Federal Reserve Bulletin, 1948-03

F E D E R AL E S E RY BULLETIN MARCH 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 The Cost of Credit and Capital 269-278 New Central Bank for United States and British Zones of Germany. 279-283 Law Department: Substitutions in Undermargined Accounts—Amendments to Regulations T and U 284 Reserves—Classification of Reserve Cities 284-285 Foreign Funds Control—Treasury Department Releases 285-286 Current Events and Announcements. . 287 National Summary of Business Conditions 288-289 Financial, Industrial, Commercial Statistics, U. S. (See p. 291, for list of tables) 291-346 International Financial Statistics (See p. 347, for list of tables) 347-365 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 366 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 367 Federal Reserve Publications 368-369 Map of Federal Reserve Districts. 370 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 March 1948 NUMBER 3 THE COST OF CREDIT AND CAPITAL Since the spring of 1946 the cost of credit war financing dominated the money marand capital has been increasing and interest kets. A special factor contributing to the rates generally have risen from the extremely general rise in rates was the action taken by low levels previously prevailing. The pri- the Federal Reserve System and the Treasury mary cause of this change has been the per- to let rates on short-term Government securisistent and strong demand for funds in excess ties rise above the levels established during of the supply of savings available for invest- the depression and recovery years of the ment. Another basic factor has been action thirties and maintained during the period of by fiscal and monetary authorities to reduce heavy war financing. The object of the the availability of bank reserves and to inrecent shift in policy was to diminish further crease the cost of credit. the inducement for banks to sell short-term The demands for new funds by businesses, Governments to the Federal Reserve in order individuals, State and local governments, to make loans or to purchase longer-term and foreign borrowers have exceeded the securities in the market. supply of savings seeking investment in these Rates on money market obligations at both fields, and the deficiency has been financed short- and long-term rose almost steadily by bank credit expansion. Some expansion from the late summer of 1947 through the of new private bank credit has probably been early weeks of 1948. High-grade corporate necessary to facilitate such increases in proobligations took the lead in the upward duction as resources would permit and to movement of long-term rates. The increase meet additional demands for cash holdings. in rates on longer-term Federal securities be- The increase in bank credit, however, has gan somewhat later and was interrupted for been in excess of amounts needed for such a period in November and December by open purposes and as a consequence has been a market purchases of the Federal Reserve Sysfactor in supplying borrowed funds at relatem and the Treasury. Following a sharp tively low rates of interest and in contributrise on December 24, these rates were again ing to inflationary developments. stabilized by official action. Rates on various After mid-1947, when the demands for forms of nonmarketable debt, such as bank credit and capital funds were growing at an loans and real estate mortgages, and on equity accelerated rate, there was a general rise in interest rates. Rates rose above the levels— funds also exhibited firming tendencies. and away from the relationships—that had It is easy to exaggerate the extent of the prevailed during the 1942-1946 period when rise in the cost of credit and capital if cur- 269 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL rent interest rates are compared with the of goods and services. This has been parabnormally low levels of early 1946. Al- ticularly true of those industries in which though most short-term rates are now back to the largest construction programs are under the rates of the early thirties and most long- way, such as petroleum, railroads, and electerm rates are back to levels prevailing im- tric light and power. To paraphrase commediately before the war, these earlier rates, ment in a recent National City Bank letter: as shown in the accompanying chart, were It would be a good thing if the feeling of generally lower than at any previous time in uneasiness about the present situation should this country. lead to revision of some expansion programs and postponement of some capital expendi- LONG-AND SHORT-TERM INTEREST RATES tures. The great need is to spread out these demands instead of trying to satisfy them all at once. In the case of businesses, since the spread between the rate of return on total invested capital and the cost of borrowed funds has increased greatly over the past two years, even more borrowing might have been expected. As a matter of fact, the present ratio of borrowed to owned funds of business corporations is still as low as, or lower than, it was before the war. Moreover, in view of the I860 1900 1940 large volume of refunding during recent Latest year shown is 1947; monthly average for January- years at low interest rates, fixed interest February 1948 is indicated by circle. Sources.—National Bureau of Economic Research, Harvard Review of Economic Statistics, Treasury Department, and charges have decreased considerably relative Federal Reserve. to the volume of business income available In view of the large demands for funds to pay such charges. that have actually been satisfied since the end DEMANDS FOR FUNDS of the war, the relative ease and cheapness with which debt money can still be obtained, The principal factor underlying the recent and the physical limitations on the capacity rise in money rates has been the large into invest, there is little indication that any crease in the demands for funds by busisubstantial amount of desirable investment nesses, individuals, State and local governhas been or is being impeded. The ample ments, and foreigners. The extent of these supply of credit and capital available at demands is reflected in the rise in the outrelatively low cost has helped to keep standing volume of selected types of credit the total demand for goods and services ex- and capital shown in the following table. cessively high and has contributed to the Since mid-1946 the demand for new funds general rise in prices. Even business in- for investment, consumption on credit, and vestment in plant and equipment, though larger money holdings has far exceeded the resulting ultimately in added productive supply of new and old savings made availcapacity, has increased current inflationary able to meet such demands, and bank credit pressures by competing for a limited supply has expanded greatly. 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL CHANGE IN THE OUTSTANDING VOLUME OF SELECTED TYPES edness on this type of housing has increased OF CREDIT AND CAPITAL, 1946 AND 1947 during the past two years by an amount [Estimates. In billions of dollars] greater than new construction expenditures Increase or de- on such housing. In addition, consumer crease (-) during: Type credit has risen sharply in spite of Federal controls, which were in effect until November 1947. During 1947 the total volume of Corporate bonds and notes Corporate stocks State and local government bonds consumer credit outstanding increased by Urban mortgages (on 1- to 4-family homes). . Farm mortgages 3.2 billion dollars, only 300 million dollars Commercial loans Consumer credit less than the record growth in 1946. Net foreign investment1 Total State and local government debt 1 Excludes Government and private gifts. increased in 1947 for the first time since 1940, Sources.—Compiled in part on the basis of estimates and data obtained from the Department of Commerce, Treasury Depart- reflecting increased expenditures on highment, Department of Agriculture, Securities and Exchange Commission, and Home Loan Bank Board; in part estimated by Fed- ways, schools, sewerage and water systems, eral Reserve. and other construction, as well as large bonus Among the most persistent in their recent payments to veterans. Highway expendidemands for new funds have been business tures, financed in part by Federal grants, corporations. These corporations have re- amounted to 1.2 billion dollars in 1947 as quired funds to finance a record dollar contrasted with 700 million dollars in 1946, volume of plant and equipment expendi- while State bonus payments to veterans tures, inventory accumulation, larger cash totaled almost 400 million last year as combalances, and additional credits to customers. pared with an insignificant amount in the The plant and equipment expenditures of preceding year. this group in 1947, for example, totaled al- Finally, the demands for funds from formost 16 billion dollars, 30 per cent above eign sources have increased sharply, reflecting those of the previous year and over three large and urgent requirements for goods and times the volume of corresponding expendi- services from this country. Although most tures in 1939. Although funds saved by these of these requirements were financed by the companies out of current operations were also liquidation of gold and short-term assets and at a record high level during 1947 and al- by United States Government loans, a part though the dollar volume of their liquid was financed by net private long-term inassets was still high relative to prewar stand- vestments abroad. Some of the increased ards, as a group they resorted to a larger vol- private investments abroad were made by ume of outside financing in 1947 than at any business corporations and hence contributed time since 1929. to the large demands of these corporations The demands of individuals for additional for financing. funds in recent years have also been high SUPPLY OF FUNDS despite larger incomes. The increase in mortgage indebtedness on 1- to 4-family resi- Another important factor in the recent dences, for example, has been estimated at rise in the cost of money has been the de- 5.5 billion dollars for 1947, almost a billion crease in that part of the supply of savings more than the 1946 growth and 5 billion available to meet private and State and local more than that for 1945. Mortgage indebt- government demands for funds, either di- MARCH 1948 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL reetly through purchases of securities or in- in 1947 by something over a billion dollars, directly through increased deposits, shares, in contrast with practically no change in and reserves in savings institutions. Personal the volume of their holdings of these sesavings were smaller in 1947 than in 1946. curities in 1946. Nevertheless, the funds Although corporate savings were larger last made available in 1947 by individuals, as payyear than in any previous year, these savings ments to or deposits in savings institutions in the aggregate were not available for out- and by purchase of securities other than Fedside investment outlets. Corporate savings eral issues, were not adequate to meet the were invested directly in expanded plant new investment demand for funds. and equipment and working capital. Individuals were apparently reluctant to The volume of new personal savings out shift liquid assets accumulated during the of current income, although still large rela- war to other forms of investment. This retive to prewar years, has been declining luctance was presumably based primarily on almost steadily since the end of the war uncertainty about the future, as to the possibecause consumption expenditures have in- bility both of incurring capital losses and of creased more rapidly than disposable in- needing liquid assets to meet higher living comes, that is, incomes after deducting taxes. expenses or to purchase durable goods. As This rise in consumption expenditures has of the end of 1946, for example, the liquid reflected the increased availability of goods, asset holdings of individuals were estiparticularly durable items, and of credits mated at 157 billion dollars, almost 3l/ times 2 with which to purchase such goods, as well holdings at the end of 1939. Moreover, for as the expenditure of past savings. In 1947, some time customers' free credit balances for example, net current personal savings with stockbrokers have fluctuated only dropped to about II billion dollars, or to 6 slightly around the highest level ever reached. per cent of disposable income, as compared Thus, not only is the volume of new indiwith nearly 15 billion in 1946, or 9 per cent of vidual saving available for investment dedisposable income. Wartime levels of per- creasing, but there is a greater reluctance, sonal savings were up to 35 billion dollars a year, or almost 25 per cent of disposable in- VOLUME OF SELECTED TYPES OF SAVINGS, 1946 AND 1947 come. Personal savings during the decade [Estimates. In billions of dollars] before the war, on the other hand, never Current savings reached 6 per cent of disposable income in Type 1947 1946 any year. From 1946 to 1947 the amount of per- Corporate undistributed profits and depreciation allowances 14.8 11.0 sonal holdings seeking investment through Federal Government, excess of cash income over outgo 5.7 0.2 the primary private savings institutions, as Increase in selected liquid savings of indishown in the following table, decreased rel- viduals: Currency and demand deposits 1.1 6.5 Time deposits 2.1 5.4 atively more than total personal saving. Savings and loan association shares 11 1.1 United States Government securities 3.3 1.5 This part of new saving in 1947 was 6.5 Government insurance reserves 3.4 3.4 Private insurance reserves 3.3 3.5 billion dollars, or 35 per cent less than the Securities of corporations and State and local governments 1.1 0.1 previous year. However, individuals probably increased their holdings of corporate Sources.—Compiled in part on the basis of estimates and data obtained from the Department of Commerce, Treasury Departand State and local government securities ment, and Securities and Exchange Commission; in part estimated by Federal Reserve. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL at least as compared with previous periods the Treasury and the Federal Reserve Sysof relatively large incomes, to invest ac- tem, have brought about important changes cumulated savings elsewhere than in Gov- in the level and structure of interest rates. ernment bonds or in insurance and pension The initial significant postwar changes in funds. rates occurred during the spring and summer The excess of the total new demand for of 1946 when both short- and long-term rates funds for investment, consumption on credit, reacted somewhat from the record lows and additional money holdings over new reached in the early months of the year. A available savings was financed by funds obfactor in this rise was the discontinuance in tained in part from private savings institu- April and May of the preferential discount tions that switched a portion of their existing rate of l/ per cent on advances to member investments from United States Govern- 2 banks secured by Government obligations ment bonds to other types of securities and maturing in one year or less. in part from commercial banks. During Both short- and long-term interest rates 1947, for example, the life insurance comwere relatively stable from August 1946 to panies are estimated to have decreased their September 1947 despite a substantial growth holdings of United States Government sein private demands for credit and capital. curities by 1.4 billion dollars, accompanying During this period the pressure of funds an increase in total admitted assets of 3.3 billion. The principal increases in life insur- seeking investment, especially bank and inance company investments occurred in cor- surance company funds, was an important porate securities—3.0 billion dollars—and factor in the money market. Such pressure mortgages—1.4 billion. was so great that from April to September The increase last year in commercial bank 1947 a further decline in rates on long-term loans and investments elsewhere than in Government bonds, with accompanying de- United States Government securities was clines in other long-term rates, was prevented almost 8 billion dollars. The ready avail- only by sales of 1.8 billion dollars of marketability of bank credit at relatively low rates able Government bonds from various Treashas been a factor working against larger in- ury accounts, and by the announcement in the creases in money rates than those that have late summer of a Treasury offering to savings actually taken place. This ready availability institutions of a new nonmarketable, redeemof bank credit has been facilitated by the large able, 2y per cent investment bond. 2 inflow of gold and by the ease with which Continued pressure of investment funds banks were able to obtain additional reserves and a resumption of inflationary forces, reby selling Government securities in a marsulting in part from the ready availability ket supported by the Federal Reserve System and low cost of credit, led to further official for the purpose of maintaining order and action designed to increase the cost to banks stability. of obtaining additional reserves. First, the RISE IN SHORT-TERM RATES Federal Reserve System discontinued the These basic changes in the demand for and fixed buying rate for Treasury bills issued supply of loanable and investment funds, on or after July 10, 1947, and subsequently coupled with fiscal and monetary policies of rates on bills, which had been held at % per MARCH 1948 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL cent since 1942, increased sharply. By late SHORT-TERM INTEREST RATES January 1948 new issues were yielding about one per cent. This change in monetary policy was a move to restore the Treasury bill as a market instrument and to induce purchases of bills by private investors. In July of 1947 the Treasury also took action to permit a rise in yields on Treasury certificates by exchanges of maturing certificates for securities with terms which gradually became more favorable for the buyer. In the first exchange an 11-month certificate bearing interest at 7/ per cent was offered s for a 12-month certificate bearing the same rate and maturing on August 1. The most recent exchange offering was a 12-month ll/ per cent issue offered for a 12-month 8 7/ per cent issue maturing on March 1, 1948. 8 Latest year shown is 1947; latest month, February 1948. Average yields at market prices on outstand- Figures for commercial loans beginning 1939 are preliminary for revised series to be published in a forthcoming BULLETIN; ing 9- to 12-month certificates, which had quarterly, not monthly, data are shown; latest figure is for December quarter of 1947. Sources.—Treasury Department and Federal Reserve. been about 0.80 per cent during the period of war financing, increased to 1.10 per cent by RISE IN RATES ON HIGH-GRADE BONDS late January. At recent levels, rates on short- Long-term interest rates did not advance term Government securities are higher than substantially until September 1947. The rise at^any time since the early thirties, as shown resulted from the cumulative effects of the by the accompanying chart. changes in the demand for and supply of During the autumn of 1947, open market credit and capital, including the changes in rates on bankers' acceptances, loans to brokers the supply price of short-term credit, disand dealers secured by Government obliga- cussed in earlier sections of this article. The tions, and commercial paper also became general view of early 1947 that available funds firmer. In addition, many banks increased might be excessive was being rapidly replaced the rates charged their commercial and in- by the view that the large volume of new dustrial borrowers. non-Federal obligations might exceed the Further Federal Reserve action tending supply of funds offered for investment at the to increase interest rates was taken in Janu- low level of interest rates prevailing. An ary 1948. Discount rates were increased from initiating factor was the action of large 1 to 1 % per cent to discourage member bank suppliers of funds, especially life insurance borrowing, and an increase in reserve re- companies, in seeking higher yields on new quirements against net demand deposits from corporate bond issues. 20 to 22 per cent at central reserve city banks The decline in prices of high-grade corin New York City and Chicago was an- porate bonds started early in September, as nounced effective on February 27. is shown in the chart on the next page. It 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL LONG-TERM INTEREST RATES continued to rise in 1948 and in early March MONTHLY PER CENT were selling above 2y per cent, compared 2 with 1% per cent in September 1947. RISE IN OTHER LONG-TERM RATES The pressure of demand on the available supply of investment funds has also resulted in higher interest costs for marketable obligations that involve more risk than highgrade bonds and in higher yields for equity securities as well. Available information on changes in interest costs of other debt, such as term loans of banks and insurance companies and real estate mortgages, is fragmentary, but some hardening in rates and terms of such credit appears to have taken place. 1950 1946 1947 1948 Latest year shown is 1947; latest month, February 1948. The recent increase in yields has been gen- Sources.—Treasury Department, Standard and Poor's Corporation, Moody's Investors Service, and Federal Reserve. eral among lower-grade bonds of both corporations and State and local governments; to gained momentum as conspicuous price some extent the changes have been similar weakness developed among recently offered among bonds of like risk but representing issues. In the middle of October, with undifferent types of business activity and difcertainty as to the future course of interest ferent levels of local government. Generally rates and with Government credit controls speaking, the recent increase in interest cost tightening, price weakness spread to Govon the lower-grade bonds appears to be fairly ernment securities. It continued until midclose in amount to that for higher-grade November when a further decline in prices (increase in yields) of Government bonds issues. was prevented by open market support by The cost of equity funds to corporations the Federal Reserve System and the Treas- also rose significantly in 1947, as shown on ury. On December 24 a new lower support the chart. Preferred stock yields, as measlevel was established for prices of Govern- ured by the Standard and Poor's dividendsment bonds, and their yields generally rose price ratio for high-grade issues, rose from to the new support level.1 At that time yields 3% to 4 per cent during the last quarter of on other bonds also advanced further. the year reflecting primarily the increase in In the early part of March, when prices long-term interest rates. Common stock of high-grade corporate bonds had shown yields, as measured by the Standard and little further change for about two months, Poor's dividends-price ratio for industrial their yields averaged nearly 2% per cent com- stocks, were considerably higher at the end pared with 2l/ per cent in early September of 1947 than at the beginning—5l/ per cent 2 2 1947. Prices of high-grade municipal issues as against 4% per cent—owing to the fact 1 Further details appear in "Federal Reserve Support of Gov- that prices declined somewhat during the e Ja rn n m ua e r n y t 1 S 9 e 4 c 8 u , ri p ti p e . s 11 M -13 a . rket," FEDERAL RESERVE BULLETIN, year while dividends rose substantially. MARCH 1948 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL CURRENT COST OF CREDIT AND CAPITAL INTEREST RATES, EARLY 1948 AND EARLIER PEAK YEARS OF ECONOMIC ACTIVITY The cost of credit and capital, broadly [Annual averages except 1948. In per cent per annum] speaking, reflects the over-all relationship 1948 between the demand for and supply of loan- Type o b of li g se at c i u o r n ity or ( F J e a b n . . ) - 1937 1929 1920 able and investment funds. The current Debt Funds relationship between these factors is in strik- Short-term: ing contrast to those that have prevailed in Public: U. S. Treasury bills .99 .45 C1) 0) earlier periods. During the twenties, for ex- U. S. Certificates of indebtedness 1.10 0) 4.42 5.42 ample, the high cost of credit and capital Pri B v a a n te k : ers acceptances 1.06 .43 5.03 6.06 reflected large demands for funds pressing on C C C a o o l m m l m m lo e e a r r n c c s i i a a l l l p o a a p n e s r 21 1 1 . . 5 3 9 0 5 9 2 1 1 . . . 0 7 9 0 9 4 5 5 7 . . . 8 8 6 3 5 1 6 7 7 . . . 5 5 7 8 0 4 limited savings and restricted availability of Long-term: bank credit. In the thirties, on the other Public: U. S. Government bonds 3. . 2.45 2.74 3.60 5.3:2 hand, the demands for funds from all sources Municipal bonds (highgrade) 2.50 3.10 4.27 4.98 were low relative to the volume of savings Private: Commercial bank term loans 4 1.99 2.99 n.a. n.a. and available bank reserves; as a result, costs Corporate Aaa bonds 2.86 3.26 4.73 6.12 Corporate Baa bonds 3.53 5.03 5.90 8.20 were low. During World War II and cur- Farm real estate mortgages. 44.6 45.9 6.4 6.4 rently demands for funds have been in excess Equity Funds of savings, but bank credit has been readily Preferred stock yields (high-grade) 4.16 4.45 5.12 6.79 available; as a result the cost of credit and Common stock yields (industrials) 5.86 5.76 4.23 5.54 capital has been kept low. n.a. Not available. The current levels of long-term rates on 1 2 F N i o g u is r s e u s e f s o r o u 1 t 9 s 4 ta 8 n ( d a i s n g o . f last quarter of 1947) and 1937 (as of 1939) are preliminary for revised series to be published fn a forth high-grade obligations, with the exception coming BULLETIN. 3 For 1948, taxable issues; for earlier years, partially tax-exempt of those on United States Government se- issues. 4 Data for a slightly different year or period. curities, are close to the prewar (1939) levels, Sources.—Treasury Department, Standard and Poor's Corporation, Moody's Investors Service, Department of Agriculture, and and short-term open market rates, in general, Federal Reserve. are the highest since 1933. These current example, the tax-exempt yields on high-grade levels, like those of the thirties, are excepmunicipal bonds, which during the war tionally low compared with earlier peak years declined below the taxable yields on Federal of economic activity, such as those shown in Government bonds, have recently moved the table. above the latter for the first time since The current relationships between interest 1942. In view of the high level of currates are considerably different from those rent income taxes, the rise in these taxthat prevailed during the war and are much exempt yields reflects in part the fact that more like the relationships that prevailed the supply of State and local government before the war. For example, the spread between the yields of high-grade corporate issues has risen more than the demand from and United States Government bonds be- investors to whom the tax exemption feature came very narrow during the war, but largely is important. as a result of the recent rise in corporate Two current relationships among security yields the spread has become wider than at yields that still vary sharply from those of the any time since taxable Government bonds prewar period are the relationships between were first issued in 1941. To cite another the yields of high-grade and lower-grade cor- 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL porate bonds, and between lower-grade cor- is higher now relative to earlier years than is porate bonds and high-grade preferred stocks. the ratio of dividends to prices. The spreads between these two sets of yields narrowed greatly during the war, in part be- PROSPECTS cause of the increased investor confidence in If the high levels of demand and produclower-grade bonds brought about by exception generally prevailing in the past year are tionally profitable business operations. Acmaintained and particularly if prices should cording to Moody's averages, the spread berise further, it seems probable that the tween the yields of high-grade and lowerforces underlying the recent rise in money grade corporate bonds is still much narrower rates will continue. Businesses will still re- —about 70 points—than it was in 1939— 195 quire a substantial volume of outside financpoints—despite relatively low investor confiing, in addition to their internal resources dence in such other risk securities as corporepresented by current and accumulated rate common stocks. During the war, highearnings and earned depreciation allowances, grade preferred stocks began to yield a in order to finance further additions to plant greater return than lower-grade bonds. This and equipment, inventories, and receivables. new relationship has continued into the pres- Individuals will borrow more to finance the ent period. acquisition of homes and durable goods. The Although common stock yields have flucvolume of new State and local government tuated widely from year to year in the past, security issues will continue large to pay for they are currently above the immediate preadditional construction projects and further war yields but not much above the over-all veterans' bonuses. Finally, the foreign deaverage level of the past three decades. This mand for credit will be large in spite of is in decided contrast to yields on other forms improving economic conditions in some of long-term money, which have exhibited countries. a sharp downward trend since the twenties and which at the end of 1947 were still con- Savings available for investment in other siderably below the levels of most of the than liquid assets may decline further, or at thirties as well as all of the twenties. least cannot be expected to increase substan- Considerable additional equity funds, how- tially. As a result, there would be a continuever, have recently been available to business ing demand for bank financing, and total corporations in the form of a record volume commercial bank loans and investments elseof undistributed profits. Corporate undis- where than in Government securities would tributed profits during the year 1947, for rise further. Such an expansion in bank example, totaled 10.3 billion dollars, as com- credit would contribute to a resumption pared with 6.9 billion in 1946, 1.2 billion in of the general price rise or to the preven- 1939, and 2.6 billion in 1929. This increase tion of a desirable readjustment among prices. in undistributed profits has been the result Reserves to meet the growing demands for both of the rise in corporate profits before credit will become available through gold imdividends and the lower proportion of profits ports or can readily be obtained by banks by paid out in dividends. The average ratio of selling Government securities to the Reserve total earnings to prices of shares, accordingly, Banks. In view of its responsibility for main- 277 .MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE COST OF CREDIT AND CAPITAL taining an orderly and stable market for such of additional Federal Reserve authority to securities, the Federal Reserve System would influence banking conditions, the primary not be able under existing powers to limit the check on future bank credit expansion will ability of banks to meet all the credit de- be through such voluntary restraint as may mands forthcoming. Thus, in the absence be exercised by lenders and borrowers. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY Establishment of a new central ban\, the Ban\ Bizonal Economic Administration, with the State deutscher Laender (Ban\ of the German States), Central Ban\s, and with foreign central ban\s. was announced on February 15, 194S, by the The Ban\ will ran\ equally with the several de- United States and British Military Governments in partments of the Bizonal Economic Administration. Germany. The new institution, which started oper- The new Ban\ will not at present issue currency ations on March 1 with headquarters in Frankfurt, but is to acquire the power of note issue later at is designed to coordinate the activities of the rethe discretion of the Allied authorities. The duty imgional central ban\s which have been established in posed upon it of promoting uniformity in banking the German States included in the United States policies in the several German States under its jurand British zones of occupation. Three such ban\s isdiction may be carried out by regulation of disin the United States zone, those of Bavaria, Wuertcount and interest rates and open market operations temb erg-Bad en, and Hesse, have been in operation of the State Central Ban\s. The Ban\ is to fix more than a year} A similar institution was estabminimum reserve requirements for these ban\s, and lished in Bremen after that area became a separate is also given authority over the regulations to be State of the American zone in 1947, and more reissued by the State Central Ban\s concerning the cently four such ban\s were created in the States of reserve requirements of commercial ban\s. Subject the British zone, namely, North Rhine-Westphalia, Lower Saxony, Schleswig-Holstein, and Hamburg. to any current legislation, the Ban\ is to regulate foreign exchange transactions and may hold foreign The new Central Band's capital of 100 million exchange for its own account or the account of Reichsmar\s will be furnished by these State Cenothers. It may serve as fiscal agent for the German tral Ban\s, subscriptions being in proportion to the amount of their deposits on March 1, 1948. The Bizonal Economic Administration and, if represidents of the State Central Ban\s will be mem- quested, for the Joint Export-Import Agency, an bers of the Board of Directors of the new Ban\. instrument of the United States and British Mili- The institution is under the authority of the Allied tary Governments. Ban\ Commission and its activities will be limited Following is the text of Law No. 60 of February for the most part to transactions with the German 15 for the United States zone. MILITARY GOVERNMENT, GERMANY—UNITED STATES AREA OF CONTROL LAW NO. 60—-ESTABLISHMENT OF A BANK DEUTSCHER LAENDER WHEREAS the Military Governors and Command- to as the "Bank") is hereby established as a ers-in-Chief of the United States and British Zones juridical person under public law with its place have agreed to establish a Bank deutscher Laender of business and legal seat in Frankfurt. in order to promote in the common interest the best 2. Except as otherwise provided herein, the banking use of the financial resources of the area served by activities of the Bank shall be limited to transacthe member Land Central Banks, to strengthen the tions with member Land Central Banks, central currency and credit system and to coordinate the banks of other German Laender and of foreign activities of the said Central Banks, and countries or their equivalent and the Bizonal Eco- WHEREAS British Military Government is pro- nomic Administration. mulgating Ordinance No. 129 for the British Zone 3. Except as otherwise provided herein or by law, in order to give effect to this agreement, the Bank shall not be subject to the instructions of NOW IT IS HEREBY ORDERED AS FOLLOWS: any political body or public nonjudicial agency. ARTICLE I 4. The Bank shall not be subject to the provisions of the Reichsgesetz ueber das Kreditwesen (Ger- LEGAL STATUS AND SEAT OF THE BANK man Banking Act). 1. A Bank deutscher Laender (hereinafter referred 5. The Bank shall not maintain any branches or 1 For legislation under which these banks were established, subsidiaries or affiliates. see Federal Reserve BULLETIN, February 1947, pp. 130-135. 279 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY ARTICLE II (2) Treasury bills and securities issued by the Bizonal Economic Administration or RELATIONS TO ALLIED BANK COMMISSION by any Land within the area of compe- 6. In determining the policies of the Bank, the tence of the member Land Central Banks. Board of Directors shall be subject to such direc- (3) Fixed-interest-bearing securities which tions as may be issued by the Allied Bank Com- any member Land Central Bank has purmission.2 chased on the open market. 7. The Bank shall submit to the Allied Bank Come. Provide facilities for the safekeeping and cusmission such reports and information as the Comtody of securities and valuables. mission may require. 14. The Bank may: a. Serve as fiscal agent, without charge, for the ARTICLE III Bizonal Economic Administration, including ac- FUNCTIONS AND BUSINESS ACTIVITIES ceptance of deposits, purchase and sale of treasury bills and fixed-interest-bearing securities, and pro- 8. The Bank shall, on the direction of the approvision of payment facilities and facilities for the priate Allied authorities, become the exclusive bank safekeeping and custody of valuables and securities; of issue and, subject to such direction, may issue b. Grant to the Bizonal Economic Administraand distribute bank notes and coins within the tion short-term advances in anticipation of specific area of its competence. revenues, which advances shall not exceed the 9. The Bank shall promote the solvency and liquidamount of three hundred (300) million Reichsity of the member Land Central Banks. marks, unless the Board of Directors, by a deci- 10. The Bank shall establish common policies with sion of three quarters of its members, raises this respect to banking and shall ensure, as far as possilimit to five hundred (500) million Reichsmarks; ble, the maximum uniformity in banking policies c. Purchase and sell, in the open market, treasury within the several Laender. bills issued by the Bizonal Economic Administra- 11. a. The Bank may issue directions for the gention; eral regulation of bank credit,, including interest and d. Purchase and sell, in the open market, fixeddiscount rates and open market operations of the member Land Central Banks. interest-bearing securities of the Bizonal Economic Administration. b. Interest and discount rates may differ as among the member Land Central Banks. 15. a. The Bank shall give advice to the appropric. The Bank may regulate the establishment of ate authorities with regard to foreign exchange minimum reserve requirements for individual policy. banks. Such regulations shall be issued by the b. Subject to any legislation for the time being member Land Central Banks. in force, the Bank shall regulate foreign exchange 12. The Bank shall assume and effect the entire transactions and may hold foreign exchange for its settlement of bank balances resulting from trans- own account or the account of others for which fers between the Laender. This settlement of bal- purpose it may maintain accounts with foreign ances shall be accomplished through the accounts commercial banks. of the member Land Central Banks with the Bank. c. Foreign exchange as used in this paragraph 13. The Bank may engage in the following trans- shall mean means of payment and bills of exchange actions with Central Banks: expressed in foreign currencies and balances with a. Purchase and sell foreign exchange and gold, foreign banks. silver and platinum, subject to existing legal re- 16. The Bank, upon request, shall serve as fiscal strictions; agent for the Joint Export-Import Agency and b. Accept deposits; equivalent agencies in other German Laender. c. Rediscount bills of exchange; 17. The Bank shall regulate the collection, assembly d. Grant loans against: and evaluation of monetary and banking statistics (1) Bills of exchange, and establish rules for their preparation by and through the member Land Central Banks. 2 A new agency whose members are appointed by the Military Governors of the United States and British Zones of Germany. 18. Transactions, other than those specified in 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY Sections 8 to 17 (inclusive) of this Article, may be e. The President of the Board of Managers, or undertaken by the Bank for internal administrative in his absence, his Deputy, shall be Vice-Chairman purposes only. of the Board of Directors. 19. a. The Bank shall fix and publish interest and 22. a. The emoluments of the Chairman of the discount rates for its transactions with the member Board of Directors and the members of the Board Land Central Banks. of Managers shall be fixed by contract between the b. The Bank shall fix minimum reserve require- person concerned and the Bank represented by the ments for the member Land Central Banks and Board of Directors. may require the deposit of such reserves with the b. The by-laws of the Bank shall determine the Bank. Such reserve requirements shall not exceed terms of employment of its officers, employees and 30 percentum of the total deposits with the member workers. Land Central Banks. 23. a. The Board of Directors shall not delegate c. The Bank shall publish the interest rates for its the responsibility for the functions of the Bank transactions with the Bizonal Economic Adminis- enumerated in tration. Article III d. The Bank shall not pay interest on deposits. IV, Paragraph 22a, 24b and c V, Paragraph 25b, 28a and b, and 29 ARTICLE IV VI, Paragraph 31a and b, and 34a It may, however, in its discretion, and subject to ORGANIZATION its general supervision, delegate the discharge of 20. The policies of the Bank shall be determined these and any other functions. by the Board of Directors and executed by the b. When, in the opinion of the President of the Board of Managers. Board of Managers, action is necessary and delay 21. a. The Board of Directors shall consist of a of action would be prejudicial to the fulfilment of Chairman, the President of the Board of Manthe functions of the Bank, the Chairman may act agers, and the Presidents of each of the member for the Board of Directors. The Board of Direc- Land Central Banks. tors should be convened immediately thereafter to b. The Board of Directors shall arrive at its approve or disapprove the measures taken. decisions by a simple majority of the votes cast, 24. a. The Board of Managers shall consist of a each member having a single vote. The vote of President, a Deputy and a number of Managers the Chairman shall be decisive in event of a tie. to be fixed by the by-laws. The presence of more than one-half of all memb. The President of the Board of Managers and bers of the Board of Directors shall be required his Deputy shall be elected, and their terms of to constitute a quorum. office fixed, by the Board of Directors, excluding c. The Deputy of the President of the Board of the Chairman of the Board of Directors and the Managers shall be entitled to attend all meetings President of the Board of Managers who, for this of the Board of Directors and take part in all dis- purpose, shall not vote. The other members of the cussions. He shall be entitled to vote however only Board of Managers shall then be appointed by the when acting for and in the absence of the Presi- full Board of Directors for such terms as may be dent of the Board of Managers. determined by the Board of Directors. Re-election d. The Chairman of the Board of Directors and reappointment are permissible. shall be elected by a simple majority of the mem- c. Any member of the Board of Managers may bers of the Board, excluding the Chairman in office be discharged at any time by the Board of Directors and the President of the Board of Managers, who, for important reasons which shall be stated in defor this purpose, shall not vote. His term of office tail. Terms of employment may provide that such shall be three (3) years. Re-election is permissible. discharge shall be without prejudice to any finan- The Chairman shall not be, during his term of cial benefits accruing thereunder. office, a member of the Board of Directors or d. The President of the Board of Managers shall Board of Managers of any member Land Cen- be responsible to the Board of Directors for the tral Bank. execution of all decisions of the Board of Directors MARCH 1948 281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY and for the general conduct of the business of the (3) Bills of exchange Bank. (4) Securities of the Bizonal Economic Adminise. The Board of Managers shall advise its Presi- tration dent and assist him in carrying out the policies and (5) Securities of the Laender decisions of the Board of Directors. (6) Other securities f. The Board of Managers shall represent the Cash advanced to the Bizonal Economic Adminis- Bank in judicial proceedings and all other matters. tration g. Any two members of the Board of Managers Other assets shall have the power to make declarations of legal b. Liabilities intent (Willenserklaerungen) on behalf of the Bank notes issued Bank. Such declarations shall also be valid if made Coins issued by agents who have been duly authorized by the Required balances of member Land Central Banks Board of Managers. Free balances of member Land Central Banks h. For a declaration of legal intent (Willens- Deposits of the Bizonal Economic Administration erklaerung) to be made to the Bank, it shall Other deposits suffice if such declaration is made to one member Capital of the Board of Managers or to any other agent Legal reserve fund duly authorized by the Board of Managers. Contingent reserve Other liabilities ARTICLE V 27. The Board of Managers shall, furthermore, CAPITAL, WEEKLY AND ANNUAL STATEMENTS, establish and publish consolidated statements of AND DISTRIBUTION OF PROFITS the financial position of the Bank and its member 25. a. The capital of the Bank shall be one hun- Land Central Banks as at the last day of each dred (100) million Reichsniarks. All Land Central month. Banks within the area in which this Law is effective 28. a. The Board of Managers shall prepare an shall subscribe to the capital of the Bank in pro- annual financial statement of the Bank within three portion to the amounts of their desposits on the months of the end of each calendar year. The effective date of this Law. Board of Directors shall thereupon examine and, b. The Board of Directors may within two years upon approval thereof, publish such financial statefrom the effective date of this Law, reapportion ment and shall give release (Entlastung) to the the capital participation. Board of Managers accordingly. If such financial 26. The Board of Managers shall publish state- statement is not approved, the Board of Directors ments of the financial position of the Bank as at the shall take appropriate action. An annual state- 7th, 15th, 23rd and last day of each month. Such ment, approved by the Board of Directors, shall in statements shall contain at least the following any event be published not later than five months items: after the end of the calendar year covered thereby. a. Assets b. The annual financial statement and the books Cash on hand of the Bank shall be audited by expert and inde- Foreign currencies and coins pendent auditors selected by the Board of Directors Unrestricted claims on foreign debtors before such statement is transmitted to the Board Restricted claims on foreign debtors of Directors by the Board of Managers. Such an- Treasury bills of the Bizonal Economic Adminis- nual audit, however, shall not preclude any indetration pendent audit of any transaction which may be Fixed-interest-bearing securities of the Bizonal Eco- ordered at any time by the Allied Bank Commisnomic Administration sion. Bills of exchange c. The fiscal year of the Bank shall be the calen- Collateral loans against dar year. (1) Treasury bills of the Bizonal Economic Ad- 29. Annual net profits, after the establishment of ministration contingent reserves as determined by the Board of (2) Treasury bills of the Laender Directors, shall accrue as a Legal Reserve Fund. 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY Such accrual, however, shall not exceed, in any one b. The by-laws and implementing regulations of year, twenty percentum (20%) of the total amount the Bank, as well as any other public notices conof the capital of the Bank. Such Legal Reserve cerning the affairs of the Bank, shall be published Fund shall not in the aggregate exceed the total in the official Gazette of the Bizonal Economic Adamount of such capital. The remaining net profits ministration. shall be distributed to each member Land Central c. Unless otherwise expressly provided herein, Bank in proportion to its capital participation. the by-laws and regulations published, as provided in paragraph b of this Section, shall be deemed to ARTICLE VI be effective as from the date of issue of such Gazette. GENERAL PROVISIONS ARTICLE VII 30. a. The Bank shall rank equally with the sev- PENALTIES eral Departments of the Bizonal Economic Administration. 35. Any member of the Board of Directors or b. In respect of taxation, building construction, Board of Managers of the Bank who knowingly conhousing, and leasing of property, the Bank shall ceals the financial conditions of the Bank or of the enjoy the same privileges as are accorded to the member Land Central Banks in any financial statehighest authorities in the area of competence of the ment or report required under the provisions of this Bank. Law, or who participates in'causing a false entry 31. a. The Bank may require such reports and to be made in, or a material entry to be omitted from, such financial statement or report shall be other information from the member Land Central liable to imprisonment not exceeding five years or Banks as it considers necessary for the discharge of a fine not exceeding RM 100,000, or both, unless its responsibilities. the oflense committed is one for which a greater b. The Bank, in conjunction with the Bank penalty is provided under any other law. supervisory authorities of the Laender, shall estab- 36. Any member of the Board of Directors or of lish principles for the audit and certification of the the Board of Managers of the Bank or of any memaccounts of the member Land Central Banks. ber Land Central Bank or any official of such bank c. The Bank shall not issue any list of securities who violates, aids or participates in the violation eligible for collateral, or any list of credit ratings. of any implementing regulations issued under the 32. The provisions regarding the liability of the provisions of this Law, shall be liable to imprisonstate for acts of public officials shall apply mutatis ment not exceeding one year or a fine not exceeding mutandis to the liability of the Bank. RM 20,000, or both, unless the offense committed 33. a. The President of the Board of Managers may is one for which a greater penalty is provided under appoint notarial officials for the Bank. Such noany other law. The regulation must expressly refer tarial officials shall possess the qualifications for the to the sanctions provided in this paragraph. office of a judge and shall have an official seal. 37. Except as otherwise expressly provided, proseb. Such notarial officials shall be entitled to exercutions arising under this Article shall be instituted cise the official functions of a notary in the conduct in the Land courts. of the affairs of the Bank. The authority to act for and on behalf of the Bank may be proved by ARTICLE VIII the certification of such notarial official. OTHER PROVISIONS 34. a. The Board of Directors shall issue the bylaws of the Bank, the regulations directed to the 38. The German text of this Law shall be the offimember Land Central Banks, necessary to imple- cial text and the provisions of Military Government ment the provisions of this Law and the adminis- Ordinance No. 3 as amended and of Article II, trative regulations necessary for the conduct of the Section 5 of Military Government Law No. 4 as business of the Bank. Such by-laws and regulations amended shall not apply. shall require approval by the Allied Bank Commis- 39. This Law shall become effective within the sion and shall bind only the Bank and its member Laender of Bavaria, Wuerttemberg-Baden, Hesse, Land Central Banks. and Bremen on 1 March 1948. MARCH 1948 283 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 Substitutions in Undermargined Accounts AMENDMENT NO. 8 TO REGULATION U Amendments to Regulations T and U Effective April 1, 1948, Regulation U is hereby The Board of Governors of the Federal Reserve amended by striking out the third paragraph of System, effective April 1, 1948, has made technical section 1 and substituting therefor the following amendments to its Regulations T and U in order paragraph: to permit a customer to make substitutions in an While a bank maintains any such loan, whenundermargined account (one having a margin of ever made, the bank shall not at any time permit less than 75 per cent) without having to supply any withdrawal or substitution of collateral if, after additional margin. Such substitutions in an ac- such withdrawal or substitution, the loan exceeds count may be made, for example, by the sale of one the maximum loan value of the collateral, except security and the purchase of another. Previously that the bank may permit such a withdrawal or subsuch substitutions were limited by the rule that the stitution provided the loan is reduced, other colproceeds of sales of securities in an undermargined lateral is deposited, or both, such that the maximum account be used to the extent necessary to increase loan value of the collateral deposited (plus the the margin on the remaining securities until it is amount of any reduction in the loan) is at least as on the 75 per cent basis. The amendments do not great as the maximum loan value of the collateral add to the amount of credit available for stock withdrawn, and the current market value of the market transactions under existing regulations. collateral deposited (plus the amount of any reduc- The text of the amendments is as follows: tion in the loan) is at least as great as the current market value of the collateral withdrawn. If the AMENDMENT NO. 7 TO REGULATION T maximum loan value of the collateral has become Effective April 1, 1948, Regulation T is hereby less than the amount of the loan, such amount may amended by striking out the first sentence of the nevertheless be increased if there is provided addisecond paragraph of section 3(b) and amending tional collateral having a maximum loan value at the remaining sentence of such paragraph so that least equal to the amount of the increase. the paragraph will read as follows: No withdrawal of cash or registered or exempted Reserves securities shall be permissible if the account, after Classification of Reserve Cities such withdrawal, would have an adjusted debit On February 20, 1948, the Board of Governors balance exceeding the maximum loan value of the took action as follows with respect to the classifisecurities in the account, except that (1) cash may cation of reserve cities: be withdrawn upon the deposit in the account of securities having maximum loan value at least as "On December 19, 1947, the Board of Governors great as the amount of such cash, or (2) securities of the Federal Reserve System adopted a rule (pubmay be withdrawn upon the deposit in the account lished in the Federal Register for December 24, of cash, securities, or both, such that the maximum 1947), effective March 1, 1948, classifying (and conloan value of the securities deposited (plus the tinuing) certain cities as central reserve cities and amount of any cash deposited) is at least as great reserve cities, classifying one additional city as a as the maximum loan value of the securities with- reserve city, and terminating the designation of cerdrawn, and the current mar\et value of the securities tain other cities as reserve cities. It was provided deposited (plus the amount of any cash deposited) in paragraph (3) of subsection (b) of such rule, is at least as great as the current market value of however, that the Board of Governors, prior to the securities withdrawn. March 1, 1948, would also designate (and continue) 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as a reserve city any city now classified as such Public Circular No. 25 (Part 131, Appendix B) is hereby which would otherwise have its designation as a amended to read as follows: reserve city terminated under the rule, if a written EXEMPTIONS FROM GENERAL RULING NO. 11 request for the continuance of such city as a re- (1) Term "enemy national" not applicable with respect serve city were received by the Federal Reserve to Italy, Bulgaria, Hungary or Rumania. In view of the Bank of the district in which the city is located on ratification of treaties of peace with Italy, Bulgaria, Hungary, and Rumania, the term "enemy national," within the meanor before February 16, 1948, from every member ing of General Ruling No. 11, shall not be deemed to inbank which has its head office or a branch in such clude the Government of Italy, Bulgaria, Hungary or Rucity (exclusive of any member bank in an outlying mania, or any agent, instrumentality, representative, individdistrict of such city permitted by the Board of ual, organization, or other person, who would be an enemy national solely by reason of a relationship to any such coun- Governors to maintain reduced reserves) together try or its government, or to any national thereof, provided with a certified copy of a resolution of the board that any license which, by its terms is not applicable to any of directors of such member bank duly authorizing transaction or transactions involving any enemy national or such request. In accordance with this provision, nationals shall be regarded as not applicable to any transaction involving the Government of Bulgaria, Hungary or requests were duly received from every such mem- Rumania or any national of any such country who, except ber bank in each of the cities hereinafter named for the provisions of this circular, would be considered as an for the continuance of such city as a reserve city. enemy national. "Accordingly acting in accordance with para- (2) Communications and transactions with or by enemy nationals exempted from General Ruling No. 11 under graph (3) of subsection (b) of its rule of December certain conditions. There are hereby exempted from the 19, 1947, and pursuant to authority conferred upon prohibitions contained in paragraphs (1) and (2) of General it by section ll(e) of the Federal Reserve Act and Ruling No. 11: other provisions of that Act, the Board hereby (a) Any trade or communication with an enemy naclassifies (and continues) the following cities as tional; reserve cities: Toledo, Ohio; Dubuque, Iowa; (b) Any act or transaction involving any trade or com- Peoria, Illinois; Kansas City, Kansas; Pueblo, Colo- munication with an enemy national; rado; St. Joseph, Missouri; Topeka, Kansas; Gal- (c) Any financial, business, trade, or other commercial act or transaction by or on behalf of an enemy veston, Texas; and Waco, Texas." national. Foreign Funds Control (3) Exemption not applicable to certain transactions. The exemption granted in paragraphs (1) and (2) shall not Treasury Department Releases apply to any transaction which is prohibited by the Order The following releases relating to transactions in or General Ruling No. HA or by any other ruling or reguforeign exchange, etc., in addition to those hereto- lation (other than General Ruling No. 11) issued by the Secretary of the Treasury pursuant to Section 5(b) of the fore published in the Federal Reserve BULLETIN, Trading with the enemy Act, as amended, unless such transhave been issued by the Office of the Secretary of action is licensed by the Secretary of the Treasury. A license the Treasury under authority of the Executive Order authorizing any prohibited transaction will not require a of April 10, 1940, as amended, and the Regulations waiver of General Ruling No. 11. issued pursuant thereto: (4) General License No. 32 not applicable to certain remittances. The provisions of General License No. 32 shall Treasury Department not be deemed to authorize any remittance to any citizen FOREIGN FUNDS CONTROL or subject of Germany, Japan, Bulgaria, Hungary, or Ru- January 16, 1948 mania who is within any such country or to any citizen or AMENDMENT TO PUBLIC CIRCULAR NO. 25 subject of Germany or Japan within Italy. Under Executive Order No. 8389, As Amended, Executive (5) Attention directed to Rules of Office of Alien Prop- Order No. 9193, As Amended, Sections 3(a) and 5{b) erty. Attention is directed to (a) Section 501.6-2 of the of the Trading with the Enemy Act, As Amended by the Rules of Procedure of the Office of Alien Property (Regu- First War Powers Act, 1941, Relating to Foreign Funds lation 2 under General Order No. 6), which requires that Control.* when legal notice is sent to enemy countries, a copy must in certain cases be sent to the Office of Alien Property and * Appendix B, issued under sec. 3(a), 40 Stat. 412, sec. 5(b), 40 Stat. 415, 966, sec. 2, 48 Stat. 1, 54 Stat. 179, (b) Section 503.7-1 of the Substantive Rules of the Office sec. 301, 55 Stat. 839; 50 U. S. C. App. 3(a), 12 U. S. C. 95a, of Alien Property (Regulation No. 1 under General Order 50 U. S. C. App. Sup., 5(b); E. O. 8389, Apr. 10, 1940, as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, No. 20) which requires the consent of the Office of Alien 1941, E. O. 8963, Dec. 9. 1941, and E. O. 8998, Dec. 26, 1941, Property to any distribution, payment, or transfer to the E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, governments or persons described therein. 1945; 3 CFR, Cum. Supp., 10, F. R. 6917; Regulations, Apr. 10, 1940, as amended June 14, 1941, Feb. 19, 1946, June 28, JOHN W. SNYDER 1946, and Jan. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6. Secretary of the Treasury MARCH 1948 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department license is hereby granted licensing, subject to the exceptions of paragraph (2) below, the following property to be re- FOREIGN FUNDS CONTROL garded as property in which no blocked country or national February 27, 1948 thereof has or has had any interest: Property in any account GENERAL LICENSE NO. 97 on February 1, 1948, and any income subsequently accruing from such property, where the total value of the property Under Executive Order No. 8389, As Amended, Executive in the account on such date was not more than $5,000. Order No. 9193, As Amended, Section 5(b) of the Trad- (2) Exceptions. This license shall not apply to any proping with the Enemy Act, As Amended by the First War erty of any person resident or organized in Germany, Japan, Powers Act, 1941, Relating to Foreign Funds Control.* Hungary, Rumania, or Bulgaria, regardless of the citizenship General License No. 97—(1) Property licensed. A general of such person. • Section 131.97, issued under sec. 5(b), 40 Stat. 415, 966, (3) Restrictions of General Ruling No. 11 A. Attention sec. 2, 48 Stat. 1, 54 Stat. 179, sec. 301, 55 Stat. 839; 12 U.S.C. is directed to the special restrictions contained in General 95a, 50 U.S.C. App. Sup., 5(b); E.O. 8389, Apr. 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O. 8832, July 26, Ruling No. 11A pertaining to dealings in certain property 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, in which there is any interest of Germany or Japan or certain E.O. 9193, July 6, 1942, as amended by E.O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, Apr. nationals thereof. 10, 1940, as amended June 14, 1941, Feb. 19, 1946, June 28, JOHN W. SNYDER 1946, and Jan. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12 F.R. 6. Secretary of the Treasury 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings designation by the President of a new Chairman of The Federal Advisory Council met in Washing- the Board of Governors and Allan Sproul as Vice ton on February 15-17. The annual organization Chairman. The representative members of the meeting of the Council was held on February 15, Committee elected by the Federal Reserve Banks at which Edward E. Brown, Chairman of the First for the period of one year beginning March 1, 1948, National Bank of Chicago, was re-elected President, are Allan Sproul, Alfred H. Williams, C. S. Young, C. E. Spencer, Jr., Chairman of the First National H. G. Leedy, and R. R. Gilbert, Presidents of the Bank of Boston, was elected First Vice President, Federal Reserve Banks of New York, Philadelphia, Robert V. Fleming, President of The Riggs Na- Chicago, Kansas City, and Dallas, respectively. tional Bank, was elected Second Vice President, The members of the executive committee are Mar- Walter Lichtenstein was reappointed Secretary, and riner S. Eccles, Chairman; Allan Sproul, Vice Chair- Herbert V. Prochnow was appointed Associate man; M. S. Szymczak; and Alfred H. Williams. Secretary. The Council met with the Board of Admissions of State Banks to Membership in the Governors of the Federal Reserve System on Febru- Federal Reserve System ary 17. The following State banks were admitted to A meeting of the Presidents of the Federal Remembership in the Federal Reserve System during serve Banks was held in Washington on Februthe period January 16, 1948 to February 15, 1948: ary 25 and 26, and on February 27 the Presidents Utah met with the Board of Governors. Delta—The Commercial Bank of Delta On February 27 and March 1 meetings of the Payson—The Commercial Bank of Payson Federal Open Market Committee were held. At the meeting on March 1, Marriner S. Eccles was Washington re-elected as Chairman of the Committee until the Morton—State Bank of Morton MARCH 1948 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS {Compiled February 24 and released for publication February 26] Output and employment at factories and mines and printing establishments also increased. Petrocontinued to show little change in January. Value leum refining activity rose further in January under of department store trade declined by more than the pressure of exceptional demands for fuel oil. the usual seasonal amount in January and the early Output of most other nondurable goods was mainpart of February. Prices of farm products and tained at the December rate or increased somewhat. foods decreased sharply in the early part of Febru- Production of minerals in January continued at ary, while prices of most groups of industrial prod- the December rate. Bituminous coal output was ucts showed little change. restricted by weather influences on transportation and was 7 per cent smaller than in January 1947. INDUSTRIAL PRODUCTION Crude petroleum production continued to gain and Industrial production was maintained in January was 14 per cent larger than a year ago. at the level of the preceding two months, and the Board's preliminary seasonally adjusted index was EMPLOYMENT 192 per cent of the 1935-39 average. Employment in nonagricultural establishments Activity in durable goods industries showed a was reduced by 1,100,000 persons from mid-Deslight decline in January. The decline reflected cember to mid-January, mainly because of the usual mainly some curtailment in production at steel and large seasonal reduction in trade and Federal post automobile plants in the latter part of the month office activities. Construction employment was owing to adverse weather conditions, which contincurtailed more than is usual in January, owing to ued in the early part of February. Activity in nonexceptionally severe weather conditions. Employferrous metals industries continued to increase in ment in manufacturing industries showed about January; deliveries of copper and zinc to fabricators the usual small seasonal decline. were at the highest level since the spring of 1947. Output of lumber and stone, clay, and glass prod- DISTRIBUTION ucts was maintained at exceptionally high levels for this season. Department store sales showed more than the usual seasonal decrease in January and the Board's Output of most nondurable goods recovered in adjusted index declined to 282 per cent of the January from the December decline. Activity at 1935-39 average, as compared with 303 in Decemcotton textile mills reached the highest rate since the spring of 1947. Production at paperboard mills EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEAS - r - - - \ - - / EDO 1 200 - V 180 180 y 160 (60 / V - 140 140 - - - - 1942 1944 1946 1948 1942 1944 1946 1948 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic serv- Federal Reserve index. Monthly figures, latest shown are ants are excluded. Midmonth figures, latest shown are for for January. January. 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ber and an average of 285 for the year 1947. Value on bank reserves were met out of excess reserves, of sales in the first half of February was 3 per cent from funds received from the post-Christmas reabove a year ago. turn of currency and further gold inflows, and from Total shipments of railroad revenue freight early funds supplied by market purchases of Government in January equalled the volume for the correspond- securities by the Reserve Banks. ing period of 1947. In the latter part of January Sale of Treasury bonds by commercial banks and in early February, however, loadings of most and other investors continued in January and the classes of freight were substantially curtailed as a first three weeks of February, and the Federal Reresult chiefly of weather conditions. serve System purchased substantial amounts of these issues. Total holdings of Government secu- COMMODITY PRICES rities by Reserve Banks declined, however, reflect- The general level of wholesale prices declined ing sales of bills and certificates in the market, as about 4 per cent from the middle of January to well as Treasury retirements of securities held by the latter part of February, reflecting mainly sharp Reserve Banks out of surplus cash receipts. decreases in prices of farm products and foods. Government security holdings at member banks Prices of hides, print cloth, and some other indus- in leading cities declined somewhat in January and trial materials also showed marked declines. Prices the first half of February as continued sales of of semifinished steel and worsted fabrics, however, Treasury bonds were offset only partly by purchases were raised and prices of most other groups of of bills. Loans to businesses showed little further industrial products showed little change. change, but real estate and consumer loans contin- Retail food prices declined about 4 per cent in ued to expand. February from the record level of 210 per cent of Effective on February 27, 1948, the Board of the prewar average reached in January. Governors raised from 20 to 22 per cent the reserve requirements to be maintained on net demand BANK CREDIT deposits by member banks in central reserve cities. Seasonally large Treasury receipts from tax collections and sales of savings bonds resulted in a SECURITY MARKETS substantial transfer of deposits from private ac- Common stock prices, which had moved downcounts at commercial banks to Treasury accounts ward during most of January, declined more sharply at the Reserve Banks during January and the first in the early part of February. Corporate bond three weeks of February. Accompanying drains prices were stable; yields on high-grade issues averaged about 2% per cent. WHOLESALE PRICES 220 - MEMBER BANK RESERVES AND RELATED ITEMS J MONEY IN J .^ : CIRCULATION ** \"~~ 180 \ • y \ RES™I : E D B IT AHK / y - 4 A- RM PRODUCTS •'/' 140 1 ijli r s / < : - / A AS* / RES M E E R M V B E E B R A B L A A N N K CES - : OTHER CDMMODITIES J - / - 60 TREASURYDEPOSITS 1941 1942 1943 1944 1945 1946 1947 1948 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for Feb. 21. Wednesday figures, latest shown are for Feb. 25 MARCH 1948 289 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 293 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 294 Federal Reserve Bank statistics. . . 295-298 Guaranteed war production loans 299 Deposits and reserves of member banks.. 299-300 Money in circulation 301-302 Gold stock; bank debits and deposit turnover 302 Deposits and currency; Postal Savings System; bank suspensions. . 303 All banks in the United States, by classes 304-305 All insured commercial banks in the United States, by classes. . 306-307 Weekly reporting member banks 308-311 Commercial paper, bankers' acceptances, and brokers' balances.. 312 Money rates and bond yields 313 Security prices and new issues 314-315 Corporate earnings and dividends.. 316 Treasury finance 317-319 Government corporations and credit agencies... 320 Business indexes 321-330 Department store statistics... 331-333 Consumer credit statistics.. 334-336 Cost of living 337 Wholesale prices ... 338 Gross national product, national income, and income payments. .. 339-340 Current statistics for Federal Reserve chart books 341-345 Number of banking offices on Federal Reserve par list and not on par list 346 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. MARCH 1948 291 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 30 — 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for Feb. 25. See p. 293. 292 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- u T r r y e a d s e - - Other balances Date c v o a D a a n u n d i c n s d - - e ts s Total se T c b u u r i e r r l i y a l t s s ie - s All 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 u n 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 B p s w e R e o a d r i s n e e t v i - h k t r e s s al b 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 and other certificates Monthly averages of daily figures: 1946— D js e f cov. . 3 3 5 0 1 5 2 23 3 , , 6 7 7 6 4 7 2 2 2 2 , , 1 4 1 0 6 1 1 1 , , 5 3 5 6 8 6 4 6 9 7 8 4 2 2 4 4 , , 5 7 2 4 2 6 2 2 0 0 , , 4 4 3 8 7 8 4 4 , , 5 5 4 5 8 2 2 2 8 8 , , 7 9 2 9 7 7 2 ? , ? 2 * 8 & 2 5 5 9 5 6 6 9 8 9 5 2 2 5 6 9 0 8 6 1 1 6 6 , , 3 5 1 1 0 7 8 9 5 0 4 0 1947—jan 252 23,632 22,523 1,109 547 24,43120,624 4,560 28,543 ,290 780 989 614 16,399 850 Nov. 313 22.082 20,158 1,924 472 22,86622,479 4,551 28,648 :,330 1,287 1,011 631 16,988 850 Dec 268 21.905 18,908 2,996 685 22,858 22,7t2 4.556 28,937 :,330 967 1,016 614 17,261 987 194g—jan# 224 21,673 16,566 5,107 551 22,447 22,816 4,559 28,394 :,329 1,130 1,014 566 17,390 933 End-of-month figures: 1946—Nov.30 316 23,944 22,356 1,588 530 24,791 20,470 4,551 28,861 1.269 620 951 598 16,513 1,063 Dec. 31 163 23,350 22,241 1,109 580 24,09320,529 4,562 28,952 ',272 393 822 607 16,139 562 1947—Jan. 31,... 308 23,941 22,832 1,109 506 24,75420,748 4,559 28,262 ,258 1,942 922 614 16,063 663 Nov.29 331 22,209 19,813 2,395 435 22.975 22,614 4,557 28,766 ,324 1,277 1,180 626 16,974 829 Dec. 31 85 22,550 18.230 4,329 536 23 18122.754 4.562 28.868 ,336 870 961 563 17.899 1,499 1948—Jan. 31.... 327 21,925 15,591 6,334 530 22,782 22,935 4,561 28,111 ,305 2,343 1,049 551 16,919 768 Wednesday figures: 1947—Apr. 2 429 21,938 20,833 ,105 39! 12,758 >0,486 4,557 28,247 ,333 946 1,093 64? 15,540 563 Apr. 9 277 22,276 21,171 ,105 339 >2,893 '0,497 4.559 28,250 336 753 1,033 641 15.934 886 Apr. 16 101 21,905 20,800 ,105 468 22,474 20,583 4.558 28,163 .332 613 879 641 t5,987 844 Apr. 23 141 21.829 20,724 ,105 259 *2,230 '0.621 4.558 28,105 338 482 1,021 643 15,820 658 Apr. 30 125 21,857 20,752 L, 105 223 22.205 20.774 4,561 28,114 ,329 619 1,025 627 15,826 654 May 7 102 21,852 20,747 1,105 276 22,230 20,811 4,560 28,197 ,328 654 918 626 15,877 654 May 14 139 21,762 20,671 1,091 331 22,23320,878 4,559 28,134 ,337 556 1,066 628 15,949 787 May 21 117 21,676 20,589 1,087 278 22.071 20,888 4.559 28,116 ,338 539 957 626 15,942 752 May 28 130 21,590 20,485 1,105 299 22,01920,932 4,561 28,211 ,372 751 846 626 15,705 520 June 4 173 21,760 20,664 L,097 301 12,234 20,990 4,561 28,261 ,366 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22.040 21.026 4,561 28,253 ,332 495 889 629 16,028 667 June 18.... 132 21,186 20,089 1,097 479 21.707 21,123 4,561 28,195 ,333 225 857 632 16,241 750 June25 132 21.582 20,485 L.097 343 22.OS721.174 4,553 28,183 ,329 642 915 636 16.08J 674 July 2 110 21,629 20,532 L.O97 406 22,145 21,284 4,559 28,409 ,325 658 977 631 15,988 526 July 9 120 21,611 20,515 1,097 304 22,035 21,336 4,551 28,363 .329 566 844 631 16,190 670 July 16 99 21,758 20,663 1,095 391 22,248 21,434 4,550 28,225 ,331 756 952 631 16,336 759 July 23 118 21,700 20,605 1,095 275 22,09321,467 4,550 28,145 ,330 939 818 633 16,244 630 July 30 111 22,012 20,917 1,095 187 22,31021,537 4,551 28,129 ,341 705 1,236 633 16,354 742 Aug. 6 123 21,869 20,777 t,©92 219 22.211 21,602 4,552 28,206 ,330 728 1,071 621 16,409 741 Aug. 13 183 22,030 20,939 1,091 282 22,494 21,611 4,551 28,223 ,329 1,053 1,000 622 16,428 779 Aug. 20 239 22,097 21,008 1,089 300 22,636 21,666 4,551 28,239 ,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 ,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 ,323 459 1,149 632 16,628 841 Sept. 10 120 22,042 20,848 1,194 309 22,472 21,815 4,551 28,742 ,329 243 960 632 16,932 1,015 Sept.17 130 21,756 20,562 1,194 509 22,394 21,935 4,551 28,633 ,306 240: 930 642 17,128 1,055 Sept.24 119 22,118 20,927 1,191 336 22,57321,950 4,552 28,556 ,319 80O 924 645 16,831 875 Oct. 1 156 22,392 21,195 1,196 383 22,93121,955 4,551 28,559 ,316 1,053 832 643 17,034 985 Oct. 8 111 22,355 21,148 1,207 385 22,85222,092 4,551 28,632 ,328 909 837 646 17,142 1,069 Oct. 15 146 22,218 21,013 1,205 443 22,80722,153 4,551 28,656 ,324 836 817 648 17,229 1,154 Oct. 22 125 21,772 20,564 1,208 451 22,34822,225 4,552 28,569 L.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 22,640 22,336 4,551 28,635 ,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 22,934 22,597 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 ,342 1,256 986 624 17r038 854 Dec. 10 250 21,985 19,273 2,713 382 22,617 22,708 4,556 28,874 ,331 934 992 618 17,132 935 Dec. 17.... 16821,657 18,772 2,886 913 22,73822,723 4,557 28,923 ,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 ,318 929 967 609 17,377 1,073 Dec. 31 85 22,559 18,230 4,329 536 23,181 22,754 4,562 28,868 ,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 t ,340 562 1,009 560 17,503 1,166 Jan. 14 16521,896 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 22,227 22,829 4,559 28,211 1,323 1,268 913 565 17,334 993 Jan. 28.... 281 21,987 15,904 6,082 391 22,65822,894 4,558 28,086 L ,332 1,945 888 555 17,305 1,040 Feb. 4.... 240 20,523 13,882 6,641 413 21,17522,934 4,560 28,124 ,309 6161 974 562 17,084 913 Feb. 11 578 20,817 13,815 7,002 337 21,73222,933 4,559 28,189 1,308 1,187 944 559 17,037 1001 Feb. 18.... 295 21,782 13,704 7,240 543 21,782 22,981 4,557 28,053 L.335 1,725 899 558 16,750 *680 Feb. 25.... 279 21,034 13,645 7,389 394 21,707 23,028 4,557 28,054 l,326 1,656' 901 557 16,799 »834 v Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. » End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MARCH 1948 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 29. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e v s c c e u o r r n u e m n d t e s b n o y t f o e a l b i n g li d i g b a l a e t d i o v p n a a s n p c e a e r n s d Other s [ e S c e u c r . e d 1 0 a ( d b) v ] ances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . (Sees. 13 and 13a)» Rate Effective Rate Effective Rate Effective Boston Jan. 14, 1948 Jan.14, 1948 Jan. 14,1948 New York Jan. 12, 1948 Jan.12, 1948 Apr. 6,1946 Philadelphia Jan. 12, 1948 Jan.12, 1948 Mar. 23,1946 Cleveland Jan. 12, 1948 Jan.12, 1948 Mar. 9,1946 Richmond Jan. 12, 1948 Jan.12, 1948 Mar. 16,1946 Atlanta Jan. 12, 1948 Jan.12, 1948 Jan. 24,1948 Chicago Jan. 12, 1948 Jan.12, 1948 Jan. 12,1948 St. Louis Jan. 12, 1948 Jan.12, 1948 Jan. 12,1948 Minneapolis Jan. 12, 1948 Jan.12, 1948 Jan. 15,1948 Kansas City Jan. 19, 1948 Jan.19, 1948 Jan. 19,1948 Dallas Jan. 12, 1948 Jan.12, 1948 Feb. 14,1948 San Francisco. . . Jan. 15, 1948 Jan.15, 1948 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 February 29. Per cent per annum] Maturity Feb. 29 ginning— rate To industrial or 1- 90davs IX ijan. 12, 1948 1H commercial To financing institutions 91-120 days ijan. 12, 1948 IX businesses 121-180 days ijan. 12, 1948 Federal On discounts or purchases 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 f t i h g o e u r r k r e . F s e .— d T e h r S e a e l e s a R m B e a s e 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 t S o t a a t n is y t ic p s u , r c T ha a s b e l s e m 1 a 1 d 7 e , Bank lo O an n s l 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 o O m en n m ts itpp. 443-445. tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] Boston 2l^—5 Period in effect C r b e e c a s N n i e n t r t y e k r v t s a e l dem R b a e c a n s i n e d ty k r v s d e epo C s b i o a t u s n 1 n k t s ry d m b e T a e p ( n m i a o m k l s b l s e i e ) ts r A C R C N Ph h l i t e e c l i i w a v l h c a n a e m d Y g l t a a e o o o n l n p r d d k hia 2 2 2 2 2 2 ^ ^ ^ 3 3 3 - - - 4 4 4 5 5 5 - - - 5 5 5 1 ( - ) 5 1- 8 5 ) St. Louis 234-5 234-5 8 A A J M M u u p a n a g r y r e . . . 2 1 1 6 6 1 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 1 8 7 7 6 7 - - - - - O A A F A e c p p u b t r r g . . . . . 3 2 3 1 1 8 1 0 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 3 3 3 3 1 7 7 8 6 . . . . . 2 2 1 1 6 9 2 3 3 M 4 1 1 0 5 12 6 5 5 M S D M K a a a i n l n n l s a n F a s e r s a a n p C c o i i l t s i y c s o . . . . . . . . . . . 2 2 2 2 1 3 3 3 ^ 4 4 4 — - - - 5 5 5 5 1M1M 8 ( 3 ) O N A S Fe e c u o b p t g v . . t . . . 2 1 2 3 0 4 1 7 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 1 2 8 - - - - a A S F O n e e u c d p b t g . t . . . a f 2 1 1 t 2 6 9 3 e , , , , r 1 1 1 1 9 9 9 9 4 4 4 4 2 2 8 2 . . . . 2 2 2 2 2 2 2 0 4 2 6 2 % 2 2 2 2 2 0 0 0 0 0 1 1 1 1 1 4 4 4 4 4 6 6 6 6 6 dis 1 2 8 * 6 c R R I C R o n u a h a a c n t t t a l e e e t u r g d c c r c e i h a h n h t a a o a g e r r f r . g g g l e e X o e d d d a n p b b s b e o o o r r m r r r r c o r o a o e w w d w n e e e t e r r r i i . s n le b m s p s u a a t c d r o t e n i m c o o i t m p n a t i u t o t i m n o d e n e x i n s c t w b e u e r it r a d h s t e e d 1 f . i n p p a e o n r r c t i i c n o e g n n t i o n f a s b l t o i o t a u v n t e i . o t n h s e . 1 Demand deposits subject to reserve requirements, i. e., total Back figures.—See Banking and Monetary Statistics, Table 118, demand deposits minus cash items in process of collection and demand pp. 446-447. balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all MARGIN REQUIREMENTS * U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established b y July 5, Jan. 21, Effecthe Board of Governors under provisions of Regulation Q. Prescribed in accordance with 1945- 1946- tive [Per cent per annum] Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, 1946 1947 1947 Nov. 1,1933-Feb. 1, 1935- Effective Jan.31, 1935DDec.31,1935 Jan. 1, 1936 Regulation T: S P a o v s i t n al g s s a d v e i p n o g s s i t d s eposits 234 Fo a r n d e x d te e n a s le io rs n s o n o l f i s c te r d ed s i e t cu b r y i tie b s rokers 75 100 75 Other deposits payable 234 For short sales 75 100 75 In 6 months or more 234 Regulation U: In 90 days to 6 months 234 For loans by banks on stocks 75 100 75 In less than 90 days 2)1 1 1 Regulations T and U limit the amount of credit that may be ex- * NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p/504, under the laws of the State in which the member bank is located. and BULLETIN for March 1945, p. 235. 294 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 1948 1947 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Jan. 28 Jan. 21 Jan. 14 Feb. Jan. Feb. Assets Gold certificates 21,096,170 21 036,170 21 008,170 21 008,170 20,965,170 20,895,170 20,850,170 21 096,170 21,010,170 18,220,176 Redemption fund for F. R. notes 680,049 682,455 690,331 691,631 691,082 692,963 694,906 680,050 691,084 793,183 Total gold certificate reserves 21,776,219 21,718,625 21,698,501 21,699,801 21,656,252 21,588,133 21,545,076 21,776,220 21,701,254 19,113,359 Other cash 367,880 368,155 352,218 371,553 380,522 376,269 350,613 386,715 388,021 350,633 Discounts and advances: For member banks.. . 137,349 163,457 445,980 109,311 170,264 77,515 83,865 288,953 206,522 223,901 For nonmember banks, etc 141,800 131,800 131,800 130,800 110,800 90,800 80,800 141,800 120,800 131,800 Total discounts and advances 279,149 295,257 577,780 240,111 281,064 168,315 164,665 430,753 327,322 355,701 Industrial loans 4,353 4,158 2,760 1,989 2,001 2,869 1,423 4,906 1,972 996 U. S. Govt. securities: Bills: Under repurchase option 6,201,107 Other 9,282,853 9,358,603 9,468,444 9,594,421 10,004,321 10,234,744 10,781,056 9,210,661 9,709,271 9,529,244 Certificates: Special Other 4,362,083 4,344,933 4,346,333 4,287,083 5,899,955 6,076,555 6,236,955 4,390,783 5,881,655 7,188,784 Notes 1,721,850 1,653,500 1,594,500 1,563,500 1,542,750 1,497,950 1,497,950 1,734,350 1,542,750 444,300 Bonds 5,667.05C 5,586,025 5,407,978 5,077,789 4,539,599 3,731,166 3,380,021 5,687,914 4,790,968 753,390 Total U. S. Govt. securities , 21,033,836 20,943,061 20,817,255 20,522,793 21,986,625 21,540,415 21,895,982 21 023,70821,924,64424,116,825 Other Reserve Bank credit outstanding. . 390,079 539,361 333,972 410,509 388,541 515,409 506,099 650,050 527,670 372,124 Total Reserve Bank credit outstanding21,707,417 21,781,837 21,731,767 21,175,402 22,658,23122,227,00822,568,169 22,109,417 22,781,608 24,845,646 Liabilities Federal Reserve notes. . 24,065,495 24,069,669 24,184,348 24,148,085 24,159,08524,278,02324,435,80524,044,71724,155,80124,320,156 Deposits: Member bank — reserve account 16,799,290 16,749,993 17,037,361 17,084,30717,304,92217,334,45517,863,39017,061,81716,919,04815,895,089 U. S. Treasurer—general account 1,655,975 1,725,429 1,186,605 616,091 1,944,667 1,268,026 818,916 1,591,225 2,343,035 2,491,224 Foreign 448,761 420,922 442,069 505,653 405,775 424,514 456,372 463,799 360,056 418,399 Other 452,355 478,082 502,260 468,503 482,036 488,559 502,338 690,117 689,087 684,278 Total deposits 19,356,381 19,374,426 19,168,295 18,674,554 20,137,400 19,515,55419,641,016 19,806,95820,311,22619,488,990 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 50.2 50.0 50.1 50.7 48.9 49.3 48.9 49.7 43.6 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d t a o y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: Jan. 28 281,064 144,362 20,620 45,188 70,837 43 14 Feb. 4 240,111 96,702 7,222 54,861 81,269 43 14 Feb. 11 577,780 433,877 23,557 41,206 79,085 46 9 Feb. 18 295,257 152,083 24,695 59,789 58,600 70 20 Feb. 25 279,149 142,264 31,840 51,179 53,753 93 20 Industrial loans: Jan. 28 2,001 1,810 21 21 65 50 23 Feb. 4 1,989 1,779 21 23 58 53 23 Feb. 11 2,760 2,551 21 22 58 55 20 Feb. 18 4,158 3,975 21 23 58 50 19 Feb. 25 4,353 4,105 21 23 169 4 19 U. S. Government securities: Jan. 28 21,986,625 3,015,7932,587,8643,699,8322,861,4443,371,276 ,126,917 376,0333,947,466 Feb. 4 20,522,793 2,239,5461,951,5313,594,5122,350,3723,352,476 ,172,667 409,929 4,451,760 Feb. 11 20,817,255 2,473,3741,918,679 3,669,6761,968,2553,373,526 ,251,367 417,759 4,744,619 Feb. 18 20,943,061 2,750,7851,986,5973,236,3991,946,3623,376,776 ,317,867 417,759 4,910,516 Feb. 25 21,033,836 2,811,7371,921,0123,042,2972,074,3473,353,7762,448,867 417,759 4,964,041 MARCH 1948 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: Jan. 28 20,965,170 734,909 7,110,828 933,449 1,264,234 948,961 1,021,9244,038,875 596,231 409,762 730,543 493,649 2,681,805 Feb. 4 21,008,170 795,180 6,440,855 1,002,3931,362,292 1,019,002 1,060,121 4,198,508 601,684 430,028 774,043 495,6932,828,371 Feb. 11 21,008,170 791,223 6,502,975 1,006,3131,337,9961,005,026 1,074,761 4,148,434 567,329 428,515 778,725 494,179 2,872,694 Feb. 18 21,036,170 833,533 6,466,318 1,017,429 1,389,890 995,826 1,050,172 4,204,417 579,510 421,624 750,117 502,186 2,825,148 Feb. 25 21,096,170 863,359 6,527,757 1,060,280 1,390,2401,017,184 1,043,307 4,138,313 591,442 424,025 752,491 496,300 2,791,472 Redemption fund for F. R. notes- 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 Feb. 4 691,631 55,756 119,366 60,053 75! 175 59,707 40,141 99,582 46,553 22,819 35,509 26,070 50,900 Feb. 11 690,331 55,696 119,103 59,940 75,084 59,220 40,074 99,494 46,527 22,808 35,489 26,053 50,843 Feb. 18 682,455 56,162 114,026 59,538 74,883 58,561 39,629 99,129 46,408 22,775 35,363 25,923 50,058 Feb. 25 680,049 56,045 113,525 59,333 74,735 57,660 39,500 98,967 46,364 22,756 35,328 25,885 49,951 Total gold certificate reserves: Jan. 28 21,656,252 790,739 7,230,489 993,627 1,339,5081.007,197 1,062,1414,138,552 642,815 432.589 766,076 519,740 2,732,779 Feb. 4 21,699,801 850,936 6,560,221 1,062,4461,437,4671,078,709 1,100,262 4,298,090 648,237 452,847 809,552 521,763 2,879,271 Feb. 11 21,698,501 846,919 6,622,078 1,066,2531,413,0801.064,2461,114,8354,247,928 613,856 451,323 8114,214 520,2322,923,537 Feb. 18 21,718,625 889,695 6,580,344 1,076,967 I 464 7731,054,387 1,089,8014,303,546 625,918 444,399 785,480 528,109 2,875,206 Feb. 25 21,776,219 919,404 6,641,282 1,119,613l!464i975 1,074,844 1,082,8074,237,280 637,806 446,781 787,819 522; 1852,841,423 Other cash: 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 Feb. 4 371,553 36,047 63,705 22,537 39,156 23,705 25,272 56,958 18.027 8,509 13,024 16,933 47,680 Feb. 11 352,218 37,395 58,652 20,468 36,491 20,843 26,325 54,692 17,171 8,642 11,897 15,603 44,039 Feb. 18 368,155 38,468 68,168 24,194 38^356 2.1,645 24,222 53,890 17,878 8,321 12,414 15,642 44,957 Feb. 25 367,880 38,403 67,194 25,049 35,468 22,724 24,759 54,072 18,223 8,735 13,784 15,356 44,113 Discounts- & advances: Secured by U. S. Govt. securities: Jan. 28. . 169,170 12,255 20,640 5,267 13,703 12,7Of) 17,905 14,175 22,750 16,110 18,240 9,000 6V425 Feb. 4. . 108,429 6,355 18,125 6,292 7,993 12,419 12,770 4,260 15,350 2,050 10,490 12,150 175 Feb. 11. . 445,099 9,315 191,590 24,427 40 983 18,939 6,820 123,460 13,750 550 2,890 8,300 4,075 Feb. 18. . 162,479 9,233 14,070 17,452 9,738 16,150 13,601 41,110 12,450 2.150 10.000 4,800 11,725 Feb. 25. . 136,326 13,078 16,460 6,742 16,280 13,865 17,101 32,010 4,650 1,550 5,190 6,800 2,600 Other: 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 Feb. 4. . 131,682 8,240 42,666 9,785 12,415 6.409 5,363 17,789 5,209 3,270 4,578 4,447 11,511 Feb. 11.. 132.68! 8,303 42,176 10,676 12,507 6,458 5,404 17,925 5,245 3,295 4,613 4,481 11,598 Feb. 18. . 132,778 8,303 42,176 10,676 12.507 6,458 5,404 17,925 5,245 3,295 4,613 4,578 11,598 Feb. 25.. 142,823 8,933 45,376 11,486 13,472 6,948 5,814 19,285 5,605 3,545 4,963 4,918 12,478 TXlniv J fii a UiiOQ n . Cf Tl! Li 2 fCllL 8 t XInUaCnlleiO; *• 2,001 1,342 139 32 488 Feb. 4 1 989 1,316 139 51 483 Feb. 11.... 2 760 1,131 139 51 1,439 Feb. 18 41S8 1151 139 46 2,822 Feb. 25 4',353 *909 204 46 3,194 U. S. Govt. securities: Bills: Jan. 28 10,004,321 656,484 2,450,313 714,606 959,114 649,723 501,548 1,427,893 489,985 306,221 466,311 422,462 959,661 Feb. 4 9,594,421 644,976 2,301,866 685,326 919,817 623,102 480,999 1,364,551 529,736 293,674 447,206 430,915 872,253 Feb. 11.... 9,468,444 636,508 2,270,361 676,327 907,739 614,920 474,684 1,345,353 522,781 289,818 441,334 429,099 859,520 Feb. 18 9,358,603 629,123 2,244,025 668,485 897,209 607,785 469,175 1,329,745 49.3650 286.457 436,214 424,122 872,613 Feb. 25.... 9,282,853 624,032 2,225,861 663,073 889,947 602,866 465,378 1,318,981 493,644 284,138 432,683 420,690 861,560 Certificates: 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 Feb. 4 4,287,083 288,195 1,027,966 306,226 411,002 278,420 214,924 609,143 236,703 131,223 199,825 194,287 389,169 Feb. 11.... 4,346,333 292,177 1,042,172 310,459 416,682 282,268 217,895 617,562 239,975 133,037 202,587 196,972 394,547 Feb. 18 4.344,933 292,084 1,041,836 310,359 416,549 282,177 217,825 617,363 239,897 132,994 202,522 196,908 394,419 Feb. 25.... 4,362,083 293,236 1,045,949 311,584 418,193 283,291 218,685 619,799 240,844 133,519 203,321 197,685 395,977 NoJtaens. •' 28.... 1,542,750 103,710 369,924 110,199 147,903 100,192 77,343 219,206 85,180 47,222 71,909 69,916 140,046 Feb. 4 1,563.500 105,105 374,899 111,681 149,893 101,540 78,383 222,155 86,325 47,857 72,876 70,856 141,930 Feb. 11 1,594,500 107,189 382,333 113,895 152,865 103,553 79,937 226,559 88,037 48,806 74,321 72,261 144,744 Feb. 18. ... 1,653,500 111,155 396,480 118,109 158,521 107,385 82,895 234,942 91,295 50,612 77,071 74,935 150,100 Feb. 25 1,721,850 115,750 412,869 122,992 165,074 111,824 86,321 244,654 95,068 52,704 80,257 78,033 156,304 Bonds' Jan.' 28 4,539,599 305.170 1,088,515 324,263 435,211 294,820 227,584 645,022 250,645 138.953 211,595 205,730 412,091 Feb. 4 5,077,789 341,349 1,217,562 362,707 486,808 329,772 254,565 721,493 280,360 155,426 236,681 230,120 460,946 Feb. 11 5,407,978 363,546 1,296,736 386,292 518,463 351,216 271,118 768,409 298,590 165,533 252,071 245,084 490,920 Feb. 18 5,586,025 375,515 1,339,428 399,010 535,532 362,779 280,044 793,707 3&8,421 170,983 260,370 253,153 507,083 Feb. 25 5,667,050 380,962 1,358,856 404,797 543,300 368,041 284,106 805,220 312,895 173,463 264,147 256,825 514,438 Total U. S. Govt. securities: Jan. 28 21,986,625 1,461,982 5,323,454 1,570,5022,107,857 1,427,902 1,102,257 3,130,435 1,151,564 672,987 1,024,818 965,488 2,047,379 Feb. 4 20,522,793 1,379,625 4,922,293 1,465,9401,967,520 1,332,834 1,028,8712,917,342 1,133,124 628,180 956,588 926,178 1,864,298 Feb. 11 20,817,255 1,399,420 4,991,602 1,486,9731,995.749 1,351,957 1,043,6342,957,883 1,149,383 637,194 970,313 943,416 1,889,731 Feb. 18 20,943,061 1,407,877 5,021,769 1,495,9632,007.811 1,360,126 1,049,9392,975,757 1,133,263 641,046 976,177 949,118 1,924,215 Feb. 25 21,033,836 1,413,980 5,043,535 1,502,4462,016,514 1,366,022 1,054,4902,988,654 1,142,451 643,824 980,408 953,233 1,928,279 Total loans and securities: Jan. 28 22,269,690 1,481,217 5,379,550 1,586,0862,132,282 1,446,063 1,125,1933,159,679 1,179,008 691,867 1,046,936 978,2552,063,554 Feb. 4 20,764,893 1,394,220 4,983,084 1,483,333 1,988,067 1,351,713 1,047,4872,939,391 1,153,683 633,500 971,656 942,775 1,875,984 Feb. 11 21,397,795 1,417,038 5,225,368 1,523,2072,049,378 1,377,405 1,057,2973,099,268 1,168,378 641,039 977,816 956,197 1,905,404 Feb. 18 21,242,476 1,425,413 5,078,015 1,525,2422,030,1951,382,7801,071,7663,034,792 1,150,958 646,491 990,790 958,496 1,947,538 Fetx 25 21317,338 1,435,991 5,105,371 1,521,5832,046,4701,386,881' 1,080,5993,039,949 1,152,706 648,919 990,561 964,951 1,943,357 Due firom foreign banks: Jan. 28 95 6 131 8 9 5 4 13 3 2 3 3 8 Feb. 4 95 6 131 8 9 5 4 13 3 2 3 3 8 Feb. 11 95 6 131 8 9 5 4 13 3 2 3 3 8 Feb. 18 95 6 131 8 9 5 4 13 3 2 3 3 8 Feb. 25 95 6 131 8 9 5 4 13 3 2 3 3 8 1 After deducting $64,000 participations of other Federal Reserve Banks on Jan. 28; Feb. 4; Feb. 11; Feb. 18; and Feb. 25. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo St u . is M a i p n o n li e s - Ka Ci n t s y as Dallas F c S r i a a sc n n o - Federal Reserve notes of other Banks: 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 Feb. 4 137,245 6,341 21,621 5,761 6,427 31,125 11,790 15,368 5,916 5,101 7,089 5,720 14,986 Feb. 11 128,568 5,365 19,521 5,470 5,404 31,090 14,077 13,892 6,948 3,891 5,051 4,944 12,915 Feb. 18 133,025 5,343 18,950 6,729 6,238 27,741 14,518 14,236 6,669 4,140 5,018 4,769 18,674 Feb. 25 126,905 5,360 20,194 6,036 6,935 25,057 13,544 13,834 8,112 3,286 6,122 4,817 13,608 Uncolleoted items: Jan. 28 2,771,851 216,163 519,136 168,061 283,168 239,515 171,311 426,056 126,319 80,103. 169,020 120,122 252,877 Feb. 4 2,636,630 205,276 495,238 185,061 239,992 211,708 175,617 429,684 129,551 66,205; 150,825 103,928 243,545 Feb. 11 2,566,925 205,211 479,183 170,587 236,541 219,053 182,634 412,769 109,956 65,739 134,645 118,402 232,205 Feb. 18 3,268,884 254^584 659,056 228,085 350,144 268,562 215,651 526,882 125,519 72,896! 151,571 137,926 278,008 Feb. 25 2,796,358 236,112 593,118 189,618 261,023 209,633 177,855 494,930 108,271 62,858; 141,799 120,058 201,083 Bank premises: 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 Feb. 4 32,917 1,236 8,221 3,176 4,925 2,630 1,555 3,056 1,968 1,206 2,444 793 1,707 Feb. 11 32,919 1,236 . 8,221 3,177 4,925 2,630 1,556 3,056 1,968 1,206 2,444 793 1,707 Feb. 18 32,915 1,236 8,221 3,177 4,921 2,630 1,555 3,056 1,969 1,206 2,444 793 1,707 Feb. 25 32,891 1,231 8,221 3,177 4,921 2,624 1,554 3,050 1,969 1,206! 2,444 793 1,701 Other assets: 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 Feb. 4 133,276 8,972 31,271 9,138 13,132 8,716 6,881 19,062 7,749 4,059! 5,968 6,094 12,234 Feb. 11 140,050 9,519 32,843 9,607 13,458 9,389 7,184 19,999 8.070 4,270; 6,390 6,287 13,034 Feb. 18 145,529 9,835 34,235 9,960 14,102 9,607 7,417 20,778 8,340 4,390 6,651 6,626 13,588 Feb. 25 150,232 10,155 35,721 10,241 14,549 9,954 7,589 21,335 8,572 4,527; 6,872 6,743 13,974 Total assets: Jan. 28 47,405,7032,540,53913,255,0372,792,3423,816,6142,763,0312,411,0307,821,3291,986,2431,225,2192,014,5661,648,737,5,131,016 Feb. 4 45,776,4102,503,03412,163,3922,771,4603,729,1752,708,3112,368,8687,761,6221,965,134l,171,429i1,960,5611,598,0095,075,415 Feb. 11 46,317,0712,522,68912,445,8972,798,7773,759,2862,724,6612,403,9127,851,6171,926,3501,176,1121,952,4601,622,4615,132,849 Feb. 18 46,909,7042,624,58012,447,0202,874,3623,908,7382,767,3572,424,9347,957,1931,937,2541,181,845'1,954,3711,652,3645,179,686 Feb. 25 46,567,9182,646,66212,471,1322,-875,3253,834,3502,731,7222,388,7117,864,4631,935,6621,176,3141,949,4041,634,9065,059,267 Liabilities Federal Reserve Jan n . o te 2 s 8 : 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 Feb. 4 24,148,0851,432,872 5,567,9771,640,4642,089,8151,680,8981,364,1344,556,4661,116,593 616,829 935,820 605,6992,540,518 Feb. 11 24,184,3481,435,950 5,576,2431,649,8332,094,6411,679,9331,362,7224,566,7901,112,980 617,969 934,939 602,4572,549,891 Feb. 18 24,069,669 1,431,403 5,528,1331,644,5882,086,3491,672,0711,354,1274,555,4341,109,051 617,031 932,503 600,0112,538,968 Feb. 25 24,065,4951,439,116 5,532,3551,645,7902,088,3361,666,7791,351,2244,555,5931,105,425 615,983 930,700 598,2472,535,947 Deposits: Member bank —reserve acc Ja o n u . n t: 28. . 17,304,922 765,356 5,456,468 842,6321,285,863 742,249 751,3852,593,583 641,415 437,575 831,808 827,6972,128,891 Feb. 4. .17,084,307 762,931 5,254,187 840,4901,268,821 740,268 752,2162,614,939 658,076 429,124 823,128 827,2962,112,831 Feb. 11. .17,037,361 752,611 5,355,462 819,8451,246,342 748,179 760,6712,526,416 625,182 428,911 821,061 823,2642,129,417 Feb. 18. .16,749,993 731,414 5,182,938 820,9691,251,418 719,339 743,1762,525,628 620,350 418,995 797,257 806,7772,131,732 Feb. 25.. 16,799,290 732,419 5,254,814 810,9801,231,089 740,127 744,2432.545,068 638,068 423,409 820,046 814,0492,044,978 U. S. Treasurer-general 3tc J co a i n i . . nL. 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 Feb. 4. . 616,091 43,710 120,523 44,512 54,027 46,813 34,692 93,589 41,112 38,555 27,381 29,353 41,824 Feb. 11.. 1,186,605 76,758 276,678 88,005 111,778 51,568 58,314 242,534 42,258 41,473 37,962 52,337 106,940 Feb. 18. . 1,725,429 153,785 395,726 133,062 190,863 93,918 74,806 314,143 47,404 51,814 54,587 79,997 135,324 Feb. 25. . 1,655,975 181,702 408,254 147,728 172,580 85,116 81,330 204,220 50,603 50,155 41,855 70,874 161,558 Foreign: Jan. 28. . 405,775 21,810 H70,978 27,953 31,749 16,910 14,149 46,934 12,424 8,628 12,078 11,733 30,429 Feb. 4. . 505,653 2 7., 839 1205,769 35,705 40,553 21,599 18,073 59,949 15,869 11,020 15,428 14,987 38,862 Feb. 11. . 442,069 23..618 1187,714 30,278 34,390 18,316 15,326 50,837 13.457 9,345 13,083 12,709 32,996 Feb. 18.. 420,922 23,221 1170,851 29,768 33,810 18,008 15,067 49,980 13,230 9,188 12,862 12,495 32,442 Feb. 25.. 448,761 23,725 1193,248 30,416 34,546 18,400 15,395 51,068 13,518 9,388 13,142 12,767 33,148 Other: 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 Feb. 4. . 468,503 3,417 395,939 1,731 11,952 3,663 1,126 1,954 5,721 2,549 1,452 524 38,475 Feb. 11. . 502,260 1,958 432,424 3,245 8,113, 6,502 1,027 3,594 5,823 1,731 909 597 36,337 Feb. 18. . 478,082 2,511 413,272 1,527 9,558 2,686 937 2,611 5,994 2,132 781 458 35,615 Feb. 25. . 452,355 2,679 382,719 1,350 8,610 7,961 1,056 2,178 7,087 2,266 185 576 35,688 Total deposits: Jan. 28 20,137,400 8.75,701 7,045,448 947,<8901,431,094 837,011 840,7142,797,140 727,734 520,976 913,991 913,0152,286,686 Feb. 4 18,674,554 837,897 5,976,418 922,4381,375,353 812,343 806,1072,770,431 720,778 481,248 867,389 872,1602,231,992 Feb. 11 19,168,295 854,945 6,252,278 941,3731,400,623 824,565 835,3382,823,381 686,720 481,460 873,015! 888,9072,305.690 Feb. 18 19,374,426 910,931 6,162,787 985,3261,485,649 833,951 833,9862,892,362 686,978 482,129 865,487; 899,7272,335.113 Feb. 25 19,356,381 940,525 6,239,035 990,4741,446,825; 851,604 842,0242,802,534 709,276 485,218< 875,228 898,2662,275,372 Deferred availability items: 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 Feb. 4 2,226,216 185,949 394,253 150,170 196,616 178,221 167,618 336,119 100,616 53,860 130,371 93,970 238,453 Feb. 11 2,233,048 185,179 391,571 148,874 196,581 183,079 174,664 362,215 99,236 57,183 117,286 104,857; 212,323 Feb. 18 2,729,618 235,435 528,104 185,530 268,835 224,073 205,472 409,695 113.682 63,142 129,054 126,175 240,421 Feb. 25 2,406,374 219,919 471,644 179,794 230,816 175,758 163,871 405,980 93,165 55,461 115,891 111,712 182,363 Other liab. incl. accrued div.: Jan. 28 16,256 882 3,787 956 1,747 896 759 2,679 745 830 636 718 1,621 Feb. 4 14,818 858 3,425 861 1,771 807 631 2,339 676 692 597 710 1.451 Feb. 11 14,559 799 3,673 910 1,481 809 638 2,457 686 589 581 592 1,344 Feb. 18 15,673 831 5,038 861 1,565 742 623 2,407 605 508 567 633 1,293 Feb. 25 15,647 846 4,304 936 1,691 818 683 2,556 654 497 575 687 1,400 Total liabilities: Jan. 28 46,696,1462,495,20213,034,4582,735,0423,751,3252,727r2O22,380,8697,725,5961,959,9361,206,5141,988,2901,623,4905,068,222 Feb. 4 45,063,6732,457,57611,942,0732,713,9333,663,5552,672,2692,338,4907,665,3551,938,6631,152,6291,934,1771,572,5395,012,414 Feb. 11 45,600,2502,476,87312,223,7652,740,9903,693,3262,688.,3S6'2,373,3627,754,843l,899,622!1,157,2011,925,8211,596,8135,069,248 Feb. 18 46,189,3862,578,60012,224,0622,816,3053,842,3982,730,8372,394,2087,859,8981,910,3161,162,8101,927,6111,626,5465,115,795 Feb. 25 45,843,8972,600,40612,247,3382,816,9943,767,6682,694,9592,357,8027,766,6631,998,5201,157,1591,922,3941,608,9124,995,082 i After deducting $234,668,000 participations of other Federal Reserve Banks on Jan. 28; $299,744,000 on Feb. 4; $254,184,000 on Feb. 11; $249,- 900,000 on Feb. 18; and $255,340,000 on Feb. 25. MARCH 1948 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS--Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Accts.: Capital paid in: 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 Feb. 4 197,010 11,288 68,979 14,473 18,898 8,344 7,669 23,945 6,449 4,333 6,624 7,546 18.462 Feb. 11 197,159 11,291 69,010 14,490 18,905 8,355 7,680 23,970 6,450 4,340 6,643 7,562 18,463 Feb. 18 197,256 11,293 69,001 14,505 18,907 8,366 7,686 23,982 6,477 4,352 6,652 7,571 18,464 Feb. 25.... 197.384 11,294 69,011 14,521 18,907 8,372 7,693 24,018 6.480 4,353 6,682 7,583 18,470 Surplus (section 7): 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 Feb. 4 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Feb. 11 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Feb. 18 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Feb. 25 448,189 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): 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 Feb. 4 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1.137 1,307 2,140 Feb. 11 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 . 521 1,073 1,137 1.307 2,140 Feb. 18 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1.137 1,307 2,140 Feb. 25 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.: 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 Feb. 4 39,995 3,042 6,425 3,215 3,543 3,139 2,837 4,676 2,529 2,161 2,475 2,506 3,447 Feb. 11 43,930 3,397 7,207 3,458 3,876 3,361 2,998 5,158 2,785 2,265 2,711 2,668 4,046 Feb. 18 47,330 3,559 8,042 3,713 4,254 3,595 3,168 5,667 2,968 2,377 2,823 2.829 4,335 Feb. 25 50,905 3,834 8,868 3,971 4,596 3,832 3,344 6,136 3,169 2,496 3,043 2,993 4,623 Total liabilities and cap. accts.: Jan. 28 47,405,703 2,540,539 13,255,0372,792,3423,816,6142,763.0312,411,0307,821,329 1,986,243 1,225,219 2,014,566 1,648,737 5,131,016 Feb. 4 45,776,410 2,503,034 12,163,3922,771,4603,729,1752,708,3112,368,8687,761,622 ,1965,1341,171,429 1.960,561 1,598,009 5,075,415 Feb. 11 46,317,071 2,522,68912,445,8972,798,7773,759,2862,724,6612,403,9127,851,617 1,926,350 1,176,112 1,952,460 1,622,461 5,132,849 Feb. 18 46,909,704 2,624,580 12,447,0202,874,3623,908,7382,767,3572,424,9347,957,193 1,937,254 1,181,845 1,954,371 1,652,364 5,179,686 Feb. 25 46,567,918 2,646,662 12,471,1322,875,3253,834,3502,731,7222,388,7117,864,4631,935,662 1,176,314 1,949,404 1,634,906 5,059,267 Contingent liability on bills purchased for foreign correspondents: Jan. 28 3,451 217 H.104 280 318 169 142 469 124 86 121 117 304 Feb. 4 4,011 253 H,283 325 369 197 165 546 144 100 140 136 353 Feb. 11 4,049 255 !1,296 328 372 198 166 551 146 101 142 138 356 Feb. 18.... 4,773 301 11,527 387 439 234 196 649 172 119 167 162 420 Feb. 25 4,987 314 U.596 404 459 244 204 678 179 125 175 170 439 Commit, to make indus. loans: Jan. 28... 7,040 496 1,275 75 373 351 580 3,750 140 Feb. 4.... 7,010 501 1,208 80 400 351 580 3,750 140 Feb. 11 7,194 685 1,206 86 400 350 580 3,750 137 Feb. 18... 7,219 665 1,206 137 400 344 580 3,750 137 Feb. 25 7,910 908 1,656 135 400 344 580 3,750 137 1 After deducting $2,347,000 participations of other Federal Reserve Banks on Jan. 28; $2,728,000 on Feb. 4; $2,753,000 on Feb. 11; $3,246,000 on Feb. 18; and $3,391,000 on Feb. 25. 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): Jan. 28 25,251,670 ,520,3375,809,8261,724,1702,188,1531,747,364 418,800 4,704,2461,170,518 636,158 964,022 641,013 2,727,063 Feb. 4 25,146,764 1,516,036 5,788,1661,718,2102,173,9661,736,859 ,412,5084,685,1661,164,967 635,642 959,790 636,036 2,719,418 Feb. 11 25,085,639 1,513,649 5,783,2361,712,9242,176,0361,732,295 407,049 4,676,0611,160,734 635,908 958,347632,134 2:,697,266 Feb. 18 25,011,367 ,510,2415,772,9731,705,3452,172,6071,725,138 ,400,9544,663,9811,155,265 636,640 957,487630,170 2,680,566 Feb. 25 24,957,859 1,507,6525,766,5261,698,6292,170,4461,720,801 ,398,6074,656,4251,150,814 635,276 954,688 627,724 2:,670,271 Collateral held against notes outstanding: Gold certificates: Jan. 28 12,399,000 460,000 3,570,000 550,000 735,000 675,000 675,000 2,720,000 315,000 200,000 280,000 169,0002,050,000 Feb. 4 12,279,000 440,000 3,570,000 550,000 735,000 625,000 675,000 2,720,000 315,000 200,000 280,000 169,0002,000,000 Feb. 11 12,499,000 440,000 3,570,000 550,000 735,000 625,000 675,000 2,790,000 315,000200,000 280,000 169,000 2,150,000 Feb. 18 12,499,000 440,000 3,570,000 550,000 735,000 625,000 675,000 2,790,000 315,000 200,000 280,000 169,000 2,150,000 Feb. 25 12,499,000 440,000 3,570,000 550,000 735,000 625,000 675,000 2,790,000 315,000 200,000 280,000 169,0002,150,000 Eligible paper: Jan. 28 114,517 12,255 20,065 5,267 12,700 23,455 16,110 18,240 6.425 Feb. 4 71,546 6,355 17,915 6,292 12,419 15,850 2,050 10.490 175 Feb. 11 265,186 9,315 190,890 24,427 18,789 14,250 550 2,890 4,075 Feb. 18 93,380 9,233 13,870 17,452 16,000 12,950 2,150 10,000 11,725 Feb. 25 62,355 13,078 14,330 6,742 13,715 5,150 1,550 5,190 2,600 U. S. Govt. sec: Jan. 28 13,750,000 100,000 2,400,0001,200,0001,500,0001,150,000 800,000 2,000,000 950,000 450,000 700,000 500,0001,000,000 Feb. 4 13,700,000 100,000 2,400,0001,200,000 1,500,0001,150,000 750,0002,000,000 950,000 450,000 700,000 500,0001,000,000 Feb. 11 13,600,000 100,000 2,400,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000 500,0001,000,000 Feb. 18 13,600,000 100,000 2,400,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Feb. 25 13,600,000 100,000 2,400,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000 500,0001,000,000 Total collateral: Jan. 28 26,263,517 ,572,2555,990,0651,755,2672,235,0001,837,7001,475,000 4,720,0001,288,455 666,110 998,240 669,0003,056,425 Feb. 4 26,050,546 546,355 5,987,9151,756,2922,235,0001,787,4191,425,000 4,720,0001,280,850 652.050 999900,,449900 666699,,000000 3,000,175 Feb. 11 26,364,186 ,549,315 6,160,8901,774,4272,235,0001,793,7891,425,000 4,690,0001,279,250 650,550 982,890 669,000 3,154,075 Feb. 18 26,192,380 ,549,2335,983,8701,767,452(2,235,0001,791,0001,425,000 4,690,0001,277,950 6522,150 990,000 669,000 3,161,725 Feb. 25 26,161,355 ,553,0785.984,3301,756,742)2,235,0001,788,7151,425,000 4,690,0001,270,150 6511,550 985,190 669,000 3,152,600 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve All city banks Re- Gua a r u a t t o n h t o e d r e a i d z te e l d oans o G u u t a l s o t r a a a n n n d s te i e n d g a A va a d i m d la i o b ti u l o e n n t a t l o week e M nd o i n n t g h , T o h r ursday b m a b e n e m k r - sl New Chi- b s c e a i r n t v y k e s b C a t o n r u y k n s - 1 ate borrowers York cago under guar- N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u te t m s e t e a n a n t g d s r i e n e g - To 1 t 9 a 4 l 6 r — es D er e v ce e m s b h e e r ld: 16,517 4,270 938 6,515 4,794 1947—January 16,399 4,207 929 6,501 4,762 December 17,261 4,404 1,024 6,861 4,972 1942 1948—January 17,390 4,427 1,025 6,939 4,999 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 1 1 9 9 4 4 7 8 — — D Ja e n c . . 25 1 1 17 7 , , 7 2 1 5 6 8 4 4 , , 3 5 7 9 0 4 1 1 , , 0 0 1 5 6 1 6 7 , ,0 8 4 6 7 7 5 5 , , 0 0 0 2 5 5 1943 Jan. 8 17,628 4,504 1,029 7,056 5,039 J D u e n c e . 3 3 0 1 . . 4 5 , , 2 3 1 4 7 7 4 6 , , 7 5 1 6 8 3, , 0 8 4 1 8 8 1 1 , , 4 9 2 1 8 4 , , 2 0 5 4 3 0 1 1 , , 1 6 5 0 3 1 , , 7 5 5 1 6 8 3 2 , , 1 2 4 1 6 6 , , 2 0 8 5 6 3 J J J a a a n n n . . . 2 2 1 2 9 5 1 1 1 7 7 7 , , , 4 4 1 3 0 4 8 2 0 4 4 4 , , , 4 4 3 0 5 4 8 5 0 1 1 1 , , , 0 0 0 1 3 3 1 2 2 6 6 6 , , , 9 9 8 2 6 2 9 5 4 5 5 4, , , 9 0 0 1 3 3 2 5 7 1944 Feb. 5 16,998 4,325 1,012 6,761 4,900 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Feb. 12 16,850 4,254 996 6,685 4,915 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Excess reserves: 1945 1946—December 900 27 227 642 June 30 8,422 10,149,351 1,386,851 1,190,944 3,694,618 1947—January 850 3 227 616 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 December 987 105 271 597 1948—January 1,082 116 331 627 1946 June 29 8,771 10,344,018 70,267 60,214 142,617 1947—Dec. 25 939 45 267 627 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 1948—J J a a n n . . 1 8 1 1, , 2 3 9 8 5 4 2 1 6 6 1 0 2 1 9 0 4 4 4 5 7 9 6 66 4 6 7 Mar. 1 3 9 1 47 8,771 10,344,018 11,746 10,965 15,392 J J a a n n . . 2 1 2 5 ... 1 1 , , 0 1 6 3 9 9 1 1 1 1 9 7 1 9 2 3 2 4 8 5 8 6 6 5 6 3 5 June 30 8,771 10,344,018 3,589 3,218 6,726 Jan. 29 845 64 2 232 547 Sept. 30 8,771 10,344,018 2,977 2,689 6,739 Feb. 5 855 62 7 234 552 Dec. 31 8,771 10,344,018 2,412 2,183 Feb. 12 802 23 204 567 1948 Borrowings at Federal Jan. 31 8,771 10,344,018 2,357 2,133 Reserve Banks: 1946—December 157 6 104 46 1947—January 106 2 60 43 of N lo O a T n E s .— ou T ts h t e a d n i d ff i e n r g e n a ce n d b e a t d w d e i e ti n o n g a u l a r a a m nt o e u ed n ts lo a a n v s a i a l u a t b h l o e ri t z o e d b o a r n r d o w su e m rs 1948—J D a e n c u e a m r b y er 2 1 2 4 4 3 3 2 8 8 1 7 2 0 3 5 3 7 7 under guarantee agreements outstanding represents amounts repaid and aut horizations expired or withdrawn. 1947—Dec. 25 262 79 20 102 61 1948—Jan. 1 149 24 71 54 Jan. 8 102 37 44 21 Jan. 15 172 59 20 52 41 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Jan. 22 90 1 57 32 Jan. 29 214 23 13 117 61 [Amounts in thousands of dollars] Feb. 5 161 1 9 103 48 Feb. 12 296 81 56 114 45 W o D o r f e a l d t p a e n s e t e r ( i s l d o d a d a s a y ) t y Nu A m p a - t p p o p l i r c d o a A a v t t i m e e o d o ns unt ( b a p p m u c l r A e o o t o t p m v e u n - d e - n o d t t i ) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d m t u - t i n s n i t t g ) - ( s P p a t m a a a o t r n u o i t d o i t u c - i n n n i s - t g ) c b R o e e r u i s n e W b r t a v r e n y e e k k b s B l a y a a n n n k k f d s i g d a u o r i r f e s e c c s e o o s u u o t n i n f m t t s r a e y a x t e n c b s e d . a s n s a k W d s r v e e a m s e n e k a c r l y v e y s e i s f n f i g o c o u l r u r f n e d s o e a n l o s l m m f m e b a m o l e l r m b r a o e b m r w e o r b i n u a g b n n s a t k s n o s , k o f e s f a t l F c l a . e m n d d e er m o a - f l ber 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 1 1 9 93 3 7 6 2 2 , , 2 4 8 0 0 6 1 1 5 3 0 9 , , 9 8 8 2 7 9 3 8 , , 3 2 6 2 9 6 2 2 0 5 , , 2 5 1 2 6 6 2 1 0 2 , , 9 7 5 8 9 0 7 7 , , 2 2 3 0 8 8 DEPOSITS OF COUNT S R M Y A L M L E M CE B N E T R E R BA S1 NKS 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 [Averages of daily figures. In millions of dollars] 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10,337 14,597 19,600 In places of 15,000 In places of under 1942 3,423 408,737 4,248 14,126 10,661 17,305 and over population 15,000 population 1943 3 471 491,342 926 10 532 9 270 17 930 1944 Demand Demand J D u e n c e . 3 3 0 0 . . . . . . 3 3, , 4 4 8 8 9 3 5 52 1 5 0 , , 5 8 3 5 2 7 1,29 4 5 5 1 3 1 , , 8 3 9 66 4 4 4, , 1 0 6 4 5 8 1 2 1 , , 7 0 0 6 6 3 d e e in x p t c o e e s r p i - t t s de T p i o m s e its d e i e n x p t c o e e s r p i - t t s de T p i o m s e its 1945 bank bank June 30... 3,502 537,331 70 3,252 5,224 2,501 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 January 1947 15,526 8,263 12,021 5,851 1946 December 1947 16,077 8,458 12,469 6,045 June 29... 3,524 552,711 615 1,210 5,366 1,110 Dec. 31. .. 3,542 565,913 4,577 554 8,309 2,670 January 1948 16,039 8,508 12,438 6,079 1947 Boston 1,887 871 343 233 Mar. 31. .. 3,548 569,825 4,595 1,081 8,160 2,727 New York 2,959 2,193 1,030 1,160 June 30... 3,555 572,836 195 1,778 7,018 4,043 Philadelphia 1,113 742 910 894 Sept. 30... 3,566 577,614 1,229 1,892 7,395 5,019 Cleveland 1,327 911 1,057 823 Dec. 31. .. 3,574 586,726 945 1,387 7,434 4,869 Richmond 1,110 395 902 473 1948 Atlanta 1,588 489 695 216 Jan. 31... 3,576 589,986 1,025 1,972 7,077 5,213 Chicago 2,013 1,411 1,762 963 St. Louis 661 336 1,046 286 1 Includes applications approved conditionally by the Federal Re- Minneapolis 597 299 807 455 serve Banks and under consideration by applicant. Kansas City 559 105 1,674 204 2 Includes industrial loans past due 3 months or more, which are not Dallas 1,021 143 1,618 65 included in industrial loans outstanding in weekly statement of con- San Francisco. .. 1,205 612 593 306 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. 299 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Class of bank and m d a e n - d T d im e- e a d n u c e es 1 F a e t d- Federal Reserve district Total I b n a t n er k - Other po d s e it - s 2 posits 8 m fr d e o o s m t - ic Total qu R i e re - d c E e x s - s s e e R r r e a v - l e banks Banks First half of January 1948 All member banks 92,602 12,304 80,298 80,567 28,391 6,109 17,558 16,318 1,240 134 Central reserve city banks: New York 23,005 4,351 18,654 21,162 1,452 58 4,470 4,320 150 46 5,367 1,218 4 149 4 826 912 156 1 033 1 020 13 9 Reserve city banks 34,492 5,620 28,873 29,605 11,444 1,998 7,018 6,608 411 45 Boston 1,974 289 1,685 1,789 197 36 388 370 18 1 582 29 553 509 304 25 123 120 3 2,396 379 2,018 2,107 247 87 451 436 15 7 Cleveland 4,041 507 3,533 3,541 1,397 191 889 792 97 5 2,171 371 1,800 1,862 439 133 431 399 32 2 Atlanta 2,104 503 1,602 1,773 409 133 411 379 32 5 4,086 491 3,594 3,463 2,145 327 866 821 45 12 2,050 645 1,405 1,734 322 107 389 366 23 2 Alinneaoolis • . 1,085 318 766 885 181 81 198 188 10 2,881 878 2,003 2,319 363 300 516 486 30 6 Dallas 2,534 636 1,898 2,088 349 259 477 439 39 1 8,589 574 8,015 7,534 5,092 318 1,878 1,812 66 2 29,738 1,116 28,622 24,974 14,583 3,898 5,038 4,371 666 33 2,359 99 2,261 2,033 1,102 201 393 351 42 4 New York . 4,086 91 3,995 3,586 3,351 314 798 703 95 17 2,062 16 2,046 1,803 1,634 200 402 350 51 4 Cleveland 2,425 28 2,397 2,054 1,733 307 464 392 73 3 2,160 138 2,022 1,768 867 312 349 300 49 1 Atlanta 2,483 192 2,291 2,038 705 373 375 328 48 3,861 78 3,783 3,257 2,375 532 700 599 101 1,860 137 1,723 1,547 622 263 286 254 32 2 1,493 78 1,415 1,248 754 204 254 220 34 1 2,320 77 2,243 1,907 310 390 332 286 46 1 Dallas • • • 2,795 157 2,638 2,174 209 577 379 317 62 San Francisco 1,834 25 1,809 1,559 920 225 306 273 32 Second half of January 1948 91,726 11,755 79,972 80,470 28,411 5,699 17,233 16,300 933 151 Central reserve city banks: New York 22,774 4,171 18,604 21,074 1,459 57 4,386 4,302 84 11 5,314 1,157 4,156 4,798 915 144 1,017 1,014 3 7 34,194 5,364 28,829 29,614 11,447 1,840 6,866 6,610 256 94 1,996 285 1,710 1,823 196 33 389 376 13 1 New York 574 29 544 504 302 26 121 119 2 2 Philadelphia 2,367 351 2,016 2,097 241 84 443 434 9 1 Cleveland 4,000 485 3,515 3,522 1,395 174 847 788 58 6 2,148 342 1,806 1,874 439 111 417 401 16 10 2,078 473 1,605 1,751 409 134 402 375 27 13 4,089 471 3,617 3,491 2,147 315 867 827 40 14 2,021 616 1,404 1,727 323 96 372 365 7 8 Minneapolis 1,036 298 738 875 181 61 189 186 3 5 2,863 852 2,011 2,330 363 269 508 488 20 22 Dallas 2,522 600 1,922 2,088 350 245 461 439 23 10 8,500 560 7,940 7,531 5,101 293 1,851 1,812 38 3 Country banks 29,445 1,062 28,382 24,985 14,590 3,658 4,964 4,373 590 40 2,335 90 2,244 2,029 1,105 194 381 350 31 4 New York 4,076 91 3,985 3,593 3,356 300 785 704 80 17 Philadelphia 2,017 16 2,001 1,773 1,638 189 393 346 46 5 Cleveland 2,394 21 2,372 2,049 1,734 287 451 391 60 3 2,135 132 2,003 1,762 869 296 343 299 45 1 Atlanta 2 462 186 2,276 2,044 706 353 368 329 40 3,843 77 3,767 3,273 2,373 505 696 601 95 1 St. Louis 1,821 129 1,692 1,536 623 241 280 252 27 6 1,466 74 1,393 1,245 753 182 252 220 33 1 2,295 73 2,223 1,913 309 362 329 286 43 1 Dallas 2,788 148 2,640 2,200 208 544 382 321 62 San Francisco 1,813 26 1,787 1,566 917 204 303 274 29 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e.t gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 8 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 73,650 million dollars in the first half and 73,450 million in the second half of January. 300 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 and small denomination currencyi Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin s$l $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000$10,000 1933 .. 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 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—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 3 194 7"~—Tanu ary 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 I April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 5 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 5 11 2 June 28,297 19,769 1,355 986 64 2,078 6,289 8,996 8,530 2,466 4,808 430 810 5 12 2 July- 28,149 19,622 1,356 980 63 2,058 6,230 8,935 8,529 2,453 4,824 428 806 5 12 2 August ..... 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 4,874 428 804 5 12 2 September.. . 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 2,503 4,941 428 800 5 12 2 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 1948—January 28,111 19,369 1,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 5 12 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 asftlestroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ja 1 n 9 . 4 3 8 1, g a o s g l i d a lv i n e a r s n t d Tr c e a a s s h ury B R F an e e d s k e s e r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d Ja 1 n 9 . 4 3 8 1, De 1 c 9 . 4 3 7 1, Ja 1 n 9 . 4 3 7 1, certificates agents Gold 22,935 21,748 21,187 Gold certificates . . . . 21,748 18,886 2,815 46 47 49 Federal Reserve notes 25,210 55 1,202 23,953 24,582 24,114 Treasury currency—total 4,561 ' 'i'2',240 ' 61 388 4,111 4,239 4,100 Standard silver dollars 493 299 37 3 153 154 147 Silver bullion 1 941 1 941 Silver certificates and Treasury notes of 1890. 3 2,240 292 1,948 2,040 1,917 Subsidiary silver coin 942 13 39 890 908 864 Minor coin 355 7 10 339 343 327 United States notes 347 4 40 303 313 308 Federal Reserve Bank notes 379 (5) 4 375 378 429 National Bank notes 104 1 102 103 110 Total—Jan 31 1948 (4) 23,988 1,305 18,886 4,405 28,111 Dec. 31, 1947 (4) 23,792 1,336 18,682 4,136 28,868 Jan 31 1947 (4) 20,883 2,258 15,811 4,204 28,262 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. 293, and seasonally adjusted figures in table on p. 302. 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. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 301 MARCH 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] Date f u A o v n r m a a r s d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n f l or s C a e s h d a e a s j r u o n i s e n g t s a e e l d * l i y n Period a p s G t e t o o r o e i f c o l n d k d d I i n n s c t o r g e c o a k l s d e o i r m g ( N e - o p x ) e l o p d t r o t rt c g r m e o c o a E r l a r d s e r a e a : k i r n s d - e ( e - — d e- ) m t d g p D e i u o r o s o o c l n t - d - - i 1 c End of year figures: 1939 7,598 +742 1937 . . U2.760 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 28,51.5 +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 1,866.3 210.0 81.2 figures: 1947—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 S N J A J O D F A M M u u e e o e c u p l a a n b p c t y v g r y r e o r e t e c i u u b e m l h m s e . a m t . b r r b . ; y e b : : e r e r. r.:... 2 2 2 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , 9 2 6 6 5 2 1 2 1 3 2 3 5 4 5 9 3 5 5 8 0 7 7 2 8 4 8 6 8 9 5 0 3 2 2 2 2 2 2 2 2 2 2 2 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , 5 4 7 5 3 6 3 3 3 3 3 6 1 1 7 9 5 5 1 5 9 0 2 2 1 8 8 0 6 6 8 4 0 + - — + + 1 + + + - - - 3 1 6 5 3 8 1 7 2 5 1 5 5 2 6 6 8 3 8 2 4 7 8 8 1948— S N J A O J F D M J u u e a e c o e u l n a n p b t y c v g y o e u t r e e e b u a u m m m e r s a y r b t b r b . e y e e . r . . r r . . . . . . . . . . ^ 2 2 2 2 2 2 2 2 2 2 1 2 1 2 2 2 1 1 0 3 , , , , , , , , , , 9 6 7 9 2 5 7 2 9 0 5 1 6 3 9 3 6 5 3 3 5 4 6 5 4 7 6 4 6 3 P 3 3 3 2 2 1 1 1 1 1 3 2 3 2 7 8 5 8 3 0 9 3 8 0 0 0 9 9 9 1 . . . . . . . . . . 4 8 0 6 1 7 5 5 0 4 P 2 2 2 4 1 1 1 1 2 1 0 6 5 1 2 0 7 3 9 0 5 ( 0 1 9 9 8 5 4 . . . . . . . . . ) 2 2 7 8 7 7 2 6 0 5 - - - - 1 1 4 8 - 1 7 2 4 1 5 1 4 4 2 4 2 6 2 3 9 3 . . . . . . 0 . . . . 6 8 9 7 3 2 0 1 1 (4 8 6 7 7 6 7 7 6 7 ) . . . . . . . . . 2 1 0 2 2 2 3 0 3 P Preliminary. 1948—January 28,394 28,309 -341 1 Annual figures are estimates of the United States Mint. For February 28,096 28,096 -213 explanation of monthly figures see table on p. 349. 2 Includes gold in the Inactive Account amounting to 1,228 million 1 For 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. * Not yet available. Because of an apparent recent change in the seasonal pattern around 6 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 3,705.5 million dollars on Feb. 29, 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* centers1 centers 2 City centers City cities City cities 19423 641,778 226,865 347,837 67,074 16.1 13.1 200,337 308,913 18.0 18.4 1943 792 937 296,368 419,413 77,155 16 5 11 7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974 102 404,543 479,760 89,799 18 3 9 7 351,602 412,800 24.2 16.1 1 1 9 9 4 46 6 — — o n l e d w s s e e ri r e ie s s * 4 J 1,050,021 417,475 527,336 105,210 19.0 10.0 | 3 40 7 7 4 , , 9 3 4 6 6 5 5 4 2 4 2 9 , , 9 4 4 1 4 4 2 2 5 5. . 2 5 1 1 6 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 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 June 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 1948—January 105,188 37,615 56,351 11,223 22.3 12.7 38,286 55,902 26.2 18.7 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Deposits and debits for first four months are partly estimated. * 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. 302 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] End of month c a d o u d b e T u r j a p a u r o t n n o s e s t d i s k n a t d i e l s c t e d y s c a d d o u d e e T u r j a p m r u o t n o s e s t a d i n s a t d n i e l c t e d d y s a d d e T j p u o o s t s a t i e l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G U e S m o p n t v a o e i e t t s n e e r i t s d n ts - a Total b m a C n e o T r k c m i s m i » a - « l e depo M s b a s a i v u n t i s t k n u s g a s < l « S S P y a s o v t s i e n t m a g l s « C o u b u r a t r n s e i k n d s c e y banks 1929—June.- 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December. 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December. 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December. 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June. 81.963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December. 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December. 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December. 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December. 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105.992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 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) 165,455 108,433 139,156 82,134 1,367 55,655 34,835 17,428 3,392 26,299 July (July 30) v . 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 17,500 400 26,200 September(Sept.24)p 168,600 110,600 142,200 84,200 1,900 56,100 35,100 17,600 400 26,400 October(Oct.29)p. . . 169,700 111,700 143,400 85,400 1,800 56,200 35,200 17,600 400 26,300 D N e o c v e e m m b b e e r r ( ( D N e o c v . . 2 3 6 1 ) ) * P -• 1 1 7 7 0 1 , , 4 5 0 0 0 0 '• 1 1 1 1 2 3 , , 5 7 0 0 0 0 '1 1 4 4 4 3 , , 9 8 0 0 0 0 '" 8 8 5 7 , , 9 1 0 0 0 0 1 1 , , 9 4 0 0 0 0 ' 5 5 6 6 , , 0 4 0 0 0 0 ' 3 3 5 5 , , 0 2 0 0 0 0 1 17 7 , , 8 6 0 0 0 0 4 4 0 0 0 0 2 2 6 6 , , 6 6 0 0 0 0 1948—January (Jan. 28)P. . 170,200 112,300 144,300 86,400 1,400 56,500 35,200 17,900 400 25,900 p Preliminary. r Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 8 Time deposits adjusted exclude 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. 6 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 i [In millions of dollars] Member Nonmember Assets Total, banks banks all banks Na- State In- Non- Depos- U. S. Government tional sured insured End of month i b to a r l- s' i C n a d sh e- securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n ry ks Total r D ec i- t G t a e u n e a - d r- f e u t n c d .* s, 1 19 9 4 3 1 4 -40 . . 313 g 1 4 6 6 207 3 84 1 1942 9 6 3 1943 4 2 2 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1944 1 1 1940—Dec... 1,304 1,348 36 1,224 1,078 146 88 1945 0 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1946 0 1942—Dec... 1,417 1,464 16 1,345 1,220 126 102 1947 1 1 1943—Dec... 1,788 1,843 10 1,716 1,716 118 194g—Jan-Feb 1944—Dec.. . 2,342 2,411 8 2,252 2,252 152 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec.. 3,284 3,387 6 3,182 3,182 200 (in thousands of dollars) :a 1934-40 131,934 14,872 26,54849,689 40,825 1947—Mar... 3,375 3,481 5 3,284 3,284 192 Apr.. . 3,382 3,492 5 3,290 3,290 197 1941 3,726 3,144 503 79 May.. 3,387 3,508 5 3,277 3,277 226 1942 1,702 1,375 327 June.. 3,393 3,523 6 3,302 3,302 216 1943 6,223 4,982 1,241 July.. 3,398 3,548 6 3,351 3,351 191 1944 405 405 Aug... 3,396 3,553 6 3,360 3,360 188 1945 0 Sept.. 3,407 3,542 6 3,325 3,325 212 1946 0 Oct... 3,412 3,524 6 3,314 3,314 205 1947 167 167 Nov... 3,413 3,527 6 3,314 3,314 207 1948—Jan.-Feb Dec P3,411 1 Represents banks which, during the periods shown, closed tem- 1948—Jan P3,429 I porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks p Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund 1 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. MARCH 1948 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank U. S. Cash Inter- c T ap o i t t a a l l Nu o m f ber and date Total Loans Govern- Other assets x Total i bank i accounts banks Total o m bl e ig n a t - s i e t c ie u s r- m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—June 29 136,572 31,486 105,087 95,911 9,175 33,124 159,171 12,311 98,060 48,800 11,067 14,567 Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 30 2 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 July 30e 131,830 38,720 93,110 82,840 10,270 32,720 153,140 11,590 89,080 52,470 11,710 14,716 Aug. 27 e 132,540 39,620 92,920 82,560 10,360 32,930 154,100 11,810 89,680 52,610 11,750 14,723 Sept. 24* 133,890 40,340 93,550 82,990 10,560 33,970 156,210 12,450 90,910 52,850 11,800 14,722 Oct. 29e 135,160 41,780 93,380 82,750 10,630 34,490 157,970 12,430 r92,520 '53,020 11,880 14,729 Nov. 26 e 135,400 42,580 92,820 82,220 10,600 35,210 158,730 12,290 93,760 52,680 11,900 14,729 Dec. 31er 135,080 43,190 91,890 81,170 10,720 38,170 161,790 13,040 95,660 53,090 11,960 14,715 1948—Jan. 28 e 135,420 43,400 92,020 81,260 10,760 34,320 158,100 12,030 92,900 53,170 12,010 14,719 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 2:1,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,2C6 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—June 29 119,448 27,130 92,318 84,473 7,845 32,378 142,890 12,311 98,043 32,536 9,352 14,026 Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 2 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14,183 July 30e 113,370 34,010 79,360 70,650 8,710 31,950 135,650 11,590 89,070 34,990 9,860 14,183 Aug. 27 e 113,970 34,880 79,090 70,330 8,760 32,210 136,550 11,810 89,670 35,070 9,900 14,190 Sept. 24e 115,280 35,560 79,720 70,800 8,920 33,190 138,580 12,450 90,900 35,230 9,940 14,189 Oct. 29 e 116,440 36,940 79,500 70,540 8,960 33,820 140,300 12,430 92,510 35,360 10,010 14,196 Nov. 26 e 116,740 37,700 79,040 70,120 8,920 34,530 141,120 12,290 93,750 35,080 10,030 14,196 Dec. 31 c' 116,430 38,260 78,170 69,170 9,000 37,290 144,010 13,040 95,650 35,320 10,080 14,182 1948—Jan. 28 e 116,650 38,440 78,210 69,220 8,990 33,470 140,220 12,030 92,890 35,300 10,130 14,186 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11.000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—June 29 102,032 23,302 78,729 72,272 6,458 28,079 122,519 11,801 84,602 26,115 7,920 6,887 Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 July 30e 95,384 28,930 66,454 59,350 7,104 27,985 115,177 11,004 76,137 28,036 8,302 6,929 Aug. 27 e 95,908 29,700 66,208 59,071 7,137 28,182 115,950 11,270 76,586 28,094 8,335 6,928 Sept. 24 e 97,004 30,297 66,707 59,436 7,271 29,013 117,623 11,822 77,563 28,238 8,372 6,928 Oct. 29 e 97,983 31.530 66,453 59,171 7,282 29,596 119,122 11,874 78,913 28,335 8,422 6,931 Nov. 26 e 98,199 32.205 65,994 58,749 7,245 30,306 119,891 11,710 80,044 28,137 8,436 6,928 Dec. 31...... 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Jan. 28e 98,046 32,767 65,279 57,989 7,290 29,387 119,105 11,411 79,369 28,325 8,495 6,927 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940—Dec. 31 10,248 4,956 5,292 3,215 2,078 966 10,659 4 10,655 1,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—June 29 17,125 4,356 12,769 11,438 1,331 747 16,281 17 16,264 1,715 541 Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 r 16 16,853 1,784 541 1947—June 30 2 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 1,842 533 July 30e 18,460 4,710 13,750 12,190 1,560 770 17,490 1 10 17,480 1,850 533 Aug. 27 e 18,570 4,740 13,830 12,230 1,600 720 17,550 1 10 17,540 1,850 533 Sept. 24 e 18,610 4,780 13,830 12,190 1,640 780 17.630 1 10 17,620 1,860 533 Oct. 29 e 18,720 4,840 13,880 12,210 1,670 670 17,670 1 10 17,660 1,870 533 Nov. 26 e 18,660 4,880 13,780 12,100 1,680 680 17,610 1 10 17,600 1,870 533 Dec. 31* * 18,650 4,930 13,720 12,000 1,720 880 17,780 1 10 17,770 1,880 533 1948—Jan. 28 e 18,770 4,960 13,810 12,040 1,770 850 17,880 1 10 17,870 1,880 533 e Partly estimated. r Revised.. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "Ail 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. 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. 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. For other footnotes see following page. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g S n r a t . n - - s O e it t c i h e u e s r r - as C s a e s t h s x Total i b In an te k r - * m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 27,586 87,803 11,144 60,504 16,154 7,055 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 87,930 34,486 9,558 13 t386 National member banks: 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—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 Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5 ,409 5 ,005 State member banks: 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—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 Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 •3,993 27,449 9,062 3,055 1,918 Insured nonmember commercial banks: 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—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: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1942—Dec. 31 3 1,154 318 836 674 162 452 1,332 164 927 241 275 793 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30. .... 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31. 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—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 nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1942—Dec. 31 8,137 3,136 5,002 3,836 1,166 3,760 10,867 309 6,908 3,650 1.230 7,460 1943—Dec. 31 10,847 2,832 8,014 6.899 1,115 3,889 13,671 448 9,131 4,092 1,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—June 30 2. ... 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Insured mutual savings 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. 3l\'.'.... 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 i' 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: 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 1 1 9 9 4 4 4 3 — — D jjeecc>. 3 3 i 0 4 4 , , 7 3 0 4 8 5 1 1 , , 2 4 6 1 0 1 3 2 , , 4 9 4 3 8 5 2 2, , 8 2 1 4 9 6 6 6 2 8 9 9 2 1 3 8 8 4 4 4 , , 4 2 6 0 6 4 2 1 4 4 , , 4 2 6 0 4 3 4 48 6 5 8 3 3 5 6 1 1 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 1947—June 30 2 5,964 1,316 4,649 3,924 724 181 5,541 2 5,539 624 342 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. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. For other footnotes see preceding page. 305 MARCH 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 a o n f d bank lo an an d s cl i u n d - - Agri- securities Real Con- Direct St o a f tesOther call date i m nv e e n s t t s - Total op in e g n- c tu u r l - - b T ro o k- l t o e a s a t - e ns s l u o m an e s rO lo t a h n e s r Total Total C c e a r t t e if s i- G a u n a - r- p a o n li d t- r s i e t c ie u s m k a e r t - a e n rs d o T th o - Bills o d f e b in t- - Notes Bonds teed s i u ca b l pa- deal- ers ed- diviper1 ers ness sions All insured commercial banks: 49,290 21 259 9 2141,450 614 662 4,773 4 «45 28,031 21,046 988 3,159 12,7974,1023,6513,333 1942—Dec. 31.! 66*240 18!903 7',7571*642 950 597 4,6462,2691,04247,336 40,705 4,462 6,727 5,79920,9992,7183! 5333,098 1943—Dec. 31.. 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,6562,5013,2872,696 1944_Dec. 30.. 103,382 21,352 7,920 1,7232,269 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 1,3143,1643,6064,6772,3611,18196,043 88,912 2,455 19,07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,3581,517 1,609 7,1034,0311,09881,445 73,554 1,271 12,288 6,78053,200 15 4,2983,592 1947—June 30.. 110,682 33,250 14,7651,549 1,517 1,278 8,201 4,8931,04777,433 69,136 835 9,441 5,34153,505 14 4,8263,471 Member banks, total: 43 521 18 021 8 671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,00711,7293 8323 0909 »71 1942—Dec. 31!! 59*263 16!088 7,'3871,089 934 538 3! 4231,847 870 43!175 37,546 4,363 6,285 5,40918,9482! 5402! 965Z , 0/ 1 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 6,90627,2652,3452,72922,,626944 1944_Dec. 30.. 91,569 18,676 7,531 1,1982,2492,1083,2091,505 877 72,893 67,685 3,74813,982 14,12734,927 902 2,8572,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,3783,4551,900 1,10484,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,3081,02069,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—June 30. . 94,802 28,655 13,820 972 1,507 1,154 6,2403,998 965 66,146 59,198 773 7,544 4,369 46,502 10 3,9822,966 Oct. 6.. 97,328 30,738 66.590 59,288 4,2243,079 Dec. 31.. 97,846 32,628 16,962 1,046 "811 i!6657,1304" 662"952 65,218 57,914 1,987 5,816 4,81545,286 "io 4,1993,105 New York City:2 12 896 4 072 2 807 3 412 169 123 «54 8,823 7,265 311 1 623 3,6521,679 729 1 1 9 9 4 42 3 — — D D e e c c ! . 3 3 1 l! . ! . 1 1 7 9 * ,9 9 9 5 4 7 4 4 , ! 4 l 2 l6 8 2 2! ,5 5 1 4 5 6 „ 2 2 1 4 1,0 7 5 8 4 7 3 1 2 9 3 3 1 10 1 7 7 3 2 0 5 3 2 1 1 5 4 3 8 1 1 3 5 ! ,5 8 6 4 6 1 1 1 4 2 , ,5 5 4 6 7 3 1 1 , , 8 3 5 2 5 8 3 2 , , 4 14 0 4 9 2 1 ! ,8 0 2 5 9 6 5 7 , ,0 4 1 2 4 01,0 9 7 8 1 4 5 44 9 4 3 0 5 7 0 5 0 U 8 1 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 12,57! 137 1,103 775 10,555 1 631 582 Oct. 6.. 20,469 6.881 13.588 12.305 694 588 Dec. 31.. 20,393 7,179 5,361 "545 *267 "ill "564 330 13,214 11,972 1,002 "*640 "*558 9!m 638 604 Chicago:* 2,760 954 732 48 52 22 96 1 806 1,430 256 153 903 119 182 193 1942—Dec! 3l!! 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 ,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 IQAft DPP 31 4,765 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 4 802 *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 Dec. 31.. 5,088 1,801 i',418 3 "73 "*87 "'46 "l49 "'2*6 3,287 2,890 "l32 "*235 "*248 *2',274 213 185 Reserve city banks: 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 5,65315,878 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 1,993 16,013 4 1,272 1,004 1947—June 30. . 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 Oct. 6.. 35.792 12,495 23.297 20,884 1,390 1,023 Dec. 31.. 36,040 13,449 7!688 "225 "l70 "484 3', 147i!969 *36622,591 20,196 "373 '2*358 l!901 15*560 3 1,342 1,053 Country banks: 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 l!252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—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 1,551 1,285 1947—June 30.. 35,057 9,102 2,744 774 26 244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696 5 1,813 1,250 Oct. 6.. 36,027 0,638 26.389 23.164 1.934 1,201 Dec. 31.. 36,324 10,199 3! 096"818 *23 *2273^27 1*979 229 26,125 22,857 "480 '2*583 2*10817*681 *62,006 1,262 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 31.. 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 7711,647 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 7911,791 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. 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars) Demand deposits Time deposits Re- Class a o n f d bank F s w e e r d i v t e 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 d t e e p r o b s a it n s 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 v S - - . 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: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31.. 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31.. 12,834 1L,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 11,622 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 1L.829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 5,012 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 1L.804 8,498 80,869 9,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Member banks total'. 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.. 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30.. 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—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 Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 New York City:3 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 Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 Chicago:* 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.. 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Dec. 30.. 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 l|l30 24 152 228 47 3,495 2 4 823 404 1947—Tune 30 973 36 162 3,427 1,056 24 181 304 55 3,417 2 6 864 416 Oct. 6.. 993 30 144 3,612 1,111 25 161 323 50 3,548 2 7 871 1 420 Dec. 31.! 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 Reserve city banks: 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 6157 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 Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 Country banks: 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 Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31. . 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec. 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—June 30 395 2,979 11,274 194 3 152 1,119 135 10,144 4 5 122 6,361 10 1,245 « Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. * 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. MARCH 1948 307 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 Date or month i T n l m o a v o n a e e t n d n a s s t l t s - Total i t a m n c a r g i d i n e a a r u d r l i l , - - s , - G U a T n o . o d v S b t . . d r e o O a k t l e e h r r e s s r 3 U T o . o v S t . o . t O he t r h s er e R l s o t e a a a n t l e s - b L a o t n a o k n s s Other Total Total Bills o c C t f a i f e t i i e r n - - s - Notes Bonds1 O r s i e t t h c ie e u s r cul- ob- ob- se- debttural liga- curi- liga- curi- edtions ties tions ties ness Total— Leading Cities 1947—January.... 64,256 19,303 1,473 757 425 664 5112,537 143 2,79344,953 40,999 811 6,350 3,427 30,4113,954 September. , 64,343 21,371 2,757 573 444 501 475 ,199 224 3,198 2,972 38,689 791 4,133 2,686 31,079 4,283 October. . . . 64,840 22,220 3,432 494 546 492 4873,278 220 3,271 2,620 38,340 680 4,034 2,576 31,050 4,280 November.. 64,953 22,887 4,154 419 457 451 4943,356 211 3,345 2,066 7,842 897 3,811 2,159 30,975 4,224 December. . 65,135 23,428 4,569 387 527 407 5033,427 199 3,409 1 ,707 7,474 ,251 3,291 2,832 30,100 4,233 1948—January.... 65,178 23,315 4,704 219 432 333 502 ,497 163 3,46541,863 37,610 ,164 3,390 2,790 29,266 4,253 1947—Dec. 3 65,027 23,229 4,368 476 443 434 511 ,388 230 3,379 1,798 7,560 948 3,291 2,847 30,474 4,238 Dec. 10 65,140 23,343 4,471 428 421 418 509 ,413 291 3,392 1,797 7,564 ,110 3,272 2,842 30,340 4,233 Dec. 17 65,385 23,518 4,629 331 646 403 4903,429 177 3,413 1,867 7,653 ,367 3,289 2,847 30,150 4,214 Dec. 24 65,305 23,722 4,729 407 634 404 4903,446 193 3,419 1,583 37,366 ,299 3,263 2,771 30,033 4,217 Dec. 31 64,815 23,328 4,650 292 492 376 5143,459 106 3,439 1,487 37,227 ,530 3,338 2,854 29,505 4,260 1948- -Jan. 7. 65,142 23,229 4,637 245 442 353 5013,472 3,435 1,913 37,642 ,031 3,387 2,826 29,398 4,271 Jan. 14. 65,088 23,243 4,689 181 426 337 5053,493 147 3,465 1,845 37,587 ,060 3,327 2,808 29,392 4,258 Jan. 21. 65,530 23,394 4,761 221 416 330 5033,508 182 3,473 2,136 37,886 ,354 3,437 2 ,786 29,309 4,250 Jan. 28. 64,953 23,394 4,727 230 441 312 3,516 180 3,486 1,559 37,323 ,209 3,410 2,739 28,965 4,236 Feb. 4.... 64,874 2,3,352 4,644 229 392 306 3,525 271 3,49541,522 17,310 ,468 3,408 2,715 28,7194,212 Feb. 11 64,410 23,424 4,692 351 392 307 4883,542 166 3,486 40,986 16,791 ,214 3,271 2,695 28,6114,195 Feb. 18 64,277 23,453 4,619 399 370 299 4843,550 249 3,483 40,824 16,634 ,210 3,207 2,657 28,560 4,190 Feb. 25 64,057 23,610 4,591 532 402 294 3,565 253 3,49440,447 16,281 ,156 3,115 2,599 28,4114,166 New York City 1947—January. . . . 20,187 6,166 4,097 618 278 139 215 94 111 614 4,021 2,898 253 1,681 1,033 9,931 1,123 September.. 20,031 6,566 4,525 490 311 91 185 102 170 692 3,465 2,173 255 712 747 10,459 1,292 October 20,036 6,840 4,815 412 368 82 189 102 161 711 3,196 1,965 250 724 618 10,3731,231 November.. 19,903 7,088 5,191 320 314 74 193 105 160 731 2,815 1,639 412 629 375 10,223 1,176 December. . 20,056 7,286 5,343 299 377 64 202 104 160 737 2,770 1,576 661 536 481 9,8981,194 1948—January.... 20,001 7,045 5,329 162 303 51 199 106 129 761 2,956 1,747 ,157 626 512 9,4521,209 1947 -Dec. 3 19,975 7,280 5,293 380 310 75 211 104 171 736 2,695 1,498 434 505 510 10,049 ,197 Dec. 10 19,973 7,290 5,317 339 279 65 212 104 236 738 2,683 1,488 508 514 476 9,990 ,195 Dec. 17 20,145 7,352 5,366 248 490 63 190 106 151 738 2,793 1,616 699 512 455 9,950 ,177 Dec. 24 20,186 7,434 5,413 320 469 60 191 105 152 724 2,752 1,575 699 528 420 9,928 ,177 Dec. 31 20,002 7,076 5,328 20 337 56 206 103 91 748 2,926 1,702 964 621 543 9,574 ,224 1948—Jan. 7 20,175 7,037 5,324 184 304 5 200 103 111 758 3,138 1,911 ,280 597 519 9,515 ,227 Jan. 14 19,842 6,992 5,327 125 29 51 201 105 126 12,850 1,631 ,045 591 491 9,504 ,219 Jan. 21 20,138 7,065 5,343 169 299 51 197 108 136 13,073 .1,875 ,199 663 512 9,501 ,198 Jan. 28 19,850 7,085 5,324 169 331 50 197 106 144 764 2,765 1,571 ,104 655 526 9,286 ,194 Feb. 4 19,996 7,038 5,267 170 276 49 192 107 20S 769 12,958 1,777 ,314 696 548 9,219 ,181 Feb. 11 19,723 7,100 5,290 290 276 45 190 108 132 769 12,623 1,455 ,104 606 556 9,189 ,168 Feb. 18 19,693 7,14! 5,215 323 261 47 188 110 226 7 7012,558 1,391 ,092 578 533 9,19' ,164 Feb. 25 19,685 7,261 5,208 451 288 46 187 110 201 77012,424 .1,278 ,085 580 528 9,085 1,146 Outside New York City 1947—January 44,069 13,137 7,376 13' 525 2962,443 2,17930,932 28,101 558 4,669 2,394 20,480 2,831 September.. 44,31 14,805 8,232 133 410 2903,097 2,50629,507 !6,516 536 3,421 1,939 20,6202,991 October 44,804 15,380 8,617 178 410 3,176 2,56029,424 6,37 430 3,310 1,958 20,677 3,049 November.. 45,050 15,799 8,963 143 37 3,251 2,61429,251 6,203 485 3,182 1,784 20,7523,048 December. . 45,079 16,142 9,226 150 343 3,323 2,67228,93! 15,898 590 2,755 2,351 20,2023,039 1948—January 45,177 16,270 9,375 12 282 303 3,391 2,70428,90: 25,863 1,007 2,764 2,278 19,8143,044 1947-Dec. 3 45,052 15,949 9,075 96 133 359 3003,284 2,643 29,103 26,062 514 2,786 2,337 20,425 3,041 Dec. 10 45,167 16,053 9,154 142 353 297 3,309 2,654 29,114 26,076 602 2,758 2,366 20,350 3,038 Dec. 17 45,240 16,166 9,263 156 340 3,323 2,675 29,074 26,03 668 2,777 2,392 20,200 3,037 Dec. 24 45,11 16,288 9,316 165 344 2993,341 2,695 28,831 25,791 600 2,735 2,351 20,105 3,040 Dec. 31 44,813 16,252 9,322 155 320 3083,356 2,691 28,561 25,525 566 2,717 2,311 19,931 3,036 1948—Jan. 7.... 44,96 16,192 9,313 13S 300 3013,369 2,67728,77. 25,731 751 2,790 2,307 19,8833,044 Jan. 14.... 45,24* 16,25 9,362 12 286 3043,388 2,705 28,99. 25,956 1,015 2,736 2,317 19,888 3,039 Jan. 21 45,392 16,32' 9,418 11 279 3,400 2,71129,06; 26,011 1,155 2,774 2,274 19,80? 3,052 Jan. 28 45,103 16,30' 9,403 113 262 302 3,410 2,72228,79* 25,752 1,105 2,755 2,21 19,679 3,042 Feb. 4 44,878 16,314 9,377 11 257 3,418 2,726 28,56' 25,533 1,154 2,712 2,167 19,5003,031 Feb. 11. . . . 44,68 16,324 9,402 11 262 2983,434 2,71 Z8.36J 25,336 1,110 2,665 2,139 19,4223,027 Feb. 18 44,579 16,313 9,404 252 2963,440 2,713 28,26 25,240 1,118 2,629 2,124 19,3693,026 Feb. 25 44,372 16,34' 9,383 248 2923,455 2,724 28,02^ 25,003 1,07 2,53. 2,071 19,3263,020 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. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n d t v - h l k - e s C va a i u n sh lt m b a w a n d e n o i c s t - e k h ti s s c j p m u o a d s a t d e s n e - i - t d d s 3 s p p u n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d 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 f e e e i e f n t e f r c r c d i t d s . - k i ' - s, U m G er . o e n n v S - t - . s p p u v n h c a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o u a i c o n v l b t a n d i e i - l t - s s - P U m G S e i a o n r . a n o e s g n v d v n t S s - - a - t . l m D t D e i o c s - e - man F e d i o g r n - Time r B i o n o w g r - s - c C o i a a u t c a p n - - l ts B d i e t a s b n 2 - k tions tions Total- Leading Cities 1947—January . . .11,838 764 2,397 46,683 46,664 2,868 1,573 1,64913,770 243 9,832 1,344 164 5,621 82,369 September 12,257 809 2,370 47,276 47,460 3,05C 1,393 931 14,134 333 9,696 1,431 203 5,783 81,583 October.... 12,432 790 2,452 47,197 47,804 2,978 1,513 1,38014,167 328 9,978 1,410 231 5,810 90,187 November., 12,371 816 2,418 47,58348,343 3,090 1,509 1,07114,144 327 9,905 1,380 338 5,836 85,152 December. 12,719 848 2,162 48,708 49,363 3,148 1,700 65114,093 335 9,9221,370 228 5,831 104,009 1948—January . . .12,753 815 2,445 48,843 49,073 3,251 1,465 59214,159 370 9,9551,344 138 5,830 94,188 1947—Dec. 3.... 12,413 818 2,334 48,247 48,379 ,146 1,800 74114,069 328 9,7021,378 303 5,842 20,346 Dec. 10... 12,489 882 2,363 48,57048,966 ,106 1,404 71714,061 335 9,6731,374 345 5,832 20,509 Dec. 17... 12,857 896 2,533 49,160 50,216 3,122 1,813 461 14,055 341 10,1901,388 156 5,830 24,912 Dec. 24.... 12,700 815 2,387 48,876 49,446 3,119 1,523 54414,090 333 9,7921,357 298 5,825 23,688 Dec. 31... 13,138 826 2,694 48,685 49,809 3,246 1,961 79314,192 338 10,2511,353 37 5,826 22,692 1948—Jan. 7... 12,726 845 2,566 48,,6622i0 48,635 3,263 1,440 56814,177 347 10,2851,346 128 5,834 19,372 Jan. 14... 13,051 842 2,55148,963 49,67 3,271 1,483 52014,158 359 10,2921,351 90 5,826 20,565 Jan. 21... 12,546 779 2,41948.97C 49,282 3,222 1,518 58914,158 383 9,9441,332 130 5,826 22,253 Jan. 28... 12,689 792 2,243 48,818 48,701 r3,249 1,420 693r14,142 391 9,2971,347 206 5,836-•21,042 Feb. 4... 12,435 730 2,227 48,22347,806 3,253 1,301 80114,153 443 9,267 1,340 242 5,853 21,911 Feb. 11... 12,429 795 2,175 47,64447,798 1,405 87614,170 458 9,017 1,338 491 5,851 19,670 Feb. 18... 12,154 771 2,298 47,40947,950 1,540 88514,184 463 9,099 1,353 291 5,849 20,123 Feb. 25... 12,296 815 2,287 47,55947,937 3,223 1,475 92614,227 465 8,824 1,368 258 5,856 18,006 New York City 1947—January . . 4,118 124 15,96016,362 210 872 522 1,347 3,063 1,186 73 2,155 33,592 September 4,233 128 16,03816,503 210 714 232 1,371 3,000 1,276 133 2,189 31,605 October 4,315 130 15,83416,390 241 810 481 1,376 3,047 1,257 142 2,195 35,162 November. 4,244 143 15,84916,476 326 771 368 1,353 3,003 1,229 161 2,207 33,531 December. 4,424 148 16,33617,055 264 931 209 1;341 3,0721,220 102 2,202 44,131 1948—January . . 4,439 132 16,39916,844 339 732 172 1,350 3,108 1,192 29 2,207 38,286 1947—Dec. 3... 4,351 139 16,264 16,771 286 1,041 243 1,336 2,9471,227 101 2,205 8,257 Dec. 10... 4,353 153 16,275 16,912 273 671 241 1,333 2,9111,231 158 2,200 8,631 Dec. 17... 4,504 157 16,445 17,310 237 1,048 134 1,336 3,2261,243 55 2,201 10,959 Dec. 24.... 4,357 141 16,408 17,010 238 804 163 1,341 3,0371,203 168 2,197 9,430 Dec. 31.,.. 4,554 144 16,286 17,272 283 1,093 262 1,357 3,2391 ,195 30 2,206 10,157 1948—Jan. 7... 4,337 139 37 16,307 16,707 353 678 181 1,347 3,233 1 ,192 56 2,207 7,546 Jan. 14... 4,594 135 16,362 16,882 369 755 152 1,347 3,159 1,197 33 2,207 8,173 Jan. 21... 4,354 125 16,508 16,935 343 748 164 1 ,356 3,075 1,181 17 2,207 8,822 Jan. 28... 4,472 130 37 16,420 16,850 291 750 187 1 ,352 2,964 1 ,197 11 2,207 8,991 Feb. 4... 4,259 120 16,175 16,548 240 603 228 1,353 2,9621,190 81 2,216 9,507 Feb. 11... 4,355 141 34 15,990 16,531 245 709 244 1,360 2,8121,191 225 2,213 8.074 Feb. 18... 4,210 121 15,871 16,554 216 809 239 1,369 2 ,8801,202 70 2,211 7,552 Feb. 25.. . 4,282 134 15,974 16,616 209 822 24' 1,374 2,8201,211 73 2,209 7,158 Outside New York City 1947—January . . 7,720 640 2,362 30,72330,302 2,658 701 12,423 215 6,769 158 3,466 48,777 September , 8,024 681 2,333 31,238 30,957 2,846 679 12,763 318 6,696 155 70 3,594 49,978 October 8,117 660 2,413 31,36331,414 2,737 703 899 12,791 313 6,931 153 89 3,615 55,025 November. 8,127 673 2,375 31,734 31,867 2,764 738 703 12,791 305 6,902 151 177 3,629 51,621 December. 8,295 700 2,420 32,37232,308 2,884 769 442 12,752 316 6,850 150 3,629 59,878 1948—January .. 8,314 683 2,405 32,44432,229 2,912 733 12,809 357 6,847 152 109 3,623 55,902 1947—Dec. 3... 8,062 679 2,292 31,98331,608 2,860 759 498 12,733 305 6,755 151 202 3,637 12,089 Dec. 10.... 8,136 729 2,325 32,29532,054 2,833 733 476 12,728 312 6,762 143 187 3,632 11,878 Dec. 17.... 8,353 739 2,491 32,715 32,906 2,885 765 327 12,719 318 6,964 145 101 3,629 13,953 Dec. 24.... 8,343 674 2,344 32,468 32,436 2,881 719 I 2,749 320 6,755 154 130 3,628 14,258 Dec. 31... 8,584 682 2,647 32,399 32,537 2,963 868 12,835 325 7,012 158 7 3,620 12,535 1948—Jan. 7..., 8,389 706 2,529 32,31331,928 2,910 762 387 12,830 334 7,052 154 72 3,627 11,826 Jan. 14... 8,457 707 2,510 32,60132,790 2,902 728 368 12,811 346 7,133 154 57 3,619 12,392 Jan. 21.... 8,192 654 2,374 32,462 32,347 2,879 770 425 12,802 370 6,869 151 113 3,619 13,431 Jan. 28.... 8,217 662 2,206 32,39831,851 '2,958 670 506M2,790 379 6,333 150 195 3,629 12,051 Feb. 4.... 8,176 610 2,195 32,04831,258 3,013 698 57312,800 391 6,305 150 161 12,404 Feb. 11.... 8,074 654 2,141 31,65431,267 2,952 696 63212,810 406 6,205 147 266 11,596 Feb. 18.... 7,944 650 2,260 31,53831,396 2,926 731 64612,815 410 6,219 151 221 12,571 Feb. 25.... 8,014 681 2,247 31,585 31,321 3,014 653 67912,853 412 6,004 157 185 10,848; r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. MARCH 1948 309 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 i m n a v e n e n d s t t s - Total i t c n r i i d a a u l l , s- a T n o d b d r e o a k l e e r r s s To others e R s e ta a t l e Lo t a o nsO l t o h an e s r Total c C t a if e t i e r - - s O : t e h c e u r t a c a u g u n r r l a d - i l - G U t l i o i o o g . b v n a - S - s t . . O c t s u t i e h e r - s i e - r ^ l U t o o i i . b g v o S a - t n . - . s O c t t u s i h r e e i e - s - r loansbanks Total Bills o d n e f e e d b i s - n t s - - Notes Bonds1rities Boston Jan. 28 893 1,090 745 6 14 15 116 4 183 1,803 1,707 81 187 121 1,318 96 Feb. 4 882 1,087 736 11 14 16 116 3 183 1,795 1,696 86 189 121 1,300 99 Feb. 11 854 1,090 745 5 14 16 116 4 182 1,764 1,665 97 168 1,279 99 Feb. 18 830 1,093 742 8 14 16 116 7 181 1,737 1,637 88 149 120 1,280 100 Feb. 25 820 1,109 751 14 14 16 119 7 180 1,711 1,611 76 132 1,283 100 New York* Jan. 28 042 7,789 5,667 170 335 60 216 279 144 91814,253 2,862 ,145 698 10,410 ,391 Feb. 4 ,183 7,744 5,611 173 279 59 211 280 208 92314,439 3,063 ,378 742 631 10,312 ,376 Feb. 11 904 7,809 5,638 290 280 55 209 282 132 923 14,095 2,734 ,165 651 63610,282 ,361 Feb. 18 876 7,852 5,564 326 264 56 207 284 226 925 14,024 2,669 ,155 618 60810,288 ,355 Feb. 25 859 7,968 5,553 453 291 56 206 284 201 92413,891 2,555 ,155 620 601 10,179 ,336 Philadelphia Jan. 28 543 862 514 3 20 5 75 1 236 1,681 1,414 61 86 77 1,190 267 Feb. 4 ,540 860 512 2 17 5 75 4 237 1,680 1,415 64 86 76 1,189 265 Feb. 11 511 865 520 2 16 5 75 1 238 1,646 1,383 35 85 77 1,186 263 Feb. 18 ,509 863 514 2 16 5 74 1 243 1,646 1,384 41 84 77 1,182 262 Feb. 25 ,525 873 518 3 15 5 73 7 244 1,652| 1,391 57 84 1,180 261 Cleveland Jan. 28 311 1,442 883 17 13 55 15 235 13 211 2,869 2,545 73 109 166 2,197 324 Feb. 4 356 1,477 881 16 17 52 15 235 43 218 2,879 2,554 108 164 2,196 325 Feb. 11 331 1,440 881 18 16 60 16 236 6 207 2,891 2,566 110 164 2,193 325 Feb. 18 309 1,431 883 18 15 60 15 236 1 203 2,878 2,554 111 2,193 324 Feb. 25 292 1,444 890 21 12 59 15 237 202 2,848 2,525 70 98 157 2,200 323 Richmond Jan. 28 607 806 390 1 7 24 22 174 185 1,801 1,680 52 159 109 1,360 121 Feb. 4 589 803 389 1 6 24 22 175 184 1,786 1,664 54 157 105 1,348 122 Feb. 11 584 803 389 6 24 22 177 183 1,781 1,659 51 155 1,347 122 Feb. 18 580 801 390 5 23 22 176 182 1,779 1,657 58 154 104 1,341 122 Feb. 25 ,556 807 392 6 23 22 177 185 1,749 1,627 44 145 1,337 122 Atlanta Jan. 28 ,355 841 524 7 25 36 69 174 1,514 1,325 19 201 145 960 189 Feb. 4 ,336 835 522 7 26 35 70 171 1,501 1,313 17 197 144 955 188 Feb. 11 ,336 838 524 7 26 35 70 172 1,498 1,314 22 196 146 950 184 Feb. 18 ,331 832 521 25 35 71 169 1,499 1,316 21 199 146 950 183 Feb. 25 ,342 834 520 24 34 71 172 1,508 1,325 22 210 144 949 183 Chicago* Jan. 28 ,926 2,706 1,869 27 34 76 312 356 6,220 5,624 422 420 4,293 596 Feb. 4 ,841 2,685 1,859 28 34 75 313 353 6,156 5,559 393 417 478 4,271 597 Feb. 11 ,808 2,710 1,863 25 33 74 314 356 6,098 5,501 378 413 470 4,240 597 Feb. 18 ,818 2,721 1,873 28 32 74 315 354 6,097 5,493 380 409 472 4,232 604 Feb. 25 ,779 2,720 1,860 37 31 73 316 356 6,059 5,457 403 391 459 4,204 602 St. Louis Jan. 28 ,150 982 605 5 19 15 146 187 1,168 1,021 48 103 782 147 Feb. 4 ,112 974 602 5 18 14 145 187 1,138 991 44 97 91 759 147 Feb. 11 ,110 970 599 5 18 14 146 185 1,140 994 42 88 89 775 146 Feb. 18 ,103 966 595 5 17 14 147 185 1,137 991 39 100 91 761 146 Feb. 25 ,086 962 594 5 16 14 146 183 1,124 978 35 98 87 758 146 Minneapolis Jan. 28 ,174 426 260 2 12 5 55 92 748 676 18 38 64 556 72 Feb. 4 ,168 433 265 3 11 5 55 94 735 663 19 48 59 537 72 Feb. 11 ,173 435 268 3 11 5 55 93 738 665 31 50 55 529 73 Feb. 18 ,165 431 266 2 11 5 55 92 734 659 23 51 56 529 75 Feb. 25 ,1641 429 263 2 11 5 56 92 735 659 20 55 56 528 76 Kansas City Jan. 28 ,436 825 545 4 12 12 113 138 1,611 1,413 85 265 183 198 Feb. 4 ,378 821 541 4 12 12 114 137 1,557 1,360 73 244 175 868 197 Feb. 11 ,372 821 541 4 11 12 115 137 1,551 1,354 79 246 173 856 197 Feb. 18 ,405 821 540 4 11 12 115 138 1,584 1,388 115 249 171 853 196 Feb. 25 ,365 815 535 3 11 12 115 138 1,550 1,354 249 162 855 196 Dallas Jan. 28 ,280 1,043 733 6 21 41 78 163 1,237 1,123 9 172 103 839 114 Feb. 4 ,259 1,037 730 6 20 41 78 162 1,222 1,109 7 168 100 834 113 Feb. 11 ,239 1,030 724 6 20 41 79 160 1,209 1,09: 166 97 827 114 Feb. 18 ,226 1,024 723 6 18 41 78 158 1,202 1,087 4 16: 97 824 115 Feb. 25 ,210 1,022 718 6 18 40 79 160 1,188 1,074 2 162 94 816 114 San Francisco Jan. 28 236 4,582 1,992 11 31 381,864 643 6,654 5,933 196 972 585 4,180 721 Feb. 4 230 4,596 1,996 12 31 361,869 646 6,634 5,923 247 955 571 4,150 711 Feb. 11 188 4,613 2,000 16 30 361,877 650 6,575 5,861 210 943 561 4,147 714 Feb. 18 125 4,618 2,008 9 27 351,883 653 6,50' 5,799 198 921 553 4,127 708 Feb. 25 059 4,62 1,997 8 26 341,892 658 6,432 5,725 184 871 548 4,122 707 City of Chicago* Jan. 28 677 1,861 1,454 23 2, 67 71 189 3,816 3,411 319 278 31. 2,499 405 Feb. 4 631 1,838 1,444 24 25 66 70 186 3,793 3,393 313 278 315 2,487 400 Feb. 11 605 1,854 1,440 22 25 65 70 18 3,751 3,350 294 279 313 2,464 401 Feb. 18 629 1,866 1,452 24 23 65 71 186 3,763 3,354 306 274 316 2,458 409 Feb. 25 576 1,870 1,443 34 23 64 71 10 188 3,706 3,298 303 258 305 2,432 408 1 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R e a e r r i e a n t d v h - l k - e s C v a a in s u h ltm b a w n a d e n c i o s t t e k - h i s c s j p m u o d a s a t d s e n e i - - t d d s 1 s p p u n c v h a o a a o e n i i r d p r l r r d a s t - - s - - , - , S p s d s t a i i o a u c i o n v l t a b n i d e i l t - - s s - c C h c o a e f e e i e f n t e c f r r c i d d t s k - . i ' s - , U m G er o . e n S n v - . t - s u p p v n c h a a o o a i e n i d l p r r r r d s a - t - s - , - - , S p s d s t a i i o a u c i o n v l t a b n i d e i t l - - s s - P U m G S e i a n o r a n . o e g n s v n d v t S s - - a t - . l m D ti e o c s - - F ei o g r n - Time r B in o o w g r- s - c C o i a t a u c a p n - l - ts B d i e a ts b n * - k tions tions Boston Jan. 28. .. 533 58 115 2,467 2,446 138 50 496 293 20 8 314 804 Feb. 4... 529 55 116 2,441 2,436 137 46 497 291 20 7 315 861 Feb. 11. .. 513 58 106 2,394 2,391 132 49 497 286 20 7 315 793 Feb. 18. .. 504 57 108 2,357 2,395 123 44 497 285 21 14 316 857 Feb. 25... 506 60 112 2,350 2,391 120 48 497 272 22 23 316 699 New York* Jan. 28... 4,761 175 12617,93718,164 558 793 204 2,179 3,037 1,200 15 2,396 9,490 Feb. 4... 4,556 163 12517,69117,844 516 647 249 2,181 3,036 1,193 87 2,40510,039 Feb. 11. .. 4,662 185 13217,51317,810 567 755 2672,187 2,882 1,193 237 2,402 8,632 Feb. 18. .. 4,495 166 14217,38117,842 510 854 2632,197 2,952 1,204 74 2,401 8,102 Feb. 25 . . . 4,577 179 13217,48117,887 516 870 2732,202 2,889 1,213 74 2,399 7,599 Philadelphia Jan. 28... 508 43 105 2,146 86 31 34 375 334 12 18 299 792 Feb. 4... 499 40 100 2,115 76 35 37 375 346 12 15 301 800 Feb. 11. .. 493 41 94 2,076 83 30 40 375 329 13 27 301 691 Feb. 18. .. 494 41 107 2,076 85 36 41 375 339 12 31 300 750 Feb. 25 . . . 495 43 104 2,111 2,222 86 28 42 391 325 12 9 300 714 Cleveland Jan. 28... 797 155 3,075 3,166 149 54 551,274 455 5 12 461 1,100 Feb. 4... 771 156 3,084 3,103 160 62 621,274 458 5 3 462 1,139 Feb. 11. .. 755 80 151 3,011 3,089 154 55 1,275 444 5 35 462 1,012 Feb. 18. .. 758 80 160 2,998 3,106 155 59 1,275 464 6 11 462 1,127 Feb. 25 . . . 755 83 162 3,000 3,094 153 47 1,274 436 6 13 462 1,001 Richmond Jan. 28 . . . 489 63 170 104 057 185 49 587 390 6 10 211 660 Feb. 4. . . 487 59 155 073 015 191 48 587 374 5 10 212 672 Feb. 11. .. 494 63 166 077 038 183 46 587 377 5 16 212 628 Feb. 18 . . . 474 63 151 040 004 185 55 588 376 5 13 212 705 Feb. 25 . . . 492 67 166 ,076 030 201 44 588 352 6 12 212 596 Atlanta Jan. 28 . . . 461 43 175 ,779 1,636 ••299 24 ••537 501 18 176 663 Feb. 4. . . 450 39 179 ,742 1,608 302 24 538 512 12 177 659 Feb. 11. .. 459 44 185 ,748 1,656 294 22 538 530 6 178 579 Feb. 18. .. 447 42 205 ,760 1,654 295 29 538 509 13 179 689 Feb. 25 . . . 452 44 176 1,760 1,649 302 26 538 492 17 179 575 Chicago* Jan. 28... ,709 98 379 6,321 6,243 566 96 129 2,385 1,468 65 2,713 Feb. 4. . . ,711 94 383 6,198 6,059 583 106 146 2,387 1,488 67 668 2,945 Feb. 11. .. ,654 103 340 6,043 6,033 519 102 2,389 1,431 132 668 2,760 Feb. 18 . . . ,628 96 374 6,072 6,068 545 110 164 2,389 1,448 97 2,927 Feb. 25 . . . ,685 105 384 6,158 6,162 550 93 160 2,390 1,413 85 668 2,504 St. Louis Jan. 28. .. 402 29 112 1,363 1,426 109 19 460 659 19 168 605 Feb. 4... 423 27 106 1,334 1,394 109 23 460 662 13 169 581 Feb. 11. .. 390 29 114 1,326 1,404 114 21 461 645 12 170 542 Feb. 18 . . . 387 27 108 1,330 1,413 112 18 462 622 11 170 593 Feb. 25 . . . 404 29 111 1,348 1,436 114 17 462 612 3 170 478 Minneapolis Jan. 28. .. 224 12 92 815 779 134 12 249 302 15 97 372 Feb. 4. . . 219 11 88 818 780 135 12 250 299 2 97 374 Feb. 11. .. 214 12 81 815 792 131 13 250 298 97 376 Feb. 18. .. 205 12 85 800 777 126 16 250 297 ' *2 97 386 Feb. 25. . . 214 12 86 815 773 145 11 250 291 1 97 293 Kansas City Jan. 28. . . 513 29 260 ,810 ,786 233 27 379 4 811 17 184 776 Feb. 4. . . 504 26 269 ,780 ,728 250 27 379 4 789 9 184 732 Feb. 11. .. 504 29 270 ,785 ,757 247 27 379 4 785 2 184 667 Feb. 18. .. 481 29 289 ,803 ,769 254 28 380 4 790 185 777 Feb. 25 . . . 505 30 285 ,808 1,768 261 26 380 4 769 186 642 Dallas Jan. 28. . . 482 33 262 ,883 1,851 169 40 341 39 594 190 666 Feb. 4. . . 482 31 250 ,861 1,812 179 37 342 43 571 190 598 Feb. 11. .. 476 32 252 ,843 1,824 174 37 343 42 565 190 602 Feb. 18. .. 464 32 276 ,854 1,845 168 4G 343 44 553 191 647 Feb. 25... 471 33 274 ,848 1,844 163 40 343 43 546 191 605 San Francisco Jan. 28 . . . 1,810 125 292 7,118 6,927 623 225 86 4,880 198 453 674 2,401 Feb. 4... 1,804 107 300 7,086 6,838 615 234 1024,883 198 441 5 673 2,511 Feb. 11. .. 1,815 119 284 7,013 6,858 599 248 1154,889 208 445 9 672 2,388 Feb. 18 . . . 1,817 126 293 6,938 6,881 584 251 117 4,890 209 464 12 670 2,563 Feb. 25... 1,740 130 295 6,804 6,681 612 225 126 4,912 210 427 11 676 2,300 City of Chicagi Jan. 28. .. 1,129 36 180 4,106 4,167 278 47 ,195 38 1,105 55 1,729 Feb. 4... 1,149 35 191 4,068 4,053 321 54 ,197 38 1,110 67 450 1,932 Feb. 11... 1,095 40 160 3,948 4,035 267 47 ,198 38 1,070 103 450 1,851 Feb. 18. .. 1,086 36 186 4,001 4,095 292 47 1,198 38 1,087 77 1,935 Feb. 25... 1,145 40 190 4,038 4,123 292 47 1,199 38 1,051 84 449 1,632 r Revised. i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. s Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. MARCH 1948 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - in l g Tot A al ccep O t b in i w l g l n s ba b n o k B s u il g ls ht ( a R F F c B o e c e a d r o s n e e u o k r r n w v s 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 x f n r t p o a i o t t m e e r d s ts c D h e o a x l n - l g ar e G U s o n h o i i d p te s p p d o e s d i t n o t b r s e e F d i t n w o i r e n e e i n g o n r States countries 1946—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 J J A S u u e u n l p y g e t u e s m t ber 2 2 2 24 3 4 4 2 4 4 4 2 2 1 1 0 1 8 8 6 9 7 3 1 1 1 1 3 4 5 6 2 8 8 8 6 8 7 7 9 3 5 1 6 8 8 7 3 7 5 4 4 3 4 5 4 9 8 0 7 1 1 1 1 1 1 4 3 5 1 0 3 4 4 4 4 7 6 5 2 ( ( 2 2 2 ) ) 2 2 2 2 0 1 0 4 1 6 6 7 1 October 283 237 180 83 97 2 55 144 54 4 23 10 D N e o c v e e m m b b e e r r 2 2 8 8 7 7 2 2 6 4 1 5 1 1 8 9 8 7 8 7 8 6 1 1 1 0 2 9 (2) 5 6 6 4 1 1 4 5 7 9 6 6 1 3 3 3 2 2 5 5 1 9 1 1948—January 290 262 188 85 103 74 168 53 1 27 13 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r u a 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 f r t i u a 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 ) it 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 1,223 111 333 220 853 549 121 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—February. . . 3 573 3217 »681 March 3 576 3 216 »677 April 3 553 3 205 »665 May 3 530 3 201 8 652 June 552 6 333 395 222 650 162 24 9 271 July 3 564 3251 8 677 August 3 550 3 241 8 656 September. . 3 570 3 280 8 630 October 3 606 3 257 8 616 November. . 3 593 3 247 3617 December... 578 7 315 393 240 612 176 23 15 273 1948—January. . . . 3 568 3217 3 622 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 76; December, 61; January, 56. 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. 312 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 - 1 l a a P b d c n e a r a 9 c c r i n y 0 s m e e ' k s p s e - 1 , t- ch n l c a e o r a e a e x l a w n s - l - n l g 2 - e m bi o 3 ll n - s t h 3 9 d c m o - c e e t f a o o r b t t n t i e i e f 1 n t s i h d 2 - - - - 3 t i - a y s x s t e o u a a e b r 5 s l - e 19 T o c t i a ti l es Y N C o e i r t w y k e E 7 N r c n a o i o s t r t t i a e h e th n s r e n - d r 1 e W 1 r c n e S i t s i o t a e e u n s r t d n 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 J 18 1941 average 2.54 1.97 2.55 3.19 1946 average .81 .61 .16 .375 .82 .16 1942 average 2.61 2.07 2.58 3.26 1947 average 1.03 .87 .38 .604 .88 .32 1943 average 2.72 2.30 2.80 3.13 1944 average 2.59 2.11 2.68 3.02 1947—February. . 1.00 .81 .38 .376 .85 .26 1945 average 2.39 1.99 2.51 2.73 March 1.00 .81 .38 .376 .82 .24 1946 average 2.34 1.82 2.43 2.85 April LOO .81 .38 .376 .83 .24 1947 average 2.28 1.81 2.33 2.76 May . . • .00 !81 !38 !376 .85 !27 June L 00 .81 38 .376 !85 .29 1943—December. 2.65 2.10 2.76 3.17 July L.00 .81 .38 .703 .85 .33 August.... L.00 .88 .38 .748 .85 .31 1944—March 2.63 2.10 2.75 3.12 September. L.06 .94 .38 .804 .87 .28 June 2.63 2.23 2.55 3.18 October. . . L.06 .94 .38 .857 .97 .35 September. 2.69 2.18 2.82 3.14 November. L.06 .94 .38 .932 .99 .47 December. 2.39 1.93 2.61 2.65 December.. 1.19 1.03 1.38 .950 1.04 L .54 1945—March 2.53 1.99 2.73 2.91 1948—January... 1.31 1.06 1.50 .977 1.09 L.63 June 2.50 2.20 2.55 2.80 February.. 1.38 1.06 L.50 .996 1.10 L.63 September. 2.45 2.05 2.53 2.81 December. 2.09 1.71 2.23 2.38 Week ending: Jan.31 lVie .990 1.10 1.64 1946—March. . . . 2.31 1.75 2.34 2.93 Feb. 7 Wl6 .994 1.10 L.64 June 2.41 1.84 2.51 2.97 Feb.14.... lVie .996 1.10 L.64 September. 2.32 1.83 2.43 2.75 Feb.21.... lVie 1/^ .997 1.09 L .62 December. 2.33 1.85 2.43 2.76 Feb.28.... lVie IX .997 1.09 L.63 1947—March 2.31 2.37 2.80 June 2.38 2.44 2.95 1 Monthly figures are averages of weekly prevailing rates. September. 2.21 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 4 R Be a g te i n o n n i n n g e w D e i c s . s u 1 e 6 s , o c f o f m ere p d ri s w es i th 2% in S pe e r p i t o . d 1 . 951-53, 2% Dec. 1951-55, 1 Prior to March 1939 figures were reported monthly on a basis not and 2H% 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 YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)i (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) 3 Total years and Indus- Rail- Public over Aaa Aa Baa trial road utility Number of issues. 1-5 10 120 30 30 30 30 40 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—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 .54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 2.72 September .53 2.24 1.92 2.57 2.85 2.61 2.69 2.86 3.23 2.67 3.09 2.78 October. . . ,58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 2.87 November. .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 February., 1.97 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 Week ending: 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 Feb. 7... 1.98 2.45 2.54 2.86 3.13 2.87 2.94 3.18 3.53 2.92 3.44 3.04 Feb. 14... 1.98 2.45 2.55 2.85 3.13 2.86 2.94 3.18 3.54 2.91 3.44 3.03 Feb. 21.... 1.95 2.45 2.56 2.83 3.12 2.85 2.93 3.17 3.54 2.90 3.44 3.03 Feb. 28.... 1.96 2.45 2.55 2.81 3.10 2.83 2.91 3.15 3.52 2.89 3.42 3.01 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. MARCH 1948 313 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) V of o l t u r m ad e - Year, month, or week m U G e e r . o n n v S - t - 2 . g M ( r h i a p u i d g a n e h l i ) c - 8 - H gr i a g d h e - Mediu I m nd - u a s n - d lo R w ai e l r - -gra P d u e blic fa D ul e te - d fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a t h n h a d o r s e u s - o ) f Total trial road utility Number of issues 1-8 15 15 50 10 20 20 15 15 402 354 20 28 1945 averace • • 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—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 Ivlarch 104.61 132.5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 April 104.57 133.2 122.8 116.5 123.5 113.2 ' 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103.75 134.7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 108 102 1,158 August 103.89 134.3 122.3 116.1 123.9 110.4 113.9 69.6 188.7 125 130 105 101 674 September 103.95 134.4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 October 103.44 132.5 120.0 114.0 120.8 106.9 114.3 69.4 181.2 125 131 104 101 1,136 November 102.11 129.4 118.8 113.3 120.0 105.1 114.7 68.1 174.5 124 130 100 97 862 December .... 101.59 126.2 117.0 112.5 119.1 104.6 113.9 (8) 172.1 122 129 104 94 1,170 194g—January 100.70 124.5 117.4 112.4 118.9 104.6 113.7 169.5 120 126 107 95 895 Februarv 100 70 122 6 117.5 112.4 119.3 103.8 114 1 167.0 114 119 102 93 857 Week ending: Jan 31 100.69 123.8 117.4 112.6 119.3 104.5 113.9 168.7 118 123 106 94 847 Feb. 7 100.69 122.8 117.4 112.6 119.4 104.4 114.1 166.3 116 121 104 94 949 Feb. 14 100.70 122.6 117.4 112.4 119.3 103.9 114.1 166.7 112 117 101 92 1,094 Feb 21 100.71 122.4 117.5 112.3 119.2 103.5 114.1 167.1 114 119 102 92 698 Feb 28 100.71 122.6 117.8 112.3 119.3 103.5 114.2 167.9 114 119 102 92 703 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 n g s t o r n d a - t - ) i l c Total S n a m p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t 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 l t 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 o t n d e r d s a s te Stocks e F i o gn r- 2 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 '7,143 2,225 203 '4,715 3,498 1,216 r61 2,160 1,983 44 422 1 517 1 236 281 177 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 15 212 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 3 1,033 3 863 619 124 12 483 311 172 170 170 11 40 118 107 11 August. . . '517 '326 »-326 185 8 132 121 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 1S9 101 101 s" 20 76 51 25 November 705 571 571 101 470 336 134 134 134 2 48 84 78 6 December 1,160 1,029 1,024 99 '925 780 144 r5 130 130 2 45 83 80 3 1948—January .. 541 495 495 114 16 365 323 41 46 46 2 42 3 3 »• 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. 8 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. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds8 Repayment Other of Total P eq la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other 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 '6,900 '6,757 3,279 2,115 1,164 r2,868 '2,392 476 379 231 1947 6,221 6,111 4,270 3,224 1,046 1,378 1,191 187 310 153 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 1948—January 333 327 286 189 97 6 6 21 14 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real 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 is 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 r704 129 '571 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 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 IMarch 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 Opt ohpr 35 31 4 303 280 8 16 259 193 20 45 16 7 8 November 37 37 277 245 31 1 213 129 49 35 21 15 1 5 December 20 20 493 480 11 1 496 422 56 18 54 9 26 19 1948—January.... 23 23 164 149 6 9 82 62 21 57 52 5 * Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. MARCH 1948 315 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 Profits and dividends Manufacturing and mining Dividends Year or quarter Mis- Total s I a r t n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m e p N u a r r e r c o n o t o t d n a d s u l - - s s O g d o b u th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n f n n d i i g g d n u l - c- c In h t c r d e a i m u l a s l s i - - O g d n o b u t o o h l r n e a d e - - r s n c s ic e e e o e l r l v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1 028 90 669 1941 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—1 492 49 38 63 «50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 «47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 *36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 *36 27 26 58 37 51 40 58 246 22 182 1946—1 323 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 «61 102 444 50 «57 124 85 77 91 66 »415 21 209 1947—i »-869 126 69 94 r449 47 50 98 90 89 96 63 426 20 177 2 '868 99 83 105 ^54 46 57 64 111 87 92 71 432 23 192 3 '906 r99 r16 103 *58 '45 '59 '85 '123 '81 93 '84 '432 22 190 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 6 Electricpower • Telephone7 Year or quarter r O e p v in e e g r n a u t e - I i b n n e t c c a f o o o x m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r g n a u t e - I b n in e t c a f c o o x o m 8 r m e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 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 '1,075 289 191 115 527 67 44 40 2 2,111 185 117 50 '1,028 247 166 115 478 29 21 33 3 2,177 181 109 37 '1,024 196 135 111 555 38 27 33 r Revised. 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. B 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). 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues x Nonmarketable public issues Fully End of month d T g d i r o e r o e t b s a c t s l t b in d T e d t i a o e r e r e t r b i a e c n t l s t g t- Total2 Tre b a il s ls ury c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n d S 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 r d 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 a r d e r r r i i a s i t n n t n i - g e - - s 1941 Tune 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 A-'^X J D Ll e li.\^ c > . • . • • • 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—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—Tan 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 Feb 254,605 252,100 162,759 14,438 18,920 11,375 117,863 60,095 52,793 5,327 29,246 2,505 74 UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING FEBRUARY 29, 1948 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Am ou o t u - nt Funds receive p d e f r r i o o m d sales3 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 * Treasury bonds—Cont. Mar. 4, 1948 1,201 Dec. 15, 1949-52 2..3^g 491 Fiscal year Mar. 11, 1948 1,205 Dec. 15, 1949-53 2..2^ 1,786 ending: Mar. 18, 1948 1,302 Mar. 15, 1950-52 2 1,963 June—1940 2,905 1,109 114 Mar. 25, 1948 1,103 Sept. 15, 1950-52 2..2>^ 1,186 1941.. 4,314 1,492 203 67 395 148 Apr. 1, 1948 1,304 Sept. 15, 1950-52 2 4,939 1942.. 10,188 5,994 3,526 435 2 032 207 Apr. 8, 1948 1.305 Dec. 15, 1950. . . . 2,635 1943.. 21,256 11,789 8,271 758 2 759 848 Apr. 15, 1948 1,003 June 15, 1,627 1944.. 34,606 15,498 11,820 802 2 876 2,371 Apr. 22, 1948 1,003 Sept. 15, 7,986 1945.. 45,586 14,891 11,553 679 2 658 4,298 Apr. 29, 1948 1,001 Sept. 15, 755 1946.. 49,035 9,612 6,739 407 2 465 6,717 May 6, 1948 903 Dec. 15, 1,118 1947.. 51.367 7,208 4,287 360 2 561 5,545 M M M a a a y y y 2 2 1 0 7 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 1 1 1 , , , 0 1 0 0 0 0 1 6 0 J D M u e a n c r e . . 1 1 1 5 5 5 , , , 5 1 , , 8 0 5 2 2 1 5 4 0 1947— M Fe a b r.... 5 5 0 0 , , 9 7 4 1 5 7 6 7 1 1 6 2 3 37 9 2 4 3 4 5 1 2 2 7 0 8 9 4 3 4 9 9 8 June 15, 1,501 Apr. ... 51,117 572 349 33 191 455 Dec. 15, 8,662 May.. . 51,240 488 305 25 158 421 C J O J J J A M e u u u u c p r l l l n a t t y y y r r . e , . . o 1 f , , 1 1 1 1 1 1 1 i 9 9 n 9 9 9 9 9 4 4 4 4 4 4 d 4 8 8 8 8 8 8 8 e S S S S b e e e e te r r r r . . . . d " " " " n H G J F " e " " " s ' s % % p H H 1 i 2 2 2 1 1 1 1 , , , , , , , 7 2 1 3 7 3 1 4 0 4 7 5 2 2 2 9 2 7 4 7 1 J S J J M S J M u u u u e e a n a n n n p p r r e e e e t t . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 3 5 2 1 , , , , 2 9 8 9 6 6 4 7 8 1 2 8 8 1 4 2 4 9 2 1 3 5 1 9 1948— D O J S J A N T u u e c a u e o t n l p n g c v y . t e . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 1 2 2 1 2 1 1 1 , , , , , , , , 8 4 0 5 6 7 0 3 9 5 7 0 6 5 5 6 7 2 9 8 4 9 3 7 4 4 4 4 4 4 5 7 8 1 6 8 8 6 5 7 2 2 6 8 7 0 9 0 3 3 3 3 4 2 2 3 0 0 0 3 7 2 6 9 1 4 4 9 9 5 3 4 2 2 4 2 2 2 2 1 4 7 4 1 2 4 1 7 2 1 1 1 1 1 1 1 4 5 4 3 4 6 3 9 8 7 2 1 4 2 7 3 4 4 4 4 4 3 4 4 5 5 3 0 0 3 5 3 4 7 3 4 4 4 7 1 Oct. ., 1948Ser."K" 1 1,467 Dec. 15, 3,470 Feb.. . . 52,793 607 367 40 201 364 Jan. , 1949 \H 2,592 Dec. 15. 1,485 Feb. , 1949 iy8 2,189 J D u e n c e . 1 1 5 5 , , 2 2 , , 8 11 3 8 1 Maturities and amounts outstanding February 29, 1948 June 15, 3,761 Year of All Series Series Series Series Treasury notes D M e a c r . . 1 1 5 5 , , 5 3 , , 1 8 9 3 7 8 maturity series C-D E F G Sept. 15, 1948 ty2 3,748 Mar. 15, 3,481 O Ja c n t . . 1 1 , , 1 1 9 9 4 4 9 8 1 iys 3 4 , ,0 5 9 3 2 5 J S D u e e n p c e t . . 1 1 1 5 5 5 , , , 1 2 7 1 , , , 7 9 6 1 6 8 6 7 9 1 1 1 9 9 9 4 5 4 9 0 8 8 9 4 2 2 8 0 4 9 9 4 8 8 2 2 4 0 9 Treasury Bonds Postal Savings 1 1 9 9 5 5 2 1 4 1 , ,5 2 5 3 7 3 434 4 1 , 2 J 3 2 3 4 M M a a r r . . 1 1 5 5 , , 1 1 9 9 4 4 8 8 - - 5 5 0 1 * 2 4.2M 2 1 1 , , 2 11 2 5 3 Pa b n o a n m d a s Canal Loan 2 . Y 3 2 1 5 1 0 4 1 19 9 5 5 4 3 9 7 , , 8 5 0 1 4 5 6 7 , , 1 1 9 2 4 6 ' 5 2 3 0 4 5 2 i , * 1 4 i 5 i<5 June 15, 1948 1 % 3,062 1955 8,546 5,733 581 2,232 Sept. 15, 1948 2 2V2 451 Total direct issues.. .. 162,759 1956 .... 6,280 3,053 663 2,565 Dec. 15, 1948-50 2.... 2 571 1957 6,312 3,455 529 2.328 June 15, 1949-51 2 1,014 Guaranteed securities 1958 3,335 509 305 2 521 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1959 2,549 333 2,215 Dec. 15, 1949-51 2 2,098 Various I960 404 62 342 Unclassified. . 23 p. 1 3 1 S 3 o . l d on 2 d P is a c r o ti u a n l t l y b a ta s x is . e xe S m ee p t t . able on Open-Market Money Rates, Total 52,793 2,667 31,426 3 214 15,463 a Restricted. * Called for redemption on Mar. 15, 1948. MARCH 1948 317 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] I eld by banks Held by nonbank investors End of month s i e b n T c e te u a o r r r t e i i a n t 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 - .l S g o e a t o r n c a n v a d t - e - l a m U 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 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 ,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 ,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 ,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 ,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—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 1947—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 December 254,281 91,159 68,600 22,559 163,122 65,300 24,300 12,000 19,900 7,300 28,955 5,397 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Nov. 30, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public securities. In millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t - F e e ra d l - C m o e m r- - M 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 C1) banks panies ing and Banks (») 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 6,30223,35066,96211,52124,34644,177 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 Nov.. . .166,437 4,54022,20962.08511,64623,27242,685 Nov.. . . 14,393 49 1,645 8,415 237 318 3,729 Dec 165,791 5,26122,55961,37011,55222,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 Treasury bills: 1-5 years: 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 1946—June 17,039 3 14,466 1,142 3 1 1,424 1946—June.... 35,055 443 797 25,285 709 1,506 6,319 J)gQ 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 1 1 '479 1947—June'.'.'.*. 42,522 469 698 29^917 l',574 2',671 7,'193 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 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,37733,415 1,876 3,046 9,890 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 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 Dec 21,220 30 6,797 6,538 200 269 7,386 Dec 10,270 370 426 6,090 576 880 1,928 Treasury notes: 10-20 years: 1945—Dec 22,967 8 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 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, US 1947—June.... 40,352 3,374 78 2,587 6,751 15,13712,425 Nov.. . . 7,840 2 1,425 3,967 71 173 2,202 Nov.. . . 43,068 2,951 101 4,690 7,22615,40812,692 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,60618,21117,710 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 47,33510,74323,073 30,764 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,40811,04923,226129,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—June 119,323 5,306 727 48,75611,40723,30529,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Nov.. . 118,564 4,468 971 49,26311,36522,75129,746 Nov.. 11,689 737 692 1,547 3,149 5,564 Dec 117,863 5,173 2,85347,42411,22622^21328,974 Dec * 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. 318 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] Mis- Increase (+) or Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r n n e e e n u t l o v a e l e u e a l 1 r - - s - S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e t r s c T e r o i e t p - a t l s :e N r i e p e - t t s3 d t I e o e e n s n r b t - - t a f W i a e c d t n n i t e e a i d s - v s r e . - f T c e t o e r r r a s a u t u c c n - s n . t t o s 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 n e a e d s l t - s B ( d u + e u ( r ) f ) d p i c g l o u i e t r s t c T e o a r t u c c u - n . s * t t s G ba f e d d u l n a u e n e n r c d r i c r a n e e l g a s p e e G d r (— i r e o o b d s ) t s Fiscal year ending: June 1945. .. 10,28924,884 6,949 1,7933,824 47,740 46 4573,61790, 1,646 5,106 100,397 -53,941 +791 +4,529 +57,679 June 1946. .. 9,39221,493 7,725 1,7143,915 44,239 430384,722 48 1,918 8,532 63,714 -20,676 -524 -10,460 + 10,740 June 1947. . . 10,013 19,292 8,049 2,0395,309 44,703 432594,958 17 1,35519,051 42,505 +754 -548 -10,930 -11,136 1947—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 1,544 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 315 2,624 2,556 141 1,728 2,085 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 625 204 2,865 92 1,327 432 2,000 3,851 -987 +99 -245 +642 June 778 2,492 602 1251,484 5,480 5,473 1,396 1,493 18 2,632 5,540 -67 -634 -758 -57 July 625 757 663 80 34; 2,469 2,397 245 979 549 H.896 3,669 -1,272 -129 -239 +1,161 August 1,255 413 643 352 20: 2,865 2,536 103 908 273 1,775 3,060 -524 +206 +332 +649 September. 797 2,639 699 136 611 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-•1,154 60 '•1,074 2,445 -55 +283 +155 -74 November. 1,315 350 695 329 362 3,053 2,743 127r 936 20 1,11 2,194 +549 +138 -172 -859 December.. 880 1, 767 145 578 4,260 4,246 972' 996 23 ••1,233 3,224 + 1,022 -547 -838 -1,312 1948—January. . . 624 52,613 656 51 366 4,310 4,275 401 1,069 66 1,343 2,879 + 1,396 +482 + 1,551 -326 February.. 1,563 1,597 629 423 403 4,614 4,336 P909 *l,340 2,402 + 1,934 -295 -330 -1,969 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- Other Assets accounts penditures Period in in g c he a c c k - - De- De- Total Balance c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c G o m o u v n e e t n s r t n o - f ce R i e p - ts I m nv e e n s ts t- p tu e E n r x e d - s i- Total F p e o d i s n e i r ts al s p p o e i s n c i i t a s l O as t s h e e t r s lia ti b e i s li- ge fu n n e d ral agencies Reserve deposi- Banks taries Fiscal year ending: June 1945 3,239 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—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 6 1,593 304 3,400 September. 65 272 124 47 180 24 212 4,331 1,091 1,618 1,622 378 3,952 October ... 163 24 123 -216 168 14 103 4,498 1,393 1,437 1,668 391 4,107 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 February.. 433 230 134 111 189 28 374 4,664 1,571 1,434 1,658 346 4,318 P Preliminary. r Revised. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 8 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 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 INCOME AND OUTGO OF THE UNITED STATES TREASURYi [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 e it s r s t a a g n x if d e t s o ce th l t l e a a r x n e e m 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 1(),264 8,770 4,880 11,004 144 643 6,317 1947 46,643 39,985 +6,658 1946 (),858 8,847 4,640 7,822 91 677 7,036 1947 (),842 9,501 6,055 3,566 55 779 7,285 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.. ,491 67 249 22 2 54 627 December. . 36 408 1,463 24 1 65 691 1948—January... 4,542 2,556 + 1,986 1948—January.... 645 2,338 473 17 1 72 562 1 Revised figures. For description, see Treasury Bulletin for September 1947. MARCH 1948 319 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 * Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i - a l v e n - s m m C p s r a t u l i i o o a n i a e p e m t d d l - s e s s i , , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r 2 L s e t m u a t q a r r n e u n u e d n i d c s p t - , , - c u h f t u e a n D a r r t n r d i e r e g b d - e i d - e s d - s! O s a t e s h t - e s i b a t y B F g u n a u u o r t U n e e a l n d l s e . r d y S - d s . d p , e a n b y O o e a t t n b h e - l s e e , r l O i i a t t i b h e i e s l r - i m U G n e e 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 All agencies: Sept. 30, 1946 29,569 1,157 5,949 1,429 1,836 39016,973 2991,536 377 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 3,58824,810 498 Mar. 31, 1947 32,337 1,588 7,294 1,003 1,985 3,42615,486 1,176 169 1,250 3,142 27,268 509 June 30, 1947 429,666 1,792 7,662 851 1,777 3,56512,691 1651,163 83 506 2,045 26,763 269 Sept. 30, 1947 31,037 1,556 9,212 1,093 1,725 3,55312,662 283 953 84 667 2,144 28,005 138 Classification by agency, Sept. 30, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 296 235 43 238 14 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 95 120 Rural Electrification Administration 712 27 678 () 712 Commodity Credit Corp 1,272 467 161 410 229 653 574 Farmers' Home Administration.... 449 63 316 (5) 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 542 336 225 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:6 Public Housing Administration 6.. 504 5 278 204 493 Defense Homes Corp 55 2 53 55 Federal Housing Administration.... 199 36 26 1 (6) 33 162 Federal National Mortgage Association 5 5 5 Reconstruction Finance Corp.7 1,836 19 899 541 116 35 115 110 334 1,523 F F E e e x d d p e e o r r r a a t l l - I W D m e o p p r o o k r s s t i t A B I g a n e n s n k u c r y ance Corp 1 1 , , 2 8 0 2 0 8 0 3 0 31 2 1 1, ( 7 5) 8 75 9 1,041 142 1 2 3 (3 1 ) 3 8 2 9 1 1 , , 2 6 0 2 1 4 0 3 8 Tennessee Valley Authority 783 22 747 4 12 771 U. S. Maritime Commission: Maritime Commission functions 8.. . 4,192 560 3 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 3,420 22 3J386 1,657 10 49 63 8,525 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1947 Purpose of loan M F C F a o e o r r d r m p . t . . b c i m F n r a a e e e t n t e d d d e k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d r m d p i i - t . t y t R A r E t i i f u d l o i e r c m 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: Bqnks . 1 5 6 6 Other 336 4 340 293 Foreign loans . . 258 1,796 3,350 5,405 4,058 Other 278 218 95 591 597 Less: Reserve for losses 27 (s) 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 Development—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. * 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 "a]l 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. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted' and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a -3 l l 9 v p o r = o lu d 1 m u 0 c e 0 ti ) o * n l aw 1 C 9 a 2 o c r 3 d n o - e s n 2 d t t 5 r r u a ( c v c = t t a i s o 1 lu 0 n e 0 )2 E 1 m 93 p 9 l o = y m 10 e 0 nt3 Fac- D m ep e a n r t t- Wholetory Freight store sale Conpay carload- sales com- sumers f M ac a tu n r u e - s Non- 1 r 9 o 3 ll 9 s » = 19 in 3 g 5 s - * 39 u ( e v ) a * l - < p m r o ic d e i s ty 3 1 p 9 r 3 i 5 ce -3 s 9 Year and month Total Dur- Non- M er i a n ls - Total R d t e i e a n s l i - - o A th l e l r t a c u g u r r l a i - - l Factory 100 = 100 19 = 3 1 5 0 - 0 39 = 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 ""102.5 103.1 117 1 152 117 95 3 122 5 1930 91 98 84 93 92 50 125 r96.2 89.8 94.7 131 108 86 4 119 4 1931 75 67 79 80 63 37 84 r87.1 75.8 71 8 105 97 73 0 108 7 1932 58 41 70 67 28 13 40 '77.2 64.4 49.5 78 75 64 8 97 6 1933 69 54 79 76 25 11 37 »-77 5 71.3 53 1 82 73 65 9 92 4 1934 75 65 81 80 32 12 48 *-S4 9 83.1 68.3 89 r82 74 9 95 7 1935 87 83 90 86 37 21 50 '88.5 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 rl01.4 105.8 108.8 111 107 86 3 102 7 1938 89 78 95 97 64 45 80 r95.4 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 r150 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 r187 104 0 125 S 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 187 22C 172 149 157 142 169 ^140.5 ^154.12*324 3 143 P285 151 8 159 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 r248 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 no 2 April . .. 165 16. 190 164 104 170 172 168 132.4 139 4 138 5 254 8 109 2^2 110 2 131 1 Jvlay 159 159 175 161 115 169 179 161 133.4 140.7 139.6 253 5 106 259 111 0 131 7 June 170 17 193 162 139 174 177 172 134.3 142.2 141.9 262.8 133 277 112 9 133 3 July 172 174 202 157 146 165 161 168 134.7 143.0 143.6 267 1 139 272 124 7 141 2 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284.4 141 291 129.1 144.1 September' .... 180 184 212 165 146 151 147 155 137.6 148.6 149 5 290 3 138 271 124 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 18. 214 173 136 139 122 152 139 1 151.5 152.0 298.2 137 ••270 139.7 152.2 December 182 180 211 174 137 154 143 163 139.4 152.4 152.8 306 2 140 276 140 9 153 3 1947 189 18- 221 176 146 146 144 148 139.5 153.4 152.7 307.3 150 265 141 5 153 3 February 189 185 222 176 146 151 152 149 139.8 154.4 153.7 310.6 142 266 r144.5 153.2 March 190 18 225 175 148 132 129 134 140.0 154.6 154.0 314.1 146 272 '149.5 156.3 April 187 18. 222 172 143 133 123 142 138.9 153 8 152.9 310 7 137 277 147 7 156 2 May 185 18 218 170 15 127 110 140 138.9 151.9 150.6 312.2 142 291 147 1 156 0 June . 184 18. 219 168 148 136 116 152 139.8 151 7 151 4 319 6 137 290 147 6 157 1 July 176 178 20' 163 140 155 136 17( 139.0 149.4 150.1 314.2 134 287 150.6 158.4 August 182 18. 210 16< 150 166 150 179 140.2 152 7 154.3 323 3 143 283 153 6 160 3 September. "•187 19 217 172 15. 183 168 195 141.5 155.7 156.6 336.9 142 292 157.4 163.8 October 19( 194 223 176 155 184 17( 196 142.2 156.4 156.9 341.6 145 277 158.5 163.8 November 192 M93 224 rl79 15. 193 163 21" 142.4 156 8 157.2 345.0 147 301 r159.7 164.9 December 192 189 229 156 197 161 227 143.1 157.9 158.2 356.6 149 303 '•163.2 167.0 1948 173 January *>192 *>189 ?227 M55 *>187 P148 P219P143.3 P157.3^156.7 145 285 165.6 168.8 P176 * Average per working day. *> Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 322-325. For points in total index, by major groups, see p. 343. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 329 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 331-333. 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. MARCH 1948 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec Jan. Industrial Production—Total. 189 189 190 187 185 184 176 182 '187 190 192 192 P192 Manufactures—Total 196 197 198 194 191 191 183 188 192 197 199 198 P199 Durable Manufactures 221 222 225 222 218 219 207 210 217 223 224 229 P227 Iron and Steel 192 191 196 195 197 193 181 188 204 202 205 202 Pig iron 193 191 194 189 193 189 174 187 188 198 197 196 197 Steel 206 207 213 213 215 211 198 205 214 224 222 226 223 Open hearth. 177 174 179 178 179 176 166 170 177 184 182 185 181 Electric 414 446 457 461 469 458 429 454 477 509 503 516 518 Machinery 277 277 281 276 273 275 266 267 276 280 282 288 P285 Manufacturing Arsenals and Depots1. Transportation Equipment 229 233 239 237 225 233 217 213 227 '232 234 244 P239 Automobiles (including parts) 181 190 197 193 179 185 180 197 198 207 P201 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. . 203 208 202 197 187 179 171 170 174 179 185 189 P!93 Smelting and refining 184 190 195 203 198 188 181 180 182 176 177 183 P!86 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 211 215 205 195 183 176 167 167 171 180 188 192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 , Lumber and Products. 142 147 147 144 142 133 142 140 143 150 153 P155 Lumber. . . 131 137 138 135 134 133 121 133 128 128 137 139 P142 Furniture. 161 167 166 161 158 160 155 160 164 172 176 181 P180 Stone, Clay, and Glass Products. 219 219 218 211 200 207 195 199 202 201 201 205 P206 Glass products 245 235 241 234 229 230 207 211 219 210 '207 199 188 Plate glass 149 154 159 151 163 154 124 151 151 156 143 141 149 Glass containers 278 263 269 263 251 257 235 231 243 229 '229 218 201 Cement 182 203 192 175 141 171 164 171 171 174 178 196 Clay products 168 164 165 164 162 164 160 162 160 161 162 166 Gypsum and plaster products... 227 232 224 218 210 216 224 225 221 230 235 236 P253 Abrasive and asbestos products. 271 260 258 249 247 239 220 216 226 224 226 238 P210 Other stone and clay products1.. Nondurable Manufactures. 176 176 175 172 170 168 163 169 172 176 179 173 P176 Textiles and Products 172 173 172 166 164 155 142 154 160 164 172 162 P169 Textile fabrics 160 161 160 154 152 143 129 142 147 152 159 149 Cotton consumption 161 161 160 154 148 133 118 130 130 139 149 131 153 Rayon deliveries 263 262 270 270 271 263 263 267 278 280 290 287 299 Nylon and silk consumption1... Wool textiles 171 178 172 159 161 155 130 156 168 167 172 166 Carpet wool consumption. . 155 174 182 170 191 175 141 184 192 194 196 184 Apparel wool consumption. 214 222 210 195 186 175 149 176 184 185 182 170 Wool and worsted yarn 166 169 161 149 147 144 121 147 162 160 164 160 Woolen yarn 160 158 145 128 126 124 108 134 144 140 142 140 Worsted yarn 175 184 183 178 177 174 139 165 188 188 194 188 Woolen and worsted cloth. . 173 178 171 158 156 152 132 148 159 159 167 163 Leather and Products. 116 120 122 116 113 107 101 116 122 126 124 114 P119 Leather tanning 113 118 122 119 119 114 106 115 120 121 122 113 Cattle hide leathers 127 134 140 137 138 130 121 130 131 136 141 128 Calf and kip leathers 98 99 99 102 96 94 78 93 103 94 88 84 Goat and kid leathers 67 81 84 79 88 92 90 87 94 100 93 89 Sheep and lamb leathers. 117 108 102 95 83 84 84 101 118 112 108 101 Shoes 118 121 121 113 109 103 97 117 123 128 124 126 114 Manufactured Food Products. 161 156 157 158 155 154 155 •157 '158 156 >157 158 158 Wheat flour 162 158 160 149 144 152 143 148 136 136 134 Cane sugar meltings1 143 133 Manufactured dairy products.. '148 P149 P153 P154 P152 P155 P157 •147 P148 •147 '140 138 •139 Butter 82 81 85 82 79 82 85 74 76 75 66 '66 67 Cheese 178 185 198 206 191 196 197 174 167 163 151 148 156 Canned and dried milk 147 152 164 173 173 184 188 158 160 157 137 130 127 Ice cream p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Cofitf»K^ (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Produtcs—Continued Meat packing . . . . .. . .... 163 159 149 150 151 152 156 145 146 142 170 160 150 Pork and lard 172 165 143 153 154 157 171 155 144 141 185 173 156 Beef 164 167 169 159 159 154 149 140 153 146 159 154 154 Veal 133 121 122 121 119 141 154 158 174 171 190 149 128 Lamb and mutton 108 104 101 105 102 104 93 91 99 109 114 107 98 Other manufactured foods 164 158 160 161 158 154 156 160 163 161 160 164 P164 Processed fruits and vegetables . • 157 137 151 145 138 132 133 138 149 134 129 138 P131 Confectionery 138 142 145 149 153 135 119 118 125 134 144 150 Other food products 171 166 165 168 164 163 168 173 174 172 171 173 P175 Alcoholic Beverages 241 223 208 189 162 159 164 176 198 229 219 167 167 Malt liquor 183 157 160 154 149 150 157 168 196 204 203 165 169 Whiskey 188 179 151 131 106 79 55 56 78 71 1 5 37 Other distilled spirits . . . 623 695 619 503 350 319 329 385 277 323 119 94 220 Rectified liquors . 408 372 314 276 194 215 231 238 297 468 562 376 264 Industrial Alcohol from Beverage Plants l Tobacco Products . . . 158 168 158 160 142 159 156 160 163 175 169 149 153 Cigars 112 110 98 94 106 101 98 107 113 126 124 100 104 Cigarettes . . . .. 208 228 216 221 187 216 210 211 213 229 224 201 204 Other tobacco products 69 67 66 68 55 66 72 80 83 80 68 61 69 Paper and Paper Products 156 157 159 156 161 160 146 158 159 163 165 158 P163 Paper and pulp 150 151 154 150 155 155 140 153 153 157 160 152 Pulp 166 171 174 169 173 178 160 178 171 177 182 167 Groundwood pulp. . 99 100 99 97 97 105 108 113 110 105 97 96 Soda pulp 109 109 113 112 112 116 98 105 104 107 112 107 Sulphate pulp 252 260 266 254 265 277 253 278 259 275 281 255 Sulphite pulp 145 150 151 150 151 151 131 151 149 154 159 147 Paper 147 148 151 147 152 151 137 149 150 154 156 150 154 Paperboard . . 179 181 180 178 184 179 166 178 182 184 186 177 187 Fine paper 83 83 88 87 88 88 75 86 87 89 89 '86 84 Printing paper 153 155 160 158 160 162 147 157 157 167 168 161 71 Tissue and absorbent paper 148 142 151 144 148 147 136 148 151 152 '158 158 155 Wrapping paper 137 137 139 132 141 144 124 138 135 141 '146 139 134 Newsprint . . .. 87 89 89 93 92 91 91 94 97 91 90 88 82 Printing and Publishing 138 140 142 141 142 146 139 145 144 152 146 153 Newsprint consumption 122 125 124 124 125 131 131 133 131 138 137 131 134 Petroleum and Coal Products P180 P185 P185 P179 P184 P191 P195 P201 P203 P204 P205 P208 v214 Petroleum refining 2 Gasoline 142 143 142 139 145 154 157 163 162 162 159 160 p\ fft Fuel oil . . 166 170 174 163 171 173 178 180 183 187 186 193 °205 Lubricating oil 160 162 167 156 163 168 157 164 154 160 162 170 Kerosene 175 185 176 170 175 182 186 177 169 177 178 187 Other petroleum products * Coke in 172 172 166 168 165 161 171 170 177 177 179 178 By-product coke 163 165 165 162 161 160 156 164 162 169 170 171 171 Beehive coke 410 416 424 324 428 340 307 415 439 449 '414 440 440 Chetftical Products . . 251 251 251 251 253 250 251 249 248 248 r251 255 P255 Paints 154 156 157 155 153 151 152 152 153 152 155 155 Soap 131 136 135 138 137 142 135 135 137 138 148 151 z>149 Rayon 266 276 283 289 292 251 291 294 295 294 '297 299 Industrial chemicals 430 429 431 433 435 439 438 431 425 '427 '431 440 P436 Other chemical products l Rubber Products . 247 246 239 234 220 216 207 210 217 223 '225 230 P228 Minerals—Total. 146 146 148 143 151 148 140 150 153 155 155 156 P1S5 Fuels 151 150 153 144 156 153 144 155 160 162 163 162 P162 Coal 162 151 153 122 153 140 113 143 153 156 159 153 P152 Bituminous coal 173 162 163 127 165 147 117 151 161 163 169 164 P161 A.nthracite . . . .. 118 107 113 102 104 110 93 114 122 126 119 111 P112 Crude petroleum . . 146 150 153 155 157 159 160 161 164 166 165 166 *>167 Metals 117 122 117 136 124 122 117 117 111 107 109 P117 P116 Metals other than gold and silver 158 166 159 189 169 166 160 163 153 145 146 P159 (Copper1 Lead* Zinc)* Gold . . .. . . . 60 61 58 60 64 63 60 56 55 53 55 Silver . . . • 64 66 68 68 66 61 51 47 55 63 73 p Preliminary. T Revised. 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 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. 323 MARCH 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 of Governors. 1935-39 average = 100] Annual 1947 1948 Industry 1947 1946 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total. 187 170 184 185 187 185 185 185 178 185 191 194 189 P189 Manufactures—Total . . . .194 177 192 193 195 193 191 191 184 191 197 200 r200 196 P195 Durable Manufactures... 220 192 218 220 224 222 219 220 208 212 219 224 224 227 P224 Iron and Steel.... 195 150 192 191 196 195 197 193 181 188 195 204 202 205 P202 Pig iron . . . •191 146 193 191 194 189 193 189 174 187 188 198 197 196 197 Steel . . . 213 162 206 207 213 213 215 211 198 205 214 224 222 226 223 Open hearth 177 140 177 174 179 178 179 176 166 170 177 184 182 185 181 Electric 466 322 414 446 457 461 469 458 429 454 477 509 503 r516 518 Machinery . • •277 240 277 277 281 276 273 275 266 267 276 280 r282 288 P285 Manufacturing Arsenals and Depots 1 ... Transportation Equipment 230 232 229 233 239 237 225 233 217 213 227 234 244 P239 Automobiles (including parts) .... 192 159 181 190 197 193 179 191 185 180 197 198 201 207 P201 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 187 157 203 208 202 197 187 179 171 170 174 179 185 189 P193 Smelting and refining . . 186 140 184 190 196 203 198 187 180 180 182 176 178 183 ^186 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 188 163 211 215 205 195 183 176 167 167 171 180 188 192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1.. Lumber and Products . . - ...143 131 126 135 140 143 145 149 141 151 150 150 148 140 P138 Lumber 132 122 107 118 126 134 138 143 133 147 143 138 133 119 P117 Furniture 165 147 161 167 166 161 158 160 155 160 164 172 176 181 ^180 Stone Clay and Glass Products 206 192 208 205 209 208 206 209 196 207 210 210 206 199 P194 Glass products . . ...... 222 216 241 229 241 234 242 229 200 218 223 215 209 187 185 Plate glass 150 125 149 154 159 151 163 154 124 151 151 156 143 141 149 Glass containers .... 247 248 273 255 269 263 269 254 225 241 248 236 '231 203 197 Cement . 175 154 148 154 157 166 148 183 181 193 198 202 192 178 Clay products 163 148 156 156 159 160 162 163 160 166 166 169 '169 172 P168 Gypsum and plaster products 225 204 218 221 215 215 213 221 224 226 225 236 238 242 P242 Abrasive and asbestos oroducts 239 '230 271 260 258 249 247 239 220 216 226 224 226 238 ^210 Other stone and clay products1 Nondurable Manufactures 172 165 171 171 171 169 169 168 '164 173 178 '180 171 P172 Textiles and Products • • 1•63 162 172 173 172 166 164 155 142 154 160 164 172 162 P169 Textile fabrics . . 151 151 160 161 160 154 152 143 129 142 147 152 159 149 Cotton consumption 143 147 161 161 160 154 148 133 118 130 130 139 149 131 153 Rayon deliveries . .... 272 245 263 262 270 270 271 263 263 267 278 280 290 287 299 Nylon and silk consumption 1 Wool textiles . 163 171 171 178 172 159 161 155 130 156 168 167 172 166 Carpet wool consumption 179 133 155 174 182 170 191 175 141 184 192 194 196 184 Apparel wool consumption 188 221 214 222 210 195 186 175 149 176 184 185 182 170 Woolen and worsted yarn 154 171 166 169 161 149 147 144 121 147 162 160 164 160 Woolen yarn „ 137 173 160 158 145 128 126 124 108 134 144 140 142 140 Worsted yarn . ... 178 168 175 184 183 178 177 174 139 165 188 188 194 188 Woolen and worsted cloth 160 173 173 178 171 158 156 152 132 148 159 159 167 163 Leather and Products 116 122 116 123 121 115 113 106 99 116 121 126 126 113 P120 Leather tanning 117 109 113 127 121 118 119 112 100 114 118 123 126 112 Cattle hide leathers . 133 125 130 145 140 137 138 125 114 126 129 137 '146 128 Calf and kip leathers 94 82 96 104 97 98 92 96 77 97 101 96 91 82 Goat and kid leathers 87 56 67 84 83 82 86 92 89 84 95 100 90 90 Sheep and lamb leathers . . ... 101 134 109 119 99 93 89 83 78 105 115 112 '114 96 Shoes 116 131 118 121 121 113 109 103 97 117 123 128 126 114 P124 Manufactured Food Products 157 149 r148 140 140 144 149 154 166 178 *182 "167 r161 154 P145 Wheat flour . . ... ... 147 133 162 160 157 143 138 146 141 147 148 144 144 132 ^134 Cane sugar meltings x ^Manufactured dairy products 150 131 J>95 P107 P127 P161 P202 P229 P229 P121 87 Butter ... 78 68 68 71 77 84 102 113 104 81 73 64 50 52 55 Cheese 182 165 132 151 178 214 256 279 242 195 170 147 113 '106 116 Canned and dried milk 163 157 119 137 161 196 240 254 218 163 147 127 99 100 103 Ice cream . .... P Preliminary. T Revised. 1 Series included in total and group indexes but not available for publication separately. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] Annual 1947 Industry 1947 1946 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Manufactured Food Products—Continued Meat packing 154 130 191 152 138 139 151 150 146 127 136 144 189 187 175 Pork and lard 160 144 225 162 133 139 154 157 150 119 114 133 216 229 204 Beef 156 117 168 153 154 149 159 151 151 141 165 159 165 154 157 Veal 147 104 124 106 115 118 124 141 154 155 191 195 203 140 119 Lamb and mutton 103 122 115 105 99 102 104 96 90 89 106 113 114 104 103 Other manufactured foods 160 158 150 143 142 143 143 146 163 186 196 179 167 161 P151 Processed fruits and vegetables 140 158 102 86 83 88 90 101 173 263 290 173 118 108 Confectionery 137 129 142 144 135 123 118 100 97 128 162 176 170 152 Other food products 169 164 164 158 159 161 160 165 171 176 177 181 '180 176 Alcoholic Beverages. . 190 191 206 195 187 182 167 178 182 181 206 252 146 142 Malt liquor 169 153 150 142 149 162 170 189 196 192 197 190 157 132 139 Whiskey 92 87 188 179 151 131 106 79 55 56 78 71 1 5 37 Other distilled spirits. 327 319 405 417 403 302 210 198 191 208 379 837 251 103 143 Rectified liquors 328 420 408 372 314 276 194 215 231 238 297 468 562 376 264 Industrial Alcohol from Beverage Plants l. . Tobacco Products. . . 160 156 157 160 149 151 162 172 181 139 153 Cigars 107 112 112 110 98 94 106 101 98 107 113 126 124 100 104 Cigarettes 214 204 208 215 201 205 187 227 221 222 228 238 228 185 204 Other tobacco products.... 70 73 68 65 66 55 67 72 78 85 70 54 67 Paper and Paper Products. . 158 145 156 157 159 156 161 160 145 158 159 163 165 157 P162 Paper and pulp 152 141 150 151 154 150 155 155 140 152 153 157 160 152 Pulp 172 154 167 171 175 171 174 178 159 176 170 177 182 167 Groundwood pulp 102 97 103 104 106 106 105 106 96 100 98 97 103 97 Soda pulp 109 107 109 109 113 112 112 116 98 105 104 107 112 107 Sulphate pulp 265 230 252 260 266 254 265 277 253 278 259 275 281 255 Sulphite pulp 136 133 145 150 151 150 151 151 131 151 149 154 159 147 Pape• 149 139 147 148 151 147 152 152 137 149 150 154 156 150 153 Paperboard 179 164 179 181 180 178 184 179 166 178 182 184 186 177 187 Fine paper 86 84 83 83 88 87 88 88 75 86 87 89 89 r86 84 Printing paper 159 140 153 155 160 158 160 162 147 157 157 167 168 161 171 Tissue and absorbent paper 149 147 147 147 151 146 148 150 131 148 151 154 158 153 153 Wrapping paper 138 132 137 137 139 132 141 144 124 138 135 141 146 139 134 Newsprint 91 85 87 89 95 93 92 89 93 97 91 91 Paperboard containers (same as Paperboard) . Printing and Publishing 144 127 133 138 145 144 145 130 139 145 156 -158 150 Newsprint consumption 129 114 114 122 129 131 129 129 132 145 149 Printing paper (same as shown under Paper) Petroleum and Coal Products. . . 193 173 P185 P184 vl91 P201 P204 P205 P214 Petroleum refining 2 Gasoline 152 140 142 143 142 139 145 154 157 163 162 162 159 160 ^160 Fuel oil 177 167 166 170 174 163 171 173 178 180 183 187 186 193 P2O5 Lubricating oil 162 143 155 160 165 162 170 168 156 162 154 160 162 168 Kerosene 178 168 179 194 180 174 176 171 173 170 168 177 183 192 Other petroleum products l Coke 171 136 171 172 172 166 168 165 161 171 170 177 177 179 178 By-product coke 164 132 163 165 165 162 161 160 156 164 162 169 170 171 171 Beehive coke 400 271 410 416 424 324 428 340 307 415 439 449 r414 440 440 Chemical Products. . . 251 236 250 252 254 253 252 247 247 245 248 "251 256 Paints 154 148 151 154 157 157 157 156 150 151 151 152 153 155 Soap 138 120 128 134 135 135 133 140 134 136 143 145 149 151 Rayon 285 255 266 276 283 289 292 251 291 294 295 294 299 Industrial chemicals 432 394 430 429 431 433 435 439 438 431 425 -•427 '431 440 Explosives and ammunition J Other chemical products *. . . Rubber Products 226 225 247 246 239 234 220 216 207 210 223 r225 230 Minerals—Total 149 134 141 141 143 139 153 152 145 155 158 158 155 151 Fuels 155 142 151 150 153 144 156 153 144 155 160 162 163 162 P162 Coal 146 130 162 151 153 122 153 140 113 143 153 156 159 153 P152 Bituminous coal 155 133 173 162 163 127 165 147 117 151 161 163 169 164 Anthracite 112 119 118 107 113 102 104 110 93 114 122 126 119 111 P\\1 Crude petroleum 159 148 146 150 153 155 157 159 160 161 164 166 165 166 P167 Metals. 117 81 84 83 112 151 151 145 132 106 P84 Metals other than gold and silver 161 123 97 104 103 153 200 213 220 219 206 183 136 Iron ore 202 155 69 73 72 173 279 306 334 326 298 257 159 (Copper; Lead; Zinc)1 Gold 62 Silver 73 P Preliminary. r Revised. 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 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. MARCH 1948 325 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 Annual 1947 1948 Annual 1946 1946 19471 Jan. Oct. Nov. Dec. Jan. 1946 19471 Dec. Jan. Oct. Nov. Dec. Total 142.0 154.1 152.7 156.9 157.2 158.2 156.7 266.4 324.3 306.2 307.3 341.6 345.0 356.6 Durable goods 160.8 179.6 178.0 180.5 182.1 183.9 183.0 289.3 362 2 337.3 340.0 379.3 384.6 399.3 Nondurable goods 127.2 133.9 132.8 138.2 137.6 138.0 135.9 244 287.3 275.8 275.3 304.7 306.2 314.8 Iron and Steel and Products 140.6 158.4 156.5 159.7 160.6 161.9 161.3 242.8 311.3 276.2 287.9 327.6 333.4 341.2 Blast furnaces, steel works, etc 113.5 126.9 124 128 128 128 180.7 235.6 194 209 248 256 253 Steel castings 158.5 163.4 168 163 163 164 274.4 318.4 315 303 333 338 348 Tin cans and other tinware....... 125.1 138.7 131 146 146 148 225.1 286.0 245 243 327 316 331 Hardware 125.0 139.9 140 139 141 145 244.3 306.2 286 292 317 324 340 Stoves and heating equipment 117.1 140.1 136 147 147 146 217.7 293.2 265 278 328 317 331 Steam, hot-water heating apparatus 150.6 158.7 174 151 151 152 275.6 320.3 313 331 318 330 340 Stamped and enameled ware 134.5 152.4 153 154 155 156 260.5 333.8 321 318 351 371 Structural and ornamental metal 357 work 142.1 165.8 162 166 168 168 293 288 343 354 345 Electrical Machinery 196.6 222.6 230., 222.7 225.4 225. 222.4 342.4 432.5 430.2 425.6 456.0 472.1 Electrical equipment 174.6 205.7 206 207 208 209 296.9 398.5 374 375 418 463.1 434 Radios and phonographs 210.7 235.7 252 237 242 238 404.0 497.5 528 500 533 424 543 Machinery except Electrical. 197.6 224.3 222.0 225.1 225.9 341.7 431.4 399.9 406.6 448.9 540 470.2 Machinery and machine-shop 450.4 products 172.1 187.9 189 187 186 186 299 A 364.2 347 350 374 374 389 Engines and turbines 210.3 235.9 244 231 229 235 399 502.0 501 492 493 515 519 Tractors 153.2 179.6 175 183 185 190 227.4 305.0 271 273 329 332 341 Agricultural, excluding tractors 139.1 179.2 166 184 185 193 237.2 355.3 291 295 394 377 409 Machine tools 163.1 147.5 163 140 137 138 272 261.6 291 283 254 250 258 Machine-tool accessories 191.5 179.9 204 167 168 169 310 307.9 351 343 295 295 307 Pumps 224.2 236.4 243. 226 225 227 413 482.2 468 467 475 471 487 Refrigerators 158.6 213.6 194 223 224 228 254.7 401.2 306 346 440 428 458 Transportation Equipment, except Autos. 302.7 280.6 298.4 264.8 281.0 287.8 288.4 549.1 541.6 571.2 562.6 532.2 546.4 590.5 Aircraft, except aircraft engines. . . 327.5 343. 363 337 343 343 601.6 650.2 683 669 664 662 677 Aircraft engines 292.2 305.6 331 295 291 291 460.8 493.6 534 535 500 479 504 Shipbuilding and boatbuilding 260.7 175.7 206 145 170 182 462.1 340.1 399 396 290 317 379 Automobiles 164.3 195.8 187.7 197.7 198.2 202.1 203.7 262.7 356.9 328.9 321.1 378.5 388.1 419.8 Nonferrous Metals and Products 164.5 177.9 186.9 173.3 173.9 175.4 173.5 299.8 350.1 356.3 354., 353.2 357.9 367.0 Primary smelting and refining 123.4 144.6 142 142 142 219.5 288.5 270 292 296 295 Alloying and rolling, except aluminum 144.0 146.7 162 135 134 135 258.4 276.0 302 301 257 260 267 Aluminum manufactures 194.2 192.0 217 181 183 187 325.6 346.5 385 382 341 346 359 Lumber and Timber Basic Products 130.6 154.6 140.9 162.1 161.7 161.3 157.2 253.9 355.4 290.6 292.4 387.6 388.6 390.2 Sawmills and logging camps 140.7 166.6 150 175 175 174 273.8 388.4 307 309 425 425 422 Planing and plywood mills 136.4 160.3 153 164 167 169 256.3 354.5 309 312 381 386 404 Furniture and Lumber Products 119.9 133.2 131., 136.1 138.2 139.2 139.3 237.9 298.6 279.1 283.1 318.5 322.1 333.9 Furniture 118.4 131.0 129 134 137 139 234.2 294.3 273 279 315 323 334 Stone, Clay, and Glass Products 135.2 144.9 144.9 146.0 147.1 147.6 144.8 243.5 296.8 281.6 280.0 313.6 316.3 320.4 Glass and glassware 167.1 168.1 172 168 168 168 288.6 335.9 327 326 351 357 357 Cement 131.1 145.5 144 151 151 151 215.6 266.3 248 234 295 294 285 Brick, tile, and terra cotta 113.3 126.5 121 130 131 131 215.1 276.5 245 247 300 297 302 Pottery and related products 150.4 165.7 164 166 169 170 257.3 324.2 299 295 343 350 354 Textile-Mill and Fiber Products 103.8 106.1 108.6 106.4 108.2 109.8 110.0 222.3 258.4 253.7 254.3 264.9 280.8 294.1 Cotton goods except small wares. . 117.8 121.9 124 122 124 125 269 A 327.0 314 318 329 362 376 Silk and rayon goods 80.6 82.7 85 84 84 86 182.6 219.2 209 213 228 237 248 Woolen and worsted manufactures. 110.5 108.0 114 108 111 112 245.7 264.9 265 264 270 277 294 Hosiery 77.0 79.0 81 79 81 82 147.9 166.7 172 170 177 186 194 Dyeing and finishing textiles. 114.9 119.5 121 121 122 123 224.8 266.2 258 265 271 280 298 Apparel and Other Finished Textiles.,... 128.7 140.8 138.0 149.6 148.3 151.9 152.5 262.2 304.8 292.7 300.6 336.0 319.6 343.3 Men's clothing, n.e.c.. 113.0 127.3 124 134 135 135 229.2 281.2 278 277 304 302 310 Shirts, collars, and night wear 86.5 102.2 97 107 110 111 184.3 239.6 230 226 259 266 283 Women's clothing, n.e.c 139.4 150.4 147 162 158 164 288.2 314.6 296 322 350 319 356 Millinery 91.7 90.3 95 99 83 91 157.5 159.5 140 170 195 120 155 Leather and Leather Products 102.6 103.7 104.4 105.6 106.4107.4107.5 201.9 223.1 218.3 220., 234.9 235.4 241.8 Leather 90.6 92.4 92 94 94 94 162.7 190.0 175 179 199 200 202 Boots and shoes 94.0 96.3 96 98 99 100 192.5 213.3 209 213 224 224 232 Food and Kindred Products 128.0 136.9 128.4 147.3 140.1136.4 128.0 229.0 280.3 263.3 256.4 309.6 300.6 298.9 Slaughtering and meat packing 115.9 134.4 137 136 142 151 194.1 271.6 252 286 272 317 339 Flour 135.2 140.0 140 143 143 142 258.5 312.8 304 305 336 337 319 Baking 109 113.4 112 118 118 116 190.2 215.2 216 208 231 228 229 Confectionery 104.6 119.8 115 137 143 142 196.0 255.7 241 228 312 325 331 Malt liquors 155.3 172.1 155 185 181 172 239.1 308.0 267 251 344 327 308 Canning and preserving 145.6 132.7 105 160 114 99 338.0 334.4 303 237 438 266 250 Tobacco Manufactures 92.0 92.5 96.1 95.1 96.5 94.4 92.0 187.1 201.8 222.0 209.4 214.5 216.3 219.8 Cigarettes 121.6 121.3 124 122 124 125 9.5 241.7 255 242 253 253 268 Cigars 76.7 78.1 82 82 83 79 0.5 178.6 207 195 191 196 190 1 Annual indexes for 1947 were computed by the Board of Governors and are preliminary. NOTE.—All indexes shown, except those for individual industries in the Iron and Steel, Machinery except Electrical, Transportation Equipment, and Nonferrous Metals 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 January 1948 are preliminary. 326 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 Annual 1947 1948 Annual 1946 1947 1946 19471 Jan. Oct. Nov. Dec. Jan. 1946 19471 Dec. Jan. Oct. Nov. Dec. Paper and Allied Products 138.1 144.5 145.6 145.0 145.7 146.9 145.9 250.5 301.2 284.5 285.1 314.4 319.6 327.5 Paper and Pulp . 133.4 141.6 140 143 143 145 243.9 301.2 273 274 317 320 327 Paper goods n e.c 147.4 153.4 153 155 156 157 262.9 307.8 300 298 320 327 336 Paper boxes 140.0 142.6 149 142 143 144 254.5 293.3 295 290 304 316 323 Printing and Publishing. . . . 120.7 129.7 127.2 132.0 132.8 133.0 131.5 194.8 236.9 223.9 219.6 247.9 252.3 258.0 Newspaper periodicals 109.6 119.3 114 122 122 123 165.5 209 6 190 185 222 224 230 Book and job 131.5 139.4 140 142 143 143 220.5 261.6 254 249 273 279 287 Chemicals and Allied Products 185.3 195.4 195.6 199.0 200.1 201.0 200.0 323.6 385.3 357.0 362.9 401.0 407.5 414.9 Drugs, medicines, and insecticides. 238.6 246.6 253 244 241 239 395.3 470.3 448 451 499 490 489 Rayon and allied products .. 125.2 126.2 127 130 131 131 211.0 248.2 224 228 258 261 266 Chemicals nee. 253.9 280.1 276 279 281 283 431.4 523.2 483 496 530 541 556 Exolosives and safetv fuses 298.0 288.8 278 294 298 301 470.1 514.4 449 482 543 566 565 Ammunition small arms . • • 173.9 157.4 156 167 169 173 335.2 350.1 325 331 393 398 412 104.6 117.0 135 157 161 160 240.5 310.0 384 348 443 449 448 Fertilizers 149.4 149.9 157 142 142 149 349.9 388.0 349 376 374 363 393 Products of Petroleum and Coal 143.4 150.4 145.4 153.3 153.5 152.9 151.4 243.7 283.8 250.9 253.9 297.0 304.5 308.2 Petroleum refining . .. •.. 145.0 148 8 145 150 150 150 240.1 271.0 247 244 280 289 293 Coke and by-products 120.6 132.8 127 137 138 138 214.0 272.0 212 240 288 293 295 Rubber Products 184.1 186.3 198.8 182.0 184.5 186.1 184.5 333.2 374.4 392.2 386.3 375.6 383.3 396.5 Rubber tires and inner tubes . • . 221.9 219 5 236 211 212 212 362.9 403.1 425 416 398 408 412 Rubber goods other 157.3 162.5 173 162 166 169 303.4 342.6 360 355 352 362 380 170.1 178.8 179.3 182.9 185.6 182.7 177.0 318.9 365.8 363.3 356.7 384.4 393.7 396.6 Instruments scientific • . 258.1 247.1 249 247 246 248 442.1 463.1 456 451 479 481 499 Photographic apparatus ........ 188.0 212.6 201 219 226 228 308.1 387.1 345 348 405 427 431 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1946 1947 1948 Group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 152.4 153.4 154.4 154.6 153.8 151.9 151.7 149.4 152.7 155 7 156 4 156 8 157 9 P157 3 Durable 177.1 178.7 180.8 181.5 181.2 178.2 179.5 174.0 176.2 178.8 180.4 181.9 184.0 P183.6 Nondurable • • • 133.0 133.4 133.6 133.4 132.2 131.1 129.8 130.0 134.2 137.4 137.5 136.9 137.3 P136.6 P Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1947 1946 1947 Nov. Dec. Aug Sept. Oct. Dec. Nov. Dec. Aug. Sept. Oct. Dec. All manufacturing 40.2 40.9 39.8 40.4 40.6 40.5 41.2 113.9 114.8 123.6 124.9 125.8 126.9 127.9 Durable goods 40.2 40.8 40.0 40.6 40.9 40.8 41.7 121.0 121.6 131.2 133.1 133.7 134.8 135.6 Iron and steel and products 40.0 39.8 39.6 40.3 40.5 40.8 124.7 124.8 137.6 139.6 139.7 140.5 141.3 Electrical machinery 40.6 41.1 39.2 40.4 40.6 40.6 119.1 119.5 131.4 132.5 133.1 133.9 134.6 Machinery except electrical 40.9 41.4 40.5 41.1 41.3 41.3 42.3 127.3 127.7 137.7 139 140.0 140.5 141.2 A T F L S N t u r u u o o a r m t n n n n o f e b s m i e , t p e r u o r r c o r o b l r e a a u i t l y n a s a e , t d s n i m a o d t n n i e m d t f a i e b n g l q s i e l s u a r h a i s e p b n s d m a d p s l e r i p u c o n r m d o t p , u d b r e c u o e x t r c d s c t u p s e c r p t o t s d a u u c t t o s s ... 3 4 4 4 3 4 1 0 0 8 0 8 . . . . . . 7 6 3 6 9 4 3 4 4 4 4 4 2 1 1 1 9 0 . . . . . . 2 7 7 0 4 6 3 4 4 3 3 4 9 0 7 3 1 9 . . . . . . 2 2 5 6 3 6 3 3 4 4 4 4 9 9 0 1 2 0 . . . . . . 2 7 4 2 5 8 4 3 4 4 4 4 0 0 9 2 2 0 . . . . . . 4 8 5 1 6 8 3 4 4 4 4 4 8 0 1 0 0 2 . . . . . . 2 2 9 8 5 0 4 4 4 4 4 4 0 3 1 2 0 1 . . . . . 2 7 8 9 5 1 1 1 1 9 9 3 2 3 1 3 9 9 0 6 1 . . . . . . 1 9 4 4 4 4 1 1 1 1 1 9 2 3 0 3 1 3 6 1 0 9 1 . . . . . . 1 2 7 0 5 9 1 1 1 1 1 1 2 0 5 4 0 2 9 7 0 0 4 0 . . . . . . 4 0 0 6 8 8 1 1 1 1 1 1 4 0 5 3 0 2 6 1 0 9 2 2 . . . . . 5 2 9 3 7 1 1 1 1 1 1 4 5 3 2 1 0 3 1 2 3 0 6 . . . . . . 7 2 6 4 5 3 1 1 1 1 1 1 5 4 3 1 2 0 4 2 7 0 4 7 . . . . . . 2 1 1 8 4 8 1 1 1 1 1 1 4 5 3 1 0 2 7 7 1 2 5 4 . . . . . . 5 7 0 8 5 5 Nondurable goods 40.3 41.1 39.5 40.2 40.2 40.1 40.8 106.5 107.7 115.8 116.5 117.5 118.5 119.6 Textiles—mill and fiber products 40.2 40.9 38.2 39.5 39.7 40.1 41.0 95.5 95.9 103.2 104.8 105.5 109.0 110.0 Apparel and other finished products 36.6 37.0 35.2 36.0 36.9 36.4 37.2 99.8 100.6 103.8 104.6 105.1 101.9 105.1 Leather and manufactures 37.1 39.1 38.1 39.1 39.0 38.4 39.0 100.4 101.8 105.7 107.2 108.2 109.4 109.1 Food and kindred products 42.9 44.4 43.4 43.4 42.8 42.5 43.4 104.6 105.8 114.0 112.9 115.9 117.3 117.6 Tobacco manufactures 39.7 40.2 39.2 39.2 39.7 39.4 39.9 92 94.7 95.1 95.2 95.4 95.6 98.3 Paper and allied products 43.3 43.7 42.4 42.9 43.0 43.2 43.8 106.4 107.1 119.6 121.0 121.5 122.3 122.7 Printing, publishing, and allied industries.. 41.0 41.5 39.4 40.2 40.0 40.1 40.6 134.3 137.4 150.8 153.4 154.0 155.5 156.7 Chemicals and allied products 41.3 41.6 40.9 41.0 41.4 41.3 41.6 111.2 113.3 125.2 126.3 127.3 128.7 129.4 Products of petroleum and coal 40.3 40.0 40.6 41.0 40.5 41.2 40.8 135.1 136.2 149.4 150.9 150.5 151.8 150.5 Rubber products 40.0 41.1 38.7 39.9 40.1 39.9 40.9 132.2 133.1 144.5 144.7 143.8 145.4 145.4 Miscellaneous industries 41.1 41.6 39.3 40.2 40.6 40.7 41.2 109.8 110.3 117.7 119.1 120.0 120.7 121.9 NOTE.—Preliminary January 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.6 and 128.9; Durable, 41.0 and 135.9; Nondurable, 40.1 and 121.3 respectively. Back figures are available from the Bureau of Labor Statistics. 327 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government' 1939 30,287 10,078 845 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 7,567 ,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 ,440 3,708 5,431 1943 42,042 17,381 917 ,567 3,619 7,322 ,401 3,786 6,049 1944 41,480 17,111 883 ,094 3,798 7,399 ,374 3,795 6,026 1945 39,977 15,302 826 ,082 3,872 7,654 ,383 3,891 5,967 1946 40,712 14,365 836 ,493 4.023 8,448 ,523 4,430 5,595 1947 42,540 15,553 885 ,734 4,049 8,713 ,572 4,622 5,412 SEASONALLY ADJUSTED 1946—December 42,207 15,310 874 ,731 4,091 8,630 ,554 4,596 5,421 1947—January 42,243 15,426 883 ,678 4,075 8,595 ,552 4,596 5,438 February 42,354 15,529 880 ,651 4,052 8,637 ,554 4,630 5,421 March 42,395 15,564 879 ,632 4,040 8,695 ,555 4,588 5,442 April 42,065 15,513 856 ,652 3,855 8,638 ,546 4,552 5,453 May , 42,079 15,359 884 ,668 3,970 8,631 ,553 4,567 5,447 June 42,340 15,358 893 ,700 4,074 8,669 ,551 4,641 5,454 July 42,103 15,180 866 ,742 4,079 8,688 ,574 4,640 5,334 August 42,449 15,457 896 ,770 4,083 8,761 ,594 4,573 5,315 September 42,849 15,715 894 ,796 4,110 8,776 ,599 4,588 5,371 October , 43,077 15,784 895 1,806 4,092 8,801 ,594 4,685 5,420 November 43.141 15,832 897 1,813 4,071 8,811 596 4,693 5,428 December 43,337 15,912 1,882 4,084 8,836 ,599 4,712 5,414 1948—January , 43,411 15,886 893 1,808 4,101 8,889 ,597 4,789 5,448 UNADJUSTED 1946—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 5,399 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 ,583 4,634 5,425 October 43,298 15,831 895 1,896 092 8,889 ,586 4,662 5,447 November 43,449 15,871 897 1,849 4,071 9,075 ,588 4,670 5,428 December 44,066 15,951 898 1,788 4,064 9,455 ,591 4,688 5,631 1948—January 42,953 15,831 893 1,645 4,039 8,845 1,589 4,717 5,394 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-employe4 persons, domestic servants, and personnel of the armed forces are excluded. January 1948 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] Civilian labor force Year or month in T s o t t i a tu l t n io o n n a - l T la o b ta o l r Employed l Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1940 2 100 230 56 030 55,640 47,520 37,980 9,540 8,120 44 200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43 990 1942 102 460 60 230 56,410 53,750 44,500 9,250 2,660 42 230 1943 103 510 64 410 55,540 54,470 45,390 9,080 1,070 39 100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38 590 1945 105 370 65 140 53,860 52,820 44,240 8,580 1,040 40 230 1946 106 370 60 820 57,520 55,250 46,930 8,320 2,270 45 550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 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 1948—January 107,979 60,455 59,214 57,149 50,089 7,060 2,065 47,524 1 Includes self-employed, unpaid family, and domestic service workers. 22 3 3 AA B B nn e e e g nn i i uu n n aa n n ll i i n n aa f g f vv ee i i rr n n aa gg J T ee u u ss n n e ff e oo rr 1 1 9 9 11 4 4 99 7 7 44 , . 00 d d ii e e nn t t a cc a i ll i l uu l s s dd d ee d o o aa nn n n o o aa t t ll ll n n oo e e ww c c e aa e s nn s s cc s a a ee r r i ft i l l oo y v rr a a JJ d a d a d nn d u u t t o aa o r r yy g e r x o aa o u nn u p ad D i t F< t o o ee t t bo a a rr l l u s u s . aa . ry inasmuch as the monthly series began in March 1940. 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. 328 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 Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 January... 357.5 571.6 89.7 257.4 104.7 86.5 69.0 38.3 18.1 19.7 25.8 55.9 50.2 113.9 February.. 387.4 442.2 102.1 208.4 97.7 73.9 77.5 46.4 17.1 13.5 28.3 9.4 64.7 90.5 March.... 697.6 596.8 275.2 282.9 113.7 82.1 112.7 52.6 11.4 21.4 40.9 35.8 143.6 122.0 April 734.9 602.3 370.6 256.7 105.1 65.6 75.1 66.3 18.0 22.7 37.9 29.6 128.1 161.4 May 952.4 674.7 463.6 254.1 140.5 71.3 88.7 59.2 23.5 47.7 38.3 57.7 197.9 184.7 June 807.9 605.1 332.2 209.5 159.4 66.8 55.2 58.4 23.5 40.1 35.2 44.7 202.5 185.7 July 718.0 660.3 281.2 240.9 129.3 82.3 72.8 81.6 35.7 38.5 45.8 51.2 153.1 165.9 August.... 679.9 823.2 284.0 308.9 109.4 88.0 56.6 77.2 7.8 45.6 37.7 80.0 184.4 223.5 September. 619.9 650.0 293.8 268.5 73.7 73.8 50.0 75.9 18.8 42.8 27.1 47.4 156.4 141.5 October. .. 573.2 793.3 235.1 349.5 140.2 95.5 41.0 80.0 12.6 41.1 31.5 61.3 112.8 165.9 November. 503.7 715.1 221.1 290.2 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. 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 3,142.1 3,153.8 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 1948 1947 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district Jan. Dec. Jan. January.... 358 572 615 47 167 197 311 405 419 February.. . 387 442 56 96 331 346 March 698 597 146 143 551 453 Boston 26,136 32,517 34,290 April 735 602 127 177 608 425 New York 137,145 99 285 136 516 May 952 675 197 234 756 441 Philadelphia 36,880 41,847 20,205 June 808 605 215 226 593 379 Cleveland 40,819 61,998 48,256 July 718 660 202 203 516 458 Richmond 70,072 71,380 65,613 August 680 823 205 218 475 605 Atlanta 68,899 95,010 59,118 September. . 620 650 187 193 433 457 Chicago 90,041 85,106 63,252 October 573 793 134 209 439 584 St. Louis 46,320 43,373 46,438 November. . 504 715 130 224 373 492 Minneapolis 15,977 19,184 10,944 December.. . 457 625 109 207 348 418 Kansas City 27,226 31,692 16,741 Dallas 55,691 43,971 70,255 Year 7,4907,760 1,754 2,296 5,7355,464 Total (11 districts) 615,206 625,363 571,628 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Lin millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION 19 Y 37 e ar or mo . n th .. To 49 ta 5 l p P m e r i r o m r e o t v n y 6 p - e 0 t - - s S h c t t m o r i o o m u n a n c - l e - l 1 h f ( a - o T I m u t 4 I i o ) s t 2 i l l e 4 e y 4 s - h R g ( o T a r e I u o n n D i s t u d t 1 i l a n p e 1 l g W h e ( o V V T r a u a r e I i s n t ) t a i l 1 - s n e n ' g d 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 u v g a f k - - s l s do a l a l S l i s a a o t 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 i g r e e e a s d n l - 1 - Other' 1938 694 160 13 473 48 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1936—Dec 365 228 8 56 41 5 27 1941 1,186 262 21 877 13 13 1937—Dec 771 430 27 110 118 32 53 1942 1,137 141 15 691 6 284 1938—Dec 1,199 634 38 149 212 77 90 1943 942 96 1 243 (2) 601 1939—Dec 1,793 902 71 192 342 153 133 1944 886 125 216 7 537 1940—Dec 2,409 1,162 130 224 542 201 150 1945 684 189 219 4 272 1946 798 363 (2) 347 3 85 1941—June 2,755 1,318 157 237 668 220 154 1947 1,831 3 578 (2) 446 808 Dec 3,107 1,465 186 254 789 234 179 1947—January 89 44 30 16 1942—June 3,491 1,623 219 272 940 243 195 F M e a b r r c u h ary... 8 7 6 9 3 4 9 0 (2) 2 2 7 8 1 1 3 8 Dec 3,620 1,669 236 276 1,032 245 163 April 117 51 8 33 33 1943—June 3,700 1,700 252 284 1,071 235 158 May 112 42 36 34 Dec 3,626 1,705 256 292 1,134 79 159 June 152 50 39 63 july- 169 57 8 39 74 1944—June 3,554 1,669 258 284 1,119 73 150 August 181 49 37 95 Dec 3,399 1,590 260 269 1,072 68 140 September.. 183 M6 41 96 October 244 46 ( 2 ) 48 150 1945—June 3,324 1,570 265 264 1,047 43 134 November.. 192 47 39 106 Dec 3,156 1,506 263 253 1,000 13 122 December. . 228 68 48 112 48—January.... 224 56 8 48 120 1946—June 3,102 1,488 260 247 974 11 122 2 Dec 2,946 1,429 252 233 917 9 106 1 Mortgages insured under War Hou( 2si)ng Title VI through April 1946; figures thereafter represent mai(nl)y mortgages insured under 1947—June 2,860 1,386 245 229 889 8 102 the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. 2 Less than $500,000. 3 Figures through August 1947 1 The RFC Mortgage Company, the Federal National Mortgage how face amounts; thereafter, net proceeds to borrowers. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. MARCH 1948 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 1943 1944 1945 1946 1947 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,146 234 314 325 318 P437 494 793 561 352 P710 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 1,421 282 386 372 393 P474 810 1,069 763 457 P947 June 1,003 1,296 870 878 1,242 296 332 360 382 P463 707 965 511 496 P779 July ,265 1,197 893 826 1,162 302 294 356 431 P450 963 903 537 395 P713 August ,280 1,191 737 883 1,151 318 304 360 422 P400 962 887 378 461 P751 September.... ,269 1,194 514 643 1,109 289 282 335 377 P481 981 912 180 266 P629 October ,237 1,144 455 537 1,235 329 329 344 394 P492 908 815 111 142 P743 November ,072 1,185 639 986 1,138 312 323 322 478 P455 760 862 317 508 P683 December 1,286 938 736 1,097 Pl.131 282 336 297 529 P601 1,004 602 439 567 P530 Jan.-Dec 12,965 14,259 9,806 9,740 P14.475 3,381 3,919 4,136 4,909 P5,739 9,584 10,339 5,670 4,831 P8.736 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers, 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grains L to iv c e k - p u e r c o s t t d s - Ore l c a e n l e - - c l d h .c i a s . n e l. - r o r e p a T v e i e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n N e i c l r o w e a m t t a i y e ng imn N co e m t e Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943..... 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 139 78 1945 8,899 8,049 849 447 1947 143 147 182 150 107 153 181 148 75 1946 7,628 7,009 620 289 1947 ^8,685 P7,904 P461 SEASONALLY ADJUSTED SEASONALLY ADJUSTED 1946--November. 137 117 166 147 136 151 157 148 82 December. 140 132 155 162 122 156 146 148 81 1946—October... 663 606 57 25 November. 663 601 62 29 1947—January.., 150 163 175 157 123 163 176 152 77 December. 658 523 135 98 February. . 142 149 171 147 111 166 172 145 76 March. . . . 146 147 180 159 121 159 171 151 78 1947--January... 698 624 74 42 April 137 119 173 151 111 148 184 147 79 February.. 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March.... 723 642 81 48 June 137 141 173 140 107 145 184 142 74 April 685 637 48 15 July...... 134 115 170 168 107 152 194 143 71 May 698 633 65 32 August 143 146 184 162 92 152 190 149 73 June 731 649 82 49 September. 142 153 180 137 105 149 181 145 73 July 683 634 48 18 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 9 November. 786 708 78 47 1948—January.. . 145 155 183 132 84 153 152 68 December. P834 P712 P105 P53 UNADJUSTED UNADJUSTED 1946--November. 141 117 166 144 171 148 169 154 84 1946—October... 710 625 85 '58 December. 131 132 163 152 118 139 45 139 78 November. 658 594 64 '39 December. 637 534 103 89 1947—January... 138 163 184 157 118 147 44 139 74 February.. 133 149 182 144 89 159 43 136 74 1947—January... 686 628 58 29 March. . . . 137 147 182 146 96 159 50 144 79 February.. 636 593 43 14 April 134 119 169 133 98 148 157 145 80 March.... 718 645 73 43 May 144 155 183 121 94 154 267 146 76 April 689 631 58 33 June 142 141 170 143 87 151 286 146 73 May 724 649 76 46 July 140 115 165 202 87 153 311 145 71 June 697 637 60 38 August 148 146 177 175 87 160 284 150 73 July 705 644 61 37 September. 153 153 178 153 139 161 272 157 77 August.... 745 664 81 51 October. . . 156 156 188 152 161 155 235 163 78 September. 727 679 48 20 November. 150 160 195 142 133 147 163 158 77 October... , 794 718 76 49 December. 139 155 201 130 92 141 60 147 71 November. 755 690 66 43 December. P8O7 P727 P80 P58 1948—January. .. 133 155 192 132 81 137 45 139 65 P Preliminary. r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be ob- June 1941. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is 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 - SALESi 1939.. 106 104 101 104 106 109 113 107 111 106 105 112 109 1940.. 114 108 106 111 114 120 123 116 119 109 110 116 '119 1941.. 133 126 119 129 138 144 145 135 143 123 127 138 139 1942.. ••150 140 128 143 153 170 162 149 158 129 149 157 '171 1943.. 168 148 135 151 167 194 204 161 179 148 184 212 '203 1944.. '187 162 150 167 182 215 244 176 200 164 205 245 '223 1945.. 207 176 169 184 201 236 275 193 227 185 229 275 '247 1946.. 264 221 220 236 257 290 345 250 292 C247 287 352 '308 1947.. 235 239 261 P281 P303 275 P314 P274 311 331 SEASONALLY ADJUSTED 1947—January... 265 215 228 '248 256 ••292 341 245 278 262 281 r364 313 February. . 266 219 224 234 25b 281 338 262 290 261 274 347 311 March 272 237 229 236 257 307 347 260 294 279 298 347 '318 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 September. 292 236 234 267 290 303 361 290 337 287 346 368 336 October. . . 277 211 224 253 271 297 348 266 308 276 320 360 333 November. 301 248 248 278 296 310 383 298 339 281 327 415 339 December.. 303 243 241 '284 309 322 394 293 337 '277 33*7 389 '352 1948—January 285 216 240 268 284 286 355 274 292 286 306 390 342 UNADJUSTED 1947—January... 209 170 182 188 194 219 273 196 228 196 225 '295 253 February.. '222 171 188 192 210 226 298 210 244 202 247 306 281 March 266 227 229 255 262 292 347 250 288 258 283 337 '299 April '269 227 223 248 266 290 350 258 297 264 290 347 302 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. . . '298 234 253 280 290 324 372 284 330 304 336 396 343 November. 374 306 323 370 371 394 460 364 428 335 392 507 411 December.. ••483 419 '460 479 542 619 455 516 '424 505 633 '554 1948—January 224 170 192 204 216 214 284 217 239 213 245 316 276 STOCKSi 1939. 102 99 97 96 99 107 107 103 102 103 99 106 106 1940. 108 105 102 99 106 113 115 111 108 110 105 113 113 1941. 131 124 123 119 130 139 140 134 134 138 125 130 137 1942. 179 165 181 167 182 191 178 186 176 171 159 161 187 1943. 155 142 143 141 144 175 161 160 152 151 152 159 172 1944. 162 147 150 148 151 190 185 161 159 169 157 177 177 1945. 166 153 160 150 156 198 188 159 166 165 158 190 182 1946. 213 182 195 191 205 250 258 205 225 C211 210 250 238 1947. P254 P202 P225 *>220 P243 *>289 P306 P246 P274 P266 P259 P321 P293 SEASONALLY ADJUSTED 1947-—January 268 197 234 "217 257 315 311 262 291 278 298 327 315 February 275 206 249 225 261 307 335 264 296 270 293 343 330 March 273 211 242 223 264 295 321 263 288 266 302 343 331 April 264 211 230 221 246 302 320 257 281 287 282 326 308 May 252 198 221 215 238 292 309 243 272 268 267 333 287 June 241 188 215 212 231 270 280 232 267 256 248 308 280 July 230 188 204 205 217 265 270 226 247 254 212 276 267 August 227 184 206 206 219 261 273 221 250 241 214 282 248 September 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 281 221 236 '245 272 323 344 264 297 306 298 '397 325 1948—January. 287 219 229 243 277 332 345 274 308 309 318 385 349 UNADJUSTED 1947—January '235 180 206 ••189 225 268 280 225 250 253 258 294 277 February 252 194 23 J 218 242 290 312 240 266 257 264 305 290 March 264 207 241 223 254 295 321 255 279 267 272 326 308 April 262 202 233 225 253 304 317 252 281 273 273 316 304 May 253 194 224 217 241 286 300 243 272 266 261 316 298 June 236 180 206 201 222 259 283 227 267 248 248 298 285 July 232 181 193 195 217 268 278 222 257 259 236 299 283 August 245 195 215 214 236 294 295 236 273 255 240 318 271 September 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 241 201 211 '208 225 269 289 238 250 268 245 '333 266 1948—January. 251 199 201 212 243 283 310 236 265 281 275 346 306 ' Revised. P Preliminary. c Corrected. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. MARCH 1948 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average = 100] Amount Without seasonal adjustment (In millions of dollars) 1946 1947 1946 1947 Year or month m ( S o t a f n o l o t t e r a h s l ) m ( S e o t n n o d c t k h o s ) f s m ( t o e a O r n o n d d u n d e t t i r - h n o s ) g f Apr. 2 2 13 0 6 7 . . . . . . .. . 2 2 2 2 8 3 7 8 2 2 2 9 Apr. 2 1 1 6 5 9 2 . . . . . . . . . . . . . . 2 2 3 . 6 6 1 2 5 7 7 9 1 Oct. 2 1 1 5 9 6 2 . . . . . ... . 2 2 2 2 8 8 7 9 1 7 7 5 Oct. 2 1 1 5 4 8 1 . .. . . . . .. . . 3 3 2 3 0 0 9 2 4 6 9 6 May 4 .248May 3.....279 Nov. 2.....277Nov. 1.....313 11 ?74 10.... .311 9... 314 8 347 1939 average. 128 344 18.....246 17.... .273 16 342 15 380 1940 average. 136 353 108 25 ?4S 24.....277 23 .. 363 22 1941 average. 156 419 194 June 1 223 31 250 30.....334 29 367 1942 average. 179 599 263 8.....273June 7... 293Dec. 7 .475Dec. 6 ....508 1943 average. 204 508 530 15.....283 14.... .300 14.....519 13.....570 1944 average. 227 534 560 22... 248 21 256 21.....532 20.....576 1945 average. 255 563 729 29.....239 28.....245 28.....281 27 .358 1946 average. 318 714 909 July 6.....192July 5 ....208 1947 average. 336 823 553 13 .. 210 12. 228 1947 1948 20... 201 19.....217 1947—Januaryy 256 '770 620 27.....204 26 213Jan. 4.....188Jan. 3.....204 ebruary.. 251 835 606 Aug. 3 .217Aug. 2 .220 11 10 251 March 331 864 490 10.....228 9.....223 18....!223 17.....232 April , 321 849 388 17 .239 16.... .225 25.....220 24.....226 May 337 817 351 24 .255 23.... .243Feb. 1 .217 31.....233 June 304 768 470 31.....281 30.....277 8.....219Feb. 7.....240 July 253 732 603 Sept. 7 .264Sept. 6.....265 15.....246 14 .238 August 274 789 622 14 .293 13.....291 22 .216 21.....249 September. 341 823 676 21.....280 20.....301 Mar. 1 .238 28.....249 October 367 912 663 28.....257 27.....316 8 .254Mar. 6 November.. 416 942 605 15.....267 13 December. . 584 769 544 22 .286 20 29.....283 27.. 1948—January P272 P786 NOTE.—Revised series. For description and back figures see pp. P Preliminary. r Revised. 874-875 of BULLETIN for September 1944. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year 1947 1948 1948 1947 1948 United States. p+8 +14 Cleveland-cont. Chicago +12 +16 +10 Kansas City— N B N N N N A B E P S W P B P B B D e o p o o l r u e e i o l i e w r o s m o b a r o n u w w r f i w s t i B w r f g t a d o v g g n t i a c l Y o a n a r o n g n g h a Y i h l H e a r n y o r d o s f n t k e s a k a o o i t a r e d t p e e m o A i r k e w v n i e l F o k n r d e t p r c n r a o e n C s e t l n 1 a . i l . i . e . s . . t . . . . . . . . y . . . . . . . 1 P + + + + + + + + + + + + + + - - 1 2 1 2 1 8 5 4 5 2 2 2 2 4 4 5 2 0 1 + + + + + + + + + + + + + + + + + 2 + 2 1 1 1 1 1 7 3 5 8 9 8 1 6 7 6 9 8 9 9 3 4 3 0 + + + + + + + + + + + + + + + + - 1 1 7 9 9 6 9 8 7 3 9 6 5 4 5 3 6 0 0 0A R H W L W N P C G R R C E W B R t i l y c i i o h r o h r a a u a W h i c t a h e i n l l a a r n a n n t h e e e t e f s m n c r s r s i . 1 o t i t m e n h l m h l o b a t g i e l o l V e v o i k b n k h o i u s o n n s i n n t a u e , n g l r r t d g o - l g r e o d g e t N S n t g 1 o n , h o a , . n ^ 1 S n l . C e . . 1 . . m . . . . C . C . . . . . . . . + + - + + + + + + - + - 1 - 1 2 2 1 1 7 5 5 4 8 5 6 0 4 6 + + + + + + + + + + + + + + + + + 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 1 0 3 3 8 3 3 2 5 7 6 1 5 5 4 0 + + + + + + + + + + + + + + + + - 1 1 3 1 1 6 4 5 2 4 3 8 8 3 9 4 1 3 0 0 1 S L L Q F L F T P F G M E I D D M C G t n . o o o a i e e l u v h r e r e d a t i i n e r r o r u a i s i t L a l t n d i t t r c n e l s n w r r i a e n e o i t a s n c i M i o d W S s n 1 n u g a s v y a o i H R a m g 1 v o i i u t o B n R p a s l 1 a o i k i l i * o y a l a t e u n c e h • l l n p 1 y t e k i e e e s i e 1 1 s 1 . d . 1 . . . * . 1 . . . s . . . . . . . . . . . . . P p P P + + + + + + + + + + - + + + + + + - - 1 2 2 1 1 1 1 2 1 1 3 1 5 0 3 2 9 6 1 5 5 0 4 1 8 6 1 7 + + + + + + + + + + + + + + + + + + + 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 8 8 2 2 2 6 9 9 6 2 2 1 5 4 9 0 3 7 5 • + + + + + + + + + + + + + + + + + + 1 - 1 1 1 1 1 1 1 1 1 8 1 5 2 6 2 8 8 9 6 1 1 0 3 0 8 5 1 1 1 D S O T S D F H C S T F L L O P B a a c h a r o h u o o u o n k a o a a l o e n r o s r l n l c r k l F k l u n s a e s t a p s e l g l n e a t v A s s r A a h o a u n W . o r a t e s n o n B s i n o s n n 1 x p d m x f o e g n t c o C i 1 o a r 1 a e i e r a t s c h n t l h l n c h C r e d i d o i o s 1 s i . . 1 t . . t x . . y . . i . . . . . . . . . . . p P P + P + + + + + + + + + + 1 + + - - 1 2 2 1 1 1 1 4 3 3 2 6 7 1 0 6 6 3 0 5 8 0 + + + + + + + + + + + + + + + + 1 1 1 2 1 1 2 3 1 1 1 1 1 1 1 6 4 5 9 4 6 0 1 7 6 4 4 1 3 0 0 r + + + + + + + + + + + + + + + + 1 1 1 8 6 9 5 6 7 5 9 4 5 5 7 5 1 2 1 P T Y S U L S W P R R h y c h r a o t e o i i e i h l r i n c a l c r a l n a e k h c a d k a d c t n e d e a 1 i o e u e n s s s e n l s - t c p t g l e B e e p t x h 1 r a 1 r h a i 1 d l a i r a y r e . * 1 . . . . . P + + + + + + + + + + + 1 1 1 1 1 8 9 2 5 9 5 2 0 7 4 1 + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 3 7 7 2 8 5 8 3 3 3 3 + + + + + + + + + + + 1 1 1 1 1 8 7 5 9 9 3 1 1 1 1 1 J O T A A M M M C M B R a a o r i o u t c o a o i r l l m l m g a k m a c b a u n u m s n o i n e m p t i l o s d n g n e t i a t n b o x a g o a l 1 v u 1 h m i s a ll e m e r y l. 1 1 . . . . .. + + + + + + + + + - 1 3 1 2 5 5 9 3 2 7 8 1 4 7 + + + + + + + + + + + 1 4 1 1 1 1 1 1 1 0 1 7 6 2 9 5 7 9 6 0 ( + + + + + + + + + + 9 8 4 3 7 9 2 8 7 7 K M S S S M S M D E a t t t p a i u . . n . e i S n r s n l L m s L i P t u n u n a n o p o e p t a e S s g u h e u a h a u t f - i r i . . p i p s l i i s C s 1 o o e L o x A i l r l l . . l t o i d y i r s 1 u . s . e . I . i . s a . . s . x . . . . . . . . . . . p + + + + + + + + - 4 1 1 1 1 1 6 2 9 1 6 0 2 0 0 + + + + + + + + + + 7 2 1 1 1 1 1 1 1 9 2 3 7 4 2 7 6 3 3 + + + + + + + + + + 8 1 1 1 1 8 3 3 4 0 1 7 8 1 3 S S S S S S V R B S a a a t a a i a o o a N v n n B n c n l i n c l s r e t e e a F a k e J a D r j r B s m p o r t o k i a o i a R a s e e d e e n n n 1 e a r g e o l n d c n 1 n e o s t i a a d y o s 1 a r n . 1 c J x d . d o . . i . n . . x . . . o . P + + + - + + + + - 1 7 1 2 1 4 5 3 5 1 0 3 + + + + + + + + - 2 2 1 1 2 1 8 8 2 4 1 7 1 4 ' r + + + + + + + + 9 4 6 8 8 7 5 3 C A C le a k v n r e o t l o a n n n 1 1 d .... + + + 1 8 6 1 + + + 1 1 1 3 4 6 + + + 1 1 0 7 0 N S B a e a v w to a n n O n R r a l h o ea u n g s e 1 J. . . . + -5 9 0 + + 1 8 6 + + 9 4 D H Pu e u e n t b c v h l e o i r son + + 1 4 + + 2 1 4 7 + + 12 6 S P a o N l r t t a l L a m a n p k d a e City K P+1 + - 8 2 6 + + 1 1 0 7 4 + + 1 8 1 3 S C C C T Y p o o i l o r n e l l u i u e v n c n m d g i e g n f o l b s i a n 1 e t u o n a l s d w t d i J 1 . l n . . . . l 2 . . . . . . . . . + + + + + + 1 1 1 1 8 9 6 1 4 2 + + + + + 1 1 1 1 8 7 5 4 8 + + + + + + 1 5 8 9 8 8 1 J N C M K B a h r a n c e i a s k o s r h t i t s x t o d o v a v l i n i n , a i l l n o l T l l e o e e 1 1 g n a n l . . . . . - - - - - 1 1 1 1 1 -6 1 2 8 4 0 + + + + + 1 1 7 4 9 8 0 + + -6 2 1 J T W S O K o t o m a . p i p n c l J a e i h s o n h k a i s t a s a e a . p C . h . i t . y + + + + + + 1 1 1 8 9 4 1 9 1 + + + + + 2 1 1 8 8 2 5 + + + + + 1 5 9 9 8 3 S S T B E Y e p a e v a c a l o e k l o t i k r i t n m e m a l g e t n a h t a 1 e 1 1 a l 1 m J. . . P p + + + + 8 l 3 7 + + + + + + 1 1 1 1 9 8 3 4 1 r + + + + + + 1 4 6 4 3 3 8 +16 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. * Data not available. 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=100 2 Department o N f um st b o e r r es Sale p s eri d o u d ring ( m S e t o nd o n c t k o s h f ) December Sale p s eri d o u d ring Sto of cks m a o t nth end reporting 1947 1946 1947 1946 Dec. Y 1 e 94 a 7 r D 19 e 4 c 7 . 1947 1946 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL—entire store*. 357 + 11 +6 0 1.4 1.5 MAIN STORE—total 357 +11 +5 +1 1.4 1.6 380 264 343 536 648 536 W o m e n 's apparel and accessories.. 354 +12 +1 -3 1.2 1.4 355 260 316 430 538 442 Coats and suits 339 +22 -10 1.4 2.0 236 332 193 345 378 383 Dresses 340 +6 A +8 1.3 1.3 235 195 221 304 341 283 Blouses, skirts, sportswear, etc 335 + 18 0 -14 1.2 1.6 404 262 342 473 569 554 Juniors' and girls' wear 315 + 14 +1 -13 1.1 1.4 374 321 328 422 540 486 Juniors' coats, suits, dresses 224 + 15 +1 -13 1.2 1.6 315 296 275 378 420 434 Girls' wear 241 + 14 +2 -16 1.1 1.4 460 361 403 492 700 588 Aprons, housedresses, uniforms 290 +7 -3 -9 1.5 1.8 253 147 235 379 440 421 Underwear, slips, negligees 339 + 10 +1 +5 0.8 0.8 591 290 539 455 710 437 Knit underwear 161 + 14 +8 + 14 1.1 1.1 467 295 411 519 653 465 Silk and muslin underwear, slips. 185 + 10 -1 + 10 0.7 0.7 598 284 545 436 689 403 Negligees, robes, lounging apparel. 166 0 -3 -10 0.6 0.7 724 299 724 434 837 492 Infants' wear 319 + 11 +6 +2 1.4 1.4 482 354 433 661 814 641 Shoes (women's, children's) 244 +7 +5 + 17 2.6 2.4 285 236 267 736 794 631 Furs 274 + 13 0 -10 1.9 2.4 248 260 221 469 554 517 Neckwear and scarfs 247 +23 + 10 + 1 0.7 0.8 735 419 598 485 725 490 Handkerchiefs 293 +4 -3 -19 0.7 0.9 719 268 690 489 953 607 Millinery 175 -1 -3 -4 0.9 1.0 151 186 152 144 181 151 Gloves (women's, children's) 332 -6 -5 -21 1.1 1.3 478 270 508 521 797 666 Corsets, brassieres 338 + 11 +6 +5 2.5 2.7 262 230 237 668 676 632 Hosiery (women's, children's) 347 +37 +6 -8 0.6 0.9 345 224 251 214 287 233 Handbags, small leather goods 328 +9 -2 -12 0.8 1.0 447 224 410 349 551 402 Men's and boys' wear 328 + 10 +6 + 10 1.1 1.1 478 278 434 531 743 487 Men's clothing 240 + 19 + 17 +68 1.9 1.3 284 271 239 537 608 320 Men's furnishings, hats, caps 312 +9 + 1 -5 0.8 0.9 636 282 586 484 794 509 Boys' clothing and furnishings 290 +7 -1 -16 1.4 1.8 430 305 403 594 812 705 Men's and boys' shoes, slippers 186 +8 +6 +36 1.8 1.4 409 227 379 749 926 549 H o me furnishings 314 + 14 +13 +7 2.3 2.4 302 256 266 698 727 657 Furniture, beds, mattresses, springs. 239 + 13 +8 -2 3.4 4.0 191 202 169 659 621 672 Domestic floor coverings 264 +28 +25 +31 2.7 2.7 243 270 189 667 640 506 Draperies, curtains, upholstery 299 + 12 -12 2.9 3.7 239 253 214 692 741 790 Major household appliances 236 + 18 +80 + 140 1.8 0.9 406 365 345 715 639 300 Domestics, blankets, linens, etc 299 -1 —3 0 2.3 2.3 277 209 279 643 668 644 Linens and towels 202 +3 -6 -10 2.1 2.3 321 208 313 661 730 731 Domestics-muslins, sheetings 177 -10 +6 +48 2.9 1.7 196 183 218 563 513 381 Blankets, comforters, spreads 191 -2 -16 2.2 2.6 285 234 290 625 681 736 Lamps and shades 239 + 16 +4 -16 1.5 2.1 398 296 344 614 711 736 China and glassware 241 + 16 + 10 +21 2.4 2.3 328 218 284 808 905 665 Housewares 240 + 16 +7 -6 1.9 2.3 448 308 387 833 948 909 Piece goods 296 +2 +4 +2 2.9 2.9 246 280 242 717 702 709 Silks, rayons, and velvets. . 112 + 10 +7 + 10 2.4 2.4 247 264 225 610 612 557 Woolen dress goods 92 + 11 + 1 -9 2.3 2.8 316 406 285 727 678 799 Cotton wash goods 130 +6 +15 3.7 3.0 187 192 202 689 617 617 Small wares 341 +2 0 -8 1.3 1.4 457 243 447 594 801 648 Lace, trimmings, embroideries, and ribbons. . . 123 -5 -5 -14 2.0 2.3 331 268 347 669 858 785 Notions 230 + 19 + 12 -3 1.9 2.3 343 243 289 639 736 664 Toilet articles, drug sundries, and prescriptions. 328 -4 -5 -7 1.4 1.4 408 174 426 563 776 610 Jewelry and silverware 309 +4 -1 -7 1.2 1.3 558 280 535 664 910 717 Jewelry 206 0 -4 -10 1.0 1.2 606 275 605 637 909 714 Silverware 144 +22 +9 -3 1.4 1.8 476 294 389 676 856 688 Art needlework 241 +6 0 -10 2.3 2.8 269 238 254 633 687 699 Stationery, books, magazines 251 +4 0 -11 0.9 1.1 580 319 556 534 827 600 Stationery 157 +7 +3 -7 0.9 1.1 589 328 551 542 874 573 Books, magazines 97 0 -3 -17 1.0 1.2 469 246 467 469 687 560 Miscellaneous 306 +12 +3 -8 0.7 0.9 625 356 557 469 719 513 Toys and games 160 + 18 +3 -21 0.3 0.4 1,162 669 987 349 970 424 Sporting goods, cameras 66 +20 + 13 +7 1.3 1.5 751 411 625 1,014 1,624 944 Luggage 249 + 13 +7 +6 1.3 1.4 538 249 474 688 932 650 BASEMENT STORE—total 204 +17 +12 -2 1.2 1.4 317 239 271 384 479 393 Women's apparel and accessories 195 + 18 + 10 -5 1.0 1.2 310 237 262 307 405 322 Men's and boys' clothing and furnishing 162 + 18 +20 + 4 1.0 1.2 449 285 380 462 621 444 Home furnishings 135 + 14 + 12 -8 2.0 2.4 248 232 218 490 520 532 Piece goods 54 +5 -4 2.4 2.5 256 277 264 636 666 644 Shoes 128 + 17 +23 + 10 1.9 2.0 235 177 201 454 530 413 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. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 331. 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. 333 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m o o f 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 1933 3,929 1,605 1,122 459 663 483 776 1,081 467 1937 7 491 3,971 2,752 1,384 1,368 1,219 J 450 557 1938 7 064 3,612 2,313 970 1,343 1.299 1,442 1,487 523 1939 7,994 4,449 2,792 1,267 11,525 1,657 1,468 1,544 533 1940 9 146 5,448 3,450 1 .729 1,721 1,998 L 488 650 560 1941.. . 9,895 5,920 3,744 1 ,942 L,802 2,176 1,601 1,764 610 1942 , 6,478 2,948 1,491 482 ,009 1,457 1,369 1,513 648 1943 5 334 1,957 814 175 639 1,143 1,192 ,498 68? 1944 5,776 2,034 835 200 635 1,199 1,255 1,758 729 1945 6,638 2,365 903 227 676 L.462 1.520 L.981 772 1946 10,166 3,976 1.558 544 1,014 2,418 2,262 3,054 874 1947? 13 379 6 154 2,839 1,151 1,688 3,315 2 697 3 612 916 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 1,812 753 L.059 2,724 2,423 2,782 890 May 10,934 4,739 1,928 816 ,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 L,2O2 3,012 2,579 2,755 920 September 11,682 5.290 2,257 1,004 ,253 3,033 2,607 2,864 921 October '12,055 '5,463 2.370 1.047 .323 '3,093 2,645 3,029 918 November 12,636 5,733 2,551 1,099 1,452 3,182 2,677 3,309 917 December P 13,379 6,154 2,839 1 ,151 ,688 3,315 2,697 3,612 916 1948—Januaryv 13,043 6,1 76 ' 2,818 1,194 ,624 3,358 2,711 3,240 916 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 - x l p S c l a m o o n a m a i n e l - l s b In t a r d n ia k u l s s * - p I c n a t lo o r n d i a m i u a e n l s - s - 2 u C n r i e o d n it s l M l a e n n is e d c o e e u r l s s - m i r l z o e o a a a p n d t n i a d e o s i r r n 8 n- m b C a e o n rc m 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 t lo o r n d i m a i u a e n s l - s - 2 u C n r i e o d n i s t 1929 652 43 263 219 32 95 463 413 42 1933 483 29 256 121 27 50 322 202 33 1937 1 910 258 374 221 93 125 148 368 662 400 148 1938 ,299 312 380 129 95 112 117 154 460 664 238 176 179 1939... ,657 523 448 131 99 147 96 213 680 827 261 194 257 1940 . ,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941.. . , !, 176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942. . 457 426 417 89 72 147 91 215 792 784 182 146 247 1943 ,143 316 364 67 59 123 86 128 639 800 151 128 228 1944 ,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 .469* 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 3,315 1,358 712 166 134 269 120 556 2,537 1,454 310 282 497 1947—January.. 2.482 991 611 122 102 186 110 360 187 98 22 20 33 February. 2,548 .,030 611 125 105 190 110 377 180 90 21 20 33 March 2,634 L.O79 617 i28 108 197 111 394 214 121 24 23 38 A M p a r y il 2 2 , , 7 81 2 1 4 1, , 1 1 6 2 7 3 6 6 2 3 7 3 1 1 3 3 8 3 1 11 1 6 3 2 2 1 0 3 4 1 1 1 1 2 3 4 4 1 3 2 1 2 21 1 2 3 1 1 1 1 5 6 2 2 4 4 2 2 4 4 4 3 2 9 June 2,883 ,196 638 143 119 224 113 450 211 117 26 24 43 July. . "> 953 1,221 649 148 121 233 114 467 217 123 29 23 44 August 3,012 ,248 652 152 124 240 114 482 204 113 25 22 42 September.. 3,033 ,255 643 154 125 245 114 497 206 107 27 24 41 October. .. '3,093 ,281 647 157 127 250 114 '517 218 121 28 23 45 November. . 3,182 , 309 670 162 130 257 116 538 221 142 27 25 44 December^ . 3,315 ,358 712 166 134 269 120 556 254 191 33 30 53 1948—JanuaryP. . . 3,358 1,385 717 168 136 271' 121 560 235 109 26 27 44 P Preliminary. 'Revised. x 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 January amounted to 105 million dollars, and loans made during January were 17 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. 334 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 b t u a u i d l l t e , o - - s o m m t a r o n e a d r d i n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s r o t e A t o h t r a l e e l i r l s Year or month Total ch P a u s r e - r d etai D l l o i a r n ec s t c d r h e p a ir t a u n a e s r d i c e - l t d , l e o m r t a n a i n o o n iz d d n s a - 1 - 2 i m J s c n o o a s e a n s t n n a h a t s l l houses Outstanding at end of 1929 ,197 160 583 265 56 133 p 1 e 9 r 4 i 5 od: 742 64 139 100 124 315 1933 663 119 299 119 29 97 1946 1,591 165 306 275 273 572 1947? 2,602 348 537 513 486 718 1937 1,368 314 469 307 68 210 1947—January 1,668 181 325 296 280 586 1938 1,343 302 485 266 70 220 February..., 1,732 196 348 305 284 599 1939 1,525 377 536 273 93 246 March 1,821 215 373 317 296 62|0 1940 1,721 439 599 302 110 271 April 1,922 237 397 337 314 637 1941 1,802 466 619 313 120 284 May 2,027 254 423 364 334 652 1942 1,009 252 391 130 77 159 June 2,125 276 439 388 358 664 1943 639 172 271 29 66 101 July 2,200 288 456 405 379 672 1944 635 183 269 13 70 100 August 2,271 301 470 416 401 683 1945 676 198 283 14 74 107 September 2,332 314 478 429 430 681 1946 ,014 337 366 28 123 160 October 2,409 324 492 449 454 690 1947? 1L.688 650 528 52 192 266 November.... 2,493 339 513 475 471 695 December?. . . 2.602 348 537 513 486 718 1947 1948—January?.... ? 689 360 558 559 490 722 January... 985 337 352 27 114 155 February.. 977 338 349 29 107 154 Volume extended dur- March. ... 1,004 358 354 29 105 158 ing month: April ,059 386 366 32 108 167 1947—January 307 44 69 65 24 105 May ,112 409 382 32 114 175 February 289 42 70 55 25 97 June 1,156 423 395 37 119 182 March 343 54 81 59 31 118 July 1,170 429 398 39 120 184 April 364 60 84 69 36 115 August 1,202 440 408 41 124 189 May 375 59 83 77 42 114 September. ,253 462 423 43 128 197 June 392 59 80 92 44 117 October. .. 1,323 495 443 46 131 208 July 384 63 84 75 42 120 November. ,452 555 474 49 145 229 August 363 58 79 70 45 111 December? 1,688 650 528 52 192 266 September... . 387 66 80 76 54 111 October 412 68 86 87 54 117 1948 N De o c v e e m m b b e e r r ? . . . . . . . 4 46 0 7 6 6 7 9 0 1 9 0 4 3 1 8 1 9 2 4 4 2 7 1 1 1 3 2 5 January?.. ,624 637 501 52 178 256 1948—January? 441 71 98 116 36 120 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Retail instal- Repair Personal ment paper 2 and ment paper 2 and instal- Year and month Total modern- Year or month Total modern- ment Auto- ization Atito- ization cash mobile Other loans 12 mobile Other loans x2 loans Outstanding at end Outstanding at end of period: of period: 1945 104.1 13.8 9.8 17.2 63.3 1945 76.7 11.0 4 0 1.5 60.2 1946... 162.7 27.5 17.8 28.3 89.1 1946 108.4 15.0 7 4 2.4 83.6 1947? 233.5 50.0 30.2 43.3 110.0 1947? 148.2 27.1 17.1 4.2 99.8 1947—January. . 168.1 29.5 18.6 28.9 91.1 1947—January .. 112.2 15 6 8 0 2.5 86 1 February::. 172.6 31.3 19 6 29.6 92.1 February.. 115.5 16.5 8 4 2.5 88 1 March 177.4 33.5 19 4 30.3 94.2 March.... 118.7 17.1 8.9 2.6 90 1 April 184.2 36 4 20 5 31.4 95.9 April..... 124.6 18.7 9.9 2.7 93 May 191.4 38.6 21 8 33.1 97.9 May 128.5 20.6 10.8 3.0 94.1 June 199.2 40.6 23 1 35 0 100.5 June 131.3 21.7 11.8 3.2 94.6 July 206.7 42.8 24 3 36.9 102.7 July 134.0 22.4 12.8 3.4 95.4 August.. . 212.6 44.9 25.3 38.4 104,0 August ... 137.8 23.6 13.4 3.6 97.2 September. 215.5 46.3 26.0 39.4 103.8 September. 138.4 24.3 14.1 3.8 96.2 October 221.0 48.1 27 0 41 2 104.7 October... 141.1 25.3 14.7 4.0 97.1 November.. 227.9 49.6 28 5 42.5 107.3 November. 144.8 26.3 15.9 4.2 98.4 December?. 233.5 50.0 30.2 43.3 110.0 December? 148.2 27.1 17.1 4.2 99.8 1948—January?.. 235.3 51.4 31.0 43.4 109.5 1948—January? . 150.4 28.2 17.9 4.0 100.3 Volume extended Volume extended during month: during month: 1947—January.. . 29.1 6.4 3 5 2.4 16.8 1947—January... 22.4 3.6 1.8 0.2 16.8 February. . 27.4 6.2 3 4 2.4 15.4 February.. 22.2 3.9 1.6 0.2 16.5 March 31.3 7.1 3.5 2 7 18.0 March .... 25.6 3.9 1.8 0.3 19.6 April 32.4 7.7 4 1 3.1 17.5 April 27.4 4.8 2.4 0.3 19.9 May..... 32.8 7.5 4.3 3 7 17.3 May 26.9 4.7 2.4 0.5 19.3 June 33.8 7 5 4 3 3 9 18.1 June 27.3 4.8 2.7 0.5 19.3 July 36 5 8 2 4 4 4.0 19.9 July 26.4 5.1 2.9 0.5 17.9 August 33.2 8.1 4 2 3 6 17.3 August .. . 25.6 5.1 2.7 0.5 17.3 September . 34.8 8.8 4 1 3 7 18.2 September , 27.1 5.2 3.0 0.5 18.4 October... 36.2 8.8 4.7 4.3 18.4 October... 27.1 5.5 3.3 0.5 17.8 November.. 34.5 8.3 4 9 3.4 17.9 November. 28.1 5 2 3.3 0.5 19.1 December?, 39.8 8.6 5.8 3.5 21.9 December? 31.4 5.2 3,7 0.3 22.2 1948—January?. . 33.4 9.1 4.6 2.6 17.1 1948—January? . 28.9 5.7 3.2 0.2 19.8 P Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MARCH 1948 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en ta p g 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 Item 1 J 9 a 4 n 8 . ? D 19 e 4 c 7 . N 19 o 4 v 7 . 1 J 9 a 4 n 8 . P y D 19 e e 4 a c r 7 . N 19 o 4 v 7 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s 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 -46 +25 +7 +9 +22 +18 December. . . 36 26 47 44 54 Cash sales -46 +35 +1 o -2 -12 Credit sales: 1947 Instalment.; -51 +27 +12 +23 +44 +33 January 30 23 47 26 52 Charge account -31 + 12 +4 +13 +2 +20 February 29 21 41 25 52 March 33 25 44 27 56 Accounts receivable, end April 30 23 44 25 54 of month: May 30 24 44 26 56 Total . -1 + 12 +8 +53 +44 +45 June 28 23 45 24 54 Instalment -5 + 16 +9 +54 +48 +50 A Ju u l g y ust 2 2 8 8 2 2 2 2 3 4 9 1 2 2 3 3 5 5 1 3 Collections during September . . 31 24 39 25 53 month: October 31 23 40 23 57 Total . . .. i~) +4 +2 +16 +20 +19 November.. . 30 23 39 24 55 Instalment -8 +7 -1 + 19 +20 + 15 December... 29 20 39 31 53 Inventories, end of 1948 month, at retail value. -1 -4 +3 +8 + 16 + 14 JanuaryP 24 18 37 19 53 P Preliminary. p Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year and month Total Sa C le a s s h during I m n m s e o t n a n l t t - h a C c h c a o r u g n e t I a m n t s e t e n a n l t d - of a C m c h c o a o n r u g t n h e t I m ns e t n al t m - ont a h C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t e n a s t l- C ac s h c a a o l r e u g s n e t - 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 66 111 38 84 70 112 64 4 32 1945 average 162 211 68 124 37 94 69 127 64 4 32 1946 average 202 242 101 176 50 138 91 168 59 4 37 1947 averageP 214 237 154 199 88 174 133 198 55 6 39 1946—December. 330 384 197 293 75 223 121 205 58 5 37 1947—January 163 '187 107 146 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 39 216 241 138 202 81 167 127 198 55 6 39 195 218 125 181 82 165 122 193 55 6 39 July 160 184 114 142 83 146 124 190 57 6 37 174 196 130 157 84 145 123 162 56 6 38 September ... 216 235 156 206 87 167 138 167 54 6 40 O N c o t v o e b m er ber ... 2 2 6 3 6 4 2 2 8 5 5 1 2 1 2 8 3 0 2 2 2 53 5 1 9 11 5 2 1 0 8 4 1 1 1 4 52 7 r2 2 1 0 5 3 5 53 3 7 7 4 40 0 December 369 402 279 348 136 264 171 235 54 7 39 1948-—January P 173 188 136 163 128 206 174 299 54 7 39 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 331. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average=100] Fuel, Year or month All items Food Apparel Rent el a e n ct d r ic ic it e y, fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 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. 146.8 124.6 October 128.9 139.3 148.5 110. 146.9 124.7 November 129.3 140.1 148.7 110. 147.6 124.6 December 129.9 141.4 149.4 110.3 148.3 124.8 1946—January 129.9 141.0 149.7 110.8 148.8 125.4 February 129.6 139.6 150.5 111.0 149.7 125.6 March 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July 141.2 165.7 158.7 113.3 157.9 128.2 August 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October 148.6 180.0 168.1 114.4 168.5 131.0 November 152.2 187.7 171.0 114.8 171.0 132.5 December 153.3 185.9 176.5 115.5 177.1 136.1 1947—January 153.3 183.8 179.0 108.8 117.3 179.1 137.1 February 153.2 182.3 181.5 108.9 117.5 180.8 137.4 March 156.3 189.5 184.3 109.0 117.6 182.3 138.2 April 156.2 188.0 184.9 109.0 118.4 182.5 139.2 May 156.0 187.6 185.0 109.2 117.7 181.9 139.0 June 157.1 190.5 185.7 109.2 117.7 182.6 139.1 July 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 1948—January 168.8 209.7 192.1 115.9 129.5 192.3 146.4 Back figures.—Bureau of Labor Statistics, Department of Labor. MARCH 1948 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H 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 e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C a r a o l h l s l d e i u m e a d c n i t d - s i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929.. 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930.. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931.. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932.. 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933. . 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934.. 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935.. 80.0 78.8 83.7 77.9 89.6 70.9 73. 86.4 85.3 79.0 80 6 68.3 1936.. 80.8 80.9 82.1 79.6 95.4 71.5 76. 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. 95.7 90.3 77.0 86.8 73.3 1939. . 77.1 65.3 70.4 81.3 95.6 69.7 73. 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 1947. 151.8 181.3 168.7 134.8 181.9 140.9 108.7 145.0 179.5 127.3 129.1 114.3 1947—January. . . 141.5 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 February.. 144.5 170.4 162.0 128.5 173.8 138.0 97.9 f37.9 174.8 129.3 124.6 110.9 March. . . . rH9.5 182.6 167.6 131.1 174.6 139.6 100.7 139.9 177.5 132.2 125.8 115.3 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. 159.7 187.9 178.0 142.4 202.4 144.7 118.1 151.7 187.5 135.8 137.7 118.8 December. 163.2 196.7 178.4 145.6 203.1 147.6 124.3 152.3 191.0 135.0 139.7 121.5 1948—January. .. 165.6 199.2 179.9 148.1 199.8 147.0 130.0 154.4 193.1 138.8 141.1 123.5 Week ending: 1947—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. ID 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 Feb. 7 163.8 195,5 177.9 147.8 198.0 147.0 131.4 154.2 192.1 134.3 137.7 122.6 Feb. 14 159.7 180.9 173.3 147.5 196.2 146.7 131.6 154.8 192.0 134.0 137.7 120.2 Feb. 21 159.2 181.7 170.3 147.5 193.3 146.9 131.6 155.5 191.9 134.9 143.6 119.1 Feb. 28 159.2 182.8 170.5 147.3 188.5 146.2 131.7 155.6 192.1 135.3 143.7 119.0 1947 Annual 1947 Subgroups Subgroups 1946 1947 Jan. Dec, Jan. 1946 1947 Jan. Dec Jan. Farm Products: Metals and Metal Products: Grains 155.6 210.7 162.6 252.7 256.3 Agricultural implements.. . . 105.5 119.6 117.5 127.5 128.4 Livestock and poultry 155.6 210.4 189.6 226.3 232.9 Farm machinery 106.7 121.0 119.0 129.2 130.1 Other farm products 142.0 154.7 149.7 162.5 162.4 Iron and steel 110.3 133.4 123.9 142.2 145.5 Foods: Motor vehicles 153.7 151.3 160.5 160.8 Dairy products 145.8 161.0 164.6 183.5 183.9 Nonferrous metals 99.7 140.3 130.5 143.0 145.5 Cereal products 114.5 155.6 139.9 170.6 170.1 Plumbing and heating 103.8 125.3 117.0 136.1 137.9 Fruits and vegetables 129.9 137.0 131.6 135.4 141.1 Building Materials: Meats 145.9 213.2 183.4 214.8 222.3 Brick and tile 122.9 140.0 132.2 148.8 150.9 Other foods 111.9 148.1 141.1 160.0 155.0 Cement 104.1 115.7 108.3 121.6 126.4 Hides and Leather Products: Lumber 178.4 277.2 249.9 303.2 307.3 Shoes 141.7 176.3 170.6 190.7 194.3 Paint and paint materials... 118.5 162.6 171.2 164.0 163.2 Hides and skins 147.4 209.8 198.5 256.9 238.9 Plumbing and heating 103.8 125.3 117.0 136.1 137.9 Leather 128.6 191.4 181.6 216.2 209.2 Structural steel 118.4 134.4 127.7 143.0 143.0 Other leather products 117.0 139.3 140.3 141.8 139.8 Other building materials.... 118.6 147.2 139.0 155.5 157.2 Textile Products: 'hemicals and Allied Products: Clothing 119.3 134.1 132.4 136.3 138.7 Chemicals 99.8 118.7 112.7 124.1 125.8 Cotton goods 150.5 198.5 184.6 213.5 214.2 Drugs and Pharmaceuticals. 120.8 159.1 181.7 154.9 154.4 Hosiery and underwear.... 82.1 100.6 99.3 103.0 104.4 Fertilizer materials 87.4 105.4 99.9 114.4 115.6 Silk 73.6 101.2 73.3 46.4 Mixed fertilizers 88.2 97.5 95.5 101.5 102.4 Rayon 30.7 37.0 33.8 40.0 40.7 Oils and fats 119.1 187.9 210.6 215.9 236.7 Woolen and worsted goods. 115.7 130.5 120 139.6 141.6 Housefurnishing Goods: Other textile products 122.8 174.4 169.9 177.8 181.2 Furnishings 116.6 136.3 128.4 142.8 143.9 Fuel and Lighting Materials: Furniture 106.4 121.7 118.2 136.8 138.6 Anthracite 109.0 117.6 114.7 123.4 124.2 Miscellaneous: Bituminous coal 132.5 157.6 142.6 174.3 176.8 Auto tires and tubes 73.0 63.6 73.0 63.4 63.4 Coke 140.4 166.6 152.5 183.4 190.6 Cattle feed 191.1 249.9 181.7 308.2 336.0 Electricity 66.6 64.9 Paper and pulp 119.4 154.4 141.9 164.7 168.1 Gas 79.9 80.8 85.4 Rubber, crude 46.2 44.2 51.2 44.5 44.7 Petroleum products 67.5 90.2 76.5 112.0 120.7 Other miscellaneous 104.3 123.3 118.1 130.0 130.4 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 338 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 of dollars.I RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1947' 1929 1933 1939 1941 1944 1946 1947 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9 Less: Capital consumption allowances 7.2 8.1 9.3 11.8 11.0 12.4 11.1 11.5 12.1 12.3 12.4 12.7 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.0 16.9 17.9 17.4 17.7 17.2 17.4 17.8 19.1 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .5 .6 .5 .5 .5 Statistical discrepancy 1.2 .5 .5 2.6 -2.1 -3.9 -1.5 -2.1 -3.6 -3.0 -4.9 -3.8 Plus: Subsidies less current surplus of government enterprises -.1 () .5 .1 .7 -.1 -.2 -.1 — .2 .1 -.3 2 Equals: National income 87.4 39.6 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212^3 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 23.0 15.6 18.8 20.4 23.9 23.9 n.a. Contributions for social insurance........ .2 .3 2.1 2.8 5.2 6.0 5.7 5.8 5.3 6.1 6.0 5.4 5.2 Excess of wage accruals over disbursements. .0 .0 .0 .0 2 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 -3*.l 10.8 11.1 10.4 9.8 10.3 10.1 13.7 10.5 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.5 4.5 4.5 4.5 4.5 4.6 4.4 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.8 5.6 5.9 6.3 6.5 6.8 7.3 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .5 .6 .5 .5 .5 Equals: Personal income 85.1 46.6 72.6 95.3 164.9 177.2 196.8 179.5 187.5 189.8 191.4 199.6 205.8 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 19.1 19.5 21.0 21.2 21.6 22.1 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 17.5 17.9 19.3 19.4 19.8 20.2 State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.8 1.6 1.6 1.7 1.8 1.9 1.9 Equals: Disposal personal income 82.5 45.2 70.2 92.0 146.0 158.4 175.3 160.4 168.0 168.8 170.1 177.9 183.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5 Equals: Personal saving 3.7 -1.2 2.7 9.8 35.6 14.8 10.9 13.1 13.1 11.9 7.8 12.1 11.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1946 1947' 1929 1933 1939 1941 1944 1946 1947 National income 87.4 39.6 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3 Compensation of employees. 50.8 29.3 47.8 64.3 121.2 116.8 128.1 119.2 122.2 124.7 125.6 128.7 132.9 Wages and salaries2 50.2 28.8 45.7 61.7 116.9 111.1 122.8 113.6 117.1 119.1 120.0 123.6 127.8 Private 45.2 23.7 37.5 51.5 83.3 90.2 105.2 93.8 98.0 101.2 102.7 106.2 110.3 Military .3 .3 .4 1.9 20.8 8.0 4.1 6.7 5.6 4.6 4.1 3.9 3.8 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.4 13.2 13.5 13.3 13.2 13.5 13.7 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.4 5.5 5.1 5.6 5.6 5.1 5.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 34.4 41.8 47.8 41.9 46.7 46.2 46.7 47.0 51.5 Business and professional 8.3 2.9 6.8 9.6 15.3 19.7 23.5 19.9 22.0 22.4 22.9 23.5 25.4 Farm 5.7 2.3 4.5 6.9 12.4 15.2 17.0 15.2 17.8 16.8 16.6 16.2 18.5 Rental income of persons '. 5.8 2.0 3.5 4.3 6.7 6.9 7.3 6.8 7.0 7.0 7.2 7.3 7.6 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 23.0 15.6 18.8 20.4 23.9 23.9 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.8 21.1 28.7 22.9 27.1 28.9 27.8 28.2 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.9 8.6 11.3 9.3 11.0 11.5 10.9 11.1 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 9.9 12.5 17.4 13.5 16.1 17.4 16.9 17.1 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 —.4 -4.7 -5.7 -7.3 -8.3 -8.6 -3.8 -4.3 n.a. Net interest 6.5 5.0 4.2 4.1 3.2 3.2 3.6 3.2 3.2 3.3 3.5 3.7 3.8 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance fu"nds. 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. 339 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1946 1947 r 1929 1933 1939 1941 1944 1946 1947 3 4 1 2 3 4 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5 Durable goods . . . .... 9 4 3 5 6 7 9 8 6 8 14 9 19 8 16.2 18.2 18.2 19.3 20.2 21.3 Nondurable goods 37.7 22.3 35.3 44.0 67.2 87.1 99.3 88.9 93.6 94.7 98.4 99.9 104.2 Services 31.7 20.6 25.5 28.5 36.5 41.7 45.3 42.1 43.1 44.0 44.6 45.7 47.0 Gross private domestic investment 15.8 1.3 9.0 17.2 5.7 24.6 27.8 27.0 30.4 28.3 26.1 27.0 29.9 New construction * 7.8 1.1 4.0 5.7 2.3 8.5 10.7 8.9 9.3 10.3 9.6 10.4 12.4 Producers' durable equipment 6.4 1.8 4.6 7.7 5.3 12.4 17.9 13.2 15.7 16.4 17.9 18.4 18.8 Change in business inventories 1.6 -1.6 .4 3.9 -2.0 3.7 4.9 5.4 1.6 -1.4 -1.7 -1.3 Net foreign investment .8 2 9 1.1 -2.1 4.8 8^7 4.5 5.2 8.3 10.4 7.8 8.2 Government purchases of goods and services 8 5 8 0 13 1 24 7 96 6 30.7 28.7 28.6 28.2 27.6 28.2 28.7 30.3 Federal 1.3 2.0 5 .2 16.9 89.0 20.7 16.4 18.2 16.9 16.2 16.3 16.2 16.9 W No a n r war . . },3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 4 3 }l7.7 1 3 7 . . 1 7 1 3 5 . . 3 8 Jl8.3 17.7 17.2 17.7 Less: Government sales 2 (3) (3) (3) (3) 1.2 3.0 1.3 2.6 2.2 2.1 1.4 1.0 .8 State and local . . . 5.9 7.9 7.8 7.5 10.0 12.3 10.4 11.2 11.4 11.9 12.5 13.3 7.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e rec T e o i t p a t l s4 T d o is t - al W m a C g o o e d m i a t - n y d s D a u l i a s t r i t y v ri e b d - isb S u e rs r e v m ice ents Gov- L b c p e u o l s f o t n o s i y o t r r e e n i m e - s - in O l c a t o b h m o e r r e6 i p n r r P e c a i o n e r n o m t t d o - al e rs 8 ' in d s p t a o e e e n n n r r d d a e - l s st T m p r e f a a e n y n r t - s s - ' in N t c u o o r m n a - l e8 burse- produc- indus- indus- ern- social income ments d i u n s g t r i i n e - s tries tries ment i a n n su ce r- 1929.: 85.1 50.0 50.2 21.5 15.5 8.2 5.0 1 5 19 7 13 3 1.5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 1 5 15 7 12 6 1.5 70.0 1931 64.8 38.7 38.9 14.3 12.5 6.8 5.3 .2 .5 11.8 11.1 2.7 60.1 1932 49.3 30.1 30.3 9.9 9.8 5.7 5.0 2 4 7 4 9 1 2.2 46.2 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1934 53.2 33.4 33.5 12 0 9.9 5.5 6.1 2 4 8 7 8 6 2.2 49.5 1935 59.9 36.3 36.5 13.5 10.7 5.8 6.5 2 4 12 1 8 6 2.4 53.4 1936 68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 .5 12.6 10.1 3.5 62.8 1937 74.0 45.4 45.9 18 4 13.1 6.9 7.5 6 5 15 4 10 3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72 6 45.1 45.7 17 4 13 3 6 9 8 2 6 5 14 7 9 2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122 2 80.5 81.7 39 1 18.0 8 6 16 1 1 2 7 28 1 9 7 3 2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944 164 9 114.9 117.1 50 3 22.7 10.5 33 6 2 2 1 3 34 4 10 7 3.6 149.0 1945 171.6 115.2 117.5 45.8 24.8 11.5 35.5 2.3 1 5 37 1 11 6 6.2 154.4 1946 177 2 109.2 111.1 45 7 30 9 13 6 20 9 1 9 1 6 41 8 13 3 11.^ 157 9 1947 196.8 120.5 122.8 55.2 34 8 15.0 17 5 2 1 1 8 47 8 14 8 11 7 174 8 1946—December. 189.9 117.0 118.8 52.3 33.5 14.4 18.6 1.8 1.6 47.2 13.7 10.4 167.3 1947—January... 189.3 116.9 119.0 53.0 33.4 14.6 18.0 2.1 1.6 45.8 14.0 11.0 167.8 February.. 189.5 117.1 119.2 53.0 33.5 14.6 18.1 2.1 1.7 45.9 14.1 10.7 168.2 March. . . . 190.6 117.0 119.1 53.4 33.5 14.6 17.6 2.1 1.7 46.8 14.2 10.9 168.8 April 189.4 116.0 118.2 52.8 33.1 14.8 17.5 2.2 1.7 46.5 14.3 10.9 168.3 May 190.5 117.3 119.4 53.5 33.8 14.9 17.2 2.1 1.8 46.5 14.4 10.5 169.7 June 194.1 120.1 122.2 54.9 34.9 15.2 17.2 2.1 1.8 47.1 14.6 10.5 172.4 July 194.9 119.9 122.0 54.4 35.0 15.4 17.2 2.1 1.8 47.4 14.7 11.1 173.0 August 193.8 121.2 123.3 55.5 35.2 15.2 17.4 2.1 1.8 45.5 14.9 10.4 173.8 September. 209.9 123.2 125.2 56.7 35.8 15.2 17.5 2.0 1.8 48.1 15.6 21.2 188.7 October. . . 203.2 123.7 125.7 57.2 35.8 15.1 17.6 2.0 1.9 50.4 15.4 11.8 180.6 November 204.2 126.4 128.4 58.8 36.8 15.2 17.6 2.0 1.9 49.9 15.5 10.5 182.3 December. P209.7 P127.4 P129.4 P59.8 P36.9 P15.2 P17.5 P2.0 Pl.9 P54.0 P15.6 no.8 P183.9 p Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. » Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. 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. 340 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 * 1948 Chart Chart book book page Jan. Feb. Feb. "Feb. Feb. page Jan. Feb. Feb. Feb. Feb. 28 4 18 25 28 4 11 18 25 WEEKLY FIGURES * 1n billions of dollars WEEKLY FIGURES 1—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC.— Cont. Reserve Bank credit, total 2 22.66 21.18 21.73 21.78 21.71 Corporate bonds: U. C N B S e i o . l r l t G t s e i s o f i v c t a . t e se s curities, total.. 3 3 3 3 2 1 5 1 1 0 . . . . 5 9 9 0 4 0 9 0 2 9 4 1 0 . . . . 5 5 2 5 6 9 9 2 2 9 4 1 0 . . . . 5 4 3 8 9 7 5 2 2 9 4 0 1 . . . . 6 3 3 9 5 4 6 4 2 9 4 1 1 . . . . 7 2 3 0 2 8 6 3 A H B a a ig a a h -grade (Treas. series) .. 3 3 3 7 7 7 3 2 2 . . . 8 5 8 7 3 6 3 2 2 . . . 8 5 8 6 3 7 3 2 2 . . . 5 8 8 4 5 6 3 2 2 . . . 5 8 8 4 3 5 3 2 2. . . 5 8 8 2 1 3 Bonds 3 4.54 5.08 5.41 5.59 5.67 G M o o l n d e y st o in ck circulation 2 2 2 2 8 . .0 8 9 9 2 28 2 . . 1 9 2 3 2 2 2 8 . . 9 1 3 9 2 2 2 8 . .0 9 5 8 2 2 8 3. . 0 0 . 5 In unit indicated Treasury cash and deposits. . . 3.28 1.93 2.50 3.06 2.98 M E E R x x e e c c q m e e u s s b i s s r e e r r r d e e b s s r e a e e r r n s v v k e e e r s s v r * e e ( s s w e r e v e e k s l y avg.): 2, 4 4 4 1 1 1 6 7 . . . 0 2 3 4 7 1 1 1 6 7 . . . 1 0 91 7 8 1 1 1 7 6 . . . 0 0 0 0 4 4 H 1 6 v 6 . . . 0 7 6 7 5 8 ^1 1 P 5 6 . . . 9 8 8 7 0 3 Sto T I R c n o a k d t i u a l p r l s o r t i a r c d i e a s l (1935-39=100): 4 4 4 0 0 0 1 1 1 1 2 0 8 3 6 1 1 1 2 1 0 1 6 4 1 1 1 1 1 0 7 2 1 1 1 10 1 1 2 9 4 1 1 1 1 1 0 4 9 2 T N o e t w al * York City* . . 8 0 5 6 . . 8 0 6 6 . .0 8 2 0 P. . 7 04 8 P. . 0 80 Vo P lu u m bl e ic o u f t t i r l a i d ty i ng (mill, shares) 4 4 0 0 .8 9 5 4 .9 9 5 4 1.0 9 9 2 .7 9 0 2 .7 9 0 2 C C R o h es i u c e n a r t g v r o e y c b i a ty n k b s a 6 nks 5 (2) . . 2 5 3 5 . . . 0 2 5 1 3 5 . . .5 2 0 0 1 7 ( p 2 . ) . 1 5 8 6 P . . . 0 2 51 1 0 Wholes B a U le S IN pr E i S c S e s C ( O 1 N 9 D 2 I 6 T = IO 1 N 0 S 0): Total 69 163.7 163.8 159.7 159.2 159.2 Farm products 69 195.1 195.5 180.9 181.7 182.8 MEMBER BANKS IN LEADING CITIES Other than farm and food. . 69 148.0 147.8 147.5 147.5 147.3 All reporting banks: Production: L U O L D U o o . t . e N B C C B h a a S m S e n n i o e o o . l . r a s s r m l n t G t s , n G e d s i a m s d o f e t s o n i o v c c e v d d t u t a r a t . e c r t . i l s e p i i n t d e s a o i v c e l e s e u p s i s t r o s t i s m ti i a e t e d s s n j , u t t s s o t t e a d l . . . . 1 1 1 2 1 1 2 1 1 1 1 6 6 6 0 6 6 0 8 8 8 8 6 3 2 4 2 1 3 4 2 2 7 8 8 3 4 4 . . . . . . . . . . . 4 2 7 2 3 8 9 3 9 7 7 1 4 4 1 7 2 2 7 9 5 3 3 4 6 2 2 1 3 4 2 2 7 8 8 3 4 4 . . . . . . . . . . . 4 7 4 2 3 7 3 2 8 6 8 1 2 7 1 2 2 8 5 3 8 4 3 6 2 4 2 1 3 4 2 2 6 3 7 4 8 4 . . . . . . . . . . . 2 2 2 4 7 7 6 4 6 6 9 7 0 1 2 0 9 5 4 1 1 9 3 6 2 4 2 1 3 4 2 2 6 3 8 7 4 4 . . . . . . . . . . . 2 1 2 6 6 4 5 4 6 2 9 1 9 1 6 6 2 5 6 1 3 8 3 4 6 2 2 1 3 4 2 2 7 6 3 4 8 1 4 . . . . . . . . . . . 1 1 0 1 6 2 5 6 0 4 5 0 6 0 6 1 6 1 9 8 T D B o a e ( A E S C ( ( P s t A p 1 t a i t a l r h u c a e 9 e l u u p o t e r c 3 g o d c f e t l u t 5 r . m o e m r r s e - ( b i 1 m . i 3 c p % e o o g 9 c 9 n e m b 3 a p h a t t i = r 9 t o o r r o l d o e s s w f = d 1 c ) t l 0 i o e e c a ( ( 1 t 0 r t t u a r r y 0 h h e l ) m p ( 0 o o o m a p ) a s u u c r a d i ( s i s l i m l i c l . t . e n . y e s i t c k g ) s l o l a w s , n r b . s s ) h b ) r l . . s s . . . . . . ) ) 7 7 7 7 7 7 7 7 4 3 5 4 6 5 6 3 5 5 3 9 , , 4 3 4 5 2 1 1 7 7 1 2 2 3 0 8 . . 2 8 6 9 7 3 1 6 3 5 5 9 4 , , 4 3 4 2 7 5 1 1 3 8 4 4 7 . . 2 0 7 0 3 7 3 8 3 5 5 9 2 , , 3 3 2 2 1 7 3 4 8 3 8 3 8 . . 7 6 7 5 8 4 4 3 3 5 5 9 2 , , 3 2 2 8 1 2 1 2 4 5 0 4 1 7 . . 5 9 2 5 9 4 1 1 5 5 31 9 , , 9 3 2 3 1 1 7 . . 8 1 9 5 8 7 6 1 9 1 2 7 Real estate 20 3.52 3.53 3.54 3.55 3.5 For purchasing securities: Total 20 1.49 1.42 1.54 1.55 1.71 1947 1948 U. S. Govt. securities. . 20 .54 .54 .66 .70 .83 Ot O he t r h er securities 2 2 0 0 3. . 6 9 7 4 3. . 7 8 7 8 3. . 6 8 5 8 3. . 7 8 3 5 3. . 7 8 5 8 Nov. Dec. Jan. New York City banks: Loans and investments 17 19.85 20.00 19.72 19.70 19.69 MONTHLY FIGURES U. S. Govt. securities, total. 17 11.57 11.78 11.46 11.39 11.28 In billions of dollars Bonds 19 9.29 9.22 9.19 9.19 9.09 RESERVES AND CURRENCY Certificates 19 .66 .70 .61 .58 .58 Notes 19 .53 .55 .56 .53 .5. Reserve Bank credit 7 22.87 22.86 22.45 Bills 19 1.10 1.31 1.10 1.09 1.09 Gold stock 7 22 AS 22.71 22.82 Demand deposits adjusted. 17 16.42 16.18 15.99 15.87 15.9 Money in circulation 7 28.65 28.94 28.39 U. S. Govt. deposits 17 .20 .24 .26 .25 .26 Treasury cash 1.33 1.33 1.33 Interbank deposits 17 4.16 4.15 4.00 4.08 4.03 Treasury deposits 7 1.29 .97 1.13 Time deposits 17 1.37 1.42 1.42 1.43 1.44 Member bank reserves: Loans, total 17 7.09 7.04 7.10 7.14 7.26 Total 4, 7, 14 16.99 17.26 17.39 Commercial 21 5.32 5.27 5.29 5.22 5.21 Central reserve city banks.. 14 5.28 5.43 5.45 For purchasing securities: Reserve city banks 15 6.76 6.86 6.94 To brokers: Country banks 15 4.95 4.97 5.00 On U. S. Govts 21 .17 .17 .29 .32 .45 Required reserves: On other securities... 21 .33 .28 .28 .26 .29 Total 4 16.14 16.27 16.31 To others 21 .25 .24 .24 .24 .23 Central reserve city banks. . 14 5.23 5.31 5.33 Allother 21 1.01 1.08 1.01 1.11 1.08 Reserve city banks 15 6.54 6.59 6.61 Banks outside New York City Country banks 15 4.36 4.38 4.37 Loans and investments 17 45.10 44.88 44.69 44.58 44.3 Excess reserves: U. S. Govt. securities, total.. 17 25.75 25.54 25.34 25.24 25.00 Total 4,5 .85 .99 1.08 Bonds 19 19.68 19.50 19.42 19.37 19.33 New York City 5 .04 .11 .12 Certificates 19 2.76 2.72 2.67 2.63 2.54 Chicago 5 .01 .01 .01 Notes 19 2.21 2.17 2.14 2.12 2.07 Reserve city banks 5 .21 .27 .33 Bills 19 1.11 1.15 1.11 1.12 1.07 Country banks 5 .59 .60 .63 Demand deposits adjusted.. 17 32.40 32.05 31.65 31.54 31.59 Money in circulation, total.... 9 28.77 28.87 28.11 U. S. Govt. deposits 17 .57 .64 .70 .71 .74 Bills of $50 and over 9 8.76 8.85 8.74 Interbank deposits 17 6.48 6.45 6.35 6.37 6.16 $10 and $20 bills 9 15.43 15.39 14.92 Time deposits 17 13.20 13.22 13.24 13.25 13.29 Coins, $1, $2, and $5 bills.. . 9 4.58 4.63 4.45 Loans, total 17 16.31 16.31 16.32 16.31 16.35 Commercial 21 9.40 9.38 9.40 9.40 9.38 ALL BANKS Real estate 21 3.41 3.42 3.43 3.44 3.46 IN THE UNITED STATES For purchasing securities. 21 .74 .73 .74 .73 .74 Allother 21 2.76 2.79 2.75 2.74 2.78 Total deposits and currency*.. 10 Pi 70.40 P171.5O P17O.2O Demand deposits adjusted*... 10 P85.90 P87.1O P86.40 Time deposits adjusted* 10 P56.00 P56.40 P56.5O Per cent per annum Currency outside banks* 10 P26.60 P26.60 P25.90 MONEY RATES, ETC. U. S. Govt. deposits* 10 Pi.90 Pl.40 PI.40 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 .990 .994 .996 .997 .997 Certificates 34 1.10 1.10 1.10 1.09 1.09 Loans and investments, total*. 11 P116.7O P116.50 P116.60 3-5 years 34 1.64 1.64 1.64 1.62 1.63 Loans* 11 P37.7O P38.30 P38.40 7-9 years 34 1.99 1.98 1.98 1.95 1.96 U. S. Govt. securities* 11 P70.10 P69.20 P69.20 15 years or more 34, 37 2.45 2.45 2.45 2.45i 2.45 Other securities* 11 P8.90 P9.00 P9.00 For footnotes see p. 344. MARCH 1948 341 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 1948 Chart 1948 book book page Nov. Dec Jan.3 page Nov. Dec. Jan.3 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 98.20 97.85 98.05 Ownership of U. S. Govt. securities— Loans 14 32.21 32.63 32.77 Cont. U. S. Govt. securities 14 58.75 57.91 57.99 Marketable public issues—Cont. Other securities 14 7.25 7.30 7.29 By earliest callable or due date: Demand deposits adjusted* 14 72.54 73.53 73.17 Within 1 year: Time deposits 14 28.19 28.39 28.38 Total outstanding 31 54.34 50.73 53.43 Balances due to banks 14 11.99 11.87 12.04 Commercial bank and F. R. Balances due from banks 14 5.91 5.80 5.90 Bank 31 38.72 36.77 Central reserve city banks: F. R. Bank 31 21.46 19.92 Loans and investments, total 14 25.3S 25.47 25.34 1-5 years: Loans 14 9.06 8.98 8.96 Total outstanding 31 38.32 49.95 46.41 U. S. Govt. securities 14 14.71 14.86 14.80 Commercial bank and F. R. Other securities 14 1.58 1.64 1.59 Bank 31 27.76 34.79 Demand deposits adjusted* 14 20.06 20.39 20.53 F. R. Bank 31 .49 1.38 " 1'. 83 Time deposits 14 2.34 2.37 2.37 5-10 years: Balances due to banks. 14 5.33 5.35 5.44 Total outstanding 31 18.93 10.27 10.27 Reserve city banks: Commercial bank and F. R. Loans and investments, total...... 15 36.39 36.04 36.29 Bank 31 12.32 6.52 Loans 15 13.18 13.45 13.53 F. R. Bank 31 .16 .43 " "A9 U. S. Govt. securities 15 20.80 20.20 20.36 Over 10 years: Other securities 15 2.41 2.40 2.40 Total outstanding 31 54.81 54.81 54.81 Demand deposits adjusted" 15 25.39 25.71 25.74 Unrestricted issues: Time deposits 15 11.34 11.44 11.45 Nonbank, commercial Balances due from banks 15 1.84 1.85 1.92 bank, and F. R. Bank.. 31 6.65 7.13 Country banks: Commercial bank and Loans and investments, total...... 15 36.46 36.32 36.41 F. R. Bank 31 5.48 5.84 Loans 15 9.96 10.20 10.28 F. R. Bank 31 .10 .83 '*2!26 U. S. Govt. securities . 15 23.24 22.86 22.84 Other securities 15 3.25 3.27 3.30 Demand deposits adjusted8 15 27.08 27.42 26.90 Time deposits 15 14.50 14.58 14.56 MONEY RATES, ETC. Per cent per annun Balances due from banks 15 3.87 3.74 3.77 CONSUMER CREDIT* R. Bank discount rate 33 1.00 100 1.25 Consumer credit, total 22 12.64 P13.38 P13.04 Treasury bills (new issues) 33 .932 950 .977 Single-payment loans 22 2.68 P2.7O P2.71 Corporate bonds: Charge accounts 22 3.31 P3. 61 P3 .24 Aaa 33,37 2.77 2.86 2.86 Service credit 22 .92 P. 92 P 92 Baa 37 3.44 3.52 3.52 Instalment credit, total 22, 23 5.73 P6.15 P6.18 High-grade (Treas. series) 37 2.75 2.86 2.85 Instalment loans 23 3.18 P3 .32 P3.36 U. S. Govt. bonds, 15 years or more. . 37 2.36 2.39 2.45 Instalment sale credit, total 23 2.55 P2.84 P2.82 Automobile 23 1.10 Pi. 15 Pi.19 Other 23 1.45 PI.69 Pi.62 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing 28 255.67 254.28 254.03 Stock prices (1935-39 =100): Bonds (marketable issues) 28 118.56 117.86 117.86 Total 39 124 122 120 Notes, certificates, and bills 28 47.68 47.73 46.89 Industrial 39 130 129 126 Savings bonds, savings notes, etc. 28 59.67 59.49 59.89 Railroad 39 100 104 107 Special issues 28 29.52 28.96 29.15 Public utility 39 97 94 95 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 .86 1.17 .90 Total interest-bearing: Brokers' balances (mill, dollars): Commercial banks* 29 69.30 68.60 Credit extended to customers 41 593 578 568 Fed. agencies and trust funds. .. 29 34.19 '33.35 34.63 Money borrowed 41 247 240 217 F. R. Banks 29 22.21 22.56 21.92 Customers' free credit balances 41 617 612 622 Individuals* 29 65.60 65.30 Corporations* 29 20.30 19.90 Insurance companies* 29 24.70 24.30 BUSINESS CONDITIONS Mutual savings banks* 29 12.10 12.00 State and local govts.* 29 7.30 7.30 Marketable public issues: Personal income (annual rate, bill, By class of security: dollars):* < Bills: Total 48 204.2 P209.7 Total outstanding 30 15.34 15.14 14.84 Total salaries and wages 48 126.4 P127.4 Commercial bank and F. R. Proprietors' income, dividends, and Bank 30 13.96 13.49 interest 48 '65.4 P69.6 F. R. Bank 30 12.56 11.43 All other 48 12.4 P12.7 Certificates: Labor force (mill, persons):* Total outstanding 30 24.50 20.68 Total 49 61.5 60.9 60.5 Commercial bank and F. R. Civilian 49 60.2 59.6 59.2 Bank 30 14.68 13.34 Unemployment 49 1.6 1.6 2.1 F. R. Bank , 30 7.26 6.80 5. Employment 49 58.6 57.9 57.1 Notes: Nonagricultural 49 50.6 51.0 50.1 Total outstanding 30 7.84 11.38 11.38 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons):* * Bank 30 5.39 6.80 Total 50 43.1 43.3 P43.4 F. R. Bank 30 1.42 1.48 1.54 Manufacturing and mining 50 16.7 16.8 P16.8 Bonds: Trade 50 8.8 8.8 P8.9 Total outstanding 30 118.73 118.03 118.03 Government 50 5.4 5.4 P5.4 Unrestricted issues: Transportation and utilities 50 4.1 4.1 P4.1 Nonbank, commercial Construction 50 1.8 1.9 P1.8 bank, and F. R. Bank.. 30 70.58 70.35 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 51.35 52.74 P52.27 F. R. Bank 30 50.25 50.29 Hourly earnings (cents) 51 126.9 127.9 P128.9 F. R. Bank. . 30 .97 2.85 4.79 Hours worked (per week) 51 40.5 41.2 P40.6 For footnotes see p. 344. 342 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 1948 Chart 1947 1948 book book page Nov. Dec Jan. page Nov. Dec, Jan. 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 F A o ll o d it ems 6 6 7 7 2 1 0 6 2 4 . . 7 9 2 1 0 6 6 7 . . 9 0 2 1 0 6 9 8 . . 7 8 Total (1935-39 =100) 53, 54 192 192 P192 Apparel 67 190.2 191.2 192.1 Groups (points in total index): Rent 67 115.2 115.4 115.9 Durable manufactures 53 85.0 87.0 P86.2 Wholesale prices (1926=100): Machinery and trans, equip 54 45.0 46.3 J>45.7 Total 69 '159.7 '163.2 165.6 Iron and steel 54 22.2 22.5 22.2 Farm products 69 187.9 196.7 199.2 Nonferrous metals, lumber, and Other than farm and food 69 '142.4 145.6 148.1 building materials 54 17.9 18.2 P18.4 Prices paid and received by farmers Nondurable manufactures 53 ••83.8 81.0 P82.4 (1910-14=100): T F C o e h x o e t d m i , l i e c l s i a q l a u s n , o d r p , l e e a t a n ro t d h l e e t u r o m ba , c r c u o b . b .. e . r . , 5 5 4 4 •• 2 2 2 3 . . 1 4 2 2 0 2. . 2 8 P » 2 22 1 . . 1 7 a R P sh a e i c d f e a i r v m ed i ncome (mill, dollars): 7 7 1 1 2 28 4 7 1 3 2 0 4 1 5 3 2 0 5 7 1 and coal products 54 '23.2 23.6 P23.7 Total... 72 3,109 P2,927 P2,534 Mi P n a e p ra e l r s and printing...•: 53, 5 5 4 4 2 1 3 5 . . 6 0 2 1 3 4 . . 6 4 P P 1 2 4 3 . . 9 6 L C i r v o e p s s t ock and products 7 7 2 2 1 1 , , 5 5 4 5 0 6 PI 1, . 2 6 9 10 9 PI. P 5 9 1 9 1 7 Selected durable manufactures Govt. payments 72 13 P26 (1935-39=100): INTERNATIONAL TRADE AND FINANCE Nonferrous metals 55 177 183 P186 Steel 55 222 226 223 Short-term foreign liabilities and assets Cement 55 178 196 reported by banks (bill, dollars): Lumber 55 137 139 Total liabilities 77 5 5.06 Transportation equipment 55 234 244 P239 Official 77 5 1.94 Se M lec a t c e h d i n n e o r n y d urable manufactures 55 '282 288 P285 Inv an es d t e c d e r i t n if i U ca . t S es . Treasury bills 77 5 .26 (1935-39=100): Private 77 53.12 Apparel wool consumption 56 '182 170 Total assets 77 5 .96 Cotton consumption 56 149 131 153 Exports and imports (mill, dollars): Manufactured food products.... 56 '158 158 P157 Exports 79 Pl.138 Pl.131 Paperboard 56 186 177 P187 Excluding Lend-Lease exports... 79 PI.138 Pl.130 Leather 56 122 113 Imports 79 P455 Industrial chemicals 56 '431 440 P436 Excess of exports or imports ex- Rayon . 56 '297 299 P298 cluding Lend-Lease exports 79 P683 P529 Foreign exchange rates: New orders, shipments, and inven- See p. 363 of this BULLETIN .. 80-81 tories (1939=100): New orders: Total 57 '267 252 Durable 57 '306 291 Sh N ip o m n e d n u t r s a : ble 57 '244 228 A J p u r. n - e S J e n p l t y . - D Oc e t c . . T D o u t r a a l b le 5 5 7 7 ' ' 3 3 2 4 9 9 3 35 2 1 0 QUARTERLY FIGURES Inv N e o n n t d o u ri r e a s b : le 57 '315 300 TREASURY FINANCE In billions of dollars Total 57 '238 238 Budget receipts and expenditures: N D o u n ra d b u l r e a ble 5 5 7 7 ' '2 2 1 6 4 4 2 26 1 9 4 To N ta a l t i e o x n p a e l n d d e it f u en re s s e 2 2 6 6 1 4 3 . . 5 3 5 9 9 2 . . 6 9 6 0 3 7 . . 0 8 8 6 Construction contracts (3 mo. moving Net receipts 26 10.89 9.81 9.38 avg., mill, dollars):* Internal revenue collections, total... 26 8.29 8.46 7.85 Total 59 792 809 P767 Individual income taxes 26 4.45 4.14 3.44 Residential 59 301 296 P273 Corporate income taxes 26 1.98 2.29 2.17 Other 59 491 513 P494 Misc. internal revenue 26 1.86 2.02 2.24 Re T P P s r u i o d i b t v e a l a n i l c t t e ia , l to c t o a n l tracts (milJ. dollars):4 6 6 6 0 0 0 3 2 1 9 1 2 8 4 2 2 7 5 2 8 8 0 3 3 0 2 2 3 3 0 Ca C C E sh x a a c s s i h h e n s c o s i o n u o m c t o f 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 7 3 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 60 224 207 240 Other 60 73 51 63 MONEY RATES Per cent Per annum Value of construction activity (mill, dollars):' Bank rates on customer loans: Total 61 1 ,272 1,176 1,065 Total, 19 cities 33 2.38 2.21 2.22 Nonresidential: New York City. 35 1.83 1.77 1.82 Public 61 265 210 198 Other Northern and Eastern cities. 35 2.44 2.25 2.27 Private 61 436 397 388 Southern and Western cities 35 2.95 2.69 2.61 Residential: P Pu ri b v l a ic te 6 6 1 1 565 6 56 4 5 47 4 5 CORPORATE SECURITY ISSUES In unit indicated Commercial and Financial Chronicle Fre T G i o g r M o t h a u t i l p s c c s ( a e 1 l r ( 9 l l p a 3 o o n 5 a i e - d n 3 o i t n 9 u s g s = i s n : 1 * t 0 o 0 ta ) l .. index): 6 6 3 3 1 8 4 3 7 .0 '1 8 4 5 9 .5 1 8 4 3 5 . T N o e d t w a a l t a c i a s ( p s b u it i e a ll s l , dollars): 4 4 2 2 1 1 . . 7 1 2 1 1.26 2 2 . . 2 0 4 0 A C i o l a o l ther 6 6 3 3 3 2 4 9 . . 1 7 3 3 0 3 . . 1 0 3 2 2 8 . . Se N cu e d r t i a ti p t e a r s o ( c a m e n e i d l d l , s E : d x o c ll h a a r n s) g : e * Commission Department stores: All issuers 43 1,605 1,266 2,223 Indexes (1935-39=100):* Industrial 43 634 389 '968 Sales 64 301 303 285 Railroad 43 82 57 91 Stocks 64 272 281 287 Public utility 43 854 753 1,073 296 stores: New money: Sales (mill, dollars) 65 416 584 P272 All issuers 43 932 797 1,868 Stocks (mill, dollars) 65 942 769 P786 Industrial 43 428 285 744 Outstanding orders (mill, dollars) 65 605 544 P634 Railroad 43 60 49 87 Stocks-sales ratio (months' supply) 65 2.3 1.3 Public utility 43 414 420 1,005 I For footnotes see p. 344. MARCH 1948 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart 1947 Chart book Apr- July- Oct.- book page June Sept. Dec. page June Dec. QUARTERLY FIGURES—Cont. Annual rates, FIGURES FOR SELECTED DATES In billions of dollars in billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS9 Gross national product*4 44 '226.9 '229.4 240.9 Individuals and businesses: Govt. purchases of goods and serv- Total holdings 24 220.5 223.2 ices 44 '28.2 '28.7 30.3 Deposits and currency 24 138.9 143.3 Personal consumption expenditures 44 '162.3 '165.8 172.5 U. S. Govt. securities 24 81.6 79.9 Durable goods 45 '19.3 '20.2 21.3 Individuals: Nondurable goods 45 '98.4 '99.9 104.2 Total holdings 24 151.2 156.9 Services 45 '44.6 '45.7 47.0 Deposits and currency 24 96.2 101.5 Private domestic and foreign invest- U. S. Govt. securities 24 55.0 55.4 ment 44 '36.5 '34.8 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 ••17.9 '18.4 18.8 U. S. Govt. securities 24 17.2 15.6 New construction 46 '9.6 10.4 12.4 Unincorporated businesses: Change in business inventories. 46 ' —1.4 '-1.7 -1.3 Total holdings 24 27.5 27.2 Net foreign investment 46 »-10.4 '7.8 8.2 Deposits and currency 24 18.1 18.3 Personal income, consumption, and U. S. Govt. securities 24 9.4 8.9 saving:8 4 Personal income 47 '191.4 '199.6 205.8 Di C sp o o n s s a u b m le p i t n io c n o m e e x penditures 4 4 7 7 ' ' 1 1 6 7 2 0. . 1 3 mi .9 1 1 7 8 2 3. . 7 5 1946 1947 Net personal saving 47 ••7.8 '165.8 11.2 '12.1 1946 1947 July 31 Feb. 26P Dec. June Dec. 31 30 31 OWNERSHIP OF DEMAND DEPOSITS• CALL DATE FIGURES« 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 46.23 46.51 45.29 Total 25 38.3 37.2 Notes 12 5.60 4.37 4.82 Manufacturing and mining 25 16.4 16.0 Certificates 12 10.04 7.54 5.8 Trade 25 13.0 12.5 Bills 12 1.17 .77 1.99 Public utilities 25 4.4 4.2 Loans: Other 25 4.5 4.5 Commercial 13 13.15 13.82 16.96 Financial: Agricultural 13 .88 .97 1.05 Total 25 6.6 6.5 Real estate 13 5.36 6.24 7.13 Insurance companies 25 2.1 2.1 Consumer 13 3.31 4.00 4.66 Other 25 4.5 4.5 For purchasing securities: Individuals: To brokers and dealers 13 1.51 1.51 .81 Total. 25 27.6 28.9 Toothers 13 1.47 1.15 1.07 Individuals excl. farmers 25 21.4 22.1 State and local govt. securities 13 3.55 3.98 4.20 Farmers 25 6.2 6.7 Other securities.. * 13 3.08 2.97 3.11 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. 6 As of Oct. 31, 1947. 6 Member bank holdings of State and local government securities on Oct. 6f 1947, were 4.22 billion dollars, and of other securities were 3.08 billion; data for other series are available for June and December dates only. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues, at $1.00 each. 344 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 1948 Chart 1947 book book page1 Nov. Dec.p Jan. page1 Nov. Dec.p Jan. P In millions of dollars In millions of dollars Consumer credit outstanding, total. .. 3 12,636 13,379 13,043Consumer instalment sale credit Instalment credit, total 3, 5 5,733 6,154 6,176 granted, cumulative totals:2 Instalment loans 5 3,182 3,315 3,358 By automobiles dealers 545 626 423 Instalment sale credit 5 2,551 2,839 By furniture and household appli- Charge accounts 3 3,309 3,612 ance stores 357 421 224 Single-payment loans 3 2,677 2,697 By department stores and mail- Service credit 3 917 916 order houses 230 275 165 Consumer credit outstanding, cumu- By all other retailers 103 118 65 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 12,636 13,379 13,043 standing, cumulative totals:2 Charge accounts 4 6,903 7,225 6,867 Commercial and industrial banks. 3,182 3,315 3,358 Single-payment loans 4 3,594 3,613 3,627 Small loan companies 1,711 1,791 1,805 Service credit 4 917 916 916 Credit unions 1,041 1,079 1,088 Consumer instalment sale credit out- Miscellaneous lenders 784 810 817 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,551 2,839 2,818 loans 538 556 560 Furniture and household appliance stores 6 1,452 1,688 1,624 Department stores and mailorder houses 6 929 1,108 1,071 All other 6 374 458 434 *• Preliminary. l Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. MARCH 1948 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list and offices on which Not on 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 1947r 14,078 4,148 12,037 3.823 6,917 3,051 5,120 772 2,041 325 Jan 31 1948P 14,084 4,159 12,054 3,834 6,921 3,060 5,133 774 2,030 325 By districts and by States Jan. 31, 1948P District Boston 493 289 493 289 336 214 157 75 New York 924 839 924 839 797 777 127 62 Philadelphia 844 134 844 134 647 99 197 35 Cleveland 1,144 249 1,144 249 710 214 434 35 1,012 431 793 3C6 475 200 318 106 219 125 Atlanta 1,167 163 549 127 341 111 208 16 618 36 Chicago 2,488 563 2,432 537 1,000 216 1,432 321 56 26 1,468 131 1,119 71 495 40 624 31 349 60 1,277 111 613 41 474 26 139 15 664 70 Kansas City 1,750 8 1,740 8 758 5 982 3 10 Dallas 1,009 36 899 28 614 19 285 9 110 8 508 1 205 504 1,205 274 1 139 230 66 4 State 222 22 113 22 87 22 26 109 10 40 10 40 5 30 5 10 Arkansas 228 19 99 5 66 1 33 4 129 14 193 897 193 897 115 855 78 42 142 1 142 1 92 1 50 115 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 3 178 2 115 2 71 2 44 63 380 31 99 27 65 26 34 1 281 4 Idaho 48 45 48 45 26 43 22 2 881 3 879 3 503 3 376 2 487 89 487 89 237 33 250 56 664 162 664 162 163 501 162 608 606 214 392 2 386 36 386 36 113 25 273 11 160 63 58 41 46 36 12 5 102 22 Maine 63 69 63 69 38 37 25 32 166 102 166 102 78 68 88 34 182 152 182 152 147 140 35 12 442 207 442 207 229 160 213 47 676 6 263 6 206 6 57 ' 413 206 55 40 7 31 1 9 6 166 48 594 526 180 346 68 112 112 82 30 410 2 410 2 145 2 265 Nevada 8 18 8 18 6 17 2 1 73 2 73 2 52 1 21 1 339 138 339 138 292 124 47 14 47 9 47 9 33 1 14 8 New York... 657 717 657 717 575 665 82 52 North Carolinct 207 170 89 48 53 28 36 20 118 122 North Dakota 151 24 54 5 42 12 5 97 19 Ohio 667 191 667 191 424 165 243 26 384 1 375 1 225 1 150 9 69 81 69 81 32 76 37 5 Pennsylvania 990 149 990 149 758 125 232 24 19 41 19 41 11 29 g 12 South Carolina........ 150 33 58 31 31 27 27 4 92 2 South Dakota 170 47 69 21 63 20 6 1 101 26 Tennessee 295 74 199 58 81 46 118 12 96 16 Texas 891 4 831 4 564 4 267 60 Utah 60 15 60 15 36 13 24 2 69 10 69 10 40 2 29 g Virginia 314 88 307 87 202 42 105 45 7 1 Washington 123 119 119 119 55 112 64 7 4 West Virginia 182 180 108 72 2 ^^isconsin • 553 151 444 100 163 21 281 79 109 51 Wyoming 55 55 38 17 checks paid, or money lent, including "banking facilities" umary reserva.uons ^see ioounote <±, p. z*i oi me cuLLiiiiN xor reDiuary lytoj. Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 348 Gold production 349 Gold movements 349 International capital transactions of the United States 350-355 International Monetary Fund and Bank 356 Central banks 356-360 Money rates in foreign countries. . 361 Commercial banks 362 Foreign exchange rates 363 Price movements: Wholesale prices 364 Retail food prices and cost of living 365 Security prices . 365 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. MARCH 1948 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu el m - Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m D a en rk - Egypt France m G a e n r- y Greece H ga u r n y - 1939—Dec... 17,644 466 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec. 21,995 353 734 51 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... 21,938 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec... 20,619 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec... 20,065 403 716 354 2 361 82 127 191 61 38 52 1,090 1946—Dec... 20,529 P563 735 354 2 543 65 145 226 61 38 53 796 24 1947—Feb... 20,330 P706 691 354 7 54 125 236 32 53 796 24 Mar.. 20,463 P726 633 354 7 53 126 229 32 53 696 27 Apr... 20,774 P726 634 354 6 53 98 234 32 53 696 27 May. 20,933 P723 639 354 7 53 92 239 32 53 696 27 June. 21,266 P623 643 354 8 45 93 259 32 53 696 30 July.. 21,537 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 22,754 597 354 7 45 83 32 548 34 1948—Jan.. . 22,935 593 84 32 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 a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec... 274 26 144 164 90 32 692 23 94 20 69 152 249 1940—Dec... 274 26 120 164 140 47 617 23 3 84 20 59 158 367 1941—Dec... 274 26 4 164 235 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—Feb... 274 148 245 23 21 P27O 851 111 Mar.. 274 149 197 23 20 P268 803 111 Apr... 274 149 197 23 19 798 111 May., 274 141 196 23 20 788 111 June. 274 131 190 23 20 757 111 July.. 274 98 190 23 20 752 iii Aug.. 274 99 190 23 20 775 Sept.. 274 100 190 23 805 111 Oct... 274 100 191 23 20 804 111 Nov.. 274 100 223 23 20 796 111 Dec.. 274 100 231 23 20 762 1948—Jan.. . 220 End of month S d w e e n - S la w e n r i d - tz * - T k u ey r- U K n d i i o n t m g e - d g Ur u u a - y V z e u n el e a - Y sl u a g v o i - a B.I.S. O c tr o t i u h e n e s6 r - Government go p l r d e vi r o e u s s e rv f e ig s u 1 re n s ot included in 1 1 9 9 3 4 9 0 — — D D e e c c . . 3 1 0 6 8 0 5 50 4 2 9 2 8 9 8 t 1 1 6 9 8 0 5 2 2 9 5 8 9 2 1 7 2 1 1 7 7 8 0 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 ed - France g B iu el m - 1941—Dec. 223 665 92 1 100 41 383 12 166 1942—Dec.. 335 824 114 1 89 68 21 185 1943—Dec. 387 5 965 161 1 121 89 45 229 1938—Dec 80 2 759 331 1944—Dec. 463 1,158 221 1 157 130 37 245 1939—Aug S876 •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— D Au ec g 48 292 <293 17' 1947—Feb... 324 1,431 238 1 200 235 28 239 1941—Sept.... 24 * 151 Mar.. 265 1,432 233 1 197 235 27 240 Dec 25 17' Apr... 217 1,427 226 1 194 235 27 240 1942—Dec 12 17 May. 190 1,416 207 1 192 235 27 240 1943—Dec 43 17 June. 168 1,355 191 1 189 235 27 240 1944—Dec 12 2 ,354 214 17 July.. 144 1,370 185 1 189 235 27 240 1945—Dec 18 52,341 457 17 Aug.. 126 1,373 174 1 183 215 26 240 1946—June 71 52,196 Sept.. 93 1,386 169 1 183 215 29 P240 Sept 113 2,535 Oct... 101 1,389 169 1 177 28 P240 Dec 177 52,587 Nov.. 101 1,372 170 1 175 215 30 P24O 1947—Mar 163 52,345 Dec. 105 1,356 170 1 30 P240 June.... 151 52,382 1948—Jan... 104 171 215 33 P240 Sept 129 52,341 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 d 0 r e , D p g o e o r c l t d e e m d b b e s e l i o r n n c 1 g e 9 i n 4 t g h 6 a t w t o h t B e im n a n e g k o is o ld f g C h o o l a d l n d a h in d e g a ld s t r o b a f y n s F f M o e r r i e r n e i i g d s n t e t r o E x o F c f o h r F a e n i i n g g n a e n E c C e x o , c n h e tr a x o n c l g e e p B t C o f a o o r n d 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 i t e g e n u s d re F o u f f n o d r S ; e t 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 se . rves are included also. on Aug. 31, 1939, less reported holdings of Bank Jan 8 4 . F F i 3 i g g 1 u u , r r e 1 e s 9 f 4 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 ic r 1 . i ; a b 3 l e 0 r g , e i p n 1 o n 9 r i 4 t n 0 g d ; a P M t o e a l s a r n . f o 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 s 9 e c ; r o Y v u e u n s g tr o n i s o e l s a l , o v n a ia g s — e f r o F l r l e e o b p w . o s r 2 : t 8 e J d , a v 1 s a e 9 — p 4 a 1 - . of 4 5 E F G n i r g g o u l s a r s e n d o f o f o f r i n c f i a i t r l h 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. • 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. 353. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE.—For gold holdings of International Fund and Bank, see p. 356. 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. 356, footnote 4, and p. 357, 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. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r th or pro w d o u r c ld tion Total Africa North and South America U o . u S t . s S i . d R e .i r m e o p n o t r h te ly d A So fr u ic th a I | d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g i o a * n U St n a i t t e e s d 4 I | C ad a a n 5 - M ic e o x 6 - I I Co b lo i m a - I I Chile j I r N ag ic u a a - 7 Au lia s * tra- India9 #i=i5a/2i grains of gold 9/io fine; i. e., an ounce of fine gold—$35. 1938 1,136,3601 958,770425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705' 1,020,297448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,34911,094,264491,628 29,155 32,163 '8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 l,288,945i 1,089,395504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966,132494,439 26,641 29,225 130,963 169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 760,527448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061 429,787 20,746 18,445 35,778 102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945 646,914427,862 19,888 18,865 32,511 94,385 17,734 6,282 6,985 16,450 5,950 1946 663,266417.647 19,061 20,475 51,182 98,994 15,301 8.068 6,357 21,595 4.585 1947—Jan.. 58,127 34,021 ,524 1,785 7,612 8,195 1,423 271 566 2,205 525 Feb.. 41,044 19,965 ,502 1,750 5,483 7,806 1,276 371 581 1,820 490 Mar.. 51,824 28,665 ,574 1,855 5,500 9,235 1,273 856 555 1,820 490 Apr.. 55,412 31,824 ,537 1,890 6,246 8,921 1,464 540 610 1,820 560 May. 59,738 35,308 ,508 1,820 7,220 9,412 1,130 528 502 1,785 525 June. 57,215 33,984 ,498 1,680 6,117 9,418 1,065 553 520 1,890 490 July. 61,314 35,396 ,554 1,855 7,319 9,149 1,112 513 636 3,220 560 Aug.. 59,057 34,875 ,541 1,855 7,033 9,131 1,079 410 684 1,960 490 Sept.. 58,321 34,692 ,516 1,820 6,979 8,668 1,044 530 658 1,925 490 Oct.. 58,681 35,361 ,540 35 8,185 9,057 915 424 679 2,065 420 Nov.. 33,888 1,225 6,243 8,826 945 2,065 525 Dec. 34,025 1,750 7,281 9,614 672 2,030 490 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 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. 6 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: Y m e o o a r r . im T n p o e o t t a r l ts U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- Canada A t r i g n e a n- Mexico c A O L a m n a th t e R i e r n r i e - - P p R i h i p n e i - l e - - t A ra u l s ia - A So fr u ic th a India c o o A th u H e n r publics public tries 1942 315,678 1,955 5 208,917 99 40,016 39,581 321 528 4,119 129 20,008 1943 68,938 88 66,920 -10,817 -3,287 24,306 152 307 -8,731 1944 845,392 -695,483 46,210 -50,268-109,695-58,292 199 3,572 18,365 1945 106,250 160 53,148 -5 15,094-41,743 103 106 357 1-133,471 1946 111,494 458 -14 —e 344,130-134,002 3,591 -403 41118.550-2.613 2-18,083 1947 1,866,348 488,433162,941 3 27,990 1 445,353 335,505 -7,110 10,684 -156 124410,691-4,423 3 -338 -3,508 1947 Feb. 20,361 9 30,319 -30,849 222 508 -49 37,490 -556 4-16,734 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 11 26,376-1.390 -515 May 129,734 -75 26,442 9,485 262 14,867 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 52,913 94,601 217 1,425 -70 53,228 -334 -638 July 219,201 -449 1 51,820 102,405 282 1,489 -1,111 60,081 -551 5 5,233 Aug. 111,657 2 2,220 90,463 330 -94 -1,543 17 16,042 5 4,221 Sept. 109,600 -5 22,515 13,903 499 23,444 242 1,286 -286 28 37,760 510,215 Oct. 450,830 245,712140,568 14,088 — 7 552 48,190 152 1,073 -56 40 21 6497 Nov. 265,700 142,821 3 63,697 56,849 103 1,434 -252 19 29 997 Dec. 17a, 166 101,541 37,735 35,436 208 2,126 85 9 1,026 1948 234,978 182,808 9,970 31 458 12 009 2,417 74 32 991 -5,981 Jan. p Preliminary. 1 Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries, includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. * Includes $14,000,000 to China and $2,734,000 to other countries. 5 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. 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. MARCH 1948 349 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 ban!ting Increase in Decrease Foreign Domestic From Jan. 2, 1935, Total funds in U. S. f t u e n rn d a s t o io f n i a n l - b in a n U k . i n S g . se R cu et r u it r i n es: s I e n c f u lo r w iti e o s f : b I r n o fl k o e w ra i g n e through— institutions funds of U. S. foreign balances Total Official * 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 A 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 L 379 0 518 1 493 3 1 125 1 31 9 Dec 29 3 501 1 1,259 3 334 7 924 6 449 1 583 2 1 162 0 47 5 1938 Mar 30 3 301 3 1,043 9 244 0 799 9 434 4 618 5 1 150 4 54 2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567 2 1,275.4 282.2 993.2 477.2 625 0 1,125 4 64.1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4 742 0 2,194 6 508 1 1,686 5 607 5 664 5 1 201 4 74 0 Sept. 27 5,118 2 2,562.4 635 0 1,927 3 618 4 676 9 1,177 3 83 1 Dec. (Ian. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650 4 725 7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207 8 2,630.9 631.0 1,999.9 631 6 761 6 1,095 0 88 7 June (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607 4 3,229.7 1,388 6 1,841.0 767 4 812 7 701 8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841 1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 L,752.0 819.7 849.6 624.9 104.3 June 302 5,636 4 3,217.0 1,352 8 1,864 2 842 3 838 8 632 0 106.2 Sept 30 5 798 0 3 355 7 1 482 2 I 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 I 920 3 898 7 810 5 685 9 108 6 June 30 6,652 1 4,148 3 2,217.1 1,931 2 896 9 806 8 687 9 112.1 Sept. 30 6 918 7 4 278 0 2 338 3 93Q 7 888 6 929 3 708 1 114 8 Dec. 31 7 267 1 4,644 8 2,610 0 2 034 8 877 6 925 9 701 1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904 1 685.8 119.6 June 30 7,610 4 5,002.5 2,812.2 2,190 3 856 6 929 8 702 4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026 2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002 6 5,219 4 2,865 1 2.354 3 848 5 983 7 820 6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 £.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 1,073.0 645.1 139.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Dec 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—jan. 3i 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 1,308.2 464.4 150.4 Feb. 28 9,959.9 5,047.3 2,006.2 3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr 30 9,771.5 4,815.4 1,718.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 May 31 9,508.2 4,498.0 1,448.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 June 30 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 1,398.0 393.4 160.8 July 31 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156.3 * 1,177.3 385.9 159.8 Aug. 31 9,516.8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 1,193.6 362.6 164.1 Sept 30 ••9,008.6 "4,456.0 1,298.5 '3,157.5 2,645.4 178.3 '1,230.3 338.8 159.9 Oct. 31 8,681.0 4,322.1 1,228.8 3,093.3 2,470.9 172.1 1,243.6 310.0 162.2 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. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars) TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total* K do in m g- France la e n r d - s la e n r- d Italy E O ur t o h p e e r E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia' ot A he ll r" 1935—Dec. (Jan. 1, 1936) 1,440.7 554.9 210.2 114.5 130.4 24.0 166.6 1,200.6 () 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 45.6 311.6 2,051.3 150.5 201.2 243.0 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) 3,933.0 183.8 339.6 328.6 557.5 32.2 612.5 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan. 3, 1940) 5,112.8 101.3 468.7 470.3 773.0 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 7,267.11,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.41,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.4 ,193 7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.01,395.7 .338.4 1,784.1 247.5 1946—Nov. 30 7,828.9 640.9 401.7 322.8 760.9 228.0 ,249.5 3,603.81,067.0 ,546.4 ,327.4 284.4 Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 ,474.0 ,258.3 269.6 1947—Jan. 31 7,628.4 585.6 369.4 319.1 769.5 342.8 ,259.5 3,645.8 967.1 ,466.3 ,247.1 302.0 Feb. 28 7,254.3 558.2 336.3 295.6 776.8 256.2 ,232.8 3,455.8 933.3 ,431.2 ,185.9 248.1 Mar. 31 7,029.7 489.6 351.4 256.7 786.1 215.8 ,262.9 3,362.5 853.1 ,384.3 ,179.8 250.0 Apr. 30 7,069.0 595.8 332.0 391.7 801.6 221.7 ,210.0 3,552.8 764.8 ,364.7 1,142.0 244.6 May 31 6,688.9 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 ,318.6 1,072.6 239.6 June 30 6,746.5 441.7 390.2 340.5 799.3 181.2 ,093.2 3,246.2 803.4 ,447 1 1,018.7 231.1 July 31 6,582.5 614.1 306.2 336.0 811.8 161.2 ,112.2 3,341.6 794.7 1,477.0 972.1 *-2.9 Aug. 31 6,758.8 648.5 324.6 329.8 808.0 158.1 ,161.3 3,430.2 830.3 1,531 4 958.0 8.9 S O e c p t t . . 3 3 1 0 • 6 • , 6, 2 3 1 6 0 3 . . 1 2 4 4 4 8 7 6 . . 7 7r 3 3 5 0 9 8 . . 6 2 3 2 1 5 1 8 . . 4 7 8 81 0 0 0 . . 6 8 1 1 3 4 9 5 . . 8 1 1, J 1 3 3 ^ 5 . . 3 6 r3 3 , , 1 1 8 5 3 2 . . 6 0 7«0 6 r1 ,4 ,4 4 5 70 .4 .0 0 9 3 3 1 6 . 6 3 - - 4 2 . . 6 6 681.0 1 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s l e a r n - d Italy E O ur th o e p r e E T u o r t o a p l e C ad an a - A L m a e t r i i n ca Asia2 Ot A he ll r1 1935—Dec. (Jan. 1, 1936) 631.5 128.6 129.6 55.7 72.4 7.3 59.9 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 23.0 82.4 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 6.9 119.1 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939) 1,513.9 364.0 155.3 87.9 205.1 1.7 196.8 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Nov. 30 5,495.4 485.5 181.2 185.8 353.2 185.2 693.1 2,084.0 937.4 1,029.3 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 1,010.3 1,112.9 288.5 Feb. 28 5,047.3 381.9 129.0 197.8 370.5 227.1 673.1 1,979.3 784.7 981 0 1.043.5 258.7 Mar. 31 4,841.3 312.2 146.2 166.7 378.5 198.2 719.1 1,921.0 670.2 956.1 1,042.5 251.5 Apr. 30 4,815.4 423.1 129.6 205.0 383.6 205.4 689.2 2,035.9 519.6 1,000.0 1,012.7 247.2 May 31 4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.6 1,009.4 973.1 237.9 June 30 4,591.9 267.2 190.2 192.6 381.5 166.8 589.0 1,787.2 478.8 1,120.9 966.7 238.2 July 31 4,703.2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.8 1,168.9 932.6 245.3 Aug. 31 4,870.3 471 .2 125.6 210.0 385.5 143. 1 669.2 2,004.5 484.2 1,221 .0 910.8 249.7 Sept. 30 r4,456.0 307.8 r114.9 199.7 382. 1 129.7 635.1 '•1,769.4 420.51,144.6 884.4 237.1 Oct. 31 4,322.1 275.5 188.5 156.3 392.2 126.3 637.2 1,776.0 319.2 1,115.3 876.0 235.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - Sw a e n r- 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 in ica Asia' ot A he ll r" 1935—Dec (Tan. 1 1936) 361.4 208.8 48.1 — .4 1.6 13.7 38 5 310.2 —4 6 20 1 37 3 — 1 6 1935—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 (Tan 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—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 Tan 31 . .. 404 8 241 5 69 2 -117.9 -3 5 11 7 226.0 426 9 44 1 —92 4 34 6 —8 4 Feb 28 380.9 252.6 66 1 -135.1 -4.1 8 9 225.9 414.3 49 9 — 111 6 44 0 — 15 7 Mar 31 337.1 256.2 63.4 -137.1 -3.3 6.0 217.1 402.4 53.9 — 140 6 40 2 -18 7 Apr. 30 333.6 249.6 57.9 -32.4 2 4.5 203.4 482.8 56.5 -213.7 31.0 -23.0 May 31 255 3 252 4 60 2 -20.6 — 1^4 2 7 196.7 490 0 56 1 —270 0 1 8 —22 6 June 30 202.5 252.7 59 0 -30.4 .3 2 5 182.2 466.2 56 5 —256 9 —44 3 — 19 1 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 31 168.2 257.9 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 Oct 31 172.1 258.9 61.5 -30.0 1.7 1.6 174.4 468.2 63.1 -298.7 -35.5 -24.9 ' 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. MARCH 1948 351 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 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 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.S 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—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 ,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 3i # . ,308.2 98.1 50.0 24.7 31.5 27.0 261.8 493.0 290.0 453.2 61.0 10.9 Feb. 28 ,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 ,282.6 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6 4 Apr 30 1,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 May 31 ,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 2L.177.3 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 2-232.2 Aug. 31 1,193.6 104.3 47.9 .2 30.1 26.7 267.3 476.5 397.0 488.0 61.4 -229.3 Sept 30 '1,230.3 101 5 47.9 — 1.1 26.5 26.7 267 9 469 4 417 3 r5O7 9 61 3 —225 6 Oct 31 1,243.6 99.1 47.5 -2.6 22.7 26.6 267.8 461.1 421.9 523.3 61.3 -224.0 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec (Jan. 1 1936) 316.7 149.8 23.4 50.5 55.1 -.1 7.6 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -3.3 31.1 818.0 32.6 15 5 44.1 7 1 1937—Dec 29 . . .. 1,162.0 448.7 70.3 213.8 275.3 -4.9 38.3 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4 1939) 1,219.7 472.6 76.9 212.1 304.1 -5.5 33.9 1,094.1 25.7 23.7 65.2 11.1 1939—Dec (Jan 3 1940) 1,133.7 328.1 76.6 227.7 344.7 -4.9 32.2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec (Jan 1 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 — .1 37.1 615.0 —44.7 28 1 17 5 10 9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 44.4 644.7 -45.1 35 2 27 7 10 9 1943—Dec 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54 9 240 5 10 7 1945—Dec 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Nov 30 454.4 -194.9 74.3 213.6 336.3 2.0 55.4 486.7 -158.2 94.1 25.0 6.9 Dec 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Jan 31 . . .. 464.4 -196.2 73.0 199.4 338.4 3.0 56.6 474.2 -137.1 84.9 33.4 9.1 Feb 28 439.7 -197.5 71.4 194 4 338 7 -7.0 55.3 455.2 — 141 9 86 2 32 1 8 0 Mar 31 414.3 -197.9 71.2 188.0 338.4 -15.5 47.8 432.0 -144.6 88.2 30.6 8.1 Apr 30 416.7 -198 3 73 8 179 3 344 2 — 15.6 46 0 429 5 — 141 9 90 6 30 3 8 1 May 31 398.5 -200.5 72.3 168.6 345.4 -15.4 45.2 415.5 — 141 0 86 5 28.8 8 7 June 30 . ... 393 4 -202 7 71 8 158 4 343 1 — 15 3 42 6 398 0 — 126 3 85 3 28 4 8 0 July 31 385.9 -203.5 71.1 149.7 351 2 -15.1 40.8 394.2 — 128 1 84 2 27 5 8 1 Aug. 31 362 6 -203.3 73.6 129 9 350 7 -15.1 40.6 376.3 — 131 7 82 7 27.3 8 0 Sept 30 338 8 —204 1 69 0 124 4 350 4 — 15.1 42 ? 366 9 — 141 7 78 5 27 1 8 1 Oct 31 310.0 -205.1 42.9 118.0 352.0 -15.2 41.8 334.5 -142.6 84.6 27.7 5.9 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) United Neth- Switz- From Jan. 2, 1935, through— rotal K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 6.0 (3) 2.4 1.3 2.5 . .1 1.3 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .3 -.3 22.6 -7.6 -4.2 2.1 (4) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 (4) 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 .2 5.0 47.9 1.8 -.9 -1.5 .3 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—Nov. 30 154.7 19.2 22.0 16.1 38.6 .5 14.8 111.2 21.5 15.3 5.0 1.8 Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Jan. 31 150.4 19.2 20.1 17.3 39.5 .4 14.1 110.8 22.1 10.3 5.3 1.9 Feb. 28 156.6 19.8 20.0 14.9 39.9 .4 14.0 109.0 21.7 18.0 5.2 2.8 Mar. 31 154.5 17.7 20.4 16.3 41.5 .4 13.8 110.0 20.0 16.3 5.5 2.8 Apr. 30 161.6 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. 30 159.9 18.7 19.5 16.6 43.0 .4 14.3 112.5 20.7 18.7 7.3 .8 Oct. 31 162 2 19.3 19.2 16.9 42.0 .4 14.4 112.2 19.5 20.9 6.8 2.8 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." 2 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 3 Inflow less than $50,000. * Outflow less than $50,000. 5 Amounts outstanding Oct. 31 (in millions of dollars): foreign brokerage balances in United States, 111.0; United States brokerage balances abroad, 25.7. 352 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 acountriesx 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 l e l r 2 tutions and Official private 1934—Dec.3 669.7 92.4 76.9 33.9 12.9 13.7 18.8 76.7 232.9 99.3 122.8 202.8 12.0 1935—Dec.3.... 1,301.1 130.3 205.5 163.5 68.6 86.1 26.1 136.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30. 1,623.3 232.5 235.7 176.3 78.8 123.5 41.7 158.3 814.3 186.1 263.9 331.9 27.1 1937—Dec. 29. 1,893.1 427.1 261.5 143.9 89.1 302.1 25.7 194.9 1,017.1 175.6 280.9 399.5 20.0 1938—Dec.s.... 2,157.8 473.8 436.1 187.4 101.8 218.8 20.4 273.3 1,237.8 201.8 248 435.5 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 1,046.4 ,549.7 181.8 1946—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 1,150.8 ,364.5 229.7 Dec. 31. 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420. * 931.8 1,104.8 ,316.4 232.8 1947—Jan. 31. 468.9 6,034.8 3,126.3 484.4 237.2 212.2 377.2 321.0 864.3 2,496. 855.9 1,131.8 ,293.5 257.3 Feb. 28. 2,725.6 5,781.4 2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334. 892.7 1,102.6 ,224.2 227.5 Mar. 31. 2,726.9 5,575.4 2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276. 778.2 1,077.6 ,223.1 220.3 Apr. 30. 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391. 627.5 1,121.6 ,193.3 216.0 May 31. 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163. 577.6 1,130.9 ,153.7 206.7 June 30. 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187 752.3 142 586.8 1,242.5 ,147.4 207.0 July 31. 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255 563.7 1,290.4 ,113.2 214.1 Aug. 31. 2,777.9 5,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 832.4 359. 592.2 1,342.5 ,091.5 218.5 Sept. 30. 2,665.3 r5,190.1 2,008.8 369.1 »-195.0 216.4 395.8 150.0 798.3 124..6 528.4 ••1,266.1 ,065.1 205.9 Oct. 31. 2,490.8 5,056.3 1,939.1 336.8 268.6 172.9 405.8 146.6 800.5 2,131.2 427.1 1,236.9 ,056.7 204.4 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 Greece5 L b u o x u e rg m 5 - N w o a r y - P g o a rt l5 u- m R an u i - a5 Spain5 SwedenUSSR5 s Y la u v g i o a - 5 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—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 Oct. 31. .. 800.5 135.7 48.9 39.2 74.9 48.5 19.2 76.2 47.8 8.7 10.1 86.8 64.1 9.4 130.8 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 - 6 Brazil Chile l b C o i m o a - 6 - C R o ic s a ta 6 Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a 7 - Peru6 z V u e e n la e 6 - A L O i a m t c h t a i e e n r r ana6 Surinam6 1939—Dec.3 336.0 57.7 36.4 26.8 37.0 58 8 34.0 85.3 1940—Dec.3 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31... 417.7 75.7 50.5 27.3 62 5 37 7 42 1 121 8 1942—Dec. 31. .. 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64^2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31. .. 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—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. .. ,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. .. ,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... ,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. .. r ,266.1 r229.0 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 Oct. 31. .. 1,236.9 245.7 22.4 102.6 38.3 39.1 7.9 256.6 2.5 148.7 14.7 72.6 40.9 73.4 171.5 For footnotes see following page. MARCH 1948 353 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—CW*W<* [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 a m lo d n e u n a y i d r a , 1 - - , B M l i a s r y h a it a - - 1 Japan I N l n E a e d e n a r t i d s - h e t s s - 1 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 U A o o f n u r f i i t o c h n a Other 1939—Dec.1 . . 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec.8 769.9 207.5 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!i 4.8 'i66!i 254.729^9 36.2 149.6 23!i i'.i'"6.S "\2.\ "ii'.o "9i'.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—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 85.1 227.5 59.4 8.3 18.4 16.9 33.9 90.7 Mar. 31. .. 1,223.1 373.2 39.1 38.9 40.7 7.2 18.7 122.9 447.155.8 79.4220.3 40.4 9.6 19.6 16.5 43.7 90.5 Apr. 30... 1,193.3 369.1 38.4 39.0 36.1 8.3 18.9 103.7 438.965.4 75.6216.0 38.7 8.7 19.0 16.1 47.3 86.2 May 31. .. 1,153.7 354.3 40.5 41.5 33.4 9.6 18.0 95.4 432.257.0 71.8206.7 36.2 8.7 20.5 14.9 50.0 76.5 June 30 ... 1,147.4 339.1 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 68.7 214.1 42.4 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 74.9218.5 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 Oct. 31. .. 1,056.7 263.3 8.7 43.6 55.0 12.4 25 5 59.7 470.939.7 77.9204.4 43.8 6.5 25.8 11.4 43.3 73.6 1 Prior to June 30, 1942, included under "Other Asia." 1 Country breakdown not available until June 30, 1942. 8 See footnote 3 below. Footnotes to table on preceding page., »• Revised. 1 Country breakdown is for "Official and private." * 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 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. 5 Prior to June 30, 1942, included under "All other." • Prior to June 30, 1942, included under "Other Latin America." 7 Included "Canal Zone" prior to June 30, 1942. NOTI.—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 txclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A he ll r 1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 27.2 311.8 743.2 96.3 174 6 117 4 8 5 1935 Dec (Tan 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 (Tan 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 (Tan 1 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117.8 6.4 1941—Dec 31 367.8 20.9 1.8 1.1 2.6 1.5 60 5 88.4 33 6 148 3 87 9 9 7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4 8 1943—Der 31 257.9 19 9 1.1 .4 3.0 .4 52.9 77 6 37 8 112 2 26 3 3 9 1944—Dec 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11 7 1945—.Dec 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—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 Tan 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 F M e. a b r 3 2 1 8 7 7 9 5 8 4 . . 4 6 3 3 9 5 . . 4 8 1 1 3 5 . . 0 6 1 1 5 5 3 5 . . 7 8 1 1 2 1 . . 2 4 2 17 0 . . 7 6 8 9 3 2 . . 9 6 3 33 1 1 9 .8 8 4 39 3 .0 0 2 30 7 8 9 .6 6 8 88 5 .0 9 3 2 0 7 .1 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 Tune 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 Oct. 31 963.4 33.1 17.6 48.6 6.4 24.9 135.4 266.0 29.8 466.7 164.6 36.3 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 354 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 el m - 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 1939—Dec.2 104.7 6.5 3.2 1.4 53.4 3.6 1940—Dec.2 69.5 1.5 .3 1 8 39 6 9 1941—Dec. 31 60 5 1 1 8 1 9 34 4 5 1942—Dec. 31 56.3 .8 5.6 34.0 1.1 .i .2 2.4 1943—Dec. 31 52.9 .7 8 7.6 33.9 .6 ,i .2 1.4 1944—Dec. 31 78.3 .7 33.9 .6 .1 35.1 .8 1945—Dec. 31 74.6 .6 8 33.9 .7 .i 31.6 .5 ( ) 1946—Nov. 30 80.8 7.7 5.9 33.9 13.0 .i 2.1 .9 1947— F D j e a e n b c # . . 2 3 3 8 i 1 8 8 82 3 3 . . 8 9 8 7 7 7 . . 4 1 5 . . . . 6 4 5 5 6 6 6 . . 1 4 2 3 3 3 0 0 0 . . . 4 3 4 1 1 1 2 2 2 . . . 5 4 4 <•) .i 3 4 3 . . 7 0 3 1 . . 9 9 0 Mar. 31 92.6 8 0 .3 8 3 30 4 13.2 ]i 4 2 1 0 Apr. 30 106.4 8.9 .3 7.1 30.4 12.8 .1 5.2 1.0 May 31 113.1 8 9 .4 9.1 30.3 13.0 .i 5 9 1 2 June 30 .. 127.6 10.1 .6 11.4 30.3 12.9 .3 6.3 1.5 July 31 138.8 9.0 17.8 30.3 13.0 7.0 1.3 Aug. 31 139 7 10 3 4 17 9 30 3 12 6 .1 8 0 1 3 Sept. 30 137.9 11.2 .6 17.5 30.3 12.4 9.4 1.2 Oct. 31 135.4 13.2 1.0 13.1 30.5 12.8 10.3 1.3 -333 • 3 Spain1 S d w e e n - USSR1 s Y la u v g i o a - 1 o A th l e l r 8.7 28 0 1 0 24 5 6 22 1 3.2 .4 8^4 3.2 .2 5.0 1.8 .2 5.1 1.6 ,9 4.7 6.5 3.9 6.2 7 2 4 9 9 4 8 7.3 5.5 9.5 6.2 5.6 (*) 10.2 3 8 6 0 (3) 13 2 64 .92 3.7 7.1 (3) 22.9 7 0 3 5 7 4 26 3 6.9 4.3 7.5 35.4 11.9 1.6 8.7 (') 37.5 12 0 1 3 9 3 36 2 12.0 1.2 9.3 i 32.6 12.0 1.3 9.3 (3) 30.6 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 a* - - 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 * - Peru* V zu e e n la e 4 - O A La m th ti e e n r r - G an u a i- 4 n S a u m ri 4 - ica 1939—Dec2 113 3 16.8 32.2 9.7 10.5 5 9 1 0 37 2 1940—Dec 2 122 7 11 9 33 1 13 4 11 7 6 1 2 1 44 4 1941—Dec 31 . . 148 3 16 8 38 0 14 9 11 3 7 6 2 4 57.3 1942—Dec. 31 99 7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 3 2.1 2 8 3 9 14 2 1943—Dec. 31 112 2 15.3 1.8 18.9 16.6 12.2 .7 20.1 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 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—Nov 30 200 2 24.0 2.0 43 9 14.0 19.8 2.5 41 1 .1 20 6 5 8 2 7 6 6 21 7 Dec. 31 226 8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3 7 8 7 23 1 1947—jan# 3i 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 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 l 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 .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 Oct. 31 466.7 67.4 4.2 162.3 22.8 32.0 4.0 73.8 39.5 1.2 4.9 6.7 14.6 33.4 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 6 H K o o n n g g I C B n m a lo d n e u n a y d i r * , a - - , l B M a is y r h a i a t - " - Japan I N l n E a e d e n a r i t d s - e h t s s - 6 i l p P a I p h n s i i d - n l s - e T ke u y r- " O A t s h i e a r ot A h l e l r7 A t l r u ia a s - -N Z la e e n w a d - A S E E t a u n i g g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S A U o f o n u r f i i t o c h n a Other 1939—Dec2 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec 2 117 8 23 7 1.7 55.8 22 6 14.0 6 4 1941—Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942—Dec 31 35 3 11 1 (8) .9 2 2 .7 5 1.6 14 4 1 8 2.0 4 8 1.0 7 1 /g\ 1 7 1 2 1943—Dec. 31 26.3 1.7 (8) 1.0 2.0 .5 .5 1.7 13.9 3 ? 1.8 3.9 .5 .1 (*) 2 4 .7 1 1 9 9 4 4 5 4 — — . D D e e c c . 3 3 1 1 , . 51 4 1 1 .0 5 ( ( 8 8 ) ) .9 8 2 7 2 . . 5 3 .1 I . . 5 5 1 1 . 5 4 1 1 3 3 .8 8 ? 1 0 8 8 2 .7 8 1 9 1 . 9 7 1. . 7 6 2 7 .3 2 (U* ) 1 9 4 7 7 2 1 . 5 0 1946—Nov 30 . . 75 0 40.8 4.0 9.1 .2 .9 14.7 9 4.2 15.8 3.1 9 .4 (8) 9 1 2.4 Dec. 31 99.2 53.9 (8) 5.9 12.0 2 .2 1.0 20.2 1 4 4.4 17.2 3.4 1 1 .4 (S) 10.1 2.2 1947— F j e an b # 3 2 i 8 8 9 5 4 .5 0 4 3 3 6 . . 8 8 ( . 8 1 ) 5 5 . . 1 0 1 1 2 2 . . 7 9 . . 5 5 . . 2 2 1. . 1 9 2 2 5 3 . . 3 0 1 1 .4 5 4 4. . 5 0 2 1 7 9 . . 1 8 4 6. . 2 3 1 1 .2 3 . . 4 4 (1) 1 14 0 . . 7 5 3 4 . 4 5 Mar. 31 88.9 41.2 4.1 14.6 1.0 .2 1.4 20.3 ? 0 3.9 30.1 6.5 1 S .5 .1 16.0 5.5 Apr 30 98 1 47 0 4 0 14.2 1.3 .2 1.9 22.4 ? S 4.5 34 3 7.5 1 3 .4 1 18 3 6 8 May SI 76.1 (8) 3.5 13.2 1.1 .2 1.5 23.2 ? 7 5.8 34.0 6.6 1 6 .4 .4 18 9 6.0 June 30 . .. 173.3 104.8 .1 3.5 32.8 .2 .5 20.2 3 3 5.8 30.5 9 0 1 0 .3 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 1 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 1 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 ?, 1 4 .7 .3 15.0 6.7 Oct 31 164.6 78.6 3.3 2.2 28.9 1.0 .3 .4 27.7 13.1 9.1 36.3 12.0 2.0 .2 .6 14.5 7.0 1 Prior to June 30, 1942, included under "All other." 2 Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. « Less than $50,000. * Prior to June 30, 1942, included under "Other Latin America.' 8 Included "Canal Zone" prior to June 30, 1942. 8 Prior to June 30, 1942, included under "Other Asia." 7 Country breakdown not available until June 30, 1942. 355 MARCH 1948 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 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 O M t e h m er b e a r s s s e u ts bscriptions 7 0 ,9 ) 22 7, 0 9 ) 22 7, 0 7 ) 22 Ca g ll a s t i o o n n s s ) ubscriptions to capital stock3. 412 5 40 4 7 5 15 4 6 3 1 9 4 9 8 Accumulated net income -2 i Loans (incl. undisbursed portions) 497 455 250 Other assets 3 3 Bonds outstanding 250 250 0) 1948 Loans—undisbursed 197 223 158 (C C u u m rr u en la c t y iv e b o f u ig g u h re t2 s) Jan. Dec. Nov. Aug. A O S C p c a th e c p c e u i i r t m a a l l l u i a r 3 l e a b s t i e e li d r t v ie e n s et income 1 0 ,6 ) 45 4 i 1 0 ,6 ) 45 2 2 1, (? 6 - 0 1 5 1 0 ,1 ) - 6 1 9 B C e h l i g le ia a n n f p r e a s n o c s s 22.0 1 8 1 . . 8 0 7.5 1 Less than $500,000. Danish kroner 3.4 3.4 3.4 2 As of Jan. 31, 1948, the Fund had sold 472.7 million U. S. dollars; French francs 125.0 125.0 125.0 100.0 in addition, 1.5 million pounds sterling was sold to the Netherlands N M e e t x h i e c r a l n a n p d e s s o g s uilders 2 5 2 2 . . 5 0 5 2 2 2 . . 0 5 3 22 6 . . 5 0 ; 2 1 4 3 . . 0 5 in 3 M Ex ay cl u 1 d 9 e 4 s 7 . uncalled portions of capital subscriptions, amounting to Turkish liras 5.0 5.0 5.0 6,580 million dollars as of Dec. 31, 1947, of which 2,540 million repre Pounds sterling 240.0 240.0 240.0 sents the subscription of the United States. Total. 137.5 CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o u u r n es d s in s m te i r l l li i o n n g s ) of Other Cash reserves c D ou is n - ts Securi- ci t r i c o u n l * a- Deposits l O ia t b h i e li r assets2 and ad- ties ties and Coin Notes vances Bankers' Public Other capital 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200 0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 193g—Dec 28 . . 326 4 230 0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18 0 1939—Dec. 27 * .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780 0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1400.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944_Dec. 27 .2 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 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947 Feb 26 . . . . .2 1,450 0 .9 74.7 16.0 294.6 1,375.6 285.2 22.4 60 1 18 4 Mar. 26 .2 11,450.0 .6 59.5 11.1 338.7 1,390.7 286.4 10.6 94.4 18 5 Apr 30 .2 1,450 0 1.0 62.6 18.0 344.8 1,387.6 303.7 6.9 98 0 17 8 May 28 .2 1,450.0 1.3 56.1 8.7 353.9 1,394.1 301.9 5.0 95.1 18 0 June 25 ... .2 11,450.0 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 1,450 0 2 5 56 8 16.6 332 0 1,393 4 282 0 14 0 93 4 18 4 Sept. 24 .2 1,450.0 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 1948—jan 3i .2 5 1,400.0 .3 131.3 12.7 274.3 1,269.0 290.8 16.3 93.0 18.3 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds on Jan. 7, 1948. For details on previous changes in the fiduciary issue see BULLETIN for January 1948, p. 254. 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. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d S t e t U a rl t n i e n i s g ted securities O as t s h e e t r s circ N ul o a t t e ion; lia O b a t i n h l d i e ti r es dollars S te h r o m r t- ! Other Ch b a a r n te k r s ed D g o m o m v e i e n n r t i n o - n Other capital * 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 1 1 9 9 4 4 0 1 — — D D e e c c . . 3 3 1 1 . . (*) 2 3 0 8 0. . 9 4 3 4 9 4 1 8 . . 8 4 2 1 1 2 6 7 . . 7 3 3 1 3 2 . . 5 4 4 3 9 59 6 . . 9 0 2 21 3 7 2 . . 7 0 7 1 3 0 . . 8 9 9 6 . . 5 0 3 2 5 8 . . 1 5 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—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 40.4 153.2 536.3 159.8 64.6 32.1 Apr. 30. 1.0 1,186.0 751.2 59.2 153.9 542.6 195.7 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 1948—Jan. 31. 931.3 863.2 48.2 1,157.5 538.3 44.6 60.6 41.7 Assets Liabilities Bank of France Domestic bills Advances to Deposits Government Other mill ( io F n ig s u o r f e s f r in ancs) Gold6 Fo e re x i - gn Other ci N rc o u t l e a- lia ti b e i s lichange m O a p rk en et7 Special? Other c F c u o o p r s a t t o s i c o 8 - n Other' assets9 tion G m ov e e n r t n- C.A.R.i° Other ca a p n i d tal 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... J197,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 1184,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27... 11129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26... 1*94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Jan. 30... 94,817 5 75,500 2,209 82,674 426,000 55,200 54,507 730,253 789 55,020 4,849 Feb. 27... 94,817 8 82,958 1,435 85,917 426,000 54,000 53,066 737,692 831 54,512 5,166 Mar. 27... 1282,817 5 83,613 694 85,221 426,000 79,500 58,083 746,266 767 63,880 5,021 Apr. 30... 82,817 6 85,120 134 80,901 426,000 55,000 13108,758 770,670 770 62,304 4,992 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 iH03,846 775,053 745 66,745 4,599 June 26... 82,817 6 82,983 84 87,134 426,000 95,000 13119,662 807,064 834 76,747 9,040 July 31... "64,817 6 99,114 8 85,195 426,000 113,600 in 20,046 831,587 792 71,329 5,075 Aug. 28... 64,817 3 97,490 20 98,224 426,000 124,900 13105,639 838,442 750 70,651 7,250 Sept. 25... 1152,817 7 107,877 130 101,935 426,000 139,300 i3lO3,O67 852,195 779 71,299 6,861 Oct. 30... 52,817 10 108,050 250 132,913 426,000 127,800 ^IOS.ISS 867,700 762 81,030 6,502 Nov. 27... "65,225 13 111,368 285 150,065 426,000 116,000 13110,303 879,492 846 87,513 11,408 Dec. 31. .. 65,225 12 137,397 64 117,826 426,000 147,400 iH21,061 920,831 733 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. 3 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 Less than $50,000. 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. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 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 occupatior. 9 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. 10 Central Administration of the Reichskreditkassen. u 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. 12 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." 13 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. 14 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. 357 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 1,030 ,030 3,279 Note circulation 276,517 297,924261,908 235,258 Other gold and foreign exchange. 2,614 ,540 2,257 Deposits 164,311 159,020 175,600 183,082 Government securities 939 947 939 Other liabilities and capital 38,835 39,711 40,886 37,805 Temporary advances to Govt.. . 32 Rediscounts and loans to banks1. 13,737 8,469 National Bank of Costa Rica— Other assets 2,624 2,737 2,086 Issue dept. (thousands of colones): Currency circulation 2 5,346 4,837 4,041 Gold 11,477 11,472 11,324 Deposits—Member bank 427 613 385 Foreign exchange 12,545 10,829 5,192 Government 1,480 1,710 647 Contributions to Int'l Fund and Nationalized x 12,850 12,275 11,150 to Int'l Bank 30,321 30,321 2,249 Other 84 81 206 Loans and discounts 69,192 65,285 64,623 Certificates of participation in Securities 3,950 3,972 3,045 Government securities Other assets 1,240 1,108 1,317 Other liabilities and capital. . . . 758 917 633 Note circulation 86,224 79,097 70,474 Demand deposits 35,303 36,839 11,150 Commonwealth Bank of Aus- Other liabilities and capital 7,198 7,051 6,125 tralia (thousands of pounds): Gold and foreign exchange 180,046 177,989 175,526 219,803 National Bank of Czechoslovakia Checks and bills of other banks. 2,533 2,721 2,508 2,331 (millions of koruny): Securities (incl. Government and Gold and foreign exchange 6.... 5,156 4,790 4,958 5,746 Treasury bills) 440,237466,073 428,893390,205 Loans and discounts 12,793 17,436 10,202 7,965 Other assets 23,323 20,313 15,747 6,758 Other assets 54,917 55,031 56,421124,277 Note circulation 193,643205,143 195,643 197,680 Note circulation—Old 932 Deposits of Trading Banks: New 56,009 58,539 53,718 41,965 Special 269,610 263,405249,830274.740 Deposits—Old 72,281 Other 23,297 30,048 30,600 28,927 New 4,998 7,316 5,599 13,735 Other liabilities and capital 159,590168,500146,602117,750 Other liabilities and capital 11,858 11,402 12,264 9,075 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 25,980 26,170 26,003 31,684 Gold 71 71 83 Foreign exchange 13,307 12,081 12,748 7,578 Foreign exchange 123 113 111 Net claim on Int'l Fund 3 486 518 1.000 Clearing accounts (net) -22 -5 117 Loans to Government 50.982 50,997 50,907 48,823 Loans and discounts 21 20 24 Other loans and discounts 7,883 7,955 5,648 4.841 Securities 125 126 100 Claim against Bank of Issue... 64,597 64,597 64,597 64,597 Govt. compensation account. 5,609 5,654 7,544 Other assets 2.289 2,665 2,284 2 ,268 Other assets 250 248 140 Note circulation 79,736 79,761 78,472 73,334 Note circulation 1,641 1,522 1,549 Demand deposits 5,309 4,718 4,285 5,579 Deposits—Government 1,741 1,860 2,736 Blocked accounts * 78,576 78,578 78,610 79,296 Other 2,621 2,672 3,667 Other liabilities and capital 1,903 1,925 1,819 1,583 Other liabilities and capital... . 174 172 166 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos): (thousands of sucres): Gold at home and abroad 941 922 Gold 274,894 272,942 Foreign exchange 218 327 Foreign exchange (net) 59,944 73,935 Loans and discounts 259 296 Net claim on Int'l Fund» 16,877 16,877 Government securities 631 431 Loans and discounts 256,713209,291 Other assets 41 11 Other assets 67,326 105,048 Note circulation ,737 1,676 Note circulation 335,680 350,903 Deposits 129 299 Demand deposits 263,158286,779 Other liabilities and capital 226 12 Other liabilities and capital 76,914 40,410 National Bank of Bulgaria B National Bank of Egypt (thousands of pounds): Central Bank of Chile (millions Gold 6,376 6,376 of pesos): Foreign exchange 14,894 16,137 Gold 200 200 287 Loans and discounts 6,628 4,406 Net claim on Int'l Fund 3 46 86 British, Egyptian, and other Discounts for member banks.... 1,125 735 '"660 Government securities 303,067 303,081 Loans to Government 805 810 824 Other assets 28,414 26,640 Other loans and discounts 973 1,147 1,044 Note circulation 138,457133,795 Other assets 2,392 2,375 1,861 Deposits—Government 93,179 84,068 Note circulation 4,067 3,690 3,407 Other 112,766124,570 Deposits—Bank 625 720 612 Other liabilities and capital 14,976 14,208 Other 371 410 210 Other liabilities and capital . 480 533 446 Central Reserve Bank of El Salvador (thousands of colones): Bank of the Republic of Colombia Gold 36,834 36,883 33,595 (thousands of pesos): Foreign exchange (net) 29,454 27,169 42,336 Gold 147,494146,013146, 256,684 Net claim on Int'l Fund3 1,563 1,563 1,563 Foreign exchange 57,772 48,489 50. 48,042 Loans and discounts 7,841 7,110 4,265 Net claim on Int'l Fund » 21,867 21,867 21, Government debt and securities. 5,475 5,502 5,729 Paid-in capital—Int'l. Bank. . . . 1,225 1,225 1,225 Other assets 1,410 1,806 1,516 Loans and discounts 102,722132,568109! 31,063 Note circulation 53,859 50,162 54,726 Government loans and securities. 104,349103,303102. 85,979 Deposits 23,170 24,198 25,952 Other assets 44,234 43,19f 46, 33,151 Other liabilities and capital 5,547 5,673 8,325 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. »This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. «For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Gold not reported separately beginning Dec. 31, 1946. 7 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS— Continued 1948 1947 1948 1947 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Ethiopia—Issue Bank of Italy (millions of lire): (Oct.) dept. (thousands of dollars): Gold 523 523 Silver 6,040 8,036 Foreign exchange 7,048 8,995 Foreign exchange 27,603 36,257 Advances—Treasury 516,141482,414 Treasury bills 2,832 596 Other Govt. agencies 4,193 24,480 Other assets 28,060 16,373 Loans and discounts 137,013 55,187 Circulation—Notes 39,726 42,835 Government securities 112,498 105,634 Coin 24,574 16,143 Other assets 47,408 28,364 Other liabilities and capital. 236 2,284 Bank of Italy notes 611,909 412,068 Allied military notes 68,242 83,876 Bank of Finland (millions of Deposits—Government 32,035 markkaa): Demand 54,622 69,679 Gold 91 2 2 2 Other 68,560 96,484 Foreign assets (net) 560 828 874 2,389 Other liabilities and capital 21,492 11,455 Clearings (net) -2,587 -2,270 -2,261 -7,386 Loans and discounts 31,843 34,896 34,207 27,452 Bank of Japan (millions of yen): Securities 378 386 388 436 Cash and bullion 2,876 1,419 Other assets 779 1,257 861 1,294 Advances to Government 53,570 21,577 Note circulation 23,258 25,162 25,809 17,172 Loans and discounts 40,004 46,885 Deposits 1,288 3,217 1,615 1,542 Government securities 75,047 43,844 Other liabilities and capital 6,518 6,720 6,647 5,473 Reconversion Fin. Bk. bonds. . 30,134 Other assets 7,512 5,652 Bank of Greece (billions of drach- Note circulation 178,158 100,040 mae) : Deposits—Government 4,759 4,767 Gold and foreign exchange (net). 641 Other 19,903 10,312 Loans and discounts 19 Other liabilities 6,322 4,257 Advances—Government 760 Other 1,079 Bank of Java2 Other assets 135 Note circulation 829 Bank of Mexico (millions of pesos): Deposits—G O o th v e e r rnment 2 8 2 1 9 M "A e u ta th ll o ic r iz re e s d e " r v h e o 3 ld ings of securi ; - 642 696 * Other liabilities and capital 1,495 ties, etc 1,482 1,856 Bills and discounts 638 501 Bank of Guatemala (thousands of Other assets 158 117 quetzales): Note circulation 1,692 1,719 Gold 27,229 27,229 27,229 28,477 Demand liabilities 877 1,063 Foreign exchange 22,769 21,824 19,908 20,044 Other liabilities and capital 352 387 Gold contribution to Int'l Fund. 1,250 1,250 1,250 Rediscounts and advances 3,182 3,377 2,986 1,048Netherlands Bank (millions of Other assets 9,708 9,289 8,542 4,619 guilders): Circulation—Notes 30.236 30,269 29,608 29,668 Gold 582 608 589 700 Deposits—Go C v o er in nment 2 8, , 2 8 3 9 3 9 2 7 , , 7 9 9 0 9 5 2 7 , , 8 6 8 7 9 6 4 2, , 7 6 4 6 1 4 S F i o lv re e i r g n (i n b c i l l u ls ding subsidiary coin) 335 3 266 3 258 2 4,600 1 Banks 13,112 12,902 11,206 14,24 Loans and discounts 153 160 151 152 Other liabilities and capital 9,659 9,094 8,537 2,869 Govt. debt and securities 3,500 3,500 ,500 Other assets 195 169 147 103 National Bank of Hungary (mil- Note circulation—Old 125 125 125 237 lions of forint): New 2,911 3,010 ,878 ,681 Gold 403 403 393 284 Deposits—Government 857 704 805 ,387 Foreign exchange 104 99 94 66 Blocked : 138 129 125 106 Discounts 1,624 1,663 1,485 475 Other 509 533 506 598 Loans—Treasury 340 340 340 342 Other liabilities and capital 227 205 209 547 Other assets 184 194 236 441 Note circulation 1,962 1,992 1,829 1,01-7Reserve Bank of New Zealand Demand deposits—Government. 122 125 137 89 (thousands of pounds): Other 194 194 183 33 Gold 2,802 2,802 2,802 Other liabilities and capital 376 387 399 469 Sterling exchange reserve 63,108 65,225 94,573 Re r s u e p I r s e v s e e u s e ) B S G R I : n t d a u o e d e l n p r i d l p e k a i e n a n a o r g t c t G f m o h s o I i e o n e n v c m n u d t. t e r : i i a S t a i e n e ( c d s m u i r a l i l b t i i o r e o n s a s . d o . . f . . . 11, 3 4 5 3 6 4 7 5 8 4 8 3 11, 3 4 5 3 7 4 5 7 0 4 8 3 11, 4 5 2 3 0 7 5 4 7 8 4 3 O D O A I N n t d t e o v d h h m v t e e e e e a s r r r a n t t c n a m a l c i d i k r s e a e c s i s b d n u n e i e t g l t t l s a s o i p s t t o i i S e o s s t n i a ts a te n d o c r a S p t i a ta te l un- 4 5 6 4 3 1 7 1 1 , , , , , , 0 9 9 9 7 8 4 3 9 8 6 6 4 2 8 9 8 8 4 4 6 4 8 0 4 7 , , , , , 3 0 8 5 8 9 6 4 9 0 6 0 7 4 4 7 8 9 4 2 7 3 4 7 7 7 1 , , , , , , 7 7 9 9 3 7 0 0 5 5 4 8 9 5 7 6 6 8 Bank O D T O N L N B in r o a t e t o o e h g h l a p t t a a e e e e n o n s r r s d s s u c c e i l a o i e r t t i p r o s s y a s f c s a b u i e G a b r i s l t t l b i s a s o i m l u r t l t v i o s e i e e o e a s n d n r d d t n i a : e s m n p c d e a o n r u c t t a n m p te e it d n a . t l . . . . . 1 3 5 2 , , , 8 9 4 0 2 2 3 7 7 9 2 5 1 6 0 8 6 3 8 4 1 3 5 1 1 , , , , 8 2 0 4 7 9 7 3 3 2 4 9 2 1 4 4 7 9 7 1 4 5 2 , , , 6 2 4 3 2 7 9 9 6 2 2 5 0 9 0 2 6 8 8 0 Bank D S F O G L O N e o o e o t c o o c h r a p c l f t e u d e e n u o i N r r s g p s i c t i n o a a a i i t t r e r s s n i c a s s — w o d u e s n a s t l G d s a e y a i t t o s i s c ( o c v m c n o ( e o i n u r l u e l n n i n t m o t ) t s n e s ( n n o t e f t ) kroner): ' 4 8 1 , , , 1 9 0 3 5 8 0 3 3 3 8 6 7 9 3 5 3 7 4 6 3 8 5 1 , , , 1 8 2 4 7 5 0 8 0 6 1 7 5 3 8 5 3 7 1 8 1 Ce o n f t S G r p t a o o e l l r u d l n B in d a g s n ) f k : u n o d f s Ireland (thousands 40 2 , , 8 6 1 4 3 6 43 2 , , 4 64 36 6 42 2 , ,6 4 4 3 6 0 37 2, , 6 0 4 5 6 4 Other liabil O B B it l a i t o e h n s c e k k r s a e n d d capital 1,2 8 3 7 3 5 3 4 1 6 9 4 3 9 3 6 4 6 3 3 1 4 8 6 Note circulation 43,459 46,082 45,076 39,700 1 Latest month available. 2 8 F In o c r l u la d s e t s a g v o a l i d l , a b s l i e lv e re r, p o an rt d ( f J o a r n e u ig a n r y e x 1 c 9 h 4 a 2 n ) g , e s e f e o r B m U i L n L g E r T e I q N u f i o re r d M re a s r e c r h v e 1 9 ( 4 2 3 5 , p p e . r 2 c 7 e 8 n . t) aga < i nst notes and other demand li . abiliti . es. MARCH 1948 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1948 1947 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): (Oct.) francs): Gold 722 1,870 Gold ,605 5,256 ,298 4,936 Foreign exchange 33,25 36,694, Foreign exchange 131 102 7 166 Loans and discounts 17,319 2,198 Loans and discounts 236 41 207 86 Government loans and securities. 9,249 9,899 Other assets 86 140 100 79 Other assets 4,641 2,703 Note circulation ,150 4,383 ,202 3,883 Note circulation 40,753 32,708 Other sight liabilities , ,200 1,17 ,123 1,163 Demand deposits 6,994 13,514 Other liabilities and capital 707 358 358 221 Other liabilities and capital.. 17,442 7,142 Central Bank of the Republic of Central Reserve Bank of Peru Turkey (thousands of pounds): (thousands of soles): Gold 8 477,932 476,305475,625 667,520 Gold and foreign exchange 128,861100,419 Foreign exchange and foreign Net claim on Int'l. Fund 2 20,491 clearings 254,807 276,405286 295229,508 Contribution to Int'l. Bank .... 2,480 11,380 Loans and discounts 597,580 617,839615 245534,891 Discounts 60,554 91,414 Securities 196,381 198 893184, 615187,275 Government loans 732,300 614,764 Other assets 37,232 45 501 36,347 29,638 Other assets 124,664 78,557 Note circulation 860,840883 931 >14,041933,218 Note circulation 690,217 603,121 Deposits—Gold 151,802 151 777151, 119182,669 Deposits 255,816205,487 Other 312,981344 243281, 628308,079 Other liabilities and capital 123,318 87,926 Other liabilities and capital 238,309 234,'993251,341 224,866 Bank of Portugal (millions of Bank of the Republic of Uruguay escudos): (thousands of pesos): (Oct.)i Gold 4,772 5,880 Gold 268,125303,180 Foreign exchange (net) 11,009 12,450 Silver 12,922 13,160 Loans and discounts 386 371 Paid-in capital—Int'l. Bank. . . . 318 318 Advances to Government 1,283 1,294 Advances to State and govern- Other assets 558 447 ment bodies 36,574 12,340 Note circulation 8,383 8,508 Other loans and discounts 170,532124,884 Demand deposits—Government 1,872 3,016 Other assets 248,872343,608 Other 6,766 8,048 Note circulation 214,930210,936 Other liabilities and capital.... 986 869 Deposits—Government 54,579 39,068 Other 239,076257,236 National Bank of Rumania 3 Other liabilities and capital 228,758290,253 South African Reserve Bank Central Bank of Venezuela (thou- (thousands of pounds): sands of bolivares): Gold 4 187,117195,601217,600 Gold ^ 57,408 557,408557,080 Foreign bills 53,068 46,168 10,274 Foreign exchange (net) 08,399 65,683 93,151 Other bills and loans 8,189 6,972 6,034 Other assets 77,297 83,623 51,866 Other assets 13,797 11,926 20,635 Note circulation—Central Bank. !90,006 507,302487,895 Note circulation 65,637 63,506 63,511 National banks. 3,893 4,111 6,706 Deposits 189,352190,723184,256 Deposits 17,514 162,041184,436 Other liabilities and capital 7,182 6,438 6,775 Other liabilities and capital 31,691 33,260 23,060 Bank of Spain (millions of pesetas): National Bank of the Kingdom Gold 1,215 1,214 of Yugoslavia 3 Silver 523 522 Bank for International Settle- Government loans and securities. 15,882 15,687 ments 8 (thousands of Swiss gold Other loans and discounts 9,883 8,110 francs): Other assets 3,568 2,857 Gold in bars 01,510 92,280 92,843 86,850 Note circulation 24,939 22,185 Cash on hand and on current Deposits—Government 2,281 1,968 account with banks 23,486 15,223 7,541 13,121 Other 3,243 3,426 Sight funds at interest 496 497 496 141 Other liabilities and capital 607 811 Rediscountable bills and acceptances (at cost) 27,739 28,905 35,898 26,511 Bank of Sweden (millions of kronor): Time funds at interest 15,506 17,816 19,276 13,332 F G o o r l e d ign assets (net) 2 4 2 0 9 4 4 2 3 3 5 2 4 2 6 2 3 2 5 7 8 6 3 8 S F u u n n d d r s y i n b v il e l s s t e a d n d in i n G v e e r s m tm an e y n t 9 s . . . . . . ! 6 9 0 1 , , 5 1 0 6 9 0 ! 6 9 3 1 , , 6 1 5 6 7 02 5 9 9 1 , , 6 1 2 6 6 0 320,249 Swedish Govt. securities and ad- Other assets 210 3,389 7,448 3,422 vances to National Debt Officef) 2,702 2,929 2,839 1,722 Demand deposits (gold) 17,665 17,004 17,672 18,947 Other domestic bills and advances 116 127 85 148 Short-term deposits (various Other assets 335 343 311 582 currencies): Note circulation 2,734 2,895 2,702 2,693 Central banks for own ac- Demand deposits—Government. 613 631 567 560 count 16,354 7,216 7,278 10,306 Other 163 269 297 171 Other 9,290 9,353 6,603 1,416 Other liabilities and capital... . 276 270 355 378 Long-term deposits: Special accounts 228,909228,909228,909229,001 Other liabilities and capital 248,400250,445253,826203,954 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. 3 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 S^pt. 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." 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n t m g e - d France Ger- g B i e u l m - N la e e n r t - d h s - S d w en e- S l z w a e n r i d t - - b C an e k n t o ra f l - F R 2 e a 9 b te . eff D e a ct t i e ve b C a e n n k t ra o l f— R F 2 e a 9 b te . eff D ec a t t i a ve I M n a 1 e y 9 f 3 fe 7 1 c 0 t , D 1 e 9 c 3 . 8 3 . 1 . . " 3 m A A A r u l g b s e t a r n n ia t i i a n . a .: . J M M ul a a v r r. 1 1 1 9 9 9 4 4 3 5 0 6 J I I a t r a e p l l a y a n nd..:.. 2 s Y x 2 S A N e p o p r v t . . . 2 6 7 3 , , , 1 1 1 9 9 9 3 4 4 6 3 7 May 13 Belgium Aug 1947 Java 3.29 Jan. 14, 1937 May 30 Bolivia Nov. 1940 Latvia 3 Feb. 17, 1940 Sept. 28 3* 5 Oct. 27 Nov. 25 Jan. 4,1939.. Bulgaria. 4 Aug. 1946 Lithuania::: July 15, 1939 Apr. 17 4 Canada..:... Feb. 1944 Mexico June 4, 1942 May 11 3 Chi 3-4.K Dec. 1936 Netherlands June 27, 1941 July 6 2H Colombia 4 July 1933 NewZealand July 26, 1941 Aug. 24 Costa Rica... 3 Apr. 1939 Norway.... Jan. 9, 1946 Aug. 29 Czechoslovaks 2X Oct. 1945 Peru Aug. 1, 1940 Sept. 28 Oct. 26 Dec. 15 Jan. 25,1940.. Denmark.... Jan. 1946 Portugal.::.. 2X Jan. 12, 1944 Apr. 9 Ecuador June 1943 Rumania.... May 8, 1944 May 17 El Salvador.. Oct. 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941.. Estonia Oct. 1935 Spain 4K Oct. 27, 1947 May 29 Finland Feb. 1948 Sweden 2X Feb. 9, 1945 June 27 Jan. 16, 1945.. Jan. 20 Hi Feb. 9 France .. Oct. 9, 1947 Switzerland. Nov. 26, 1936 Nov. 7,1946.. &3 Turkey July 1, 1938 Dec. 19 Germany 3X Apr. 1940 United King- Jan. 10, 1947.. Greece . 10 Aug. 1946 dom 2 Oct. 26, 1939 Hungary. 5 Oct. 1947 U. S. S. R.. . . 4 July 1, 1936 Aug. 27 India 3 Nov. 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 &3 In effect Feb. 29, 2 NOTE.—Changes since Jan. 31: Finland—Feb. 6, up from 5% to 7*4, per 1948 2X cent. &3 OPEN-MARKET RATES Per cent per annum] Canada United Kingdom France Netherlands 1 Sweden Switzerland 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—Dec 1.02 1.04 .81 1.50 1933—Dec 1.06 1.15 .77 1.50 1934—Dec .57 .47 .70 1.50 1935—Dec 1.25 .71 .68 .75 2.50 1936—Dec .75 .83 .84 .78 1.25 1937—Dec .76 .75 .75 .75 1.00 1938—Dec .67 .96 .93 .80 1.00 1939—Dec .81 1.23 1.24 1.03 1.50 1.25 1940—Dec .63 1.03 1.01 1.00 1.94 1.25 1941—Dec .55 1.03 1.01 1.03 1.50 1.25 1942—Dec .52 1.03 1.01 1.00 .42 1.25 1943—Dec .42 1.03 1.01 1.00 .65 1.25 1944—Dec .37 1.03 1.00 1.02 .53 1.25 1945—Dec .36 .53 .50 .63 .33 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 Feb .40 .53 .51 .63 .39 1.72 1.46 1.25 Mar .40 .53 .51 .63 .41 1.65 1.19 1.25 Apr .41 .53 .51 .63 .41 1.59 1.11 1.25 May .41 .53 .51 .63 .46 1.45 1.08 1.25 June .41 .53 .51 .63 .45 1.46 .86 1.25 July .41 .53 .51 .63 .51 1.52 1.09 1.25 Aug .41 .53 .51 .63 1.46 1.30 1.00 1.25 Sept .41 .53 .51 .63 1.44 1.08 .75 1.25 Oct .41 .53 .51 .63 1.64 .95 .95 1.38 No.v .41 .53 .51 .63 .93 .74 1.38 Dec .41 .53 .51 .63 1.13 .53 '1.38 i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 361 MARCH 1948 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 o F 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- r T e d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r Deposits lia O b a t i n h l d i e t r i - es notice Total Demand Time capital 1939—December. 274 174 334 609 1,015 290 2,441 1,398 043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 200 236 1943—December. 422 151 133 ,307 ,154 761 349 4,032 2,712 319 245 1944—December. 500 199 147 ,667 ,165 772 347 4,545 3,045 ,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 1,862 342 1947—January. . 475 428 624 ,563 ,427 ,008 454 5,629 3,749 1,880 348 February. 463 421 659 ,436 ,439 ,015 451 5,519 3,603 1,916 364 March 466 444 750 ,317 ,455 ,034 465 5,556 3,606 1,950 374 April 476 435 709 ,346 ,461 ,064 470 5,583 3,628 1,956 376 May 460 430 659 ,350 ,470 ,099 489 5,571 3,593 1,978 386 June 464 451 672 ,330 ,479 ,131 518 5,658 3,667 1,992 386 July 475 442 699 ,283 ,488 ,139 504 5,644 3,668 1,975 386 August ... 479 455 724 ,248 ,492 ,154 473 5,628 3,663 1,965 396 September 465 472 758 ,193 ,493 ,155 476 5,615 3,653 1,962 397 October... 468 466 825 ,147 ,500 1,185 487 5,690 3,713 1,977 387 November 488 476 799 1,196 ,500 1,205 492 5,767 3,781 1,986 389 December. 502 480 793 1,288 1,483 1,219 567 5.935 3,962 1,972 396 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o n l r i n e o d t d n h o s l b f o l a i a f g n r u s k ) r s e . s re C se a r s v h E es ntire S ly e lo c i a u 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 a f a u b o n l b e o a r d r e a n o f i n r k n g a o s s e n d m t Securities O as t s h e e ts r ci N t r i c o o u n t l e a- e T x o c t l a u l ding i D n e te m rb an an d k de T po im si e ts 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 ,169 168 759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 ,293 657 60 3,657 1,984 1,673 ,049 1943—December. 471 48 ,156 250 ,940 744 42 4,395 2,447 1,948 ,172 1944—December. 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December. 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December. 753 136 ,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525 1947—January.. 689 134 ,481 134 4,369 960 21 6,233 2,700 3,533 ,514 February. 635 155 ,506 126 4,264 1,066 21 6,171 2,585 3,586 ,558 March.... 695 121 ,555 195 4,239 993 21 6,188 2,569 3,619 ,590 April 719 97 ,628 142 4,349 1,035 21 6,356 2,719 3,637 ,594 May 631 81 ,664 113 4,162 998 20 6,066 ,383 3,682 ,563 June 637 106 ,709 126 4,131 1,041 20 6,152 ,508 3,644 ,578 July 645 99 ,761 119 4,110 1,036 20 6,170 2,481 3,690 ,580 August ... 670 82 ,805 116 4,109 1,014 19 6,186 2,412 3,774 ,591 September 663 83 2,027 113 3,963 933 19 6,193 2,387 3,806 ,570 October... 702 93 1,931 102 3,882 1,156 19 6,283 2,531 3,753 ,563 November. 695 92 2,065 107 3,850 1,051 18 6,279 2,569 3,710 ,562 December. 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o f n f i k g f s u r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b a t i n h l d i e ti r es Total Demand Time capital 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 609 1940— December 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 753 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—January 17,267 20,241 195,750 67,084 18,367 295,444 293,484 1,960 15,767 7,499 February 16,992 19,127 197,377 66,114 18,756 294,922 292,946 1,976 15,720 7,723 March 19,471 20,677 203,451 66,744 20,724 305,583 303,742 1,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68,656 22,377 311,244 308,256 2,988 17,606 10,360 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 October 19,696 19,018 211,760 86,269 32,338 330,949 327,997 2,952 23,304 14,830 November 21,597 20,691 205,314 92,010 33,482 333,858 331,059 2,799 23,632 15,603 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 362 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] Argentina Australia Brazil Canada Chile Year or month (peso) (pound) g B iu e m l- (cruzeiro1) (dollar) (peso) 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 29.773 322.80 305.16 23.3760 6.0562 5.0214 296.909 85.141 5.1668 4.0000 6.000 1941 29.773 223!704 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.0000 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 s322.80 3 321.17 22.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321 34 2.2829 26 0602 95 198 93 288 1947 29 773 25 125 321 00 2 2817 5 4403 100 000 91 999 1947—March 29.773 25.125 320 91 2.2822 5.4404 100 000 94.217 April 29.773 25.125 320 91 2.2836 5.4405 100.000 91.901 May . . . . 29 773 25 125 320 91 2.2831 5 4406 100 000 91 954 June 29.773 25.125 320 9li 2.2832 5.4406 100 coo 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 29 773 25 125 321 21 2 2789 5 4406 100 000 88 359 1948—Tanuarv 29 773 25 125 321 16 2 2784 5 4406 100 000 90 455 February 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 Year or month C (p o b e l i s o a o m ) - s C ( l k o z o v e r a c u h n k a o ia ) - ( m D kr a e o n r n k - e) ( l F m a k i a a n n ) r d - k- Offici F a (f l r r a a n nc c ) e Free G (d m r r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( I r n up d e ia e) I (l t i a ra ly ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s 1939 57.061 23.4252 20.346 1.9948 2 5103 .8153 27.454 33.279 5.1959 19.3C3 53 335 1940 57.085 19.308 1.8710 22.0827 2.6715 22.958 30.155 5.0407 18.546 253.128 1941 57.004 22 0101 224.592 30 137 25 0703 20.538 1942 57.052 30.122 20,569 1943 57.265 30.122 20.577 1944 57.272 30.122 20.581 1945 57.014 21.9711 30.122 20.581 237.933 1946 57.020 2 2.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 1947 • - • 57.001 2.0060 20.864 .8407 30 164 20.577 37 760 1947—March 56.980 2,0060 20.866 .8408 30.153 20.574 37.788 April 56.980 2.0060 20.866 .8407 30.160 20.577 37.757 M^ay 56.980 2.0060 20.866 .8408 30.161 20.580 37.760 June 56.980 2.0060 20.865 .8407 30.163 20.576 37.751 July 56.980 2.0060 20.862 .8407 30.171 20.575 37 760 56.980 2 0060 20 862 8405 30 171 20 582 37 753 September 56.980 2.0060 20.861 .8407 30.167 20.578 37.751 October 56.980 2.0060 20.861 .8407 30.169 20 576 37 762 November 56.980 2.0060 20.863 .8404 30.176 20.576 37.768 December 56.980 2.0060 20.860 .8403 30.177 20.575 37.699 56.991 2.0060 20.860 5.8400 30.172 20.576 37.654 57.010 2.0060 20.860 6 .4671 6 .3270 30.168 20.575 37.714 United Uruguay Year or month (p l Z N a o e n e u a w d n - d) N (k o r r o w ne a ) y P (e o s g c r a u t l u do - ) ( A S p o o fr u u i n c th d 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 e t t r s - ) s (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - Offi K ci ( a i p l n o g u d n o d F m ) ree tr C o o ll n e - d (peso t ) r N c o o o l n l n e - - d 1939 354 82 23.226 4.0375 440.17 10.630 51.736 23.991 22.525 443 54 62.011 236.789 1940 306.38 222.7O9 3.7110 397.99 9.322 46.979 23.802 22.676 2 403.50 383.00 65.830 37.601 1941 . . 322 54 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403 18 65.830 43.380 1942 322.78 398.00 246.919 403.50 403.50 65.830 52.723 1943 324 20 398.00 403.50 2403 50 65.830 52.855 1944 324.42 398.00 403.50 65.830 53.506 1945 323.46 399 05 2 403.50 3403.02 65.830 55.159 1946 322.63 220.176 24.0501 400.50 29.132 225.859 2 23.363 403.28 65.830 56.280 1947. 322.29 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1947—March 322.20 20.161 4.0412 400.75 9.132 27.822 23.363 402.73 65.830 56.262 April 322.20 20.161 4.0313 400 75 9.132 27.823 23.363 402.74 65.830 56.262 May 322.20 20.160 4.0208 400.75 9.132 27.824 23.363 402.74 65.830 56.262 June 322.18 20 160 4.0275 400 75 9.132 27.826 23.363 402.72 65.830 56.262 July 322.18 20 160 4.0161 400.75 9.132 27.827 23.363 402.71 65.830 56.259 August 322.20 20 159 4.0257 400 75 9.132 27.826 23.363 402.73 65.830 56.203 September 322.41 20 158 4.0203 400.75 9.132 27.822 23.363 403.00 65.830 56.204 October 322.48 20.159 4.0240 400.75 9.132 27.823 23.363 403.10 65.830 56.204 November 322.44 20.159 3.9985 400.75 9.132 27.825 23.363 403.05 65.830 56.204 December 322.50 20.159 4.0088 400.75 9.132 27.826 23.363 403.13 65.830 56.204 194g—January 322.45 20.159 4.0043 400.75 9.132 27.825 23.363 403.07 65.830 56.198 February 322.49 20.160 3.9700 400.75 9.132 27.826 23.363 403.11 65.830 56.180 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. • At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates iiTthe 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 forthe new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955. 5 Based on quotations through Jan. 23. 6 Based on quotations beginning Feb. 10. NOTE.—For back figures see Banking and Monetary Statistics * T'able 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p. 933; February 1944, p. 209; and February 1943, p. 201. 363 MARCH 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 19 n 1 ta 2 0 i 0 t 6 t e e ) d s = C (1 a 9 1 n 2 0 6 0 a ) d = a ( M 19 1 e 2 0 x 9 0 i ) co = K ( U 1 in 9 n 1 3 g 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 8 0 ) ce = (1 I 9 1 t 3 0 a 8 0 ly )i = ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u l n e l a y e t n h 1 1 d e 9 9 s r 3 3 - 8 9 - S (1 w 9 1 3 e 0 5 0 d ) en = (J S u w = l l y a it 1 n 1 z 0 d e 9 0 r 1 ) - 4 = 100) 1926 100 100 2124 106 132 150 2126 144 1934 75 72 95 88 58 65 99 90 296 90 1935 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 1943 103 100 182 163 234 209 160 196 218 1944 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 296 181 194 221 1946 121 109 286 175 648 1,406 251 186 215 1947 152 P129 302 192 989 P5,148 P271 224 1947—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 Tune 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 6,155 5,498 P272 '201 224 October 159 139 304 199 rl,129 P5,991 5,799 P274 202 230 November . . 160 143 306 203 1,211 P5,651 P277 204 232 December 163 P144 303 204 rl 217 P5 456 P2S0 232 1948—January 166 302 212 P1,456 P Preliminary. r Revised. 1 The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1934-1942 are derived from old index. * 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 t a r o u n t d r u l e y s - d fa c m g c h o t a i u o e n f d r u l e s y - d Foods p I r n t o r d d i u a u l s c - ts Foods t p r I r ia n o l d d u u r s c a - t w s p f I r in n t o r i d d s ia u u h l s c e - t d s 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 181 169 135 »120 P130 P117 165 207 1947—February 170 162 129 116 119 107 158 197 218 312 274 March 183 168 131 116 124 108 158 198 220 312 274 April 177 162 132 117 126 112 163 200 215 316 274 May 176 160 132 119 128 113 165 203 206 321 275 178 162 131 119 129 116 166 203 205 323 277 July 181 167 133 120 131 116 168 207 207 337 276 August 182 172 136 120 133 117 167 209 204 338 276 September 186 179 138 120 134 123 165 213 P205 P339 P277 October 190 178 140 123 139 128 167 218 P213 P339 P277 November 188 178 142 127 143 131 171 221 December 197 178 •"146 P131 P145 P132 172 222 1948—January 199 180 148 P133 174 235 9 Preliminary. r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES (ZIOST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France Nether- er- United Can- King- France Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (June 17 = 100) (1911-13 (June month (1935-39 (1935-39 (June 17 = 100) (1911-13 (June = 100) = 100) 1947 = 100) 1914 = 100) = 100) 1947 = 100) 1914 = 100)i = 100) = 100)! = 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 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 1 377 215 1Q45 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 P160 3 101 1 043 222 1947 159 *136 3 101 1,030 217 1947-February.. 182 147 168 851 215 1947-February . 153 128 203 858 212 March... . 190 149 169 833 216 March. . .. 156 129 204 838 212 April 188 152 168 830 216 April 156 131 203 837 213 May 188 155 162 883 220 May . ... 156 133 203 886 216 Tune 191 158 i 161 941 222 June 157 135 1203 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 103 1,393 230 December. 167 P146 104 1,354 223 1948-January... 210 *>182 PI 437 P230 1948-January.. . 169 P148 P104 P1,414 P224 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.) 3 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 203 for retail food prices and 166 for cost of living. 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 c t i t v e e e e s ) d d i C (1 a = 9 n 3 1 a 5 0 d 0 -3 ) a 9 2 ( K 1 D 9 U i e 2 n c n 1 g e i = m t d e o 1 b d m 0 e 0 r ) ( F 1 r 9 1 a 3 0 n 8 0 c ) = e N la e n th d e s r 3 - ( 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 19 U i 2 n n 6 g i = t d e o 1 d m 00) 1 ( 9 D F 38 e r a c = e n m c 1 e b 0 5 e 0) r (1 N 9 l 3 a e n 8 th d = e s 1 6 r- 00) Number of issues. 15 87 50 13 402 100 278 5 295 37 1939 113.8 98.2 112.3 114.2 94.2 75.9 112 1 1 9 9 4 4 0 1 1 1 1 1 5 7 . . 9 8 9 9 9 5 . . 4 1 1 1 2 1 3 8 . . 8 3 8 '1 1 1 4 4 3 . . 2 4 8 80 8 . . 0 1 6 7 7 7 . . 5 4 7 72 0 . . 5 8 ' 8 1 3 4 0 0 8 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 121.5 P118.5 130.8 132.0 123.0 P106.0 94.6 1,149 1947—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 N D o ec v e e m m b b e e r r . . . 1 1 1 1 8 7 . . 8 0 P1 11 1 8 7 . . 5 9 1 1 2 3 8 0 . . 2 1 1 1 2 2 2 1 . . 2 4 1 1 2 2 3 2 . . 6 4 P1 1 0 0 6 7. . 3 2 9 9 0 2 . . 2 6 1 1, , 2 2 1 9 1 4 1948—January... 117.4 P108.6 130.5 P118.9 120.1 P1O7.5 93.9 Pl,301 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. * 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 figures are not comparable with data for previous years shown in earlier BULLETINS. 1 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. MARCH 1948 365 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 BA&K 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 DIVISI'ON OF RESEARCH AND STATISTICS CARL E. PARRY, Director WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director DIVISION OF PERSONNEL ADMINISTRATION J. BURKE KNAPP, Assistant Director FRED A. NELSON, Director BONNAR BROWN, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES., Chairman CHAS. E. SPENCER, JR.,BOSTON DISTRICT ALLAN SPROUL, Vice Chairman First Vice President LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS J. T. BROWN, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JAMES H. PENICK, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT KARL R. BOPP, Associate Economist WATROUS H. IRONS, Associate Economist J. E. WOODS, DALLAS DISTRICT JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT T. BRUCE ROBB, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Associate Secretary 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMENr, DEPUTY CHAIRMEN, ,4ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President \7' n T) Bank of Deputy Chairman First Vice President Vice Jrresidents Boston Albert M. Creighton Laurence F. Whittemore Robert B. Harvey2 Carl B. Pitman Harold D. Hodgkinson William Willett E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe New York Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds 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 W7m. 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. Allan M. Black2 John K. Langum Chicago. . Clarence W. Avery C. S. Young Neil B. Dawes 0. J. Netterstrom Paul G. Hoffman Charles B. Dunn W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris 0. M. Attebery C. A. Schacht St. Louis Russell L. Dearmont Chester C. Davis Wm. E. Peterson William H. Stead F. Guy Hitt William B. Pollard C. M. Stewart H. G. McConnell R. E. Towle Minneapolis. . . . Roger B. Shepard J. N. Peyton A. W. Mills3 Sigurd Ueland W. D. Cochran 0. S. Powell Otis R. Preston Harry I. Ziemer L. H. Earhart John Phillips, Jr. Kansas City.... Robert B. Caldwell H. G. Leedy Delos C. Johns G. H. Pipkin Robert L. Mehornay Henry 0. Koppang R. L. Mathes C. E. Sandy2 D. W. Woolley E. B. Austin W. H. Holloway Dallas J. R. Parten R. R. Gilbert R. B. Coleman Watrous H. Irons R. B. Anderson W. D. Gentry H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland 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 Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland 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. 1 General Manager. MARCH 1948 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS' The material listed below may be obtained from MONETARY AND BANKING REFORM IN PARAGUAY. the Division of Administrative Services, Board of Includes translation of laws, accompanying re- Governors of the Federal Reserve System, Wash- ports, and introduction reviewing the monetary ington 25, D. C. Remittance should be made pay- history of Paraguay. July 1946. 170 pages. able to the order of the Board of Governors of the $1.00 per copy. Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE FEDERAL RESERVE BULLETIN. Issued monthly. Sub- (Board of Governors of the Federal Reserve Sysscription price in the United States and its posses- tem). September 1946. 31 pages. sions, Bolivia, Canada, Chile, Colombia, Costa THE FEDERAL RESERVE ACT, as amended to Novem- Rica, Cuba, Dominican Republic, Ecuador, ber 1, 1946, with an Appendix containing pro- Guatemala, Haiti, Republic of Honduras, Mexico, visions of certain other statutes affecting the Newfoundland (including Labrador), Nicaragua, Federal Reserve System. 372 pages. 50 cents per Panama, Paraguay, Peru, El Salvador, Uruguay, paper-bound copy; $1.00 per cloth-bound copy. and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. copy. Group subscriptions in the United States Space for plotting through 1948. April 1947 for 10 or more copies to one address, 15 cents per edition. 24 pages. 50 cents per copy; in quancopy per month, or $1.50 for 12 months. tities of 10 or more copies for single shipment, 35 cents each. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per POSTWAR ECONOMIC STUDIES. (8 pamphlets.) annum, or $1.00 per copy. In quantities of 10 or No. 1. Jobs, Production, and Living Standards. more copies of a particular issue for single ship- No. 2. Agricultural Adjustment and Income. ment, 75 cents each. No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. DIGEST OF RULINGS to October 1, 1937. Digests of No. 5. Private Capital Requirements. Board rulings, opinions of the Attorney General No. 6. Housing, Social Security, and Public and court decisions construing the Federal Re- Works. serve Act, with compilation showing textual No. 7. International Monetary Policies. changes in the Act. 683 pages. $1.25 per copy. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on bank- The price for the set of eight pamphlets is $1.25; ing and monetary subjects by members of the 25 cents per pamphlet, or, in quantities of 10 or Board's staff. August 1941; reprinted March more for single shipment, 15 cents per pamphlet. 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of or more copies for single shipment, 50 cents each. banking, monetary, and other financial develop- Paper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound), as listed on page 1577 of the December GROUND AND INTERPRETATION. 25 cents per copy; 1947 BULLETIN. in quantities of 10 or more copies for single shipment, 15 cents each. PROVISIONS OF STATE LAWS RELATING TO BANK RE- SERVES as of December 31, 1944. 1945. 30 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations * A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN. with amendments. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS THE STRUCTURE OF INTEREST RATES ON BUSINESS (From Federal Reserve Bulletin except as otherwise indicated) LOANS AT MEMBER BANKS, by Richard Youngdahl. July 1947. 17 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert R. MEMBER BANK LOANS TO SMALL BUSINESS, by Koch. March 1947. 11 pages. Charles H. Schmidt. August 1947. 16 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- BUSINESS LOANS OF MEMBER BANKS. From March, MENT FINANCING, by Frieda Baird. March 1947. May, June, July, and August 1947 issues of 6 pages. BULLETIN. 80 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL THE BRITISH CRISIS. September 1947. 12 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. March ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 1947. 9 pages. AND BUSINESSES. September 1947. 2 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC FINANCIAL POSITION OF MANUFACTURING AND TRADE DEBT BY BANKS. April 1947. 4 pages. IN RELATION TO SIZE AND PROFITABILITY, 1946, by Albert R. Koch and Charles H. Schmidt. NEW GUATEMALAN BANK LAW, by David L. Grove. September 1947. 12 pages. April 1947 BULLETIN with translation of new Bank Law. 39 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen. May STERLING IN MULTILATERAL TRADE, by J. Burke 1947. 20 pages. Knapp and F. M. Tamagna. September 1947. 8 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 COMMERCIAL BANK LOANS TO FARMERS, by Tynan pages. Smith and Philip T. Allen. October 1947. 13 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS, by Tynan Smith. June 1947. 17 FINANCIAL POSITION AND BUYING PLANS OF CONpages. SUMERS, July 1947. October 1947. 4 pages. SURVEY OF CONSUMER FINANCES—I. EXPENDITURES POSTWAR BANK CREDIT PROBLEMS, by Marriner S. Eccles. October 1947. 5 pages. FOR DURABLE GOODS AND INVESTMENTS. June 1947. 17 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND CONTROLS, by Marriner S. Eccles. December SURVEY OF CONSUMER FINANCES—II. CONSUMER IN- 1947. 8 pages. COMES AND LIQUID ASSET HOLDINGS. July 1947. 15 pages. FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by Philip T. Allen. December 1947. 6 pages. SURVEY OF CONSUMER FINANCES—III. CONSUMER SAVING IN 1946 AND OWNERSHIP OF SELECTED FARM PRODUCTION LOANS AT COMMERCIAL BANKS, NONLIQUID ASSETS. August 1947. 12 pages. by Herman Koenig and Tynan Smith. December 1947. 8 pages. SURVEY OF CONSUMER FINANCES. From the June, July, and August 1947 issues of BULLETIN. 44 THE STRUCTURE OF INTEREST RATES ON COMMERpages. CIAL BANK LOANS TO FARMERS, by Richard Young- RETAIL CREDIT SURVEY—1946. From July 1947 dahl. December 1947. 10 pages. BULLETIN with supplementary information for BANK LOANS TO FARMERS. From the October and nine separate trades. 40 pages. (Also, RETAIL December 1947 issues of BULLETIN. 36 pages. CREDIT SURVEY—1942, 1943, 1944, and 1945. From the July 1943, June 1944, May 1945, and BANKING ASSETS AND THE MONEY SUPPLY SINCE June 1946 BULLETIN, with supplementary infor- 1929, by Morris A. Copeland and Daniel H. Brill. mation for separate trades.) January 1948. 9 pages. MARCH 1948 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ==== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES TAT BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis