 116 3 183 1,785 1,696 51 19. 117 1,333 89 Jan. 14 884 1,085 735 15 16 116 4 184 1.799 1,709 63 191 121 1,334 90 Jan. 21 922 1,090 741 15 16 116 3 183 1,83 1,738 104 18 122 1,329 94 Jan. 28 893 1,090 745 14 15 116 4 183 1,80. i,7o: 81 187 121 1,318 96 New York* Dec. 31 169 7,781 5,671 210 341 68 225 275 91 90014,388 12,982 981 652 62310,726 ,406 Jan. 7 352 7,742 5,666 190 308 65 218 274 111 91014,610 13,184 1,303 625 60110,6551,426 Jan. 14 026 7,696 5,669 127 301 61 220 279 126 91314,330 12,914 1,079 619 57310,6431,416 Jan. 21 336 7,766 5,683 171 302 61 216 282 136 91514,570 13,175 1,238 705 59510,6371,395 Jan. 28 042 7,789 5,667 170 335 60 216 279 144 91814,253 12,862 1,145 698 60910,4101,391 Philadelphia Dec. 31 ,582 864 512 3 22 6 11 78 1 1,718 1,448 59 113 87 1,189 270 Jan. 7 586 865 513 3 20 6 11 76 6 230 1,721 1,453 65 114 81 1,193 268 Jan. 14 ,564 862 514 3 19 6 11 76 1 232 1,702 1,434 54 102 78 1,200 268 Jan. 21 566 873 516 3 19 6 11 76 7 235 1,693 1.421 55 90 1,198 272 Jan. 28 543 862 514 3 20 5 75 1 236 1,681 1,414 61 86 1,190 267 Cleveland Dec. 31 292 1,449 882 26 18 64 226 1 218 2,843 2,524 31 104 182 2,207 319 Jan. 7 291 1,452 880 21 16 60 232 13 216 2,839 2,516 30 97 176 2,213 323 Jan. 14 315 1,448 890 20 15 57 233 1 217 2,867 2,546 65 105 170 2,206 321 Jan. 21 340 1,466 892 18 16 56 233 23 214 2,874 2,550 68 106 171 2,205 324 Jan. 28 311 1,442 883 17 13 55 235 13 211 2,869 2,545 73 109 166 2,197 324 Richmond Dec. 31 547 803 388 6 30 171 2 183 ,744 1,624 10 147 111 1,356 120 Jan. 7 563 794 381 6 28 172 2 183 ,769 1,650 26 155 110 1,359 119 Jan. 14 583 803 387 6 28 174 2 184 ,780 1,660 30 156 109 1,365 120 Jan. 21 599 808 391 6 28 174 2 185 ,791 1,669 40 157 111 1,361 122 Jan. 28 607' 806 390 7 24 174 3 185 ,801 1,680 52 159 109 1,360 121 Atlanta Dec. 31 365 847 524 31 68 4 175 ,518 1,331 17 175 145 994 187 Jan. 7 365 840 527 28 69 5 167 ,525 1,338 21 188 148 981 187 Jan. 14 376 847 529 29 69 5 171 ,529 1,342 18 192 148 984 187 Jan. 21 371 842 527 28 69 4 171 ,529 1,340 22 194 148 976 189 Jan. 28 355 841 524 25 69 4 174 1,514 1,325 19 201 145 960 189 Chicago* Dec. 31 ,845 2,728 1,872 39 310 355 6,117 5,513 198 454 510 4,351 604 Jan. 7 ,863 2,693 1,869 35 310 354 6,170 5,572 284 443 503 4,342 598 Jan. 14 ,921 2,705 1,868 36 311 356 6,216 5,619 389 385 508 4,337 597 Jan. 21 ,929 2,703 1,878 35 312 353 6,226 5,628 398 405 502 4,323 598 Jan. 28 ,926 2 ,706 1,869 34 312 356 6,220 5,624 422 420 4,293 596 St. Louis Dec. 31 144 980 608 23 143 1,164 1,022 14 80 102 826 142 Jan. 7 153 974 603 22 143 182 1,179 1,034 34 82 104 814 145 Jan. 14 186 981 607 21 144 184 1,205 1,060 54 88 101 817 145 Jan. 21 195 985 610 19 145 186 1,210 1,063 60 98 98 807 147 Jan. 28 150 982 605 19 146 1,168 1,021 48 103 782 147 Minneapolis Dec. 31 184 418 254 12 54 90 766 696 10 40 65 581 70 Jan. 7 181 416 252 12 55 90 765 695 14 39 67 575 70 Jan. 14 207 421 254 12 55 93 786 715 33 40 66 576 71 Jan. 21 181 421 257 12 54 91 760 689 24 37 65 563 7t Jan. 28 174 426 260 12 55 92 748 676 18 38 64 556 72 Kansas City Dec. 31 383 804 530 15 111 133 1,579 1,379 51 233 188 907 200 Jan. 7 407 804 529 14 111 134 1 ,603 1,404 68 254 187 895 199 Jan. 14 436 812 536 12 112 136 1,624 1,425 83 241 206 895 199 Jan. 21. ...: 462 823 545 12 113 137 1,639 1,440 99 267 184 890 199 Jan. 28 436| 825 545 12 113 138 1,611 1,413 85 265 183 880 198 Dallas Dec. 31 252 1,025 711 29 77 160 1,227 6 156 110 846 109 Jan. 7 268 1,023 717 27 77 155 1,245 9 168 119 839 110 Jan. 14 291 1,033 722 25 78 160 1,258 12 174 119 840 113 Jan. 21 292> 1,046 731 25 79 164 1,246 14 176 112 830 114 Jan. 28 280 1,043 733 21 78 163 1,237 1,123 9 172 103 839 114 San Francisco Dec. 31 204 4,547 1,967 42 1,832 635 6,657 5,913 101 1,006 615 4,191 744 Jan. 7 247 4,545 1,970 40 1,837 631 6,702 5,965 126 1,027 613 4,199 737 Jan. 14 299j 4,550 1,978 35 1,846 635 6,749 6,018 180 1,034 609 4,195 731 Jan. 21 337! 4,571 1,990 33 1,855 639 6,766 6,041 232 1,019 600 4,190 725 Jan. 28 236" 4,582 1,992 31 1,864 643 6,654 5,933 196 972 585 4,180 721 City of Chicago* Dec. 31 658 1,894 1,466 26 71 193 3,764 3,342 143 317 336 2,546 422 Jan. 7 647 1,862 1 ,465 24 71 191 3,785 3,373 207 306 326 2,534 412 Jan. 14 686 1,873 1,461 27 71 193 3,813 3,402 288 248 333 2,533 411 Jan. 21 694 1,864 1,468 26 71 188 3,830 3,423 302 269 327 2,525 407 Jan. 28 677 1,861 1.454 25 71 189 3,816 3,411 319 278 315 2,499 405 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 figure for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e R e a e r i r e a n d t v h - l k - e s C v a a in s u h lt m b a w n a d e i n c s o t t e - k h i s c s j m p u o d a s a d t s e n e i - - t d d s 1 s p p u v n c h a o a a o i e n i d r l r p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c o a f e e e e i f n t e f r c r c i d t d s k - . i ' - s, U m G e . r o e n v n S - - t . s u p v p n c h a a o i o a e n i d l p r r r r d s - a - - t s , - - , S p s d s t a i o i a u i c n o v l t a b d n i e i l t - - s s - P U m G S e i a o n . r a o n e s n g v v d n S t - s - - a t . l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i e a t b s n 2 - k tions tions Boston Dec. 31 524 63 141 2,418 2,468 142 52 30 491 5 310 21 3 313 868 Jan. 7 527 68 116 2,429 2,434 140 43 20 495 5 318 21 1 314 812 Jan. 14 559 63 126 2,483 2,508 138 44 19 495 5 319 20 6 314 799 Jan. 21 519 59 120 2,471 2,484 133 50 22 495 5 320 21 314 986 Jan. 28 533 58 115 2,467 2,446 138 50 28 496 4 293 20 8 314 804 New York* Dec. 31 4,846 189 159 17,810 18,658 518 1,138 282 2,185 17 22 3,308 1,198 13 30 2,395 10,664 Jan. 7 4,629 189 136 17,819 18,045 577 732 194 2,175 16 22 3,309 1,195 11 70 2,396 8,031 Jan. 14 4,882 184 148 17,884 18,257 605 800 165 2,177 16 22 3,234 1,200 11 46 2,396 8,690 Jan. 21 4,623 171 142 18,027 18,277 581 802 179 2,185 16 22 3,149 1,184 11 27 2,396 9,398 Ja . 28 4,761 175 126 17,937 18,164 558 793 204 2,179 17 22 3,037 1,200 11 15 2,396 9,490 Philadelphia Dec. 31 510 41 121 2,136 2,299 76 42 38 381 18 394 13 301 833 Jan. 7 486 46 119 2,158 2,236 81 41 30 379 10 375 12 301 775 Jan. 14 526 45 110 2,164 2,252 86 44 26 379 10 379 12 4 300 734 Jan. 21 499 42 121 2,170 2,241 87 49 31 376 g 355 12 5 300 828 Jan. 28 508 43 105 2 ,146 2,220 86 31 34 375 g 334 12 18 299 792 Cleveland Dec. 31 874 84 169 3,100 3,244 149 63 58 1,285 36 1 492 6 4 467 1,239 Jan. 7 850 88 180 3,108 3,169 150 55 42 1,278 34 1 501 6 4 j 461 994 Jan. 14 821 89 181 3,103 3,239 144 55 39 1,276 34 1 507 6 4 5 460 1,045 Jan. 21 780 82 165 3,088 3,198 149 52 45 1,275 36 1 480 2 4 6 461 1,189 Jan. 28 797 84 155 3,075 3,166 149 54 55 1,274 36 1 455 5 4 12 461 1,100 Richmond Dec. 31 520 65 190 2,051 2,064 182 54 43 584 8 8 438 8 4 1 210 669 Jan. 7 513 69 207 2,089 2,063 176 52 34 587 8 8 441 5 4 2 211 643 Jan. 14 516 66 217 2,112 2,119 170 48 34 588 8 8 437 6 4 2 211 671 Jan. 21 502 63 180 2,097 2,088 176 68 36 587 7 8 423 6 4 1 211 715 Jan. 28 489 63 170 2,104 2,057 185 49 39 587 7 8 390 6 4 10 211 660 Atlanta Dec. 31 478 45 199 1,774 1,699 286 37 21 539 8 5 578 8 4 175 644 Jan. 7 473 45 191 1,768 1,650 295 28 17 538 8 5 567 9 4 ""6 176 675 Ch J J J i a a a ca n n n g . . . o* 2 2 1 8 1 4 4 4 46 7 8 1 7 5 4 4 4 5 3 3 1 1 1 8 7 9 4 5 7 1 1 1 , , , 7 7 7 9 8 8 4 8 3 1 1 1 , , , 7 6 7 1 3 1 1 6 3 3 2 2 1 9 9 4 4 3 3 2 2 2 4 9 2 1 1 0 8 6 5 5 5 2 3 3 2 5 7 9 9 9 5 5 5 5 5 0 6 6 1 1 9 8 8 7 4 4 4 1 1 8 2 7 1 1 1 7 7 7 6 6 6 6 6 6 6 7 7 3 5 2 Dec. 31 1,757 101 444 6,291 6,351 539 127 143 2,382 53 12 1,589 26 2 667 3,025 Jan. 7 1,695 108 385 6,199 6,124 537 114 94 2,385 53 11 1,601 25 2 '"32 668 2,696 Jan. 14 1,732 108 382 6,296 6,359 549 109 86 2,382 53 11 1,633 26 2 8 664 2,913 Jan. 21 1,663 95 385 6,257 6,203 556 108 98 2,385 60 11 1,542 27 2 45 664 3,069 Jan. 28 1,709 98 379 6,321 6,243 566 96 129 2,385 61 10 1,468 26 2 65 666 2,713 St. Louis Dec. 31 448 30 140 1,372 1,511 105 24 25 460 12 2 727 4 169 577 Jan. 7 434 31 142 1,364 1,453 105 19 15 460 12 1 743 4 1 168 582 Jan. 14 421 31 130 1,374 1,500 106 19 12 460 1? 739 4 5 168 606 Jan. 21 409 28 113 1,372 1,487 108 20 14 460 12 1 714 4 9 168 644 Jan. 28 402 29 112 1,363 1,426 109 19 17 460 12 1 659 3 19 168 605 Minneapolis Dec. 31 23? 13 144 869 856 133 17 17 249 340 2 3 97 352 Jan. 7 219 13 125 827 813 131 16 14 249 348 3 3 2 97 403 Jan. 14 218 13 105 820 815 130 15 14 250 362 2 3 96 459 Jan. 21 234 12 93 817 789 131 14 18 249 336 3 3 2 97 420 Jan. 28 224 12 92 815 779 134 12 22 249 302 3 3 15 97 372 Kansas City Dec. 31 550 29 340 1,840 1,855 226 36 28 377 4 3 875 1 5 183 700 Jan. 7 520 29 330 1,786 1,811 213 31 24 378 4 3 903 1 5 10 184 702 Jan. 14 522 31 337 1,817 1,861 219 29 28 379 4 3 917 1 4 4 183 772 Jan. 31 503 29 307 1,792 1,831 226 28 36 379 4 3 895 1 5 16 183 903 Jan. 28 513 29 260 1,810 1,786 233 27 37 379 4 3 811 1 5 17 184 776 Dallas Dec. 31 517 33 323 1,853 1,793 186 109 25 342 36 5 702 5 185 708 Jan. 7 502 34 307 1^836 187 36 20 343 36 6 673 5 3 189 649 Jan. 14 510 34 306 l!906 1,902 178 42 19 342 36 6 668 5 1 189 645 Jan. 21 503 31 305 1,896 1,926 165 55 20 342 39 5 661 4 5 189 732 Jan. 28 482 33 262 1,'883 1,' 851 169 40 22 341 39 6 594 4 9 190 666 San Francisco Dec. 31 1,882 133 324 7,171 7,011 704 262 83 4,917 146 15 498 61 4 3 664 2,413 Jan. 7 1,878 125 328 7,208 7,001 671 273 64 4,910 166 15 506 60 4 669 2,410 Jan. 14 1,859 133 325 7,216 7,149 653 249 62 4,895 177 15 528 61 4 2 669 2,559 Jan. 21 1,834 124 291 7,200 7,045 616 240 724,888 192 15 508 60 4 2 667 2,694 Jan. 28 1,810 125 292 7,118 6,927 623 225 86 4,880 198 15 453 60 4 674 2,462 City of Chicago * Dec. 31 1,160 39 214 4,095 4,223 288 71 78 1,192 38 2 1,198 21 451 2,056 Jan. 7 1,137 46 195 4,048 4,100 275 57 50 1,191 38 2 1,209 20 20 452 1,811 Jan. 14 1,169 42 178 4,105 4,266 269 54 43 1,190 38 2 1,224 21 6 447 1,921 Jan. 21 1,117 35 184 4,080 4,157 274 51 49 1,194 38 2 1,157 21 45 447 2,000 Jan. 28 1,129 36 180 4,106 4,167 278 47 57 1,195 38 1 1,105 20 55 449 1,729 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. FEBRUARY 1948 205 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 paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t- ing Total O bi w ll n s bo B u il g ls ht ( a R F F c B o e e c a r d s o n e e u o k r r n w s v a t e l n ) Others I U S m i n t p n a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F i t n w or e e e i n gn States countries 1946—November 227 208 155 73 82 54 152 23 1 26 6 December 228 227 169 74 94 58 162 29 (2) 29 7 1947—January 236 241 183 85 98 58 172 35 (2) 27 8 February 243 230 171 76 95 59 164 35 (2) 24 7 March 266 228 170 75 95 58 158 36 (2) 27 7 April 256 215 154 71 83 61 140 42 (2) 25 8 May 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 20 6 July 244 187 148 75 74 39 115 45 (2) 21 7 A Se u p g t u em st ber V 2 2 4 4 2 4 2 21 0 9 6 1 1 5 6 8 8 8 7 3 1 8 8 7 5 4 4 4 8 7 1 1 4 3 0 3 4 4 7 2 2 1 2 2 0 4 1 6 1 October 283 237 180 83 97 2 55 144 54 4 23 10 N De o c v e e m m b b e e r r 2 2 8 8 7 7 2 2 4 6 5 1 1 1 8 9 8 7 8 7 8 6 1 1 1 0 2 9 (2) 6 5 4 6 1 1 4 5 7 9 6 6 1 3 3 3 2 2 5 5 1 9 1 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 EXCHANGB FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c * es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m n d e i t n s n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r a u m t d n n e i t e n s n r g t s' a in n a v I d c n e c t s o r f t a u i m r d n m e i t n s n g t I a n c ( c c n o a e u p t n i ) t t a s l 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 537 5 311 453 217 693 118 30 10 289 1947—January.... 8 533 8210 8 687 February. . . 8 573 8217 8 681 March 3 576 8216 8 677 April 8 553 8 205 8 665 May 8 530 8 201 8 652 June 552 6 333 395 222 650 162 24 9 271 July 8 564' 8 251 8 677 August 8 550 8 241 8 656 September. . 8 570 3 280 8 630 October 8 606 8 257 8616 November. . 3 593 8 247 8617 December... 578 7 315 393 240 612 176 23 15 273 •• 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). 1 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): 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. 206 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] AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] Stock security yields mo Y w n e e t a h e r k , , or m 4 m p P c - o a r o e t n p i o r m m t e c h 6 r i - e a , s - l 1 a a P b d c n e a r a 9 c c i r n y m 0 s e e k ' s p s e - 1 , t- ch n c a e o r e a a e l x a w n s - l - n l 2 g - e m bi o 3 ll n - s t 3 h 9 d c m o - c e e t f a o b r o t t n t i e i e f 1 n t s i d h 2 - - - - 3 t i a - s y x t s 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 E 7 N r c n a o i o s t r t i t t e e a h h s r n 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 1946 average .81 .61 1.16 .375 .82 1.16 1942 average.... 2.61 2.07 2.58 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 average.. . . 2.72 2.30 2.80 1944 average. 2.59 2.11 2.68 1947—January. .. 1.00 .81 1.38 .376 .84 1.26 1945 average 2.39 1.99 2.51 February.. 1.00 .81 1.38 .376 .85 1.26 1946 average 2.34 1.82 2.43 March 1.00 .81 L.38 .376 .82 1.24 1947 average. 2.28 1.81 2.33 2.76 April 1.00 .81 L.38 .376 .83 1.24 May . . . 1 00 .81 L.38 .376 .85 1.27 1943—December. 2.65 2.10 2.76 3.17 June 1.00 .81 L.38 .376 .85 1.29 July 1.00 .81 L 38 703 85 1.33 1944—March. . . 2.63 2.10 2.75 3.12 August.... 1.00 .88 [.38 .748 .85 1.31 June 2.63 2.23 2.55 3.18 September. 1.06 .94 L.38 .804 .87 1.28 September 2.69 2.18 2.82 3.14 October. . . 1.06 .94 L.38 .857 .97 1.35 December. 2.39 1.93 2.61 2.65 November. 1.06 .94 L.38 .932 .99 1.47 December.. 1.19 1.03 L.38 .950 1.04 1.54 1945—March. . . 2.53 1.99 2.73 2.91 June 2.50 2.20 2.55 2.80 1948—January... 1.31 1.06 L.50 .977 1.09 1.63 September 2.45 2.05 2.53 2.81 December. 2.09 1.71 2.23 2.38 Week ending: Jan. 3 1M lVie .950 1.05 1.65 1946—March. . . 2.31 1.75 2.34 2.93 Jan. 10 .976 1.08 1.63 June 2.41 1.84 2.51 Jan. 17. ... I1 he .981 1.09 1.64 September 2.32 1.83 2.43 Jan. 24.... iX-1% IV16 iy 2 .990 1.09 1.64 December. 2.33 1.85 2.43 2.76 Jan. 31 lVie .990 1.10 1.64 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. 3 Rate on new issues offered within period. 4 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 2K% 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) i Total years o a v n e d r Aaa Aa Baa 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 Number of issues 1-8 15 30 40 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 1947—January.. 1.56 2.21 1.92 2.48 2.79 2.57 2.65 2.79 3.13 2.63 3.00 2.73 February. 1.54 2.21 1.99 2.48 2.78 2.55 2.64 2.79 3.12 2.61 3.00 2.72 March. . . 1.52 2.19 2.02 2.49" 2.79 2.55 2.64 2.80 3.15 2.61 3.02 2.73 April 1.53 2.19 1.98 2.49 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May 1.53 2.19 1.95 2.49 2.79 2.53 2.63 2.82 3.17 2.60 3.05 2.71 June 1.56 2.22 1.92 2.50 2.81 2.55 2.64 2.83 3.21 2.60 3.10 2.72 July 1.57 2.25 1.91 2.51 2.80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 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 2.61 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 2.93 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 1948—January.. 1.97 2.45 2.45 2.85 3.12 2.86 2.94 3.17 3.52 2.91 3.44 3.03 W'eek ending: Jan. 3... 1.99 2.45 2.46 3.17 2.90 2.98 3.22 3.56 2.95 3.48 3.06 Jan. 10... 1.94 2.45 2.43 3.13 2.85 2.95 3.18 3.53 2.91 3.45 3.03 Jan. 17... 1.97 2.45 2.42 3.12 2.85 2.95 3.17 3.51 2.90 3.43 3.03 Jan. 24... 1.98 2.45 2.45 3.12 2.85 2.94 3.17 3.52 2.90 3.44 3.02 Jan. 31.... 1.99 2.45 2.48 2.87 3.13 2.86 2.94 3.17 3.53 2.91 3.43 3.03 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. FEBRUARY 1948 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Corporate 4 Common (index, 1935-39=100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium- and lower-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Indus- Rail- Public fa D ul e te - d ferred6 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 a h n a d r s e s o ) f Total trial road utility Number of issues 15 50 10 20 20 15 15 354 20 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 s 67.1 184.7 123 128 105 103 953 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. 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 114.3 122.6 107 113.0 63.4 186.2 119 124 98 101 833 July 103.75 134.7 122.5 115.7 122.8 110 113.8 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 102.11 129.4 118.8 113.3 120.0 105.1 114.7 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 1948—January 100.70 124.5 117.4 112.4 118.9 104.6 113.7 169.5 120 126 107 95 895 Week ending: Jan. 3 100.69 124.1 116.7 111.8 118.0 103.9 113.3 167.9 124 131 109 94 1,205 Jan. 10 100.72 124.8 117.3 112.1 118.4 104.4 113.5 169.5 124 130 110 96 959 Jan. 17 100.69 124.9 117.5 112.4 118.9 104.9 113.6 170.3 121 127 107 95 855 Jan. 24 100.69 124.4 117.5 112.5 119.1 104.8 113.7 169.5 118 124 103 95 953 Jan. 31 100.69 123.8 117.4 112.6 119.3 104.5 113.9 168.7 118 123 106 94 847 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f i o d e o g n s o t r n d a - t - ) i l c Total S n a m 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 n r a p o o n t o n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i o e d o g n s t r o n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o gn r- 2 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 '8,645 "4,645 "4,635 952 "127 "3,556 "2,084 "1,472 10 "4,000 "3,895 208 "734 "2,953 "2,352 601 105 1947 . . . 39,608 37,448 7,144 2,225 203 4,716 3,498 1,218 60 2,160 1,983 44 422 1,517 1,236 281 177 1946—December "1,023 "811 "811 119 "691 "565 "126 "213 "198 50 34 "113 "86 27 15 1947—January.. "646 "506 "496 215 21 "260 "217 44 10 "140 "136 11 22 "104 "86 18 4 February. "462 "304 "302 97 34 '170 "127 44 2 158 56 1 24 31 8 22 101 March. . . "856 "636 "615 293 12 "311 "267 44 21 220 191 2 50 140 136 4 29 April "891 "785 "778 402 376 "241 136 7 "106 "101 3 20 "78 "44 34 5 May "702 "348 "333 106 "i5 "212 "80 132 15 "354 "354 1 33 "319 "229 91 June "1,038 "745 "745 212 15 "519 "435 83 "293 "255 2 38 "214 "165 48 "38 July n,033 3863 619 124 12 483 "311 "172 170 170 11 40 118 107 11 August. . . "514 "323 "323 185 8 "129 "119 "11 191 191 3 40 147 140 7 September "785 "621 "621 277 85 "258 "175 84 165 165 42 122 113 9 October. . 813 "713 "713 114 "599 "410 189 101 101 5 20 76 51 25 N De o c v e e m m b b e e r r 1,1 7 6 0 0 5 1,0 5 2 7 9 1 1,0 5 2 7 6 1 1 9 0 9 1 4 92 7 6 0 3 7 3 8 6 0 1 1 3 4 4 6 4" 1 1 3 3 0 4 1 13 3 4 0 2 2 4 4 8 5 8 8 4 3 8 7 0 8 3 6 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 1 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s ro t g i c r m o e s e a s d te s d 2 E p s r v o t i n c m e e e t a d te s d 8 New money Retirement of securities Repayment Other of Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 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 1947 6,221 6,111 4,270 3,224 1,046 1,378 1,191 187 310 153 1946—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 December 1,078 1,063 932 800 132 93 91 2 12 26 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Rea estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1.340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 . . 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 691 129 559 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,121 2,122 923 76 2,429 1,740 364 325 279 169 56 54 1946—December. . 47 35 10 2 510 417 84 9 270 206 30 34 66 53 12 2 1947—January.... 33 28 5 43 14 26 3 229 136 84 9 11 5 5 1 February... 8 7 2 67 47 18 2 119 94 8 16 66 58 6 2 March 12 9 1 2 332 223 107 2 90 52 5 33 9 1 8 April . . . 17 17 93 30 61 2 328 204 24 99 3 3 May 37 15 22 225 31 179 16 165 129 26 10 10 5 5 June 28 28 536 353 181 2 141 96 26 19 21 21 July 28 22 6 307 234 68 4 239 175 43 21 14 3 1 10 August 23 23 140 28 95 16 79 65 9 6 2 2 1 September.. 5 4 2 306 157 136 13 71 45 13 13 51 38 4 9 O N c o t v o e b m er b e . r . . 3 3 7 5 3 3 7 1 4 3 2 0 7 3 7 2 2 8 4 0 5 31 8 1 1 6 2 2 5 1 9 3 1 1 9 2 3 9 2 4 0 9 4 3 5 5 2 1 1 6 1 7 5 1 8 5 December. . 20 20 493 480 11 1 496 422 56 18 54 9 26 19 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. FEBRUARY 1948 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e r o h n t i n n e a p s t r - - - f m e p N u a r r e r c o n o t o t d a n d s u l - - s s O g d o b u t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n n f n d i i g g d n u l - c- c In h t c r e d a i m u a ls l s i - - O g d n o u b t o o h l r n e a d e - - s r n c s ic e e e o l e r l v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 3 171 130 127 136 » 165 356 281 273 302 321 31,139 82 657 Quarterly 1945—i 492 49 38 63 «50 31 21 45 62 48 39 45 250 20 142 2 ... 508 53 42 77 *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 1945—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 61 102 444 50 8 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 B Electricpower • Telephone 7 Year or quarter r O e p v in e e r n g a u t e - I i b n n e t c c a f o o x o m m r 8 e e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e n r g a u t e - I i b n n t e c c a f o o x o m m * 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 g r n a u t e - I b n in e t c a f c o x o o m * r m e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 t944 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 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 8 Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. 6 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 210 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 e r o e t b s a c t s l t i b n d T e d t i a o e r e r e t r b i a c e n t l t s g t- Total 2 Tre b a il s ls ury c i C e n a d e t d n r e e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s d r s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g t b e t e u c e e e u a r a d e r r r i i s a i t n t n n i - g e - - s 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec. , , , 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec, 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 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 1948—Jan 256,574 253,958 164,917 14,838 20,677 11,375 117,863 59,893 52,479 5,403 29,148 2,616 72 1 Including amounts held by Government agencies and trust funds, which aggregated 5,261 million on Dec. 31, 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 2J^ 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 JANUARY 31, 1948 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te r d s] States Treasury. In millions Am ou o t u - nt Funds receive p d e f r r i o o m d sales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills x Treasury bonds—Cont. Feb. 5, 1948 1,002 Dec. 15, 1949-52 2.. 3 M 491 Fiscal year Feb. 13, 1948 1,104 Dec. 15, 1949-53 2..2^ 1,786 ending: F F e e b b . . 2 1 6 9 , , 1 1 9 9 4 4 8 8 1 1 , , 1 2 0 0 2 3 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 2..2H 2 1 1, , 1 9 8 6 6 3 june—1 1 9 9 4 4 0 1 .. .. 4 2 , , 3 9 1 0 4 5 1 1 , ,4 1 9 0 2 9 203 67 395 1 1 1 4 4 8 Mar. 4, 1948 1,201 Sept. 15, 1950-52 2 4,939 1942.. 10,188 5,994 3,526 435 2 032 207 Mar. 11, 1948 1,205 Dec. 15, 1950 1*4 2,635 1943.. 21,256 11,789 8,271 758 2 759 848 Mar. 18, 1948 1,302 June 15, 1951-54 1.. 2 % 1,627 1944.. 34,606 15,498 11,820 802 2 876 2,371 Mar. 25, 1948 1,103 Sept. 15, 1951-53 2 7,986 1945.. 45,586 14,891 11,553 679 2 658 4,298 Apr. 1, 1948 ... 1,304 Sept. 15, 1951-55 2 3 755 1946.. 49,035 9,612 6,739 407 2 465 6,717 Apr. 8, 1948 1,305 Dec. 15, 1951-53 2..2M 1,118 1947.. 51,367 7,208 4,287 360 2,561 5,545 Apr. 15, 1948 1,003 Dec. 15, 1951-55 2 510 1947—Jan 50,343 952 535 53 364 483 Apr. 22, 1948 ,003 Mar. 15, 1952-54. . .2)4 1,024 Feb.... 50,717 712 394 41 278 398 Apr. 29, 1948 1,001 June 15, 1952-54 2 5,825 Mar.... 50,945 616 372 35 209 449 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 4 5 ...2*4 2 8 1 , , 6 5 6 0 2 1 A M p a r y . . . . . . . 5 5 1 1 , , 1 2 1 4 7 0 5 4 7 8 2 8 3 3 4 0 9 5 3 2 3 5 1 1 9 5 1 8 4 4 2 5 1 5 C O A J J J J F M e u u u u e c p r a l l l n b t y y t y r r . e , . . 1 1 o ] . 1 1 I L 1 f , , . , , , 1 1 1 1 1 1 i 1 1 9 9 Q 9 9 n 9 9 9 4 4 4 4 4 d 4 4 4 8 8 8 K 8 8 e 8 8 S S b S S t e e e e e r r r r . . d . . " " " " n H J F G " e " " " s ? s % p p 7 % A y 1 A i i i 2 2 3 2 1 1 1 1 , , , , , , , , 2 7 1 9 3 7 1 3 0 4 4 7 5 4 2 2 2 9 2 7 7 4 7 1 S J J J S D J M M u u u u e e e a n a n n n p p c r r e e e e t t . . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 9 8 3 9 6 5 4 6 6 - - - - - - - - - 6 5 6 6 5 5 6 5 5 2 5 3 2 9 6 0 8 9 . 2 2 2 3 . 2 * * . . . . . . . . . . . 2 . . . 2 2 . . 2 2 2 2 2 K * p } % * ^ ^ 4 i 4 2 4 3 3 5 2 1 , , , , , 4 8 2 6 4 9 9 6 7 2 4 7 8 1 1 8 8 2 3 1 0 4 9 1 5 9 2 1948— O D J S J A N J u u a e c e u o n t n l p c g v y . t e . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 1 1 2 1 1 1 2 2 , , , , , , , , 5 3 8 6 0 7 0 4 5 6 6 9 0 5 5 7 2 7 4 7 8 9 3 9 4 4 4 5 4 4 4 7 8 6 8 1 6 5 8 7 2 6 8 2 0 9 7 0 3 3 3 2 3 2 3 4 0 3 0 9 0 2 6 7 1 9 4 4 4 5 3 9 2 2 2 2 2 4 2 1 4 7 1 1 2 4 4 7 1 1 1 1 2 1 1 1 5 4 4 9 4 6 3 3 7 2 4 3 8 2 1 7 4 4 4 4 4 4 3 4 0 5 3 5 5 0 3 3 4 4 1 7 7 4 3 4 Oct. 1,1948Ser."K" 1 1,467 Dec. 15. 1960-65 2..2% 1,485 Jan. 1, 1949 \y% 2,592 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 3 K . . . 2 2 H *4 2 2, , 8 1 3 1 1 8 Maturities and amounts outstanding January 31, 1948 Treasury notes J D M u e a n c r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 5 4 - - - 6 7 6 9 0 9 3 3 s . . . . 2 . . 2 2 * H * 4 4 3 3 5 , , , 7 1 8 6 9 3 1 7 8 m Y a e t a u r r i o t f y se A ri l e l s S C er - i D es Se E ries Se F ries Se G ries Sept. 15, 1948 1*4 3,748 Mar. 15, 1966-71 3..2^ 3,481 Oct. 1, 1948 1 4,092 June 15, 1967-72 K .2*4 7,967 1948 463 463 Jan. 1, 1949 1*4 3,535 Sept. 15, 1967-72. . .2*4 2,716 1949 819 819 Dec. 15, 1967-72 *. .2*4 11,689 195Q 988 988 1951 1,560 433 1,127 Treasury Bonds Postal Savings 1952 4,250 4,250 Mar. 15, 1948-50*. . . .2 1,115 bonds 2*4 114 1953 7,552 6,228 ?06 1 119 Mar. 15, 1948-512*. 2 % 1,223 Panama Canal Loan. 3 50 1954 9,851 7,164 536 2,151 June 15, 1948 1% 3,062 1955 8,597 5,774 584 2,239 Sept. 15, 1948 2 2*4 451 Total direct issues. . .. 164,917 1956 6,317 3,078 666 2 573 Dec. 15, 1948-502 2 571 1957 6,341 3,475 5^1 2,335 June 15, 1949-51 2 1,014 Guaranteed securities 1958 2,995 159 307 2,529 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1959 2 552 S'U 2 218 Dec. 1[5, 1949-51 2 2,098 Various 28 1960 147 ?0 127 Unclassified. . 47 p. 1 2 0 S 7 ol . d on 2 d i P s a c r o t u ia n l t l y b a ta si x s . e xe S m ee p t t . able on Open-Market Money Rates, Total 52,479 2,704 31,255 3,184 15,290 3 Restricted. * Called for redemption on Mar. 15, 1948. FEBRUARY 1948 211 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 i l g e t- s Total m b C a e o n r m c k i s a - l l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c O s a o s a t t o r i n h p o c d e o n i r a - s - S l g e a o t o r n c a n v d a t - e - l a U m nd . e n S t t r . u a G s g t o e v n f e c u r i n e n d s - s tions ments Special Public 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 63,600 25,300 11,800 22,100 6,300 24,585 6,338 1947—May 255,146 92,788 70,700 22,088 162,358 65,900 25,2-00 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 66,400 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 92,129 69,800 22,329 164,048 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 November 255,674 91,509 69,300 22,209 164,165 65,600 24,700 12,100 20,300 7,300 29,517 4,675 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Oct. 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Marketable public securities. In millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - . C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks (i) banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1945—Dec 198,820 7,00924,26282,83010,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,57811,22024,28547,015 1946—June.... 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,962 11,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June 168,740 5,40921,87262,96111,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Oct 167,142 4,35222,16862,52911,76923,44542,879 Oct 14,393 50 976 8,948 277 323 3,819 Nov.. . .166,437 4,54022,20962.08511,64623,27242,685 Nov.. . . 14,393 49 1,645 8,415 237 318 3,729 Treasury bills: 1-5 years: 1 19 9 4 4 6 5 — — J £ u ) nece 1 1 7 7 , , 0 0 3 3 9 7 3 51 14 2 , , 4 8 6 3 6 1 2 1 , ,1 4 4 7 2 6 3 1 1 1 1 , 4 7 2 2 4 3 1 1 9 94 4 5 6 — — D Juence...'. 3 35 5 , , 0 3 5 7 5 6 4 4 4 0 3 8 6 7 9 9 3 7 2 2 5 5 , , 2 1 8 6 5 5 7 7 0 0 9 1 1 1 , , 5 74 0 2 6 6 6 , , 3 6 1 7 9 3 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 1114,496 787 i 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 7,193 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 Nov.. . . 15,335 3 12,558 1,405 8 56 1,305 Nov.. . . 38,323 354 492 27,268 1,411 2,399 6,399 Certificates: 5-10 years: 1945—Dec 38,155 38 8,36418,091 91 360 11,211 1945—Dec 33,025 787 210 21,007 2,058 2,902 6,063 1946—June 34,804 58 6,813 16,676 243 576 10,439 1946—June.... 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,49611,221 257 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18,932 423 40 11,577 1,245 2,002 3,645 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 Nov.. . . 24,501 30 7,255 7,426 198 275 9,317 Nov.. . . 18,932 379 157 12,162 1,018 1,653 3,563 Treasury notes: 10-20 years: 1945—Dec 22,967 8 2,12015,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 1946—June 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,54711,829 Dec 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2,433 5,30311,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,13712,425 Oct 7,840 3 811 4,452 81 163 2,330 Oct 43,068 2,810 100 4,686 7,182 15,44812,848 Nov.. . . 7,840 2 1,425 3,967 71 173 2,202 Nov.. . . 43,068 2,951 101 4,690 7,22615,40812,692 Treasury bonds: After 20 years: 1945—Dec 120,423 6,915 947 46,53510,21722,23033,579 1945—Dec 24,781 2,764 57 2,418 2,051 6,93310,559 1946—June 119,323 6,655 755 47,33510,74323,07330,764 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,40811,04923,22629,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—June.... 119,323 5,306 727 48,756 11,40723,30529,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Oct.. . 118,564 4,251 708 49,298 11,46522,94329,899 Oct 11,689 657 703 1,588 3,186 5,555 Nov 118,564 4,468 971 49,26311,36522,75129,746 Nov.. . . 11,689 737 692 1,547 3,149 5,564 * 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. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t d o h * m - e O ta t x h e e s r 1 n i c r M n n e e e n u t l o v a i e l e s e u l a r 1 - - - - s S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N r ip e e - t t s3 d t I e o e e n s n r b t - - t a f W i a c e d t n n t i e e a i d s - v s r e - f T c e t o e r r r a s a u u t c c n s n - t . t o s ts - O p tu e e t n r h x 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 ic 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 u l n a c u e n e r n r c d e r i c r a n a e e l s g a e s p e ( e G + ( d r — i r ) e o o b o d ) s t r s Fiscal year ending: June 1945... 0,289 24,884 6,949 1,7933,824 47,740 46 4573,61790,029 1,646 5,106 100,397 -53,941 +791 +4,529 +57,679 June 1946. . . 9,392 21,493 7,725 1,7143,915 44,2 0384,722 48542 1,918 8,532 63,714 -20,676 -524 -10,460 +10,740 June 1947. . . 0,013 19,292 8,049 2,0395,309 44,703 43 2594,958 17142 1,355 19,051 42,505 +754 -548 -10,930 -11,136 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 -245J +642 June 778 2,492 602 1251,484 5,480 5,473 ,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 H ,896 3,669 -1,272 -129 -239 +1,161 August 1,255 41 643 352 202 2,865 2,536 103 908 273 1,775 3,060 -524 +206 +332 +649 September. 797 2,639 699 136 615 4,884 4,872 668 1,006 9 1,249 2,932 +1,940 -435 +552 -953 October.. . 644 70: 782 71 257 2,455 2,390 157 1,150 60 1,078 2,445 -55 +283 +155 -74 November. 1,315 350 695 329 362 3,053 2,743 127 930 20 1,118 2,194 +549 + 138 -172 -859 December.. 880 1,1 767 145 578 4,260 4,246 972 994 23 1,235 3,224 +1,022 -547 -838 -1,312 1948—January. . . 624 62,613 656 51 366 4,310 4,275 401 PI,047 66 PI.366 2,879 +1,396 +482 +1,551 -326 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- Other Assets accounts penditures Period c N e r i e e p - t ts Invest- p t e u E n r x d e - 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 ip e- ts I m nv e e n s t t s - p tu e E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge a fu n l i a n n e n d ra c l e agencies Reserve deposi- Banks i 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 1947—January... 219 45 126 131 123 44 121 5,102 1,620 2,736 746 391 4,711 February. . 440 87 123 11 361 41 224 7,478 2,561 3,363 1,554 344 7,134 March 83 201 134 -32 207 17 2 7,233 2,369 3,292 1,571 323 6,909 April 157 5 133 -60 197 32 -26 4,707 842 2,317 1,548 395 4,312 May 590 159 126 -33 327 456 110 4,402 989 1,807 1,607 336 4,066 June 246 476 137 90 477 305 348 3,730 1,202 962 1,565 422 3,308 July 632 398 154 158 153 46 159 3,460 884 958 1,617 391 3,069 August.... 573 150 134 176 400 281 26 3,705 6749 1,362 51,593 304 3,400 September. 65 272 124 47 180 24 212 4,331 1,091 1,618 1,622 378 3,952 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 1948—January... 254 68 126 -283 313 21 154 5,042 2,256 959 1,828 394 4,648 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. 6 Receipts are based on telegraphic rather than the usual mailed reports for this month; this accounts in part for the increase over January 1947. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INC6ME AND OUTGO OF THB UNITED STATES TREASURY * [On basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income income taxes and profits taxes Estate Excise and Excess 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 n x if d e t s o ce th l t l e a a r x n m e e s o i u s s - Period in C c a o s m h e o C u a t s g h o o co u m tg e o o r ( ( — +) ) Fiscal year ending: June—1941 9,371 14,060 -4,689 Fiscal year ending: 1942 15,291 34,585 — 19,294 June—1941 1,418 1,852 164 37 407 2,547 1943 25,245 78,979 -53,735 1942 3,263 3,069 1,618 57 433 3,405 1944 47,984 94,079 -46,095 1943 686 5,944 4,521 5,064 84 447 4,124 1945 51,041 95,986 -44,945 1944 7,823 10,438 5,284 9,345 137 511 4,842 1946 47,793 65,692 -17,899 1945 10,264 8,770 4,880 11,004 144 643 6,317 1947 46,643 39,985 +6,658 1946 9,858 8,847 4,640 7,822 91 677 7,036 1947 9,842 9,501 6,055 3,566 55 779 7,285 1946—December. . . 4,207 3,629 +578 1946—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 August 1,495 62 276 43 1 79 572 October 2,631 2,612 +18 September.. 26 1,128 1,514 35 1 64 625 November.. . 3,349 2,533 +816 October 1,188 246 384 28 1 65 736 December. . . 4,031 3,521 +510 November.. 1,491 67 249 22 2 54 627 December. . 36 408 1,463 24 1 65 691 1 Revised figures. For description, see Treasury Bulletin for September 1947. FEBRUARY 1948 213 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 1 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 C p s t a l u i o o n i e p e m d d - s s i , , - - G U o . v I S m n t . . v e e n O s ts t- ther L s e tu t a q a r r n u u n e d i c d s p - , , - u f t e a n D r r n d i e r b - d e i - s d - O s a t e s h - t e s r i t B F g u a u u o r n e a l n d l s r d y - s d p , e a n b y o e a t n b e - l s e , l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t 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 m ri a a t l e s - s ri e t c ie u s - r s i e ti c e u s - 2 ment ch u a t r e g d es3 b a y n t U e . e S d . Other All agencies: Sept. 30, 1946 29,569 1,157 5,949 1,429 1,836 390 16,973 1,536 377 1,250 3,37724,069 496 Dec. 31, 1946 30,409 1,398 6,649 1,265 1,873 54716,924 339 1,414 261 1,252 3,588 24,810 498 Mar. 31, 1947 32,337 1,588 7,294 1,003 1,985 3,42615,486 3801,176 1,250 3,14227,268 509 June 30, 1947 429,666 1,792 7,662 851 1,777 3,56512,691 1,163 506 2,04526,763 269 Sept. 30, 1947 31,037 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: Banks for cooperatives 296 235 43 238 Federal intermediate credit banks. 475 391 399 73 Production credit corporations. . . 109 40 109 Regional Agricultural Credit Corp. 14 14 Agricultural Marketing Act Revolving Fund 1 () 1 Federal Farm Mortgage Corp 125 6 951 3 120 Rural Electrification Administration 712 27 678 (5) 712 Commodity Credit Corp 1,272 467 161 410 229 45 653 574 Farmers' Home Administration. . . . 449 63 316 (*) 58! 11 438 Federal Crop Insurance Corp 41 16 10 15 9 32 Housing and Home Finance Agency:6 Home Loan Bank Board: Federal home loan banks 542 336 182 225 71 123 123 Federal Savings and Loan Insurance Corp 185 181 181 Home Owners' Loan Corp 548 508 12 525 Public Housing Administration and affiliate:8 Public Housing Administration 6.. 504 5 278 204 6 493 Defense Homes Corp 55 2 53 (5) 55 Federal Housing Administration.... 199 36 26 1 11 33 162 Federal National Mortgage Association 5 5 (5) 5 Reconstruction Finance Corp.7 1,836 19 899 541 116 35 115 110 1,523 -Export-Import Bank 1,803 1 1,789 13 189 1,613 Federal Deposit Insurance Corp 1,080 31 1,041 8 32 1,048 Federal Works Agency 220 2 75 142 2 (5) 220 Tennessee Valley Authority 783 22 747 4 12 771 U. S. Maritime Commission: Maritime Commission functions 8... 4,192 560 1 3,305 29 212 393 3,799 War Shipping Adm. functions 9 7,003 163 6,507 115 191 333 6,670 All other w 8,589 31 3J420 3,386 1,657 10 49 8,525 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1947 Purpose of loan M F C i^ 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 - - m C C C r o o o e d m r d p i i - t . t y t R A r E t 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 a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - 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 (5) 7 2,200 4 2,053 To aid home owners 520 117 27 665 660 To aid industry: Railroads 145 17 162 164 Other . . 209 31 240 224 To aid financial institutions: Banks 1 5 6 6 Other 336 4 340 293 Foreign loans 258 1,796 3,350 5,405 4,058 Other 278 218 (5) 95 591 597 Less: Reserve for losses 27 (5) 1 13 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 Includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and DeveloiUnent—159, 318, 476, 635, and 635 on Sept. 30 and 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. Government 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. 214 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] Industrial production Construction (ph 1 y 9 s 3 ic 5 a - l 3 9 v o = lu 1 m 0 e 0 )* l aw 19 a 2 c r 3 d o - e n 2 d t 5 r a (v c = a t s l 1 u 0 e 0 )2 E 1 m 93 p 9 lo = ym 1 e 0 n 0 t • Fac- D m ep e a n r t t- Wholetory Freight store sale Conf M ac a tu n r u e - s Non- 1 r 9 o p 3 l a 9 l y s = 3 c 1 a 9 i r n 3 l g o 5 s - a * 3 d 9 - u s ( e v a ) a l * e l - 4 s p m c r o o ic m d e i - s ty 3 1 s p 9 u r 3 m i 5 c e e - r 3 s s 9 Year and month Total Dur- Non- M era in ls - Total R d t e i e a n s l i - - o A th l e l r t a c u g u r r l a - i- l Factory 100 = 100 19 = 3 1 5 0 -3 0 9 = 19 1 2 0 6 0 = 100 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 170 192 165 134 153 143 161 134.4 142.0 266.4 132 264 121.1 139.3 1947 P187 P220 P172 P149 ^158 P144 P170 P140 4 ?154 0 143 P2S5 159 2 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 '247 107.7 129.6 March 168 164 183 166 137 147 129 161 130.6 132.6 132.1 238 3 139 '255 108 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 mi 112 9 133 3 July 172 174 202 157 146 165 161 168 134.7 143.0 143.6 267.1 139 r272 124.7 141.2 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284 4 141 r291 129 1 144 1 September 180 184 212 165 146 151 147 155 137.6 148.6 149.5 290.3 138 r271 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 r266 144 6 153 2 March 190 187 225 175 148 132 129 134 140.0 154.6 154.0 314.1 146 '272 149.6 156.3 April 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 r277 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 r290 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 r283 153 6 160 3 September*" 186 191 '217 172 153 183 168 195 141.5 155 7 156.6 336 9 142 r292 157 4 163 8 October 190 194 223 176 rl55 184 170 196 142.2 156.4 156.8 341.5 145 '277 158.5 163.8 N De o c v e e m m b b e e r r P 1 1 9 9 2 1 P 1 1 9 8 2 9 P 2 2 2 2 4 8 P1 1 7 7 3 8 P1 1 5 5 5 5 P2 1 1 9 6 3 vl 1 S 6 9 3 P 2 23 1 8 7 P 1 H 4 2 2 . . 7 4 P115567A 7P 1 1 5 5 7 7 . . 2 8 344 8 1 1 4 49 7 '3 3 0 03 1 1 1 5 6 9 3 .1 5 1 1 6 6 4 7 .0 9 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 216-219. For points in total index, by major groups, see p. 237. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 223 of this BULLETIN. 8 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. 225-227. 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. 215 FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1947 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec Industrial Production—Total. 182 189 189 190 181 185 184 176 182 186 190 192 vl91 Manufactures—Total 190 196 197 198 194 191 191 183 188 192 197 199 P197 Durable Manufactures 211 221 222 225 222 218 219 207 210 r217 223 224 P22S Iron and Steel 159 192 191 196 195 197 193 181 188 195 204 202 205 Pig iron 152 193 191 194 189 193 189 174 187 188 198 197 196 Steel 174 206 207 213 213 215 211 198 205 214 224 222 226 Open hearth. 145 174 179 178 179 176 166 170 177 184 182 185 Electric 381 457 461 469 458 429 454 477 509 '503 513 Machinery 276 277 277 281 276 273 275 266 267 276 280 281 P285 Manufacturing Arsenals and Depots1. Transportation Equipment 235 229 233 239 237 225 233 217 213 227 r231 234 Automobiles (including parts) 187 181 190 197 193 179 191 185 180 197 198 201 '205 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 197 203 208 202 197 187 179 171 170 174 179 185 '189 Smelting and refining 181 184 190 195 203 198 188 181 180 182 176 177 M 79 j (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 203 211 205 195 183 176 167 167 171 188 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 141 142 147 147 144 142 142 133 142 140 143 150 P155 Lumber... 132 131 137 138 135 134 133 121 133 128 128 P142 Furniture. . 160 161 167 166 161 158 160 155 160 164 172 176 Stone, Clay, and Glass Products. 210 219 219 218 211 200 207 195 199 202 201 201 P205 Glass products 232 245 235 241 234 229 230 207 211 219 210 208 Plate glass 135 149 154 159 151 163 154 124 151 151 156 143 141 Glass containers 265 278 263 269 263 251 257 235 231 243 229 230 196 Cement 177 182 203 192 175 141 171 164 171 171 174 178 Clay products 152 168 164 165 164 162 164 160 162 160 rl60 161 Gypsum and plaster products... 219 227 232 224 218 210 216 224 225 221 230 235 Abrasive and asbestos products. . 263 271 260 258 249 247 239 220 216 226 '22 4 226 P227 Other stone and clay products1... Nondurable Manufactures. 174 176 176 175 172 170 168 163 169 172 176 178 Textiles and Products 164 172 173 172 164 155 142 Textile fabrics 152 160 161 160 154 152 143 129 142 147 152 159 Cotton consumption 141 161 161 160 154 148 133 118 130 130 139 149 131 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption1..., 254 263 262 270 270 271 263 263 267 -•278 280 '290 287 Wool textiles 180 171 178 172 159 161 155 130 156 168 '167 171 Carpet wool consumption. . 165 155 174 182 170 191 175 141 184 192 '194 196 Apparel wool consumption. 223 214 222 210 195 186 175 149 176 184 '184 183 Wool and worsted yarn 175 166 169 161 149 147 144 121 147 162 '160 162 Woolen yarn 171 160 158 145 128 126 124 108 134 144 140 142 Worsted yarn 180 175 184 183 178 177 174 139 165 188 '188 190 Woolen and worsted cloth.. 181 173 178 171 158 156 152 132 148 159 159 167 Leather and Products. 115 116 120 122 116 113 107 101 116 122 '126 124 Leather tanning 110 113 118 122 119 119 114 106 115 120 121 122 Cattle hide leathers 122 127 134 140 137 138 130 121 130 131 136 141 Calf and kip leathers 94 98 99 99 102 96 94 78 93 103 94 88 Goat and kid leathers 68 67 81 84 79 88 92 90 87 94 100 93 Sheep and lamb leathers. 130 117 108 102 95 83 84 84 101 118 112 106 Shoes 117 118 121 121 113 109 103 97 117 123 128 126 Manufactured Food Products. 162 161 156 157 158 155 154 155 156 157 155 156 P155 Wheat flour 155 162 158 160 149 144 152 143 148 136 136 143 P130 Cane sugar meltings1 Manufactured dairy products. P148 P149 P154 P155 P157 P147 P148 P147 P140 Butter 79 82 81 85 82 79 82 85 74 76 75 66 65 Cheese 172 178 185 198 206 191 196 197 174 167 163 151 148 Canned and dried milk... 148 147 152 164 173 173 184 188 158 160 157 137 130 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 216 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 Dec. Jan. Feb. Mar Apr. May June July Aug. Sept Oct. Nov. Dec. Manufactured Food Produtcs—Continued Meat packing . . . . . 151 163 159. 149 150 151 152 156 145 146 142 170 160 Pork and lard 151 172 165 143 153 154 157 171 155 144 141 185 173 Beef 162 164 167 169 159 159 154 149 140 153 146 159 154 Veal 138 133 121 122 121 119 141 154 158 174 171 190 149 Lamb and mutton 105 108 104 101 105 102 104 93 91 99 109 114 107 Other manufactured foods 168 165 158 160 161 158 154 156 160 163 160 P\59 Processed fruits and vegetables .... 170 157 137 151 145 138 132 133 138 134 129 P129 Confectionery 147 138 142 145 149 153 135 119 118 125 134 Other food products .... 172 171 166 165 167 164 164 168 172 173 171 170 P171 Alcoholic Beverages 234 241 223 208 189 162 159 164 176 198 229 C219 167 Malt liquor . 202 183 157 160 154 149 150 157 168 196 204 203 165 Whiskey . . 158 188 179 151 131 106 79 55 56 78 71 1 5 Other distilled spirits . 333 623 695 619 503 350 319 329 385 277 323 119 94 Rectified licjuors 426 408 372 314 276 194 215 231 238 297 468 562 376 Tobacco Products... 148 158 168 158 160 142 159 156 160 163 175 169 149 Cigars 109 112 110 98 94 106 101 98 107 113 126 124 100 Cigarettes • • 192 208 228 216 221 187 216 210 211 213 229 224 201 72 69 67 66 68 55 66 72 80 83 80 68 61 Paper and Paper Products... 150 156 157 159 156 161 160 146 r158 r163 '165 P159 PaDer and Dulo .. • 146 150 151 154 150 155 155 140 153 157 160 Pulp 159 166 171 174 169 173 178 160 178 171 177 182 Groundwood pulp 98 99 100 99 97 97 105 108 113 110 105 97 Soda pulp . . .. . 109 109 109 113 112 112 116 98 105 104 107 112 Sulphate pulp 236 252 260 266 254 265 277 253 278 259 275 281 Sulphite pulp 139 145 150 151 150 151 151 131 151 149 154 160 Paper 144 147 148 151 147 152 151 137 150 154 156 151 Paperboard 168 179 181 180- 178 184 179 166 178 182 184 186 177 Fine paper • ... 86 83 83 88 87 88 88 75 86 87 89 89 84 Printing paper 155 153 155 160 158 160 162 147 157 157 167 168 163 Tissue and absorbent paper 152 148 142 151 144 148 147 136 148 151 152 157 157 Wrapping paper . 134 137 137 139 132 141 144 124 138 135 141 147 141 87 87 89 89 93 92 91 91 94 97 91 90 88 Paperboard containers (same as Paperboard) Printing and Publishing . .138 138 140 142 141 142 146 139 145 144 152 153 P147 Newsorint consumotion 120 122 125 124 124 125 131 131 133 131 138 137 131 Printing paper (same as shown under Paper) Petroleum and Coal Products. . , ..P1.78 P180 P185 P185 P179 P184 P191 P195 P203 P204 P203 Petroleum refining •* Gasoline . 148 142 143 142 139 145 154 157 163 162 162 159 P159 Fuel oil 167 166 170 174 163 171 173 178 180 183 187 186 Lubricating oil . . . . .... 154 160 162 167 156 163 168 157 164 154 160 162 Kerosene . 162 175 185 176 170 175 182 186 177 169 177 178 Other oetroleum oroducts * Coke .... ... 143 171 172 172 166 168 165 161 171 170 177 177 By-product coke • ... 139 163 165 165 162 161 160 156 164 162 169 170 Beehive coke 278 410 416 424 324 428 340 307 415 439 449 411 P42 3 Chemical Products ... 249 251 251 251 251 253 250 251 249 248 248 250 P250 Paints . .. ... 152 154 156 157 155 153 151 152 152 153 152 155 P154 Soap 128 131 136 135 138 137 142 135 135 137 138 148 Rayon . . . . .. 260 266 276 283 289 292 251 291 294 295 294 296 P296 Industrial chemicals 422 430 429 431 433 435 439 438 431 425 425 42 7 P428 Kxplosives and ammunition * Other chemical products * Rubber Products . . 252 247 246 239 234 220 216 207 210 217 223 226 P226 Minerals—Total 137 146 146 148 143 151 148 140 150 153 '155 155 P155 Fuels 141 151 150 153 144 156 153 144 155 160 162 163 P162 Coal . 128 162 151 153 122 153 140 113 143 153 156 159 P153 Bituminous coal . ... 130 173 162 163 127 165 147 117 151 161 163 169 P164 Anthracite 121 118 107 113 102 104 110 93 114 122 126 119 Pill Crude petroleum 147 146 150 153 155 157 159 160 161 164 166 165 P166 Metals 111 117 122 117 136 124 122 117 117 111 107 P108 P112 Metals other than gold and silver 153 158 166 159 189 169 166 160 163 153 145 P146 Iron ore (Copper; Lead; Zinc)1 Gold 53 60 61 58 60 64 63 60 56 55 53 Silver 55 64 66 68 68 66 61 51 47 55 63 P Preliminary. r Revised. c Corrected. i 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. 217 FEBRUARY 1948 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 ofGovernors. 1935-39 average == 100] 1946 1947 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 180 184 185 187 185 185 185 178 185 191 194 192 P189 188 192 193 195 193 191 191 184 191 197 200 199 P195 Durable Manufactures ... 209 218 220 -224 222 219 220 208 212 219 224 224 P226 159 192 191 196 195 197 193 181 188 195 204 202 205 152 193 191 194 189 193 189 174 187 188 198 197 196 Steel 174 206 207 213 213 215 211 198 205 214 224 222 226 145 177 174 179 178 179 176 166 170 177 184 182 185 Electric . .... 381 414 446 457 461 469 458 429 454 477 509 '503 513 276 277 277 281 276 273 275 266 267 276 280 281 P285 Manufacturing Arsenals and Depots 1... Transportation Equipment ...235 229 233 239 237 225 233 217 213 227 r231 234 V238 187 181 190 197 193 179 191 185 180 197 198 201 P205 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products... ...197 203 208 202 197 187 179 171 170 174 179 185 P189 182 184 190 196 203 198 187 180 180 182 176 178 (Copper smelting; Lead refining; Zinc smelting; 203 211 215 205 195 183 176 167 167 171 180 188 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products ... 129 126 135 140 143 145 149 141 151 150 150 148 P141 114 107 118 126 134 138 143 133 147 143 138 133 P122 Furniture .... 160 161 167 166 161 158 160 155 160 164 172 176 P\79 Stone, Clay, and Glass Products 203 208 205 209 208 206 209 196 207 '210 '210 206 vl99 Glass products 218 241 229 241 234 242 229 200 218 223 215 209 Plate glass 135 149 154 159 151 163 154 124 151 151 156 143 141 247 273 255 269 263 269 254 225 241 248 236 232 161 148 154 157 166 148 183 181 193 198 202 192 178 158 156 156 159 160 162 163 160 166 166 r169 167 P168 Gypsum and plaster products 224 218 221 215 215 213 221 224 226 225 236 238 P237 263 271 260 258 249 247 239 220 216 226 r224 226 P227 Nondurable Manufactures. .. 172 171 171 171 169 169 168 165 173 178 180 179 P171 Textiles and Products 164 172 173 172 166 164 155 142 154 160 164 172 P165 152 160 161 160 154 152 143 129 142 147 152 159 P!52 141 161 161 160 154 148 133 118 130 130 139 149 131 254 263 262 270 270 271 263 263 267 '278 280 r290 287 Wool textiles 180 171 178 172 159 161 155 130 156 168 r167 171 165 155 174 182 170 191 175 141 184 192 194 196 223 214 222 210 195 186 175 149 176 184 '184 183 175 166 169 161 149 147 144 121 147 162 r160 162 Woolen yarn 171 160 158 145 128 126 124 108 134 144 140 142 180 175 184 183 178 177 174 139 165 188 '188 190 181 173 178 171 158 156 152 132 148 159 159 167 Leather and Products 114 116 123 121 115 113 106 99 116 121 126 126 P116 110 113 127 121 118 119 112 100 114 118 n23 126 Cattle hide leathers 122 130 145 140 137 138 125 114 126 129 137 147 Calf and kip leathers 92 96 104 97 98 92 96 77 97 101 96 91 Goat and kid leathers 68 67 84 83 82 86 92 89 84 95 100 90 Sheep and lamb leathers 124 109 119 99 93 89 83 78 105 115 112 112 Shoes 117 118 121 121 113 109 103 97 117 123 128 126 P112 Manufactured Food Products.... 157 149 140 140 144 149 154 166 178 181 166 159 P151 Wheat flour 153 162 160 157 143 138 146 141 147 148 144 144 P129 Cane sugar meltingsx Manufactured dairy products. . P95 P95 *107 P127 P161 P202 P229 P229 P192 P156 P121 v9\ *>88 Butter 62 68 71 77 84 102 113 104 81 73 64 50 52 Cheese 124 132 151 178 214 256 279 242 195 170 147 113 107 Canned and dried milk . 114 119 137 161 196 240 254 218 163 147 127 99 100 Ice cream p Preliminary. _ ' Revised. 1 Series included in total and group indexes but not available for publication separately. 218 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 = 1001 1946 1947 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 175 191 152 138 139 151 150 146 127 136 144 189 187 Pork and lard . . 199 225 162 133 139 154 157 150 119 114 133 216 229 Beef . . 162 168 153 154 149 159 151 151 141 165 159 165 154 Veal 130 124 106 115 118 124 141 154 155 191 195 203 140 Lamb and mutton . . ... 103 115 105 99 102 104 96 90 89 106 113 114 104 Other manufactured foods . . 164 150 143 142 143 143 146 163 186 195 178 P165 P157 Processed fruits and vegetables ... 132 102 86 83 88 90 101 173 263 -290 '173 118 P101 Confectionery 149 142 144 135 123 118 100 97 128 162 176 Other food products . . 175 164 158 159 160 161 165 171 176 176 180 178 P174 Alcoholic Beverages. 210 206 195 187 182 167 178 182 181 206 252 C196 146 Malt liquor 161 150 142 149 162 170 189 196 192 197 190 157 132 Whiskey 158 188 179 151 131 106 79 55 56 78 71 1 5 Other distilled spirits . .. ... 366 405 417 403 302 210 198 191 208 379 837 C251 103 Rectified liquors 426 408 372 314 276 194 215 231 238 297 468 562 376 Tobacco Products... 138 157 160 149 151 142 165 162 165 172 181 172 139 Cigars . . . . . .. 109 112 110 98 94 106 101 98 107 113 126 124 100 Cigarettes 177 208 215 201 205 187 227 221 222 228 238 228 185 Other tobacco products 63 68 65 66 68 55 67 72 78 89 85 70 54 (Paper and Paper Products 150 156 157 159 156 161 160 145 r158 r163 P159 Paper and pulp 146 150 151 154 150 155 155 140 '152 Pulp 159 167 171 175 171 174 178 159 176 170 177 182 Groundwood pulp .... 99 103 104 106 106 105 106 96 100 98 97 103 Soda pulp 109 109 109 113 112 112 116 98 105 104 107 112 Sulphate pulp 236 252 260 266 254 265 277 253 278 259 275 281 Sulphite pulp . . .. 139 145 150 151 150 151 151 131 151 149 154 160 Paper 144 147 148 151 147 152 152 137 150 '154 156 150 Paperboard 168 179 181 180 178 184 179 166 178 182 184 186 177 Fine paper 86 83 83 88 87 88 88 75 86 87 89 89 84 Printing paper 155 153 155 160 158 160 162 147 157 157 167 168 163 Tissue and absorbent paper 147 147 147 151 146 148 150 131 148 151 154 157 152 Wrapping paper 134 137 137 139 132 141 144 124 -138 '141 '147 141 Newsprint 85 87 89 89 95 93 92 89 93 97 91 91 87 /Printing and Publishing ... 141 133 138 145 144 145 146 130 139 145 156 159 P150 Newsprint consumption 126 114 122 129 131 129 129 113 120 132 145 149 138 Printing paper (same as shown under Paper) Petroleum and Coal Products ... vl 78 P180 P185 P179 P184 P191 P195 P201 P203 P204 P203 Petroleum refining 2 Gasoline .... 148 142 143 142 139 145 154 157 163 162 162 159 Pi 59 Fuel oil 167 166 170 174 163 171 173 178 180 183 187 186 Lubricating oil . 152 155 160 165 162 170 168 156 162 154 160 162 Kerosene 167 179 194 180 174 176 171 173 170 168 177 183 Other petroleum products l Coke 143 171 172 172 166 168 165 161 171 170 177 177 By-product coke 139 163 165 165 162 161 160 156 164 162 169 170 Beehive coke 278 410 416 424 324 428 340 307 415 439 449 411 P423" •Chemical Products. 250 250 252 254 253 252 247 247 245 248 250 251 P251 Paints . . 152 151 154 157 157 157 156 150 151 151 152 153 P154 Soap 128 128 134 135 135 133 140 134 136 143 145 149 P148 Rayon 260 266 276 283 289 292 251 291 294 295 294 296 P296 Industrial chemicals . 422 430 429 431 433 435 439 438 431 425 425 427 P428 Explosives and ammunition * Other chemical products 1 Rubber Products 252 247 246 239 234 220 216 207 210 217 223 226 P226 Minerals—Total 132 141 141 143 139 153 152 145 155 158 158 155 P150 Fuels 141 151 150 153 144 156 153 144 155 160 162 163 P162 Coal 128 162 151 153 122 153 140 113 143 153 156 159 P153 Bituminous coal 130 173 162 163 127 165 147 117 151 161 163 169 P164 Anthracite. 121 118 107 113 102 104 110 93 114 122 126 119 Crude petroleum 147 146 150 153 155 157 159 160 161 164 166 165 P166 Metals 76 81 84 83 112 140 148 151 151 r145 132 P104 P79 Metals other than gold and silver . .... 92 97 104 103 153 200 213 220 219 206 183 P136 Iron ore 58 69 73 72 173 279 306 334 326 298 257 159 76 (Copper; Lead; Zinc)1 Gold. . . . .. 54 57 55 51 54 56 59 58 61 63 62 Silver 55 65 67 70 68 65 59 50 46 55 63 Preliminary. 'Revised. c Corrected. l 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. FEBRUARY 1948 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry group or industry 1946 1947 1946 1947 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Total 152.0 152.8 154 3 156.6 156.8 157.2 157.8 292.8 298.2 306.2 323.3 336.9 341.5 344.8 Durable goods 176. 177.0 177 179.3 180.5 182.1 183.1 328.1 331.1 337.3 356.9 372.0 379.3 384.5 Nondurable goods 132.5 133.6 136.2 138.8 138 137.6 138.0 258.3 266.0 275.8 290.4 302.5 304.6 306.1 Iron and Steel and Products 154.9 15 3.- 158.. 159.3 159.7 160.6 161.7 273.7 280.8 276., 314.4 324.5 327.6 333.4 Blast furnaces, steel works, etc.... 124 120 130 128 128 128 203 209 194 250 250 248 255 Steel castings 170 171 162 163 163 163 291 316 315 313 326 333 338 Tin cans and other tinware 130 131 148 150 146 146 249 233 245 331 345 327 316 Hardware 139 139 134 137 139 141 278 282 286 289 305 317 324 Stoves and heating equipment 134 132 140 146 147 147 259 265 265 281 314 328 317 Steam, hot-water heating apparatus 170 168 150 150 151 151 326 328 313 289 311 318 330 Stamped and enameled ware 151 152 150 153 154 301 303 321 328 345 351 357 Structural and ornamental metal 155 work 160 168 168 166 274 275 293 336 335 343 345 168 Electrical Machinery 227.6 230.6 215.6 218.9 222.8 225.9 416.0 430.2 420.3 442.2 455.9 462.8 Electrical equipment 172 174 169 171 173 225.5 304 308 317 330 344 350 354 Radios and phonographs 210 215 185 190 198 174 409 427 448 385 420 445 449 202 Mach M in a e c r h y in e e x r c y e pt E a l n ec d t rica m l achine-shop 217.7 219.6 222.- 224.3 225.1 225.9 227.4 388.0 390.1 399.9 426.1 448.9 450.4 products 187 188 186 187 187 186 334 337 347 360 372 374 374 Engines and turbines 245 245 232 231 231 229 482 492 501 513 507 493 515 Tractors 172 174 176 180 183 185 269 270 271 303 318 329 332 Agricultural, excluding tractors... 156 161 182 185 184 185 277 281 291 370 387 394 377 Machine tools 165 165 142 141 140 137 292 286 291 251 254 254 250 Machine-tool accessories 206 205 169 169 167 168 343 343 351 280 296 295 295 Pumps 241 243 230 231 226 225 453 451 468 475 488 475 471 Refrigerators 183 186 221 222 223 224 311 302 306 404 421 440 428 Transportation Equipment, except Autos 292.4 298.2 250.0 255.6 264.8 279.1 282.4 542.3 531.1 571.2 482.9 499.9 533.4 544.0 Aircraft, except aircraft engines. . , 369 365 329 327 335 336 681 680 683 638 623 662 651 Aircraft engines 330 326 300 299 295 291 530 484 534 487 501 500 479 Shipbuilding and boatbuilding... . 193 206 126 134 146 171 354 337 399 242 262 293 318 Automobiles 193.3 192.3 192.0 198.3 197.7 198.2 201.1 324.3 325.7 328.9 338.7 373.5 378.5 388.1 Nonferrous Metals and Products 184.0 185.8 170.0 171.7 173.3 173.9 173.9 338. • 345.3 356.3 329.7 343.6 353.2 357.9 Primary smelting and refining.. . . 142 145 143 142 142 142 251 257 271 289 299 292 296 Alloying and rolling, except aluminum 160 162 136 135 135 134 287 290 302 248 254 257 260 Aluminum manufactures 216 218 172 178 181 183 362 374 385 308 322 341 346 Lumber and Timber Basic Products. 142.4 140.8 161.5 161.2 162.1 161.7 159.9 292.0 284.7 290.6 387.3 388.6 387.6 388.6 Sawmills and logging camps 153 151 176 175 175 175 315 306 307 435 431 425 415 Planing and plywood mills 151 151 161 162 164 167 295 291 309 366 368 381 386 Furniture and Lumber Products 127.7 129.6 131.9 133.5 136.1 138.2 139.5 264.2 268.5 279.1 293.3 305.0 318.5 322.1 Furniture 126 128 129 131 134 137 260 264 273 285 298 315 323 Stone, Clay, and Glass Products 143.9 144.4 144.6 145.5 146.0 147.1 147.5 271.3 274.8 281.6 301.7 306.0 313.6 316.3 Glass and glassware 172 111 166 167 168 168 316 319 317 334 343 351 359 Cement 143 145 151 152 151 151 243 244 248 297 298 295 298 Brick, tile, and terra cotta 120 119 129 130 130 130 249 242 245 289 294 300 297 Pottery and related products 160 163 166 165 166 169 286 286 299 330 327 343 342 Textile-Mill and Fiber Products 107.6 108.6 102.5 104.2 106.4 108.2 109.6 241.1 246.0 253.7 240.1 256.3 264.9 280.8 Cotton goods except small wares. . 123 123 118 119 111 124 197 306 314 306 317 329 362 Silk and rayon goods 84 84 80 82 84 84 200 202 209 209 220 228 237 Woolen and worsted manufactures. 114 115 103 107 108 111 255 254 265 234 269 270 277 Hosiery 80 81 76 78 79 81 163 168 172 159 166 177 186 Dyeing and finishing textiles 119 119 115 118 111 122 238 247 258 249 270 271 280 Apparel and Other Finished Textiles. . . . 134.6 136.6 142.2 145.6 149.6 148.3 151.6 283.6 283.2 292.7 302.3 318.5 336.0 319.6 Men's clothing, n.e.c 122 123 128 130 134 135 246 272 278 265 285 304 302 Shirts, collars, and nightwear 93 95 102 104 107 110 196 218 230 226 243 259 266 Women's clothing, n.e.c 142 145 154 158 162 158 312 285 296 323 335 350 319 Millinery 79 93 93 99 83 168 117 140 111 173 195 120 Leather and Leather Products 102.9 104.4 103.8 104.8 105.6 106.4 107.4 199.5 201.6 218.3 220.4 231.6 234.9 235.4 Leather 87 91 92 93 94 94 158 160 175 190 199 199 200 Boots and shoes 95 96 97 98 99 188 191 209 210 222 224 224 Food and Kindred Products , 133.5 133.3 157.3 161.7 147.3 140.1 137.1 232.2 252.0 263.3 325.6 331.6 308.8 300.6 Slaughtering and meat packing.. . . 121 133 136 135 136 142 109 226 252 270 272 272 317 Flour 141 141 142 140 143 143 291 289 304 336 335 339 340 Baking , 111 113 115 116 118 118 197 205 216 218 223 231 228 Confectionery 114 118 113 123 137 143 214 226 241 233 271 312 325 Malt liquors 156 158 188 188 185 181 251 250 267 365 370 344 327 Canning and preserving 143 130 233 256 160 114 453 312 303 654 684 438 266 Tobacco Manufactures 97.6 98.3 91.6 92.3 95.1 96.5 94.7 207.4 212.7 222.0 203.0 205.3 214.5 216.3 Cigarettes 126 126 120 119 111 124 239 247 255 249 244 253 253 Cigars 83 84 77 79 82 83 192 194 207 174 180 191 196 NOTE.—Indexes for totals, major groups, and industries in the Lumber, Furniture, Stone, Clay, and Glass, Textile-Mill, Apparel, Leather, Food, Paper, Printing and Publishing, Petroleum and Coal, Rubber, and Miscellaneous 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 December 1947 are preliminary. 220 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Dec. Aug. Sept. Oct. Nov. Paper and Allied Products 144.3 145.7 143.0 143,5 145.0 145.7 147.2 268.5 276.6 284.5 300.6 309.6 314.4 319.6 Paper and Pulp 138 139 143 143 143 143 260 267 273 312 317 317 320 Paper goods, n.e.c 153 154 150 152 155 156 280 289 300 293 312 320 326 Paper boxes 149 150 138 139 142 143 274 285 295 280 292 304 316 Printing and Publishing 126.6 127.9 129.8 130.7 132.0 132.8 133.6 208.4 214.0 223.9 235. 245.0 247.9 252.3 Newspaper periodicals 114 115 121 122 122 122 179 182 190 214 222 222 224 Book and job 138 140 138 139 142 143 233 241 254 255 267 273 279 Chemicals and Allied Products 190.9 192.5 189.7 195.2 198.4 199.5 200.2 335.3 345.0 357.0 380.4 395.1 400.5 406.2 Drugs, medicines, and insecticide: 195 196 186 188 187 185 332 342 351 363 373 384 378 Rayon and allied products 122 121 120 122 123 123 210 215 216 240 247 244 246 Chemicals, n.e.c 173 177 179 178 177 178 294 301 313 337 336 335 341 Explosives and safety fuses 175 177 190 191 192 194 292 283 299 353 357 354 369 Ammunition, Imall arms 160 156 103 161 165 166 326 332 327 204 376 387 391 Cottonseed oil 135 124 72 100 128 131 278 341 327 185 264 358 363 Fertilizers 118 123 115 122 122 121 280 277 305 305 335 320 310 Products of Petroleum and Coal 146.6 146.1 154.1 154.0 153.3 153.2 152.3 252.7 252.6 250.9 297.2 302.7 298.5 305.0 Petroleum refining 146 146 153 151 150 150 244 243 247 283 288 280 288 Coke and by-products 127 124 135 135 137 138 232 232 212 286 290 297 300 Rubber Products 198.8 200.1 177.8 178.1 182.0 185.2 185.6 361.3 377.4 392.2 357.4 369.0 375.6 383.3 Rubber tires and inner tubes. 238 238 215 208 211 212 398 415 425 396 398 398 408 Rubber goods, other 171 173 154 158 162 168 335 340 360 322 338 352 362 Miscellaneous industries 182.0 183.2 173.5 178.4 182.9 185.6 181.7 350.7 354.0 363.3 347.5 369.0 384.4 393.7 Instruments, scientific 239 251 243 245 247 243 449 422 456 460 469 479 475 Photographic apparatus 200 200 217 216 219 226 334 344 345 385 394 405 427 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 1947 Group Nov. Dec. Jan. Feb Mar. Apr. May June July Aug Sept. Oct Nov. Dec. Total 151.5 152 4 153.4 154.4 154.6 153.8 151.9 151.7 149.4 152.7 155.7 156.4 156.7 P157.4 Durable 176.4 177 1 178.7 180.8 181.5 181.2 178.2 179.5 174.0 176.2 178.8 180.4 181.8 P182.9 Nondurable 131.8 133 0 133.4 133.6 133.4 132.2 131.1 129.8 130.0 134.2 137.4 137.5 136.9 P137.3 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1947 1946 1947 Oct. Nov July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. All manufacturing. 40.5 40.2 39.8 39.8 40.4 40.6 40.5 113.0 113.9 123 0 123.6 124.9 125.7 126.8 Durable goods 40.7 40.2 40.0 40.0 40.6 40.9 40.8 120.2 121.0 130.5 131.2 133.1 133.7 134.7 Iron and steel and products 40.3 40.0 39.3 39.6 40 .'3 40.5 40.8 123.9 124.7 136.5 137.6 139. 139.7 140.6 Electrical machinery 40.7 40.6 39.8 39.2 40.4 40.6 40.6 118.6 119.1 130.8 131.4 132. 133.1 133.8 Machinery except electrical 41.5 40.9 40.9 40.5 41.1 41.3 41.2 126.6 127.3 137.1 137.7 139. 140.0 140.5 L F S T A N t u u r u o o a r m t n n n n o f e b s i m e , t p e r u o r r c o r o b l r e a a u i t n y l a s a e d , t n s i m a o d t n n i e m d f t i a e n b g l q i s e l s u a r h a i s e p n b s d m d a p s l e r i p u c o n r m d t o p , u d b r e c o u e x t r d c s c t u e s p c p r t t o s d a u ut c o t s s . . . . . 4 4 4 4 4 3 2 8 0 0 1 0 . . . . . . 2 9 9 0 6 4 4 4 4 3 3 0 1 0 0 8 8 . . . . . . 7 3 6 9 4 6 40.1 4 3 3 4 4 3 0 1 7 9 3 9 . . . . . . 2 6 2 5 3 6 4 4 4 4 3 3 0 0 2 1 9 9 . . . . . . 2 4 2 8 7 5 3 4 4 4 2 9 0 0 . . . . 5 5 4 8 4 4 3 4 4 4 1 0 2 8 0 1 . . . . . . 2 8 3 5 0 0 1 1 1 1 9 9 1 0 3 3 3 9 9 9 7 5 . . . . . . 6 0 5 6 9 6 1 1 1 1 9 9 1 2 3 3 9 3 1 0 6 9 . . . . . . 9 1 4 4 4 4 1 1 1 1 1 1 1 0 0 3 4 2 9 5 3 9 9 8 . . . . . . 3 5 6 9 1 1 1 1 1 1 2 0 0 2 4 5 0 4 9 7 0 0 . . . . . . 6 0 8 4 0 1 1 1 1 1 1 0 3 5 2 4 0 6 0 1 2 2 9 . . . 7 4 3 1 1 1 1 1 1 2 3 1 0 4 5 3 1 0 3 6 2 . . . . . . 2 4 7 5 6 3 1 1 1 1 1 1 5 2 3 1 0 4 4 7 5 2 0 6 . . . . . . 2 2 1 8 0 0 Nondurable goods. 40.2 40.3 39.7 39.5 40.2 40.2 40.1 105.6 106.5 115.0 115.8 116.5 117.3 118.3 Textiles—mill and fiber products 40.2 40.2 38.4 38.2 39.5 39.7 40.1 94.8 95.5 102. 103.2 104. 105.5 109.0 Apparel and other finished products 36.8 36.6 35.8 35.2 36.0 36.9 36.4 99.7 99.8 102.0 103.8 104.6 105.1 101.9 Leather and manufactures 37.5 37.1 38.2 38.1 39.1 39.0 38.4 98.7 100.4 105.5 105.7 107.2 108.2 109.4 Food and kindred products 42.4 42.9 43.2 43.4 43.4 42.8 42.5 103.5 104.6 112.1 114.0 112.9 115.8 117.3 Tobacco manufactures 40.3 39.7 39.6 39.2 39.2 39.7 39.4 90.5 92.4 95.3 95.1 95.2 95.4 95.6 Paper and allied products 43.4 43.3 42.9 42.4 42.9 43.0 43.2 105.0 106.4 119.0 119.6 121.0 121.5 122.4 Printing, publishing, and allied industries. 41.0 41.0 39.6 39.4 40.2 40.0 40.1 132.5 134.3 149.8 150.8 153.4 154.0 155.6 Chemicals and allied products 41.3 41.3 40.9 40.9 41.0 41.3 41.2 110.2 111.2 124.7 125.2 126.3 125.2 126.6 Products of petroleum and coal 40.4 40.3 40.5 40.6 41.0 40.6 41.2 134.7 135.1 149.5 149.4 150.9 150.7 151.8 Rubber products 39.4 40.0 38.6 38. 39.9 40.1 39.9 131.3 132.2 144.5 144.5 144.7 143.6 145. Miscellaneous industries 41.4 41.1 39.4 39.3 40.2 40.6 40.7 108.8 109.8 117.8 117.7 119.1 120.0 120.7 NOTE.—Preliminary Deecember 1947 figures for average weekly hours and hourly earnings are: All mamnuufacturing, 41.1 and 127.7; Durable, 41.5 and 135.5; Nondurable:, 40.8 and 119.3 respectively. Back figures are available from the Bureau of Lab>or Statistics. FEBRUARY 1948 221 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 fa g c- Mining co C n o st n r t u r c a t c io t n ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government * 1939 30,287 10,078 845 1,150 2,912 6,705 ,382 3,228 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 ,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 567 ,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 481 ,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 322 ,401 3,786 6,049 1944 , 41,480 17,111 883 1,094 3,798 7,399 ,374 3,795 6,026 1945 39,977 15,302 826 1,082 3,872 7,654 ,383 3,891 5,967 1946 40,712 14,365 836 1.493 4.023 8,448 ,523 4,430 5,595 1947 42,529 15,549 885 1,733 4,049 8,708 ,572 4,622 5,411 SEASONALLY ADJUSTED 1946—November , 42,139 15,233 883 1,679 4,101 8,639 ,551 4,578 5,475 December 42,207 15,310 874 1,731 4,091 8,630 ,554 4,596 5,421 1947—January 42,243 15,426 883 1,678 4,075 8,595 ,552 4,596 5,438 February 42,354 15,529 880 1,651 4,052 8,637 ,554 4,630 5,421 March 42,395 15,564 879 1,632 4,040 8,695 ,555 4,588 5,442 April 42,065 15,513 856 1,652 3,855 8,638 ,546 4,552 5,453 May 42,079 15,359 884 1,668 3,9/0 8,631 ,553 4,567 5,447 June 42,340 15,358 893 1,700 4,074 8,669 ,551 4,641 5,454 July 42,103 15,180 866 1,742 4,079 8,688 ,574 4,640 5,334 August 42,449 15,457 896 1,770 4,083 8,761 ,594 4,573 5,315 September 42,849 15,715 894 1,796 4,110 8,776 ,599 4,588 5,371 October 43,074 15,784 895 1,806 4,092 8,798 ,594 4,685 5,420 November 43.138 15,822 897 1,818 4,073 8,812 596 4,692 5,428 December 43,218 15,878 897 1,854 4,081 8,782 ,599 4,713 5,414 UNADJUSTED 1946—November 42,439 15,271 883 1,713 4,101 8,898 ,543 4,555 5,475 December , 42,928 15,348 874 1,644 4,071 9,234 ,546 4,573 5,638 1947—January 41,803 15,372 883 1.527 4,014 8.552 ,544 4,527 5,384 February 41,849 15,475 880 1,502 4,011 8,507 ,546 4,561 5,367 March 42,043 15,510 879 1,534 4,020 8,565 ,555 4,565 5,415 April 41,824 15,429 856 1,619 3,836 8,552 ,554 4,552 5,426 May 41,919 15,237 884 1,685 3,970 8,545 ,561 4,590 5,447 June 42,363 15,328 893 1,768 4,115 8,582 ,567 4,711 ,399 July 42,201 15,233 866 1,847 4,140 8,558 ,590 4,686 5,281 August 42,624 15,595 896 1,894 4,144 8,586 ,602 4,619 5,288 September 43,039 15,801 894 1,904 4,110 8,688 1,583 ,634 5,425 October 43,295 15,831 895 1,896 4,092 8,886 1,586 ,662 5,447 November 43,446 15,861 897 1,854 4,073 9,076 1,588 5,428 December 43,944 15,917 897 1,761 4,061 9,397 1,591 4,689 5,631 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. December 1947 figures and 1947 averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civiian labor force Year or month in T s o t t i a tu l ti n o o n n a - l T la o b ta o l r Employed l Not in the population force Total Total In nonagricul- In U pl n o e y m ed - labor force tural industries agriculture 19402 . 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41.250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1 .070 39,100 1944 104,480 65,890 54,630 53,960 45.010 8,950 670 38,590 1945 . . . 105,370 65,140 53,860 52,820 44,240 8,580 1 ,040 40,230 1946 106,370 60.820 57,520 55.250 46.930 8.320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1946—December. . 106,940 60,320 58,430 56,310 49,100 7,210 2,120 46,620 1947—January 106,970 59,510 57,790 55,390 48,890 6,500 2,400 47,460 February 107,060 59,630 58,010 55,520 48.600 6,920 2,490 47,430 March 107,190 59,960 58,390 56,060 48.820 7,240 2,330 47,230 April 107,260 60,650 59,120 56,700 48.840 7.860 2,420 46,610 May 107,330 61,760 60,290 58,330 49,370 8,960 1,960 45,570 June 3 107,407 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 December 107,918 60,870 59,590 57,947 50,985 6,962 1,643 47,047 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. 1 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. 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u i b es lic 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January 357.5 571 6 89 7 257 4 104 7 86.5 69 0 38 3 18 1 19 7 25 8 55.9 50 2 113 9 February 387.4 442.2 102 1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 March 697.6 596.8 275.2 282.9 113.7 82.1 112.7 52.6 11.4 21.4 40.9 35.8 143.6 122.0 April 734 9 602 3 370 6 256.7 105.1 65.6 75 1 66.3 18 0 22 7 37 9 29.6 128 1 161.4 May 952.4 674.7 463.6 254.1 140.5 71.3 88.7 59.2 23.5 47.7 38.3 57.7 197.9 184.7 June 807.9 605.1 332.2 209.5 159.4 66.8 55.2 58.4 23.5 40.1 35.2 44.7 202.5 185.7 Tulv 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 503.7 715.1 221.1 290.2 73.6 72.1 36.1 84.3 15.1 27.2 36.0 59.8 121.8 181.5 December 457.3 625.4 193.4 226.8 69.9 83.5 38.6 65.3 19.7 31.5 19.8 64.1 115.9 154.1 Year 7,489.7 7,759.9 3,142.13,153.8 1,317.3 941.4 773.2 785.5 221.4 391.9 404.4 596.9 1,631.3 1,890.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1945 1946 19471945 1946 1947 1945 1946 1947 Federal Reserve district Dec. Nov. Dec. January. . . 141 358 572 75 47 167 66 311 405 February. . 147 387 442 74 56 96 73 331 346 March 329 698 597 221 146 143 107 551 453 Boston 32,517 36,932 April 396 735 602 309 127 177 87 608 425 New York. . . 99,285 128,560 May 243 952 675 148 197 234 95 756 441 Philadelphia. 41,847 32,044 June 227 808 605 82 215 226 146 593 379 Cleveland. . . 61,998 65,185 July 258 718 660 108 202 203 149 516 458 Richmond. . . 71,380 70,075 August.... 264 680 823 67 205 218 196 475! 605 Atlanta 95,010 70,712 September. 278 620 650 43 187 193 235 433 457 Chicago 85,106 132,107 October. . . 317 573 793 61 134 209 256 439 584 St. Louis. . . . 43,373 63.737 November. 370 504 715 61 130 224 309 373 492 Minneapolis. 19,184 18,832 December.. 331 457 62 109 348 Kansas City. 31,692 25,689 Dallas 43,971 71,235 Year 3,299 7,490 1,311 1,754 ... 1,988 5,735 Total (11 districts). 625,363 715,108 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION 1 1 9 9 Y 3 3 6 5 ear or month To 5 3 5 2 ta 7 0 l p P m e r i r o m r e 2 2 o t v n 4 2 y p - e t 6 4 - - 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 3 D o i s t i 9 0 4 l l e e 4 9 y - s h R g ( o T a e r I u o n D n i s t d u t i l a p n e 2 2 l g W h e ( o V V a T r u a r I e i s n t a ) t i l 1 n - s n e ' d g End of month Total [In b C m c a m o i n e a m i r k l l - l s - ion b s M s t i a n u a o n g v a u f k l s - - s do a l a l S l s i a a t o n s a n i r a o g o v s d n c s ] n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g ie e r e a s d n l - 1 - Other* 1937 495 60 424 11 1938 694 160 13 473 48 1939 954 208 25 669 51 1936—Dec 365 228 8 56 41 5 27 1940 1,026 251 26 736 13 1937—j)ec# # # 771 430 27 110 118 32 53 1941 1,186 262 21 877 13 13 1938—Dec 1,199 634 38 149 212 77 90 1942 1,137 141 15 691 6 284 1939—j)ec# > 1,793 902 71 192 342 153 133 1943 942 96 1 243 601 1940—Dec 2,409 1,162 130 224 542 201 150 1944 886 125 216 7 537 1945 684 189 219 4 272 1941—June 2,755 1,318 157 237 668 220 154 1946 798 363 347 3 85 Dec 3,107 1,465 186 254 789 234 179 [946—December. . 77 40 w 28 9 1942—June 3,491 1,623 219 272 940 243 195 1947—January.. . . 89 44 30 16 Dec 3,620 1,669 236 276 1,032 245 163 February... 79 39 o 27 13 March 86 40 28 18 1943—June 3,700 1,700 252 284 1,071 235 158 April .. . 117 51 33 33 Dec 3,626 1,705 256 292 1,134 79 159 May 112 42 (2) 36 34 J J u u l n y e .... 1 15 6 2 9 5 57 0 '" (2)" 3 3 9 9 6 7 3 4 1944— D Ju e n c e . 3 3 ,5 3 5 9 4 9 1 1 ,6 5 6 9 9 0 2 2 6 5 0 8 2 2 8 6 4 9 1 1 ,1 0 1 7 9 2 6 7 8 3 1 1 5 4 0 0 August 181 49 37 95 September.. 184 46 41 96 1945—June 3,324 1,570 265 264 1,047 43 134 October 244 46 48 150 Dec 3,156 1,506 263 253 1,000 13 122 November.. 192 47 39 106 December. . P227 68 m 48 112 1946—June 3,102 1,488 260 247 974 11 122 Dec.. . 2,946 1,429 252 233 917 9 106 P Preliminary. 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 and cases in transit to or being audited at the month in which reinsurance took olace. Federal Housing Administration. FEBRUARY 1948 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports 2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 January 750 1,124 903 798 Pi,114 230 301 334 394 P531 520 823 569 405 P583 February 728 1,107 887 670 Pl,149 234 314 325 318 P437 494 793 561 352 P712 March 992 1,197 1,030 815 Pi,327 249 358 365 385 P445 743 839 665 431 P883 April 989 1,231 1,005 757 Pi,299 258 361 366 406 P512 732 870 639 351 P787 May 1,092 1,455 1,135 851 Pl,421 282 386 372 393 *474 810 1,069 763 457 P947 June 1,003 1,296 870 878 Pi,242 296 332 360 382 P463 707 965 511 496 P779 July 1,265 1,197 893 826 Pl,162 302 294 356 431 P450 963 903 537 395 P713 August 1,280 1,191 737 883 Pl,152 318 304 360 422 P400 962 887 378 461 P751 September. . . . 1,269 1,194 514 643 Pi, 109 289 282 335 377 P481 981 912 180 266 P628 October 1,237 1,144 455 537 Pl.235 329 329 344 394 908 815 111 142 P743 November 1,072 1,185 639 986 312 323 322 478 760 862 317 508 P683 December 1,286 938 736 PI.097 282 336 297 P529 1,004 602 439 P567 Jan.-Nov 11,679 13,321 9,070 8,643 P13.346 3,099 3,583 3,839 4,379 P5.138 8,580 9,737 5,231 4,264 P8.208 P Preliminary. 1 Including both domestic and foreign merchandise 1 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke s L t i o v c e k - p e ro st d- Ore l c a el ne - - c d h i a s n e - ra T i o lw ta a l y Total ra N ilw et ay Net ucts l.c.l. operating railway operating income revenues expenses income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 139 '78 1945 8,899 8,049 849 447 1947 143 147 182 150 107 153 181 148 75 1946 P7,627 P7.OO8 P619 P289 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1946—October 139 155 183 142 128 146 157 139 79 November. . . 137 117 166 147 136 151 157 148 82 1946—September. 673 605 68 37 December. . . 140 132 155 162 122 156 146 148 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 L59 121 159 171 151 78 1947--January 698 624 74 42 April 137 119 173 151 111 148 184 147 79 February.. 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March. 723 642 81 48 June 137 141 173 140 107 145 184 142 74 April 685 637 48 15 July 134 115 170 168 107 152 194 143 71 May 698 633 65 32 August 143 146 184 162 92 152 190 149 73 June 731 649 82 49 September... 142 153 180 137 105 149 181 145 73 July 683 634 48 18 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 December. . . 149 155 191 138 96 158 192 156 74 October 739 696 43 P10 November. 786 708 78 UNADJUSTED UNADJUSTED 1946—October 149 155 180 142 197 154 216 152 82 November. .. 141 117 166 144 171 148 169 154 84 1946—September. 660 593 68 40 December. . . 131 132 163 152 118 139 45 139 78 October... 710 625 85 57 November. 658 594 64 '40 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 December. . . 139 155 201 130 92 141 60 147 71 October... 794 718 76 P48 November. 755 690 66 P44 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. 224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - la A n t t - a Chi- Lo S u t i . s M ap i o n l n is e- K C a i n ty sas Dallas c F i S r s a a c n n o - x SALES 2 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 264 221 220 236 257 290 345 250 292 257 287 352 306 1947 P234 P239 P261 P281 P303 *>274 P311 P374 P329 SEASONALLY ADJUSTED 1946—December 276 231 232 '251 277 '294 363 264 303 251 299 348 '321 1947—January 265 215 228 247 256 293 341 245 278 262 281 363 313 February '266 219 224 234 256 281 33* 262 290 261 272 347 '311 March '272 237 229 236 257 307 347 260 294 279 298 347 '319 April '277 227 235 258 272 299 353 261 306 257 296 377 '320 May 291 244 253 275 298 303 367 276 321 270 316 379 '325 June '290 249 254 264 284 317 365 278 299 278 305 361 '330 July 287 237 254 257 281 301 336 281 320 268 294 378 '327 August ••283 234 246 258 273 282 352 266 307 271 298 376 '348 S O N D e c o e p t c v o t e e e b m m m e b r b b e e e r r r P ' ' 3 3 2 2 O 0 9 7 3 1 2 7 2 2 2 2 1 3 4 4 1 6 3 8 2 2 2 2 4 4 2 3 1 8 4 4 P 2 2 2 2 5 7 6 8 3 8 7 3 2 3 2 2 7 0 9 9 1 9 6 0 3 3 2 3 0 9 2 1 3 7 2 0 3 3 3 3 4 8 9 6 8 3 4 1 2 2 2 2 6 9 9 9 6 3 8 0 3 3 3 3 3 0 3 3 9 8 7 7 P 2 2 2 2 8 7 8 7 1 6 7 6 P 3 3 3 3 2 2 4 3 7 0 6 7 3 4 3 3 6 1 8 6 0 5 9 8 ^ ' ' 3 3 3 3 5 3 3 3 3 9 6 3 UNADJUSTED 1946—December 441 398 392 '409 430 '495 570 409 463 '386 '449 '566 '506 1947—January 209 170 182 188 194 219 273 196 228 196 225 294 '253 February ••223 171 188 192 210 226 298 210 244 202 24? 306 '281 March 266 227 229 255 262 292 347 250 288 258 283 36/ '300 April 268 227 223 248 266 290 350 258 297 264 290 347 '302 May 280 241 237 261 283 301 349 276 315 269 297 356 '302 June '266 232 231 238 267 278 307 270 269 264 281 307 '299 July 219 164 170 185 220 215 269 219 249 217 250 288 '278 August 236 176 179 193 237 233 310 224 264 242 277 327 '308 September 299 248 244 267 293 322 368 296 340 311 336 387 '336 October '296 234 253 280 290 324 372 284 330 304 336 396 '343 November 374 306 323 370 371 394 460 364 428 335 392 507 411 December P480 419 408 P458 479 542 619 455 516 P423 505 633 534 STOCKS 2 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 213 182 195 191 205 250 258 205 225 215 210 250 238 1947 P274 P202 ^225 *>220 P243 P289 P306 P246 P274 P266 P259 P321 P293 SEASONALLY ADTUSTED 1946—December 274 205 238 220 258 319 348 256 292 281 303 364 334 1947—January 268 197 234 216 257 315 311 262 291 278 298 327 315 February 275 206 249 225 261 307 335 264 296 270 293 343 330 March 273 211 242 223 264 295 321 263 288 266 302 343 331 April 264 211 230 221 246 302 320 257 281 287 282 326 308 May 252 198 221 215 238 292 309 243 272 268 267 333 287 June 2'41 188 215 212 231 270 280 232 267 256 248 308 280 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 272 221 234 238 268 310 337 259 290 281 266 357 315 December P281 221 236 P242 272 323 344 264 297 *>306 P298 P401 325 UNADJUSTED 1946—December 235 186 213 187 214 266 293 231 246 246 248 306 274 1947—January 234 180 206 188 225 268 280 225 250 253 258 294 277 February 252 194 231 218 242 290 312 240 266 257 264 305 29G March 264 207 241 223 254 295 321 255 279 267 272 326 308 April 262 202 233 225 253 304 317 252 281 273 273 316 304 May 253 194 224 217 241 286 300 243 272 266 261 316 298 June 236 180 206 201 222 259 283 227 267 248 248 298 285 July 232 181 193 195 217 268 278 222 257 259 236 299 283 August 245 195 215 214 236 294 295 236 273 255 240 318 271 September 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 294 249 263 262 283 329 354 285 310 303 284 382 333 December P241 201 211 225 269 289 238 250 P268 P245 P337 266 ' Revised. P Preliminary. * Sales index revised beginning 1919; back figures available from San Francisco Federal Reserve Bank. 2 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. FEBRUARY 1948 225 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 Year or month ( S t a o l t e a s l ( S e t n o d c k o s f st o a O r n d u d e t i r - n s g Mar. 16 9. . . . . . . . . 2 2 4 3 3 3Mar. 1 8 5. . . . . .. . . . 2 2 5 6 4 7 Sept 1 7 4 . . . . . .. 2 2 9 6 3 4Sept. 1 6 3 . . . . . . . . . . 2 2 6 9 5 1 mo fo n r th) month) m (en o d n th o ) f 3 2 0 3. . .... ? 2 S 5 7 5 2 29 2 .... 2 . 8 28 6 3 2 2 1 8 . . . . . .. 2 2 5 8 7 0 2 27 0 . . .. . .. 3 3 0 1 1 6 Apr. 6 ?7?Apr. 5.... .319Oct. 5.... .277Ort 4.... .326 13 282 12 . 265 12 281 11.... .304 1939 average 128 344 20 .289 19.... .271 19.... .295 18.... .299 1940 average 136 353 108 27 232 26 267 26.....287 25.... .306 1941 average. 156 419 194 May 4 248May 3.... .279 2 277 Nov. 1.... .313 1942 average 179 599 263 11.....274 10.... .311 9.....314 8.....347 1943 average 204 508 530 18 246 17.. .273 16 342 15.... .380 1944 average 227 534 560 25 .245 24.... .277 23 ... .363 22.... .395 1945 average 255 -563 -729 June 1 .223 31.....250 30 334 29 . . .367 1946 average 318 714 -909 8 June 7. .. 293 Dec. 7 . 475Dec. 6 ...508 1947 average P553 15 .283 14.... .300 14.....519 13.....570 22.....248 21.....256 21 532 20.....576 1946—December. -524 -771 -559 29. ..239 28.. . .245 28 .. .281 27.... -358 July 6... . 192July. 5 ....208 1947—January.., 256 -772 -620 13 210 12. 228 1947 1948 February.. -251 -835 -606 20.....201 19.... .217 March -331 -864 -490 27.....204 26.....213 Jan. 4.....188Jan. 3....-204 April 321 849 -388 Aug. 3... ..217Aug. 2.. .. .220 11.....232 10.....251 May -337 -817 351 10 .228 9.... .223 18.....223 17.... .232 June 304 -768 470 17.....239 16. ... .225 25.... .220 24.... .226 July '253. -732 -603 24 .255 23. . .. .243Feb. 1. . .. .217 31.... .233 August . .. -274 -789 622 31. . .281 30.. .277 8.... .219Feb. 7. . September. -341 -823 -676 15.. .. .246 14... October. .. 367 912 663 22. . ...216 21. .. November. 416 942 605 Mar. 1. . .. .238 28... December. P76S P543 - Revised. P Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 1 These figures are not estimates for all department stores in the 874-875 of BULLETIN for September 1944. 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] Dec. Nov. Year Dec. Nov.Year Dec. Nov. Year Dec. Nov. Year 1947 1947 1947 1947 1947 1947 1947 1947 1947 1947 United States. .p+13 +8 +8 Cleveland-cont. Chicago +16 +10 +10 Kansas City— Toledo x + 17 +9 +9 Chicago x + 14 +7i +9 cont. Boston p+9 +3 +6 Youngstown x. . + 18 + 12 + 11 Peoria x + 15 + 12) + 10 Oklahoma City. + 15 + 10 +5 New Haven.. .. +7 -7 0 Erie1 +23 + 13 + 13 Fort Wayne x.. + 12 +71 +6 Tulsa + 16 + 10 + 7 Portland +6 -4 -3 Pittsburgh *. . . . + 16 -4 + 10 Indianapolis x.. + 10 +6J +5 Boston Area. . . +9 +5 +8 Wheeling x +15 +3 +2 Terre Haute x.. P+12 + 18 + 11 Dallas +16 +12 +6 Downtown Des Moines. . . +22 + 10 + 10 Shreveport + 11 +20 +9 N N S N P R N A B E S W P B B e c o p r l o e i l i e u r w m o o n b h a r u i w c w f d i B v r g g a e f g h n i c g Y a a n i r a h n o h g e Y e d a l e r y r o a e s s f k o s k e a p o i t t m c r t e 1 e o n e o r e k t x e l F k r n c t a r r d p o t e d a x C n s l y * i l i e . s . t . . . y . . . . 1 . . . . . + + + + + + + + + + + + + + + + 2 2 1 1 1 1 1 1 1 7 8 9 6 3 5 8 9 3 2 5 8 3 4 1 0 + + + + + + + + + + + + + + - - 1 1 2 1 4 4 3 5 7 5 3 1 6 4 3 0 3 1 + + + + + + + + + + + + + + + + 1 1 8 7 9 7 9 9 6 6 5 4 7 3 5 0 9 0 A R H W C L N C G R R W B R t i l y h c o i u o h r a a a W i c a e h n a a l r l n n a n h e s t e f r n c m r s t i o h . i m t n l m i h l o t g a e l n i e o o v V k b k n h o s o g s n i n t e u g , n a l r t o t - d l r o e t d o e S N n o g n n , a , n . ^ S l e C . x . m . . C . C . . . . . + + + + + + + + + + + + + + 2 2 2 1 1 1 1 1 1 1 1 1 1 2 3 1 0 3 2 5 7 3 0 5 1 8 4 + + - + + + + + 1 + + - — 1 1 1 2 6 8 4 7 3 2 3 9 0 0 1 + + + + + + + + + + + + + - 1 1 3 5 8 4 6 3 8 4 3 9 1 4 0 1 S F L L Q S S M F L G E E D G M t. t t o o i a l a u v r r e . . a t i i e n u r s a i l t L a t n d L t L n w e t l n s i r n e o i s t n c o i o d o s S 1 a S v n u s y u o i u u R m i g t v t i B i l n R . k 1 s i s l o i i s e a e L l a t c 1 A y h l e p . x k o e r x i x u . . x e . d . . . . i . a . . s s . . . . . . . . p+ + + + + + + + + + + + + + + + 7 2 2 2 1 1 1 1 1 1 1 1 1 8 8 6 2 9 2 2 6 9 1 9 3 7 5 6 7 + + + + + + + + + + + + + + + 7 + 3 1 1 1 1 1 1 1 1 1 5 9 1 8 5 0 1 1 9 4 1 9 0 5 3 6 : + + + + + + + + + + + + + + + - 1 1 8 1 1 1 1 1 1 1 8 8 2 6 8 2 4 1 1 8 1 0 3 8 1 5 . S F H S F L C D T L O P R B a S a o r h o o u o i n a o a a a e v n B o r s n c k r k l u F n s t l e p s e g e e l n s a A A r r o a n u r W r t s o s B a k n n o s B i s n n i x x n f e d d n e x g o t e i l C c r e o e e x a e r x n i a l l t n c h y s e d h a a n h c i r s 1 r n d x o o i d . d s x x . . . . i . t . n . . . i . . . . . o . . . P p P + + + + + + + + + + 2 + + 2 2 3 1 1 1 1 1 0 1 9 7 7 9 1 4 4 3 4 0 0 + + + + + + + + + + + - - - 2 1 2 1 2 2 4 8 2 6 1 3 9 5 9 8 6 (3 + + + )+ + + + + + + + + + + 1 1 1 4 5 5 9 4 5 8 7 7 7 5 1 2 1 S U y ti r c a a cuse x + + 1 3 3 + + 9 1 + + 5 9 M Bi o rm bi i l n e gham l. . + + 1 1 9 9 + + 1 1 2 6 + + 7 9 S M p e r m in p g h f i i s e x l . d . . . . . . . + + 1 9 2 +1 + 0 6 + + 3 3 S Sa a n cr a D m ie e g n o to x . x . . . . . . + +2 1 6 4 + + 1 1 0 0 + + 1 5 0 P L W T R P h h a r e i i e n i l a l a l n c d k a d t a i e d o n e s s e n l g t - l p e p B 1 h x r h a i x i a r a r e x. 1 . . . . . P+ + + + + + 1 2 1 1 1 1 7 7 8 8 3 3 + + + + + + 1 1 1 9 9 7 2 9 3 + + + + + + 1 1 1 1 1 9 1 1 1 1 1 J O T A M M A a a r u t c o i l l m g a k a a n u m s n n p t o g s d t a i a t n o o 1 a x v m x il e l r e y x l . . . . . + + + + + + + 4 1 1 1 1 1 1 7 5 0 2 7 0 + + + + + + 2 7 8 6 4 6 0 1 + + + + + + + 2 9 7 8 8 4 3 M K S M D a t i u . n n i S n l n s u P u n a e p t a e s a h e a u p - r p l i C o 1 o o l i r l i t i s y s x . x . . . . . . . p+ + + + + 2 1 1 1 1 3 4 7 3 3 + + + + + 1 1 3 3 6 1 6 + + + + + 1 1 1 7 8 1 3 1 S S S S V B a a t a o a o N n n n l i c l s t e a F e k a J j p o t r o a o a a R s n n e n a x o d c n x s i d a s c x o . . x . . + + + + + - 1 1 2 8 8 1 4 5 r - - - - 1 - - 2 3 8 5 5 - + + + + 12 4 3 9 6 York1 + 13 +3 M Co a l c u o m n b l us + + 1 6 6 + -9 8 + 7 D Pu e e n b v l e o r +24 + + 2 1 5 1 + + 1 1 0 2 Po N rt a la m n p d a + 17 + - 1 3 1 (3 + ) - 1 3 1 C A C lev a e k la n r n t o d o n n 1 x .... + + + 1 1 1 6 3 4 ] + + + 1 9 7 0 + + + 1 1 7 0 0 J N B a e a c w t k o s n o O n R r l 1 o ea u n g s e x l. . . . + + + 1 8 7 6 + + + 1 3 6 4 + + + 9 4 1 H T W o u i p c tc e h h k it i a a son. . . . + + + 1 8 8 7 + + -1 7 8 + + 6 5 0 S E B a v e l l e t l i r L n e g a t h k t1 a e m C x it . y . x . . '+ P + + 1 1 6 6 4 + + + 2 7 3 + + + 5 8 6 Cincinnatix. . . +14 + 10 +8 Bristol, Tenn.. . +4 +2 Kansas City... + 15 + 13 +9 Seattle l P+9 +2 +4 S C C p o l r e l i u v n m e g l f b a ie n u l s d d 1 x x . .. . . . , + + + 1 8 5 l + + + 9 6 9 + + + 5 8 8 C N K h n a a s o h t x t v v a i i n l l o l l e e o 1 x ga 1. . + + + 1 1 9 0 8 + - - 4 4 1 - - 2 6 J S O o t m . p l a J i h n o a seph.... + + + 2 1 1 2 6 5 + + + 1 1 9 0 3 + + 4 1 - 9 3 8 S T Y p a a o c lc o k im m an a a e i x l. + + 2 1 1 1 3 + + -3 6 2 + ))++ 13 P Preliminary. r Revised. +8 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 Eleven months 1947. 226 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 * 1941 average monthly sales =100 * Department o N f u s m t b o e re r s Sal p e e s r i d o u d ring ( m S e t o n o d n c t o k h s f ) November Sal p e e s r d i u o r d ing Sto of c k m s o a n t t e h nd reporting Eleven 1947 1946 1947 1946 N 1 o 94 v 7 . m 1 o 94 s 7 . N 1 o 94 v 7 . 1947 1946 Nov. Oct. Nov. Nov. Oct. NoV. GRAND TOTAL—entire stores 359 +3 +5 -12 2.4 2.4 MAIN STORE—total 359 +2 +4 +3 2.4 2.4 264 232 258 648 629 633 Women's apparel and accessories 356 +5 -1 -4 2.1 2.3 260 244 248 538 528 567 Coats and suits 340 +25 -4 -18 1.1 1.8 332 322 264 378 467 468 Dresses 342 — 4 —5 +4 1.7 1.6 195 222 203 341 331 329 Blouses, skirts, sportswear, etc 337 +8 -2 -18 2.2 2.9 262 277 243 569 512 705 Juniors' and girls' wear 318 + 12 0 -20 1.7 2.4 321 288 288 540 564 679 Juniors' coats, suits, dresses 224 + 17 -1 -23 1.4 2.1 296 302 254 420 453 549 Girls' wear 242 + 7 0 -19 1.9 2.6 361 287 336 700 719 873 Aprons, housedresses, uniforrr.s 292 — 8 v -4 -12 3.0 3.1 147 138 160 440 336 491 Underwear, slips, negligees 341 -10 -1 + 11 2.4 2.0 290 211 321 710 666 642 Knit underwear 161 -2 + 7 +25 2.2 1.7 295 238 300 653 608 535 Silk and muslin underwear, slips 186 -12 -3 +23 2 ^ 1.8 284 206 321 689 648 565 Negligees, robes, lounging apparel 164 -18 -4 — 17 2.8 2.8 299 192 364 837 730 1,009 Infants' wear 320 -2 +5 +3 2.3 2.2 354 320 360 814 791 800 Shoes (women's, children's) 244 45 +4 +24 3.4 2.8 236 238 224 794 783 643 Furs 274 + 16 -2 -21 2.1 3.1 260 195 225 554 610 716 Neckwear and scarfs 249 +21 + 7 -13 1.7 2.4 419 356 345 725 631 839 Handkerchiefs 292 -11 -5 -12 3.6 3.6 268 168 299 953 849 1,075 Millinery 175 -3 —3 -3 1.0 1.0 186 246 192 181 236 - 186 Gloves (women's, children's) 334 -8 -5 -18 3.0 3.3 270 178 293 797 815 986 Corsets, brassieres 340 -1 +6 +5 2.9 2.8 230 264 233 676 647 649 Hosiery (women's, children's) 349 +23 + 1 + 11 1.3 1.4 224 215 182 287 267 260 Handbags, small leather goods 328 -3 -4 ' -14 2.4 2.8 224 201 232 551 467 649 Men's and boys' wear 331 +2 + 5 + 15 2.7 2.4 278 203 274 743 752 648 Men's clothing 241 4 16 + 17 + 85 2.2 1.4 271 229 234 608 658 326 Men's furnishings, hats, caps 312 -6 -1 +3 2.8 2.6 282 185 299 794 771 775 Boys' clothing and furnishings 292 +2 _2 -9 2.7 3.0 305 219 299 812 837 894 Men's and boys' shoes, slippers 185 +2 +5 +43 4.1 2.9 227 171 223 926 946 654 Home furnishings 317 + 5 +13 +11 2.8 2.7 256 248 244 727 708 656 Furniture, beds, mattresses, springs 239 + 7 + 7 + 1 3.1 3.2 202 215 189 621 619 609 Domestic floor coverings 267 +29 +25 +43 2.4 2.1 270 293 210 640 663 449 Draperies, curtains, upholstery 300 + 1 -2 -8 2.9 3.2 253 255 250 741 738 801 Major household appliances 235 +26 +91 + 157 1.8 C.9 365 397 289 639 587 249 Domestics, blankets, linens, etc 300 -20 +5 3.2 2.4 209 199 261 668 631 640 Linens and towels 203 -14 -8 -4 3.5 3.1 208 173 241 730 717 751 Domestics-muslins, sheetings 176 -33 + 7 +59 2.8 1.2 183 203 274 513 441 335 Blankets, comforters, spreads 189 -16 -7 2.9 2.6 234 218 279 681 681 716 Lamps and shades 241 +5 +2 -18 2.4 3.1 296 250 283 711 667 870 China and glassware 244 +8 +9 +25 4.1 3.6 218 169 202 905 896 720 House wares 242 + 1 +5 0 3.1 3.1 308 291 304 948 910 965 Piece goods 299 -2 +5 + 13 2.5 2.2 280 295 284 702 713 620 Silks, rayons, and velvets 112 +3 +7 +30 2.3 1.8 264 280 256 612 610 479 Woolen dress goods 93 + 1C C -1 1.7 1.8 406 514 370 678 ?96 663 Cotton wash goods 127 -11 + 7 +26 3.2 2.3 192 199 216 617 620 501 Small wares 337 -7 _! -6 3.3 3.3 243 191 261 801 711 857 Lace, trimmings, embroideries, and ribbons. 122 —9 -5 -16 3.2 3.4 268 251 295 858 851 1,008 Notions 231 + 7 + 12 -3 3.0 3.4 243 249 226 736 701 763 Toilet articles, drug sundries, and prescription 329 -11 -5 -4 4.4 4.1 174 144 195 776 615 809 Jewelry and silverware 310 -8 -2 c 3.3 3.2 280 216 305 910 834 968 Jewelry 207 — 12 -5 -12 3.3 3.3 275 217 314 909 802 1,053 Silverware 145 +5 +6 + 12 2.9 2.8 294 223 279 856 809 751 Art needlework 241 -6 -1 -9 2.9 3.0 238 208 253 687 675 756 Stationery, books, magazines 253 -7 -1 -6 2.6 2.6 319 201 345 827 781 879 Stationery 160 o +2 -5 2.7 2.6 328 198 355 874 803 898 Books, magazines 99 -5 -4 -10 2.8 2.9 246 171 259 687 637 764 Miscellaneous 310 _3 + 1 +6 2.0 1.9 356 199 368 719 712 691 Toys and games 161 + 1 -5 +9 1.4 1.3 669 229 663 970 1,066 895 Sporting goods, cameras 66 0 + 11 + 19 4.C 3.3 411 222 412 1,624 1,252 1,361 Luggage 249 c +6 + 11 3.7 3.2 249 172 263 932 806 835 BASEMENT STORE—total 205 +11 4 12 _ 3 2.0 2.3 239 213 216 479 477 492 Women's apparel and accessories 196 + 13 + 8 -6 1.7 2.1 237 212 209 405 407 436 Men's and boys' clothing and furnishings 164 + 16 + 20 + 5 2.2 2.4 285 219 247 621 640 589 Home furnishings 134 0 + 11 -6 2.2 2.4 232 238 232 520 512 554 Piece goods 54 -8 +5 H 14 2.4 1.9 277 289 301 666 666 574 Shoes 126 +22 +24 + 7 3.0 3.4 177 162 146 530 531 502 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. 225. 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. FEBRUARY 1948 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929. 7,637 3,167 2,515 1,318 1,197 652 2 125 1 749 596 1930 6,829 2,696 2,032 928 1,104 664 1,949 1,611 573 1931 5,526 2,212 1,595 637 958 617 1,402 1,381 531 1932 4 093 1,526 999 322 677 527 962 I 114 491 1933 3,929 1,605 1,122 459 663 483 776 L 081 467 1934 4 396 1,867 1,317 576 741 550 875 I 203 451 1935 5,439 2,627 1,805 940 865 822 1 048 I 292 472 19*36 6,796 3,526 2,436 1,289 1,147 1,090 1 .331 1,419 520 1937 7 491 3,971 2,752 1,384 1,368 1,219 I 504 I 459 557 1938 7,064 3,612 2,313 970 1,343 1,299 I 442 I 487 523 1939 7,994 4,449 2,792 1,267 1,525 1,657 1,468 1,544 533 1940 9,146 5,448 3,450 1,729 1,721 1,998 I 488 I 650 560 1941 9,895 5,920 3,744 1,942 1,802 2,176 L 601 I 764 610 1942 6,478 2,948 1,491 482 1,009 L.457 1,369 1,513 648 1943 5,334 1,957 814 175 639 1,143 L 192 4.QR 687 1944 5,776 2,034 835 200 635 1,199 . 9155 1 758 729 1945 6,638 2,365 903 227 676 .462 1,520 1,981 772 1946 10,166 3,976 1,558 544 1,014 2,418 2 262 3 054 874 1947P 13 368 6 152 2,843 1,159 1,684 3,309 2 697 3 598 921 1946-^-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 2,2o2 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 L.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 July 11,302 5,045 2,092 922 1,170 2,953 2 548 2,786 923 August '11,433 '5,179 2,167 965 1,202 '3,012 '2,579 2,755 920 September. '11 682 '5,290 2,257 1,004 1,253 '3,033 '2 607 2 864 921 October 12,052 5,460 2,370 1,047 1,323 3,000 2,645 3,029 918 November P 12,629 5,729 2,552 1,099 1,453 3,177 2,677 3,303 920 December? 13,368 6,152 2 ,843 1,159 1,684 3,309 2,697 3,598 921 pPreliminary. 'Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. 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 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e o d n it s l M l a e n n is e d c o e e u r l s s - m i r l z o e o a a a p n d t n i a d e o s i r * r n n- m b C a e o n r m c k i s - a 1 l p S c l a m o o n m a a i n e l - l s b In t a r d n ia u k l s s - 2 I p c n t l a o r o d n i a m i u a n e 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 27 50 322 202 33 1934 550 44 264 125 32 60 25 69 413 234 42 1935. 822 88 287 156 44 79 168 130 455 288 67 1936 1,090 161 326 191 66 102 244 248 610 354 105 1937. 1,219 258 374 93 125 148 368 662 409 148 1938 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939. L ,657 523 448 131 99 147 96 213 680 827 261 194 257 1940 1,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941. Z.176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943. 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944. 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 .467 477 439 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 1947P 3,309 1,353 713 168 134 269 120 552 2,533 1,457 310 282 498 1946—November. . 2,288 907 565 112 94 176 106 328 172 120 22 20 33 December... 2,418 956 608 117 98 185 110 344 191 166 26 25 39 1947—January.... 2,482 991 611 122 102 186 110 360 187 98 22 20 33 February.. . 2,548 1,030 611 125 105 190 110 377 180 90 21 20 33 Marrh 2 634 1,079 617 128 108 197 111 394 214 121 24 23 38 April 2,724 1,123 627 133 113 204 112 412 213 116 24 24 39 May 2,811 1,167 633 138 116 213 113 431 212 115 24 24 42 June 2 883 1,196 638 143 119 224 113 450 211 117 26 24 43 July 2 953 1,221 649 148 121 233 114 467 217 123' 29 23 44 August '3,012 1,248 652 152 124 240 114 '482 204 113 25 22 42 September.. '3,033 1,255 643 154 125 245 114 '497 206 107 27 24 41 October. .. 3,090 1,281 647 157 127 250 114 514 218 121 28 23 45 November P. 3,177 1,309 670 162 130 257 116 533 221 142 27 25 44 December? . 3,309 1,353 713 168 134 269 120 552 250 194 33 30 54 P Preliminary. 'Revised. l 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 December amounted to 101 million dollars, and loans made during December were 13 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 228 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 o a d r n t o o h f r in e m T g x o o c 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 i n 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 a h t p o o n o p u r c l l s d e e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total 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 e p a ir a t u n a e s r d i c e - l t d , l e o m r t a a n i n o o n i d z d n s a - 1 - 2 i l m s c n o o e s a a n t s n a n a h t l l s 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 1 1 9 93 3 2 1 9 67 5 7 8 1 1 3 0 8 3 4 3 5 1 4 3 1 1 2 8 1 5 4 3 5 0 1 11 3 0 6 1 19 9 4 4 1 0 1 1, , 6 4 9 5 4 0 3 4 1 1 1 1 3 2 1 5 0 3 2 2 1 8 7 8 2 2 4 3 7 4 4 45 2 1 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 7 4 6 3 . . . 1 1 , , 1 3 8 6 7 4 6 6 6 4 5 3 1 7 8 3 2 1 1 1 1 5 4 8 1 4 6 6 6 9 3 4 3 4 2 0 3 1 6 9 6 6 4 9 9 3 2 1 1 1 0 5 7 1 3 7 5 1 9 1 2 3 4 5 6 9 5 0 6 8 2 1 1 1 1 3 7 1 9 0 2 4 5 7 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 6 3 4 2 1,5 8 5 5 7 9 5 4 1 4 1 7 5 6 2 1 1 5 5 6 3 6 4 4 5 6 5 3 1 1 0 9 7 3 2 6 6 9 9 3 2 1 1 6 7 7 0 4 8 5 5 0 3 2 1 1 8 8 7 2 5 9 4 3 4 4 2 2 3 2 5 1 4 2 7 8 5 7 6 2 9 1938 1,343 302 485 266 70 220 1946—November... 1,494 156 285 251 256 546 1 1 9 9 3 4 9 0 . 1 1 , , 5 7 2 2 5 1 3 4 7 3 7 9 5 5 3 9 6 9 2 30 7 2 3 11 9 0 3 2 2 7 4 1 6 December. . . 1,591 165 306 275 273 572 1941 1,802 466 619 313 120 284 1947—January 1,668 181 325 296 280 586 1942 1,009 252 391 130 77 159 February.... 1,732 196 348 305 284 599 1 19 9 4 4 4 3 6 63 3 5 9 1 1 7 8 2 3 2 2 6 7 9 1 2 1 9 3 6 7 6 0 1 1 0 0 1 0 A M p a r r i c l h 1 1 , ,9 8 2 2 2 1 2 23 1 7 5 3 39 7 7 3 3 3 1 3 7 7 3 2 1 9 4 6 6 6 2 3 | !7 0 1945 676 198 283 14 74 107 May 2,027 254 423 364 334 652 1946 1,014 337 366 28 123 160 June 2,125 276 439 388 358 664 July 2,200 288 456 405 379 672 1946 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 October 2,409 324 492 449 454 690 1947 November?.. 2,493 339 513 475 471 695 January.. . 985 337 352 27 114 155 December?. . 2,599 348 535 512 487 717 February.. 977 338 349 29 107 154 Volume extended dur- March.... 1,004 358 354 29 105 158 ing month: April 1,059 386 366 32 108 167 1946—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 1947—January 307 44 69 65 24 105 July 1,170 429 398 39 120 184 February.... 289 42 70 55 25 97 August.... 1,202 440 408 41 124 189 March 343 54 81 59 31 118 September. 1,253 462 423 43 128 197 April 364 60 84 69 36 115 October. . . 1,323 495 443 46 131 208 May 375 59 83 77 42 114 November? 1,453 556 474 49 145 229 June 392 59 80 92 44 117 December? 1,684 649 517 53 200 265 July 384 63 84 75 42 120 August 363 58 79 70 45 111 September... 387 66 80 76 54 111 October 412 68 86 87 54 117 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL November?. . 406 69 94 89 42 112 BANKS, BY TYPE OF CREDIT December?. . 463 70 102 110 46 135 [Estimates. In millions of dollars] Retail instal- Repair Personal CONSUMER INSTALMENT CREDITS OF INDUSTRIAL ment paper 2 and instal- LOAN COMPANIES, BY TYPE OF CREDIT Year and month Total modern- ment [Estimates. In millions of dollars] 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 Retail instal- Repair Personal ment paper 2 and instal- Outstanding at end Year or month Total modern- ment o 1 f 9 4 p 1 eriod: 196.8 49.3 18.8 18.6 110.1 m A o u b to il - e Other l i o z a a n ti s o 1 n 2 l c o a a s n h s 1942 125.4 21.4 12.8 15.6 75.6 1943 91.8 12.6 7.7 14.0 57.5 Outstanding at end 1944 92.0 13.0 7.8 13.4 57.8 of period: 1945 104.1 13.8 9.8 17.2 63.3 1944 67.1 10.5 3.8 1.1 51.7 1946 162.7 27.5 17.8 28.3 89.1 1945 76.7 11.0 4.0 1.5 60.2 1946 108.4 15.0 7.4 2.4 83.6 1 1 9 9 4 4 6 7 — — F N J O D A J A S M M D N J u u e e o a c e p e u o l a a n b p t n v y c r c v y r g o e i r t e u e e c l e b e u u m m a h m m m e a s r r b b y b r t b b e e y . . e e e . r r . r r . . r ? : . . . P . . . . . . . 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 0 3 2 2 6 9 9 5 6 8 7 7 6 2 5 4 1 7 2 9 4 1 6 8 7 2 . . . . . . . . . . . . . . 7 6 5 7 9 0 2 9 2 4 1 1 4 6 2 2 2 3 4 3 3 4 4 4 5 3 4 4 6 7 9 8 0 1 9 3 6 4 6 8 0 2 . . . . . . . . . . . . . . 2 5 2 5 1 6 5 4 9 3 3 6 6 8 2 3 2 2 2 2 2 2 2 1 1 1 1 1 3 0 6 0 8 7 1 5 4 7 6 8 9 9 . . . . . . . . . . . . . . 1 5 5 5 0 0 8 8 7 3 6 6 3 4 3 2 2 3 3 4 2 2 3 3 3 4 3 4 0 3 9 8 1 3 8 7 2 8 9 5 1 6 . . . . . . . . . . . . . . 3 4 6 9 5 5 3 4 4 1 4 0 2 9 1 1 1 1 1 1 1 8 8 9 9 9 9 9 0 1 0 0 0 0 0 4 5 9 1 2 5 7 4 4 0 0 7 3 2 . . . . . . . . . . . . . . 2 7 1 1 1 9 9 7 5 0 8 3 7 8 1 1 9 9 4 4 6 7 — — N A A D M S D F M J J O N J u u e a e o p u e c e o a a n l n p b r v t c g c y v y r e o i u t e r e e c u l e e b a u m m h m s m m e r a t y r b b b b b r e e y e e e . r r r r . r ? ? . . . . . . , . , . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 1 1 2 3 4 2 4 0 0 1 3 4 8 7 2 5 8 4 9 4 1 3 8 8 1 . . . . . . . . . . . . . . 8 4 2 8 5 5 0 0 6 1 7 7 4 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 4 3 0 1 6 7 2 5 4 6 5 8 5 7 . . . . . . . . . . . . . . 3 6 7 3 4 4 6 9 3 5 7 6 0 1 1 1 1 1 1 1 1 1 9 8 7 8 8 2 7 5 4 0 3 1 7 4 . . . . . . . . . . . . . . 8 9 9 4 0 6 4 9 1 2 7 8 4 8 3 3 3 4 2 2 2 3 3 4 2 2 4 2 . . . . . . . . . . . . . . 6 0 8 2 2 4 0 7 3 6 5 2 5 4 1 9 9 9 8 8 8 9 9 7 9 9 9 9 0 0 3 4 3 6 6 8 8 4 7 7 5 8 0 . . . . . . . . . . - . . . 6 2 9 1 1 1 2 3 1 1 4 6 4 2 Volume extended during month: Volume extended during month: 1946.—November.. 28.5 5.2 3.6 2.8 16.9 1946—November. 23.0 4.1 1.7 0.2 17.0 December.. 31.2 5.6 3.7 2.6 19.3 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. . 2 7..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 October 36.2 4.7 4.3 18.4 October 27.1 5.5 3.3 0.5 17.8 November?3. 34.5 8.3 4.9 3.4 17.9 November?, 28.1 5.2 3.3 0.5 19.1 December?. 40.0 8.2 6.4 3.3 22.1 December?. 31.7 5.6 3.7 0.3 22.1 ? Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. FEBRUARY 1948 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding year Year and month 1 D 94 e 7 c P . N 19 o 4 v 7 . O 19 c 4 t 7 . 1 D 94 e 7 c P . N 19 o 4 v 7 . O 19 c 4 t 7 . 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 e a 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 +25 +7 +8 +22 + 18 + 14 November 38 27 47 34 59 Cash sales +35 + 1 +8 -4 -12 -9 December 36 26 47 44 54 Credit sales: Instalment + 28 + 12 +6 +41 +33 +27 1947 Charge account.... +2 +4 +12 + 11 +20 + 13 January 30 23 47 26 52 February 29 21 41 25 52 Accounts receivable, end March 33 25 44 27 56 of month: April 30 23 44 25 54 Total + 13 +8 +5 +45 +45 +42 May 30 24 44 26 56 Instalment + 16 +9 +6 +49 +50 +43 June 28 23 45 24 54 July... 28 22 41 23 53 Collections during August.... 28 22 39 23 51 month: September 31 24 39 25 53 Total +6 +2 +3 +22 + 19 +16 October 31 23 40 23 57 Instalment +7 -1 0 +22 + 15 +15 N D o ec v e e m m b b e e r r P. . . 3 2 0 9 2 2 3 1 3 3 9 9 2 3 4 3 5 5 5 4 Inventories, end of month, at retail value. -4 +3 +7 + 15 + 14 + 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 Year and month Sales during month A a c t c o e u n n d ts o r f e c m ei o v n a t b h le Collec m tio o n n s t h during Cash I m ns e t n al t - 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 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 I m ns e t n al t - 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 L942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 66 111 38 84 70 112 64 4 32 1945 average 162 211 68 124 37 94 69 127 64 4 32 1946 average 202 242 ••101 176 50 138 91 168 '59 4 '37 1947 averageP 214 237 154 199 88 174 133 198 55 6 39 1946—November 257 296 146 233 61 176 112 197 57 5 38 December '330 384 rl97 '293 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 March 210 236 146 192 75 160 129 185 56 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 July 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 266 285 223 253 111 204 152 214 53 7 40 DecemberP 368. 400 281 347 137 263 171 235 54 7 39 p Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 225. 230 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, House Year or month All items Food pparel Rent electricity furnishing Miscellaneous and ice 1929.. 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930.. 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931.. 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 . 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933. 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934. 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935... 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936., 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 , 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99 7 100.5 101.1 1941 ... 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115 8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128 8 1047 159.2 193.8 185.8 111.2 121.2 184.4 139.9 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 i08!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 i68!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 1^9.2 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 December.... 167.0 206.9 191.2 115.4 127.8 191.4 144.4 Back figures.—Bureau of Labor Statistics, Department of Labor. FEBRUARY 1948 231 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 Year, month, or week m c t A o i o e m d l s l 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 t n s d p T ro e d x u ti c le ts m F li u a g e t h V e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t t a s l 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 a e m u n d c i t d - s in f H u g r o n g u V i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80 3 78.5 92 1 89 9 88 7 92 7 77 7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79 3 84 9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65 9 51 4 60 5 71.2 80 9 64 8 66 3 79 8 77 0 72 1 75 8 62 5 1934 74 9 65 3 70 5 78.4 86.6 72.9 73.3 86.9 86.2 75 3 81 5 69.7 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80 8 80 Q 82 1 79 6 95 4 71 5 76 2 87 0 86 7 78 7 81 7 70 5 1937 86 3 86 4 85 5 85.3 104 6 76.3 77.6 95.7 95.2 82 6 89 7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 .... 78 6 67 7 71 3 83 0 100 8 73.8 71.7 95.8 94 8 77 0 88 5 77.3 1941 87.3 82.4 82 7 89.0 108 3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103 1 122 6 106 6 96 9 117 5 97 4 80 8 103 8 111 4 94 9 102 7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 1946—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 Tanuarv 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 JVIarch. . . . 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 147.1 175.7 159.8 131.9 170.8 138.9 103.3 141.4 177.0 127.1 128.8 116.1 June 147 6 177 9 161 8 131 4 173 2 138 9 103.9 142.6 174.4 120 2 129.2 112.7 July . . 150.6 181.4 167.1 133.4 178.4 139.5 108.9 143.8 175.7 118.8 129.8 113.0 August 153.6 181.7 172.3 136.0 182.1 140.8 112.5 148.9 179.7 117.5 129.7 112.7 September 157.4 186.4 179.3 138.2 184.8 142.0 114.1 150.7 183.3 122.3 130.6 115.9 October 158.5 189.7 177.8 140.0 191.7 143.0 115.9 151.1 185.8 128.6 132.3 117.1 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 December. 163.1 196.7 178.4 145.3 203.1 147.6 124.3 152.1 191.0 135.0 134.8 121.5 Week ending: 1947—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 Jan. 3 164.4 199.2 181.3 146.4 202.2 147.5 128.5 152.0 189.4 135.0 135.3 121.8 Jan. 10 164.5 197.0 182.1 146.9 200.3 145.8 130.0 152.8 189.7 139.0 136.7 122.1 Jan. 17... 165.5 201.5 181.2 147.4 201.4 145 . 7 130.0 153.2 191.1 140.8 136.9 123.0 Jan. 24 164.4 199.2 177.4 147.6 201.5 145.5 130.4 153.9 191.3 139.3 137.2 123.6 Jan. 31. . 163.7 195.1 176.5 148.0 201.2 145.8 131.2 154.1 191.3 139.3 137.5 123.9 1946 1947 Subgroups Subgroups Dec. Oct. Nov. Dec. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 163.0 230.3 241.4 245.5 252. Agricultural implements.. . 117.1 119.6 120.7 125.3 127.5 Livestock and poultry 194.7 224.8 224.5 211.0 226.3 Farm machinery 118.6 120.8 121.8 126.7 129.2 Other farm products 152.5 150.3 153.7 157.2 162.5 Iron and steel 117.4 140.4 140.8 140.9 141.7 Foods: Motor vehicles l 151.0 159.4 159.9 160.3 160.5 Dairy products 180.0 170.6 167.3 175.9 183.5 Nonferrous metals 129.3 142.0 142.0 142.2 143.0 Cereal products 139.5 158.7 167.6 172.5 170.6 Plumbing and heating. .. . 114.9 135.9 136.0 136.0 136.1 Fruits and vegetables.... 134.5 130.1 130.8 135.5 135.4 Building Materials: Meats 188.2 244.8 230.0 217.6 214.8 Brick and tile 130.0 145.4 145.6 147.3 148.8 Other foods 139.0 150.7 157.2 159.4 160.0 Cement 106.9 119.0 120.1 120.6 121.6 Hides and Leather Products: Lumber 227.2 285.7 290.0 295.6 303.2 Shoes 169.9 175.2 178.0 187.0 190. Paint and paint materials.. 155.4 157.9 161.4 161.8 164.0 Hides and skins 216.5 221.1 243.7 263.4 256.9 Plumbing and heating 114.9 135.9 136.0 136.0 136.1 Leather 185.0 197.4 204.3 216.0 216.2 Structural steel 120.1 143.0 143.0 143.0 143.0 Other leather products. . . 123.6 139.5 139.6 141.3 141.8 Other building materials... 131.8 150.6 152.5 152.6 155.5 Textile Products: Chemicals and Allied Products: Clothing 129.8 134.4 134.7 135.6 136.3 jChemicals 111.8 118.2 122.1 124.3 124.1 Cotton goods 181.6 202.3 204.6 209.1 213.5 Drugs and Pharmaceuticals 181.2 136.6 137.5 151.1 154.9 Hosiery and underwear... 96.9 99.9 100.0 101.4 103.0 Fertilizer materials 95.1 109.8 111.3 112.0 114.4 Silk 103.2 68.3 71.2 73.3 73.3 Mixed fertilizers 93.6 97.2 97.7 100.8 101.5 Rayon 33.8 37.0 37.0 37.0 40 Oils and fats 203.0 163.3 193.4 226.7 215.9 Woolen and worsted goods 119.0 133.8 134.2 134.9 139 Housefurnishing Goods: Other textile products. 168.1 175.1 176.3 174.8 177.8 Furnishings 126.3 138.5 139.3 140.0 142.8 Fuel and Lighting Materials: Furniture 113.9 122.4 124.9 125.5 126.5 Anthracite 113.7 122.5 122.8 123.3 123.4 Miscellaneous: Bituminous coal 138.9 170.1 172.2 173.3 174 Auto tires and tubes 73.0 60.8 60.8 61.0 63.4 Coke 147.5 181.9 182.0 182.2 183.4 Cattle feed 193.8 287.2 280.5 282.7 308.2 Electricity 65.8 65.2 64.9 Paper and pulp 136.4 159.5 159.8 160.7 164.7 Gas 83.1 87.0 86.8 83^6 Rubber, crude 46.2 36.4 43.0 49.3 44.5 Petroleum products 75.8 93.7 96.5 99.9 Other miscellaneous 117.0 124.6 126.6 128.4 130.0 r Revised. 1 Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. 232 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 1929 1933 1939 1944 1946 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3 Less: Capital consumption allowances 7.2 8.1 9.3 11.8 11.0 10.9 11.1 11.5 11.9 12.1 12.2 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 14.0 16.9 16.3 17.4 17.7 17.2 17.3 17.6 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 Statistical discrepancy 1.2 .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 0) .5 .1 .7 1.9 -.2 -.1 -.2 .2 -.1 Equals: 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 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 .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 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. I 108.0 113.6 117.1 119.4 120.9 124.7 Private 45.2 23.7 37.5 51.5 83.3 90.2 87.5 93.8 98.0 101.5 103.5 107.3 Military. .3 .3 .4 1.9 20.8 8.0 7.9 6.7 5.6 4.6 4.1 3.9 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 12.6 13.2 13.5 13.3 13.2 13.4 Supplements to wages and salaries . .6 .5 2.1 2.6 4.2 5.6 6.0 5.5 5.1 5.4 5.5 5.0 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 34.4 41.8 39.2 41.9 46.7 47.0 47.2 47.3 Business and professional 8.3 2.9 6.8 9.6 15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1 Farm 5.7 2.3 4.5 6.9 12.4 15.2 13.8 15.2 17.8 17.6 18.0 17.9 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6,9 6.8 6.8 7.0 7.0 7.2 7.3 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 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 1.4 .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 n -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. 2 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 BULLETIN for September 1947. FEBRUARY 1948 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1946 1947 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 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 83.2 88.9 93.6 95.3 97.8 100.0 Services 31.7 20.6 25.5 28.5 36.5 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 22.3 27.0 30.4 29.4 29.1 30.4 New construction l 7.8 1.1 4.0 5.7 2.3 8.5 8.7 8.9 9.3 10.3 9.6 10.4 Producers' durable equipment 6.4 1.8 4.6 7.7 5.3 12.4 11.5 13.2 15.7 16.5 18.0 18.0 Change in business inventories 1.6 -1.6 .4 3.9 -2.0 3.7 2.0 4.9 5.4 2.7 1.5 2.0 Net foreign investment .8 .2 .9 1.1 -2.1 4.8 6.1 4.5 5.2 8.3 10.5 7.7 Government purchases of goods and services... 8.5 8.0 13.1 24.7 96.6 30.7 30.3 28.6 28.2 27.4 27.5 28.2 Federal 1.3 2.0 5.2 16.9 89.0 20.7 20.9 18.2 16.9 16.0 15.6 15.8 W No a n r war [1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 4 3 2 2 3 . . 1 1 1 3 7 . . 1 7 1 3 5 . . 3 8 18.2 17.4 16.7 Less: Government sales 2 () (3) (') (») 1.2 3.0 4.2 2.6 2.2 2.2 1.8 .9 State and local 7.2 5.9 7.9 7.8 7.5 10.0 9.4 10.4 11.2 11.4 11.9 12.5 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries DivivVage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and per- fer agriculincome rec T e o ip ta t l s4 m b T d u o e i r n s t s a - t e l s - d p m i C u n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - b i s u a n o f t n s o c i u c o i r a e r n - l s income5 in re co n m tal e6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e8 1929 85 1 50 0 50.2 21.S 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 A 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 Q 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 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 s 37 1 11 6 6.2 154 4 1946. 177.2 109.2 L11.1 45.7 30.9 13.6 20.9 1.9 6 41.8 13.3 11.3 157.9 1946—November 188.4 115.4 117.2 50.6 33.0 14.4 19.2 1.8 L.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 L.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 L.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 L.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 L.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 L.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 L.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 L.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 L.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 L.8 45.9 14.3 10.4 173.1 September. 210.9 124.5 126.6 57.5 36.4 15.2 17.5 2.1 L.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 .9 50.6 14.9 11.8 180.1 November. P204.9 P127.5 P129.4 P59.6 P37.O P15.2 P17.6 Pl.9 V1.9 P49.9 P15.1 PIO.5 P181.5 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars* * Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947. 234 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* Chart Chart book book page Dec. Jan, Jan. Jan. Jan. page Dec. 31 7 14 21 28 31 WEEKLY FIGURES1 In billions of dollars WEEKLY FIGURES *—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC.— Cont. Reserve Bank credit, total 23.18 22.32 22.57 22.23 22.66 V. S. Govt. securities, total.. 22.56 21.68 21.90 21.54 21.99 Corporate bonds: Bills 11.43 10.90 10.78 10.23 10.00 Aaa 3' 2.90 2.85 2.85 2.85 2.86 N Ce o r t t e i s ficates 6 1 . .4 8 8 0 6 1 . . 2 47 5 6 1 . 2 .5 4 0 6 1 . .5 0 0 8 5 1 . .5 9 4 0 H Ba ig a h -grade (Treas. series). . 3 37 3 2 . . 5 9 6 3 3 2 . .8 5 5 3 3 2. . 8 5 4 1 3 2. . 8 5 4 2 3 2 . . 5 8 3 7 Bonds 2.85 3.07 3.38 3.73 4.54 Gold stock 22.75 22.76 22.79 22.83 22.89 Money in circulation 28.8 28.66 28.37 28.21 28.09 In unit indicated Treasury cash and deposits. .. 2.21 1.90 2.15 2.59 3.28 Member bank reserves 2, 17.90 17.50 17.86 17.33 17.31 Stock prices (1935-39 = 100): Required reserves 16.40 16.34 16.33P16.2' P16.26 Total 40 124 124 121 118 118 Excess reserves* 1. 5C 1 .1 1.54 P1.0' PI.05 Industrial 40 131 130 127 124 123 Excess reserves (weekly avg.): Railroad 40 109 110 107 103 106 Total* 1.38 1.30 1.14 Pl.09 p.86 Public utility 40 94 96 95 95 94 New York City* .26 .16 .1 .12 .06 Volume of trading (mill, shares) 40 1.21 .96 .86 .95 .85 Chicago .03 .01 .01 .01 Reserve city banks .45 .46 .35 .29 .23 BUSINESS CONDITIONS Country banks* .65 .6 .6 P. 6 .56 Wholesale prices (1926=100): Total 69 164.4 164.5 165.5 164.4 163.7 MEMBER BANKS IN LEADING CITIES Farm products 69 199.2 197.0 201.5 199.2 195.1 Other than farm and food. . 69 146.4 146.9 147.4 147.6 148.0 All reporting banks: Production: Loans and investments 16 64. 65. 14 65.09 65.53 64.95 Steel (% of capacity) 73 96.4 94.8 95.6 96.1 95.2 U. S. Govt. securities, total.. 16 37.23 37.64 37.59 37.89 37.32 Automobile (thous. cars)... 73 66 111 109 111 97 Bonds 18 29.51 29.4C 29.39 29.31 28.97 Paperboard (thous. tons)... 74 136 178 193 188 186 Certificates 18 3.34 3.39 3.33 3.44 3.41 Crude petroleum (mill, bbls.) 74 5,291 5,313 5,326 5,336 Notes 18 2. 2.83 2.81 2.79 2.74 Electric power (mill. kw. hrs.) 75 Bills 18 1.53 2.03 2.06 2.35 2.21 Basic commodity prices 4,868 5,278 5,370 5,436 Other securities 20 4.26 4.27 4.26 4.25 4.24 (Aug. 1939 = 100) 75 347.6 Demand deposits adjusted.. 16 48.69 48.62 48.96 48.97 48.83 Total freight carloadings 353.7 349.0 352.8 349.0 U. S. Govt. deposit .87 .65 .60 .6 .7 (thous. cars) 76 727 Loans, total 23.33 23.23 23.24 23.39 23.30 Department store sales 682 831 811 772 Commercial 14.65 14.64 14.69 14.76 14.73 (1935-39 = 100) 76 233 Real estate 3.46 3.47 3.49 3.51 3.52 204 251 232 226 For purchasing securities: Total 20 1.67 1.54 1.45 1.47 1.49 1947 U. S. Govt. securities. . 20 .67 .60 .52 .55 . 54 Other securities 1.01 .94 .93 .92 .94 Other 3.55 3.58 3.61 3.66 3.67 Oct. Nov. Dec. New York City banks: Loans and investments.... 20.00 20.18 19.84 20.14 19.85 MONTHLY FIGURES U. S. Govt. securities, total. 11.70 11.91 11.63 11.88 11.5 In billions of dollars Bonds 9.57 9.52 9.50 9.50 9.29 RESERVES AND CURRENCY Certificates 19 .62 .60 .59 .66 .66 Notes 19 .54 .52 .49 .51 .53 Reserve Bank credit 7 22.80 22.87 22.86 Bills 19 .96 1.28 1.05 1.20 1.10 Gold stock 7 22.15 22.48 22.71 Demand deposits adjusted. . 17 16.29 16.31 16.36 16.51 16.42 Money in circulation 7 28.60 28.65 28.94 U. S. Govt. deposits 17 .27 .19 .16 .18 .20 Treasury cash 7 1.33 1.33 1.33 Interbank deposits 17 4.43 4.43 4.36 4.26 4.16 Treasury deposits 7 .94 1.29 .97 Time deposits 17 1.38 1.37 1.37 1.38 1.3 Member bank reserves: Loans, total 17 7.08 7.04 6.99 7.07 7.09 Total 4, 7, 14 17.07 16.99 17.26 Commercial 21 5.33 5.32 5.33 5.34 5.3: Central reserve city banks. . 14 5.35 5.28 5.43 For purchasing securities: • Reserve city banks 15 6.78 6.76 6.86 To O b n r o U k . e S rs . : Govts 21 .21 .18 .13 .17 .17 Re C q o ui u r n e t d r y r e b s a e n rv k e s s: 15 4.94 4.95 4.97 On other securities... 21 .34 .30 .30 .30 .33 Total 4 16.12 16.14 16.27 To others 21 .26 .25 .25 .25 .25 Central reserve city banks. . 14 5.27 5.23 5.31 All other 21 .94 .97 .99 1.01 1.01 Reserve city banks 15 6.52 6.54 6.59 Banks outside New York City: Country banks 15 4.33 4.36 4.38 Loans and investments 17 44.81 44.97 45.25 45.39 45.10 Excess reserves: U. S. Govt. securities, total.. 17 25.53 25.73 25.96 26.01 25.75 Total 4, 5 .95 .85 .99 Bonds 19 19.93 19.88 19.89 19.81 19.68 New York City 5 .06 .04 .11 Certificates 19 2.72 2.79 2.74 2.77 2.76 Chicago 5 .01 .01 .01 Notes 19 2.31 2.31 2.32 2.27 2.21 Reserve city banks 5 .26 .21 .27 Bills 19 .57 .75 1.02 1.16 1 .11 Country banks 5 .62 .59 .60 Demand deposits adjusted.. 17 32.40 32.31 32.60 32.46 32.41 Money in circulation, total.... 9 28.55 28.77 28.87 U. S. Govt. deposits 17 .60 .45 .43 .49 .5 Bills of $50 and over 9 8.72 8.76 8.85 Interbank deposits 17 7.17 7.21 7.29 7.02 6.48 $10 and $20 bills 9 15.30 15.43 15.39 Time deposits 17 13.19 13.19 13.18 13.20 13.18 Coins, $1, $2, and $5 bills... 9 4.54 4.58 4.63 Loans, total 17 16.25 16.19 16.25 16.33 16.31 Commercial 21 9.32 9.31 9.36 9.42 9.40 ALL BANKS Real estate 21 3.36 3.37 3.39 3.40 3.41 IN THE UNITED STATES For purchasing securities. 21 .87 .80 -.78 .75 .74 All other 21 2.71 2.71 2.73 2.76 2.76 Total deposits and currency*.. 10 P169.70 P170.40 P171.2O Demand deposits adjusted8... 10 P85.40 *>85.90 P86.90 Time deposits adjusted* 10 P56.20 P56.00 P56.30 Per cent per annum Currency outside banks* 10 P26.30 P26.6O P26.60 MONEY RATES, ETC. U. S. Govt. deposits* 10 Pi.80 Pl.90 Pl.40 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 .950 .976 .981 .990 .990 Certificates 34 1 .05 1.08 1.09 1.09 1.09 Loans and investments, total". 11 P116.40 P116.7O P116.30 3-5 years 34 1.65 1.63 1.64 1.64 1.63 Loans6 11 P36.90 P37.7O P38.2O 7-9 years 34 1.99 1.94 1.97 1.98 1.97 U. S. Govt. securities* 11 P7O.5O P69.10 15 years or more 34, 37 2.45 2.45 2.45 2.45 2.45 Other securities* 11 P9.00 P9 00 For footnotes see p. 238. FEBRUARY 1948 235 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 Oct. Nov. Dec.3 page Oct. Nov. Dec 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 97.98 98.20 97.77 Ownership of U. S. Govt. securities— Loans 14 31.53 32.21 32.59 Cont. U. S. Govt. securities 14 59.1 58.75 57.91 Marketable public issues—Cont. Other securities 14 7.28 7.25 7.28 By earliest callable or due date: Demand deposits adjusted* 14 72.12 72.54 73.47 Within 1 year: Time deposits 14 28.39 28.19 28.35 Total outstanding 31 55.05 54.34 50.73 Balances due to banks 14 12.05 11.99 11.87 Commercial bank and F. R. Balances due from banks 14 5.98 5.91 5.80 Bank 31 39.34 38.72 Central reserve city banks: F. R. Bank 31 21.63 21.46 19.92 Loans and investments, total 14 25.47 25.35 25.48 1-5 years: Loans 14 8.81 9.06 8.98 Total outstanding 31 38.32 38.32 49.95 U. S. Govt. securities 14 15.06 14.71 14.86 Commercial bank and F. R. Other securities 14 1. 0 1.58 1.64 Bank 31 27.69 27.76 Demand deposits adjusted* 14 20.07 20.06 20.37 F. R. Bank 31 .40 .49 Time deposits 14 2.36 2.34 2.37 5-10 years: Balances due to banks 14 5.41 5.33 5.35 Total outstanding 31 18.93 18.93 10.27 Reserve city banks: Commercial bank and F. R. Loans and investments, total 15 36.21 36.39 36.05 Bank 31 12.17 12.32 Loans 15 12.91 13.18 13.45 F. R. Bank 31 .04 .16 "".43 U. S. Govt. securities 15 20.85 20.80 20.21 Over 10 years: Other securities 15 2.44 2.41 2.39 Total outstanding 31 54.81 54.81 54.81 Demand deposits adjusted* 15 25.08 25.39 25.70 Unrestricted issues: Time deposits 15 11.37 11.34 11.44 Nonbank, commercial Balances due from banks 15 1.87 1.84 1.85 bank, and F. R. Bank.. 31 6.68 6.65 Country banks: Commercial bank and Loans and investments, total 15 36.31 36.46 36.24 F. R. Bank 31 5.49 5.48 Loans 15 9.81 9.96 10.16 F. R. Bank 31 .10 .10 U. S. Govt. securities 15 23.26 23.24 22.83 Other securities 15 3.24 3.25 3.25 Demand deposits adjusted* 15 26.97 27.08 27.40 Time deposits 15 14.65 14.50 14.54 MONEY RATES, ETC. Per cent per annum Balances due from banks 15 3.90 3.87 3.74 CONSUMER CREDIT* '. R. Bank discount rate 33 1.00 1.00 1.00 Consumer credit, total 22 12.05 ^12.63 P13.37Treasury bills (new issues) 33 857 .932 950 Single-payment loans 22 2.65 P2.68 P2.7O "orporate bonds: Charge accounts 22 3.03 P3.30 P3.60 Aaa 33,37 2.70 2.77 ? 86 Service credit 22 .92 P. 92 P. 92 Baa 37 3.35 3.44 3.57 Instalment credit, total 22, 23 5.46 ^5.73 P6.15 High-grade (Treas. series) 37 2.68 2.75 2.86 Instalment loans 23 3.09 P3.18 P3.31 U. S. Govt. bonds, 15 years or more. . 37 2.27 2.36 2.39 Instalment sale credit, total 23 2.37 P2.55 P2. Automobile 23 1.05 Pi. 10 Pl.16 Other 23 1.32 Pi.45 Pi.68 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing 28 256.35 255.67 254.28Stock prices (1935-39 =100): Bonds (marketable issues) 28 118.56 118.56 117.86 Total 39 125 124 122 Notes, certificates, and bills 28 43.38 47.68 47.73 Industrial 39 131 130 129 Savings bonds, savings notes, etc. 28 59.71 59.67 59.49 Railroad 39 104 100 104 Special issues 28 29.45 29.52 28.96 Public utility 39 101 97 94 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 1.14 .86 1.17 Total interest-bearing: Brokers' balances (mill, dollars): Commercial banks* 29 69.80 69.30 Credit extended to customers 41 606 593 578 Fed. agencies and trust funds. . . 29 33.94 34.19 33.63 Money borrowed 41 257 247 240 F. R. Banks 29 22.17 22.21 22.56 Customers' free credit balances 41 616 617 612 Individuals* 29 65.70 65.60 Corporations* 29 20.40 20.30 Insurance companies* ' 29 24.90 24. 70 BUSINESS CONDITIONS Mutual savings banks* 29 12.20 12.10 State and local govts.* 29 7.20 7.30 Marketable public issues: Personal income (annual rate, bill, By class of security: dollars):* * Bills: Total 48 204.4 204.9 P2O9.7 Total outstanding 30 15.73 15.34 15.14 Total salaries and wages . 48 125.2 127.5 P127.4 Commercial bank and F. R. Proprietors' income, dividends, and Bank 30 14.63 13.96 interest 48 65.5 65.0 P69 ,6 F. R. Bank 30 13.56 12.56 11.4. Allother 48 13.7 12.4 P12.7 Certificates: Labor force (mill, persons):* Total outstanding 30 24.81 24.50 21 .22 Total 49 62.2 61.5 60.9 Commercial bank and F. R. Civilian 49 60.9 60.2 59.6 Bank 30 14.77 14.68 Unemployment 49 1.7 1.6 1.6 F. R. Bank 30 7.09 7.26 6^80 Employment 49 59.2 58.6 57.9 Notes: Nonagricultural 49 50.6 50.6 51.0 Total outstanding 30 7.84 7.84 11.3 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons):* i Bank 30 5.26 5.39 Total 50 43.1 43.1 P43.2 F. R. Bank 30 .81 '1.42 1.48 Manufacturing and mining 50 16.7 16.7 P16.8 Bo T n o d t s a : l outstanding 30 118.73 118.73 118.03 T G r o a v d e e r nment 5 5 0 0 5 OQ . . 4 OO O 5 O . . Q 4 O P P5 8 . . 4 8 Unrestricted issues: Transportation and utilities 50 4.1 4.1 P4.1 Nonbank, commercial Construction 50 1.8 1.8 Pi .9 bank, and F. R. Bank.. 30 70.61 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 51.00 51.31 P52.51 F. R. Bank 30 50.02 50.25 Hourly earnings (cents) 51 125.7 126.8 P127.7 F. R. Bank 30 .71 .97 2 .85 Hours worked (per week) 51 '40.6 40.5 P41.1 For footnotes see p. 238 236 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 Oct. Nov. Dec. page Oct. Nov. Dec MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Consumers' prices (1935-39=100): Industrial production:4 A Fo ll o i d tems 6 6 7 7 2 1 0 6 1 3 . . 6 8 2 1 0 64 2 . . 9 7 2 1 0 67 6 . . 0 9 Total (1935-39 =100) 53, 54 190 Apparel 67 189.0 190.2 191.2 Groups (points in total index): Rent 67 114.9 115.2 115.4 Durable manufactures. 53 '•84.4 85.0 P86.4 Wholesale prices (1926=100): Machinery and trans, equip.... 54 '44.6 45.0 P45.6 Total 69 158.5 159.5 163.1 Iron and steel 54 22.4 22.2 22.5 Farm products 69 189.7 187.9 196.7 Nonferrous metals, lumber, and Other than farm and food 69 140.0 142.1 145.3 building materials 54 '17.3 17.9 P18.2 Prices paid and received by farmers Nondurable manufactures 53 ••82.5 83 *>80.9 (1910-14=100): Textiles and leather 54 21.3 22 P21.2 Paid 71 239 241 245 F C o h o e d m , ic li a q l u s, o r p , e a t n ro d le to u b m a , c c r o u bber, 54 23.3 23 P21.8 a R sh e c f e a i r v m e d income (mill, dollars) : 71 289 287 301 Mi P n a e a p r n a e d l r s a c n o d al p p r r i o n d ti u n c g t s 53, 5 5 5 4 4 4 > 2 2 " 3 1 3 4 . . . 5 0 9 2 2 1 3 3 5 . . . 1 6 0 P P P 1 2 2 4 3 3 . . . 5 6 4 T L C i o r v o t e a p s l s tock and products 7 7 7 2 2 2 , , , 7 1 6 7 2 3 3 2 7 ^ P P 1 3 l , , . 1 5 5 0 5 4 9 6 0 P P P 2 l l . , , 2 6 9 9 1 23 9 0 Selected durable manufactures Govt. payments 72 14 P\3 P14 (1935-39=100): Nonferrous metals 55 176 177 P\79 INTERNATIONAL TRADE AND FINANCE Steel 55 224 222 226 Short-term foreign liabilities and assets Cement 55 174 178 196 reported by banks (bill, dollars): Lumber 55 128 137 P142 Total liabilities 77 s 5.20 Transportation equipment 55 r231 234 P238 Official 77 s 2.01 Machinery 55 280 281 P2S5 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 5 .39 (1935-39 = 100): Private 77 5 3.19 Apparel wool consumption 56 ••184 183 Total assets ... 77 5 .96 Cotton consumption 56 139 149 131 Exports and imports (mill* dollars): Manufactured food products.... 56 155 156 P155 Exports 79 1,235 pl.138 Paperboard 56 184 186 177 Excluding Lend-Lease exports... 79 1,234 pl.138 Leather 56 121 122 Imports 79 P492 Industrial chemicals 56 425 427 P428 Excess of exports or imports ex- Rayon 56 294 296 P296 cluding Lend-Lease exports 79 P683 Foreign exchange rates: New orders, shipments, and inventories (1939=100): See p. 261 of this BULLETIN. . 80-81 New orders: Total 57 255 269 1947 Durable 57 291 307 Nondurable 57 233 246 Apr.- July- Oct. Shipments: June Sept. Dec. T D o u t r a a l b le 5 5 7 7 3 31 3 8 9 3 35 2 1 8 QUARTERLY FIGURES Nondurable 57 304 312 In billions of dollars Inventories: TREASURY FINANCE N T D o o u t n r a a d l b u l r e a ble 5 5 5 7 7 7 2 2 21 3 6 1 6 4 2 2 2 1 6 3 5 5 9 Bu T d o g N t e a a t l t r i e e o x c n p e a e i l p n t d d s e i t f a u e n r n d e s s e e . xpenditures: 2 2 6 6 1 4 3. . 3 5 9 5 9 2 . . 6 9 6 0 Cons a t v r g u . c , ti m on il l c , o do n l t l r a a r c s t ) s : 4 (3 mo. moving In N te e rn t a r l e c r e e i v p e t n s ue collections, total... 2 2 6 6 1 8 0. . 8 2 9 9 9 8 . . 8 4 1 6 Total 59 755 792 Individual income taxes 26 4.45 4.14 Residential 59 312 301 P348 Corporate income taxes 26 1.98 2.29 2.17 Other 59 443 491 P53S Misc. internal revenue. 26 1.86 2.02 R - e T P P s r i u o d i b t v e a l a n l i c t t e ia , l t o c t o a n l tracts (mill, dollars):4 6 6 6 0 0 0 3 3 2 0 2 3 3 0 3 2 1 9 1 2 8 4 2 2 7 5 2 8 8 0 'a C C E sh x a a c s s i h h e n s c o i s o n u o m c t f o g e m o c a a e n s h d i o n u c t o g m o e : or outgo.... 2 2 2 7 7 7 1 1 - 1 2 . . . 7 4 2 3 7 0 1 1 - 0 0 . . . 0 4 5 3 7 0 + 1 8 0 1 . . . 6 0 3 7 1 4 1- and 2-family dwellings 60 235 224 207 Other 60 68 73 51 Per cent per annum MONEY RATES Value of construction activity (mill, dollars):' Bank rates on customer loans: Total 61 1,334 1,272 1,176 Total, 19 cities 33 2.38 2.21 2.22 Nonresidential: New York City 35 1.83 1.77 1.82 Public 61 334 265 210 Other Northern and Eastern cities: 35 2.44 2.25 2.27 Private 61 460 436 397 Southern and Western cities 35 2.95 2.69 2.61 Residential: P Pu ri b v l a ic te 6 6 1 1 53 1 0 0 565 6 565 4 CORPORATE SECURITY ISSUES In unit indicated Freight carloadings:4 Commercial and Financial Chronicle Total (1935-39=100) 63 145 147 data (bill, dollars): Groups (points in total index): Total issues 42 '1.72 rl.26 2.24 Miscellaneous 63 81.9 83.0 85.5 New capital 42 rl . 11 2.00 A Co ll a o l ther 6 63 3 3 2 3 9 . . 2 8 3 2 4 9 . . 1 3 30 3 . . 1 0 Secu d ri a ti t e a s ( a m n i d ll , E d x o c ll h a a r n s) g : e * Commission Net proceeds: Department stores: All issuers 43 1,605 1,266 2,223 Indexes (1935-39=100):* Industrial 43 634 389 938 Sales 64 ••301 303 Railroad 43 82 57 91 Stocks 64 "•251 272 281 Public utility 43 854 753 1,073 296 stores: New money: Sales (mill, dollars) 65 367 41*6 All issuers 43 932 797 1,868 Stocks (mill, dollars) 65 912 942 Industrial 43 428 285 744 Outstanding orders (mill, dollars) 65 663 605 P543 Railroad 43 60 49 87 Stocks-sales ratio (months' supply) 65 2.5 2. P1.3 Public utility 43 414 420 1,005 For footnotes see p. 238 FEBRUARY 1948 237 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 HOLDINGS* Gross national product •4 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 A 27.5 28 Deposits and currency 24 138.9 143.3 Personal consumption expenditures 44 158.0 162.0 166 U. S. Govt. securities 24 81.6 79.9 Durable goods 45 18.5 19.2 19 Individuals: Nondurable goods 45 95.3 97.8 100 Total holdings 24 151.2 156.9 Services 45 44.2 45.0 46 Deposits and currency 24 96.2 101.5 Private domestic and foreign invest- U. S. Govt. securities 24 55.0 55.4 ment 44 37.7 39.6 38.1 Corporations: Gross private domestic invest- Total holdings 24 41.8 39.1 ment: Deposits and currency 24 24.6 23.5 Producers'durable equipment. 46 16.5 18.0 U. S. Govt. securities 24 17.2 15.6 New construction 46 10.3 9.6 Unincorporated businesses: Change in business inventories. 46 2.7 1.5 Total holdings 24 27.5 27.2 Net foreign investment 46 8.3 10.5 Deposits and currency 24 18.1 18.3 Personal income, consumption, and U. S. Govt. securities 24 9.4 8.9 saving:« 4 Personal income 47 190.9 192.3 200.4 Disposable income 47 169.7 170.9 178.7 Consumption expenditures 47 158.0 162.0 166.0 1946 1947 Net personal saving 47 11.7 8.9 12.7 1946 1947 July 31 Feb. 26* June Dec. June CALL DATE FIGURES« 29 31 30 OWNERSHIP OF DEMAND DEPOSITS* ALL MEMBER BANKS In billions of dollars Indiv ti i o d n u s a , l s t , o t p a a l rtnerships, and corpora- 25 77.5 77.8 Holdings of U. S. Govt. securities: Nonfinancial: Bonds 12 45.44 46.23 46.51 Total 25 38.3 37.2 Notes 12 10.47 5.60 4.37 Manufacturing and mining 25 16.4 16.0 Certificates 12 15.29 10.04 7.54 Trade 25 13.0 12.5 Bills 12 1.07 1.17 .77 Public utilities 25 4.4 4.2 Loans: Other: 25 4.5 4.5 Commercial 13 9.69 13.15 13.82 Financial: Agricultural 13 .88 .88 .97 Total 25 6.6 6.5 Real estate 13 4.27 5.36 6.24 Insurance companies 25 2.1 2.1 Consumer 13 2.46 3.31 4.00 Other 25 4.5 4.5 For purchasing securities: Individuals: To brokers and dealers 13 2.40 1.51 1.51 Total 25 27.6 28.9 To others 13 2.48 1.47 1.15 Individuals excl. farmers 25 21.4 22.1 State and local govt. securities 13 3.31 3.55 3.98 Farmers 25 6.2 6.7 Other securities 13 3.15 3.08 2.97 Nonprofit ass'ns and other 25 5.0 5.2 • Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 8 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 4 Adjusted for seasonal variation. 5 As of Sept. 30, 1947. 6 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. 238 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 page1 Oct. NOV.P Dec.p Oct. NOV.P Dec? In millions of dollars In millions of dollars Consumer credit outstanding, total. .. 3 12,052 12,629 13,368Consumer nstalment sale credit Instalment credit, total 3, 5 5,460 5,729 6,152 granted, cumulative totals:2 Instalment loans 5 3,090 3,177 3,309 By automobiles dealers 494 545 626 Instalment sale credit 5 2,370 2,552 2,843 By furniture and household appli- Charge accounts 3 3,029 3,303 3,598 ance stores 310 357 418 Single-payment loans 3 2,645 2,677 2,697 By department stores and mail- Service credit 3 918 920 921 order houses 197 230 278 Consumer credit outstanding, cumu- By all other retailers 89 103 122 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 12,052 12,629 13,368 standing, cumulative totals:2 Charge accounts 4 6,592 6,900 7,216 Commercial and industrial banks. 3,090 3,177 3,309 Single-payment loans 4 3,563 3,597 3,618 Small loan companies 1,652 1,706 1,788 Service credit 4 918 920 921 Credit unions 1,005 1,036 1,075 Consumer instalment sale credit out- Miscellaneous lenders 755 779 806 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,370 2,552 2,843 loans 514 533 552 Furniture and household appliance stores 6 1,323 1,453 1,684 Department stores and mailorder houses 6 834 930 1,114 Allother 6 339 374 465 P Preliminary. 1 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. FEBRUARY 1948 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On p<ir list and offices on which Not on par list Federal Reserve checks are drawn Total Member Nonmember (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 Dec 31 1947* 14,080 4,148 12,038 3,823 6,917 3,051 5,121 772 2,042 325 By districts and by States Dec. 31, 1947* District Boston 493 289 493 289 336 214 157 75 New York 926 834 926 834 797 769 129 65 Philadelphia 844 134 844 134 647 99 197 35 1,145 247 1,145 247 710 214 435 33 Richmond 1,010 430 790 305 475 200 315 105 220 125 Atlanta 1,166 163 547 127 340 111 207 16 619 36 Chicago 2,484 561 2,428 535 1,000 216 1,428 319 56 26 St. Louis 1,469 131 1,116 71 495 40 621 31 353 60 Minneapolis 1,278 111 609 41 475 26 134 15 669 70 Kansas Citv . ... 1,751 7 1,740 7 758 4 982 3 11 Dallas 1,007 36 897 28 613 19 284 9 110 8 San Francisco 507 1,205 503 1,205 271 1,139 232 66 4 State 222 22 112 22 87 22 25 110 Arizona 10 40 10 40 5 30 5 10 Arkansas 228 19 99 5 66 1 33 4 129 14 192 896 192 896 115 854 77 42 Colorado 142 1 142 1 92 1 50 Connecticut 115 22 115 22 65 11 50 11 Delaware 39 14 39 14 17 4 22 10 District of Columbia... 19 38 19 38 16 35 3 3 Florida 178 2 115 2 71 2 44 63 Georgia 379 31 99 27 64 26 35 1 280 4 Idaho 48 45 48 45 26 43 22 2 878 3 876 3 503 3 373 2 Indiana 487 89 487 89 237 33 250 56 664 162 664 162 163 501 162 609 607 214 393 2 Kpntuckv 385 36 385 36 113 25 272 11 160 63 58 41 46 36 12 5 102 22 63 69 63 69 38 37 25 32 166 101 166 101 78 68 88 33 182 152 182 152 147 140 35 12 Tvlichicran 442 206 442 206 229 160 213 46 677 6 264 6 208 6 56 413 Mississippi 206 55 39 7 31 1 8 6 167 48 596 527 180 347 69 112 112 82 30 Nebraska 410 2 410 2 145 2 265 Nevada 8 19 8 19 6 18 2 1 NPW Hamoshire 73 2 73 2 52 1 21 1 New Tersev 340 137 340 137 292 121 48 16 NPW IVlexico 47 8 47 8 33 14 8 New York 658 713 658 713 575 660 83 53 North Carolina 205 170 87 48 53 28 34 20 118 122 North Dakota 151 24 49 5 41 8 5 102 19 Ohio 668 189 668 189 424 165 244 24 Oklahoma 384 1 374 1 225 1 149 10 Oregon 69 81 69 81 32 76 37 5 Pennsylvania 990 149 990 149 758 125 232 24 Rhode Island 19 41 19 41 11 29 8 12 South Carolina 150 33 57 31 31 27 26 4 93 2 South Dakota 170 47 69 21 63 20 6 1 101 26 Tennessee 295 74 196 58 81 46 115 12 99 16 Texas 889 4 829 4 563 4 266 60 Utah 60 15 60 15 34 13 26 2 Vermont 69 10 69 10 40 2 29 8 Virginia 314 88 307 87 202 42 105 45 7 1 ^^ashington ....... 123 119 119 119 54 112 65 7 4 West Virginia 182 180 108 72 2 552 150 443 99 163 21 280 78 109 51 55 55 38 17 p Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, on the opposite page). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks ba A n l k l s Member banks Nonmember banks Total Total i ti N on a- al m S e t m at b e er1 Total su I r n e - d 2 in N su o r n e - d 2 su I r n e - d i in N su o r n e - d Banks (Head Offices) Dec. 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,439 79 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 ' 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 3 14,715 14,182 6,923 5,005 1,918 7,262 6,478 784 194 339 Branches and Additional Offices 4 Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 1255 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 5 J26 Dec. 31, 1941 3,699 3,564 2,580 1,565 1.G15 984 932 52 32 103 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 3 . . . 4,331 4,161 3,051 1,871 1,180 1,110 1,043 67 124 46 Bank Changes Jan. 1-Dec. 31, 1947 New banks 6 + 112 + 112 +33 + 19 + 14 + 79 +66 +13 Suspensions -1 -1 -1 Consolidations and absorptions: Banks converted into branches -55 -55 -30 -19 -11 -25 -23 -2 Other -29 -29 -11 -7 -4 -18 -13 -5 Voluntary liquidations7 -11 -11 "2 -2 * -8 -3 -5 Unclassified -1 -1 — 1 -1 Inter-class changes: Conversions— National into State -1 -1 + 1 +1 State into national +2 +8 -6 -2 2 Federal Reserve Membership:* Admissions of State banks +38 +38 -38 -37 -1 Withdrawals of State banks . .... —5 -5 +5 +5 Federal deposit insurance:9 Admissions of State banks +28 - + 28 1 +3 -3 Withdrawals of State banks Net increase or decrease +15 + 15 +23 -2 +25 -8 +21 -29 +3 -3 Number of banks, Dec. 31, 1947, before revision 14,600 14,059 6,923 5,005 1,918 7,139 6,478 661 194 347 Changes due to revision of series 3 + 115 +123 + 123 +123 -8 Number of banks after revision 14,715 14,182 6,923 5,005 1,918 7,262 6,478 784 194 339 Branches and Additional Office Changes Jan. 1-Dec. 31, 1947 De novo branches + 160 + 147 +97 +66 +31 +50 +47 +3 +9 +4 Banks converted into branches +55 +55 +46 +30 +16 +9 +9 Branches and offices discontinued -31 -31 -18 -14 -4 -13 -13 Inter-class branch changes: National to State member -1 State member to national +4 -4 N In o s n u m re e d m t b o e n r o t n o i n S s t u a r te e d member +7 + 7 -7 -7 + 1 Noninsured to insured + 1 -1 Net increase or decrease +184 + 171 + 132 +85 +47 +39 +36 +3 +9 +4 Number on Dec. 31, 1947, before revision. . . . 4,322 4,152 3,045 1,866 1,179 1,107 1,042 65 124 46 Changes in number of branches due to revision of series 3 . +9 +9 +6 +5 + 1 +3 + 1 +2 Number after revision: Branches 4,260 4,090 2,985 1,818 1,167 1,105 1,038 67 124 46 Banking facilities at military reservations. 71 71 66 53 13 5 5 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all reporting banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 8 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) to the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations (shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Three of these banking facilities are in each case operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. FEBRUARY 1948 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1947 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounted bills $2,194,546 $151,040 $675,838 $152,126 $216,756 $134,814 $84,408 Purchased bills 3,890 3,890 Industrial loans 60,438 418 57.475 512 2,033 Commitments to make industrial loans. . . 19,205 14 7,359 633 602 U. S. Government securities 155,563,861 10,388,433 38,130,99111,193,23714,783,785 9,884,765 8,236,962 All other 813,626 14,798 96,641 10,381 181 ,582 20,642 25,206 Total current earnings 158,655,566 10,554,689 38,907,36011,413,23315,189,48210,041,366 8,349,211 Current Expenses Operating expenses: Salaries: Officers 3,290,148 180,374 175,058 284,008 223,806 222,308 Employees 48,754,014 2,959,295 2,948,926 4,178,482 3,017,815 2,436,559 Retirement System contributions 5,033,943 301,361 297,220 423,550 313,788 273,795 Legal fees 19,378 358 11,599 7,017 8 Directors' fees and expenses 238,525 12,524 15,868 15,251 16,191 35,424 Federal Advisory Council, fees and expenses 21,355 1,390 1,028 1.778 970 2,448 Traveling expenses (other than of directors and members of Federal Advisory Council) 646,469 37,853 24,747 56,214 54,186 43,139 Postage and expressage 7,289,327 705,627 497,121 635,763 632,255 587,275 Telephone and telegraph 491,114 21,016 30,496 45,962 27,123 42,015 Printing, stationery, and supplies 3,666,589 271,773 242,367 287,806 202,415 281,581 Insurance 618,707 46,267 29,198 49,455 36,319 29,318 Taxes on real estate 1,786,651 166,396 91,436 227,469 86,421 77,725 Depreciation (building) 1,121,087 79,684 100,242 203,202 92,606 42,548 Light, heat, power, and water 645,449 43,60' 36,288 80,977 43,760 37,569 Repairs and alterations 523,259 21,676 15,345 114,745 14,224 36,940 Rent 648,624 21,106 37,398 74,418 14,948 67,357 Furniture and equipment, including rental 2,966,705 109,520 222,406 289,642 183,192 238,818 All other 1,058,264 74,894 68,295 152,240 49,458 52,128 Inter-Bank expenses 23,227 29,396 33,751 17,783 14,880 Total operating expenses 78,819,608 5,077,948 270,92: 4,874,434 7,161,730 5,027,268 4,521,827 Less reimbursement for certain fiscal agency and other expenses 20,628,180 1,095,409 3,946,385 987,637 1,565,917 1,185,601 1,469,443 Net operating expenses 58,191,428 3,982,539 13,324,542 3,886,797 5,595,813 3,841,667 3,052,384 Assessment for expenses of Board of Governors 2,639,667 167,648 845,995 214,164 244,862 128,360 107,131 Federal Reserve currency: Original cost 3,918,191 243,522 739,438 274,870 386,905 316,494 320,429 Cost of redemption 643,689 28,477 103,915 41,346 50,183 47,954 63,790 Total current expenses 65,392,975 4,422,186 15,013,890 4,417,177 6,277,763 4,334,475 3,543,734 Profit and Loss Current net earnings. 93,262,591 6,132,503 23,893,470 6,996,056 8,911,719 5,706,891 4,805,477 Additions to current net earnings: Profits on sales of U. S. Government securities 2,639,959 185,598 636,645 199,902 255,338 167,375 140,048 Recoveries of, and withdrawals from allowances for, losses on industrial loans (net) 119,809 728 94,871 24,210 All other 127,124 314 3,063 5,166 43 1,738 935 Total additions 2,886,892 186,640 205,068 255,381 193,323 140,983 Deductions from current net earnings: Charge-offs and special depreciation on bank premises 464,49' 220,944 Reserves for contingencies 406,463 37,862 64 "34,94 32,643 602 34,463 All other 42,931 17,064 5. 2,839 1,896 065 1,012 Total deductions. 913,891 54,926 70,135 37,786 255,483 35,475 Net additions 1,973,001 131,714 664,444 167,282 -102 146,656 105,508 Net earnings 95,235,592 6,264,217 24,557,914 7,163,338 8,911,617 5,853,547 4,910,985 Paid to U. S. Treasury (Sec. 13b) 35,605 24. 7,059 1 Dividends paid 11,523,047 671,129 4,052, 853,837 ,123,393 485 441,270 Paid U. S. Treasury (interest on outstanding F. R. notes) 75,223,818 5,034,646 18,367, 5,672,116 ,010,67 4,808 ,022,554 Transferred to surplus (Sec. 13b) 86,77; -1,214 65 -1,461 23 Transferred to surplus (Sec. 7) 8,366,350 559,656 2,046 630,326 779,013 534 447,073 Surplus (Sec. 7), January 1 439,822,25827,557,220136,549 34,719,890 ,393,69720,676 05118.662,812 Additions, as above 8,366,350 559,656 2,046 630,326 779,013 534 299 447,073 Surplus (Sec. 7), December 31. 448,188,60828,116,876138,595,953 35,350,216 42,172 ,71021,210,350 19,109,885 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1947 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $242,863 $144,406 $96,444 $110,819" $44,232 $140,800 Discounted bills Purchased bills Industrial loans 885 7,369 440 105 1,798 Commitments to make industrial loans 20,934,866 8,078,124 4^506!670 7,551,605 6,749,713 15,124,710 U. S. Government securities 140,354 82,579 9,994 172,169 10,231 49,049 All other 21,318,968 8,312,478 4,613,108 7,835,033 6,804,281 15,316,357 Total current earnings Current Expenses Operating expenses: Salaries: 402,207 215,621 173,329 215,786 207,029 312,593 Officers 7,449,938 2,852,430 1,452,293 2,558,932 2,380,043 4,717,181 Employees 751,954 306,638 145,221 278,432 252,100 503,717 Retirement System contributions 250 119 20 Legal fees 17,308 19,959 15,617 23,634 21,511 30,474 Directors' fees and expenses 1,720 2,140 1,843 2,053 1,615 3,303 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 80,784 57,540 39,836 43,466 49,796 71,481 bers of Federal Advisory Council) 946,173 369,457 257,711 412,133 372,629 746,066 Postage and expressage 36,622 41,721 23,448 38,600 32,112 62,307 Telephone and telegraph 604,007 233,383 94,180 192,940 194,024 357,301 Printing, stationery, and supplies 85,610 41,365 18,084 34,568 27,694 58,870 Insurance 229,113 79,992 84,943 105,540 45,940 133,866 Taxes on real estate 98,420 66,260 31,406 70,312 40,493 74,854 Depreciation (building) 81,193 43,860 24,976 29,021 36,811 36,432 Light, heat, power, and water 58,238 78,652 22,143 65,530 23,775 10,283 Repairs and alterations 233,211 14,072 4,533 28,444 15,299 132,005 Rent 396,778 205,033 69,280 127,449 214,337 289,443 Furniture and equipment, including rental 159,818 86,954 62,073 55,876 48,989 101,163 All other 49,357 12,702 9,073 12,701 11,976 31,937 Inter-Bank expenses 11,682,701 4,727,779 2,529,989 4,295,536 3,976,173 7,673,296 Total operating expenses Less reimbursement for certain fiscal agency and 3,930,303 1,173,069 641,159 1,196,574 1,115,932 2,320,751 other expenses 7,752,398 3,554,710 1,888,830 3,098,962 2,860,241 5,352,545 Net operating expenses 358,628 93,699 65,186 93,049 88,714 232,231 Assessment for expenses of Board of Governors Federal Reserve currency: 627,555 274,752 90,472 165,500 155,014 323,240 Original cost 104,516 35,955 18,610 31,180 31,255 86,508 Cost of redemption 8,843,097 3,959,116 2,063,098 3,388,691 3,135,224 5,994,524 Total current expenses Profit and Loss 12,475,871 4,353,362 2,550,010 4,446,342 3,669,057 9,321,833 Current net earnings Additions to current net earnings: 340,409 130,373 74,733 128,464 115,634 265,440 Profits on sales of U. S. Government securities Recoveries of, and withdrawals from allowances for, losses on industrial loans (net) 107,449 4,045 783 2,729 571 288 All other 447,858 134,418 75,516 131,193 116,205 265,728 Total additions Deductions from current net earnings: 100,000 143,553 Charge-offs and special depreciation on bank premises 52,647 17,008 11,289 16,611 17,140 48,868 Reserves for contingencies 1,858 82 594 479 1,115 2,175 All other 154,505 160,643 11,883 17,090 18,255 51,043 Total deductions 293,353 -26,225 63,633 114,103 97,950 214,685 Net additions 12 769,224 4,327,137 2,613,643 4,560,445 3 767,007 9,536,518 Net earnings 427 401 500 11 83 236 Paid to U. S. Treasury (Sec. 13b) 1 380,234 378,794 253,251 383,667 427,300 1,072,316 Dividends paid 10 249,336 3,553,033 2,124,282 3,757,934 3 005,545 7,617,468 Paid U. S. Treasury (interest on outstanding F. R. notes) Transferred to surplus (Sec. 13b) 1 139,227 394,909 235,610 418,833 334,079 846,498 Transferred to surplus (Sec. 7) 65 077,906 16,577,077 10,996,958 15,729,093 13 776,736 38,105,692 Surplus (Sec. 7), January 1 1 139,227 394,909 235,610 418,833 334,079 846,498 Additions, as above 66,217,133 16,971,986 11,232,568 16,147,926 14 110,815 38,952,190 Surplus (Sec. 7), December 31 FEBRUARY 1948 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 246 Gold production 247 Gold movements 247 International capital transactions of the United States. . 248-253 International Monetary Fund and Bank 254 Central banks 254-258 Money rates in foreign countries. 259 Commercial banks 260 Foreign exchange rates 261 Price movements: Wholesale prices 262 Retail food prices and cost of living 263 Security prices 263 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. FEBRUARY 1948 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu 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 - 1939—Dec 7,644 466 609 40 214 30 21 1 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 1 1 1 9 9 9 4 4 4 4 5 6 — — — D D D e e e c c c 2 2 2 0 0 0 , , , 0 5 6 6 2 1 5 9 9 U P , 4 l 5 l 0 6 l 3 3 '7 7 1 3 6 5 *' 3 3 3 2 5 5 9 4 4 2 2 5 3 4 6 6 3 1 8 6 7 2 5 9 1 1 9 2 4 2 7 5 2 1 1 2 1 9 6 1 1 6 6 6 1 1 1 3 4 3 8 4 8 5 5 5 2 2 3 1 1 , ,7 0 7 7 9 9 7 0 6 29 28 2 2 4 4 1947—Jan 20,748 P645 723 354 6 63 147 231 38 53 796 24 Feb 20,330 *>706 691 354 7 54 125 236 32 53 796 24 Mar.. . .20,463 *>726 633 354 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 P495 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 22,294 599 354 6 45 83 279 32 53 444 33 Nov.. . . 22,614 593 354 7 45 84 32 53 548 33 Dec 22,754 597 7 83 32 548 34 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec 274 26 144 164 90 32 692 23 94 20 3 84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 3 84 20 59 158 367 1941—Dec 274 26 * 164 235 47 575 23 21 59 182 366 42 1942—Dec 274 34 3 216 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.. . . 274 100 223 20 796 Dec. 100 231 20 End of month S d w en e- S la w e n r i d - tz s - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e r - e Government go p l r d e vi r o e u s s e rv f e i s g 1 u re n s ot included in 1 1 9 9 4 39 0 — — D D e e c c , . . 3 1 0 6 8 0 5 5 0 4 2 9 2 8 9 8 7 1 1 6 9 8 0 2 5 9 2 5 8 9 2 1 7 2 1 1 7 7 0 8 End of month U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- 1941—Dec 223 665 92 1 100 41 383 12 166 1 19 9 4 4 3 2 — — D D e e c c 3 3 8 3 7 5 5 8 9 2 6 4 5 1 1 1 6 4 1 1 1 1 8 2 9 1 6 8 8 9 2 4 1 5 2 1 2 8 9 5 1938--Dec 80 2 759 331 44 1944—Dec. . . 463 1,158 221 1 157 130 37 245 1939--Aug. 3 876 *460 1945—Dec. . 482 1,342 241 1 195 202 39 247 Dec 156 17 1946—Dec 381 1,430 237 1 200 215 32 240 1940--Aug 4 293 Dec 48 292 17 1947—Jan 348 1,432 238 1 200 215 28 239 1941--Sept 24 * 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 27 240 1945--Dec 18 52,341 457 17 July.... 144 1,370 185 189 235 27 240 1946--June.... 71 52,196 Aug.. . . 126 1,373 174 183 215 26 240 Sept.. . . 113 52,535 Sept. . . 93 1,386 169 183 215 29 P240 Dec 177 52,587 Oct, 101 1,389 169 177 28 ; P?A0 1947--Mar. . . . 163 52,345 N D o ec v... . 101 1,372 1 1 7 7 0 0 215 3Q ' v7£C\ S Ju ep n t e 151 5 52 2 , , 3 3 4 8 1 2 p Preliminary. 1 Reported at infrequent intervals or on de- 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 layed basis: U. S.—Exchange Stabilization Fund include, in addition to gold of the Central Bank held at home, gold of the Central Bank held (Special A/c No. 1); U. K.—Exchange Equaliabroad and gold belonging to the Argentine Stabilization Fund. zation Account; France—Exchange Stabilization t D ro e 2 l c O e B m n o b M a e r r d a y . 1 9 1 4 G , 5 o 1 l a 9 d n 4 0 d r , e D g p o o e l r c d t e e m b d e b l s e o i r n n c g 1 e i 9 n 4 g t 6 h t a o w t h B t e i a m n n e k g o i o s l f d g C h o a o ld n l d a h i d n e a g l d s t ra o b n f y s F f M e o r r r i e n e i d i g s n t t e o r E F x o o c f r h e F a i n i g n g n a e n E c C x e o c , n h e t a r x n o c g l e e p B t C o o a fo n rd r - Fu 2 3 n F R d i e g a p u n o r d r e t e R f d o e r n f t i e g e n s u d r F e o u f f n o d r S ; t e o p B t t a e e l l m g B b iu r e i m r t . i — sh T g r o e l a d s u re ry s . erves are included also. on Aug. 31, 1939, less reported holdings of Bank Jan 8 4 . F F 3 i i g g 1 u , u r r 1 e e s 9 4 f r o 2 e r ; l a F N te e o b r t r w o u a a l y a ry s — t 1 M o 9 ff 4 a i r c 1 . i ; a b 3 l e 0 r g , e i p 1 n 9 o n 4 r in t 0 g ; d a P M t o e a l s a r . n fo d 2 r 9 — , t J h 1 u e 9 l 4 y r 1 e , s 3 g p 1 o e , l c d 1 t i 9 v r 3 e e 9 s ; e c r o Y v u e u n s g t o r n i s o e l s a l , o v n i a a g s — e f r o F l r e l e o b p w . o s r 2 : t 8 e J , d a 1 v s 9 e a 4 p — 1 a . - of 4 5 E F G n i r g g o u l s a r s n e d f o o f o f r i n c f i i a t r h l s t a t h o o f d l a d m t i e n o . g n s t h. of gold and U. S. rately. dollars as reported by British Government; total 6 Beginning December 1943, includes gold holdings of Swiss Government. British holdings (official and private) of U. S. 6 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. dollars, as reported by banks in the United 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States are shown in table on p. 251. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE.—For gold holdings of International Fund and Bank, see p. 254. For back figures, gold transfers affecting the British and French see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of institutions, see p. 254, footnote 4, and p. 255, figures, including details regarding special internal gold transfers affecting the reported data, footnote 10. For available back figures see see pp. 524-535 in the same publication. Banking and Monetary Statistics, p. 526, and BULLETIN for November 1947, p. 1433; June 1947, p. 755; February 1945, p. 109. 246 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 Year or production Total Africa North and South America Other U o . u S t . s S i . d R e .i r m e o p n o t r h te l d y A So fr u ic th a d R e h s o i - a 1 |A W fr e ic s a t 2 1 | C B o e n l g g o ia 3 n U St n a i t t e e s d * Can- M ic e o x 6 - Co b lo ia m - 1 | Chile | r N ag ic u a a - 7 Au li s a t 8 ra- India9 =/55/2i grains of zold'/ w j Ine; i. e.,an ctuner 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 3 8,862210,109 185,890 30 878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089 504,268 27 765 32,414 209,175 187 081 97 960 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 .S45 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—Dec 56,501 34,184 L ,585 1,820 5 779 7 961 1 088 864 5S9 2,170 490 1947 Tan 58 127 34 021 L 524 1 785 7 612 8 195 1 423 271 566 2,205 Feb. 41,044 19,965 ,502 1,750 5,483 7 806 1 276 371 581 1,820 490 Mar 51 824 28 665 L 574 1 855 5 500 9 235 1 273 856 555 1,820 490 Apr 55 412 31 824 L 537 1 890 6 246 8 921 1 464 540 610 1,820 560 May 59,738 35,308 1,508 1,820 7,220 9 412 1 130 528 SO? 1,785 S75 June .... 57 33,984 1,498 1,680 6,117 9 418 1 065 553 1,890 490 July 61,314 35 396 L 554 1 855 7 319 9 149 1 112 513 636 3,220 S60 59 0S7 34,875 L ,541 1,855 7 033 9 131 1 079 410 684 1,960 490 Sept.. 34,692 1,516 1,820 6,979 8,668 1,044 6S8 1,925 490 Oct 35,361 8,185 9,057 915 679 2,065 470 Nov 33,888 6,243 8,826 525 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 8 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 "PhlT im n p e o t rts U K d n i o i n m t g e - d 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 p A a L u n m a b t e l R i i r n c i e s - - p p u R i i p b n e - - l e ic t A ra u l s i - a A So fr u ic th a Japan India c o t o A r th i u e l e l n s r - 1938 1,973,569 208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39, 401 168,74016,159 13,301 1939 3,574,151 826,403 3,798165,122 341,618 28,71586,987 612,949 33,610 57,02035,636 74. 22,, 862 16>55,,,6 05 50,,956 168,623 1940 4,744,472 633, ( '41,778 977 63,260161,489 90,320 2622,330 29,880 128,259 38,627103,777184,7561111,,739 49,989 2284 ,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 3 63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 695,483 46,210 109,695-108,560 199 3,572 18,365 1945 106,250 160 53,148 15,094-41,748 103 106 357 133,471 1946 311,494 458 -14 -6 344,130 3,591-134,405 -156 41118,550 -2,613 -18,083 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 7-16,734 Mar. 153,634 — 120 "'-31 101,642 221-13,269 — 129 66,674 -1,140 -214 Apr. 44,050 26,341 -9,793 2,898 122 26,376 -1,390 -515 May 129,734 — 75 26,442 262 24,352 —87 80,446 -78 —1,529 June 200,233 -1,002 -108 52,913 217 96,026 -70 53,228 -334 -638 July 219,201 -449 1 51,820 282 103,894 •1,111 60,081 -551 85,233 Aug. 111,657 2 2,220 330 90,369 -1,543 16,042 M.221 Sept. 109,600 -5 22,515 13,903 499 242 24,730 -286 37,760 MO,215 Oct. 450,830 245,712 140,568 14,088 -7 552 152 49,263 -56 21 6497 D N e o c v . . *' 2 1 6 7 5 8 , , 7 1 0 6 0 6 1 1 4 0 2 1 , , 8 5 2 4 1 1 6 37 3 , , 7 6 3 9 5 7 2 1 0 0 8 3 5 37 8 , , 5 2 6 8 2 3 -25 8 2 5 29 1,0 9 2 9 6 7 v Preliminary. 1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 2 Includes $75,087,000 from Portual, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. a Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. *Includes $133,980,000 to China and $509,000 from other countries. * Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. e Includes imports from U. S. S. R. as follows: 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. 247 FEBRUARY 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, Total funds in U. S. f t u e n rn d a s t i o o f n i a n l - b in a n U k . i n S g . se R c e u t r u it r i n es: s I e n c fl u o r w iti e o s f : b I r n o fl k o e w ra i g n e 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 11,927.3 618.4 676 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 11,907.8 684.1 785 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 L,841.0 767 4 812 7 701 8 95 9 June (July 2)..;;.. 5,660.1 3,278.0 1,459.8 11,818.2 818.6 834.1 631.2 98 2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 L,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 L,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 1L.931.2 896 9 806 8 687 9 112 1 Sept 30 6,918.7 4,278.0 2,338.3 L.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 Tune 30 7,610 4 5,002.5 2,812.2 2,190.3 856 6 929 8 702 4 119 1 Sept 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 ,026.2 737 8 122 2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 ,019.4 911.8 126 3 1945 Mar 31 . . 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820 6 130 5 Tune 30 8,422 8 5,671.0 3,313.2 2,357.9 760 4 ,011 2 848 4 131 8 Sept 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134 6 Dec 31 8,802 8 6,144.5 3,469.0 2,675.5 742.7 972.8 798 7 144 1 1946 Mar. 31 . . .. 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 ,073.0 645.1 139 9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 L.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 ,237.9 464.5 153.7 1947 F T e a b n . 3 2 1 8 . . 9 8 , , 9 0 5 7 9 7 . . 9 3 5 5 , , 3 0 0 4 0 7 . . 6 3 2 2, , 0 4 0 1 6 6 . . 2 0 3 2 , , 0 8 4 8 1 4 . . 1 6 2,7 4 0 4 5 9 . . 6 0 3 4 8 0 0 4 . . 9 8 1 1 , , 3 2 0 2 8 9 . . 2 8 4 43 6 9 4 . . 7 4 1 1 5 5 0 6 .6 4 Mar 31 . . . . 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 L.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 ,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 L,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 r9,516.8 '4,870.3 1.726.9 ••3,143.5 2,758.0 168.2 ,193.6 362.6 164.1 Sept. 30 9,011.2 4.464.0 1,298.5 3,165.5 2,645.4 178.3 1,224.8 338.8 159.9 r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. »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. 248 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 From Jan. 2, 1935, through— TotaP U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th op er e 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 Asia1 ot A h l e l r' 1935—Dec. (Jan. 1, 1936) 1,440.7 554.9 210.2 114 5 130.4 24.0 166.6 1,200.6 (3) 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 45.6 311.6 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 3,501.1 993.7 281.7 311.9 607.5 22.1 436.1 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939) 3,933.0 1,183.8 339.6 328 6 557.5 32.2 612.5 3,054.2 155.3 384.6 302.7 36.2 1939— Dec. (Jan. 3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455 6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464 4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474 0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487 7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506 2 664.3 63. 1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539 7 722.3 106.5 1,311.8 4,037,0 1,395.7 1.338.4 1,784.1 247.5 1946—Oct. 31 8,015.8 736.3 433.1 351 1 756.3 213.4 1,248.7 3,738.9 1,110.6 1,569.6 1,326.6 270.0 Nov. 30 7,828.9 640.9 401.7 322 8 760.9 228.0 1,249.5 3,603.8 1,067.0 1,546.4 1,327.4 284.4 Dec. 31 7,555.7 563.1 384.8 326 4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Jan. 31 7,628.4 585.6 369.4 319 1 769.5 342.8 1,259.5 3,645.8 967.1 1,466.3 1,247.1 302.0 Feb. 28 7,254.3 558.2 336.3 295 6 776.8 256.2 1,232.8 3,455.8 933.3 1,431.2 1,185.9 248.1 Mar. 31 7,029.7 489.6 351.4 256 7 786 1 215.8 1,262.9 3,362.5 853.1 1,384.3 1,179.8 250.0 Apr. 30 7,069 0 595 8 332.0 391 7 801 6 221.7 1,210.0 3,552.8 764.8 1,364.7 1,142.0 244.6 May 31 6,688.9 453 5 319.8 356 8 804 6 198.7 1,161.5 3,294.9 763.1 1,318.6 1,072.6 239.6 June 30 6,746 5 441 7 390.2 340 5 799 3 181 2 1,093.2 3,246.2 803.4 1,447.1 1,018.7 231.1 July 31 6,582 5 614 1 306.2 336 0 811 8 161 2 1,112.2 3,341.6 794.7 1,477.0 972.1 «-2.9 Aug. 31 r6,758 8 648 5 324.6 '329.8 808 0 158 1 '1,161.3 r3 ,430.2 830.3 1,531.4 958.0 8.9 Sept. 30 6,365 8 486 7 304.7 311 4 800 8 145 1 1,131.3 3,180.1 780.61,476.0 931.6 -2.6 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* Ot A h l e l r' 1935—Dec. (Jan. 1, 1936) 631.5 128.6 129.6 55.7 72.4 7.3 59.9 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989 163.5 144.2 65.9 109.8 23.0 82.4 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 6.9 119.1 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939) 1,513.9 364.0 155.3 87.9 205.1 1.7 196.8 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 1,369.1 212.9 1946—Oct. 31 5,660.9 576.8 204.5 199.1 345.5 168.6 688.7 2,183.0 995.4 ,058.9 1,178.7 244.8 Nov. 30 5,495.4 485.5 181.2 185.8 353.2 185.2 693.1 2,084.0 937.4 ,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 2,141.0 748.0 ,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 ,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 ,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 ,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 ,168.9 932.6 245.3 Aug. 31 "4,870.3 471.2 125.6 210.0 385.5 143.1 '•669.2 '•2,004.5 484.2 ,221.0 910.8 249.7 Sept. 30 4,464.0 307.8 111.4 199.7 382.1 129.7 635.1 1,765.9 ,156.1 884.4 237.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d B- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A h l e l r' 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 1.6 13.7 38.5 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 16.3 88.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 6.5 132.0 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 —5.6 2.6 13.7 175.6 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 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—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 A 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 July 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 r168.2 257.9 58.1 •-27.3 -1.7 3.0 170.1 •460.1 60.7 -283.8 -48.6 -20.3 Sept. 30 178.3 262.8 57.0 -28.2 -1.2 3.3 171.9 465.5 63.8 -279.7 -48.4 -22.9 r Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. * See Table 1, footnote 3. FEBRUARY 1948 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935— Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) United Neth- Switz- From Jan. 2, 1935, through- Total K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 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—Oct. 31 1,196.9 98.3 49.5 29.1 34.5 26.8 258.0 496.2 207.7 414.2 59.4 19.3 Nov. 30 1,231.5 95.0 49.1 27.5 31.0 26.7 257.2 486.5 226.4 439.9 59.5 19.3 Dec. 31 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Jan. 31 1,308.2 98 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. 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 21,177.3 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 -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 Sept. 30 1,224.8 101.5 47.9 — 1.1 26.5 26.7 267.9 469.4 417.3 502.5 61.3 -225.6 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 ad an a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -.1 7.6 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -3.3 31.1 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -4.9 38.3 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -5.5 33.9 1,094.1 25 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 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. 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. 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—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 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 71.8 158.4 343.1 -15.3 42.6 398.0 -126.3 85.3 28.4 8.0 July 31 385.9 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 Sept. 30 338.8 -204.1 69.0 124.4 350.4 -15.1 42.2 366.9 -141.7 78.5 27.1 8.1 TABLE 7—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g 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 (*) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 (4) 193g—Dec (Tan 4 1939") 47.6 13.4 12.9 6.8 9.6 .2 5.0 47.9 1.8 -.9 -1.5 1939—Dec (Jan 3 1940) 80 6 19.4 20.1 9.3 17 8 1 4.9 71 6 8.7 1 6 -3 4 2 1 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17.6 3 8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Oct 31 153 1 19 2 22 4 16.3 37 9 .5 14.1 110 4 20.1 17.1 4 0 1.5 Nov. 30 154.7 19.2 22.0 16.1 38.6 .5 14.8 111.2 21.5 15.3 5.0 1.8 Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—jan 3i 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. 31 164 1 18 3 19 4 17.0 43.4 .4 14.2 112.8 20 0 23.5 7.1 .8 Sept 30 . ... s159.9 18.7 19.5 16.6 43.0 .4 14.3 112.5 20.7 18.7 7.3 .8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 8 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. 4 Outflow less than $50,000. 6 Amounts outstanding Sept. 30 (in million of dollars): foreign brokerage balances in United States, 106.7; United States brokerage balances abroad, 23.7. 250 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 acountriesl 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 o A th i e l2 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 1938—Dec* 2,157.8 473.8 436.1 187.4 101.8 218.8 20.4 273.3 1,237.8 201.8 248.5 435.5 34.1 1939—Dec.3... 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 655.7 72.5 1940—Dec.3... 3,938.2 1,418.9 365.5 490.1 174.3 508.4 17.9 657.3 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31. 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31. 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31. 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.7 ,108.8 175.3 1944_Dec. 31. 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 ,069.2 174.0 1945—Dec. 31. 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 ,046.4 ,549.7 181.8 1946—Oct. 31. 284.4 *6,395.l' 3,487.2 638.1 284.6 215.7 359.1 188.9 851.9 2,538 1,103.3 ,180.5 ,359.3 213.7 Nov. 30. 461.4 6,229.6 3,243.0 546.8 261.4 202.4 366.8 205.5 856.4 2,439 1,045.3 ,150.8 364 229.7 Dec. 31. 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420 5 931.8 ,104.8 316 232.8 1947--Jan. 31. 468.9 6,034.8 3,126.3 484.4 237.2 212.2 377.2 321.0 864.3 2,496 855.9 ,131.8 293 257.3 Feb. 28. 2,725.6 5,781.4 2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334 892.7 ,102.6 224 227.5 Mar. 31. 2,726.9 5,575.4 2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276 778.2 ,077.6 223 220.3 Apr. 30. 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391 627.5 ,121.6 193 216.0 May 31. 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163 577.6 ,130.9 153 206.7 June 30. 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142 586.8 ,242.5 147 207.0 July 31. 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255 563.7 ,290.4 1,113.2 214.1 Aug. 31 . 2,777.9 r5 ,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 '832.4 '2,359 592.2 ,342.5 1,091.5 218.5 Sept. 30. 2 ,665.3 5,198.1 2,008.8 369.1 191.5 216.4 395.8 150.0 798.3 2,121 528.4 ,277.6 1,065.1 205 .9 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu el m - m D a en rk - l F a i n n d - m G a e n r- y Greece6 L b u o x u e rg m 6 - N w o a r y - P g o a rt l u 6 - m R an u i - a6 Spain6 SwedenUSSR6 s Y la u v g i o a - 8 ot A h l e l r 1939—Dec.3 526.4 159.2 28.1 21.4 9.5 56 3 142 2 109.8 1940—Dec.3 657.3 144.8 17.3 16.5 6.7 48.7 235 4 187^9 1941—Dec. 31. .. 614.6 117.3 18.1 5.7 6.6 65.2 210.7 191 0 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31. .. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. .. 774.5 124.3 14.8 7,1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—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. .. "832.4 185.3 48.8 39.9 53.6 36.0 20.1 '•79.2 47.7 9.4 12.1 115.2 52.5 12.5 120.2 Sept. 30. .. 798.3 132.0 42.2 42.0 63.2 41.5 19.7 79.3 48.0 9.5 11.7 109.4 58.5 9 7 131 7 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 7 Brazil Chile l b C o i m o a - 7 - C R o ic s a ta 7 Cuba I W n G 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 " - 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.3 336.0 57.7 36.4 26.8 37.0 58 8 34.0 85 .3 1940—Dec* 447.3 115.4 36.2 28.5 47.9 55.0 58 7 105.6 1941—Dec. 31. .. 417 7 75.7 50.5 27.3 62.5 37.7 42.1 121 8 1942—Dec. 31. .. 597.7 67.6 ib.h 67.7 34.5 43.4 12.4 100.3 4.9 95.7 26!7 36.9 17^7 20.9 64^2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—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 Sept. 30. . .1,277.6 240.5 17.3 106.3 38.2 32.6 8.3 271.9 2.8 157.2 12.6 76.6 43.2 89.5 180.6 For footnotes see following page. FEBRUARY 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA— Continued Asia and all Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n l a m o d n e u n a y i d r a , 1 - - , B M l i a s r y a h it a - - 1 Japan I N l n E a e d e n a r i t d s - e h t s s - 1 l i P a p I h n p s i - d i l n s - eT k u ey r- 1 O A t s h i e a r ot A he ll r2 A t l u r ia a s- - N Z la e e n a w d -A S E E t a n u g i g n a g d y y d n l a p p o n - t - F r r M o e c n o c c o - h S A U o o f n u r f i i t o c h a n 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 A 41.6 13.1 "i'.o 4.8 i6o!i 254.729!9 36.2 149.6 23!i *4!8 ***6."8"ii.'i *" ii 16"9l!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..:. 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—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 89.2 229.7 35.1 5.7 22.3 14.5 52.2 99.8 Dec. 31... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Jan. 31... 1,293.5 428.7 42.1 39.2 42.5 8.8 17.2 117.4 448.360.8 88.5257.3 40.9 8.2 19.8 16.0 82.5 89.9 Feb. 28... 1,224.2 389.7 36.0 40.8 44.2 7.1 17.7 116.6 430.556.5 85.1227.5 59.4 8.3 18.4 16.9 33.9 90.7 Mar. 31. .. 1,223.1 373.2 39.1 38.9 40.7 7.2 18.7 122.9 447.155.8 79.4220.3 40.4 9.6 19.6 16.5 43.7 90.5 Apr. 30. .. 1,193.3 369.1 38.4 39.0 36.1 8.3 18.9 103.7 438.965.4 75.6216.0 38.7 8.7 19.0 16.1 47.3 86.2 May 31. .. 1,153.7 354.3 40.5 41.5 33.4 9.6 18.0 95.4 432.2 57.0 71.8 206.7 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 68.5 207.0 47.8 8.6 22.6 13.9 39.5 74.5 July 31... 1,113.2 309.6 36.2 47.2 43.3 11.8 17.6 85.8 452 640 4 68 7214 142 4 9 4 19 4 13 7 49 5 79.7 Aug. 31. .. 1,091.5 286.1 35.3 44.7 53.6 14.6 17.6 82.8 440.341.7 74.9 218.5 46.2 9.5 21.1 13.3 55.5 72.9 Sept. 30. . . 1,065.1 269.7 8.2 45.5 54.4 13.8 17.8 70.8 464.341.7 79.1 205.9 47.5 8.3 24.4 11.8 37.6 76.2 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. " See footnote 3 below. Footnotes to table on preceding page. r Revised. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." »Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940— Jan.l, 1941. 4 These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to $4,322,000, Vhich 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. 8 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. 6 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. NOT*.—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 i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o 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 l 1934—Dec. (Jan. 2, 1935) ,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 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Oct. 31 602.7 56.5 3.9 128.8 4.5 10.5 77.8 282.1 49.7 182.1 74.3 14.5 Nov. 30 642.6 55.9 4.1 138.8 6.3 12.9 80.8 298.8 52.9 200.2 75.0 15.8 Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Jan. 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 Feb. 28 754.6 39.4 13.0 153.7 12.2 17.7 83.9 319.8 43.0 279.6 85.0 27.1 Mar. 31 798.4 35.8 15.6 155.8 11.4 20.6 92.6 331.8 39.0 308.6 88.9 30.1 Apr. 30 801.8 42.4 21.1 51.0 8.3 22.0 106.4 251.3 36.4 381.7 98.1 34.3 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 '967.3 34.1 20.9 '45.9 9.8 23.6 139.7 •274.0 32.2 451.8 177.7 31.7 Sept. 30 957.2 29.2 22.1 46.8 9.3 23.2 137.9 268.6 29.1 447.7 177.5 34.3 r Revised. 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. 252 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 en rk - l F a i n n d - m G a e n r y - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec.2 104.7 6.5 3.2 1.4 53.4 3.6 8.7 28.0 1940—Dec.2 69.5 1.5 .3 1.8 39.6 9 1 0 24.5 1941—Dec. 31. 60.5 1.1 00 1.9 34.4 .5 6 22.1 1942—Dec. 31. 56.3 .8 « 5.6 34.0 1.1 .2 2.4 8, 3.2 .4 CO (8 8.4 1 19 9 4 4 4 3 — — D D e e c c . . 3 3 1 1 . . 5 7 2 8 . . 9 3 . . 7 7 (8) 7 8 .6 3 3 3 3 . . 9 9 . . 6 6 35. .2 1 1. . 4 8 3 1 . . 2 8 . . 2 2 § ( ( 8 8 5 5 . . 0 1 1945—Dec. 31. 74.6 .6 00 33.9 .7 31.6 .5 1.6 .9 ( 8 8) 4.7 1946—Oct. 31. 77.8 7.2 .4 4.3 33.9 12.6 .7 1.3 S3 7.2 4.1 () (8) 6.1 Nov. 30. 80.8 7.7 .5 5.9 33.9 13.0 2.1 .9 6.5 3.9 00 6.2 Dec. 31. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 00 00 9.4 1947— F Ja e n b . . 3 2 1 8 . . 8 8 3 3 . . 8 9 7 7 . . 4 1 . . 4 6 6 6 . . 4 1 3 3 0 0. . 4 3 1 1 2 2 . . 4 5 3 4 . . 7 0 . . 9 9 8 6 7 . . 2 3 5 5 . . 5 6 I ( 03 3 0 ) 00 1 9 0 . . 5 2 A M p a r r . . 3 30 1 . . 1 9 0 2 6 . . 6 4 8 8 . . 0 9 . . 3 3 8 7 . . 3 1 3 3 0 0 . . 4 4 1 1 3 2 . . 2 8 4 5. . 2 2 1 1 . . 0 0 4 6 . . 2 9 3 3. . 7 8 6 7 . . 0 1 ( ( 3) ) 8) 2 1 2 3 . . 9 2 May 31. 113.1 8.9 .4 9.1 30.3 13.0 5.9 1.2 7.0 3.5 7.4 (') 26.3 June 30 . 127.6 10.1 .6 11.4 30.3 12.9 .3 6.3 1.5 6.9 4.3 7.5 i3 35.4 July 31. 138.8 9.0 .6 17.8 30.3 13.0 (3) 7.0 1.3 11.9 1.6 8.7 ( 37.5 Aug. 31. 139.7 10.3 .4 17.9 30.3 12.6 .1 8.0 1.3 12.0 1.3 9.3 36.2 Sept. 30. 137.9 11.2 .6 17.5 30.3 12.4 (3) 9.4 1.2 12.0 1.2 9.3 .1 32.6 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 4 Brazil Chile l b C o i m o a4 - - C R o ic s a t * a Cuba I W n a d n e i d s e t s Mexico I l W n a a d n n e i d d s e s t s P m an a a 6 - Peru4 V zu e e n la e 4 - O A La t m h ti e e n r r - G an u a i 4 - n S a u m ri 4 - ica 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 16.7 15.3 20'. 7 "".6 8.3 .2 4.8 2.1 "2.8' 14.2 1943—Dec. 31 112.2 15.3 l!8 18.9 16.6 12.2 .7 20.1 11 2 .5 1.1 1.4 3 8 8 7 1944—Dec 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 CO 8.6 .3 .8 1.2 5.1 11.7 1945—Dec 31 .... 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946—Oct 31 . . 182 1 22.5 2.2 40.4 13.8 21.0 2.6 27.9 .5 17 6 4 .9 2 7 4 8 24 9 Nov. 30 200.2 24.0 2.0 43.9 14.0 19.8 2.5 41.1 .1 20.6 .5 .8 2.7 6 6 21 7 Dec 31 . . 226 8 41.8 2.3 49.8 14.6 26 4 2.9 25.7 2 25 5 8 1 3 3 7 8 7 23 1 1947—jan. 31 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 (8) 27.0 .9 1.6 5.4 10 4 27 1 Feb 28 . . 279 6 45.5 2 6 63.1 15.3 30 2 3.7 37 9 1 28 8 8 1 7 6 5 15 6 27 9 Mar. 31 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 (3) 30.7 8 2.2 7.0 19 6 33 9 Apr 30 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 33.7 1.1 2.2 7.8 15.4 37.3 May 31 438.0 60.7 5.3 150.2 20.3 36.4 3.6 60.1 (\ 34.8 1 0 2.1 7.6 19 2 36 7 June 30 424.9 57.6 3.6 160.9 17.4 40.3 3.9 46.0 .3 32.9 1.0 2.6 5.6 16 7 36 3 July 31 444 9 65.8 3.3 164 1 20.5 35.7 3 9 53.3 .6 27 6 1 0 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 .1 31.0 1.1 3.8 6.3 18.5 36.2 Sept 30 447.7 65.5 3.4 161.4 21.7 35.9 3.6 59.7 30.2 1.1 4.9 6.5 15.3 38.3 Asia and 1\1I 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 a m o d n e u n a y d i r * a , - - , l B M a is y r h a i a t - - 8 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 p h n i i d n l s - e T ke u y r- " 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 n g g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S U A o f o n u r f i i t o c h n a Other 1939—Dec* 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec.5 117.8 23.7 1.7 55.8 22.6 14.0 6.4 1 19 9 4 4 2 1 — — D D e e c c . 3 3 1 1 8 3 7 5 . . 9 3 2 1 3 1 . . 5 1 •>r 3. . 1 9 2.2 18.9 5 2 1 3 4 . . 0 4 i'.s 1 2 9 . . 0 5 9 4 . . 7 8 '".7 "i'.i 1943—Dec. 31 26.3 1.7 1.0 2.0 !5 .5 1.7 13.9 3.2 1.8 3.9 .5 .1 (8) 2 4 7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 2 .2 (8) 9.7 1.0 1945—Dec 31 29.9 1.0 I .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 .3 .1 4.7 2.5 1946—Oct. 31 74.3 34.6 6.5 10.1 .2 .5 1.0 16.0 1.3 4.0 14.5 2.7 1.0 .4 8.4 2.0 Nov. 30 . . 75 0 40.8 4.0 9.1 .2 .2 .9 14.7 .9 4.2 15.8 3.1 9 .4 9 1 2 4 Dec. 31 99.2 53.9 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1 .4 CO 10.1 2.2 1947—jan 31 94 5 43 8 1 5.0 12.7 .5 .2 1.1 25.3 1.4 4 5 19 8 4 3 .4 10 5 3 4 Feb. 28 85.0 36.8 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 .4 (8) 14 7 4.5 Mar. 31 88.9 41.2 (*) 4.1 14.6 1.0 .2 1.4 20.3 2.0 3.9 30.1 6.5 5 .5 11 16.0 5.5 Apr 30 98 1 47.0 (*) 4.0 14.2 1.3 .2 1.9 22.4 2.5 4 5 34 3 7 5 .4 .1 18 3 6 8 May 31 127.3 76.1 (3) 3.5 13.2 1.1 .2 1.5 23.2 2.7 5.8 34.0 6.6 6 .4 .4 18 9 6.0 June 30 173.3 104.8 .1 3.5 32.8 2.2 .2 .5 20.2 3 3 5.8 30.5 9.0 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 ?, 6.7 36.3 11 3 7 .2 .1 18.8 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 5 .2 .3 15.8 4.9 Sept 30 177.5 103.7 3.2 2.1 27.5 .8 .3 .7 24.5 5.6 9.0 34.3 10.2 1.4 .7 .3 15.0 6.7 1 Prior to June 30, 1942, included under "All other." 2 Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940-—Jan. 1, 1941. 8 Less than $50,000. 4 Prior to June 30, 1942, included under "Other Latin America." s Included "Canal Zone" prior to June 30, 1942. « Prior to June 30, 1942, included under "Other Asia." 7 Country breakdown not available until June 30, 1942. FEBRUARY 1948 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1947 1946 1947 1946 International Fund International Bank Nov. Aug. May Nov. Dec. Sept. June Dec. Gold 1,356 1,345 1,333 Gold. Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,626 1,929 2,030 United States 267 335 478 254 Other members 3,630 3,304 3,155 Other members 909 873 872 368 Unpaid balance of member subscriptions. . 1,309 1,342 1,202 Investment securities (U. S. Govt. obli- Other assets 0) 0) 0) gations) 412 407 156 148 A M c e c m u b m e u r la s t u e b d s c n r e ip t t i i n o c n o s me 7,922 7,9 - 2 2 2 7,7 - 2 1 2 L O C o a th a ll e n s r s o a n ( s i s n s e u c t l b s . sc u r n i d p i t s io b n u s r s t e o d c a p p o i r t t a i l o s n t s o ) ck 2. . 497 5 3 45 4 5 5 3 25 4 0 "( 3 I) 9 " 9 Bonds outstanding 250 250 0) Loans—undisbursed 197 223 15 O Sp th ec e i r a l l ia re b s i e li r t v ie e s C1) 4 0) 2 C1) C1) Capital2 1,645 1,645 0) 1 * 169 Accumulated net income -1 2 1,605 -1 -1 1 Less than $500,000. 2 Excludes uncalled portions of capital subscriptions, amounting to 6,580 million dollars as of Dec. 31, 1947, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS A d ss e e p t a s r o tm f i e s n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u r n es d s in s m te i r ll l i i o n n g s ) of Gold1 a O ss th e e ts r 2 Cash rejserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r io cu n l 3 a- :Deposits t l i O i e a s t b h a i e l n i r d 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 I937—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 I939—Dec. 27 « .2 580 0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 »630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec 31 .2 1 780 0 .3 28.5 6.4 267.8 751.7 219 9 11.2 54.1 17 9 1942—Dec. 30 .2 « 050.O .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17 9 1943__Dec. 29 .2 1 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 I944—Dec. 27 .2 1 1,250 0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17 8 1945—Dec. 26 .2 1 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 i ,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—jan, 29 .2 1,450.0 1.0 85.8 25.4 271.0 1,364.5 288.4 16.0 60.6 18.3 Feb 26 .2 11,450 0 .9 74.7 16.0 294.6 1,375.6 285.2 22.4 60.1 18.4 Mar 26 .. .2 L,450.0 .6 59.5 11.1 338.7 1,390.7 286.4 10.6 94 4 18 5 Apr. 30 .2 L,450.0 1.0 62.6 18.0 344.8 1,387.6 303.7 6.9 98.0 17.8 May 28 .2 1,450 0 1.3 56.1 8.7 353.9 1,394.1 301.9 5 0 95 1 18 0 June 25 .2 L,450.0 1.8 55.2 20.6 337.0 1,395.0 290.3 8.0 98.3 18.1 July 30 .2 1,450.0 2.4 30.9 28.6 364.6 1,419.3 301.8 11.3 95.1 18.3 Aug. 27....:.: .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 11,450 0 2.3 73.7 14.6 325.9 1,376.5 289 6 16.2 92 1 18 5 Oct. 29 .2 1,450.0 2.0 89.4 5.9 318.9 1,360.8 288.8 13.8 95.9 17.8 Nov 26 2 1,450 0 1.5 109.8 4.5 302.1 1,340.5 292.5 14 0 93 3 18 0 Dec. 31 .2 1,450.0 .3 100.5 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 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. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dom cia in l i g o o n v a e n rn d m p e ro n v t in- Deposits (F C ig a u n r a e d s i i a n n m do il l l l i a o r n s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities O as t s h e e ts r irc N ul o a t t e ion2 lia O b a t i n h li e d t r i - es dollars S te h r o m r t i - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital * ment 1938—Dec, 31 185.9 28.4 144.6 40. 9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49. 9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 5 807.2 209 2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472 8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573 9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31 156.8 1,157.3 688 3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—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 Dec. 31. . 2.0 1,022.0 858 5 43.7 1,211.4 536.2 68.8 67.5 42 .4 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 (Figures in Foreign Note liabilimillions of francs) Gold 5 ex- Other circula- ties change m O ar p k e e n t6 Special6 Other c F c u o o p r s a t o t s i c 7 o - n Other • assets8 tion G m ov e e n r t n- C.A.R.9 Other ca a p n i d tal 1938—Dec. 29. 87,265 821 7,422 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. i°97,267 112 11,273 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. i°84,616 42 43,194 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 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 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 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 47,288 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27. t°129,8l7 68 23,038 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26. «>94,817 7 77,621 76,254 426,000 67", 900' 47,57 721,865 765 63,468 7,213 1947—Jan. 30. 94,817 5 75,500 82,674 426,000 55,200 54,507 730,253 789 55,020 4,849 Feb. 27. 94,817 8 82,958 85,917 426,000 54,000 53,066 737,692 831 54,512 5,166 Mar. 27. H82,817 5 83,613 85,221 426,00^ 79,500 58,083 746,266 767 63,880 5,021 Apr. 30. 82,817 6 85,120 80,901 426,000 55,000 '2108,758 770,670 770 62,304 4,992 May 29. 82,817 6 82,221 88,429 426,000 63,700 LH03.846 775,053 745 66,745 4,599 Tune 26. 82,817 6 82,983 87,134 426,000 95,000 L2119,662 807,064 834 76,747 9,040 July 31. i°64,817 6 99,114 85,195 426,00< 113,600 12120,046 831,587 792 71,329 5,075 Aug. 28. 64,817 3 97,490 98,224 426,000 124,900 l2105,639 838,442 750 70,651 7,250 Sept. 25. 1O52,817 7 107,877 101,935 426,000139,300 12103,067 852,195 779 71,299 6,861 Oct. 30. 52,817 10 108,050 132,913 426,000127,800 L2108,155 867,700 762 81,030 6,502 Nov. 27. ^65,225 13 111,368 150,065 426,000 116,000 I2110,303 879,49: 846 87,513 11,408 Dec. 31. 65,225 12 137,397 117,826 426,000147,400 i2121,061 920,831 733 82,479 10,942 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves, a Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 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 From Dec. 28, 1944, through Nov. 20, 1947, 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. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. 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. is Includes gold received by the French Government from the Tripartite Commission for the Restitution of Monetary Gold, of which 10,052 million francs has been pledged as collateral against a loan. 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. 255 FEBRUARY 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) Dec. Nov. Oct, Dec. date of month) Dec. Nov. Oct, Dec. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. T G G O e o o t m h l v d e e p r r r o n g e r o m p a l o r d e y r n t a t e a n d d s d e v s f c a e o u n p r r e c a i i t e r g i a s e n t s e t e o ly x G ch o a v n t g .. e , . . , , 0 5 9 3 4 4 0 0 2 1 , ,1 4 9 4 6 4 1 5 3 2 , , 5 0 9 9 5 0 3 6 0 6 9 D N O e t o h p te e o r s c i l i t i r s a c b u i l l a it t i i e o s n and capital 2 1 3 9 5 9 7 9 , , , 7 9 0 1 2 2 1 4 0 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 2 8 3 4 7 4 2 1 3 6 6 8 0 4 , , , 1 0 0 3 6 3 1 9 7 Rediscounts and loans to banks1. 12,581 8,060 National Bank of Costa Rica— 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 a t nk 4 2 1 , , , 6 7 7 3 2 4 1 3 7 4 3 3 4 2 , , 0 1 5 2 6 1 9 8 3 5 3 6 Iss F G C u o e o o r l n e d d t i e r g p i 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 ): 1 1 0 1 , , 8 4 2 7 9 2 1 9 1, , 4 7 6 0 ' 3 1 3 1 , , 6 3 9 16 9 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 o n 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 t d i r i z i c t e c i i d p e a s a p * t i io ta n l . i . n .. 12,0 8 1 9 6 7 9 6 6 11,0 6 7 6 8 5 4 0 1 S L O N e o t o c t h a t o u e e n r r s I i c n t a i a i r t e s n ' c s s l d u . e l t B d a s t i a i s n o c k n ounts 3 6 7 3 0 5 9 1 , , , , , 3 9 2 0 1 2 7 8 9 0 1 5 7 2 8 3 6 7 3 3 0 6 1 , , , , , 5 3 9 0 0 2 2 7 6 9 1 1 9 7 4 6 7 > ' 4 2 - 1 2 2 , , , , , 3 5 3 2 9 7 0 3 4 4 1 2 8 9 7 C fc o t m ra m lia o n ( w th e o a 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 36 7 , ,0 8 5 3 1 9 36 7 , , 8 11 96 9 5 7 , , 9 7 5 2 2 8 Gold and foreign exchange 175 526 178,813 123,672 National Bank of Czechoslovakia Checks and bills of other banks. . 2. 2,330 4,270 (millions of koruny): O D S N e e t o T c h p t u e e r o r e r s i c a t i a i i s t r s e s u c s s r u e o y ( t l f s i a n b t T i c i o r l l l . a n s G d ) i o n v g e r B n a m n e k n s: t and 4 1 2 9 1 8 5 5 , 4 1 1 1 9 5 5 5 , , , 1 3 3 2 9 9 8 5 3 3 2 8 0 9 6 7 , , , 4 2 4 2 6 3 5 5 0 O N L G o t o o h a l t d e e n r s c a a i a n r s n d c s u d e f l t o s a d r t i e i s o i c g n o n — u n e O x ts c ld hange 7.... 5 1 5 4 7 ( , , , 0 7 4 3 3 9 1 6 0 5 1 6 4 0 , , , 4 9 2 2 5 0 1 2 8 57 9 5 , , , 7 0 0 6 1 0 5 9 2 12 4 7 4 , , , 9 9 8 2 3 2 9 5 3 6 7 9 Special :49. 252,080268,194 New 53,718 50,933 43,589 Ot O he th r e l r iabilities and capital 1 3 4 0 6 , , 1 2 3 5 8 , , 8 3 8 0 5 8 1 2 1 8 9 , , 6 31 9 4 3 Deposits—O N l e d w 7 ( , ) 316 5,599 7,657 7 1 3 0 , , 4 0 3 6 9 8 Other liabilities and capital 12,264 13,195 9,053 11,402 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): D O O G O C B F N N L o l l o o t e t t o e o a h h h r a l m t t i e c d e e e e n m k i c r r r a s g l c e n a l n a l d i a t i d o i r s o a g m c a e s a b a d u e n x G c i i e t l s l c o n c s a o i p h n t o s t a v o i a t i u e n o e s n I s n B d i n r n g t n t s a t a e s d m ' n n l i * . k s d e c F n c o o u t a u f n p n d I i t s t s 3 a s l ue... . 5 6 7 7 2 1 4 2 0 4 8 1 7 9 6 2 , , , , , , , , , , 9 7 6 9 9 5 5 7 1 0 5 2 1 6 5 9 9 7 6 7 8 1 5 8 5 5 7 7 8 1 0 1 8 6 5 7 2 7 1 4 5 2 4 0 1 8 6 8 1 2 , , , , , , , , , , , 8 6 2 2 5 0 4 9 0 6 7 1 4 0 8 8 7 9 0 0 1 4 9 8 0 5 4 2 7 7 0 8 3 5 6 2 7 7 1 4 5 2 0 4 1 6 8 8 1 3 , , , , , , , , , , , 8 4 3 2 0 6 5 4 6 2 0 0 0 2 9 7 6 0 9 8 7 6 5 0 3 1 1 2 2 7 9 4 0 6 3 4 7 7 r r l 2 5 6 5 4 2 9 2 9 , , , , , , 4 , , , , 3 2 1 6 5 1 2 2 1 9 3 1 6 4 9 6 5 2 5 8 5 8 6 8 7 5 0 6 8 O D O S G N G F C L e o o l e o t 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 s i i c n t i n c l a i a i t i g r o s e s a n c e s s m — b d a u e x i c t l p c l O G s d a c i e h t t i o t o n i a i s h e o u c n v s s e n a n o g e r t t a u e r i s n o n n m n t d ( s n e c a e n a c t t p ) c i o t u al nt 2 5 1 1 , , , , - 6 2 6 6 7 1 1 1 2 2 5 2 4 4 0 7 2 2 7 2 0 1 1 4 5 3 1 1 9 1 2 5 1 1 , , , , 6 6 2 5 1 8 1 1 - 4 7 5 7 2 2 2 1 7 6 5 8 2 0 6 2 3 4 1 2 0 2 5 1 1 , , , , 7 2 7 5 9 1 1 7 0 1 6 9 2 2 3 7 1 1 0 4 3 7 0 3 1 0 6 4 4 2 3 7 1 , , , , 6 6 5 6 1 1 1 1 1 8 5 6 8 2 1 6 3 1 1 1 5 3 3 8 3 3 2 9 2 6 3 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos): (thousands of sucres): Gold at home and abroad 922 920 Gold 274,894274,816272,767 Foreign exchange 395 339 Foreign exchange (net) 59,944 63,060106,578 Loans and discounts 271 303 Net claim on Int'l. Fund * 16,877 16,877 16,875 Government securities 631 431 Loans and discounts 256,713226,074200,519 Other assets 38 9 Other assets 67,326106,193100,090 Note circulation ,749 1,683 Note circulation 335,680 338,421361,696 Deposits 283 306 Demand deposits 263,158 :58,034294,892 Other liabilities and capital 225 12 Other liabilities and capital 76,914 90,566 40,241 National Bank of Bulgaria 5 National Bank of Egypt (thou- Central Bank of Chile (millions sands of pounds): of pesos): Gold 6,376 6,376 6,376 Gold 200 200 200 Foreign exchange 14,894 14,894 16,576 Net claim on Int'l. Fund 3 46 86 164 Loans and discounts 6,628 5,821 4,069 Paid-in capital—Int'l. Bank. . . . British, Egyptian, and other Discounts for member banks ' 1', 125 735 801 636 Government securities 303,067303,071 103,651 Loans to Government 805 810 1,260 824 Other assets 28,414 26,549 27,754 Other loans and discounts 973 1,147 1,360 1,098 Note circulation 138,457136,043 37,168 Other assets 2,392 2,375 1,518 1,827 Deposits—Government 93,179 92,531 80,987 Note circulation 4,067 3,690 3,734 3,565 Other 112,766111,591 29,313 Deposits—Bank 625 720 721 456 Other liabilities and capital 14,976 16,545 10,958 Other 371 410 311 217 Other liabilities and capital 480 533 537 445 Central Reserve Bank of El Salvador (thousands of colones): Bank of the Republic of Colombia Gold 36,883 36,931 31,136 (thousands of pesos): Foreign exchange (net) 27,169 28,269 •36,086 Gold 46,013 146,587 145,318 154,428 Net claim on Int'l. Fund 3 1,563 1,563 1,562 Foreign exchange 48,489 50,542 40,391 54,052 Loans and discounts 7,110 4,555 4,895 Net claim on Int'l. Fund > 21,867 21,867 21,867 Government debt and securities. 5,502 5,510 5,352 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 1,225 Other assets 1,806 1,737 1,416 Loans and discounts 32,568 109,321 135,578 35,973 Note circulation 50,162 48,476 49,531 Government loans and securities. 03,303 102,826 82,359 85,696 Deposits 24,198 24,492 22,636 Other assets 43,190 46,026 46,709 30,864 Other liabilities and capital 5,673 5,597 '8,281 r Revised. c Corrected. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 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 Less than 500,000 pesos. 7 Gold not reported separately beginning Dec. 31, 1946. 8 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 256 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. State Bank of Ethiopia—Issue Bank of Italy (millions of lire): (Sept)i dept. (thousands of dollars): Gold 523 523 Silver 6,040 9,150 2,093 Foreign exchange 6,365 8,689 Foreign exchange 27,603 29,665 35,986 Advances—Treasury 509,297 482,121 Treasury bills 2,832 2,832 596 Other Govt. agencies 4,238 24,010 Other assets 28,060 21,360 14,730 Loans and discounts 122,525 57,114 Circulation—Notes 39,726 41,435 38,885 Government securities 102,497 105,760 Coin 24,574 21,350 14,499 Other assets 46,664 27,208 Other liabilities and capital.... 236 222 20 Bank of Italy notes 596,961417,230 Allied military notes 70,724 87,822 Bank of Finland (millions of Deposits—Government 10,097 markkaa): Demand 51,362 74,217 Gold 2 2 2 2 Other 50,656 105,999 Foreign assets (net) 828 874 628 1,919 Other liabilities and capital... 22,406 10,060 Clearings (net) -2,270 -2,261 -2,375 -7,414 Loans and discounts 34,896 34,207 33,698 29,409Bank of Japan (millions of yen): Securities 386 388 397 460 Cash and bullion 2,871 1,418 Other assets 1,257 861 1,074 1,512 Advances to Government 53,509 19,732 Note circulation 25,162 25,809 25,129 18,233 Loans and discounts 38,546 50,430 Deposits 3,217 1,615 1,716 2,218 Government securities 69,532 34,722 Other liabilities and capital 6,720 6,647 6,579 5,437 Reconversion Fin. Bk. bonds. .. 26,282 Other assets 7,487 8,691 Bank of Greece (billions of drach- Note circulation 167,665 93,398 ma G L e o o ): a ld n s a n a d n d fo d r i e s i c g o n u e n x ts change (net). 64 1 1 9 64 2 7 3 82 1 2 9 O D t e h p e o r s i l t ia s— bil O G iti t o e h v s e e r rnment 1 4 6 9 , , , 5 3 6 4 9 2 9 0 3 1 4 6 0 , , , 2 4 8 6 6 7 3 3 0 Advances—Government 760 729 599 Other 1,079 1,053 624 Bank of Java2 Other assets 135 125 62 Bank of Mexico (millions of pesos): Note circulation 829 822 537 Metallic reserve 3 642 639 715 Deposits—Government 81 75 75 "Authorized" holdings of securi- Other 229 203 129 ties, etc 1,482 1,495 1,896 Other liabilities and capital 1,495 1,477 1,385 Bills and discounts 638 627 485 Other assets 158 138 135 Bank of Guatemala (thousands of Note circulation 1,692 1,654 1,804 quetzales): Demand liabilities 877 902 1,055 Gold 27,229 27,229 27,229 28,477 Other liabilities and capital 352 343 372 Foreign exchange 21,824 19,908 20,136 18,175 G Re o d ld is c c o o n u t n r t i s b u a t n io d n a t d o v a In n t c ' e l. s Fund. 3 1 , , 3 2 7 5 7 0 2 1 , , 9 2 8 5 6 0 2 1 , , 9 2 2 5 2 0 "iiiii Ne g t u h i e ld r e la rs n ): ds Bank (millions of O D O Ci t t e r h h p c e e o u r r s l a i l a t i t s s a i s — o b e n i t l G — s B it a i o e N C n v s k o e o a s r i t n e n n s m d e c n a t pital 3 1 9 2 9 0 7 2 , , , , , , 9 2 7 2 0 9 0 9 6 8 9 0 5 9 9 9 4 2 2 1 8 8 9 2 7 1 , , , , , , 5 5 8 6 6 2 4 3 8 7 0 0 2 7 9 8 6 6 2 1 8 8 9 2 7 1 , , , , , , 3 4 6 8 2 7 9 3 4 7 4 2 1 7 5 6 0 9 2 1 3 4 2 2 9 3 , , , , , , 5 7 5 7 2 0 3 8 0 3 9 8 3 8 8 0 2 0 S O G G F L i o o o t o l h r v a l v e d e e n t i r r . s g n d a ( a i s e n n b s b d c e i t l l t l u d s a s d i n s i c d n o g s u e s n c u t u s b r s i i t d ie i s ary coin) ,5 6 2 1 1 0 6 0 6 6 0 6 8 3 9 0 4 3, 2 1 5 1 5 4 5 0 8 7 2 1 0 3,6 5 2 1 1 0 9 0 4 5 0 2 4 2 1 6 4,5 7 1 3 9 0 5 6 7 0 3 1 Na li t o i D G F L n o s o n o o i s r a l a o e c d n l f i o s g u B f — n o n a r t e T s n i x n r k c e t h ) a : o a s n u f g r H y e ungary (mil- 1, 4 3 6 0 4 9 6 3 0 9 3 1, 3 3 4 9 4 9 8 3 0 4 5 1, 3 3 3 9 4 9 9 3 0 8 8 3 2 4 4 9 8 5 2 5 4 5 O D N e t o h p t e e o r s c i l i t i r a s c — b u i l l O G B a it t t l i o 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 ,0 2 5 1 7 1 1 0 2 0 3 2 0 5 5 4 3 9 2,8 8 5 2 1 1 7 0 0 0 2 2 8 5 6 9 5 5 2,8 9 4 2 1 2 6 6 1 9 2 9 1 7 7 5 5 2 1 , , 7 2 2 5 5 1 1 4 3 9 7 3 0 4 7 0 1 4 O N t o h t e e r c a ir s c s u e l ts ation 1,9 1 9 9 2 4 1, 2 8 3 2 6 9 1, 2 8 3 6 8 9 4 9 2 6 3 8 Re ( s t e h r o v u e s a B n a ds n k o f o p f o N u e n w ds ) Z : ealand D O e th m e a r n l d ia b d i e li p ti o e s s i t a s— nd O G c t o a h v p e e i r t r a n l ment. 3 1 1 8 2 9 7 5 4 3 1 1 9 8 3 9 3 7 3 1 1 8 0 1 3 1 5 4 1 7 5 0 1 3 8 G S A t o d e l v r d l a in n g c e e s x t c o h a S n t g a e te r e o s r e r S v t e ate un- 6 2 5 , , 8 2 0 2 2 5 7 2 6 , , 8 6 0 0 2 8 9 2 0 , , 8 5 0 5 2 1 Reserve Bank of India (millions of dertakings 40,504 33,440 28,426 rupees): Investments 7,868 3,868 3,948 Issue department: Other assets 909 1,087 960 G S 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 a r b it r i o e a s d . . . . . . 11, 5 4 3 7 4 5 8 4 3 11, 4 5 3 7 4 5 8 4 3 11, 4 5 3 4 7 5 4 8 3 D N O e o th 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 8 4 , , , 8 3 0 9 6 4 4 7 7 4 6 4 7 5 , , , 8 7 1 8 2 9 4 5 7 5 7 4 0 1 , , , 8 1 6 8 9 0 7 4 7 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 7 9 0 9 11, 3 9 6 3 1 4 12, 2 2 1 4 1 6 Bank G o o l f d Norway (millions of kroner): 333 339 D T O O L N 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 t e r t i o s s y a s f s b i e G a 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 o a n r u c t t a n m p te e it d n a . t l . . . . . 5 3 1 , , , 8 4 2 0 7 7 3 3 2 4 4 2 1 7 4 3 5 , , 9 2 8 9 4 0 1 0 7 9 3 3 9 5 4 5 4 , , 6 8 3 2 6 4 4 4 7 7 1 9 5 5 4 4 1 D F S O O L N e o o e c t o c h r a c p t e u e e n u o i r r s p g s i c t i n a a a i i t t r s e s n i c a s s — o d u e s n s t l d G B s a e a i t t a o s i s c o n c v c n o ( k e o n s u r u e n n n t m t t ) s e ( n n t et) 4 8 1 1 , , , , 2 0 1 9 5 3 8 3 0 3 8 6 7 1 9 5 3 7 4 6 3 8 3 1 1 , , , , 1 9 2 9 5 8 8 0 9 6 6 7 7 3 4 3 4 4 7 3 4 Central Bank of Ireland (thousands Blocked 856 861 of pounds): Other 339 339 Gold 2,646 2,646 2,646 2,646 Other liabilities and capital 744 761 Sterling funds 43,436 42,430 41,873 39,068 Note circulation 46,082 45,076 44,519 41,714 1 Latest month available. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 8 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. FEBRUARY 1948 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1947 1946 1946 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Oct. Dec. date of month) Nov. Oct Dec. Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 722 Gold 5,256 5,298 5,374 4,950 Foreign exchange 33,257 Foreign exchange 102 77 32 158 Loans and discounts 17,319 Loans and discounts 415 207 133 248 Government loans and securities. 9,249 Other assets 140 100 101 124 Other assets 4,641 Note circulation 4,383 4,202 4,192 4,091 Note circulation 40,753 Other sight liabilities 1,172 1,123 098 1,164 Demand deposits 6,994 Other liabilities and capital 358 358 351 226 Other liabilities and capital 17,442 Central Bank of the Republic of Central Reserve Bank of Peru Turkey (thousands of pounds): (thousands of soles): (Sept.)1 Gold 6 476,305475,625473,960 663,277 Gold and foreign exchange 133,443 Foreign exchange and foreign Net claim on Int'l. Fund 2 20,491 clearings 276,405 286,295286 196,613 Contribution to Int'l. Bank. . . . 2,480 11375 Loans and discounts 617,839 615,245615 774,000 Discounts 72,165 56 670 Securities 198,893 184 185. 168,605 Government loans 694,1 319365 Other assets 45,501 36 40 93,136 Other assets 121,739 52 227 Note circulation 883,931914 948 930,677 Note circulation 688,003598 855 Deposits—Gold 151,777 151 119149, 181,840 Deposits 229,023192 121 Other 344,243 281 628258, 244,423 Other liabilities and capital 127,400 73691 Other liabilities and capital 234,993 251 538,691 Bank of Portugal (millions of Bank of the Republic of Uruguay escudos): (thousands of pesos): Gold 4,772 4,904 6,041 Gold 268,125303,180 Foreign exchange (net) 11,009 11,117 12,409 Silver 12,922 13,015 Loans and discounts 386 386 380 Paid-in capital—Int'l. Bank. . . . 318 Advances to Government 1,283 1,288 1,319 Advances to State and govern- Other assets 558 554 445 ment bodies 36,574 19,715 Note circulation 8,383 8,375 8,793 Other loans and discounts 170,532119,810 Demand deposits—Government 1,872 1,774 2,948 Other assets 248,872335,241 Other 6,766 7,121 8,013 Note circulation 214,930 215,025 Other liabilities and capital 986 979 841 Deposits—Government 54,579 37,880 Other 239,076 251,800 National Bank of Rumania 3 Other liabilities and capital 228,758286,257 South African Reserve Bank (thousands of pounds): Central Bank of Venezuela (thou- Gold 4 195,601197,( 230,681 sands of bolivares): O Fo th re e i r g n b il b l i s l l a s nd loans 4 6 6 , , 9 1 7 68 2 3 8 9 , , 0 1 8 6 5 9 1 5 1 , , 7 0 6 4 2 4 G Fo o r l e d i 7 g n exchange (net s ) 5 6 5 5 7 , , 6 4 8 0 3 8 5 1 5 0 7 3 , , 0 6 8 1 0 0 Other assets 11,926 11,580 12,430 Other assets 83,623 46,114 Note circulation 63,506 62,752 65,708 Note circulation—Central Bank. 507,302 494,959 Deposits 190,723187,300186,066 National banks. 4,111 7,155 Other liabilities and capital. 6,438 6,421 8,142 Deposits 162,041 194,860 Other liabilities and capital 33,260 9,831 Bank of Spain (millions of pesetas): Gold 1,215 1,213National Bank of the Kingdom Silver 522 516 of Yugoslavia 3 Government loans and securities. 15,855 17,722Bank for International Settle- Other loans and discounts 10,046 6,455 ments 8 (thousands of Swiss gold Other assets 3,478 2,982 francs): Note circulation 25,003 22,777 Gold in bars 92,843 85,919 97,125 Deposits—Government 2,461 1,431 Cash on hand and on current Other 3,039 3,915 account with banks ,541 18,523 8,822 Other liabilities and capital 612 764 Sight funds at interest 496 3,572 142 Rediscountable bills and acceptank of Sweden (millions of kronor) : ances (at cost) 35.898 30,338 26,381 Gold 232 222 223 839 Time funds at interest 19 276 16,129 15,125 Foreign assets (net) 435 463 390 650 Sundry bills and investments. . . 59 626 61,172307,530 Swedish Govt. securities and ad- Funds invested in Germany 9. . . 291 160291,160 vances to National Debt Office5 2,929 ,839 2,865 ,820 Other assets 7.448 7,373 1,782 Other domestic bills and advance; 127 85 89 172 Demand deposits (gold) 17,672 17,721 18,954 Other assets 343 311 323 654 Short-term deposits (various Note circulation 2,895 ,702 2,694 ,877 currencies): Demand deposits—Government. 631 567 558 706 Central banks for own ac- Other 269 297 279 169 count 7,818 5,619 Other liabilities and capital 270 355 359 382 Other... 6,472 1,230 Long-term deposits: Special accounts 228 909228,909 229,001 Other liabilities and capital 253 826253,265202,103 1 Latest month available. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. a 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. 4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 258 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-— Rate Rate Date Central Jan. Date Central Jan. Date effective U K d n o i i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- bank of — 31 effective bank of— 31 effective In 1 e 9 ff 3 e 7 ct Dec. 31, 2 3 4 2 2 m A A r lb g a e n n i t a ina M M a a r r . . 21 1 , , 1 1 9 9 4 3 0 6 I It r a e l l y and.::... 2V2 S N e o p v t . . 2 6 3 , , 1 1 9 9 4 4 7 3 May 10, 1938.. . 4 Austria July 3, 1945 Japan 3.29 Apr. 7, 1936 May 13 2H 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 . . 2 V£ Nov 25 Jan. 4, 1939, 2 Bulgaria 4 V£Aug. 14, 1946 Lithuania 6 July 15, 1939 Apr 17 4 Canada..:.... Feb. 8, 1944 Mexico June 4, 1942 May 11 3 Chile 3-4*! Dec. 16, 1936 Netherlands . June 27, 1941 July 6 .... Colombia 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 Peiu 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 3J4 Ecuador 7 June 8, 1943 Rumania. . . . 4 May 8, 1944 May 17 3M El Salvador... 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941 1M Estonia..:.... iU Oct. 1, 1935 Spain Oct. 27, 1947 May 29 3 Finland....... Dec. 13, 1947 Sweden Feb. 9, 1945 June 2 7 234 Jan 16 1945. Jan 20 Hi Feb 9 2H France Oct. 9, 1947 Switzerland.. Nov. 26, 1936 Nov 7 1946 2 V*J Turkey 4 July 1, 1938 Dec 19 3 Apr. 9, 1940 United King- Jan. 10, 1947... Greece 10 3 Aug. 16, 1946 dom 2 Oct. 26, 1939 &2>| Hungary::::.. 5 Oct. 29, 1947 U.S.S. R.... 4 July 1, 1936 Aug 27 India i ~ 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 &3 3 In effect Jan. 31, 2H NOTE.—Changes since Dec. 31: none. 1948 2 &3 3H 2H 2K OPEN-MARKET RATES (Per cent per annum] Canada United Kingdom France Netherlands * Sweden Sw la it n z d er- Year and Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to 3 discount 3 months 3 months 3 months money on deposits money 3 months money months rate 1932—Nov .89 .82 .73 1.50 1933—Nov 1.05 .94 .75 1.50 1934—Nov .45 .29 .68 1.50 1935—Nov .57 .55 .75 2.44 1936—Nov .75 .56 .55 .75 1.46 1937—Nov .82 .59 .58 .75 1.00 1938—Nov .69 .66 .67 .75 2.63 1.00 1939—Nov .87 1.96 1.18 1.00 .84 1.25 1940—Nov .64 1.03 1.02 1.00 .88 1.25 1941—Nov .54 1.03 1.00 1.00 .69 1.25 1942—Nov .53 1.03 1.00 1.00 .67 1.25 1943—Nov .41 1.03 1.00 1.00 .64 1.25 1944—Nov .38 1.03 1.00 1.00 .21 1.25 1945—Nov .36 .53 .51 .63 .36 1.25 1946—Nov .40 .53 .51 .63 .21 1.01 .78 1.25 1946—Dec. .40 .53 .50 .63 .19 1.21 .78 1.25 1947—Jan .40 .53 .50 .63 .48 1.44 .77 1.25 Fe:bb... .40 .53 .51 .63 .39 1.72 1.46 1.25 Mar.. . .40 .53 .51 .63 .41 1.65 .19 1.25 Apr... .41 .53 .51 .63 .41 1.59 .11 1.25 May. . .41 .53 .51 .63 .46 1.45 .08 1.25 June.. .41 .53 .51 .63 .45 1.46 .86 1.25 July... .41 .53 .51 .63 .51 1.52 .09 1.25 Aug.. . .41 .53 .51 .63 .46 1.30 .00 1.25 Sept.. . .41 .53 .51 .63 .44 1.08 .75 1.25 Oct.... .41 .53 .51 .63 .64 .95 .95 1.38 Nov.. . .41 .53 .51 .63 .93 .74 1.38 1 The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. FEBRUARY 1948 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n l L l k io o s s . n n t e s d r o F o li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o a s l n h l e o a y r n t d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities Loans to O as t s h e e t r s Deposits lia O b a t i n h l d i e ti r es notice Total Demand Time capital 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 L.030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 ,307 ,154 761 349 4,032 2,712 1,319 245 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 L.588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 L.862 342 1947—January. . 475 428 624 ,563 ,427 1,008 454 5,629 3,749 1,880 348 February. 463 421 659 ,436 ,439 1,015 451 5,519 ' 3,603 1,916 364 March.... 466 444 750 ,317 ,455 1,034 465 5,556 3,606 L.950 374 April 476 435 709 ,346 ,461 1,064 470 5,583 3,628 ,956 376 May 460 430 659 ,350 ,470 1,099 489 5,571 3,593 ,978 386 June 464 451 672 ,330 ,479 1,131 518 5,658 3,667 ,992 386 July 475 442 699 ,283 ,488 1,139 504 5,644 3,668 ,975 386 August ... 479 455 724 ,248 ,492 1,154 473 5,628 3,663 ,965 396 September 465 472 758 ,193 ,493 1,155 476 5,615 3,653 ,962 397 October... 468 466 825 ,147 ,500 1,185 487 5,690 3,713 ,977 387 November 488 476 799 1,196 ,500 1,205 492 5,767 3,781 L.986 389 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i i t a l e o n l r i n o e d t d n h o s l b f l o a a i f g r n u s k ) r s e . s re C se a r s v h E es ntire S ly e lo c i u a n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u b e n o l b e o c a d r r e a u n o f i n r r n k g a o i s s e d n t m y t Securities O as t s h e e t r s ci N t r i c o o u t n l e a- e D T x o e c p t lu a o l d s i i n ts g p i D a n y e te m a r b b a le n a n d i k n d C e a p T n o i a m s d i e t a s li c a O a b a p t i n h l i d i t e t a i r l es 1939—December. 292 53 ,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 ,108 159 1,531 570 80 ,805 1,163 1,641 846 1941—December. 356 32 ,169 168 1,759 653 71 105 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—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 November 695 92 2,065 107 3,850 1,051 18 6,279 2,569 3,710 1,562 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 s u r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s 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 i n h l i d i t e t a i r l es 1939—December. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December. 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 4,753 1941—December. 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December. 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623. 1945—December. 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—October. . 15,505 18,389 183,716 61,262 18,618 273,488 271,672 ,816 12,490 11,513 November 16,909 18,423 187,560 63,941 21,116 281,576 279,703 ,872 14,370 12,004 December. 17,943 18,919 195,177 64,933 23,392 291,894 290,004 ,890 15,694 12,777 1947—January.. 17,267 20.241 195,750 67,084 18,367 295,444 293,484 ,960 15,767 7,499 February. 16,992 19,127 197,377 66,114 18,756 294,922 292,946 ,976 15,720 7,723 March 19,471 20,677 203,451 66,744 20,724 305,583 303,742 ,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68,656 22,377 311,244 308,256 2,988 17,606 10,360 June 27,316 20,419 196,762 73,569 22,866 312,289 309,137 3,152 17,679 10,964 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 September 20,950 20,451 209,323 85,712 31,391 331,219 328,438 2,781 23,149 13,459 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from, bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at V/z per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and; for description of statistics see pp. 566-571 in same publication. 260 FEDERAL RESERVE BULLETIN,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so t ) ina A ( u p s o t u r n a d l ) ia g B iu e m l- (c B ru r z a e z ir i o l 1) C (d a o n ll a a d r) a C (p h es i o le ) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (franc) Official Free Official Free Official Export Sh h a a n i) g- 1939 30.850 353 38 3.3704 6.0027 25.1248 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 2 90.909 85.141 5.1668 4.0000 6.000 1941 29.773 2 23.704 322.80 321.27 6.0575 5.0705 90.909 87.345 5.1664 2 4.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 321.17 22.2860 0602 5.1802 90.909 90.485 1946 29.773 25.125 321 34 2.2829 2 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1947—February 29.773 25.125 320.91 2.2797 5.4404 100.000 95.692 March 29.773 25.125 320.91 2.2822 4404 100.000 94.217 April 29.773 25.125 320.91 2.2836 4405 100.000 91.901 May 29.773 25.125 320.91 2.2831 4406 100.000 91.954 June 29.773 25.125 320.9t 2.2832 4406 100.000 91.592 July 29.773 25.125 320.90 2.2818 5.4406 100.000 91.652 August 29.773 25.125 320.92 2.2821 5.4406 100.000 91.998 September 29.773 25.125 321.12 2.2833 5.4406 100.000 90.362 October 29.773 25.125 321.19 2.2830 5.4406 100.000 89.989 November 29.773 25.125 321.15 2.2812 5.4406 100.000 89.589 December 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 1948—January 29.773 25.125 321.16 2.2784 5.4406 100.000 90.455 Year or month C (p o b e l i s o a o m ) - s C ( l k o z o e v r c u a h n k a o ia ) - ( m D kr a e o n r n k - e) ( l m F a k i a n a n r ) d - k- F (f r r a an n c c ) e 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) ( I r n up d e i e a ) I (l t i a ra ly ) ( M p i e c e s o x o - ) e N ( r g l e e a u r t i n ) l h d d - - s (p l Z N a o e n u e a w n d - d) 1939 57.061 3.4252 20.346 1.9948 2.5103 .8153 27.454 33.279 5.1959 19.303 53.335 354.82 1 1 9 9 4 4 1 0 5 5 7 7. . 0 0 8 0 5 4 2 1 . . 0 8 1 7 0 1 1 0 22.0827 2.6715 22 2 4 2 . . 5 9 9 5 2 8 3 3 0 0 . . 1 1 5 3 5 7 5 5 . .0 0 7 4 0 0 3 7 2 1 0 8 . . 5 5 3 4 8 6 253.128 3 3 0 2 6 2 . . 3 5 8 4 1942 57.052 30.122 20.569 322.78 1943 57.265 30.122 20.577 324.20 1944 SI.212 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 237.933 323.46 1946 57.020 22.0060 20.876 .8409 30.155 20.581 37.813 322.63 1947 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 322.29 1947—February . . 57.041 2.0060 20.866 .8408 30.153 20.574 37.789 322.20 March 56.980 2.0060 20.866 .8408 30.153 20.574 37.788 322.20 April 56.980 2.0060 20.866 .8407 30.160 20.577 37.757 322.20 May 56.980 2.0060 20.866 .8408 30.161 20.580 37.760 322.20 June 56.980 2.0060 20.865 .8407 30.163 20.576 37.751 322.18 July 56.980 2.0060 20.862 .8407 30.171 20.575 37.760 322.18 August 56.980 2.0060 20.862 .8405 30.171 20.582 37.753 322.20 September. 56.980 2.0060 20.861 .8407 30.167 20.578 37.751 322.41 October. . . 56.980 2.0060 20.861 .8407 30.169 20.576 37.762 322.48 November. 56.980 2.0060 20.863 .8404 30.176 20.576 37.768 322.44 December. 56.980 2.0060 20.860 .8403 30.177 20.575 37.699 322.50 1948—January... 56.991 2.0060 20.860 s .8400 30.172 20.576 37.654 322.45 United Uruguay Year or month N (k o r r o w ne a ) y P (e o s g c r a u t l d u o - ) ( A S po o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Con- (peso) Non- Official Free trolle d tr c o o l n le - d 1939... 23.226 4.0375 440.17 10.630 51.736 23.991 22.525 443 62.011 236.789 1940... 22.709 3.7110 397.99 9.322 46.979 23.802 22.676 403.50 65.830 37.601 1941... 24.0023 398.00 29.130 47.133 23.829 23.210 403.50 65.830 43.380 1942... 398.00 2 46.919 403.50 65.830 52.723 1943... 398.00 403.50 65.830 52.855 1944... 398.00 403.50 65.830 53.506 1945... 399.05 403.50 3403.02 65.830 55.159 1946... 20.176 24.0501 400.50 29.132 25.859 23.363 403.28 65.830 56.280 1947... 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1947—February.. 20.161 4.0501 400.75 9.132 27.822 23.363 402.74 65.830 56.262 March.... 20.161 4.0412 400.75 9.132 27.822 23.363 402.73 65.830 56.262 April 20.161 4.0313 400.75 9.132 27.823 23.363 402.74 65.830 56.262 May 20.160 4.0208 400.75 9.132 27.824 23.363 402.74 65.830 56.262 June 20.160 4.0275 400.75 9.132 27.826 23.363 402.72 65.830 56.262 July 20.160 4.0161 400.75 9.132 27.827 23.363 402.71 65.830 56.259 August 20.159 4.0257 400.75 9.132 27.826 23.363 402.73 65.830 56.203 September. 20.158 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 1948—January... 20.159 4.0043 400.75 9.132 27.825 23.363 403.07 65.830 56.198 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 3 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. * 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 5.3350, and for July 25-Dec. 31, 5.3955 5 Based on quotations through January 23. • 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 furthei 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. FEBRUARY 1948 261 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 1 S 9 n 1 t 2 a 0 i 6 t 0 t e e ) s d = C (1 a 9 1 n 2 0 6 0 a ) da = ( M 19 1 e 2 0 x 9 0 i ) co = K ( U 1 in 9 1 n g 3 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 8 0 c ) e = (1 I 9 1 t 3 0 a 8 0 ly )i = ( J 1 a 9 1 3 p 0 3 0 a ) n = ( J J N u u = l n l e a y e t n 1 h 1 1 d 0 e 9 9 s 0 r 3 3 - ) 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (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 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 2S3 164 196 223 1945 106 104 247 169 375 296 181 194 221 1946 121 109 286 175 648 1,406 251 186 215 1947 P129 302 192 1947 Tanuarv 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 ••888 5,779 4,221 272 199 223 August 154 131 292 194 '1,004 '5,889 5,347 271 199 223 September 157 134 298 195 '1,096 P6.155 5,498 ^272 ••201 224 October 159 139 304 199 1,122 P5,991 5,799 P274 202 230 November 160 143 306 203 1,204 P277 204 232 December 163 P144 303 204 P Pre[liimmiinnaarryy.. r Revised. i The n.ew national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weighitts are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from old iinnadeexx.. 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 g c a o a t r u o n t d r l u e y s - d fa c m g c h o a t ie u o n f d r u l e s y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p ri I r a n o l d d u u r s c a - t w s p f I i r n n o tr i d d s i u a h u l s e c - d ts 1926 100 100 100 100 100 100 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 1947 P120 P130 P117 165 207 1947—January 165 156 128 114 115 104 157 196 218 313 273 February 170 162 129 116 119 107 158 197 218 312 274 March 183 168 131 116 124 108 158 198 220 312 274 177 162 132 117 126 112 163 200 215 316 274 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 S O N e c o p t v o t e e b m m er b b e e r r 1 1 1 8 9 8 8 0 6 1 1 17 7 7 8 9 8 1 1 1 4 3 4 2 8 0 1 1 1 2 2 2 3 0 7 1 1 1 3 3 4 4 9 3 1 1 1 2 2 3 3 8 1 1 1 1 6 6 7 7 5 1 2 2 2 1 1 2 3 8 1 J P > 2 2 1 0 3 5 P P 3 3 3 3 9 9 P P 2 2 7 7 7 7 December 197 145 P131 P145 J>132 172 222 p Preliminary. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PR1NGIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France Nether- er- United Can- King- France Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39(June 17 = 100) (1911-13 (June montb (1935-39 (1935-39 (June 17 = 100) (1911-13 (Juna = 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 2 132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 . 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 15! 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 130 124 204 645 208 1947 194 P160 PI 043 1947 159 P136 *l,030 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. . 156 129 204 838 212 188 152 168 830 216 April... 156 131 203 837 213 May .., 188 155 162 883 220 May 156 133 203 886 216 June . .. 191 158 I 161 941 222 June 157 135 l2O3 935 217 July 193 160 i 101 974 221 July 158 136 U01 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 1 309 229 October 164 142 101 1,268 223 November 203 174 103 1 378 230 November 165 144 103 1 336 223 December. 207 P179 Pl.393 December. 167 P146 Pl.354 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 is also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August 1947, p. 255. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( U S d p t e n r a r i i t c i t e v e e s e ) d 1 d C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( K 1 D U 9 i e 2 n n c 1 g e i = m t d e 1 o b d 0 m e 0 r ) ( F 1 r 9 1 a 3 0 n 8 0 c ) = e N la e n th d e s3 r- ( U 1 S = 9 n t 3 a i 1 5 t t 0 e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 i 2 n n 6 g i = t d e o 1 d m 00) 1 (D 9 F 3 e r 8 c a e n = m c 1 e b 0 5 e 0 r ) (1 N 9 la 3 e n 8 t d h = s e 1 « r 0 - 0) 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 '114.2 88.1 77.4 70.8 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! 6 139.9 115.7 96.2 875 1947 121.5 P118.5 130.8 P132.O 123.0 P106.0 94.6 Pi,151 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 May 122.9 118.2 132.9 136.9 104.6 115.2 104.4 97.9 1,003 203.0 June 122.8 118.6 132.1 135.4 105.0 119.1 105.3 97.5 1,124 201.4 July 122.5 119.3 131.1 131.1 105.3 126.0 107.4 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 120.0 118.8 128.0 122.0 105.9 125.1 105.5 89.3 1,245 November. . . 118.8 118.5 128.2 121.4 123.6 1.07.3 90.2 1,294 December. . , . 117.0 P117.9 130.1 P122.2 122.4 P106.2 92.6 Pi,244 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 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. 6 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. 8 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 figure? aire 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. FEBRUARY 1948 263 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 pro tern. M. S. SZYMCZAK j AMES K VARDAMAN, JR. ERNEST G. DRAPER R. M. EVANS LAWRENCE CLAYTON ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser to the Board 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 CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT CHESTER C. DAVIS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT ERNEST G. DRAPER R. M. EVANS JOHN H. MCCOY, CLEVELAND DISTRICT RAY M. GIDNEY J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN,, JR. LAURENCE F. WHITTEMORE EDWARD E. BROWN, CHICAGO DISTRICT CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel JAMES M. KEMPER, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist PAUL W. MCCRACKEN, Associate Economist J. E. WOODS, DALLAS DISTRICT ALFRED C. NEAL, Associate Economist WILLIAM H. STEAD, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT DONALD S. THOMPSON, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMENf, DEPUTY CHAIRMEN, ,4ND 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 O. A. Schlaikjer E. 0. Latham R. F. Van Amringe New York Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds H. H. Kimball H. V. Roelse L. W. Knoke Robert G. Rouse Walter S. Logan V. Willis 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 C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. 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 Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland. Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City 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 C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis William B. Pollard Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 General Manager. 265 FEBRUARY 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 (Board of Governors of the Federal Reserve Sys- FEDERAL RESERVE BULLETIN. Issued monthly. Subscription 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 afTecting 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. No. 5. Private Capital Requirements. DIGEST OF RULINGS to October 1, 1937. Digests of No. 6. Housing. Social Security, and Public Board rulings, opinions of the Attorney General Works. and court decisions construing the Federal Re- No. 7. International Monetary Policies. serve Act, with compilation showing textual No. 8. Federal Reserve Policy. changes in the Act. 683 pages. $1.25 per copy. The price for the set of eight pamphlets is $1.25; BANKING STUDIES. Comprising 17 papers on bank- 25 cents per pamphlet, or, in quantities of 10 or ing and monetary subjects by members of the more for single shipment, 15 cents per pamphlet. Board's stafl. August 1941; reprinted March THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND 1947. 496 pages. Paper cover. $1.00 per copy; FUNCTIONS. November 1947. 125 pages. 75 in quantities of 10 or more copies for single shipcents per cloth-bound copy; in quantities of 10 ment, 75 cents each. 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 develop- DEBITS AND CLEARINGS STATISTICS, THEIR BACKments. November 1943. 979 pages. $1.50 per GROUND AND INTERPRETATION.1 25 cents per copy; copy. No charge for individual sections (unin quantities of 10 or more copies for single bound), as listed on page 1577 of the December shipment, 15 cents each. 1947 BULLETIN. REGULATIONS OF THE BOARD OF GOVERNORS OF THE PROVISIONS OF STATE LAWS RELATING TO BANK RE- FEDERAL RESERVE SYSTEM. Individual regulations SERVES as of December 31, 1944. 1945. 30 pages. 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. 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS June 1946 BULLETIN, with supplementary information for separate trades.) (From Federal Reserve Bulletin except as otherwise indicated) THE STRUCTURE OF INTEREST RATES ON BUSINESS BUSINESS LOANS OF MEMBER BANKS, by Albert R. LOANS AT MEMBER BANKS, by Richard Youngdahl. Koch. March 1947. 11 pages. July 1947. 17 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- MEMBER BANK LOANS TO SMALL BUSINESS, by MENT FINANCING, by Frieda Baird. March 1947. Charles H. Schmidt. August 1947. 16 pages. 6 pages. BUSINESS LOANS OF MEMBER BANKS. From March, VALUES AND LIMITATIONS OF CONSUMER FINANCIAL May, June, July, and August 1947 issues of SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. BULLETIN. 80 pages. Young and Duncan McC. Holthausen. March 1947. 9 pages. THE BRITISH CRISIS. September 1947. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS METHODS OF RESTRICTING MONETIZATION OF PUBLIC AND BUSINESSES. September 1947. 2 pages. DEBT BY BANKS. April 1947. 4 pages. NEW GUATEMALAN BANK LAW, by David L. Grove. FINANCIAL POSITION OF MANUFACTURING AND TRADE April 1947 BULLETIN with translation of new IN RELATION TO SIZE AND PROFITABILITY, 1946, by Albert R. Koch and Charles H. Schmidt. Bank Law. 39 pages. September 1947. 12 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen. May REVISION OF NATIONAL INCOME AND PRODUCT STA- 1947. 20 pages. TISTICS. September 1947. 12 pages. STERLING IN MULTILATERAL TRADE, by J. Burke REVISION OF WEEKLY STATISTICS FOR MEMBER Knapp and F. M. Tamagna. September 1947. 8 BANKS IN LEADING CITIES. June-July 1947. 9 pages. pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan SECURITY PLEDGED ON MEMBER BANK LOANS TO Smith and Philip T. Allen. October 1947. 13 BUSINESS, by Tynan Smith. June 1947. 17 pages. pages. FINANCIAL POSITION AND BUYING PLANS OF CON- SURVEY OF CONSUMER FINANCES—I. EXPENDITURES SUMERS, July 1947. October 1947. 4 pages. FOR DURABLE GOODS AND INVESTMENTS. June 1947. 17 pages. POSTWAR BANK CREDIT PROBLEMS, by Marriner S. Eccles. October 1947. 5 pages. SURVEY OF CONSUMER FINANCES—II. CONSUMER IN- COMES AND LIQUID ASSET HOLDINGS. July 1947. THE CURRENT INFLATION PROBLEM—CAUSES AND 15 pages. CONTROLS, by Marriner S. Eccles. December 1947. 8 pages. SURVEY OF CONSUMER FINANCES—III. CONSUMER SAVING IN 1946 AND OWNERSHIP OF SELECTED FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by NONLIQUID ASSETS. August 1947. 12 pages. Philip T. Allen. December 1947. 6 pages. SURVEY OF CONSUMER FINANCES. From the June, FARM PRODUCTION LOANS AT COMMERCIAL BANKS, July, and August 1947 issues of BULLETIN. 44 by Herman Koenig and Tynan Smith. Decempages. ber 1947. 8 pages. RETAIL CREDIT SURVEY—1946. From July 1947 THE STRUCTURE OF INTEREST RATES ON COMMER- BULLETIN with supplementary information for CIAL BANK LOANS TO FARMERS, by Richard Youngnine separate trades. 40 pages. (Also, RETAIL dahl. December 1947. 10 pages. CREDIT SURVEY—1942, 1943, 1944, and 1945. BANK LOANS TO FARMERS. From the October and From the July 1943, June 1944, May 1945, and December 1947 issues of BULLETIN. 36 pages. FEBRUARY 1948 267 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 3 I > BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 8 FEDERAL RESERVE BANK CITIES w % FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1948 w BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYStEU W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis