Federal Reserve Bulletin, 1948-04

F E D E R AL E S E RV BULLETIN APRIL 1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT, APRIL 13, 1948* Mr. Chairman and Members of the Committee: engulfed by the economic and social problems which grow more menacing the longer the establishment When I testified before this Committee last Noof a firm basis for permanent peace is delayed. vember 25, I emphasized that I was speaking only for the Board of Governors of the Federal Reserve MONETARY SITUATION IN NOVEMBER System. In presenting a further statement today Last November the country was faced with rapcovering the monetary and credit situation as it has idly mounting inflationary pressures. The issue developed in the intervening four months, I am then was how to curb inflationary forces by striking again speaking only on behalf of the Board. directly at the basic cause, namely, an effective We, of course, do not participate in the Govern- demand—composed of spending out of past savings, ment's military or rearmament planning or in the current income and new credit—in excess of the formulation of programs for foreign relief. Ac- over-all supply of goods and services. As pointed cordingly, what the Board has authorized me to say out in the Board's statement to this Committee, with regard to the impact on our economy of mili- correction of inflation at its advanced stage had to tary and relief expenditures is said solely from the be on a broad front; fiscal policy had to be our main standpoint of the implications so far as monetary reliance; and monetary and credit policy was suppleand credit policies are concerned. We feel that in mentary to other fundamental actions. The Board any effort to deal with monetary and credit prob- felt then, as it feels now, that effective monetary lems under the situation now existing, we should and credit policy would require legislation to proclearly recognize the alternatives before us and the vide the Federal Reserve System with new powers economic consequences of expanding military out- that would serve as a partial substitute for those lays superimposed upon the present large budgets traditional powers which had become largely unfor military purposes and for our program of world usable in view of the huge public debt. aid. The essential monetary fact in the inflationary Never in our memories has the world been per- situation at that time was the amount of liquid vaded by greater fears, confusion, and discourage- purchasing power in the hands of the public, that ment, arising chiefly because of the disappointments is, currency, bank deposits and Government secuof the past and the uncertainties of the future. The rities, aggregating in all about 254 billion dollars, great hopes we had during the war for achieving a or more than three times the amount held in 1940. lasting peace in a prosperous world have been This amount of cash or cash equivalent was in large steadily diminished because a few ruthless and part inherited from the financing of the enormous despotic men hold a sword of Damocles over the Federal deficits incurred in preparation for. and heads of free peoples throughout the world. It is prosecution of global war. Not only did we have difficult, if not impossible, to plan for a rational this huge volume of cash or cash equivalent already economic future either at home or abroad while available last November, but at that time, despite that sword hangs over us. the anti-inflationary influence of the Government's We think that the prospect of removing the threat large budgetary surplus, the amount of liquid funds by peaceful means will be immeasurably enhanced was being rapidly increased as a result of bank the sooner we assert our moral and physical power credit expansion to finance businesses and indito estahlish the foundations for peace before we are viduals as well as State and local governments. Because of the necessity for protecting the Gov- * Presented by Marriner S. Eccles before the Joint Committee on the Economic Report on Apr. 13, 1948. ernment's fiscal and debt management position by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT maintaining an orderly and stable market for Gov- accorded generally with expectations held at that ernment securities, the Federal Reserve System was time. Fiscal and monetary operations together effecthen and still is unable to restrain effectively further tively offset factors increasing bank reserves during monetary expansion. The commercial banking sys- the period, such as the inflow of gold, return of tem held nearly 70 billion dollars of Government currency from circulation and purchase by the securities, which were being converted into addi- Federal Reserve of Government securities from tional bank reserves through sales to the Federal nonbank investors. During the four-month period, Reserve. In addition, the System was providing December through March, the Federal Reserve purreserves to banks by purchasing Government secu- chased 8.6 billion dollars of Government securities, rities sold by nonbank investors. Finally, bank largely bonds, and sold in the market 6.3 billion reserves were being substantially augmented by a of securities, chiefly bills and certificates. The Govheavy inflow of gold. ernment retired 3.9 billion dollars of its securities In brief, the banks at that time were in a position held by the Reserve System. The net result of these to supply unlimited amounts of additional credit, operations was to reduce Federal Reserve holdings and in the face of strong demands for additional by 1.6 billion dollars and thus to keep the bank credit from all sources further rapid monetary ex- reserve positions under pressure during this period. pansion was occurring, intensifying existing infla- The combined effect on the money supply of tionary pressures. This situation was potentially Treasury and Federal Reserve operations, which explosive because production and employment were were only made possible by the large budgetary close to the maximum then possible. surplus, was strongly anti-inflationary. The money supply was contracted by nearly 4 billion dollars. CHANGES SINCE NOVEMBER Commercial bank loan expansion was sharply cur- Last November we expected some abatement of tailed, partly reflecting fiscal and monetary developinflationary pressures in the first quarter of this ments, partly reflecting the effectiveness of warnings year. Such a situation developed. It was recognized by banking supervisors and the success of the that there would be a large volume of funds drawn bankers' own program of voluntary restraint, and from the banks by business and individuals in order partly reflecting the usual seasonal slack in business to pay taxes which would result in a large cash loan demand during the first quarter. surplus available to reduce the public debt. It was Concurrently with these developments, the world also recognized that the existing and contemplated crop outlook has become more promising and prices program of monetary and credit policy would have of farm products and foods have declined. In addisome restrictive effect. The program, which was tion, productive activity generally has held close carried out, included the statement by the bank to maximum levels. These developments have exsupervisory agencies, urging the banks to be more erted an anti-inflationary influence. restrictive, the lowering of Federal Reserve support PROSPECTIVE MONETARY AND CREDIT SITUATION levels for Government securities late in December, a slight rise in rediscount rates early in January, Notwithstanding these salutary developments, it and some increase in reserve requirements for cannot be said that inflationary dangers have been banks in New York and Chicago in February. removed. Farm prices, though lower than they were, The banking fraternity, recognizing the dangers still continue firm, even though at present levels in rapidly expanding bank credit and the need they are much higher relatively than prices of most for restraint, undertook a nation-wide educational other commodities. Current and backlog demands program to bring about restriction by voluntary for many goods continue to be very strong. Prices of means. Finally, there was a widespread belief industrial products, wages, rents, transportation and that the supply of goods in many fields was gradu- some other services are still advancing. The money ally catching up with deferred demands and that supply, though contracted by an estimated 4 billion favorable crop developments would combine to dollars, remains excessive in relation to total prodlessen inflationary pressures by the spring of this uct. Public holdings of cash or cash equivalent years. available for spending are nearly as large as last Monetary developments since November have fall—250 billion dollars compared with 254 billions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT —and continue to be broadly distributed among During the last three quarters of the year, it is holders. Commercial banks, though obliged to sell estimated that the budgetary deficit may exceed some securities to offset shrinking deposits, still hold 3 billion dollars. (In view of large tax receipts in 66 billions of Government securities, which are the first quarter of 1949, however, there may be readily convertible at the banks' discretion into re- a small budgetary surplus for the twelve-month serves. Upon these reserves a six-to-one expansion period beginning with April 1 of this year.) It is of bank credit and deposits can be built. To the also estimated that continued sales of savings bonds extent that the monetary gold stock is increased and and other public debt receipts will approximately Government securities are sold to the Federal cover voluntary redemptions of public debt by Reserve by nonbank investors, still more reserves holders of maturing issues. The current deficit will would be created. These additional reserves could need to be financed by drawing on Treasury dealso support an inflationary six-to-one expansion posits which have been built up by tax receipts of bank credit. during recent weeks, or by borrowing in the market. On the basis of the monetary situation alone, Under these circumstances, there can be no net there would still be a dangerous inflationary po- retirement of Government securities held by the tential, even if no further impetus were given Federal Reserve System. To the extent that the to inflationary pressures by other forces. However, Treasury may need to borrow new money, it probupward pressures are now in prospect as a result ably will have to be obtained largely from the of several important new factors. One of these is banking system. the tax reduction bill. This bill will add about During the next few months Treasury use of 5 billion dollars to the purchasing power of the accumulated balances with Federal Reserve Banks public and take away a like amount from Federal will add to bank reserves, which will also continue revenues in the next fiscal year. The international to be augmented by the inflow of gold and possibly financial obligations which we have now accepted by further Federal Reserve purchases of Governare another factor likely to add many billions to ment securities from holders wanting funds for Government expenditures in the future. The ex- other uses. These last two factors may operate for panding program of military preparedness will a long time in the future. If the international outfurther increase the budget burden for next year look does not improve, Government deficits may and future years by still more billions. Stemming continue and even increase substantially, and banks from these developments, on top of existing infla- may be called upon to purchase additional Governtionary conditions, is a rapidly changing public ment securities. Under these conditions, the Federal psychology with respect to the inflationary outlook. Reserve would find it difficult, and perhaps impos- Businesses and consumers will be more disposed sible, to sell Government securities in order to abto use existing liquid resources and to expand their sorb bank reserves without seriously upsetting the borrowings to finance current expenditures. The market for such securities. prospect is that the demand for new financing, Prospects are, therefore, that in the future gold aside from Government requirements, will exceed inflow and Federal Reserve purchases of securities the supply of available savings. This would mean, in maintaining an orderly market for long-term that many in need of financing will turn to the Treasury bonds will further increase bank reserves. banks for credit. A growth in the total volume of Banks would thus be in a position to expand loans bank credit and money, under such a situation, and investments for private purposes and this would can only add to inflationary pressures. Moreover, mean still more inflationary expansion of the money these pressures would be aggravated if the demands supply. To restrain such potential expansion, the of the defense and foreign aid programs for goods Federal Reserve would have to take action to abwhich are already in short supply further reduce sorb any excessive volume of reserves. Two types the quantities available to the public. of measures should be adopted: (1) Interest rates The Government's fiscal operations for the bal- on short-term Treasury securities and discount rates ance of the calendar year 1948 are likely to show a should be permitted to rise to the extent possible budgetary deficit which would eliminate the only without raising rates on long-term bonds; and remaining important anti-inflationary influence. (2) To the extent that this action is not adequately Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT restrictive, the Federal Reserve should have the properly be limited to 25 per cent of aggregate power to increase reserve requirements substan- demand deposits and 10 per cent of time deposits. tially to cover at least any growth in the total supply To be effective and equitable, it should apply to of reserves. all commercial banks. A detailed description and The first of these measures, which could be analysis of the Board's special or optional reserve adopted by the Federal Reserve and the Treasury proposal was submitted to the House Committee without any new legislation, would be designed on Banking and Currency and has been published to induce banks to purchase short-term Government in the Federal Reserve BULLETIN. securities and to discourage extension of credit to To the extent that it may become necessary to private borrowers. Policies during the past year rely upon the banks for any new Government fihave moved in that direction about as fast as is nancing operations, the optional reserve requirement feasible without unduly upsetting the market. would be an especially valuable instrument. And There are limits, however, to such a course. Short- in the case of large-scale deficit financing, it would term rates probably cannot be raised much more be essential. In such financing, it would be adwithout unsettling the 2/4 per cent rate for long- visable to make available to banks only short-term term Treasury bonds. Moreover, it is doubtful how securities. Application of the optional reserve remuch any rate that is feasible will deter banks from quirement would have the effect of immobilizing making loans to private borrowers or purchasing these securities so that they could not be used to higher rate securities. obtain reserves to pyramid new bank assets upon them on a six-to-one ratio. In other words, securities NEED FOR ADDITIONAL POWERS issued in new Treasury financing through banks Accordingly, the Board believes that the System would be tied to the deposits created by their purshould be given authority to increase the reserve chase. A ready market for short-term Governments requirements of all commercial banks. For the pres- would be assured and the Treasury would be helped ent this authority should make it possible for the in successfully carrying out both its refunding oper- System to require all commercial banks to maintain ations and its deficit financing. At the same time, primary reserves with the Reserve System amount- the Federal Reserve would be enabled to exercise ing to 10 per cent pf aggregate demand deposits and some restraint upon the money market for private 4 per cent of time deposits in addition to present credit. requirements. This would give to the Reserve Sys- The dominance of public debt in the present tem power to increase bank reserves in the aggre- credit situation has rendered the System's tradigate by a maximum of about 12 billion dollars. tional powers generally unusable for purposes of An authority of this amount would enable the restraining further inflationary credit expansion. System to absorb the reserves that are likely to The Reserve Board is not now seeking additional arise from gold acquisitions or from necessary power beyond what it formerly possessed; it is System purchases of Government securities sold merely pointing out that the System has little or by nonbank investors over the next few years. no authority to deal with the credit situation as it In case banks should persistently follow the prac- currently exists and seems likely to develop. If the tice of selling Government securities to the Federal Congress wants the Federal Reserve System to per- Reserve in order to expand private credits, not- form the functions for which it was established, withstanding higher short-term interest rates and the System must have a substitute or at least a increased primary reserve requirements, then the partial substitute for those powers that have be- System should be granted supplementary authority come unusable. The Board feels that it would be to impose a special reserve requirement along the remiss if it failed to bring this matter to the attenlines proposed by the Board last November. This tion of Congress. type of authority may be described as an optional There is no simple way of holding in check bank reserve requirement because it could be held, at the credit expansion in excess of essential public and option of the individual bank, in specified cash private need. The problem should be met in a comassets or in short-term Government securities. bination of ways—by general credit controls and The maximum requirement under this plan could in particular areas by selective controls, such, for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT example, as reimposition of consumer instalment thus prevent the serious inflationary effects brought credit regulation, and the continuation of existing about by strikes. margin requirements on stock market credit. SITUATION NOW AND IN 1940 OTHER ANTI-INFLATIONARY ACTIONS The Board believes that any realistic appraisal The Congress is currently considering continu- of the economic outlook from the standpoint of ance of easy mortgage credit for housing. Easy monetary and credit policy must take account of mortgage credit is one of the most inflationary the underlying facts of the international situation. factors in the domestic credit picture. At the very During the war there was no doubt about the ultimost Government mortgage credit programs at this mate victory. The country looked forward confitime should be limited to relatively low cost housing, dently to an era of stability and peace following particularly for rental housing, and should be ac- the hostilities. Nearly three years after the end of companied by some restriction on other less es- fighting, however, we seem to be farther away from sential types of housing. The housing shortage can- these goals than ever. Our national debt still exnot be overcome by increasing the competitive ceeds 250 billions, or more than five times the prepressures on scarce supplies of materials and man- war total. Federal budgets have never fallen under power. They are the limiting factors on the volume 37 billions a year and we are confronted now with of construction. It is one thing to provide easy tiivi prospect of an expanding debt and budgets. credit facilities to encourage special types of resi- During the war we expected the peace to bring an dential construction activity under a system of allo- end to these enormous drains on our resources. cations and permits. It is quite another thing to Today, there is no end point in sight. Threatenprovide such encouragement in a free market al- ing as the inflationary potential was at the end of ready characterized by heavy accumulated demands the war, it is worse today. When we embarked and by strategic shortages in supply that are likely upon the defense program in 1940 we had a treto be intensified by the defense and world aid mendous slack in the labor force, with nearly programs. 12 millions fewer employed then than now. We had In restraining inflationary pressures under pres- surpluses of most raw materials, of unused indusent and prospective conditions, monetary and credit trial capacity, of housing, of foodstuffs, and of policies must be combined with fiscal and other countless other thing! The impact of our heavy governmental policies. The public should be given armament expenditures was not inflationary so long every possible assurance that the Government will as the total demand on our resources did not exceed protect the purchasing power of the dollar so that capacity. It rapidly became inflationary as civilian the public would be more willing to defer the purchasing power created by the expenditures began satisfaction of wants, particularly for houses and to exceed the available supplies of goods and durable goods. services. Wherever possible, Government expenditures that We held the excess purchasing power fairly well will add to pressures on the labor and capital goods in check while the war was on. We have now seen markets should be deferred, and State and local the consequences of premature removal of the governments should be requested likewise to defer harness of wartime controls. Even the one remainnonessential expenditures of this type. There should ing anti-inflationary force, that is, a large budgetbe early action to close loopholes in our tax laws ary surplus used to reduce our money supply, is no and to strengthen the tax collection machinery. longer in prospect. If the stage is reached at which Government expenditures again threaten to create large budgetary OVER-ALL POLICY ALTERNATIVES deficits, then a reimposition of wartime levels of On the basis of present trends, we believe that taxation and direct economic controls along the the country, sooner or later, has to choose between lines proposed by Mr. Baruch, for example, should three broad alternatives. be undertaken. If young men are to be drafted into First, we can continue on the present course of the military forces, then a way should be found providing essential foreign aid and of carrying out to keep men at work in essential industries, and a military program on a scale of, as yet, undeter- 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 Postwar Drain on Foreign Gold and Dollar Reserves. . 371-381 The Federal Reserve Chart Book as an Aid to Bank Management, by Charles H. Schmidt . 382-390 Britain's Economic Survey for 1948—Official Summary. 391-396 Revised Table on Department Store Sales and Stocks by Major Departments. 396 Law Department: Common Trust Funds. . 397 Margin Requirements . 397-398 Suit Regarding Condition of Membership. 398-402 Current Events and Announcements. . 402 National Summary of Business Conditions. 403-404 Financial, Industrial, Commercial Statistics, U. S. (See p. 405, for list of tables) . 405-462 International Financial Statistics (See p. 463, for list of tables) . 463-481 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 482 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 483 Federal Reserve Publications. 484-485 Map of Federal Reserve Districts. . 486 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 April 1948 NUMBER 4 THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES Foreign gold and dollar reserves were built liquid gold and dollar resources. Only a few up to an unprecedentedly high level during countries now hold gold and dollar reserves the war, when Lend-Lease operations were in an amount sufficient to provide them with taking care of a large proportion of foreign reasonable liquidity in their international requirements, especially in Europe, and when transactions. many countries in the Western Hemisphere The gold inflow into the United States and and elsewhere found it impossible to spend the liquidation of foreign dollar balances in their current dollar earnings because of sup- the United States have had significant exply shortages. Since the end of 1945, how- pansionary effects upon the domestic moneever, these reserves have had to be liquidated tary and credit situation. on a large scale, mainly to pay for United States exports which could not be financed UNITED STATES EXPORTS AND SOURCES OF in other ways. Total foreign holdings of FINANCING central gold reserves and of banking funds Since the end of the war foreign countries in the United States, which increased from have had to rely upon the United States to 15 billion dollars to nearly 23 billion during an unprecedented degree as a source of sup- 1939-45, declined again during 1946 and 1947 ply for food, raw materials, and manufacto around 18 billion. tured equipment and supplies. United States Although still larger in money terms than exports of goods and services amounted to before the war, in terms of purchasing power 15 billion dollars in 1946 and reached 20 bilforeign holdings of gold and dollars at the lion in 1947. Relief and reconstruction in end of 1947 were less than half what they large areas of Europe and the Far East have had been in 1938. Furthermore, the large absorbed immense quantities of these exports. concentration of reserves among a few coun- In addition, countries which escaped war tries, from which the world was already damage and disruption, notably those in the suffering before the war, has been accentu- Western Hemisphere, have made heavy deated in some respects by war and postwar mands upon United States production bedevelopments. Despite the additional source cause of their high levels of domestic income, of funds which has been provided to foreign their large deferred demands for many prodcountries through the creation of the Inter- ucts, and the slow recovery of other sources national Monetary Fund, most of the world of supply. finds itself very inadequately equipped with Less than half of total exports could be APRIL 1948 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES paid for currently by funds derived from made possible by the expanded physical caforeign sales of goods and services to the pacity of the United States to produce for United States. The balance, amounting to export, but it also reflected a substantial rise over 19 billion dollars during the two-year in export prices. Merchandise imports, on period, placed a heavy strain upon the vari- the other hand, were only slightly larger in ous sources of dollar financing available to 1947 than in 1946, and the entire growth was foreign countries. A summary table of the accounted for by increased import prices. international transactions of foreign coun- In relation to national income, imports into tries in 1946-47 affecting their gold and dol- the United States have been much smaller lar holdings is given at the end of this article than before the war. This lag in imports (p. 381). is primarily a reflection of production and United States exports, imports, and the supply difficulties abroad, particularly in export surplus in the eight quarters of 1946 Europe. Merchandise imports from Europe, and 1947 are shown in the accompanying which in the interwar years accounted for chart. Exports of goods and services were between 40 and 50 per cent of all imports 28 per cent larger in 1947 than in 1946. At of goods by the United States, amounted to the peak in the second quarter of 1947, they only 15 per cent of the total in 1947. The export surplus has been financed in UNITED STATES EXPORTS AND IMPORTS large part by grants and credits extended by OF GOODS AND SERVICES the United States Government, as may be seen in the chart on the following page. In fact, Government aid programs covered nearly one-third of total United States exports - TOTAL EXPORTS during the two years 1946-47. Of the net exports not financed from this source, some part has been paid for by an outflow of private gifts and investments from the United States; by loans from the International Bank, which commenced active operations in 1947; and by the liquidation of miscellaneous foreign-owned assets in the United States. Much the larger part, however, has necessitated drafts upon the gold and dollar reserves of foreign countries: i.e. their central gold reserves, their holdings (both official and private) of banking funds in the United States, and—since early in 1947—their drawing 1946 1947 rights upon the International Monetary SOURCE.—Department of Commerce. Fund. The drafts upon these reserves may were moving at an annual rate of 21 billion be regarded, from the point of view of fordollars. eign countries, as the final balancing item The marked increase in the dollar vol- in their transactions with the United States. ume of merchandise exports last year was In addition, foreign countries have had to 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES make drafts upon their gold reserves in the as a potential resource for making interprocess of setting up the Fund and establish- national payments, and in any case reliable ing their drawing rights upon that institu- data regarding them are not available. tion. Foreign banking funds in the United States represent a regularly reported statistical series MEANS OF FINANCING UNITED STATES NET EXPORTS OF GOODS AND SERVICES covering all short-term claims, i.e. deposits, short-term commercial paper, Treasury bills, etc., held by foreign residents with banks in the United States. They comprise both official funds (those held by foreign central banks and governments, including as a special item certain foreign government deposits •*— NET EXPORTS with the United States Treasury) and funds held for private foreign account. While private banking funds may not always be readily DOLLARS DRAWN FROM INTER-" NATIONAL MONETARY FUND available to a foreign country for the settlement of international payments, most coun- SALES OF GOLD TO UNITED tries are at present enforcing exchange con- STATES AND DRAFTS ON B S A TA NK TE IN S G ( F N U E N T D ) S IN UNITED trols which in effect accomplish this purpose. In any case, it is necessary to combine official and private funds for purposes of the present survey since these categories are not shown GOVERNMENT AID (NET) separately for individual countries in the regularly published data. 1946 1947 * The broken horizontal line in the third quarter of 1947 in- In addition to banking funds in the dicates net exports for the quarter. In this quarter, the estimated net drafts by foreign countries upon various sources of United States, foreigners hold relatively small dollar financing considerably exceeded estimated United States net exports. amounts of other short-term claims upon t Includes private United States donations and investments abroad, disbursements on International Bank loans, liquidation this country, e.g. advances to Government of other foreign assets in the United States, and errors and omissions. corporations and private enterprises, bal- SOURCE.—Based largely upon Department of Commerce data. ances with brokers and security dealers, and NATURE OF FOREIGN GOLD AND DOLLAR holdings of actual United States currency. RESERVES Private citizens abroad also hold large long- The specific categories of resources in- term investments in this country, some of cluded in "foreign gold and dollar reserves" which could be mobilized by foreign counform a convenient grouping for purposes of tries in case of need to settle balances with analysis even though they cannot be sharply the United States. Ordinarily, however, fordistinguished from other types of gold and eign countries are most reluctant to requidollar assets. sition and liquidate such assets, especially Central gold reserves, i.e. gold holdings of since they are the source of current dollar foreign monetary authorities, may be supple- income to the individual owners and to the mented in some cases by private gold hoards. country concerned. Under present conditions, however, foreign The advent of the International Monetary countries can scarcely rely upon such hoards Fund as an operating institution early in APRIL 1948 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES 1947 established a new category of inter- case of need—subscribed by member counnational reserves, the conditional drawing tries. Total dollar and gold subscriptions rights of member countries upon the re- so far amount to about 3.4 billion dollars, sources of the Fund. One of the basic pur- including 2,750 million in dollars and gold poses of the Fund as expressed in its Articles from the United States and about 670 million of Agreement is "to give confidence to mem- in gold from other member countries. This bers by making resources available to them sum is substantially smaller than the maxiunder adequate safeguards, thus providing mum theoretical drawing rights of the forthem with opportunity to correct maladjust- eign members now formally eligible to use ments in their balance of payments without the Fund's resources. Further amounts of resorting to measures destructive of national gold may be subscribed in due course by new or international prosperity." Hence, each members or by existing members that have country which becomes formally eligible to not yet established the parity of their curuse the Fund's resources—i.e. which fixes the rencies, but in such case drawing rights upon parity of its currency in agreement with the the Fund will also increase. Hence aggre- Fund, and thereupon pays up its subscription gate drawing rights for dollars will always to the institution—is given a qualified right to exceed the Fund's ability to supply that curpurchase exchange from the Fund against rency. Nonetheless, the Fund's gold and dolpayment in its own currency. lar resources are certain to last under any cir- These "drawing rights" are subject to cumstances for a period of several years, if specified limitations upon the total amount only because of the quantitative limitations of each country's purchases and the rate at upon the rate of drawings by individual which they can be made. Even within these member countries. While these limitations quantitative limitations, access to the Fund's can be waived in specific cases by the Execuresources is not automatic. In the words of tive Board of the Fund, such waivers are an official interpretation issued by the Fund's likely to be granted only in exceptional cir- Executive Board, drawings should be limited cumstances. "to use in accordance with its [the Fund's] purposes to give temporary assistance in GOLD INFLOW AND FOREIGN GOLD RESERVES financing balance of payments deficits on Net sales of gold by foreign countries to current account for monetary stabilization the United States, as may be seen from the purposes." Thus drawings are expected to table on the following page, amounted to be made only if they can be repaid within a more than 3.5 billion dollars in the two reasonable period of time. Subject to these years 1946-47. The inflow remained modvarious qualifications, the drawing rights of erate during 1946, when Government aid member countries upon the Fund constitute programs alone covered two-thirds of United a contingent international reserve supple- States net exports. In 1947, however, with menting their independent holdings of gold the export surplus greatly expanding and and foreign exchange. with Government aid programs providing It should also be noted that the Fund's only half of the necessary financing (or ability to supply dollars to its members is about the same absolute amount as in 1946), limited to the amount of dollars—and gold, net sales of gold to the United States approxiwhich could be converted into dollars in mated in each quarter the entire amount 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES received in the previous calendar year. By The aggregate gold holdings of foreign the end of the year several countries which monetary authorities amounted to 16 billion had been large sellers of gold were approach- dollars at the end of 1945, but to only 12.9 ing exhaustion of their holdings. As a result, billion by the end of 1947, reflecting a net the inflow slackened considerably in the first loss of 3.1 billion within the space of two quarter of 1948. years. During the same period foreign coun- Almost all gold transactions between the tries derived about 1.8 billion dollars in gold United States and foreign countries are con- from new production, so that there is a gross ducted through official channels and conse- loss of 4.9 billion to account for. Net sales of gold to the United States came to 3,540 million dollars, and foreign gold contribu- NET SALES OF GOLD BY FOREIGN COUNTRIES TO UNITED STATES, 1946-1947 tions to the International Monetary Fund [In millions of dollars] amounted to 670 million. The remaining Period Amount sum of around 700 million presumably represents net industrial consumption and accre- 1946—Jan.-Mar 269 Apr.-June 46 tions to private hoards in foreign countries, July-Sept 94 Oct.-Dec 295 but this is a residual figure for which no Total, 1946.. . 705 degree of precision can be claimed. 1947—Jan.-Mar 632 At the end of 1945, when the total central Apr.-June 778 J O u c l t y . - -D Se e p c t 6 7 6 6 3 3 gold reserves of the world amounted to Total, 1947 2,836 about 36 billion dollars, some 55 per cent Total, 1946-47... 3,541 was held by the United States and about 45 1948—Jan.-Mar 1344 per cent by foreign monetary authorities. At the end of 1947, the total figure had 1 Partly estimated. NOTE.—Net sales of gold by foreign countries to the United reached more than 37 billion dollars. Over States can usually be measured with reasonable accuracy by adjusting the reported net imports of gold into the United States 60 per cent was then held by the United for (a) changes in gold under earmark for foreign account at the Federal Reserve Banks; and (b) gold transactions between the States, 35 per cent by foreign monetary au- United States and the International Monetary Fund, which have so far consisted solely of the payment of the United States thorities, and 4 per cent by the International gold subscription to the Fund in February 1947. The reported import and export data include gold consigned to, and shipped by, the Fund; but the figures for gold under earmark also include Monetary Fund. gold owned by the Fund, so that gold transactions by foreign countries with the Fund, or shifts of gold by the Fund between its The recent pattern of world gold transdepositories in this country and abroad, cancel out in this calculation. actions has been dominated by direct trans- This method has been followed in deriving the figures in this table, except that a special adjustment has been made in the fers from foreign central reserves to the figures for the last quarter of 1946 and the first quarter of 1947 to correct an unusually large distortion arising at that time from United States. Hence, although data for lags in the reported statistics. sales of gold to the United States are not quently are reflected in changes in the central published by countries, the principal foreign gold reserves of foreign countries. The gold sellers can be readily identified from changes holdings of foreign monetary authorities are in the gold holdings of individual foreign also affected, however, by new gold produc- countries. The table on the following page tion, industrial consumption, and move- presents data showing the changing distribuments in private hoards in foreign coun- tion of foreign gold reserves during the past tries. In addition, there was in 1947 the two years. special factor of foreign gold subscriptions In 1946 France was the only country that to the International Monetary Fund. sustained a major loss of gold, and this was APRIL 1948 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES largely offset by gains on the part of the Sweden, and others which were relatively United Kingdom and Canada. Other scat- severe for the countries concerned, resulted in tered changes, including losses by Mexico, a net loss from foreign central reserves of some 225 million dollars during the year. CHANGE IN FOREIGN CENTRAL GOLD RESERVES, 1946-1947 * There was a sharp acceleration of foreign [In millions of dollars] gold losses early in 1947, with gold subscriptions to the International Monetary Fund Gold Increase or Gold Area and country r a e t s e t r h v e e decrease (—) r a e t s e t r h v e e contributing to the movement. The losses end of end of 1945 1946 1947 2 1947 during the year were very widespread; only the U.S.S.R., as a result of the retention of Countries participating in European Recovery Program most of its new domestic production, regis- (other than United Kingdom): France (and dependencies). 1,577 -688 -319 570 tered any substantial gain. Over 1.2 billion Switzerland 1,342 88 -74 1,356 Belgium (and Belgian dollars was lost by the countries of Conti- Congo) 749 2 -138 613 Sweden 482 -101 -276 105 nental Europe which are scheduled to par- Netherlands (and N. W. Indies) 421 -5 -161 255 ticipate in the European Recovery Program; Norway 100 -9 -19 72 Other ERP countries 1,036 -3 -251 782 this amount included a further large loss by Total 5,707 -716 -1,238 3,753 France, which brought that country's total U.S.S.R » . 2 250 150 175 2 575 Other Continental Europe 690 2 -4 688 liquidation of gold during 1946-47 to more United Kingdom4 1,966 445 -386 2,025 than a billion dollars. The United Kingdom, Union of South Africa 914 -26 -177 762 Other sterling area5 471 -26 1 446 South Africa, and Canada all became losers Canada 361 182 -249 294 of gold in 1947, in contrast to their gains in Latin America: Argentina 1,197 -125 -783 289 the previous year, accounting together for Brazil 354 354 Cuba 2 1 9 9 4 1 -11 3 3 5 -8 5 1 3 2 1 7 00 9 losses of over 800 million dollars. Argen- Other Latin America 732 22 -123 631 tina, which sustained only a minor loss of Total 2 768 -181 -934 1,653 gold in 1946, experienced a major gold out- Rest of world6 828 -107 -36 685 flow in 1947, none of which represented a Total for countries with net gains during year... 997 273 contribution to the International Monetary Total for countries with net losses during year. . . -1,223 -3,121 Fund since Argentina is not a member of Net total 15,955 -226 -2,848 12,881 that institution. Other losses in Latin Amer- 1 Data have been partly estimated in the case of some countries ica, notably by Mexico, Colombia, and Uruwhich do not issue full reports concerning their gold holdings. 2 Decreases in 1947 include nearly 670 million dollars of foreign guay, partly offset by a relatively substantial gold contributions to the International Monetary Fund, including 210 million by the United Kingdom, 80 million by France,74 gain on the part of Cuba, brought total gold million by Canada, 69 million by the Netherlands, and 56 million by Belgium. losses by that area during the year to nearly 3 All the data for the U.S.S.R. are conjectural. Russian gold reserves at the middle of 1947 were estimated very roughly at 2.5 a billion dollars. billion dollars in a recent report to the Senate Committee on Finance by the National Advisory Council (see BULLETIN for In summary, the major changes in the February 1948, p. 164). The figures in this table have been derived from this base, making allowance for estimated new distribution of foreign gold reserves in the domestic production and for such exports of gold from the U.S.S.R. as 4 h T a h v e e g b o e l e d n r r e e s p e o rv r e te s d o . f the United Kingdom have been estimated past two calendar years have been the disby deducting from British reports concerning their combined official holdings of gold and United States dollars, the amount of placement of France and Argentina from British official dollar balances as reported by banks in the United States. their status as major gold holders in the 5 Includes Egypt throughout, although Egypt withdrew from the sterling area in July 1947. world, and relatively heavy encroachments 6 China is known to have been the principal loser of gold reserves in this group in 1946-47, as a result of gold sales in its domestic on the reserves of other countries, including market. There are no published reports concerning China's central gold holdings, but these holdings at the end of 1947 were estimated notably Sweden, the Netherlands, and Mexat 96.5 million dollars in a report submitted to the Congress by the Department of State on Feb. 20, 1948, in connection with the ico. On the other hand, the U.S.S.R. added proposal for a Chinese aid program. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES moderately to its stocks during the two-year the United States came to only about 2.2 period, while the two other principal gold billion dollars in 1946-47 (something over holders outside the United States—the United one billion in each year). Kingdom and Switzerland—showed little Most of the countries in the world liquichange over the period as a whole. Whereas dated dollar balances during the two years, at the end of 1945 these three countries had but these losses were partly offset by gains held only about 35 per cent of foreign central on the part of a few countries. As shown gold reserves, by the end of 1947 they held in the table on the following page, Canada 46 per cent of a substantially smaller total. alone accounted for around 30 per cent of the losses; the other principal losers were LIQUIDATION OF FOREIGN BANKING FUNDS IN China, the United Kingdom, and France. UNITED STATES These four countries accounted for the Concurrent with the net flow of foreign entire net loss; smaller gains and losses by gold to the United States, foreign countries other individual countries were mutually as a whole have been making steady and offsetting. At the same time, many of the substantial drafts upon the dollar balances smaller changes were relatively very imwhich they accumulated during the war in portant to the countries concerned, e.g. the the form of banking funds in the United losses by Sweden, the Netherlands, and Nor- States. As may be seen in the accompanying way, and the gain by Cuba. It may be noted chart, official funds (those held by foreign that the changes shown in the table on the monetary authorities) declined by 2.5 billion following page are roughly representative of dollars, or 58 per cent, during the two years movements in official balances. The increase 1946-47. The aggregate amount of private in private balances during 1946-47 was difdollar banking funds, on the other hand, has fused throughout the world and hence did continued a moderate expansion, so that the not greatly affect the position of any indinet loss in total foreign banking funds in vidual country.1 If the drafts on foreign banking funds are FOREIGN SHORT-TERM BANKING FUNDS considered in conjunction with the changes IN THE UNITED STATES in gold reserves in 1946-47, the main new BILLIONS OF DOLLARS END OF MONTH FIGURES point which emerges is that Canada and the A- United Kingdom, while avoiding net drafts /r TOTAL - / on their gold holdings during the period as a whole, did find it necessary to resort to /r \ heavy liquidation of dollar balances. The same was true of Brazil and the Philippines. OFFICIAL r V France and China, on the other hand, along ^^— with Sweden, Norway, and the Netherlands, N - ., PRIVATE -•^ —ly found it necessary to liquidate relatively fsubstantial amounts of dollar balances in tf"""* OFFICIAL HOLDINGS 1 While data are not ordinarily published showing the dis- AND CERTIFICATES tribution of official and private balances, separately, by countries, an exception was made in a report presented to the Senate Committee on Finance by the National Advisory Council on * Beginning June 1942, official funds include all short-term Dec. 18, 1947. A table contained in that report shows the disfunds held with banks and bankers in the United States by tribution of these balances for all foreign countries holding foreign central banks and governments and their agencies, part significant amounts as of June 30, 1947 (see BULLETIN for of which had previously been included in private funds. February 1948, p. 164). APRIL 1948 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES addition to gold during this period. Switzer- Argentina the increase in dollar balances conland, Cuba, and Argentina made the largest stituted a partial offset to a very heavy loss net gains in dollar holdings over the two- of gold. year period 1946-47; the first two countries Considering gold and dollar balances toalso gained some gold, but in the case of gether, France and Canada were the heaviest losers in 1946-47, accounting for 1.3 billion CHANGE IN FOREIGN BANKING FUNDS IN THE UNITED STATES, and 1.0 billion dollars, respectively. Argen- 1946-1947x tina followed with a loss of three-quarters of [In millions of dollars] a billion, and Sweden and China with over Hold- Increase or Hold- half a billion each. The countries scheduled ings decrease (—) ings Area and country at at end of end of to participate in the European Recovery Pro- 1945 1946 1947 1947 gram, other than the United Kingdom and Countries participating in Switzerland, accounted together for about European Recovery Program (other than United Kingdom): half of the net foreign losses of gold and dol- France (and dependencies). 2 518 -223 -100 195 Switzerland 304 69 73 446 lar balances during the two-year period. At Belgium-Luxemburg (and Belgian Congo) 247 -36 -43 168 Sweden 210 -37 -114 59 the end of 1945 this group held over one- Netherlands (and N. W. Indies) 310 -69 -83 158 quarter of the outside world's central gold Norway 216 —92 -68 56 Other ERP countries 275 211 -61 425 reserves and dollar banking funds, but by the Total 2,080 -177 -396 1,507 end of 1947 it held less than one-fifth of a U.S.S.R. . 28 32 14 74 substantially smaller total. Other Continental Europe 77 49 27 153 United Kingdom (and dependencies) 755 -217 -139 399 DOLLAR DRAWINGS UPON THE INTERNATIONAL Union of South Africa 6 41 i 46 Other sterling area3 . . 106 40 7 153 MONETARY FUND Canada and Newfoundland.... 21,366 -432 -524 410 The International Monetary Fund became Latin America: A Br r a g z e i n l tina .... 19 7 5 7 — 3 2 6 1 - 1 6 2 9 3 2 1 3 0 6 5 an operating financial institution on March 1, Mexico 116 36 -13 139 Cuba 128 25 82 235 1947, the date upon which it became ready Other Latin America 492 -4 -9 479 to engage in exchange transactions with Total 1,008 72 114 1,194 member countries. The following table lists Philippine Republic 629 * -182 42 489 China s 768 -336 -202 230 the dollar drawings that were made upon Rest of world 246 48 -97 197 the Fund during the remaining ten months Total for countries with net gains during year 720 554 of the year. Total for countries with net losses during year. . . -1,782 -1,709 Net total 7,069 -1,062 -1,155 4,852 DOLLAR DRAWINGS ON INTERNATIONAL MONETARY FUND [In millions of dollars] 1 For more complete information concerning the movement of foreign banking funds in the United States, see regular tables on Maximum drawing Amount pp. 480-81 of this BULLETIN. Country right in any drawn 2 The regularly reported figures for Canada and France at the twelve-month period in 1947 end of 1945 have been adjusted to allow for the fact that on that date certain special funds were being held by Canada on behalf of France. This arrangement was terminated during 1946. United Kingdom 325.0 240.0 3 Includes Egypt throughout, although Egypt withdrew from the France 131.3 125.0 sterling area in July 1947. Netherlands 68.8 46.0 4 Includes the use of 111 million dollars during 1946 for redemp- Belgium 56.3 11.0 tion of excess stocks of Philippine currency held by the United Mexico 22.5 22.5 States armed forces in the Philippines. To this extent the decline Denmark 17.0 3.4 in^dollar reserves was matched by a reduction in the foreign Chile 12.5 8.8 liabilities of the Philippines. Turkey 10.8 5.0 « The regularly reported figure for China at the end of 1945 has been adjusted to include official Chinese holdings on that date Total 1461.7 of 186 million dollars of United States Government securities maturing in slightly more than one year and therefore falling outside the strict definition of "short-term" banking funds. 1 The only non-dollar transaction in which the Fund engaged These holdings were converted into "short-term" United States during the year was the sale to the Netherlands of 1.5 million Government securities during 1946. pounds sterling (equivalent to 6.0 million dollars). 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES The principal drafts, amounting to more amount represented by their gold subscripthan half the total, were made by the United tions. Hence the Fund's gold and dollar re- Kingdom. These occurred during the last sources still exceed the amount initially conmonths of the year, when the United King- tributed by the United States. dom found itself under particular pressure as a result of the temporary suspension of EFFECTS UPON MONETARY FACTORS IN THE drawings upon its credit with the United UNITED STATES States Treasury. Large drawings were also The liquidation of foreign gold and dollar made by France, which has had to resort to reserves in partial payment for United States a wide variety of sources for dollar financing exports has had certain direct expansionary during the past two years. Mexico, although effects upon monetary factors in the United its drawings were relatively small, was the States. only country that exercised its maximum The most obvious example is the net purdrawing right during 1947. chase of 3.5 billion dollars in gold from In general, the scale of foreign drafts upon foreign countries in the two years 1946-47. the Fund's resources may be said to have This newly-acquired gold was "monetized'7 been moderate during 1947. After allowing through the issuance of gold certificates to the for member countries that remained ineliaccount of the Federal Reserve Banks, and gible to draw upon the Fund because of the had the effect of expanding by a correspondlack of an agreed exchange rate, the remaining amount the reserves of the Federal Reing foreign members could have drawn about serve Banks, the reserves of commercial one billion dollars during the year without banks, and the deposits of commercial banks. exceeding the quantitative limitations to The result was to add substantially to the which each is subject. But of the 27 member capacity of the banking system to extend countries that were formally eligible to draw credit. during 1947, only eight actually resorted to The net reduction in foreign banking funds the Fund's resources. This may be taken in the United States over the two years 1946as evidence both of self-restraint on the part 47 may be accounted for entirely by the deof foreign members and of vigilance on the cline of about half a billion dollars in deposits part of the Fund's Executive Board in seeing held by foreign central banks and governthat the Fund's resources are used only for ments with the Federal Reserve Banks and by purposes consistent with the Fund's Articles the liquidation of about 1.7 billion in foreign of Agreement. holdings of short-term United States Govern- It may be added that during the first quarter of 1948 total dollar drawings from the ment securities. Movements in other types Fund amounted to a further 132 million of foreign banking funds were small and dollars, of which 60 million was taken by mutually offsetting. the United Kingdom. Although by now a A decline in foreign deposits with the few individual countries, notably the United Federal Reserve Banks has the same expan- Kingdom and France, have made drawings sionary effects upon the commercial banking on the Fund in excess of their initial gold system as an inflow of gold which becomes subscriptions, foreign countries as a whole monetized by the Treasury. Commercial have still drawn fewer dollars than the bank reserves and deposits increase by an APRIL 1948 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR. DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES equal amount, and a further multiple ex- less funds available to retire marketable debt, pansion of bank credit becomes possible. particularly that held by the Reserve Banks, In the case of foreign liquidation of short- with the result that commercial bank reserves term United States Government securities, and deposits have tended to remain higher the results to be anticipated are less clear-cut. than might otherwise have been the case. As in the case of sales by domestic holders, If and when the Fund exhausts the supply the effect upon bank reserves and deposits of dollars which it derived from the United depends upon whether the net purchasers in States subscription (something over 2 billion the market are the Federal Reserve Banks, dollars), it could meet further dollar drawcommercial banks, or other holders. In ings by its members only by selling gold to general, foreign sales during the past two the United States. Hence in the future the years have probably necessitated on most Fund may become the source of an additional occasions additional purchases by the Federal gold inflow into this country. Reserve Banks, resulting in further expan- Altogether it is clear that the liquidation sion of the credit base. of gold and dollar reserves by foreign coun- Finally, dollar drawings by foreign coun- tries has had important effects upon monetries upon the International Monetary Fund tary factors in the United States. It has have hitherto been financed by the Fund served to reduce the effectiveness of fiscal through the redemption of demand notes of and monetary policies directed to absorbing the United States Treasury, in which the bank deposits and reserves and to curbing bulk of its dollar funds are invested. The inflationary pressures originating in monetary Treasury has therefore had correspondingly sources. 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES INTERNATIONAL TRANSACTIONS AFFECTING FOREIGN GOLD RESERVES AND BANKING FUNDS IN UNITED STATES, 1946-1947 [In billions of dollars] Item Total 1947 1946 Net purchases of goods and services from United States by foreign countries: United States exports: Goods 28.2 16.0 12.1 Services 6.7 3.6 3.1 Total 34.9 19.6 15. United States imports: Goods 11.3 6.0 5.3 Services . . 4.1 2.3 1.9 Total 15.5 8.3 7.1 Net purchases by foreign countries 19.4 11.3 8.1 Sources of financing utilized by foreign countries for these net purchases : United States Government (net): Credits 7.0 4.0 2.9 Donations 4.2 1.7 2.4 Total 11.1 5.8 5 United States—private (net): Foreign investment (long- and short-term) 0.7 0.6 Donations 1.4 0.7 6.7 Total 2.0 1.3 International institutions (net): Dollars disbursed by International Bank 0.3 0.3 Dollars drawn from International Monetary Fund 0.5 0.5 Total 0.8 0.8 Foreign countries' own capital assets (net): Sales of gold to United States 3.5 2.8 0.7 Reduction of banking funds in United States 2.2 1.2 1.1 Liquidation of other assets in United States (long- and short-term).... 0.9 0.5 0.4 Total... . 6.7 4.5 2.2 Total sources of financing 20.6 12.3 8.3 Errors and omissions -1.2 -1.1 -0.1 Net gold losses of foreign countries in international transactions: Net sales of gold to United States by foreign countries (repeated from table above) . 3.5 2.8 0.7 Foreign subscriptions in gold to International Monetary Fund 0.7 0.7 Total 4.2 3.5 0.7 NOTE.—This table is derived largely from United States balance of payments data compiled by the Department of Commerce. It omits, however, transactions between the United States and the International Fund and Bank, which for balance of payments purposes must be regarded as international areas external to the United States as well as to foreign countries, and it includes gold and dollar transactions between the Fund and the Bank and foreign countries. Hence in the main table the Fund and the Bank are shown among the sources of dollars to which foreign countries have resorted in order to pay for net exports from the United States; and in the supplementary table foreign subscriptions in gold to the International Monetary Fund are listed along with net sales of gold to the United States to show the net gold losses of foreign countries in international transactions. (This presentation ignores the 22 million dollars in gold and 75 million in United States dollars paid by foreign countries during 1946-47 upon their subscriptions to the International Bank.) 381 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT1 by Charles H. Schmidt Keeping up-to-date on general economic condi- ditions into the right perspective, a graphic sumtions is an important responsibility of every bank mary of the over-all forces at work in the economy officer. The demand for bank credit and the is useful. financial condition of individual banks are strongly The Federal Reserve Chart Book on Bank Credit, influenced by economic conditions. The granting Money Rates, and Business, issued monthly by the of loans, purchase or sale of investments, and many Board of Governors, provides the banker with such other bank functions require some knowledge of a graphic summary of over-all economic conditions. present developments and some judgment on pros- Prepared for the purpose of supplying Federal Repective conditions in the national economy. serve officials with current information relevant to The task of keeping up-to-date on current eco- their problems, the Chart Book is made available nomic developments is not an easy one. Production, publicly with the thought that it might also serve employment, prices, money supply, business profits the needs of others, including executives in com- —these and many other factors play a part in de- mercial banking, business, and government. termining the general level of economic activity. The present article undertakes to acquaint bank A change in any one of these factors affects all the officers with this helpful management tool—its others to some extent. For example, an expansion organization, its coverage, and its limitations. Anof bank loans, by increasing the money supply, may other purpose of the article is to illustrate for mancontribute to a rise in prices, while the rise in prices agement the uses of Chart Book data, taking as a may encourage and accelerate the expansion of bank case in point the problem of formulating individual credit. Conversely, a contraction of bank loans may bank loan policy. This problem is approached bring about a decline in prices by reducing the through charts which reflect current requirements money supply, and the decline in prices may in turn for, and the supply of, business funds in relation to discourage and reduce the use of bank credit. How- general economic conditions. Business concerns are ever, the extent to which a change in bank credit the most important customers of the average commay aflect prices is also greatly influenced by such mercial bank. Presumably, a bank's loan policies factors as the levels of employment and production are formulated in such a manner as to assure satisand consumer demand for goods and services. factory accommodation of these business customers Evaluation of the current and prospective economic as well as to protect the bank's depositors and stocksituation requires not only some knowledge of what holders against loss. The Chart Book, of course, factors to watch, but also an understanding of their does not cover the various special considerations relationships to each other. pertaining to an individual loan, such as the credit Trade journals, newspapers, market reports, and standing of the borrower, or to the lending policy discussions with customers all help the banker in of a particular bank, such as local needs and building up a day-to-day picture of general economic liquidity status. Most bankers, however, realize conditions. Sometimes, howrever, such a picture that their loan policies should be consistent with may be lacking in perspective. Some important current economic conditions. aspect may be missing, may be given too much or ORGANIZATION AND COVERAGE OF THE CHART BOOK too little stress, or may be overshadowed by conditions peculiar to the banker's local area. To assist The Federal Reserve Chart Book presents leading the banker in bringing his picture of business con- statistical series relating to the commercial banking system and to the economy as a whole. Part of the 1 This article was prepared at the request of the National Association of Bank Auditors and Comptrollers and appears in the information depicted is compiled originally by the April issue of the National Auditgram. The officers of the Association have kindly approved its publication in the BULLETIN. Federal Reserve System. Some is compiled by other 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT governmental agencies, such as the Department of employment, money and banking, and Government Commerce, the Bureau of Labor Statistics, the and international finance.2 In a very real sense, Securities and Exchange Commission, the Treasury, these articles supplement the Chart Book. They the Comptroller of the Currency, and the Federal can be of particular help to bank management in Deposit Insurance Corporation, and some is ob- checking its interpretations of current and prospectained from private or semi-private sources. The tive developments. However, there is no substitute various series have been carefully selected to present for continuous study of the Chart Book by bank unbiased measurements of economic activity. Each management, if its maximum usefulness is to be is subject to certain technical qualifications, but for realized. the most part these may be disregarded by the APPRAISING THE DEMAND FOR AND SUPPLY OF general reader. BUSINESS FUNDS Most of the Chart Book series cover only the broadest classes of economic activity. As a con- Possible uses of the Chart Book by bank managesequence, their utility for specific industry com- ment may be illustrated by reference to a specific parisons or analysis is limited. For example, the problem—that of assessing the demand for and bank officer who desires to compare production of supply of business funds. For this purpose eight an individual silk hosiery manufacturer with that charts have been selected from the Chart Book. of the silk hosiery industry will not find a silk The charts in Plate I show factors affecting the hosiery output series in the Chart Book. On the current demand for funds such as: levels of producother hand, the bank officer who wonders about tion, inventory accumulation, employment, and over-all levels of industrial production, or the trends business expenditures for new plant and equipment. of production for such major industrial groups as The supply of funds is shown by the charts in steel, petroleum, or chemicals will find the appro- Plate II, covering: corporate profits, new money priate charts. Primarily, however, the Chart Book security issues, liquid asset holdings, and short-term is of greatest help to bank management in providing bank and trade credit.3 information that can be used in determining general Individually, these charts illustrate wartime and lending and investing policy. postwar developments in business financing require- The Chart Book currently contains approximately ments and in sources of business funds. Collec- 80 pages of charts, grouped under the following tively, they reflect the extraordinary demand for broad headings: funds which exists at the present time, and indicate the extent to which different sources are being Reserves and Currency tapped to supply this demand for funds. Bank and Other Credit Demand for funds. High levels of industrial pro- Government Finance duction necessitate a large volume of funds for Money Rates and Security Markets meeting factory pay rolls, purchasing materials and Business Conditions supplies, paying taxes, and financing overhead and International Trade and Finance administrative expenses. At the present time pro- Both the period and time intervals covered vary duction is near peacetime capacity levels and nearly with different charts. Some series are available double the prewar 1938-39 average rate, as is shown annually as far back as 1913; others cover shorter in Plate I. While manufacturing and mining emperiods of time on an annual, quarterly, monthly, ployment in the latter part of 1947 was only 50 or weekly basis. Coverage of the specific series per cent greater than in prewar 1938-39, factory varies, but the series are selected and related in pay rolls were three times as large as before the war. such a way as to reflect developments in all the The growth in factory pay rolls reflects not only a major aspects of the business situation. The Chart Book itself presents only the basic factual material, without any analysis or interpreta- "Banking Developments and Monetary Expansion" (November tion. However, articles and reviews appearing in 1947); "The Current Inflation Problem—Causes and Controls" (December 1947). the monthly Federal Reserve BULLETIN offer cur- 3 While most of the charts included in Plates I and IT are currently available in the Chart Book in the form illustrated, a rent interpretations of the data relating to business, few are new charts scheduled for inclusion in the near future. APRIL 1948 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLATE I oo BUSINESS REQUIREMENTS FOR FUNDS INDUSTRIAL PRODUCTION MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES w vni UUF dnJtl«lTFD FOR SFdSnNAL VARIATION. A 1935*39 I TOFALCHJRABLEANDNONDURABLE miiiiiii r in mi DURABLE J j mnrnm 1 1 SHIPMENTS—f- / SHIPM 1 E NTMS fl \ f •A 1 NEWORDE J J L_ J\T NEW)RDER 'Vf / w iiiiiiiiiimum w INVENTORIES '7 i < END OF MONTH FISURES t UMUU w o 80 200 / \OURABLE NONDURABLE 4 X TOTAL p-V. "d 1, 4IPME 1. 1 i NOND i J v RA / BL: A/ (-/ NEWC!^DERS w o o iiiiiiiniunmix iiiiiiinililUUUU 1934 1936 1938 1940 1942 1946 1948 1940 1942 1944 1946 1948 1940 1942 1944 1946 1948 BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BILLIONS SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE ESTIMATES BILLIONS OF DOLLARS ANNUAL QUARTERLY OF DOLLARS BUREAU OF LABOR STATISTICS DATA, AOJUSTEBFOR SEASONAL VARIATION BY FEDERAL RESERVE 20 5 K-j COMMERCIAL AND MISCELLANEOUS \%\ RAILROADS AND GAS AND j%3 ELECTRIC UTILITIES §51 MANUFACTURING AND MINING 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 1940 1942 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLATE II SUPPLY OF BUSINESS FUNDS 2 P CORPORATE PROFITS, TAXES, AND DIVIDENDS CORPORATE SECURITY ISSUES ALL CORPORATIONS. DEPARTMENT OF COMMERCE ESTIMATES USTED ANNUAL RATES. 1939- 1 . i i i PROFITS BEF3RE TAXEs/ vy/// INCOME TAXES ^ } k Si^iiyH m •DISTRIBUTE PROFITS ISmm 1936 1933 1940 1942 1944 1946 1948 1936 1938 1940 1942 1344 1946 1948 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 CD CURRENT ASSETS AND LIABILITIES OF CORPORATIONS CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS OTHER THAN U. S. GOVERNMENT SECURITIES •U.UIONS OF DOLLARS CAU. REPORT DATES BILLIONS OF DOLLARS 140 16 f - 120 100 cu^R V E T N O T TA A L SSErs / A^" - / 80 60 / rOTAl ClRRENT LIABILITIES^ 40 5 — - ET W(5RKING ^^ CAPITAL 20 Oo oo 0 "~~"|*""*]*~""~]" STATE I AND I LOCAL COV'T ^ECURITIES | 1940 1942 1944 1946 1940 1942 1944 1946 1948 >22 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT larger volume or employment and higher wage lated large amounts of United States Government rates, but also greatly increased requirements for securities, as is shown in the chart on current assets cash with which to pay these wages. and liabilities. During the past two years some of Operating requirements are not the only factor these securities have been used for the payment of giving rise to an increased demand for business income taxes and for financing part of the postwar funds. During the past two years business concerns inventory accumulation and additions to plant and have been making substantial additions to their equipment. inventories, plant, and equipment. As is shown by Despite the use of Government securities purthe chart on inventories and shipments, manufac- chased during the war years and the high level of turers' inventories have grown nearly 50 per cent earnings in 1946 and 1947, business concerns have since the end of 1945, and the same is true to an been obliged to obtain additional funds from outeven greater extent for wholesale and retail trade side sources, such as the capital markets and the concerns. Business expenditures for new plant and commercial banks. Corporate security issues for equipment during 1946-47 were nearly three times the purpose of financing plant and equipment exas great as in the prewar years 1939-40. penditures and increased working capital require- On the basis of these over-all figures, together ments reached an estimated peak of nearly 4.3 bilwith some allowance for the increased working lion dollars in 1947, as compared with 3.3 billion capital requirements occasioned by present high in 1946, and a 1938-40 average of 0.5 billion per levels of industrial production and factory pay rolls, annum. Commercial and industrial loans of all it is probably no exaggeration to say that present commercial banks have more than doubled since business requirements for funds are from three to the middle of 1946, and their present level is almost four times their average prewar level. Little three times that of prewar 1938-40. This increase wonder, in view of these circumstances, that banks in commercial and industrial loans is in turn reare confronted with an exceedingly active demand flected in the notes and accounts payable of all for credit on the part of business borrowers. corporati6ns, which figure combines both trade and Supply of funds. The charts in Plate II give some bank credit. indication of how business has financed its greatly It is apparent from these charts on various aspects expanded postwar demand for funds from retained of business activity that the present demand for earnings, security issues and liquid asset holdings, funds is extraordinarily high, that business is tapand by borrowing from commercial banks. ping a variety of sources to finance its requirements, As is shown by the corporate profits chart, the and that one important current source of business undistributed earnings of all corporations were sub- funds is the commercial banking system. stantially greater in 1946 and 1947 than before the APPRAISING THE OVER-ALL ECONOMIC SITUATION war. As these undistributed profits are net of dividends, taxes, and other current expenses, they Business prospects are bright at the moment, represent funds available for financing additions to judging from outward appearances. How long inventories, plant, and equipment, as well as the they will continue to be bright depends largely on higher level of current operating expenses. Actually, future inflationary developments in the economy. the volume of funds derived from business opera- Presumably, any concern that goes on accumulating tions is greater than the undistributed profits by the inventories or making future commitments for amount of depreciation accruals charged to current the purchase of additional plant and equipment expense. If the depreciation accruals were added does so on the assumption that the demand for, to the undistributed profits, we would find that and the prices of, its products will remain at or business concerns have been able to finance a large near current high levels. In view of the high level part of their inventory, plant, and equipment ex- of earnings and generally strong working capital penditures and increased working capital needs out position of many concerns, extension of further of current earnings. However, earnings alone are bank credit may appear to be sound. However, not sufficient to meet all of the current demand for if the possibility of reduced income or operating business funds. losses and the probable effect of price decline on During the war years business concerns accumu- inventories are considered, the advisability of further 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT credit extension at this time might be questioned quarter of 1944. Though Government expenditures in many individual cases. declined sharply during 1945 and 1946, private In order to relate the present favorable credit consumption, capital expenditures, and exports inposition of individual business concerns to current creased greatly. The value of goods and services inflationary developments in the economy, another being produced is greater now than it was at any group of charts from the Federal Reserve Chart time prior to or during the war. While part of this Book is presented in Plates III and IV. The charts greatly expanded value represents larger physical appearing in Plates III and IV have been selected quantities of goods and services, a large part reflects and grouped with reference to the over-all supply of the rise in prices following the relaxation of price credit and general economic conditions. The controls. former is reflected in: loans and investments of all Expansion of money and credit supply. As is commercial banks, member bank reserves, deposits shown by the chart on deposits and currency, the and currency of all banks, and interest rates. The country's money supply—currency in circulation latter are summarized by the charts on: gross na- plus demand deposits—is now nearly three times tional product, industrial production, wholesale as great as it was before the war. Combined with prices, and personal income, consumption, and greatly expanded individual and business holdings saving. of other liquid assets, the present money supply Manifestations of inflation. In his appearance be- represents an enormous effective demand for a relafore the Joint Committee on the Economic Report tively limited supply of goods and services. in December 1947, Chairman Eccles defined infla- A substantial part of the war and postwar intion as "the condition which exists when effective crease in the money supply resulted from the prodemand exceeds the over-all supply of goods and nounced rise in bank reserves that made possible services." He went on to say that the nation is the expansion of bank credit. During the war years, already in the advanced stages of this disease and as is shown in the chart on loans and investments that "it is no longer a question of preventing it, but of all commercial banks, Government bond holdings of moderating so far as possible its ultimate rav- of banks increased by 70 billion dollars, while loans ages." 4 increased by roughly 6 billion. Expansion of The inflationary conditions to which Chairman loans to businesses and individuals has more than Eccles was referring are reflected by the war and offset subsequent reductions in bank holdings of postwar expansion of money and other liquid assets. Government bonds. Consumer demand backed with ready cash has been With money rates at extraordinarily low levels, confronted by a relatively inadequate supply of as is shown by the chart in Plate III, business congoods and services, and the result is reflected in the cerns and individuals have found it expedient and sharp rise of wholesale prices since mid-1946. The relatively inexpensive to borrow from commercial stage was set for these inflationary developments banks to finance current purchases. The banks, on during the war years, when the output of manu- their part, welcome an opportunity of employing facturing industries was largely diverted to fulfilling their funds at somewhat higher rates of return than demands for war material. During this same those afforded by Government bonds. Thus, the period, savings of individuals and corporations were money supply is not only plentiful at the present tremendously augmented by larger incomes and a time, but conditions are such as to encourage its lack of goods on which to spend their increased further expansion. earnings. Rising personal incomes and consumption ex- As is shown by the chart on gross national penditures. Personal income more than doubled product, Government purchases of goods and serv- during the period 1938-47, as is shown by the chart ices boosted gross national product from a prewar on personal income, consumption, and saving in 1939-40 average of 95 billion dollars per year to an Plate IV. Annual rates of both disposable income annual rate of 222 billion dollars in the fourth and consumption expenditure increased by roughly 100 billion dollars from the latter part of 1938 to 4 Marriner S. Eccles, "The Current Inflation Problem—Causes the latter part of 1947. Personal saving, which rose and Controls." Statement before the Joint Committee on the Economic Report, Special Session of Congress, Nov. 25, 1947. to a peak during the war years, has been declining Reprinted in the Federal Reserve BULLETIN, December 1947. APRIL 1948 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLATE m OVER-ALL SUPPLY OF MONEY AND CREDIT LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS MEMBER BANK RESERVES AND RELATED ITEMS JUNE 1914-1922; JUNE AND PECEMBER 1923-1946, LAST WEDNESPAY 0 OF DOLLAM BILLIONS OF POL )NTHLY AVERASES C ~ 120 3O 100 25 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1932 1934 1936 1938 1940 1942 1944 1946 1948 DEPOSITS AND CURRENCY MONEY RATES ALL BANKS IN THE UNITED STATES 3 - 1942 | END OF MONTH 1943 - BILLIONS OF POLLA o I w w 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 1940 1942 1944 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLATE m GENERAL ECONOMIC CONDITIONS GROSS NATIONAL PRODUCT INDUSTRIAL PRODUCTION B B Q 6I U L A L0I R O T N E S R L - O Y F R D A O T L E L S AR! ! BILLIONS A O N F D N O I U M LL A A L R j S R 2 AT 4 E 0 S POSNTS IN TOTAL Id - / GROSS NATIONAL PRODUCT / \ \ - / 1 / / - / / - / - / \ V~l / 1 1 1 1 | »>^ \ / — 1 \ 80 1 _, — -f V 1 PERSON E A X L P C E ON N S D UM IT PT U IO R IS ES i 1 I \ GOVERNMENT PURCHASES / PRIVATE DOMESTIC i - AND FOREIGN INVESTMENT ^ L 1 1 1 1 ! — _ IMI Ill 1920 1922 1924 1926 1928 1930 1932 1940 1942 1944 1946 1948 WHOLESALE PRICES PERSONAL INCOME, CONSUMPTION, AND SAVING BUREAU OF LABOR STATISTICS INDEXES, |9t6'IOO p BQ 5 UI 4 LARLTIEORNLYS RAOTFES DOLLAR UAN°NlALLY 1929-38 BILLION* a I O M F J DO1L216 g " J•V•'"/ J ,0 / 192 i , = I 1 f/, 42 E PERSONAL 1NCOME A / - 168 > 36 144 FARV 'i rl T y i 3-0 z IS IN P C O O SA M B E L E . / / 120 - = / - / vIM A O LL DITIES )l - 24 SI X o P N E s N u D ^O IT P U TI R O E N S - 96 COir= N ER \ w •- - 12 OTh J - - 6 -A- T ^ P > ERS r^ ONAL w = SAVINO 0 —!—: —• ^ 1936 1930 1940 1942 1944 1946 iiiliinii 1948 wI946 1 IM 1 I 9 I 4 7 1 1 II1111 1 1 9 11 4 1 8 1 fj. -6 1930 1932 1934 1936 1938 1940 1942. 1944 1946 1 ! i 1 1 9 1 4 8 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT since the end of 1944, as rising prices and the in- that exceeded the increase in the recent period was creased availability of goods have attracted more followed by a sudden and very pronounced drop, and more of the consumer's dollars. That con- in response to a curtailed effective demand for goods sumers are drawing upon more than current in- and services. Industrial production dipped sharply come and wartime savings to finance current ex- in the latter part of 1920 and did not recover its penditures is indicated by the rise in consumer early 1920 level for nearly two years. The drop in credit outstanding since the middle of 1945.5 prices and production and resulting decline in busi- Limited supply of goods and services. The past ness earnings led to a contraction of bank credit two years have found the country with a greatly that in some cases proved embarrassing to both expanded money supply, easy credit for business, lender and borrower. and large consumer incomes supplemented by large While we cannot forecast with certainty the liquid asset holdings and abundant consumer and onset, duration, or character of a comparable period mortgage credit. The impact of these conditions of readjustment, the possibility of its occurrence on an economy whose supply of goods and services should not be overlooked. The higher prices go is inadequate relative to demand is graphically and the more individuals and business concerns illustrated by the chart on wholesale prices in pledge future income to the payment of debts con- Plate IV. Following termination of hostilities, pro- tracted during the present period, the more difficult duction of consumer goods was resumed on a level the problem of balancing economic forces will well below that of effective demand. Shortly there- become. after price and rationing controls were discontinued. CONCLUSION As a consequence of active buying on the part of businesses and individuals, wholesale prices moved This article has illustrated the use of the Federal rapidly upwards, so that by the end of 1947 they Reserve Chart Book in connection with one aspect reached a level nearly twice that of the prewar years of commercial bank operations. Similar illustra- 1938-39. tions could be made of its use in connection with Anticipating the future. Important as an under- portfolio management, setting interest-rate charges standing of the current situation is to the shaping to customers, consumer financing, and foreign trade of bank lending policy, the future trend of prices, financing. For example, an especially significant production, and business profits is of even greater grouping of charts would be of those relating to the significance. Here the charts stop and the judgment Federal Government's activities—Treasury receipts element begins. While each new economic situa- and expenditures, composition of the public debt,, tion is different in certain respects from preceding distribution of ownership of the debt by groups of ones, similar underlying forces that: make for change owners and by types and maturities of issues, relaare common to all. tion of bank holdings to the general banking posi- A question of immediate interest to bank man- tion, and changes in yields on Government securiagement in determining loan policy is whether the ties. present high levels of prices, industrial production, Fundamentally, what the Chart Book provides and employment will continue, or whether a period is an over-all perspective essential to constructive of readjustment to somewhat lower levels is at policy formation. Bank management is, of course,, hand. While there can be no definite answer to vitally concerned with the maintenance of sound these questions, historical analogy and analysis of credit conditions in its own community; it is likethe current situation provide some basis for future wise concerned that sound credit conditions prevail expectations. Some of the Chart Book series cover in all other communities and nationally. Bank a sufficient number of years to include a previous management can approach its task with greater situation that is comparable in many respects to the assurance if it knows that bankers everywhere present—that following World War I. Thus, in the establish their policies on the basis of a common case of wholesale prices, a rise during World War I set of facts—facts that are also used by the central banking authorities in formulating credit policies 5 The chart on consumer credit, omitted from this article, ap- for the nation. pears regularly in the Federal Reserve Chart Book. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948 OFFICIAL SUMMARY The British Government on March 9 issued a uncertainty from year to year about the continuance White Paper entitled "Economic Survey for 1948" and amount of dollar aid. On no account, there- (Cmd. J344), setting forth its views on the outloo\ fore, must such aid be used merely to provide for the British economy during the coming year. greater ease or comfort. It must be used rather to The Survey emphasizes the dependence of the sustain working strength and efficiency, while new United Kingdom on the aid to be provided under sources of supply are developed in Britain, in the the European Recovery Program. The following sterling area, and elsewhere, which will enable official summary of the White Paper was issued in Britain to stand on her own feet when the period Washington by the British Information Services.1 of aid is finished." The "Economic Survey for 1948" (Cmd. 7344) 1. THE BALANCE OF PAYMENTS reviews the present economic state of the British nation, examines the British balance of payments In September last the national target for exports and outlines the main requirements for a solution was set provisionally at a rate 60 per cent greater of the dollar problem. It puts forward a plan to than the 1938 volume by December, 1948. It is narrow the gap in Britain's overseas trade in 1948 now put at 50 per cent greater. The reasons for and sets a series of industrial targets to be achieved the reduction are the saturation of certain overseas by the year's end. markets, coupled with import restrictions due to In the foreword it states, "The most important dollar shortage, and an insufficiency of steel to uncertainty of all in 1948 is whether United States meet all Britain's export needs, especially in certain aid under the European Recovery Plan will be types of machinery and vehicles (despite a record forthcoming. In the statistics contained in this rate of steel production in 1947 of 12.7 million tons Survey, no account is taken of such aid; the Survey and an expected increase in 1948 to 14 million shows the dangerously low level to which Britain's tons). To offset these reductions as far as possible gold and dollar reserves would fall by the middle the export targets for the textile industries (princiof this year, if no United States aid were avail- pally cotton) have been increased. Textile exports able, and if consumption and development pro- are almost all dollar earners or dollar savers as they grammes were maintained at the present level. reduce the demand of sterling area countries for Since without United States assistance, it would not textiles from hard currency areas. be possible to maintain even these far from adequate The revised targets are given in Table I. standards throughout the year, the Survey assumes, as a basis of general policy and planning, that aid TABLE I will in some form be available. But it must be SUMMARY OF PROPOSED EXPORT TARGETS understood that, if there is no certainty of aid by [Monthly rates at end of 1948] the middle of this year, the resulting inevitable cuts Millions f in oo d im , p a o n r d t s so w o c u a l u d s e af s f e e r c i t o u r s a w u n m em at p e l r o i y al m s e a n s t . well as o ( e A f s s t t t e p i m r o p l u i r a n i n t c g e d e d s s c A o e f s n 1 t p a 9 e g 3 r e 8 - "Without United States aid, in short, Britain would for end volume of 1948) be compelled to cut consumption and employment, and to abandon many of her development plans. M Ve a h c i h c i le n s ery 2 2 0 7 3 2 With adequate aid present levels of consumption Electrical goods and apparatus 235 Textiles and clothing 131 and employment can be maintained, and develop- Chemicals 184 Pottery, glass, abrasives, etc 223 ment can go forward. But there is still likely to be Coal 39 All other exports 127 1 Britain's economic survey for 1947 was reprinted in the Total 157 154 April 1947 issue of the BULLETIN, pp. 367-91. APRIL 1948 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY Although the targets total 154 per cent of the Raw material imports are about the minimum 1938 volume, some allowance must be made for to maintain a high level of employment in 1948, the possibility that shortfalls in a few industries though cuts in softwood supplies will necessitate a will not be balanced by surpluses in others. The substantial adjustment in the building programme national target is therefore expressed as a volume and steel imports are much below the desired level. of exports 50 per cent greater than 1938. This is the No provision is made for increasing stocks—a prerate of export to be achieved by the year-end; the requisite of a smooth and rising rate of production. volume of export forecast for the year as a wrhole Stocks of many raw materials are already at miniis 30 per cent above 1938. In 1947 it was 8 per cent mum levels, and they will remain so throughout above. 1948. To build them up must remain an im- The import programmes for the second half of portant object of import policy as soon as oppor- 1948 have not yet been finally decided. They must tunity oflers. inevitably depend on decisions about the European Cuts in British governmental spending overseas Recovery Programme. Firm estimates therefore and in films and expenditure on foreign travel, tocover only the first half of the year. gether with the rebuilding of the British shipping TABLE II fleet, should reduce the "invisible" deficit to about IMPORT PROGRAMMES, 1946-48 80 million pounds in 1948, compared with 226 [In millions of pounds sterling at current f. o. b. prices] million in 1947. (In 1938 Britain had a surplus on First half of 1948 "invisibles" of 232 million pounds.) But in the near future Britain may have to begin loan repayments 1946 1947 Total s W H p e e h e r m n e st r i - e - S a li t r n e e g r a - O c t o r t i u h e n e s r - w sh h ip ic p h in w g o i u n l c d o m g e o a f n a d r t f o u r o th ff e se r t re im du p c r t o io v n em s e in nt s G o in ve r o n u - r ment expenditure overseas. Britain cannot, as in Food and feeding prewar days, expect a surplus on "invisibles"; only stuffs 546 750 390 123 179 88 Raw materials 347 544 280 91 113 76 by the export of goods will she be able, in future, Petroleum (civil).... 60 75 47 27 12 8 Manufactures and to pay for the goods she imports. other imports 1.... 139 205 75 26 9 40 Bringing the above estimates together, the bal- Total 1,092 1.574 792 267 313 212 ance of payments for the first half of 1948 is as i Including tobacco, of which purchases in the first half-year are negligible. shown in Table III. For the year as a whole, it Imports in the first half of 1948 have been dras- is estimated that if imports continue at the same tically revised in the light of our present exchange general level as in the first half of 1948 (making difficulties: food purchases from the United States allowance for seasonal factors, etc.) they will have been almost wholly eliminated, and the great- amount to about 1,670 million pounds for the est practicable economy of dollars has been achieved whole year. Exports and re-exports have been estiin Canada and the Argentine. mated at about 1,500 million pounds, and the net TABLE III UNITED EIINGDOM BALANCE OF PAYMENTS ON CURRENT ACCOUNT [In millions of pounds at current prices] First half of 1948 1947 1938 1946 ( s P io r n o a v l i ) - Total W H e e s m te i r - n St a er r l e i a ng co O u t n h t e ri r es sphere Total payments for imports (f.o.b.) 835 1,092 1,574 792 267 313 212 Receipts from exports and re-exports 533 888 1,125 705 105 355 245 Surplus (+) or deficit ( —) on visible trade -302 -204 -449 -87 -162 +42 +33 Invisible (net) 232 -176 -226 -49 -21 +28 -56 Total surplus (+) or deficit ( -) -70 -380 -675 -136 -183 +70 -23 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY deficit on invisibles at 80 million. This gives an TABLE IV over-all deficit of 250 million pounds compared CHANGE IN GOLD AND DOLLAR RESERVES, 1946-48 with a 675 million deficit last year. INCLUDING UNITED STATES AND CANADIAN CREDITS [In millions of pounds] 2. THE DOLLAR PROBLEM AND MARSHALL AID First The continued dependence on the American con- 1947 half 1946 (Provi- of 1948 tinent is mainly a consequence of the slow recovery sional) (Forecast) of Europe and the Far East. By going without, however, Britain has progressively reduced her 1. United Kingdom net expenditure in dependence on the Western Hemisphere, from dollar area 1 340 626 151 2. Rest of sterling area net expenditure which in 1938 she drew 31 per cent of her imports. in dollar area 38 266 2 45 3. Sterling area net gold and U. S. dollar By 1946, the war effort had driven the proportion expenditure in other countries -80 157 31 4. Sterling area subscriptions to Interup to 49 per cent. But in 1947 this proportion was national Bank and Fund in gold and U. S. dollars 10 58 reduced to 44 per cent and the severely cut import programmes for the first half of 1948 bring the Net use of gold and dollars 308 1,107 227 figure down to 34 per cent. As last year, our total 5. Gold receipts from South Africa -71 -70 6. Other gold receipts (net) -11 -14 ' " -5 ' imports will be only three-quarters of the 1938 Net drain on reserves 226 1,023 222 volume. 7. Drawings on International Monetary- Even this much-reduced figure of Western Hemi- Fund 60 (3) sphere imports cannot be covered by earnings from Net reduction in reserves 226 963 222 exports to those countries, although the plan is to 1 United States, Canada and Newfoundland, American account export to them about 14 per cent more by volume countries. in 1948 than in 1938. (Last year British exports to 2 3 N Ex o c l a u l d lo in w g a n S c o e u th h as A f b ri e c e a n . made for drawings on International the Western Hemisphere were 9 per cent below Monetary Fund by the United Kingdom or any sterling area country in the first half of 1948. Any such drawings will diminish the 1938 volume.) the figures for net reductions by an equal amount. Britain will therefore have to draw further on her drastically revised. If steel and manpower devoted gold and dollar reserves to meet the deficit. In ad- to machinery could buy food and materials in 1948, dition, there are the needs of the rest of the sterling these would have to be exported without regard to area for gold and dollars, as is shown in Table IV. the contribution they could make to economic pros- The reserves at the beginning of 1948 for the pects two or three years later. whole sterling area were about 680 million pounds, Such further reductions would be most damaging excluding the balance of the Canadian loan over and in their social and economic effects and would diabove the agreed drawings to end-March, but in- minish greatly the support Britain could give to cluding the whole of the South African gold loan. European reconstruction. Far from aiding the Table IV shows that during the first half of 1948 recovery of Europe she should be forced to take they are likely to be reduced by about 222 million measures which would seriously retard it. She pounds, leaving about 450 million by mid-year. At should be obliged still further to restrict imports; to this rate of drain the reserves would be down to divert exports of coal, steel, and other key materials, about 225 million pounds by the end of 1948 and which might otherwise have helped the reconstrucwould be exhausted during 1949. tion of Europe, to countries in the Western Hemi- Without Marshall aid, therefore, Britain would sphere where they would contribute more immedihave to make further heavy cuts in Western Hemi- ate necessities; to refuse in any circumstances to sphere imports. Food imports have already been grant credits, however necessary to long-run recovslashed; any further substantial cuts would have to ery. The cuts should not therefore be made until fall on raw materials. Alternative sources of sup- they are shown to be absolutely inescapable. ply do not exist—already the greatest practicable 3. BRITAIN'S LONG-TERM PLANS amount is being bought from non-dollar sources. Heavy cuts in WTestern Hemisphere materials Britain has a two-fold strategy for recovery. would inevitably bring severe unemployment. Fur- Firstly, an over-all balance of payments must be ther, capital development plans would have to be reached, and secondly, a satisfactory means of pay- APRIL 1948 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY ing the Western Hemisphere countries for their TABLE V goods must be achieved as quickly as possible. The TARGETS FOR 1948 measures to implement this policy are: the raising of the rate of export, particularly to the Western Hemi- Actual 1947 Target 1948 sphere; the development of home agriculture to Coal— save imports; the development of new sources of Deep-mined output (52 supply in the countries of the British Common- weeks) 186.3 m.tons 200.0 m. tons Open-cast output (52 wealth and particularly in the Colonies; an invita- weeks) 10.2 m.tons 11.0 m. tons Manpower on Colliery tion to the sterling area countries to economise in books (end of year).... 718,000 750,000 Mining machinery—• their use of dollars; the eventual restoration of mul- Coal cutters 1,172 1,400 Power loaders 109 250 tilateral trade and convertibility of currencies. Conveyors 2,666 4,700 Tubs and cars (capacity).. 56,390 tons 70,000 tons But within this broad strategy an important ques- Iron and steel— Steel output (ingot) 12,724,000 tons 14,000,000 tons tion arises—if Britain tries to arrive at an over-all Sheet steel1 1,285,000 tons 1,300,000 tons balance while still running a large deficit with the T E i l n ec p t l r a ic te s 1 heet l 6 9 4 4 8 , , 0 0 0 0 0 0 t to o n n s s 7 1 5 4 0 0 , , 0 0 0 0 0 0 t t o o n n s s Western Hemisphere, she must obviously be aiming Iron castings 2,781,000 tons 3 ,000,000 tons Shipbuilding— at a correspondingly large surplus with the rest of Tankers completed 120,000 g.r. tons 175,000 g.r. tons Repairs (target reductions)— the world. Should Britain try to eliminate this sur- Railway wagons under repair (at end of Sepplus of "unrequited exports"? tember) 203,000 170,000 Electricity generating In general, it is intended to limit them to an plant out of commission amount commensurate with present resources. Lim- Texti ( l a e t s — end of year) 1,450,000 k.w. 1,300,000 k.w. its on the reductions to be made in the sterling bal- Cotton yarn 2 740 m. lbs. 900 m. lbs. Year-end annual rate... 828 m lbs. 1,000 m. lbs. ances built up during the war have been agreed Worsted yarn 154 m lbs. 190 m. lbs. Year-end annual rate. . . 170 m lbs. 204 m. lbs. with the majority of countries holding them. But Woolen and worsted cloth. 235 m yds. 290 m. yds. Year-end annual rate. . . 260 m yds. 300 m. yds. there are reasons why some excess of exports is de- Rayon: continuous filament 119 m lbs. 150 m. lbs. sirable. First, Britain is obliged to pay gold to a Year-end annual rate. . . 135 mlbs. 165 m. lbs. number of countries if their balances exceed a cer- Rayon: staple fibre 82 m lbs. 105 m. lbs. Year-end annual rate. . . 85 m lbs. 120 m. lbs. tain limit. A small surplus of exports reduces the Manpower in cotton (end of year) 267,000 325,000 dangers of making such payments. Second, to Manpower in woolen and worsted (end of year). . . 179,000 200,000 try to reach an exact balance of trade with every Manpower in other textiles (end of year) 212,000 235,000 country would be to turn her back on the policy of Agriculture— Bread grains 2,207,000 acres 2,595,000 acres multilateral trade which she has so far pursued Other grains 5,888,000 " 6,050,000 " and would remove a powerful motive for other S P u o g ta a t r o b es eet 1,3 3 3 9 2 6 , , 0 0 0 0 0 0 " " 1,4 4 2 0 3 0 , , 0 0 0 0 0 0 " " countries to use and hold sterling. Third, part L M in an se p e o d wer in agriculture 3. 1,05 4 5 0 , , 0 0 0 0 0 0 " 1,1 1 1 5 0 0 , , 0 0 0 0 0 0 " of the surplus exports represents the investment being made abroad to build up new supplies of food 1 Within the total of 14 million tons, the above targets of particular categories of output have been set; they may be varied in and raw materials in place of dollar imports. the course of the year, where necessary to secure a proper balance between different types. Fourth, exports to sterling area countries, if they re- 2 Cotton yarn, including cotton waste yarn, but excluding spun rayon and mixture yarns. place imports from America, may save dollars for 3 The figure for 1947 is at end of year; the target for 1948 is required by mid-year. the sterling area as a whole. outlook, not merely for coal supplies, but for Brit- 4. THE NATION'S TARGETS FOR 1948 ish recovery as a whole. Stocks of coal were over To achieve Britain's plans for cutting the over- 16 million tons at the beginning of 1948, as comseas trade deficit in 1948 and putting the internal pared with 8.5 million tons at the beginning of economy on a firm basis, the targets to be achieved 1947, and exports of British coal are now being sold by British industry and agriculture in 1948 are as in increasing quantities in many parts of the world. shown in Table V. At the Paris Conference on European Economic Coal. In 1947, coal nationalisation was followed Cooperation, Britain promised production of 211 by a recovery in recruitment, a further improvement million long tons this year, of which 13 million tons in output per manshift and an improvement in the would be for bunkers and exports. But, in addiwhole spirit of the industry. This transformed the tion, she must supply countries such as Canada 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY and Argentina in return for the food so urgently cations, this will hardly be sufficient to maintain the needed. This necessitates increasing the 13 mil- present clothing ration (already below the wartime lion tons to about 16 million tons for export and level) and achieve the end 1948 increases of exports. bunkers this year. The 211 million ton target is to Britain's agriculture is a major factor in her hopes be regarded as an absolute minimum; every effort of a tolerable standard of diet in the years ahead, but must be made to exceed it. it takes time to expand production, particularly to Electricity. Britain's consumption of electricity build up numbers of livestock. Present plans are has risen by over 70 per cent between 1938 and to raise the net output of agriculture in 1951 above 1947, and coal used for generation has conse- the 1946-47 level by about 20 per cent, or about quently risen from 14.9 million tons to 27.1 million 100 million pounds sterling. tons in the same period. But there is another, and The distribution of manpower. Labour is not at distinct problem—the shortage of generating capac- present, and is unlikely to be in 1948, the limiting ity to meet peak loads. A very large expansion is factor in economic activity as a whole. But the planned over the next five years, but it takes about labour forces proposed for coal, agriculture and texthree years to manufacture and erect generating tiles are targets in the full sense. They are numbers plants. The only immediate solution therefore is believed to be required to reach specific objectives to reduce the demand at peak periods by staggering in the 1948 output and export targets. The attainor other means. ment of these manpower targets is among the first Steel production. Although a record rate of steel necessities in 1948. production was achieved in the latter months of Capital development. The capital development 1947, supplies of steel more than anything else, apart programmes for 1948 were reviewed during Septemfrom dollars, are likely to be the principal limiting ber and October, and the White Paper (Cmd. 7268) factor throughout a large part of British indus- subsequently published set out the main objectives try during 1948. This is due to the lack of imports of the revision and the chief elements in the proand the need to export. The 14 million ingot tons grammes now proposed for 1948. target for 1948 is within the capacity of the indus- The national income in 1948. The net national try, but can only be attained if there is freedom income for 1948 is estimated at 9,000 million from fuel, raw material and transport difficulties. pounds. In addition, Britain may borrow from And even if the target is achieved it will be inade- abroad about 250 million pounds. Altogether the quate for all Britain's needs. volume of goods and services available in 1948 will be about 3 per cent to 5 per cent less than last year, Rail transport. Great efforts have recently been allowing for changes in prices. made to improve the wagon situation. Week-end work by railway men and the assistance of volun- The total of 9,250 million pounds will be divided teers has been invaluable. During this winter the roughly as shown in Table VI. turn around greatly improved and the seasonal de- TABLE VI cline in the number of wagons under repair has USE OF THE NATIONAL INCOME been more marked than usual. By February the [Per cent] situation had become more encouraging than for a long time past. 1947 1948 1938 (Provi- (Esti- The textile industries in 1948 can make a con- sional) mated) spicuous contribution to recovery. Both in cotton Current expenditure— and wool increases are possible by making more Personal consumption 78 70 69 general the efficiency of the best firms, together Government current expenditure 16 24 22 with longer hours. Even so, a large increase in Ad N d e it t i o c n a s p i t t o a l a s f s o e r t m s— at - ion at home1 7 14 12 workers will also be necessary. Recruitment through Less external disinvestment -1 -8 -3 the Control of Engagement Order has been en- National income 100 100 100 couraging, but owing to the length of the produc- 1 The increased proportion of net capital formation since 1938 tion cycle in textiles, the quantity available for ex- is partly due to the method of calculating depreciation (net capital formation is equal to gross capital formation less depreciation). port at the end of 1948 will depend on the man- The ratio of gross capital formation at home to gross national product was 15 per cent in 1938, 20 per cent in 1947 and is estimated power in spinning this spring. On present indi- to be 18 per cent in 1948. APRIL 1948 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY Whether the amount of personal expenditure will runaway rise in the price of necessities has been exceed the value of the goods and services available prevented by the cost-of-living subsidies, and by to be bought at the current prices will depend, first, comprehensive price control. on the volume of saving, and second, on the size The statement on personal incomes, costs and of the surplus of revenue over expenditure of all prices made by the Prime Minister marked a republic authorities. On the basis of present taxation newed effort by the Government to halt the and present rates of Government expenditure, public threatened upward spiral of incomes and prices. authorities would have a surplus of about 275 mil- In the House of Commons recently, the Chancellor lion pounds. The total savings required to cover of the Exchequer asked that, with some necessary the estimated investment in Britain less borrowing exceptions, there should be a stop to price increases from abroad is 1,550 million pounds. Depreciation and that, wherever possible, there should be reducallowances contribute 700 million. On the basis tions both in prices and profits. of these provisional figures a rate of saving of All these counter-inflationary measures will have 575 million would be necessary to prevent an to be maintained in 1948 and many intensified. inflationary pressure. This rate of saving is less 6. CONCLUSION than that actually made in 1946 and 1947 when some inflationary pressure existed, but would prob- The outlook for 1948 remains full of uncertainties ably involve a rate of personal saving half as great and the coming year is bound to be one of great again as in 1938. anxiety. But Britain can help to make 1948 the first year of a great upward turn in European 5. COUNTER-INFLATIONARY MEASURES economic recovery. Already production exceeds A number of measures designed to restrain the that of 1938, and each month recently has shown pressure of money demand on prices are already in further upward progress. Great changes have been, force. A large budget surplus has been secured by and must continue to be, made in the pattern of her high taxation, particularly on profits, and by cuts trade and in the lives of many of her citizens. But in Government expenditure abroad and the strength these changes are small when measured against the of the armed forces. Capital development plans great changes made in the war years when, as now, have been postponed on a considerable scale. A Britain's future was at stake. REVISED TABLE ON DEPARTMENT STORE SALES AND STOCKS BY MAJOR DEPARTMENTS The series on department store sales and stocks, permit publication of data for subdepartments not by departments, as published regularly in the Fed- previously covered. Also, the department "Domeseral Reserve BULLETIN, has been changed as a tics, blankets, and linens" has been shifted to the result of discussions with the trade. Although the major group "Piece goods" and redesignated group of reporting stores remains the same, stand- "Household textiles." The table incorporating these ardization and expansion of the report forms now changes appears on pages 446-47 of this BULLETIN. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Common Trust Funds tered or exempted securities). Comment—Un- Valuation of United States Savings Bonds registered nonexempted securities have no loan The Board has received inquiries concerning the value under the Regulation, are not subject to the question whether, in the periodic valuation of as- restrictions of the withdrawal rules, and are not sets in a Common Trust Fund operated in accord- referred to in those rules. Purchase of an unregisance with section 17(c) of the Board's Regulation tered security without a deposit of a sum equal F, it is permissible to value Series G United States to the cost would amount to a withdrawal of the Savings Bonds at par value rather than redemption cost of the security. value. (2) The assigning of a maximum loan value of In a statement published in the Federal Reserve only $250 to a $1,000 exempted security received BULLETIN for January 1942 at page 7, the Board in the account as part of a sale-and-purchase or expressed the opinion that redemption value was deposit-and-withdrawal substitution, even though the most appropriate basis for valuing such bonds. the broker would ordinarily lend as much as $900 As pointed out at that time, however, the only on the security. Comment—The maximum loan provision of the Board's Regulation F which is value of an exempted security must be "as deterpertinent to this matter is the requirement, in sec- mined by the creditor in good faith." This means tion 17(V)(1), that the written plan for the opera- it must be the amount which the broker would tion of a Common Trust Fund shall include, among customarily lend on the exempted security. The other things, provisions relating to the basis and use of a lower figure merely for the purpose of method of valuing the assets in the Fund, and the permitting a later substitution of registered securi- Regulation does not undertake to prescribe any ties for exempted securities would not meet the precise basis or method of valuation. Accordingly, requirement. Regulation F does not prohibit the valuing of (3) The purchase of registered stock A, without Series G United States Savings Bonds at par value additional margin, against the delivery out of the in the periodic valuation of assets in a Common account of registered stock B (held long in the Trust Fund, and such action is permissible if it account) in settlement of a borrowing of stock B is consistent with the terms of the written plan that has arisen from a "short position" in the acgoverning the Common Trust Fund and with ap- count. Comment—The sale of a registered security plicable State law. held in an account immediately reduces both the loan value of the securities in the account and the Margin Requirements adjusted debit balance of the account. The fact Substitutions in Undermanned Accounts that the broker goes through the form of setting up Since the issue of Amendment No. 7 to Regula- an equivalent "short position," and thus delays the tion T, effective April 1, 1948, the Board has been delivery of the security out of the account, does not asked whether the Regulation as amended will affect either the loan value of the securities in the permit any of the following operations in an under- account or the adjusted debit balance of the acmargined account (one with an adjusted debit count. Neither of these items, moreover, is affected balance larger than the maximum loan value of by the eventual delivery of the security against the the securities in the account), and in each case "short position." Accordingly, such delivery of the has replied in the negative: security does not permit a purchase of other securi- (1) The counting of a deposit of unregistered ties without margin. This supersedes the ruling nonexempted securities toward offsetting a with- published at 1938 Federal Reserve BULLETIN, page drawal of registered or exempted securities (or the 353. purchase of unregistered nonexempted securities, The Board also took occasion to point out that without additional margin, against a sale of regis- if sale-and-purchase substitutions are to be made APRIL 1948 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT in an undermargined account without obtaining Federal Reserve Act, 48 Stat. 162, 170, 49 Stat. 684, margin on the purchase, the two transactions must 687, 12 U. S. C. §§ 264(e) and (f). Respondent be on the same day. sought such membership but its application was rejected. The promoters of the Bank, having re- Suit Regarding Condition of Membership quested the Board of Governors of the Federal Peoples Bank v. Eccles, et al. Reserve System to reconsider the application for On March 15, 1948, the Supreme Court of the membership, were advised that favorable action United States reversed the decision of the United depended on a showing that the Transamerica States Court of Appeals for the District of Columbia Corporation, a powerful bank holding company, did in the suit of Peoples Bank, Lakewood Village, not have, nor was intended to have, any interest in California, against the members of the Board of this Bank. Having been satisfied on this point, the Governors which was published in the 1947 Federal Board of Governors granted membership to re- Reserve BULLETIN at page 533. This suit was spondent subject to conditions of which the fourth brought for a declaration that a condition of memis the bone of contention in this litigation. bership accepted by the Peoples Bank at the time of This condition reads as follows: its admission to membership in the Federal Reserve "4. If, without prior written approval of the System was invalid and for an injunction against Board of Governors of the Federal Reserve Sysits enforcement. The Supreme Court held that tem, Transamerica Corporation, or any unit of "the Bank's grievance is too remote and insubthe Transamerica group, including Bank of stantial, too speculative in nature, to justify an America National Trust and Savings Association, injunction against the Board of Governors, and or any holding company affiliate or any subsidiary therefore equally inappropriate for a declaration of thereof, acquires, directly or indirectly, through rights." Two Justices dissented and two Justices the mechanism of extension of loans for the purdid not participate in the decision. The Supreme pose of acquiring bank stock, or in any other Court opinions are printed below. manner, any interest in such bank, other than SUPREME COURT OF THE UNITED STATES such as may arise out of the usual correspondent bank relationships, such bank, within 60 days No. 101—OCTOBER TERM, 1947. after written notice from the Board of Governors of the Federal Reserve System, shall withdraw MARRINER S. ECCLES, RONALD RANSOM, M. S. from membership in the Federal Reserve System." SZYMCZAK, ET AL., PETITIONERS, V. The Board of Governors gave the respondent this PEOPLES BANK OF LAKEWOOD VILLAGE, CALIFORNIA. explanation for the condition: ON WRIT OF CERTIORARI TO THE UNITED STATES "The application for membership has been COURT OF APPEALS FOR THE DISTRICT OF approved upon representations that the bank is a COLUMBIA. bona fide local independent institution and that [March 15, 1948.] no holding company group has any interest in MR. JUSTICE FRANKFURTER delivered the opinion the bank at the time of its admission to memberof the Court. ship, and that the directors and stockholders of This is a proceeding under the Declaratory Judg- the bank have no plans, commitments or underment Act, 48 Stat. 955, 28 U. S. C. § 400. Its aim standings looking toward a change in the status is to have declared invalid a condition under which of the bank as a local independent institution. the respondent became a member of the Federal Condition of membership numbered 4 is designed Reserve System. The California State Banking to maintain that status." Commission authorized the establishment of the Some time later, in 1944, Transamerica, without respondent provided it obtained federal deposit prior knowledge of the respondent, acquired 540 of insurance. This requirement could be met either the 5,000 shares of its outstanding stock. The Bank by direct application to the Federal Deposit In- duly advised the Board of Governors of this fact, surance Corporation or through membership in the but requested that it be relieved of Condition No. 4. Federal Reserve System. §§ 12B(e) and (f) of the This, the Board of Governors declined to do. Then 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT followed this action, in the United States District no more than the foregoing elements, three ques- Court for the District of Columbia, against the tions would emerge: Board of Governors for a declaration that Condition (1) Was this action premature, brought as it No. 4 was invalid and for an injunction against its was before the Board of Governors commenced enforcement. A motion by the defendants to disrevocation proceedings? miss the complaint, in that it failed to set forth a (2) If not, could the respondent attack the justiciable controversy, was denied. 64 F. Supp. 811. validity of a condition on the basis of which it had The defendants answered, claiming that the Bank's been accepted, and had enjoyed, membership? acceptance of membership barred it from question- Compare Fahey v. Mallonee, 332 U. S. 245, 255. ing the validity of Condition No. 4, and that in any (3) If so, did the Board of Governors have power case the condition was valid, and moved for judgto impose the condition as a means of guarding ment on the pleadings. The Bank, having filed a against acquisition by Transamerica of an interest number of affidavits, moved for summary judgment. in respondent? The District Court, in an unreported opinion, held that the Bank was bound by the condition on which However, with due regard for the considerations it had accepted membership in the Federal Reserve that should guide us in rendering a declaratory System, and gave judgment for the defendants. judgment, the record as a whole requires us to The Court of Appeals for the District of Columbia, dispose of the case without reaching any of these one judge dissenting, reversed. It rejected the de- questions. fense of estoppel and sustained the validity of the Extended correspondence between Marriner S. condition "only as a statement that, if the Board of Eccles, the then Chairman of the Board of Gover- Governors should determine, after hearing, that nors of the Federal Reserve System, and A. P. Transamerica's ownership of the Bank's shares has Giannini, Chairman of the Board of Directors of resulted in a change for the worse in the character Transamerica, together with the testimony of Eccles of the Bank's personnel, in its banking policies, in before the House Committee on Banking and Curthe safety of its deposits or in any other substantial rency, set forth the reason for the Board's insistence way, it may require the Bank to withdraw from the on the fourth condition. The Board sought to block Federal Reserve System." 161 F. 2d 636, 643-44. "acquisition by Transamerica of stock in inde- Accordingly, it remanded the case to the District pendent unit banks, especially when it constitutes Court for entry of a judgment construing Condition a means of evading the requirements of the Federal No. 4 to such effect. Since this ruling involves a agencies who will not permit its banks to establish matter of importance to the administration of the additional branches." Hearings before Committee Federal Reserve Act, we brought the case here. on Banking and Currency, House of Representa- 332 U. S. —. tives, on H. R. 2634, 78th Cong., 1st Sess., p. 15. Condition No. 4 provides for withdrawal from The Board was concerned not that Transamerica membership in the Federal Reserve System, for might purchase some shares of independent banks violation of its provisions, "within 60 days after for the ordinary purposes of investment, but that it written notice from the Board of Governors . . ." would buy into banks in order to acquire control, Section 9 of the Federal Reserve Act authorizes the and thereby turn banks, though outwardly inde- Board of Governors to revoke the membership status pendent, into parts of its own banking network. of a bank "after hearing." 1 If the case contained The Board of Governors was therefore carrying out the policy underlying Condition No. 4 when it 1 "If at any time it shall appear to the Board of Governors of formally disavowed any intention to invoke that the Federal Reserve System that a member bank has failed to comply with the provisions of this section or the regulations of condition against respondent merely because of the Board of Governors of the Federal Reserve System made pursuant thereto, or has ceased to exercise banking functions acquisition by Transamerica of an interest in the without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the board after hearing Bank, with no indication of subversion of its indeto require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The pendence. This action by the Board was taken Board of Governors of the Federal Reserve System may restore membership upon due proof of compliance with the conditions after it had satisfied itself that Transamerica's holdimposed by this section." 38 Stat. 251, 260, as amended, 46 Stat. 250, 251, 49 Stat. 684, 704, 12 U. S. C. § 327. See also ing did not affect the Bank's control. The Bank § 5 of the Administrative Procedure Act, 60 Stat. 237, 239, had vigorously insisted on its continued independ- 5 U. S. C. § 1004. APRIL 1948 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ence, in urging upon the Board the harmlessness of tem. The concurrence of these contingent events, Transamerica's ownership of some of the Bank's necessary for injury to be realized, is too speculative stock, and the Board, upon independent investiga- to warrant anticipatory judicial determinations. tion found such to be the fact. Accordingly, the Courts should avoid passing on questions of public Board concluded that "the public interest" called law even short of constitutionality that are not imfor no action. mediately pressing. Many of the same reasons are A declaratory judgment, like other forms of present which impel them to abstain from adjudicatequitable relief, should be granted only as a matter ing constitutional claims against a statute before it of judicial discretion, exercised in the public interest. effectively and presently impinges on such claims. Brillhart v. Excess Insurance Co., 316 U. S. 491; It appears that the respondent could, if it wished, Great La\es Dredge & Doc\ Co. v. Huffman, 319 protect itself from the loss of its independence U. S. 293, 297-98; H. R. Rep. No. 1264, 73rd Cong., through adoption of by-laws forbidding any further 2d Sess., p. 2; Borchard, Declaratory Judgments sale or pledge of its shares to Transamerica or its (2d ed. 1941) pp. 312-14. It is always the duty of affiliates. See California Corporations Code, L. a court of equity to strike a proper balance between 1947, c. 1038, § 501(g).2 To this the Bank replies the needs of the plaintiff and the consequences of that even if its independence is maintained, the giving the desired relief. Especially where govern- Board of Governors may change its policy, and mental action is involved, courts should not inter- seek enforcement of Condition No. 4 whether or vene unless the need for equitable relief is clear, not not such enforcement is required by "the public remote or speculative. interest" in having independent banks, which the The actuality of the plaintiff's need for a declara- condition now serves. Such an argument reveals tion of his rights is therefore of decisive importance. the hypothetical character of the injury on the And so we turn to the facts of the case at bar. The existence of which a jurisdiction rooted in discretion Bank has always insisted that it is independent of is to be exercised. In the light of all this, the difficul- Transamerica; the Board of Governors has sustained ties deduced from the present uncertainty regarding the claim. The Bank stands on its right to remain the future enforcement of the condition, possibly in the Federal Reserve System; the Board acknowl- leading to uninsured deposits, are too tenuous to edges that right. The Bank disclaims any intention call for adjudication of important issues of public to give up its independence; the Board of Governors, law.3 We are asked to contemplate as a serious having imposed the condition to safeguard this danger that a body entrusted with some of the most independence, disavows any action to terminate the delicate and grave responsibilities in our Govern- Bank's membership, so long as the Bank maintains ment will change a deliberately formulated policy the independence on which it insists. What the after urging it on this Court against the Bank's Bank really fears, and for which it now seeks relief, standing to ask for relief. is that under changed conditions, at some future A determination of administrative authority may time, it may be required to withdraw from member- of course be made at the behest of one so imship, and if this happens, so the argument runs, the mediately and truly injured by a regulation claimed Comptroller of the Currency, one of the Directors to be invalid, that his need is sufficiently compelling of the Federal Deposit Insurance Corporation, has to justify judicial intervention even before the comagreed with the Federal Reserve Board to refuse pletion of the administrative process. But, as we any application by the Bank for deposit insurance have seen, the Bank's grievance here is too remote as a nonmember. and insubstantial, too speculative in nature, to Thus the Bank seeks a declaration of its rights // 2 "501. The by-laws of a corporation may make provisions not in conflict with law or its articles for: it should lose its independence, or // the Board of "(g) Special qualifications of persons who may be sharehold- Governors should reverse its policy and seek to ers, and reasonable restrictions upon the right to transfer or hypothecate shares." invoke the condition even though the Bank remains Likewise, the shareholders, or such of them as chose to, could presumably bind themselves not to sell or pledge to Transindependent and // then the Directors of the Federal america, and by noting this agreement on their certificates could bind their transferees. Cf. Vannucci v. Pedrini, 217 Cal. 138. Deposit Insurance Corporation should not change 3 The bank asserted, in its affidavits, not that lack of confidence had deterred depositors, but that deposits had been so their policy not to grant deposit insurance to the heavy that capital expansion was in order, but might be disad- Bank as a nonmember of the Federal Reserve Sys- vantaged by fear of prospective investors to risk personal assessment if deposits were uninsured. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT justify an injunction against the Board of Gover- conduct of its business, a continuing threat of the nors, and therefore equally inappropriate for a Board to exclude respondent from the benefits of declaration of rights. This is especially true in view the System. of the type of proof offered by the Bank. Its claims Respondent desired to be free of what it regarded of injury were supported entirely by affidavits. as an illegal requirement. The Board of Governors Judgment on issues of public moment based on such has not agreed that it will never enforce the prohibievidence, not subject to probing by judge and tion but holds it as a threat to force the respondent opposing counsel, is apt to be treacherous. Caution to resign from the System upon acquisition of conis appropriate against the subtle tendency to decide trol by those deemed undesirable by the Board. public issues free from the safeguards of critical Certainly, as I see it, there is not only the possiscrutiny of the facts, through use of a declaratory bility of future injury but a present injury by reason summary judgment. Modern equity practice has of the threat to the marketability of respondent's tended away from a procedure based on affidavits stock. It may have a substantial bearing upon the and interrogatories, because of its proven insuf- willingness of customers to establish banking relaficiencies. Equity Rule 46 forbade such practice tions with it, especially major relationships looking save in exceptional cases. See Los Angeles Brush toward long and close associations of interests. It Mfg. Corp. v. James, 272 U. S. 701; cf. Federal Rule requires no elaboration to convince me that the of Civil Procedure 43(a). Again, not the least of threat is a real and substantial interference by althe evils that led to the Norris-LaGuardia Act was legedly illegal governmental action. As that threat the frequent practice of issuing labor injunctions has taken a definite form by the enforced agreement upon the basis of affidavits rather than after oral for withdrawal, we have not something that may proof presented in open court. See Amidon, J., in happen but a concrete written notice requiring with- Great Northern R. Co. v. Brosseau, 286 F. 414, 416; drawal by this respondent from the System on the Swan, J., in Aeolian Co. v. Fischer, 29 F. 2d 679, happening of a fact which is contrary to the Board's 681-82. idea of the public interest. Whether the Board's Where administrative intention is expressed but idea of a legitimate public interest is correct is the has not yet come to fruition (Ashwander v. Tennes- very point at issue. see Valley Authority, 297 U. S. 288, 324), or where In such circumstances there is a justiciable conthat intention is unknown (Great Atlantic & Pacific troversy, the claim of a right and a present threat Tea Co. v. Grosjean, 301 U. S. 412, 429-30), we have to deprive a particular person of the right claimed. held that the controversy is not yet ripe for equitable The damage from its actual or threatened enforceintervention. Surely, when a body such as the ment is, of course, irremediable. Any bank would Federal Reserve Board has not only not asserted a be seriously injured by even an effort to oust it from challenged power but has expressly disclaimed its the System. This gives jurisdiction under the intention to go beyond the legitimate "public in- Declaratory Judgment Act. Judicial Code § 274d. terest" confided to it, a court should stay its hand. This Court has discretion to refuse to consider a petition for a declaratory judgment and an injunc- Judgment reversed. tion to stop a threatened or existing injury. Federa- THE CHIEF JUSTICE and MR. JUSTICE DOUGLAS tion of Labor v. McAdory, 325 U. S. 450, 461. That took no part in the consideration or decision of this discretion is not unfettered. Altvater v. Freeman, case. 319 U. S. 359, 363. There is no difference between MR. JUSTICE REED, with whom MR. JUSTICE BUR- declaratory suits involving an equitable remedy and TON joins, dissenting. other equity suits. Where an actual controversy In order to get admission into the Federal Re- with federal jurisdiction exists over the legal relaserve System, the respondent was required to put tions of adverse parties, discretion usually cannot into its charter a provision which was allegedly properly be exercised by refusing an adjudication. beyond the power of the Board of Governors of the Meredith v. Winter Haven, 320 U. S. 228; cf. Bell System to require. It seems obvious that the re- v. Mood, 327 U. S. 678. Unusual circumstances, quirement was a restriction on the market for the not here present, such as other pending suits, Brillrespondent's stock and therefore detrimental to the hart v. Excess Insurance Co., 316 U. S. 491, or super- 401 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT session of state authority, Great La\es Dredge & constrain respondent's operation of its business, Doc\ Co. v. Huffman, 319 U. S. 293, sometimes respondent is entitled to protection, now. See Cojustify refusal or relief. lumbia Broadcasting System v. United States, 316 Under the facts of this case, however, it seems U. S. 407, a case where prematurity was clearer than improper to refuse an adjudication at this time. here. If governmental power is being unlawfully used to I would decide this case on the merits. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Mr. McCabe to the Board of He has been actively identified with the Com- Governors and Designation as Chairman mittee for Economic Development as a Trustee The appointment of Mr. Thomas Bayard Mc- and member of the Research and Policy Committee, Cabe, of Pennsylvania, as a member of the Board with the International Chamber of Commerce, of Governors for the unexpired portion of the which he represented as a delegate to the First term ending February 1, 1952, was approved by Postwar Congress at Montreux, Switzerland, in the Senate on April 12 and on April 15 the Presi- 1947. dent designated him as Chairman of the Board He was Chairman of the Community Chest Camfor a four-year term. paign in Chester, Pennsylvania, in 1947, and is a Mr. McCabe was born in Whaleyville, Maryland, member of the Board of Managers of Swarthmore July 11, 1893, the son of the late William Robbins College, from which he received an honorary McCabe and Beulah Whaley McCabe. He attended LL.D. in 1947. Hahnemann Medical College of Wilmington Conference Academy, Dover, Dela- Philadelphia awarded him an honorary LL.D. ware, 1907-10, and graduated from Swarthmore in 1948. College with an A.B. in economics in 1915. Mr. McCabe married Miss Jeannette Everett In 1916 he began his business career with the Laws of Swarthmore, Pennsylvania, in 1924 and Scott Paper Company, Chester, Pennsylvania, of they have three sons, Thomas Jr., Richard Whaley, which he has been president since 1927. He served and James Laws. in the first World War from 1917-1919, enlisting Change in Board's Staff as a private and advancing to captain in the U. S. Mr. Carl E. Parry, Director of the Division of Army. Security Loans, retired March 31, 1948, as a mem- Mr. McCabe was appointed a Class C director ber of the Board's staff, under the provisions of the of the Federal Reserve Bank of Philadelphia in Federal Reserve Retirement System. Mr. Parry 1937. He was appointed Deputy Chairman of the became associated with the Board on October 1, Bank in 1938, and Chairman of the Board and 1924, and had served as Director of the Division Federal Reserve Agent in 1939, serving in this of Security Loans since November 24, 1934. position until his appointment to the Board of Appointment of Class C Director Governors. The Board of Governors, on March 23, 1948, He has been a member of the Business Advisory announced the appointment of Mr. William H. Council for the Department of Commerce since Bryce of Memphis, Tennessee, as a Class C director 1940 and was Chairman of the Council in 1944-1945. of the Federal Reserve Bank of St. Louis for the In 1940 he was made Executive Assistant to Edward unexpired portion of the term ending December 31, R. Stettinius, Jr., of the Advisory Commission to 1950, and his designation as Deputy Chairman for the Council for National Defense, and in 1941 the balance of the year 1948. Mr. Bryce is Vice became Deputy Director, Division of Priorities, President and Director of the Dixie Wax Paper Office of Production Management; 1941-42, Deputy Company. Lend-Lease Administrator, and in 1945, Army- Admission of State Bank to Membership in the Navy Liquidation Commissioner. In 1945-46 he Federal Reserve System was Special Assistant to the Secretary of State and The Central Bank, Grand Rapids, Michigan, was Foreign Liquidation Commissioner. He was admitted to membership in the Federal Reserve awarded the Medal for Merit in 1946. System on March 9, 1948. 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released for publication March 25] Output of manufactures and minerals continued manufactures showed little change from the Januto show little change in February. Department ary level. store sales increased by about the usual seasonal Activity in nondurable goods industries in Februamount in February and the first half of March. ary, after allowance for seasonal variation, was Wholesale prices generally showed little change slightly above the January rate. Textile mill activity following marked declines in farm products and was maintained at the record level reached in Janusome other commodities from mid-January to ary. Distillers' output of alcoholic beverages is estimid-February. mated to have increased sharply in February, following the end of limitations on grain usage. INDUSTRIAL PRODUCTION Newspaper publishing activity, as reflected in news- Industrial production was maintained in Febru- print consumption, showed a substantial gain. Outary at the January rate of 193 per cent of the 1935-39 put of manufactured food products was maintained average, according to the Board's seasonally ad- at the level of recent months, notwithstanding a justed index. further decline in meat production. Activity in Output of durable goods declined slightly in most other nondurable goods industries continued February, partly because unusually severe weather at the January rate or declined slightly. conditions led to a curtailment of activity in a Output of minerals in February was maintained number of lines early in the month. Steel produc- at the January level. Bituminous coal production tion, however, was maintained at the January rate declined 4 per cent, while output of anthracite, and scheduled operations were increased in the first crude petroleum, and metals advanced. In the midthree weeks of March. Activity in the machinery dle of March bituminous coal output was sharply and transportation equipment industries declined reduced by a labor-management dispute. somewhat in February. Automobile production EMPLOYMENT was sharply reduced in the first two weeks of the month but recovered to earlier postwar peak rates Employment in nonagricultural establishments during the last half, and has been maintained at a in the middle of February was slightly below the high level in March. Output of most other durable January level, after allowance for seasonal changes. INDUSTRIAL PRODUCTION. DEPARTMENT STORE SALES AND STOCKS 3LUME SEASONALLY ADJUSTED, 1935-3 300 . : SA v; IJ CKS /STO y A 1941 1942 1943 1944 1945 1946 1947 1948 1947, 1948 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for February. for January. APRIL 1948 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS The decline reflected mainly the effects of unusually BANK CREDIT severe weather conditions on activity in industries Tax receipts in February and the first half of manufacturing durable goods, and also in mining March in excess of Treasury payments shifted deand construction. The number of persons unemposits from accounts of individuals and businesses ployed increased and was 150,000 larger than in at commercial banks to Treasury balances at the February 1947. Reserve Banks. As a result of these deposit trans- CONSTRUCTION fers, over 1.5 billion dollars were drained out of bank reserve balances. Banks received some new Value of construction contracts awarded, accordreserve funds from further gold inflows and a small ing to the F. W. Dodge Corporation, rose somewhat return of currency from circulation. Federal Remore than seasonally in February reflecting largely serve purchases of Government securities in the an increase of one-fourth in awards for public types market supplied the remainder of the funds reof construction. Private residential awards showed quired to maintain member bank reserve positions. little change as an increase in contracts for apart- Further purchases of Treasury bonds were made ment buildings was offset by a decline in awards by the Federal Reserve in support of the market for single family homes. According to Department prices of these issues, although after mid-February of Labor estimates the number of dwelling units market conditions were stronger and the volume started was 50,000 in January and 47,000 in Februof such purchases was greatly diminished. Total ary, as compared with a total of 84,000 in the same holdings of Government securities at the Reserve two months in 1947. Banks continued to decline, reflecting Treasury use of its current cash surplus and of a part of its de- DISTRIBUTION posit balances to retire about 2.8 billion dollars of Department store sales increased seasonally in securities held by the Reserve Banks. February and the early part of March but the Required reserves of member banks in New York Board's seasonally adjusted index of sales continued and Chicago were increased by about 500 million somewhat below the average level in the fourth dollars on February 27, the effective date for an quarter of 1947. increase in their reserve requirements against net Carloadings of railroad freight during February demand deposits from 20 to 22 per cent. and the first half of March were somewhat below Government security holdings at banks in leading year-ago levels. Shipments of grain and livestock cities declined during February and early March. products were 30 per cent smaller, loadings of Real estate loans continued to expand. Commercial forest products and merchandise in less than carand industrial loans declined somewhat at banks in load lots were less by about 10 per cent, while ship- New York City and showed little change at banks ments of most other classes of freight were at the in other leading cities. same levels as in the corresponding period of 1947. YIELDS ON TREASURY AND CORPORATE SECURITIES COMMODITY PRICES Prices of farm products rose somewhat from mid- February to mid-March, following the sharp declines in the preceding four weeks. Prices of some industrial materials, like leather and cotton fabrics, however, declined further, and prices of most types of finished industrial products continued unchanged. Prices of foods in wholesale and retail markets, which had generally been reduced by 3 to 5 per cent from mid-January to mid-February, showed little change through the middle of March. In the third week of the month wholesale meat prices 1941 1942 1943 [944 1945 1946 1947 1948 advanced, reflecting the effects of the industrial Weekly averages of daily figures compiled by Federal Reserve dispute in the packing industry. from data reported by U. S. Treasury Department, latest shown are for week ending Mar. 24. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. . 407 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve 408 requirements; margin requirements 409-412 Federal Reserve Bank statistics. . 413 Guaranteed war production loans. 413-414 Deposits and reserves of member banks. . 415-416 Money in circulation. 416 Gold stock; bank debits and deposit turnover. . 417 Deposits and currency; Postal Savings System; bank suspensions. 418-419 All banks in the United States, by classes. 420-421 All insured commercial banks in the United States, by classes. 422-425 Weekly reporting member banks. 426 Commercial paper, bankers' acceptances, and brokers' balances 427 Money rates and bond yields 428-429 Security prices and new issues. 430 Corporate earnings and dividends 431-433 Treasury finance Government corporations and credit agencies 434 Business indexes 435-444 Department store statistics. 445-448 Cost of living. 448 Wholesale prices 449 Gross national product, national income, and income payments 450-451 Consumer credit statistics. 452-454 Current statistics for Federal Reserve chart books 455-459 All member banks—assets and liabilities on December 31, 1947, byclass of bank 460 Assets and liabilities of insured commercial banks in United States and possessions on December 31, 1947, June 30, 1947, and December 31, 1946 461 Number of banking offices on Federal Reserve par list and not on par list 462 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1948 405 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 25 15 10 10 / TREASURY CASH AND DEPOSITS JL •———r—^~^!^Xu 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 5 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for Mar. 24. See p. 407. 406 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 million3 of dollars] Reserve Bank credit outstanding Member bank reserve U. S. Government Treas- Treas- Other balances Date v co a D a a n u n i d s c n d - - e ts s Total se T c b a u u r i n e r r l i a y d l t s s ie - s o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t o c e u i a n u n u r n g y r c t d - - y - M i c n t u o i o c l n a n i e r - - y T h c i u r o n a e r l g s a y d h s s - - F u B p s r w e R e o y a d r i s n e e t v i - d h k t r e e s s a - lb p m N e o r o e s m n d it - e s - - c s F o e R e a u e r r c e a d n v - - l - e ts Total c E es x s - 2 certificates Monthly averages of daily figures: 1946—Dec 305 23,767 22,401 1,366 674 24,746 20,488 4,552 28,997 2,256 556 852 606 16,517 900 1947—Jan 252 23,632 22,523 1,109 547 24,431 20,624 4,560 28,543 2,290 780 989 614 16,399 850 Feb 339 23,824 22,690 1,135 438 24,60120,726 4,558 28,300 2,214 1,895 846 623 16,006 805 Dec 268 21,905 18,908 2,996 685 22,858 22,712 4.556 28,937 1,330 967 1,016 614 17,261 987 1948—Jan 224 21,673 16,566 5,107 551 22,447 22,816 4,559 28,394 1,329 1,130 1,014 566 17,390 933 Feb 379 20,738 13,676 7,062 473 21,58922,967 4^559 28,096 1,317 1,323 987 559 16,834 804 End-of-month figures: 1946—Dec. 31 163 23,350 22,241 1,109 580 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 562 1947—Tan. 31... . 308 23,941 22,832 1,109 506 24,75420,748 4,559 28,262 2,258 1,942 922 614 16,063 663 Feb. 28.... 356 24,117 22,919 1,198 373 24,84620,330 4,558 28,304 1,317 2,491 1,103 624 15,895 847 Dec. 31 85 22,559 18,230 4,329 536 23,181 22,754 4.562 28,868 1,336 870 961 563 17,899 1 ,499 1948—Jan. 31 327 21,925 15,591 6,334 530 22,782 22,935 4,561 28,111 1,305 2,343 1,049 551 16,919 768 Feb. 28.... 431 21,024 13,601 7,422 655 22,10923,036 4,561 28,019 1,325 1,591 1,154 556 17,062 762 Wednesday figures: 1947—May 7 102 21,852 20,747 1,105 276 22,23020,811 4,560 28,197 1,328 654 918 626 15,877 654 May 14 13921,762 20,671 1,091 331 22,23320,878 4,559 28,134 1,337 556 1,066 628 15,949 787 May 21.... 117 21,676 20,589 1,087 278 22,07120,888 4,559 28,116 1,338 539 957 626 15,942 752 May 28 13021,590 20,485 1,105 299 22,01920,932 4,561 28,211 1,372 751 846 626 15,705 520 June 4.... 173 21,760 20,664 1,097 301 22,23420,990 4,561 28,261 1,366 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22,040 21,026 4,561 28,253 1,332 495 889 629 16,028 667 June 18 132 21,186 20,089 1,097 479 21,797 21,123 4,561 28,195 1,333 225 857 632 16,241 750 June 25.... 132 21,582 20,485 1,097 343 22,057 21,174 4,553 28,183 1,329 642 915 636 16,081 674 July 2.... 11021,629 20,532 1,097 406 22,145 21,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9 12021,611 20,515 1,097 304 22,03521,336 4,551 28,363 1,329 566 844 631 16,190 670 July 16.... 99 21,758 20,663 1,095 391 22,248 21,434 4,550 28,225 1,331 756 952 631 16,336 759 July 23 118 21,700 20,605 1,095 275 22,09321,467 4,550 28,145 1,330 939 818 633 16,244 630 July 30 111 22,012 20,917 1,095 187 22,310 21,537 4,551 28,129 1,341 705 1,236 633 16,354 742 Aug. 6 12321,869 20,777 1,092 219 22,211 21,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13 18322,030 20,939 1,091 282 22,494 21,611 4,551 28,223 1,329 1,053 1,000 622 16,428 779 Aug. 20.... 239 22,097 21,008 1,089 300 22,636 21,666 4,551 28,239 1,330 1,265 987 624 16,407 721 Aug. 27.... 134 22,107 21,018 1,089 237 22,478 21,766 4,550 28,302 1,335 915 1,123 626 16,493 775 Sept. 3.... 125 22,224 21,135 1,089 274 22,62321,765 4,552 28,749 1,323 459 1,149 632 16,628 841 Sept. 10 12022,042 20,848 1,194 309 22,472 21,815 4,551 28,742 1,329 243 960 632 16,932 1,015 Sept. 17 13021,756 20,562 1,194 509 22,39421,935 4,551 28,633 1,306 240 930 642 17,128 1,055 Sept. 24 11922,118 20,927 1,191 336 22,57321,950 4,552 28,556 1,319 800 924 645 16,831 875 Oct. 1 15622,392 21,195 1,196 383 22,93121,955 4,551 28,559 1,316 1,053 832 643 17,034 985 Oct. 8 11122,355 21,148 1,207 385 22,852 22,092 4,551 28,632 1,328 909 837 646 17,142 1,069 Oct. 15 14622,218 21,013 1,205 443 22,80722,153 4,551 28,656 1,324 836 817 648 17,229 1,154 Oct. 22 12521,772 20,564 1,208 451 22,34822,225 4,552 28,569 1,337 608 924 650 17,037 857 Oct. 29.... 373 22,129 20,689 1,440 287 22,78922,294 4,552 28,519 1,338 1,355 917 649 16,859 721 Nov. 5 204 22,119 20,552 1,567 317 22,64022,336 4,551 28,635 1,324 926 922 632 17,088 952 Nov. 12 429 22,052 20,343 1,708 208 22,68922,442 4,550 28,709 1,328 1,224 950 632 16,839 766 Nov. 19 19922,222 20,117 2,105 620 23,04122,513 4,552 28,595 1,327 1,560 926 631 17,068 883 Nov. 26 370 22,239 19,913 2,327 325 22,93422,597 4,554 28,725 1,330 1,314 969 626 17,121 954 Dec. 3.... 262 22,120 19,587 2,533 448 22,83022,680 4,553 28,817 1,342 1,256 986 624 17,038 854 Dec. 10 250 21,985 19,273 2,713 382 22,61722,708 4,556 28,874 1,331 934 992 618 17,132 935 Dec. 17 16821,657 18,772 2,886 913 22,738 22,723 4,557 28,923 1,332 616 951 615 17,581 1,165 Dec. 24.... 283 21,900 18,659 3,241 827 23,011 22,743 4,556 29,111 1,318 929 967 609 17,377 1,073 Dec. 31 85 22,559 18,230 4,329 536 23,181 22,754 4,562 28,868 1 ,336 870 961 563 17,899 1,499 1948—Jan. 7.... 164 21,683 17,148 4,536 473 22,32022,762 4,560 28,658 1,340 562 1,009 569 17,503 1,166 Jan. 14 165 21,896 17,018 4,878 507 22,56822,790 4,559 28,374 1,333 819 959 568 17,863 1,537 Jan. 21 168 21,540 16,311 5,229 518 22,227 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 1,332 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 1,309 616 974 562 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 1,335 1,725 899 558 16,750 765 Feb. 25... . 279 21,034 13,645 7,389 394 21,707 23,028 4,557 28,054 1,326 1,656 901 557 16,799 964 Mar. 3.... 257 21,071 13,575 7,496 523 21,85123,036 4,559 28,024 1,333 954 1,027 557 17,552 1,157 Mar. 10 298 20,678 13,145 7,532 350 21,32623,083 4,559 28,006 1,331 751 955 559 17,366 977 Mar. 17 363 20,373 12,956 7,417 451 21,18723,119 4,559 27,920 1,325 677 1,006 586 17,351 P956 Mar. 24.... 447 20,607 13,168 7,439 375 21,42923,135 4,557 27,851 1,336 1,458 1,018 589 16,870 P716 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 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. APRIL 1948 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d o s i e v s c c e u o r r n u e m n d t e s b n y o t f e o a l b i n g l d i i g b a l a e t d i o v p n a a s n p c e a e r n s d Other se [S c e u c r . e d 1 0 a ( d b v )] ances b o a b n l ( i k l g a s a s t t s i e o p c n a u s r r . e o d S f e b t c h y . e 1 d U 3 i ) r . e S ct . (Sees. 13 and 13a)» Rate Effective Rate Effective Rate Effective Boston Jan. 14,1948 2Y2 Jan. 14,1948 New York.... Jan. 12,1948 Apr. 6,1946 Philadelphia.. Jan. 12,1948 2 Mar. 23,1946 Cleveland. . . . Jan. 12,1948 2 Mar. 9,1946 Richmond Jan. 12,1948 Mar. 16,1946 Atlanta Jan. 12,1948 Jan. 24,1948 Chicago Jan. 12,1948 23^ Jan. 12,1948 S M t. i n L n o e u a i p s olis. . J Ja a n n . . 1 1 2 2 , , 1 19 9 4 4 8 8 2y J Ja a n n . . 1 15 2 , , 1 1 9 9 4 4 8 8 Kansas City.. Jan. 19,1948 Jan. 19,1948 Dallas Jan. 12,1948 Feb. 14,1948 San Francisco 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 March 31. Per cent per annum] Maturity Mar. 31 ginning— rate To industrial or 91 1 - - 1 2 9 0 0 d da a y y s s IX i 1 j J a a n n . . 1 1 2 2 , , 1 1 9 9 4 4 8 8 1 IX KB c b o u m si m ne e s rc se ia s l To financing institutions 121-180 days ly2 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 t f h i o g e r u r k r . e F s e .— d T e h S r e a e l e s a R m B es e a e n r r k v a i e t n e g s B g a a e n n n k e s d r . a M lly o n a e p ta p r ly y to St a a t n is y ti c p s u , rc T ha a s b e l s e 1 m 1 a 7 de , Bank lo O an n s 1 co m m O e m n n t i s t- fo P in r o s r w 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 2Y2-5 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 d e ty k rv s d e epo C s b i o a ts u n 1 n k t s ry m d b e T a e p ( n m i a o m k l s b l s e i e ) t r s A N C R P C h h i l t e e c l i w i a v c h la n a e m d Y g t l a a o e o o n l n r p d d k hia. .. . 2 i i y y V2 2 2 - s s S 2^ () -5 St. Louis 1M-1M J A u u n g e . 1 2 6 1 , , 1 1 9 9 3 1 6 7 - - F A e u b g . . 2 1 8 5 , , 1 19 9 3 3 7 6 . . . . 1 1 3 93^ 1 1 0 5 10 7 3^ 3 M Ka i n n s n a e s a p C ol i i t s y . . . . . . . . (2) Mar. 1, 1937-Apr. 30, 1937.. 22M 173^ 1234 S D a a n l la F s rancisco.. . May 1, 1937-Apr. 15, 1938.. 26 20 14 6 Apr. 16, 1938-Oct. 31, 1941.. 22 % 17 ^ 12 5 Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 1 Including loans made in participation with financing institutions. Aug. 20, 1942-Sept.13, 1942.. 24 20 14 6 2 Rate charged borrower less commitment rate. Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 8 Rate charged borrower. Oct. 3, 1942-Feb. 26, 1948.. 20 20 14 6 4 Rate charged borrower but not to exceed 1 per cent above the Feb. 27, 1948 and after 22 20 14 6 ddiiss •cc ioo \uu dnn tctt rr caa iictt xee i.. gcu. uunuwci i_/ut nut LV_» cAi^t-tva A JK^-1 v^ciit auuvt 6 Charge of \3A4 rp\ee*rr cre»onnt f isic mmaodfelo orn\r- t unnndHisicbhunrrscepdH proirr»trifior*nn orf\ f lolra\ann. 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 3 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 by 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, 1935 Dec. 31,1935 Jan. 1, 1936 Regulation T: Savings deposits For extensions of credit by brokers Postal savings deposits. . and dealers on listed securities 75 100 75 Other deposits payable: For short sales 75 100 75 In 6 months or more.. Regulation U: In 90 days to 6 month For loans by banks on stocks 75 100 75 In less than 90 days. . 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; tht 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. 408 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 1947 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Feb. 25 Feb. 18 Feb. 11 Mar. Feb. Mar. Assets Gold certificates 21,234,1 1,224,170 21 189,17021,141,17021,096,17021,036,170 21 008,170 21,229,170 21,096,170 18,445,430 Re F d . e m R. p t n i o o t n e s fund for 633,840 636,471 637,100 638,208 680,049 682,455 690,331 648,841 680,050 776,070 Total gold certificate reserves. . . . 21,868,010 21,860,641 ,826,27021,779,378 21,776,21921,718,625 21,698,501 21,878,011 21,776,220 19,221,500 Other cash 353,046 364,307 355,274 372,685 367,880 368,155 352,218 359,555 386,715 308,076 Discounts and advances For member banks... 304,147 222,302 154,999 115,864 137,349 163,457 445,980 285,458 288,953 405,757 For nonmember banks, etc 143,000 141,000 142,800 141,800 141,800 131,800 131,800 144,500 141,800 131,800 Total discounts and advances 363,302 297,799 257,664 279,149 295,257 577,780 429,958 430,753 537,557 Industrial loans 3,14 4,708 4,353 4,158 2,760 3,785 4.906 1,081 U. S. Govt. securities: Bills: Under repurchase option 5,629,806 Other 8,794,901 8,666,401 ,914,361 9,270,911 9,282,853 9,358,603 9,468,444 8,851,101 9,210,661 9,459,714 Certificates: Special Other 4,373,175 4,289, 231,025 4,304,525 4,362,083 4,344,933 346,333 4,481,175 4,390,783 6,398,618 Notes 1,786,200 1,774, 772,100 1,774,600 1 ,721,850 1,653,500 594,500 1,883,400 1,734,350 351,800 Bonds 5,652,858 5,642, 760,136 5,721,170 5,667,050 5,586,025 407,978 5,671,377 5,687,914 753,390 Total U. S. Govt. securities 20,607,13420,372,92920 677,62221,071,20621,033,83620,943,061 ,817,255 •0,887,053 21,023,70822,593,328 Other Reserve Bank credit outstanding. . . 371,571 447,311 348,011 517,513 390,079 539,361 333,972 286,630 650,050 298,949 Total Reserve Bank credit outstanding21,4288,99921,187,144 21,325,523 21,851,091 21 ,707,41721,781,837 21.731,767 21,607,42622,109,41 23,430,915 Liabilities Federal Reserve notes. . 23,831,226 23,914,28723,990,738 24,034,36824,065,49524,069,669 23,767,64224,044,717 24,161,605 Deposits: Member bank — reserve account 16,869,890 17,350,679 17,366,24817,551,54016,799,29016,749,99317,037,36116,638,719 17,061,81715,264,231 U. S. Treasurer—general account 1,458,070 677 750,542 953,950 1,655,975 1,725,429 1,186,605 1,971,606 1,591,225 2,033,772 Foreign 510,671 525 476,103 578,272 448,761 420,922 442,069 485,528 463,799 381,057 Other 507,464 481 478,914 448,645 452,355 478,082 502,260 513,773 690,117 590,383 Total deposits 19,346,095 19,034,415 19,071,807 19,532,407 19,356,381 19,374,426 19,168,295 19,609,626 19,806,958 18,249,443 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. . 50.6 50.9 50.1 50.4 49.7 45.3 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 t a o 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: Feb. 25 279,149 142,264 31,840 51,179 53,753 93 20 Mar. 3 257,664 119,716 42,630 72,058 23,150 90 20 Mar. 10 297,799 156,353 28,896 78,981 14,456 19,094 19 Mar. 17 363,302 230,922 39,928 58,315 34,048 72 17 Mar. 24 447,147 309,144 39,535 54,630 34,187 9,639 12 Industrial loans: Feb. 25 4,353 4,105 21 23 169 4 19 Mar. 3 4,708 4,459 23 21 148 4 20 Mar. 10 2,091 1,850 23 21 141 4 19 Mar. 17 3,602 3,382 23 21 141 4 19 Mar. 24 3,147 2,921 23 21 146 4 20 U. S. Government securities: Feb. 25 21,033,836 2,811,7371,921,0123,042,2972,074,3473,353,7762,448,867 417,7594,964,041 Mar. 3 21,071,206 2,816,5301,889,6432,546,6062,601,7613,084,1182,714,817 418,109 ,999,622 Mar. 10 20,677,622 2,741,9331,812,6232,081,2552,857,1793,019,2932,707,317 431,3095,026,713 Mar. 17 20,372,929 2,781,9691,305,856 2,070,2523,017,0673,536,2292,137,867 445,3595,078,330 Mar. 24 20,607,134 2,601,5841,179,0742,282,9873,231,6993,564,8292,213,117 451,859 5,081,985 APRIL 1948 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Feb. 25 21,096,170 863,359 6,527,757 1,060,280 1,390,2401,017,184 1,043,3074,138,313 591,442 424,025 752,491 496,300 2,791,472 Mar. 3 21,141,170 743,611 6,854,710 940,197 1,347,2791,020,458 1,054,112 4,238,758 586,877 417,135 756,906 492,5282,688,599 Mar. 10 21,189,170 760,746 6,870,403 969,005 1,365,5501,029,154 1,069,8334,121,976 589,975 436,102 764,736 505,2172,706,473 Mar. 17 21,224,170 757,921 6,720,190 1,016,657 1,356,4381,030,189 1,051,089 4,,196,999 596,776 424,659 770,599 510,6482,792,005 Mar. 24 21,234,170 764,598 6,701,041 1,041,209 1,396,8771,049,061 1,086,1194,077,476 562,745 437,550 817,002 512,1482,788,344 Redemption fund forF. R. notes: 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 Mar. 3 638,208 55,897 72,589 59,249 74,670 57,559 39,330 98,847 46,340 22,741 35,306 25,862 49,818 Mar. 10 637,100 55,743 71,925 59,001 74,481 58,403 39,168 98,644 46,279 22,714 35,275 25,812 49,655 Mar. 17 636,471 55,710 71,702 58,964 74,410 58,387 39,116 98,560 46,263 22,695 35,258 25,803 49,603 Mar. 24 633,840 55,585 71,135 58,743 74,247 57,410 38,970 98,400 46,214 22,677 35,223 25,763 49,473 Total gold certificate reserves: Feb. 25 21,776,219 919,404 6,641,282 1,119,613 1,464,9751,074,844 1,082,8074,237,280 637,806 446,781 787,819 522,1852,841,423 Mar. 3 21,779,378 799,508 6,927,299 999,4461,421,9491,078,017 1,093,4424,337,605 633,217 439,876 792,212 518,3902,738,417 Mar. 10 21,826,270 816,489 6,942,328 1,028,006 1,440,0311,087,557 1,109,0014,220,620 636,254 458,816 800,011 531,0292,756,128 Mar. 17 21,860,641 813,631 6,791,892 1,075,621 1,430,8481,088,576 1,090,205 4,295,559 643,039 447,354 805,857 536,4512,841,608 Mar. 24 21,868,010 820,183 6,772,176 1,099,952 1,471,1241,106,471 1,125,0894,175,876 608,959 460,227 852,225 537,9112,837,817 Other cash: 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 Mar. 3 372,685 39,052 70,924 24,738 37,377 21,714 23,197 56,657 16,528 8,046 14,084 14,921 45,447 Mar. 10 355,274 38,075 68,483 24,691 33,015 21,013 22,838 56,692 14,265 8,483 11,000 14,077 42,642 Mar. 17 364,307 38,304 68,159 25,681 37,532 21,340 22,651 58,587 14,789 8,204 11,924 14,787 42,349 Mar. 24 353,046 39,344 61,880 23,041 34,031 21,447 24,420 56,089 14,918 9,402 11,447 14,543 42,484 Discounts & advances: Secured by U. S. Govt. securities: 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 Mar. 3.. 115,241 10,860 16,331 9,865 19,454 9,420 4,601 5,025 14,045 3,900 6,140 3,600 12,000 Mar. 10. . 154,388 13,022 20,571 7,050 21,979 16,595 951 63,380 1,200 600 7,340 100 1,600 Mar. 17. . 221,797 5,802 74,541 4,855 19,678 13,300 1,701 87,380 3,450 600 10,290 200 i ,'666 Mar. 24. . 303,459 8,453 80,526 4,520 12,454 26,355 5,901 142,780 8,430 600 12,240 200 Other: 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 Mar. 3.. 142,423 8,933 45,376 11,486 13,472 6,948 5,814 19,285 5,205 3,545 4,963 4,918 12,478 Mar. 10. . 143,411 8,996 47,073 10,190 13,552 6,997 5,855 19,421 5,241 3,570 4,998 4,952 12,566 Mar. 17. . 141,505 8,883 46,635 9,906 13,380 6,909 5,781 19,176 5,076 3,525 4,935 4,891 12,408 Mar. 24. . 143,688 9,009 48,882 10,222 13,547 7,007 5,863 18,523 5,348 3,575 4,767 4,959 11,986 Industrial loans: Feb. 25 4,353 909 204 46 3,194 Mar. 3 4,708 753 204 46 3,705 Mar. 10 2,091 866 204 39 982 Mar. 17 3,602 855 215 29 2,503 Mar. 24 3,147 533 214 34 2,366 U. S. Govt. securities: Bills: Feb. 25.... 9,282,853 624,032 2,225,861 663,073 889,947 602,866 465,3781,318,981 493,644 284,138 432,683 420,690 861,560 Mar. 3 9,270,911 623,230 2,222,996 662,219 888,803 602,091 464,7791,317,283 498,960 283,773 432,126 420,149 854,502 Mar. 10. ... 8,914,361 599,261 2,137,503 636,751 854,621 578,935 446,9041,266,621 492,188 272,859 415,507 403,991 809,220 Mar. 17. ... 8,666,401 582,590 2,078,047 619,041 830,848 562,831 434,4731,231,391 478,498 265,270 403,949 392,753 786,710 Mar. 24 8,794,901 591,228 2,108,859 628,220 843,167 571,176 440,9151,249,650 484,709 269,203 409,939 398,576 799,259 Certificates: 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 Mar. 3 4,304,525 289,367 1,032,148 307,472 412,674 279,553 215,799 611,621 237,666 131,757 200,639 195,077 390,752 Mar. 10 4,231,025 284,426 1,014,524 302,222 405,629 274,780 212,114 601,178 233,608 129,508 197,212 191,745 384,079 Mar. 17 4,289,725 288,373 1,028,600 306,415 411,256 278,592 215,056 609,519 236,849 131,305 199,948 194,405 389,407 Mar. 24 4,373,175 293,982 1,048,609 312,376 419,256 284,012 219,241 621,375 241,457 133,859 203,838 198,187 396,983 Notes: 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 Mar. 3 1,774,600 119,296 425,517 126,760 170,131 115,249 88,966 252,149 97,981 54,319 82,716 80,423 161,093 Mar. 10 1,772,100 119,128 424,918 126,581 169,891 115,087 88,841 251,794 97,843 54,242 82,599 80,310 160,866 Mar. 17. ... 1,774,100 119,262 425,397 126,724 170,083 115,217 88,941 252,078 97,953 54,303 82,693 80,401 161,048 Mar. 24 1,786,200 120,075 428,299 127,588 171,243 116,003 89,547 253,798 98,621 54,674 83,257 80,949 162,146 Bonds: 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 Mar. 3.... 5,721,170 384,600 1,371,833 408,663 548,489 371,556 286,819 812,910 315,883 175,119 266,669 259,278 519,351 Mar. 10 5,760,136 387,219 1,381,177 411,447 552,224 374,086 288,773 818,446 318,034 176,312 268,486 261,044 522,888 Mar. 17 5,642,703 379,325 1,353,018 403,058 540,966 366,460 282,886 801,760 311,551 172,717 263,012 255,722 512,228 Mar. 24. ... 5,652,858 380,008 1,355,453 403,784 541,940 367,119 283,395 803,203 312,111 173,028 263,485 256,182 513,150 Total U. S. Govt. securities: Feb. 25 21,033,836 1,413,980 5,043,535 1,502,4462,016,514 1,366,0221,054,4902,988,6541,142,451 643,824 980,408 953,2331,928,279 Mar. 3 21,071,206 1,416,493 5,052,494 1,505,1142,020,097 1,368,4491,056,3632,993,9631,150,490 644,968 982,150 954,9271,925,698 Mar. 10 20,677,622 1,390,034 4,958,122 1,477,0011,982,365 1,342,8881,036,6322,938,0391,141,673 632,921 963,804 937,0901,877,053 Mar. 17 20,372,929 1,369,550 4,885,062 1,455,2381,953,153 1,323.1001,021,356 2,8947481,124,851 623,595 949,602 923,2811,849,393 Mar. 24 20,607,134 1,385,293 4,941,220 1,471,9681,975,606 1,338,3101,033,098 2,928,0261,136,898 630,764 960,519 933,8941,871,538 Total loans and securities: Feb. 25 21,317,338 1,435,991 5,105,371 1,521,5832,046,470 1,386,8811,080,599 3,039,9491,152,706 648,919 990,561 964,9511,943,357 Mar. 3 21,333,578 1,436,286 5,114,201 1,527,218 2,053,227 1,384,8631,070,483 3,018 1,169,740 652,413 993,253 963,4451,950,176 Mar. 10 20,977,512 1,412,052 5,025,766 1,495,1072,018,100 1,366,5191,044,420 3,020,8401,148,114 637,091 976,142 942,1421,891,219 Mar. 17 20,739,833 1,384,235 5,006,238 1,470,8541,986,426 1,343,3381,031,341 1,133,377 627,720 964,827 928,3721,861,801 Mar. 24 21,057,428 1,402,755 5,070,628 1,487,2432,001,821 1,371,7061,047,228 3,089,3291,150,676 634,939 977,526 939,0531,884,524 Due from foreign banks: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 1 After deducting $64,000 participations of other Federal Reserve Banks on Feb. 25; Mar. 3; Mar. 10; Mar. 17; and Mar. 24. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - Ka C n it s y as Dallas F c S r i a a s n c n- o Federal Reserve notes of other Banks: 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 Mar. 3 120,806 5,613 19,733 6,942 6,877 20,052 13,591 15,564 7,128 3,585 5,543 4,574 11,604 Mar. 10 114,373 5,365 18,878 4,391 4,998 17,125 15,526 13,420 8,053 3,833 4,764 5,466 12,554 Mar. 17 121,798 5,163 20,429 5,283 5,505 16,423 15,583 15,301 7,113 5,338 5,282 5,094 15,284 Mar. 24 116,120 4,716 18,531 5,326 6,120 16,883 11,924 14,145 8,938 5,232 5,818 4,776 13,711 Uncollected items: 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 Mar. 3 2,760,773 221,296 611,828 176,410 278,849 211,073 168,645 429,531 112,366 59,850 140,707 104,965 245,253 Mar. 10 2,489,995 196,185 484,287 168,097 248,939 211,963 169,558 395,168 115,842 60,651 133,446 102,586 203,273 Mar. 17 3,436,801 260,427 695,521 228,650 360,026 288,089 220,295 586,575 132,008 73,792 164,241 147,915 279,262 Mar. 24 2,866,202 223,846 555,766 174,228 280,834 276,297 199,47 428,106 120,664 71,859 142,831 129,562 262,731 Bank premises: 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 Mar. 3 32,839 1,231 8,202 3,171 4,912 2,624 1,553 3,050 1,964 1,203 2,439 789 1,701 Mar. 10 32,839 1,231 8,202 3,171 4,912 2,624 1,553 3,059 1,964 1,203 2,439 789 1,701 Mar. 17 32,836 1,231 8,202 3,171 4,909 2,624 1,553 3,050 1,964 1,203 2,439 789 1,701 Mar. 24 32,830 1,231 8,202 3,171 4,909 2,617 1,552 3,050 1,965 1,203 2,440 789 1,701 Other assets: 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 Mar. 3 152,294 10,323 35,762 10,479 14,883 9,920 7,729 21,762 8,684 4,602 6,938 7,033 14,179 Mar. 10 154,815 10,491 36,765 10,604 14,805 10,168 7,911 21,854 8,923 4,697 7,166 6,947 14,484 Mar. 17 131,621 8,971 30,819 8,980 12,690 8,501 6,707 19,150 7,602 3,985 6,054 5,821 12,341 Mar. 24. .. 133,440 8,831 31,904 9,151 12,643 8,749 6,783 18,909 7,668 4,103 6,222 5,867 12,610 Total assets: Feb. 25 46,567,9182,646,66212,471,1322,875,325 3834,3502,731,7222,388,7117,864,4631,935,6621,176,3141,949,4041,634,906 5,059,267 Mar. 3 46,552,4482,513,31512,787,9802,748,4123,818,0832,728,2682,378,6447,882,4551,949,6301,169,5771,955,1791,614,120 5,006,785 Mar. 10 45,951,1732,479,89412,584,7402,734,0753,764,8092,716,9742,370,8117,731,6571,933,4181,174,7761,934,9711,603,039 4,922,009 Mar. 17 46,687,9322,511,96812,621,2912,818,248 3,837,9452,768,896 2,388,3397,979,5391,939,8951,167,5981,960,6271,639,232 5I,054,354 Mar. 24 46,427,171 2,500,91212,519,1182,802,120 3,811,4912,804,175 2,416,47 ,785,5171,913,7911,186,9671,998,5121,632,504 i5,055,586 Liabilities Federal Reserve notes: Feb. 25 24,065,495 1,439,116 5,532,355 ,645,7902,088,3361,666,779 ,351,224 4,555,5931,105,425 615,983 930,700 598,2472,535,947 Mar. 3 24,034,368 1.432,072 5,522.674 ,641,3352,084,9991,664,205 ,349,433 4,551,0011,105,162 617,342 934,444 599,8332,531,868 Mar. 10 23,990,738 1,430,433 5,497,230 ,639,8522,088,6291,659,981 ,348,260 4546,8281,102,397 618,348 932,120 598,4372,528,223 Mar. 17 23,914,287 1,427,334 5,481,978 ,635,5082,081,6401,651,398 ,339,870 4,540,3241,099,166 616,138 928,800 594,2392,517,892 Mar. 24.. 23,831,226 1,424,543 5,464,700 ,635,4812,077,4281,642,880 ,331,640 4,528,5191,092,431 613,556 922,514 590,568 2.506,966 Deposits: Member bank •—reserve account: Feb. 25.. 16,799,290 732,419 5,254,814 810,9801,231,089 740,127 744,243 ,545,068 638,068 423,409 820,046 814,0492,044,978 Mar. 3.. 17,551,540 753,598 5,743,571 820,7721,298,873 737,414 751,6112,673,715 646,926 423,490 823,148 823,380 2,055,042 Mar. 10. .17,366,248 733,126 5,721,936 800,5641,269,178 753,358 764,5792,592,226 630,855 432,896 812,888 822,9582,031,684 Mar. 17. .17,350,679 738,569 5,521,759 839,3641,257,024 749,440 753,6942,687,097 622,387 422,727 820,502 830,3442,107,772 Mar. 24. .16,869,890 714,670 5,481,373 799,7081,237,236 738,767 727,7922,484,625 599,496 408,717 805,617 796,9672,074,922 U. S. Treasurer-general account: 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 Mar. 3. . 953,950 69,864 255,26' 39,924 92,980 73,835 61,440 130,494 47,042 45,918 37,434 39,350 60,402 Mar. 10. . 750,542 64,702 144,325 55,564 88,023 53,872 45,988 96,395 41,575 40,637 38,429 40,816 40,216 Mar. 17. . 677,263 32,820 183,206 30,027 83,563 52,862 25,984 97,193 40,942 28,850 26,176 36,424 39,216 Mar. 24. . 1,458,070 72,915 236,270 115,232 155,358 126,654 98,305 246,609 62,617 65,551 99,943 82,883 95,733 Foreign: 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 Mar. 3. . 578,272 32,022 1233,168 41,083 46,662 24,853 20,795 68,979 18,259 12,680 17,752 17,245 44,774 Mar. 10. . 476,103 25,489 1201,613 32,684 37,122 19,772 16,543 54,876 14,526 10,088 14,122 13,719 35,549 Mar. 17. . 525,353 29,477 1207,804 37,811 42,945 22,873 19,139 63,485 16,805 11,670 16,338 15,871 41,135 Mar. 24. . 510,671 28,620 1202,365 36,709 41,694 22,207 18,581 61,635 16,315 11,330 15,862 15,409 39,944 Other: 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 Mar. 3.. 448,645 2,682 372,480 1,936 11,699 10,630 1,662 1,661 5,604 2,078 2,545 792 34,876 Mar. 10. . 478,914 2,643 405,933 1,472 9,471 8,496 899 1,920 6,120 2,731 1,270 1,429 36,530 Mar. 17. . 481,120 2,678 409,356 1,059 8,574 7,386 1,519 4,793 5,415 1,684 2,226 500 35,930 Mar. 24. . 507,464 2,425 442,754 1,772 7,549 5,581 1,557 2,414 5,436 2,407 550 382 34,637 Total deposits: i Feb. 25 19,356,381 940,525 6,239,035 990,4741,446,825 851,604 842,0242,802,534 709,276 485,218 875,228 898,266 2,275,372 Mar. 3 19,532,407 858,166 6,604,486 903,7151,450,214 846,732 835,508 2,874,849 717,831 484,166 880,879 880,7672,195,094 Mar. 10 19,071,807 825,960 6,473,807 890,2841,403,794 835,498 828,0092,745,417 693,076 486,352 866,709 878,9222,143,979 Mar. 17 19,034,415 803,544 6,322,125 908,2611,392,106 832,561 800,3362,852,568 685,549 464,931 865,242 883,1392,224,053 Mar. 24 19,346,095 818,630 6,362,762 953,4211,441,837 893,209 846,2352,795,283 683,864 488,005 921,972 895,6412,245,236 Deferred availak * bility items: 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 Mar. 3 2,243,355 175,741 432,639 143,861 214,059 179,526 161,955 355,822 98,721 48,266 112,169 106,624 213,972 Mar. 10 2,142,079 175,817 384,487 144,110 203,482 183,402 162,597 338,034 109,718 50,011 108,168 98,749 183,504 Mar. 17 2,989,585 233,245 587,167 214,459 294,809 246,665 216,028 484,770 126,832 66,579 138,512 134,704 245,815 Mar. 24 2,494,726 209,500 460,318 152,834 222,311 229,469 206,21-6 359,035 108,858 65,281 125,721 118,893 236,290 Other liab. incl. accrued div.: Feb. 25 15,647 846 4,304 936 1,691 818 683 2,556 654 497 575 687 1,400 Mar. 3 14,817 906 3,544 892 1,749 804 643 2,432 636 542 606 736 1,327 Mar. 10 15,011 888 3,686 951 1,483 832 659 2,485 677 685 583 599 1,483 Mar. 17 14,550 882 3,652 890 1,602 764 644 2,459 649 465 600 655 1,288 Mar. 24 16,213 966 4,119 982 1,777 865 735 2,730 701 527 614 736 1,461 Total liabilities: Feb. 25 45,843,8972,600,40612,247,338 2,816,994 3,767,668 2,694,959 2,357,8027,766,6631,908,5201,157,1591,922,3941,608,912 4,995,082 Mar. 3 45,824,9472,466,88512,563,3432,689,8033,751,0212,691,2672,347,5397,784,1041,922,3501,150,3161,928,0981,587,960 l4,942,261 Mar. 10 45,219,6352,433,09812,359,210 2,675,1973,697,3882,679,713 2,,333399,,5522557,632,7641,905,8681,155,3961,907,5801,576,707 4<,857,189 Mar. 17 45,952,8372,465,00512,394,9222,759,118 3,770,1572,731,388 2,,335566,,8877887,880,1211,912,1961,148,1131,933,1541,612,737 4<,989,048 Mar. 24 45,688,2602,453,63912,291,899 2.742,718 3,.743,3532,766,423 2,384,8267,685,5671,885,8541,167,3691,970,8211,605,838 4,989,953 1 After deducting $255,340,000 participations of other Federal Reserve Banks on Feb. 25; $344,896,000 on Mar. 3; $274,380,000 on Mar. 10; $317,424,000 on Mar. 17; and $308,176,000 on Mar. 24. 411 APRIL 1948 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 - \tlanta 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: 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 Mar. 3 197,517 11,301 69,017 14,525 18,930 8,381 7,697 24,044 6,481 4,353 6,683 7,585 18,520 Mar. 10 197,673 11,302 69,061 14,526 18,932 8,410 7,698 24,067 6,488 4,356 6,714 7,591 18,528 Mar. 17 197,700 11,304 69,061 14,526 18,942 8,415 7,700 24,071 6,488 4,356 6,716 7,592 18,529 Mar. 24 197,747 11,304 69,072 14,526 18,945 8,418 7,715 24,072 6,488 4,357 6,717 7,602 18,531 Surplus (section 7): 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 Mar. 3 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Mar. 10 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Mar. 17 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Mar. 24 448,189 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): 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 Mar. 3 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Mar. 10.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Mar. 17 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Mar. 24 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.: 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 Mar. 3 54,252 4,001 9,705 4,245 4,953 4,061 3,536 6,661 3,306 2,602 3,113 3,157 4,912 Mar. 10.... 58,133 4,366 10,554 4,513 5,310 4,292 3,716 7,180 3,569 2,718 3,392 3,323 5,200 Mar. 17 61,663 4,531 11,393 4,765 5,667 4,534 3,889 7,701 3,718 2,823 3,472 3,485 5,685 Mar. 24.... 65,432 4,841 12,232 5,037 6,014 4,775 4,065 8,232 3,956 2,935 3,689 3,646 6,010 Total liabilities and cap accts.: Feb. 25 46,567,918 2,646,66212,471,1322,875,3253,834,3502,731,7222388,7117,864,4631,935,6621,176,3141,949,4041,634,9065,059,267 Mar. 3. ... 46,552,448 2,513,31512,787,9802,748,4123,818,0832,728,2682378,6447,882,4551,949,6301,169,5771,955,1791,614,1205,006,785 Mar. 10 45,951,173 2,479,89412,584,7402,734,0753,764,8092,716,9742,370,8117,731,6571,933,4181,174,7761,934,9711,603,0394,922,009 Mar. 17 46,687,932 2,511,96812,621,2912,818,2483,837,9452,768,8962,388,3397,979,5391,939,8951,167,5981,960,627 1,639,2325,054,354 Mar. 24 46,427,171 2,500,91212,519,1182,802,1203,811,4912,804,1752416,4787,785,5171,913,7911,186,9671,998,512 1,632,5045,055,586 Contingent liability on bills purchased for foreign correspondents: Feb. 25 4,987 314 11,596 404 459 244 204 678 179 125 175 170 439 Mar. 3 4,936 311 n.sso 400 454 242 202 671 178 123 173 168 434 Mar. 10 4,837 305 11,548 392 445 237 198 658 174 121 169 164 426 Mar. 17.... 4,424 279 n.416 358 407 217 181 602 159 111 155 150 389 Mar. 24.... 4,240 267 U.357 343 390 208 174 577 153 106 148 144 373 Commit, to make indus. loans: Feb. 25 7,910 908 1,656 135 400 344 580 3,750 137 Mar. 3... . 7,952 1,064 1,579 139 359 344 580 3,750 137 Mar. 10.... 7,916 1,021 1,579 134 375 344 580 3,750 133 Mar. 17. 7,563 1,032 1,579 129 16 344 580 3,750 133 Mar. 24.... 7,887 1,353 1,579 132 16 344 580 3,750 133 1 After deducting $3,391,000 participations of other Federal Reserve Banks on Feb. 25; $3,356,000 on Mar. 3; $3,289,000 on Mar. 10; $3,008,000 on Mar. 17; and $2,883,000 on Mar. 24. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t t - a Chicago Lo S u t i . s M ap i o n l n i e s - Ka C n it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank): Feb. 25 24,957,859 1,507,6525,766,5261,698,6292,170,4461,720,8011,398,6074,656,4251,150,814 635,276 954,688 627,7242,670,271 Mar. 3 24,900,535 1,507,239 5,752,3391,693,3412,166,2751,721,9501,392,9274,643,7971,147,397 635,856 954,663 626,9642,657,787 Mar. 10 24,855,103 1,508,8595,727,5531,690,4792,171,8121,714,5521,391,2854,628,7781,148,177 637,579 954,432 626,0322,655,565 Mar. 17 24,791,293 1,492,406 5,718,7711,682,0322.166,0441,710,6901,388,1554,619,2331,143,396 636,710 952,755 625,0302,656,071 Mar. 24 24,735,815 1,489,580 5,709,7071,681,1312,164,0321,698,4731,382,116 4,613,2451,138,446 635,648 949,705 623,2652,650,467 Collateral held against notes outstanding: Gold certificates: Feb. 25 12,499,000 440,000 3,570,000 550,000 735,000 625,000 675,000 ,790,000 315,000200,000 280,000169,0002,150,000 Mar. 3 13,219,000 440,COO 4,470,000 550,000 735,000 625,000 675,000 ,760,000 315,000 200,000 280,000169,0002,000,000 Mar. 10 13,219,000 440,000 4,470,000 550,000 735,000 625,000 675,000 ,760,000 315,000 200,000 280,000169,0002,000,000 Mar. 17 13,339,000 460,000 4,470,000 550,000 735,000 625,000 675,000 ,760,000 315,000200,000 280,000169,0002,100,000 Mar. 24 13,309,000 460,000 4,470,000 550,000 735,000 625,000 675,000 .730,000 315,000200,000 280,000169,0002,100,000 Eligible paper: Feb. 25 62,355 13,078 14,330 6,742 13,715 5,150 1,550 5,190 2,600 Mar. 3 82,371 10,860 16,141 9,865 9,320 14,145 3,900 6,140 12,000 Mar. 10 67,278 13,022 19,871 7,050 16,495 1,300 600 7,340 1,600 Mar. 17 112,738 5,802 74,441 4,855 13,300 3,450 600 10,290 Mar. 24 141,954 8,453 80,156 4,520 26,355 8,630 600 12,240 1,000 U. S. Govt. sec: Feb. 25 13,600,000 1,100,0002,400,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Mar. 3 12,700,000 1,100,0001,500,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Mar. 10 12,700,000 1,100,0001,500,0001,200,0001,500,0001.150,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Mar. 17 12,700,000 1,100,0001,500,0001,200,0001,500,0001,150,000 750,0001,900,000 950,000 450,000 700,000500,0001,000,000 Mar. 24 12,650,000 1,100,0001,500,0001,200,0001,500,0001,100,000 750,0001,900,000 950,000 450,000 700,000 500,0001,000,000 Total collateral: Feb. 25 26,161,355 ,553,0785,984,3301,756,7422,235,0001,788,7151,425,0004,690,0001,270,150651,550 985,190 669,000 3,152,600 Mar. 3 26,001,371 ,550,8605,986,1411,759,8652,235,0001,784,3201,425,000 4,660,0001,279,145653,900 986,140 669,000 3,012,000 Mar. 10 25,986,278 1,553,0225,989,871 ,757,050 2,235,0001,791,4951,425,000 4,660,0001,266,300 650,600 987,340 669,000 3,001,600 Mar. 17 26,151,738 1,565,802 6,044,4411,754,8552,235,0001,788,3001,425,000 4,660,0001,268,450650,600 990,290 669,000 3,100,000 Mar. 24 26,100,954 1,568,453 6,050,1561,754,52210 2,235,0001,751,3551,425,000 4,630,0001,273,630650,600 992,240 669,000 3,101,000 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] All city banks Re- Month, or mem- serve Coun- Guaranteed loans Guaranteed Additional week ending Thursday ber city try authorized loans amount banks1 New Chi- banks banks * to date outstanding available to York cago borrowers under guar- Num- Total g P u o a rt r i a o n n - ante m e en a t g s ree- To 1 t 9 a 4 l 7 r — es J e a r n v u e a s r y held: 16,399 4,207 929 6,501 4,762 ber amount teed outstanding February 16,006 4,110 905 6,324 4,667 1948—January 17,390 4,427 1,025 6,939 4,999 February 16,834 4,288 1,006 6,646 4,895 1942 June 30... 565 310,680 81,108 69,674 137,888 Feb. 5 16,998 4,325 1,012 6,761 4,900 Dec. 31. .. 2,665 2,688,397 803,720 632,474 1,430,121 Feb. 12 16,850 4,254 996 6,685 4,915 Feb. 19 16,753 4,222 992 6,622 4,917 1943 Feb. 26 16,668 4,249 994 6,574 4,851 June 30. .. 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Mar. 4 17,248 4,652 1,088 6,583 4,925 Dec. 31. .. 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Mar. 11 17,310 4,664 1,085 6,578 4,983 Mar. 18 17,277 4,613 1,086 6,592 5,986 1944 Mar. 25 16,946 4,551 1,047 6,467 4,881 June 30. .. 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Dec. 30. . . 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Excess reserves: 1947—January 850 2 227 578 1945 February 805 17 205 627 June 30. .. 8,422 10,149,351 1,386,851 1,190,944 3,694,618 1948—January 1,082 116 331 557 Dec. 31. .. 8,757 10,339,400 510,270 435,345 966,595 February 804 36 204 1946 Feb. 5 855 62 7 234 552 June 29... 10,344,018 70,267 60,214 142,617 Feb. 12 802 23 8 204 567 Dec. 31. .. 8,771 10,344,018 18,996 17,454 28,791 Feb. 19 794 36 5 176 577 Feb. 26 814 70 12 205 527 1947 Mar. 4 873 40 8 244 581 Mar. 31... ,771 10,344,018 11,746 10,965 15,392 Mar. 11 910 46 7 243 614 June 30... ,771 10,344,018 3,589 3,218 6,726 Mar. 18 *>900 14 6 231 P649 Sept. 30. .. ,771 10,344,018 2,977 2,689 6,739 Mar. 25 P752 38 4 171 P539 Dec. 31... ,771 10,344,018 2,412 2,183 Borrowings at Federal 1948 Reserve Banks: Jan. 31... 8,771 10,344,018 2,357 2,133 1947—January 106 2 60 43 Feb. 28... 10,344,018 1,959 1,777 February 203 27 115 60 1948—January 143 28 70 37 February 244 34 50 114 46 Feb. 5 161 1 9 103 48 under guarantee agreements outstandin Feb. 12 296 81 56 114 45 and authorizations expired or withdrawn. Feb. 19 240 36 53 115 36 Feb. 26 239 13 50 132 44 Mar. 4 159 14 51 77 17 Mar. 11 143 6 41 56 40 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Mar. 18 226 52 84 59 31 Mar. 25 304 58 115 100 31 [Amounts in thousands of dollars] P Preliminary. 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 a d s a y ) t y Nu A m a p t - p p o p l i r c d o a A a v t t i m e e o d n o s unt ( b a p p m u c l r A e o o t o t m p v e u n - e d - n o d 1 t t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 ( C s a m t o m a o m e n u o n d m t u - t i n s n it t g - ) ( s P p a t m a a a o t r n u o i t d o i u t c - i n n n i s - t g ] c b R o e e r 1 u 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 d f s i g o d a u f r i r e s e c c s e o o s u u t o n n i f m t t s r a y e a t x e n b c s d e a . s n s a k W d s r v e e m a s e n e a k c r y l v e y s e i n f s f i c g o l o u r u f r d e n e s o a n l s o l m m f m a e b l m o l e r m b a ro e m b r w e o r i b u n a n g b n s t a s k n o s o , f k f s e a F l t l c a e . m n d d e e r m a o l - f ber 1934 984 49,634 20,966 13,589 8,225 1,296 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1935 1,993 124,493 11,548 32,493 27,649 8,778 SMALL CENTERS1 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 [Averages of daily figures. In millions of dollars] 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 In places of 15,000 In places of under 1940 2,908 212,510 13,954 9,152 5,226 6,386 and over population 15,000 population 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand 1 19 9 4 4 4 3 3 S , 4 4 7 8 1 9 4 5 9 2 1 5 , , 3 5 4 3 2 2 1,2 9 9 2 5 6 1 3 0 , , 8 53 9 2 4 9 4 , ,1 2 6 7 5 0 1 2 7 , , 7 9 0 3 6 0 d e e x p c o e s p it t s Time d e e x p c o e s p it t s Time inter- deposits inter- deposits 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 February 1947 15,311 8,315 11,893 5,894 1946 January 1948 r16,060 8,508 12,438 6,079 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 February 1948 15,787 8,535 12,131 6,088 1947 Boston 1,864 875 331 233 Mar. 31. .. 3,548 569,825 4,595 1,081 8,160 2,727 New York 2,950 2,203 1,018 1,159 June 30... 3,555 572,836 195 1,778 7,018 4,043 Philadelphia 1,087 745 893 897 Sept. 30. . . 3,566 577,614 1,229 1,892 7,395 5,019 Cleveland 1,299 913 1,034 825 Dec. 31. . . 3,574 586,726 945 1,387 7,434 4,869 Richmond 1,089 397 878 474 1948 Atlanta 1,566 490 687 217 Jan. 31... 3,576 589,986 1,025 1,972 7,077 5,213 Chicago 1,982 1,414 1,735 963 Feb.28.... 3,582 596,048 145 4,906 7,918 6,770 St. Louis 639 338 1,013 287 1 Includes applications approved conditionally by the Federal Re- Minneapolis 581 299 784 455 serve Banks and under consideration by applicant. Kansas City 549 105 1,623 205 inc 2 l u In d c e l d u d i e n s i i n n d d u u s s t t r r i i a a l l l l o o a a n n s s p o a u s t t s t d a u n e d i 3 n g m i o n n t w hs e e o k r l y m s o t r a e t , e w m h e i n c t h o a f r e c n o o n t - S D a a n l la F s rancisco. . . 1 1 , , 0 1 0 7 3 8 6 1 1 4 2 3 1,5 5 6 6 6 9 30 6 8 6 dition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and Revised. the sum of the following four columns represents repayments of ad- 1 Includes any banks in outlying sections of reserve cities that have vances, and applications for loans and commitments withdrawn or been given permission to carry the same reserves as country banks. expired. All reserve cities have a population of more than 15,000. APRIL 1948 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Class of bank and de- Time ances at Federal Reserve district Total I b n a t n e k r- Other p m o d s a e i n - ts d 2 po d s e i - ts 3 m f d r d e o u o s m - e tic Total qu R i e re - d c E e x s - s s F e e R e r r e a d v - l - e banks Banks First half of February 1948 AH member banks 89,861 11,085 78,776 79,187 28,504 5,327 16,891 16,060 831 252 Central reserve city banks: New York 22,362 4,028 18,334 20,707 1,495 43 4,269 4,231 38 51 Chicago 5,178 1,103 4,075 4,688 917 139 1,006 993 13 44 Reserve city banks 33,287 4,959 28-, 328 29,000 11,474 1,702 6,701 6,489 213 109 Boston 1,946 262 1,683 1,787 195 32 378 369 9 2 New York 562 28 534 496 301 22 119 117 2 4 Philadelphia 2,314 334 1,980 2,059 240 78 429 426 3 13 Cleveland 3,933 457 3,476 3,487 1,403 164 820 782 39 16 Richmond 2,082 313 1,769 1,836 438 97 409 393 15 15 Atlanta 2,033 455 1,579 1,727 409 130 396 370 26 8 Chicago 4,020 453 3,567 3,432 2,154 302 846 816 30 13 St. Louis 1,935 576 1,359 1,666 322 91 364 352 12 7 Minneapolis 1,013 272 741 852 181 60 185 181 4 7 Kansas City 2,724 769 1,956 2,260 363 236 495 474 21 8 Dallas 2,394 536 1,858 2,025 355 211 450 426 23 11 San Francisco 8,331 505 7,827 7,374 5,113 279 1,810 1,782 29 6 Country banks 29,033 994 28,039 24,792 14,618 3,443 4,915 4,348 567 47 Boston 2,293 90 2,203 2,004 1,107 179 375 347 28 5 New York 4,074 89 3,985 3,587 3,360 297 795 704 91 19 Philadelphia 1,997 14 1,982 1,755 1,641 186 387 344 43 6 Cleveland 2,362 25 2,337 2,034 1,738 271 446 389 57 4 Richmond 2,093 124 1,969 1,743 870 279 339 296 42 2 Atlanta 2,434 177 2,256 2,034 707 337 367 327 40 1 Chicago 3,804 70 3,734 3,245 2,377 491 684 597 87 1 St. Louis 1,775 117 1,658 1,511 623 222 275 249 26 7 Minneapolis 1,445 68 1,377 1,237 756 169 247 219 29 1 Kansas City 2,248 65 2,184 1,895 309 335 325 284 42 1 Dallas 2,717 131 2,586 2,189 209 488 375 319 56 San Francisco 1,792 24 1,767 1,557 920 188 298 273 25 Second half of February 1948 All member banks 89,257 10,849 78,408 78,258 28,580 5,233 16,773 15,997 777 236 Central reserve city banks: New York 22,317 3,993 18,324 20,475 1,519 49 4,308 4,274 34 15 Chicago 5.173 1,069 4,104 4,650 918 144 1,006 1,005 1 57 Reserve city banks 33,028 4,837 28,191 28,504 11,516 1,744 6,587 6,392 195 118 Boston 1,907 256 1,651 1,726 195 37 363 357 6 5 New York 564 27 536 490 300 24 118 116 2 1 Philadelphia 2,306 325 1,981 2,024 243 80 431 419 11 9 Cleveland 3,919 453 3,465 3,427 1,409 170 807 770 37 14 Richmond 2,071 303 1,768 1,813 439 96 401 389 12 16 Atlanta 2,031 439 1,592 1,708 409 133 381 366 15 16 Chicago 3,971 435 3,536 3,380 2,158 294 832 805 26 18 St. Louis 1,928 550 1,378 1,649 324 90 355 349 6 6 Minneapolis 1,000 265 735 840 181 58 182 179 3 9 Kansas City ; 2,740 755 1,985 2,257 364 249 492 473 19 8 Dallas 2,391 520 1,871 1,982 357 229 440 418 22 8 San Francisco 8,201 509 7,692 7,210 5,135 284 1,785 1,750 35 6 Country banks 28,738 950 27,788 24,630 14,628 3,297 4,873 4,326 546 46 Boston 2,271 86 2,186 1,980 1,108 174 368 344 24 8 New York 4,038 87 3,950 3,554 3,363 289 782 699 82 14 Philadelphia 1,991 15 1,976 1,750 1,644 182 380 344 36 7 Cleveland 2,354 25 2,329 2,028 1,739 265 445 388 57 2 Richmond 2,085 120 1,965 1,740 872 269 337 296 42 4 Atlanta 2,420 170 2,250 2,032 708 325 364 327 37 Chicago 3,764 65 3,698 3,233 2,378 463 679 595 84 St. Louis 1,757 111 1,646 1,499 625 215 275 247 27 Minneapolis 1,415 63 1,352 1,224 753 158 245 217 28 Kansas City 2,221 62 2,159 1,880 309 324 325 282 43 Dallas 2,673 123 2,551 2,178 210 458 378 317 60 San Francisco 1,750 23 1,726 1,532 920 175 294 270 25 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., 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 72,200 million dollars in the first half and 71,250 million in the second half of February. 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 . 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 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—October .. 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 November... 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 8 21 2 December.. . 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947— Tanuarv 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 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 194g—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 February.... 28,019 19,335 1,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 5 12 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Fe 1 b 9 . 4 2 8 9, g a o s g l i a d lv i n e a s r n t d Tr c e a a s s h ury B R F an e e d s k e e s r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d Fe 1 b 9 . 4 2 8 9, Ja 1 n 9 . 4 3 8 1, Fe 1 b 9 . 4 2 7 8, certificates agents Gold 23,036 21,822 21,214 Gold certificates ... 21,822 18,961 2,815 ' 46 46 49 Federal Reserve notes 24,943 52 1,033 23,857 23,953 24,116 Treasury currency—total 4,561 '32 ,249' 59 387 4,116 4,111 4,139 Standard silver collars 493 305 32 3 154 153 147 Silver bullion 1,944 1,944 Silver certificates and Treasury notes of 1890. 3 2,249 296' 1 ,952 i , 948 ' 1,955' Subsidiary silver coin 943 14 37 892 890 864 Minor coin 356 7 10 339 339 327 United States notes 347 4 36 307 303 314 Federal Reserve Bank notes 375 2 4 370 375 424 National Bank notes s102 1 101 102 109 Total—Feb. 29, 1948 24,071 1 ,325 18,961 4,235 28,019 Jan 31 1948 23,988 1 ,305 18,886 4,405 28411 Feb. 28, 1947 21,382 1,317 16,298 3,959 28,304 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. 407, and seasonally adjusted figures in table on p. 416. 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. 6 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. APRIL 1948 415 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 n r m a s d o e j u a u n s s o t t — e n d al a A d s j m e u a s o s t u e o n d n t a — f l or s C a e h d a a s ju n o s g n t e a e l d l i y n Period a s G t t o e o c n ld k d I i n n c r g e o a l s d e im g N o p e l o d t rt g m o E l a d r a : k r d - ed e- m g D e o s o l t - d ic variation variation series * pe o ri f od stock or ( e - x ) port cre o a r s e in (— - ) t d i u o c n - 1 End of year figures: 1939 7,598 +742 1937 212 760 1 502 5 1 585 5 —200 4 143 9 1940 8,732 +1,134 1938 14 512 1 751 5 1 973 6 —333 5 148 6 1941 11,160 +2,428 1939 17 644 3 132 0 3 574 2 —534 4 161 T 1942 15,410 +4,250 1940 21 995 4 351 2 4 744 5 —644 7 170 2 1943 20,449 +5,039 1941 22 737 741 8 982 4 —407 7 169 1 1944 25,307 +4,858 1942 22,726 — 10 3 315 7 —458 4 125 4 1945 28,515 +3,208 1943 . . 21 938 — 788 5 68 9 —803 6 48 3 1946 28,952 +437 1944 20,619 — 1 319 0 —845 4 —459 8 35 8 1947 28,868 -84 1945 20 065 —553 9 — 106 3 —356 7 32 0 1946 20 529 464 0 311 5 465 4 51 2 Monthly averages of daily 1947 22 754 32 224 9 1 866 3 210 0 81 2 figures: 1947—March 20,463 132.5 153.6 203.5 5.5 1947— J A M M F u e p a a n b r y r e i r c l u h ary 2 2 2 2 2 8 8 8 8 8 , , , , , 2 3 1 2 1 7 8 0 3 5 3 5 0 6 8 2 2 2 2 2 8 8 8 8 8 , , , , , 3 3 4 3 3 5 7 1 5 0 8 8 2 6 0 -1 + + + -5 5 2 5 5 6 8 2 8 4 A J J A M u u p u a l n r y g y e i u l st 2 2 2 2 2 0 0 1 1 1 , , 2 7 9 5 7 6 6 7 3 3 6 6 4 7 3 3 3 2 2 1 1 3 7 5 2 1 3 0 9 8 .8 5 4 6 0 2 2 1 1 0 1 4 2 1 0 9 4 9 1 .7 2 2 7 1 2 1 7 4 2 1 1 2 6 9 3 2 .3 7 0 0 1 6 6 7 7 7 . . 1 0 2 2 3 July 28,259 28,316 -62 September.. 21,955 189.4 109.6 153.1 7.0 August 28,252 28,394 +78 October 22,294 339.0 450.8 -4.0 8.2 September 28,654 28,711 +317 November.. 22,614 320.1 265.7 -82.8 6.2 October 28,598 28,598 -113 December. . 22,754 139.5 178.2 -44.6 7.3 November 28,648 28,562 -36 1948—January 22,935 180.7 235.0 -14.9 6.2 December 28,937 28,650 +88 F M e a b r r c u h ary.. . P 2 2 3 3 , , 0 1 3 36 6 • P 1 1 0 0 1 0 . . 5 3 P * 1 > 5 9 9 9 . . 3 9 5 - - 6 72 3 . . 2 4 (4 5 ) .5 1948—January 28,394 28,309 -341 P Preliminary. February 28,096 28,096 -213 1 Annual figures are estimates of the United States Mint. For March 27,941 28,025 -71 explanation of monthly figures see table on p. 465. 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 includes transfer of 687.5 million dollars gold subscrip- NOTE.—For discussion of seasonal adjustment factors and for back tion to International Monetary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 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 institution! affected, beginning with December 1942; seasonally adjusted figures amounted to 3,768.8 million dollars on Mar. 31, 1948. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE/—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year and month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers l centers 2 City centers City3 cities3 City3 cities 19424 . . . 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 4 6 6 — — o n l e d w s s e e r r i i e e s s 5 5 J 1,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 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 1947—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 February 90,267 32,271 48,501 9,495 22.1 12.6 32,298 47,890 25.6 18.6 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 Weekly reporting member bank series. * Deposits and debits for first four months are partly estimated. 5 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. 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY- ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Time deposits Total deposits demand United adjusted deposits Total Demand States Currency and adjusted deposits deposits Govern- Com- Mutual Postal outside End of month currency and adjusted adjusted1 ment Total mercial savings Savings banks outside currency depositsa banks * * banks «5 System 8 banks outside banks 1929—June . . 55,171 26 179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1953—june 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 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 } 90? 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—Tune 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 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 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 L ,415 13,946 1943—june 1 1 2 1 2 0 , , 8 1 1 6 2 1 7 7 9 1 , , 6 8 4 5 0 3 1 9 0 4 3 , , 3 9 4 7 7 5 6 5 0 6 , , 8 0 0 3 3 9 1 8 0 , , 0 42 4 4 8 3 3 0 2 , , 2 7 6 4 0 8 1 1 9 7 , , 2 5 2 4 4 3 1 1 1 1 , , 7 1 3 4 8 1 , .7 5 8 7 6 6 1 18 5 , , 8 8 3 1 7 4 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 26,516 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—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)P. ., , 166,400 109,200 140,400 83,200 1,400 55,800 34,900 17,500 3,400 26,000 August (Aug. 27)P. . 167,100 109,600 140,900 83,400 1,700 55,800 34,900 17,500 3,400 26,200 September(Sept.24)p 168,600 110,600 142,200 84,200 1,900 56,100 35,100 17,600 3,400 26,400 October(Oct.29)p.. . 169,700 111,700 143,400 85,400 1,800 56,200 35,200 17,600 3,400 26,300 November (Nov.26) v 170,400 112,500 143,800 85,900 1,900 56,000 35,000 17,600 3,400 26,600 December (Dec. 31)P '171,600 113,700 '145,100 '87,200 1,400 '56,500 '35,300 17,800 3,400 '26,500 1948—January (Jan. 28)P. . '170,300 ••112,400 '•144,500 '86,600 1,400 56,500 35,200 17,900 3,400 '25,800 February (Feb. 25)P. 168,900* 110,300 143,200 84,600 1,800 56,800 35,500 17,900 3,400 25,700 P Preliminary. r Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. J Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. * 8 Prior to June 30,1947, includes a relatively small amount of demand deposits. 8 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSl [In millions of dollars] Member Nonmember 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 s e h - securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D e i c - t G t a e u n e a - d r- f e u t n c d 2 s, 1 19 9 4 3 1 4-40 313 8 16 4 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 L,220 126 102 1947 1 1 1943—Dec... 1,788 L.843 10 1,716 1,716 118 1948—Jan. -Mar 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) :J 1934-40 131,934 14,872 26,54849,689 40,825 1947—Apr.. . 3,382 3,492 5 3,290 3,290 197 May.. 3,387 3,508 5 3,277 3,277 226 1941 3,726 3,144 503 79 June.. 3,393 3,523 6 3,302 3,302 216 1942 1,702 1,375 327 July.. 3,398 3,548 6 3,351 3,351 191 1943 6,223 4,982 1,241 Aug... 3,396 3,553 6 3,360 3,360 188 1944 405 405 Sept.. 3,407 3,542 6 3,325 3,325 212 1945 0 Oct... 3,412 3,524 6 3,314 3,314 205 1946 0 Nov... 3,413 3,527 6 3,314 3,314 207 1947 167 167 Dec.. 3,417 3,525 6 3,308 3,308 212 1943—jan -Mar 1948—Jan... 3,432 3,541 6 3,332 3,332 204 1 Represents banks which, during the periods shown, closed tem- Feb, P3,443 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 s 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. 417 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov .S er . n- Other as C s a e s t h s * Total * b In an te k r - i a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er Total ment secur- mand Time obliga- ities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 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—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 V 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 30* 131,830 38,720 93,110 82,840 10,270 32,720 153,140 11,590 89,080 152,470 11,710 14,716 Aug. 27* 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 90,910 152,850 11,800 14,722 Oct. 29* 135,160 41,780 93,380 82,750 10,630 34,490 157,970 12,430 92,520 153,020 11,880 14,729 Nov. 26* 135,400 42,580 92,820 82,220 10,600 35,210 158,730 12,290 93,760 ^52,680 11,900 14,729 Dec. 31 •' 135,010 42,990 92,020 81,280 10,740 38,370 161,940 13,030 95,770 53,140 11,940 14,715 1948—Jan. 28*' 135,370 43,200 92,170 81,390 10,780 34,490 158,230 12,020 93,000 53,210 11,990 14,719 Feb. 25« 134,390 43,650 90,740 79,970 10,770 34,510 157,130 11,470 92,130 53,530 12,040 14,725 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85 095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—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 J 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 30* 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* 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. 24* 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* 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 * 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 •' 116,360 38,060 78,300 69,280 9,020 37,490 144,160 13,030 95,760 35,370 10,060 14,182 1948—Jan. 28 •' 116,600 38,240 78,360 69,350 9,010 33,640 140,350 12,020 92,990 35,340 10,110 14,186 Feb. 25 • 115,540 38,660 76,880 67,930 8,950 33,660 139,180 11,470 92,120 35,590 10,150 14,192 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—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 194.7—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 30* 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* 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* 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* 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* 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. 28* 98,046 32,767 65,279 57,989 7,290 29,387 119,105 11,411 79,369 28,325 8,495 6,927 Feb. 25 • 97,051 33,117 63,934 56,709 7,225 29,431 118,039 10,894 78,603 28,542 8,525 6,926 AH 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 ;,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 :,241 548 1942—Dec. 31 ... 10,754 4,695 6,059 4,572 1.487 663 10,668 6 10,662 :L.236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 L ,297 797 11,738 8 11,730 :,276 545 1944—Dec. 30 . . 13,931 4,370 9,560 8,328 ,232 584 13,376 10 13,366 ,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 L,246 609 15,385 14 15,371 ,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 L.400 818 16,869 1 16 16,853 1,784 541 1947—June 30*. . . 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 L.842 533 July 30*... 18,460 4,710 13,750 12,190 L,560 770 17,490 10 17,480 1,850 533 Aug. 27*. . . 18,570 4,740 13,830 12,230 1,600 720 17,550 10^ 17,540 L.850 533 Sept. 24*. . . 18,610 4,780 13,830 12,190 1,640 780 17,630 ioji 17,620 1,860 533 Oct. 29*. . . 18,720 4,840 13,880 12,210 1,670 670 17,670 lot 17,660 L.870 533 Nov. 26*. . . 18,660 4,880 13,780 12,100 1,680 680 17,610 io 17,600 L,87O 533 Dec. 31V.. 18,650 4,930 13,720 12,000 1,720 880 17,780 lo4f 417,770 L.880 533 1948—Jan. 28*. .. 18,770 4,960 13,810 12,040 1,770 850 17,880 10^ 117,870 L.880 533 Feb. 25*. . . 18,850 4,990 13,860 12,040 1,820 850 17,950 10 17,940 1,890 533 • Partly estimated. r Revised. • "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 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. 8 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 sayings 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. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G U m ov . e e n S r t . n- s O e t c h u e r r - a C ss a e s t h s x Total i b In an te k r - i m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er obliga- ities tions All insured commercial banks: 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 04,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 .03,382 21,352 82,030 75,875 6,155 29,733 25,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 .21,809 25,765 96,043 88,912 7,131 34,292 47,775 13,883 04,015 29,876 8,671 13,297 1946—Dec. 31 .12,178 30,733 81,445 73,554 7,891 33,694 36,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 10,682 33,250 77,433 69,136 8,297 32,190 33,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 .14,274 37,583 76,691 67,941 8,750 36,926 41,851 12,670 94,300 34,882 9,734 13,398 National member banks: 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: 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 ,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 ,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 ,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 ,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 ,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: 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 Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 Noninsured nonmember commercial banks: 1942—Dec. 31 * 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 s 2,074 430 1,645 1,403 241 514 2.248 436 1,351 461 322 797 All nonmember commercial banks: 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* 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 banks: 1942—Dec. 31 2,007 740 1,267 861 405 130 2,048 2,044 201 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 1,218 191 Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 Noninsured mutual savings banks: 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,618 1,035 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1,260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—June 30 2. . .. 5,964 1,316 4,649 3,924 724 181 5,541 5,539 624 342 8 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. 419 APRIL 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 Investment3 Com- Loans for U. S. Governmesnt obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities •R Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total o c m k p i l n u a e e g d r t n - - - t c u u r l - - b a e T r n r o o d s k- o T th o - i l t \ o f a c e a s t a - n e i s s C l u o m o a n n e - r s O lo th an e s r Total Total Bills C o d c e f a e r b t i t e n i t f s - - i- Notes Bonds Q t a e u n e a - d r- S p s a t i o u c a n l a b t i d t e l - - sO s ri e t t h c i u e e s - r pa- deal- ers ed- diviperi ers ness sions All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 t773 4,f 45 28 031 21,046 988 3, 159 12,797 I,1023 651 3,333 1942—Dec. 31.. 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47 336 40, 705 4,462 6]727 5, 799 20,999 ,7183 533 ,098 1943—Dec. 31.. 83,507 18,841 7,777 1,505 1,414 922 437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,5013 287 2,696 1944—Dec. 30.. 103,382 21 352 7 920 1,723 2,269 2,265 4 343 1,888 944 82 030 75 875 ,97115,300 15 778 39,848 978 3 422 2,733 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 ^,606 4 677 2,361 1,181 96 043 88 912 2,455 19,071 16 045 51,321 22 3 873 3,258 1946—Dec. 31.. 112,178 30, 733 14 016 1,358 1,517 1,609 j 103 4,0311,098 81,445 73,554 ,27112,288 6,78053,200 15 4 298 3,592 1947—June 30.. 110,682 33 250 14 765 1.549 1,517 1,278 8*201 4.893 1,047 77 433 69 136 835 9,441 5 341 53,505 14 4 826 3.471 Dec. 31.. 114,274 37,583 18 012 1,610 823 1,190 9 266 5,654 1,028 76 691 67 941 2,124 7,552 5 918 52,334 145 129 3,621 Member banks, total: 1941—Dec. 31.. 43,521 18,021 g 671 972 594 598 3 494 3,( 92 25 500 19 539 971 3 007 11,7293,8323 090 2 871 1942—Dec. 31.. 59 263 16 08« 7 387 1,089 934 538 I 423 1,847 870 43 175 37 546 4,363 6,285 5 409 18,948 •,5402 965 2',664 1943—Dec. 31.. 74 258 16 28° 7 421 1,023 1,398 839 3 274 1,484 848 57 970 52 948 4,360 12,071 6 906 27,265 2,3452 729 2,294 1944—Dec.30.. 91, 569 18 676 7,531 1,198 2,249 2,1083 209 1,505 877 72 893 67 685 3,748 13,982 14 12734,927 902 2 857 2,350 1945—Dec. 31.. 107 183 22 775 8,949 855 3,133 3,3783 455 1,900 1,104 84 408 78 338 2,275 16,985 14 271 44, 792 163 254 2,815 1946—Dec. 31.. 96 362 26,696 13 154 884 1,506 1,467 5 358 3,308 1,020 69 666 63 042 ,167 10,043 5 602 46,219 113 548 3,077 1947—June 30.. 94 802 28,655 13 820 972 1,507 1,154 6 240 3,998 965 66 146 59 198 773 7,544 4 369 46 502 103 982 2,966 Oct. 6. . 97 328 30 7S8 66 SQO 59 288 4 224 3,070 Dec. 31.. 97 846 32 628 16 962 1,046 811 1,065 7 1304,662 952 65 218 57 914 ,987 5 816 4 815 45 286 104 1993!l05 New York City:"1 1941—Dec. 31.. 12 896 4 072 2 807 8 412 169 123 •54 8 823 7 265 311 1 623 3 652 1,679 729 830 1942—Dec.31.. 17 957 4 116 2 546 21 787 193 117 303 148 13 841 12 547 ,855 "2 144 2 056 5 420 1,071 593 701 1943—Dec. 31.. 19 994 4 428 2 515 24 1,054 323 107 252 153 15 566 14 563 ,328 3 409 1 829 7 014 984 444 558 1944—Dec. 30.. 24 003 5 760 2 610 30 1,742 859 86 253 179 18 243 17 179 913 3 740 3 745 8 592 189 468 596 1945—Dec.31.. 26 143 7 334 3 044 2,453 1,172 80 287 298 18 809 17 574 477 3 433 3 325 10 337 1 606 629 1946—Dec.31.. 20 834 6 368 4 078 1,096 389 99 455 250 14 465 13 308 387 1 725 992 10 202 1 557 601 1947—June 30. . 20 332 6 548 4 171 1,196 286 104 500 291 13 784 12 571 137 1 103 775 10 555 1 631 582 Oct. 6. . 20 469 6 881 13 588 12 305 694 588 Dec. 31.. 20 393 7 179 "5 361 545 267 111 564 330 13 214 11 972 1,002 640 558 9 771 638 604 Chicago:2 1941—Dec. 31 2 760 954 732 6 48 52 22 96 1 806 1 430 256 153 903 119 182 193 1942—Dec. 31.. 3 973 832 658 6 34 32 23 62 18 3 141 2 789 397 637 391 1 282 83 166 186 1943—Dec. 31.. 4 554 1 004 763 6 102 52 22 45 14 3 550 3 238 199 877 484 1 602 74 158 155 1944—Dec. 30.. 5 443 1 184 738 17 163 163 24 45 34 4 258 3 913 250 1 045 779 1 809 31 160 185 1945—Dec. 31.. 5 931 1 333 760 2 211 233 36 51 40 4 598 4 213 133 1 467 749 1 864 181 204 1946—Dec. 31.. 4 765 1 499 1 094 3 117 101 51 105 29 3 266 2 912 60 498 146 2 207 167 187 1947—June30.. 4 802 1 565 1 178 1 100 84 42 130 29 3,237 2 890 106 368 132 2 284 175 173 6. . 5 040 1 3 316 2 935 205 176 Dec. 31 5 088 1,801 1 418 73 87 46 149 26 3,287 2 890 132 235 248 2 274 213 185 Reserve city banks: 1941 Dec. 15,347 7 105 3 456 300 114 194 1,527 1,5 12 g,243 6 467 295 751 4 248 , 173 956 820 1942—Dec!31.. 20 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 1,503 1,459 855 404 31,594 29,552 1,034 6 982 5 653 15 878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3 799 1,99316 013 4 1,272 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 1,364 962 Oct. 6.. 35 792 12 495 23.297 20.884 1,390 1,023 Dec. 31.. 36,040 13,449 "7,088 ' 225"176 ' * 4S43,147 1,969 366 22,591 20,196 373 "2 358 1,901 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 1,222 1,028 1942—Dec. 31.. 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 i 251 1,240 5 436 574 1,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3 094 2,096 8 705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12 540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16 713 9 1,342 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 t 1,813 1,250 Oct. 6.. 36,027 9,638 26.389 23.164 1,934 1,291 Dec. 31.. 36,324 10,199 3,096 "sis 23 227 3^8271,979 229 26,125 22,857 '480 2^583 2,108 17,681 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. 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 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec 31. 15,83 4,040 862 474 12 14? 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 752 516 1947—June 30. 15.896 4,59' 94.S 57 ( 11 125 i,963 895 82 11,299 Q,949 62 1,897 O72 7.013 t 845 505 Dec 31 . . 16,444 4,958 1, 04< so: 13 125 2 ,139 992 76 11,486 10,039 136 1,736 1,104 7,058 L 931 517 * 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 cityjbanks 420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te arLk F s B s w e e R R e a d r i r n e v e e t v - h - e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i a c o s k t l e t - h - s i s c * j m p u D o d a s a t d s e e e n i - - - d t d s * m D e I s n d o t - e t ic e p 3 r o b s a F i e t n i s o g k r n - U m G er . o e n S v n - . - t p v s S o i u a t l s i b a i n t o t d i d e c n i s - a s l c C h c o e f a e e e i f t n e c f r r c i d d t k s . - i ' s - , p a v n a s p i I t h d d r i n o o t i u d n r p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P U G m S e i a n o r a o . n e n g s S v v d n t - s . - - a t l v S p s i a i u s o t c n a i b l a o d i t d l t e n - i s s - p a v n a s p i t I d h d i r n o o t u i d r n p n c a a i e o s s - l - , r s r - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 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 1C,234 813 8,167 3,996 1 219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31.. 12,834 1,445 8,445 59 921 9,743 893 9,950 4 352 1 669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30.. 14,260 1,622 9, 787 65,960 11,063 948 19,754 4,518 1 354 64, 133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2 585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2 361 79,887 68 119 664 32,742 39 9,286 1947—Tune30. . 16,039 1,804 8,498 80 869 9,807 1.372 1,247 6,495 2 111 78,077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 2,145 9 736 85 751 11,236 1,379 1,325 6 692 2 559 83,723 54 111 826 33,946 61 9 734 Member banks total: 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 11994421——DDeecc.. 31.. 13,072 1,019 6, 147 42,570 1C,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 1,24322,179 4 240 2 450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16 015 1,576 5 936 70 243 10,644 1,353 2,672 4 915 2 207 69,127 62 114 551 26,525 30 8 095 1947—June30. . 16,040 ,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 ,496 5 993 70 793 1C,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 1C>,978 1,375 1,176 5 504 2,401 72,704 50 105 693 27,542 54 8 464 New York City:2 1941—Dec. 31. 5 105 93 141 10 761 595 607 866 319 450 11,282 6 29 778 648 1942 Dec. 31 4 388 72 82 11 899 209 733 4,186 263 448 12,501 3 23 711 .... \ 727 1943—Dec! 31!! 3 596 92 61 13 899 2!867 810 3^395 252 710 14,373 4 5 26 816 *29 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 1.535 1,105 6,940 237 1,33$ 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 1.898 1,228 179 260 915 17,202 22 14 17 1,407 1 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:2 1 1 1 9 9 9 4 4 4 2 1 3 — — D D D e e e c c c ! . 3 3 3 1 1 1 1 9 0 8 0 2 2 2 1 1 4 3 3 3 9 8 2 1 1 9 6 5 8 4 8 2 2 3 2 5 0 1 5 5 5 7 0 • • * 0 1 9 2 0 7 7 5 2 1 12 4 6 1 7 6 2 1 5 7 3 2 1 1 3 7 7 3 8 4 3 3 4 4 8 4 2 2 3 , ,5 0 1 8 9 5 8 7 2 2 2 1 4 4 5 5 7 0 3 6 5 ***** 3 2 3 0 8 2 4 8 6 1944—Dec. 30 895 43 177 3 041 132 16 1 400 167 33 3, 100 1 619 354 1945—Dec. 31. ! 94S 36 200 3 153 ,292 20 1^552 237 66 3, 160 719 377 1946—Dec. 31 92? 29 172 3 130 24 152 228 47 3, 495 2 4 823 404 1947—June 30.'! 973 36 162 3,427 L',056 24 181 304 55 3, 417 2 6 864 416 Oct. 99' 144 3 612 111 25 161 323 50 3, 548 2 7 871 j 420 Reserve D c e i c t . y b y a 1j1 n x. ks . . 1 07( 3 3 C C 175 3',737 L', 196 21 72 285 53 3 853 2 9 902 426 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1 144 286 11 127 104 20 243 4,542 1 967 1942—Dec. 31.. 4 940 365 2,202 14,849 4,831 63 1,982 1 319 385 15 061 63 22 169 4,805 2 2 028 1943—Dec. 31.. 5 116 391 1,758 18,654 4.770 63 3,373 1 448 475 18 790 41 56 151 5,902 2 135 1944—Dec. 30.. 5 687 441 2,005 20,267 5,421 70 6,157 1,509 488 20 371 33 40 154 7,561 2 327 1945—Dec. 31. . 6 326 494 2,174 22,372 6'. 307 110 8,221 1,763 611 22 281 30 38 160 9,563 2 2 566 1946—Dec. 31. . 6 337 532 1,923 24,221 5,417 127 991 2,077 693 24 288 25 43 235 10,580 4 2 729 1947—June 30.. 6 274 470 1,864 24,166 4.773 109 311 2,301 554 23 934 21 41 319 10,888 11 2,796 Oct. 6.. 6 764 494 1,835 24,580 5,378 125 789 2,025 554 24 508 20 46 314 10,975 35 2 847 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 9,661 790 225 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 c 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— O j cunte. 3 6 0. . . . 4 4 , , 6 9 2 3 8 4 8 7 2 8 9 0 3 3 , , 4 9 4 5 4 9 2 2 5 6 , ,6 5 6 0 0 8 1,0 8 0 8 6 5 J 4 7 2 9 4 4 2 2, , 4 5 8 1 7 1 4 4 3 5 5 1 2 2 4 3 , , 5 3 2 8 8 0 1 1 7 7 4 5 9 0 3 3 2 0 4 8 1 14 4 , , 2 1 2 0 9 1 2 3 8 8 2 2 , , 9 8 4 6 6 9 Dec. 31.. 4,993 929 3,900 27,424 1,049 ' 432 2,647 528 25,203 17 45 337 14,177 23 2,934 Insured non-. member commercial banks: 1941—Dec. 31. 271 2,325 4,092 108 53 611 68 3,483 18 8 74 3,276 6 959 1942—Dec. 31. . 287 2,934 5,651 133 243 678 76 4,983 10 ! 65 3,339 1 955 1943—Dec. 31 313 2,996 7,279 141 506 750 96 6,518 6 68 3,750 6 979 1944—Dec. 30.. 352 3,434 8,652 182 1,245 775 103 7,863 6 76 4,553 10 1,022 1945—Dec. 31 391 3,959 10,537 233 1 1,560 858 135 9,643 6 97 5,579 ' 1,083 1946—Dec. 31. . 437 3,547 11,842 244 I* 258 1,052 154 10,761 6 1 113 6,232 9 1,193 1947—Tune30. . 395 2,979 11,274 194 152 I,119 135 10,144 t 122 6,361 1( 1,245 Dec. 31.. 473 466 12, 22^ 25S 4 149 1,188 158 11,019 6 132 6,420 1,271 « 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. . . r „ .. * 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. 421 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars Loans Investments For purchasing Com- or carrying securities U. S. Government obligations Date or month T l a o o n a t d n a s l i m c n i e d a r u - l, s- a T n o d b d r e o a k l e e r r s s To others Real Loans Cer- D se th c e u r invest- Total trial, state to Other Total tifi- rities ments t a a c u g u n r r d l- a i- l G U t l i o i o o g . b S v n a - . - t s . O c t s u t i e h r - es i- er G U l t o o i i b g v . - o a S - t n . s . O c t t s u i h e e r - e s i r - loans banks Total Bills o d c n e f a e e d t b i s e - n t s s - - Notes Bonds1 Total- Leading Cities 1947—February 63,528 19,593 11,757 713 417 619 505 2,604 146 2,832 43,935 39,996 443 5,683 3,470 30,400 ,939 October .... 64,840 22,220 13,432 494 546 492 487 3,278 220 3,271 42,620 38,340 680 4,034 2,576 31,050 4,280 November.. .64,953 22,887 14,154 419 457 451 494 3,356 211 3,345 42,066 37,842 897 3,811 2,159 30,975 4,224 December. . .65,135 23,428 14,569 387 527 407 503 3,427 199 3,409 41,707 37,474 1,251 3,291 2,832 30,100 4,233 104.R Tannarv 65,178 23,315 14,704 219 432 333 502 3,497 163 3,465 41,863 37,610 2,164 3,390 2,790 29,266 4,253 February 64,405 23,460 14,636 378 389 302 485 3,546 235 3,489 40,945 36,754 2,262 3,250 2,666 28,576 4,191 1947—Dec. 31 64,815 23,328 14,650 292 492 376 514 3,459 106 3,439 41,487 37,227 1,530 3,338 2,854 29,505 4,260 1948—Jan. 7 65,142 23,229 14,637 245 442 353 501 3,472 144 3,435 41,913 37,642 2,031 3,387 2,826 29,398 4,271 Jan. 14 65,088 23,243 14,689 181 426 337 505 3,493 147 3,465 41,845 37,587 2,060 3,327 2,808 29,392 4,258 Jan. 21 65,530 23,394 14,761 221 416 330 503 3,508 182 3,473 42,136 37,886 2,354 3,437 2,786 29,309 4,250 Jan 28 64,953 23,394 14,727 230 444 312 499 3,516 180 3,486 41,559 37,323 2,209 3,410 2,739 28,965 4,236 Feb. 4 64,874 Z3.352 14,644 229 392 306 490 3,525 271 3,495 41,522 37,310 2,468 3,408 2,715 28,719 4,212 Feb. 11 64,410 23,424 14,692 351 392 307 488 3,542 166 3,486 40,986 36,791 2,214 3,271 2,695 28,611 4,195 Feb. 18 64,277 23,453 14,619 399 370 299 484 3,550 249 3,483 40,824 36,634 2,210 3,207 2,657 28,560 4,190 Feb. 25 64,057 23,610 14,591 532 402 294 479 3,565 253 3,494 40,447 36,281 2,156 3,115 2,599 28,411 4,166 Mar. 3 63,494 23,439 14,540 476 355 285 479 3,569 233 3,502 40,055 35,845 2,048 3,972 2,559 27,266 4,210 Mar. 10 64,128 23,654 14,592 436 524 281 486 3,583 265 3,487 40,474 36,193 2,347 4,028 2,579 27,239 4,281 Mar. 17 63,756 23,392 14,578 349 411 276 479 3,598 190 3,511 40,364 36,061 2,379 3,938 2,572 27,172 4,303 Mar. 24 63,232 23,421 14,484 431 375 279 475 3,610 254 3,513 39,811 35,469 1,930 3,907 2,467 27,165 4.342 New York City 1947—February 19,846 6,257 4,216 596 275 130 213 96 110 621 13,589 12,490 74 1,325 1,129 9,962 1,099 October 20,036 6,840 4,815 412 368 82 189 102 161 711 13,196 11,965 250 724 618 10,373 1,231 November.. 19,903 7,088 5,191 320 314 74 193 105 160 731 12,815 11,639 412 629 375 10,223 1,176 December. . 20,056 7,286 5,343 299 377 64 202 104 160 737 12,770 11,576 661 536 481 9,898 1,194 1948—January 20,001 7,045 5,329 162 308 51 199 106 129 761 12,956 11,747 1,157 626 512 9,452 1,209 February.... 19,776 7,135 5,245 309 275 47 189 109 192 769 12,641 11,476 1,149 615 541 9,17 1,165 1947—Dec. 31 20,002 7,076 5,328 207 337 56 206 103 9 748 12,926 11,702 964 62 543 9,574 1,224 1948—Jan. 7 20,175 7,037 5,324 184 304 53 200 103 11 758 13,138 11,911 1,280 59 519 9,515 1,227 Jan. 14 19,842 6,992 5,32 125 297 51 2b 105 126 760 12,850 11,631 1,045 59 49 9,504 1,219 Jan. 21 20,138 7,065 5,343 169 299 51 19 108 136 762 13,073 11,875 1,199 663 512 9,50 1,198 Jan. 28 19,850 7,085 5,324 169 331 50 197 106 144 764 12,765 11,571 1,104 655 526 9,286 1,194 Feb. 4 19,996 7,038 5,26 170 276 49 192 107 208 769 12,958 11,777 1,314 696 548 9,219 1,181 Feb. 11 19,723 7,100 5,290 290 276 45 190 108 132 769 12,623 11,455 1,104 606 556 9,189 1,168 Feb. 18 19,698 7,140 5,21 323 261 47 188 110 226 770 12,558 11,394 1,092 578 533 9,19 1,164 Feb. 25 19,685 7,26 5,20 451 288 46 187 110 201 770 12,424 11,278 1,085 580 528 9,085 1,146 Mar. 3 19,285 7,08 5,16 407 249 45 186 110 159 767 12,198 11,039 97 1,025 513 8,530 1,159 Mar. 10 19,639 7,24 5,18 378 393 43 195 111 183 761 12,394 11,180 1,141 995 518 8,526 1,214 Mar. 17 19,298 7,02 5,17 293 296 42 188 114 143 773 12,275 11,073 1,100 936 533 8,504 1,202 Mar. 24 19,087 7,04 5,160 370 270 46 186 114 133 768 12,040 10,795 839 962 482 8,512 1,245 Qutside New York City 1947—February. . .43,68 13,33 7,54 117 142 489 292 2,508 36 2,211 30,346 27,506 369 4,358 2,341 20,438 2,840 October.... 44,80 15,38 8,61 82 178 410 298 3,176 59 2,560 29,424 26,375 430 3,310 1,958 20,677 3,049 November.. 45,05 15,79 8,96 99 143 377 301 3,251 51 2,614 29,25 26,203 485 3,182 1,784 20,752 3,048 December. . 45,07 16,14 9,22 88 150 343 30 3,323 39 2,672 28,93 25,898 590 2,755 2,35 20,202 3,039 1948—January.... 45,17 16,27 9,37 57 124 282 303 3,391 34 2,704 28,90 25,863 1,007 2,764 2,278 19,814 3,044 February... 44,62 16,32 9,39 69 114 255 296 3,437 43 2,720 28,304 25,278 1,113 2,635 2,125 19,405 3,026 1947—Dec. 31 44,81 16,25 9,32 85 155 320 308 3,356 15 2,69 28,56 25,525 566 2,717 2,311 19,93 3,036 1948—Jan. 7 44,96 16,19 9,31 61 138 300 30 3,369 33 2,677 28,775 25,73 75 2,790 2,30 19,883 3,044 Jan. 14 45,24 16,25 9,36 56 129 286 304 3,388 2 2,705 28,995 25,956 1,015 2,736 2,317 19,888 3,039 Jan. 21 45,39 16,32 9,41 52 117 279 306 3,400 46 2,711 29,063 26,01 1,155 2,774 2,274 19,808 3,052 Jan. 28 45,10 16,30 9,40 61 113 262 302 3,410 36 2,722 28,794 25,752 1,105 2,755 2,213 19,679 3,042 Feb. 4 44,87 16,31 9,37 59 116 257 298 3,418 63 2,726 28,564 25,533 1,154 2,712 2,167 19,500 3,031 Feb. 11 44,687 16,32 9,40 61 116 262 298 3,434 34 2,717 28,363 25,336 1,110 2,665 2,139 19,422 3,027 Feb. 18 44,579 16,313 9,40 76 109 252 296 3,440 23 2,713 28,266 25,240 1,118 2,629 2,124 19,369 3,026 Feb. 25.... 44,372 16,34 9,38 81 114 248 292 3,455 52 2,724 28,023 25,003 1,071 2,535 2,07 19,32 3,020 Mar. 3 44,209 16,35 9,37 69 106 240 293 3,459 74 2,735 27,85 24,806 1,077 2,947 2,046 18,73 3,051 Mar. 10 44,489 16,40 9,41 58 131 238 291 3,472 82 2,726 28,080 25,013 1,206 3,033 2,06 18,71 3,067 Mar. 17 44,458 16,369 9,404 56 115 234 291 3,484 47 2,738 28,089 24,988 1,279 3,002 2,039 18,66 3,101 Mar. 24 44,145 16,374 9,324 61 105 233 289 3,496 121 2,745 27,77 24,674 1,091 2,945 1,985 18,65 3,097 * 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 tht revised basig. see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 422 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—Cof»*»'»iieJ RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v - h l - k e s C va a i u n sh lt - m b a w a n d e n i o c s t - e k h t s i s c j p m u o a d s a d e s t n e - i - t d d s 1 s p p u n v h c a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v t l b a n i d e i - l t - s s - c C c h o a f e e e i e f t n e f r c r c d i d t s . - k i ' - s, U m G e . r o e n S n v - t - . s p p u n v c h a o a a o e i n i r r d l p 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 b a n d i e i - l t - s s - P U m G S e i a o n r . a o n e s g n v d v n S t 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 t a u c a p - n l - ts B d i e t a s b n 2 - k tions tions Total- Leading Cities 1947—February .. 11,539 724 2,247 45,474 45,377 2,938 1,408 2,043 13,835 251 84 9,269 1,346 52 268 5,650 73,182 October 12,432 790 2,452 47,197 47,804 2,978 1,513 1,380 14,167 328 83 9,978 1,410 38 231 5,810 90,187 November.. 12,371 816 2,418 47,58348,343 3,090 1,509 1,071 14,144 327 81 9,905 1,380 38 338 5,836 85,152 December.. 12,719 848 2,462 48,708 49,363 3,148 1,700 65114,093 335 80 9,922 1,370 39 228 5,831 104,009 1948—January ... 12,753 815 2,445 48,84349,073 3,251 1,465 59214,159 370 77 9,955 1,344 37 138 5,830 94,188 February .. 12,328 778 2,247 47,709 47,873 3,204 1,430 87214,184 457 76 9,052 1,350 36 320 5,852 80,188 1947—Dec. 31.... 13,138 826 2,694 48,685 49,809 3,246 1,961 793 14,192 338 79 10,251 1,353 39 37 5,826 22,692 1948—Jan. 7.... 12,726 845 2,566 48,620 48,635 3,263 1,440 56814,177 347 7710,285 1,346 37 1-28 5,834 19,372 Jan. 14.... 13,051 842 2,551 48,963 49,672 3,271 1,483 52014,158 359 7710,292 1,351 36 90 5,826 20,565 Jan. 21.... 12,546 779 2,419 48,97049,282 3,222 1,518 58914,158 383 77 9,944 1,332 37 130 5,826 22,253 Jan. 28.... 12,689 792 2,243 48,818 48,701 3,249 1,420 69314,142 391 75 9,297 1,347 37 206 5,836 21,042 Feb. 4.... 12,435 730 2,227 48,22347,806 3,253 1,301 80114,153 443 75 9,267 1,340 36 242 5,853 21,911 Feb. 11.... 12,429 795 2,175 47,64447,798 3,197 1,405 87614,170 458 76 9,017 1,338 36 491 5,851 19,670 Feb. 18.... 12,154 771 2,298 47,40947,950 3,142 1,540 88514,184 463 75 9,099 1,353 36 291 5,849 20,123 Feb. 25.... 12,296 815 2,287 47,559 47,937 3,223 1,475 92614,227 465 76 8,824 1,368 36 258 5,856 18,006 Mar. 3.... 12,957 721 2,301 47,296 47,134 3,219 1,389 1,009 14,256 471 74 9,026 1,361 35 220 5,871 22,869 Mar. 10.... 12,736 782 2,316 47,58147,332 3,460 1,801 1,148 14,246 476 7310,040 1,353 35 288 5,865 18,503 Mar. 17.... 12,675 757 2,442 47,011 47,508 3,255 1,371 1,098 14,227 468 73 9,238 1,367 35 311 5,866 23,059 Mar. 24.... 12,366 779 2,191 46,39146,266 3,291 1,580 1,154 14,233 482 73 8,563 1,366 35 422 5,869 21,254 New York City 1947—February .. 4,003 115 33 15,531 15,950 185 753 632 1,347 19 15 2,894 1,198 21 112 2,164 29,172 October 4,315 130 3915,834 16,390 241 810 481 1,376 15 12 3,047 1,257 13 142 2,195 35,162 November.. 4,244 143 4315,849 16,476 326 771 368 1,353 22 12 3,003 1,229 13 161 2,207 33,531 December.. 4,424 148 4216,336 17,055 264 931 209 1,341 19 12 3,072 1,220 12 102 2,202 44,131 1948—January ... 4,439 132 4016,399 16,844 339 732 172 1,350 13 12 3,108 1,192 10 29 2,207 38,286 February .. 4,277 129 3616,003 16,562 228 736 240 1,364 53 12 2,868 1,199 10 112 2,212 32,298 1947—Dec. 31.... 4,554 144 47 16,286 17,272 283 1,093 262 1,357 13 12 3,239 1,195 12 30 2,206 10,157 1948—Jan. 7 4,337 139 3716,307 16,707 353 678 181 1,347 13 13 3,233 1,192 10 56 2,207 7,546 Jan. 14.... 4,594 135 4116,362 16,882 369 755 152 1,347 13 12 3,159 1,197 10 33 2,207 8,173 Jan. 21.... 4,354 125 4516,508 16,935 343 748 164 1,356 13 12 3,075 1,181 10 17 2,207 8,822 Jan. 28.... 4,472 130 3716,420 16,850 291 750 187 1,352 12 12 2,964 1,197 10 11 2,207 8,991 Feb. 4.... 4,259 120 3216,175 16,548 240 603 228 1,353 52 13 2,962 1,190 10 81 2,216 9,507 Feb. 11.... 4,355 141 3415,990 16,531 245 709 244 1,360 52 12 2,812 1,191 10 225 2,213 8,074 Feb. 18.... 4,210 121 3815,871 16,554 216 809 239 1,369 53 12 2,880 1,202 10 70 2,211 7,552 Feb. 25.... 4,282 134 4015,974 16,616 209 822 247 1,374 53 12 2,820 1,211 10 73 2,209 7,158 Mar. 3 4,752 114 3215,952 16,426 211 708 273 1,383 60 12 2,851 1,203 10 63 2,212 9,519 Mar. 10 4,721 125 3316,224 16,504 492 1,149 322 1,385 61 14 2,851 1,199 10 87 2,207 7,184 Mar. 17.... 4,532 115 3415,506 16,252 190 630 289 1,387 52 14 2,975 1,210 10 133 2,207 9,860 Mar. 24.... 4,538 117 3615,457 16,012 253 919 308 1,385 53 14 2,760 1,205 10 155 2,202 8,739 Outside New York City 1947—February .. 7,536 609 2,214 29,943 29,427 2,753 655 1,411 12,488 232 69 6,375 148 31 156 3,486 44,010 October 8,117 660 2,413 31,36331,414 2,737 703 899 12,791 313 71 6,931 153 25 89 3,615 55,025 November.. 8,127 673 2,375 31,734 31,867 2,764 738 703 12,791 305 69 6,902 151 25 177 3,629 51,621 December.. 8,295 700 2,420 32,372 32,308 2,884 769 442 12,752 316 68 6,850 150 27 126 3,629 59,878 1948—January ... 8,314 683 2,405 32,44432,229 2,912 733 42012,809 357 65 6,847 152 27 109 3,623 55,902 February .. 8,051 649 2,211 31,706 31,311 2,976 694 63212,820 404 64 6,184 151 26 208 3,640 47,890 1947—Dec. 31.... 8,584 682 2,647 32,399 32,537 2,963 868 531 12,835 325 67 7,012 158 27 1 3,620 12,535 1948—Jan. 7.... 8,389 706 2,529 32,31331,928 2,910 762 387 12,830 334 64 7,052 154 27 72 3,627 11,826 Jan. 14.... 8,457 707 2,510 32,601 32,790 2,902 728 368 12,811 346 65 7,133 154 26 57 3,619 12,392 Jan. 21.... 8,192 654 2,374 32,462 32,347 2,879 770 425 12,802 370 65 6,869 151 27 113 3,619 13,431 Jan. 28.... 8,217 662 2,206 32,398 31,851 2,958 670 506 12,790 379 63 6,333 150 27 195 3,629 12,051 Feb. 4.... 8,176 610 2,195 32,048 31,258 3,013 698 57312,800 391 62 6,305 150 26 161 3,637 12,404 Feb. 11.... 8,074 654 2,14131,654 31,267 2,952 696 63212,810 406 64 6,205 147 26 266 3,638 11,596 Feb. 18.... 7,944 650 2,260 31,53831,396 2,926 731 64612,815 410 63 6,219 151 26 221 3,638 12,571 Feb. 25.... 8,014 681 2,247 31,585 31,321 3,014 653 67912,853 412 64 6,004 157 26 185 3,647 10,848 Mar. 3.... 8,205 607 2,269 31,34430,708 3,008 681 73612,873 411 62 6,175 158 25 157 3,659 13,350 Mar. 10.... 8,015 657 2,283 31,357 30,828 2,968 652 82612,861 415 59 6,189 154 25 201 3,658 11,319 Mar. 17.... 8,142 642 2,408 31,50531,256 3,065 741 80912,840 416 59 6,263 157 25 178 3,659 13,199 Mar. 24 7,828 662 2,155 30,93430,254 3,038 661 84612,848 429 59 5,803 161 25 267 3,667 12,515 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. APRIL 1948 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R n e d s e d r a v t e e i m l n o a v e n a e n n d s t s t s - Total i t t a c n c a r u g i u d i n a r a r l u d a l - i l , s - l - G a T U t l i n o i o o o g . b d n v a - S b - t s d . . r e o O a k c t l u e t i e h e r r r e s s i s - r l U T x t o i i O g o b . o S V a - n - t . s o . t O h c t e u t i h e r r s e s i- r i l R o st a e a n a t s l e L D o t a o a n n k s s O lo t a h n e s r Total Total Bills o d c C n t f e a e i e e f d t b i i s e r - - n t s - s - - Notes Bonds1 O r s it e t i h c e e u s r . - Boston Feb. 25 820 1,109 751 14 8 16 119 180 ,711 1,611 76 132 120 1,283 100 Mar. 3 825 1,117 757 8 11 16 119 11 181 ,708 1,606 83 156 121 1,246 102 Mar. 10 ,826 1,110 754 9 7 16 119 11 180 ,716 1,612 94 156 133 1,229 104 Mar. 17 ,803 1,105 753 7 8 16 11 181 ,698 1,59 88 137 134 1,233 106 Mar. 24 ,811 1,103 738 12 8 16 120 13 182 ,708 1,600 87 137 132 1,244 108 New York* Feb. 25 ,859 7,968 5,553 453 291 206 284 201 924 13,89 2,555 ,155 620 601 10,179 Mar. 3 ,461 7,796 5,508 412 252 205 285 159 921 13,66= 2,29 ,032 1,093 58 9,5851,368 Mar. 10 ,80: 7,962 5,530 383 39 21 28 183 916 13,841 2,436 ,18, 1,065 591 9,5951,404 Mar. 17 ,491 7,738 5,525 295 300 207 289 143 92i 13,75^ 2,353 ,170 1,00: 605 9,5761,400 Mar. 24 ,259 7,760 5,509 371 274 205 289 133 92. 13,495 2,05: 1.024 551 9,5881,447 Philadelphia Feb. 25 ,525 873 518 3 15 73 244 1,652 1,391 5 84 70 1,180 261 Mar. 3 ,490 883 522 2 15 74 24. 1,60 1,347 41 9 70 1,144 260 Mar. 10 ,525 898 519 2 14 72 246 1,62 1,369 45 104 7 1,145 258 Mar. 17 ,499 87 516 2 15 71 24 1,62 = 1,366 61 88 72 1,145 259 Mar. 24 ,504 888 507 2 1 7 245 1,361 55 72 1,147 255 Cleveland Feb. 25 ,292 1,44- 890 21 12 237 202 2,841 2,525 70 98 157 2,200 323 Mar. 3 ,340 1,493 898 21 11 238 21 2,84' 2,52 70 217 158 2,079 323 Mar. 10 ,328 1,478 907 18 10 239 20* 2,851 2,527 72 214 163 2,078 323 Mar. 17 ,306 1,463 910 20 13 239 210 2,84. 2,512 6: 211 16: 2,077 331 Mar. 24 ,328 1,51- 905 18 14 239 56 212 2,814 2,482 4 20' 157 2,071 332 Richmond Feb. 25 ,556 80 39: 177 18. 1,74! 1,627 44 145 101 1,337 122 Mar. 3 559 80: 397 176 183 1,75 1,628 53 161 98 1,316 123 Mar. 10 57 81 401 178 183 1,75 1,634 56 167 97 1,314 123 Mar. 17 587 82: 411 178 18) 1,75" 1,63 55 17 96 1,306 125 Mar. 24 562 411 178 1,73. 1,610 44 170 91 1,305 125 Atlanta Feb. 25 342 83 520 71 172 1,50, 1,325 2: 210 14 949 183 Mar. 3 32- 830 518 71 16( 1,49' 1,310 19 212 14. 934 184 Mar. 10 329 833 522 72 16' 1,49. 1,312 23 215 145 929 184 Mar. 17 342 83' 525 74 17i 1,50. 1,319 25 212 145 937 184 Ch M ica a g r. o * 24 317 83. 523 74 17C 1,48: 1,297 20 203 146 928 185 Feb. 25 ,77' 2.72C 1,860 316 35i 6,05' 5,45 403 391 459 4,204 602 Mar. 3 ,695 2,67' 1,853 31 35. 6,01i 5,409 420 443 4,100 607 Mar. 10 ,84 2,717 1,86' 314 35 6,12, 5,485 488 448 4,102 639 Mar. 17 ,79 2,68" 1,845 315 35. 6,10! 5,473 493 456 434 4,090 635 Mar. 24 ,683 2,65' 1,83 31 35? 6,02- 5,39. 461 439 405 4,089 630 St. Louis Feb. 25 086 962 59' 146 1,12 978 35 98 758 146 Mar. 3 076 955 586 145 185 1,12 97 47 105 87 735 147 Mar. 10 086 955 58 146 184 1,13 985 57 107 87 734 146 Mar. 17 078 95C 580 146 185 1,12 98 59 104 86 732 147 Mar. 24 043 93 568 146 184 1,10. 95S 50 98 86 724 148 Minneapolis Feb. 25 164 42! 263 56 9 73 655 20 55 56 528 76 Mar. 3 170 424 26 53 9 74. 66? 2 69 55 522 78 Mar. 10 147 420 25 53 92 72 65C 23 54 55 518 77 Mar. 17 148 41 253 53 9. 72 65 22 60 54 515 78 Mar. 24 134 41 252 5' 9; 71 63 12 65 53 507 78 Kansas City Feb. 25 365 81 535 11 131 1,55 1,354 88 249 162 855 196 Mar. 3 348 8*4 535 116 13! 1,53 1,33 86 266 160 825 197 Mar. 10 360 814 535 11 13 1,54. l,35i 102 266 159 823 196 Mar. 17 374 815 535 11 13 1,55! 1,362 135 266 153 808 197 Mar. 24 312 81 529 118 1,50 1,304 91 258 146 809 197 Dallas Feb. 25 210 1,02: 71 1,18; 1,074 162 94 816 114 Mar. 3 194 1,01: 712 79 1,17 1,062 162 94 801 114 Mar. 10 19 1,01: 78 1,17 1,060 162 88 801 114 Mar. 17 1,01 71 7' 1,17 1,05. 172 89 791 115 Mar. 24 1,01 70 = 7' 1,17 1,05 172 89 791 116 San Francisco Feb. 25 1,997 1,892 65, 6,43: 5,72. 184 871 548. 4,122 707 Mar. 3 1,993 1,899 65. 6,39i 5,68 170 996 538 3,979 707 Mar. 10 2,000 1.90S 65. 6,48 5,773 193 1,070 539 3,971 713 Mar. 17 2,011 1,915 65 6,48? 5,76: 205 1,053 542 3,962 726 Mar. 24 4,65 2,006 1,92 65. 6,43 5,71' 169 1,04 539 3,96: 721 City of Chicago* Feb. 25 1.87C 1,443 7 18? 3,7Oi 3,291 30, 25? 305 2 A3 408 Mar. 3 1,82 1,432 7 18 3.65J 3,24 328 258 295 2,36 409 Mar. 10 1,854 1,43 7C 19 3,74 3,29, 37. 262 296 2,364 442 Mar. 17 1,82, 1,413 7C 18* 3,71' 3,28 36: 264 295 2,359 433 Mar. 24 1,794 1,400 6( 18" 3,65 3,23 35( 248 266 2,358 426 1 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figure for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 424 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 with Cash ances mand vid- States Cert i- vid- States U. S. Bor- Cap- Bank Federal Reserve Fed- in with de- uals, and fied uals, and Gov- row- ital debdistrict and date eral vault do- posits part- polit- and U. S. part- polit- ern- ings ac- its 2 Re- mestic ad- ner- ical offi- Gov- ner- ical ment counts serve banks justed1 ships, sub- cers' ern- ships, sub- and Do- For- Time Banks and divi- checks, ment and divi- Postal mes- eign cor- sions etc. cor- sions Sav- tic pora- pora- ings tions tions Boston Feb. 25 506 60 112 2,350 2,391 120 48 41 497 272 22 316 699 Mar. 3 523 54 111 2,366 2,379 119 41 43 497 282 24 316 885 Mar. 10 504 56 111 2,350 2,364 117 45 50 497 277 22 316 734 Mar. 17 503 58 118 2,333 2,387 113 48 46 496 286 22 317 946 Mar. 24 490 58 108 2,327 2,346 115 46 49 496 272 20 317 869 New York* Feb. 25 ,577 179 13217,48117,887 516 870 2732,202 2,889 1,213 2,399 7,599 Mar. 3 ,054 157 12317,44117,686 500 752 302 2,214 2,922 1,206 2,403 10,141 Mar. 10 ,011 171 14517,71117,778 796 1,190 354 2,217 2,923 1,202 2,397 7,696 Mar. 17 ,816 160 13317,00317,544 463 693 320 2,218 3,046 1,213 2,398 10,507 Mar. 24 ,810 163 12616,92217,255 530 967 340 2,216 2,829 1,208 2,393 9,272 Philadelphia Feb. 25 495 43 104 2,111 2,222 86 28 391 325 12 9 300 714 Mar. 3 491 38 131 2,090 2,168 79 26 389 335 12 4 302 863 Mar. 10 466 44 115 2,081 2,150 84 32 388 339 12 5 301 696 Mar. 17 502 41 120 2,070 2,186 87 26 387 359 12 1 300 832 Mar. 24 469 44 106 2,034 2,080 111 26 412 328 12 1 300 791 Cleveland Feb. 25 755 83 162 3,000 3,094 153 47 1,274 436 6 13 462 1,001 Mar. 3 809 78 158 3,057 3,114 156 52 1,274 463 5 18 463 1,253 Mar. 10 778 80 152 2,994 3,058 149 47 1,273 470 5 18 463 987 Mar. 17 758 80 175 2,962 3,076 156 55 1,272 482 6 16 464 1,214 Mar. 24 757 82 148 2,988 3,063 149 52 1,270 447 7 15 464 1,141 Richmond Feb. 25 492 67 166 2,076 2,030 201 44 588 352 6 12 212 596 Mar. 3 483 59 158 2,038 1,991 194 48 589 374 5 6 212 771 Mar. 10 500 6. 168 2,060 2,010 191 49 589 383 5 15 212 663 Mar. 17 495 62 169 2,066 2,028 203 57 588 385 5 12 213 727 Mar. 24 493 61 150 2,044 1,974 219 52 586 349 5 24 214 722 Atlanta Feb. 25 452 44 176 1,760 1,649 302 26 538 492 9 17 179 575 Mar. 3 451 39 186 1,747 1,615 302 25 538 504 9 4 180 722 Mar. 10 455 43 196 1,759 1,637 299 25 32 538 516 1 181 597 Mar. 17 452 40 209 1,776 1,689 293 25 31 537 517 2 180 696, Mar. 24 431 45 187 1,745 1,614 304 23 33 536 475 6 180 685 Chicago* Feb. 25 ,685 105 384 6,158 6,162 550 93 1602,390 1,413 85 668 Mar. 3 ,786 92 368 6,113 6,027 543 93 1702,392 1,456 60 671 3,030 Mar. 10 ,709 9 36. 6,09. 5,999 555 98 2072,395 1,441 122 671 2,582 Mar. 17 ,786 94 362 6,103 6,014 633 113 1922,393 1,471 117 3,138 Mar. 24 ,625 96 335 5,859 5,766 549 104 2052,389 1,346 174 2,879 St. Louis Feb. 25 404 29 111 1,348 ,436 114 17 462 612 3 170 478 Mar. 3 407 26 116 l,30.r ,379 113 19 462 635 13 171 649 Mar. 10 394 29 119 1,321 ,402 109 19 462 629 1 170 539 Mar. 17 381 28 119 1,314 ,410 110 18 462 612 3 170 620 Mar. 24 368 28 104 1,293 ,358 111 17 461 564 171 582 Minneapolis Feb. 25 214 12 86 815 773 145 11 250 291 97 293 Mar. 3 210 11 85 807 743 156 12 250 294 97 362 Mar. 10 220 1 83 792 751 13 12 250 296 97 343 Mar. 17 207 12 87 797 754 138 18 250 280 97 373 Mar. 24 199 13 80 768 712 154 12 250 264 97 362 Kansas City Feb. 25 505 30 285 1,808 ,768 261 26 380 4 769 186 642 Mar. 3 508 26 297 1,784 ,716 259 45 380 4 774 186 787 Mar. 10 503 29 303 1,807 ,737 256 29 380 4 771 186 677 Mar. 17 498 28 314 1,811 777 253 28 380 4 774 186 785 Mar. 24 491 30 269 1,752 1,708 248 27 380 4 723 187 762 Dallas Feb. 25 471 33 274 1,848 1,844 163 40 343 43 546 191 605 Mar. 3 481 32 261 1,836 1,829 179 39 344 43 539 191 611 Mar. 10 481 33 268 1,845 1,813 176 34 340 43 540 191 598 Mar. 17 478 32 314 1,869 1,865 185 51 343 42 553 192 665 Mar. 24 459 33 276 1,835 1,799 181 38 343 46 521 193 739 San Francisco Feb. 25 ,740 130 29 6,804 6,681 612 225 126 4,912 210 427 11 676 2,300 Mar. 3 ,754 109 307 6,712 6,487 619 237 137 4,927 210 448 14 679 2,795 Mar. 10 ,715 123 293 6,768 6,633 593 221 155 4,917 212 455 3 680 2,391 Mar. 17 ,799 122 322 6,907 6,778 621 239 150 4,901 213 473 1 2,556 Mar. 24 ,774 126 6,824 6,591 620 216 154 4,894 221 445 1 2,450 City of Chicago* Feb. 25 ,145 40 190 4,038 4,123 292 47 ,199 38 1,051 84 449 1,632 Mar. 3 ,215 34 186 3,980 4,007 276 48 ,201 38 1,086 59 2,025 Mar. 10 ,144 37 175 3,950 3,979 288 49 ,202 38 1,070 120 1,696 Mar. 17 ,241 35 170 3,967 3,987 355 55 ,201 38 1,096 117 451 2,043 Mar. 24 ,103 37 152 3,760 3,817 261 48 ,199 38 1,002 171 451 1,900 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. APRIL 1948 425 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 a c l cept O 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 e o e c a d r s o n e e u o k r r n w v s a t e l ) n Others I U m S i n t n p a i t o t t o e e r s d ts E U S f x n r t p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d o e s d i t n c t b r s e e F d t in w o r i e e n e i n g o n r States countries 1947—January 236 241 183 85 98 58 172 35 (2) 27 8 F M e a b r r c u h ary 2 2 4 6 3 6 2 2 3 2 0 8 1 1 7 7 1 0 7 7 6 5 9 9 5 5 5 5 9 8 1 1 6 5 4 8 3 3 5 6 (2) 2 2 4 7 7 7 April 256 215 154 71 83 61 140 42 25 8 May 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 (S) 20 6 J A u u ly gust 2 2 4 4 4 4 2 1 0 8 6 7 1 1 4 5 8 8 7 7 5 1 8 7 7 4 3 4 9 8 1 1 1 3 5 3 4 4 5 7 (2) 1 2 2 1 0 6 7 September 242 219 168 83 85 4 47 140 42 2 24 11 October . . . 283 237 180 83 97 2 55 144 54 4 23 10 November 287 245 188 76 112 (') 56 147 61 3 25 9 December 287 261 197 88 109 64 159 63 3 25 11 1948—January 290 262 188 85 103 74 168 53 1 27 13 February 301 253 174 79 94 79 168 43 2 24 17 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c c ( c n o a u e p n t i ) t t a s ] accounts accounts 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 3 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December.. 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December.. 788 11 188 181 557 354 65 14 5 198 1944 —June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 537 5 311 453 217 693 118 30 10 289 1947—March..... . 8 576 8216 8677 April 3 553 8 205 »665 May 3 530 3 201 8 652 June 552 6 333 395 222 650 162 24 9 271 July 8 564 8 251 8 677 August 8 550 8 241 8 656 September. . 8 570 8 280 8 630 October 8 606 8 257 8616 November. . 8 593 8 247 8617 December... 578 7 315 393 240 612 176 23 15 273 1948—January.... 3 568 8217 8 622 February. . . 8 537 3 208 8 596 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): December, 61; January, 56; February, 57. 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. 426 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 i n p m r o m t c e h i r 6 - e a s , - l 1 a a P b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l c a e o r a e a e l x 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 b r o t t n t i e i e f n t 1 s i d h - 2 - - - 3 t i a - s y x s t e o u a a e b r 5 s l - e 1 T 9 o c t i a ti l es Y N C o e i r w t k y e E 7 N r c n a o i o s t r t i t e e h t a h s r n e n - r d 1 e W 1 r c n e i S t s i o t e a e u s n r t n d hness 1938 average1 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1945 average . . . .75 .44 1.00 .375 .81 1.18 1941 average 2.54 1.97 2.55 3.19 1946 average .81 .61 1.16 .375 .82 1.16 1942 average 2.61 2.07 2.58 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 average 2.72 2.30 2.80 1944 average 2.59 2.11 2.68 1947—March 1.00 .81 1.38 .376 .82 1.24 1945 average 2.39 1.99 2.51 2.73 April 1.00 .81 1.38 .376 .83 1 24 1946 average 2.34 1.82 2.43 2.85 May 1.00 .81 1.38 .376 .85 1.27 1947 average 2.28 1.81 2.33 2.76 June 1.00 .81 1.38 .376 .85 1.29 July 1 00 .81 1.38 703 .85 1.33 1944—March 2.63 2.10 2.75 3.12 August.... 1.00 .88 1.38 .748 .85 1.31 June 2.63 2.23 2.55 3.18 September. 1.06 .94 1.38 .804 .87 1.28 September. 2.69 2.18 2.82 3.14 October. . . 1.06 .94 1.38 .857 .97 1.35 December. 2.39 1.93 2.61 2.65 November. 1.06 .94 1.38 .932 .99 1.47 December.. 1.19 1.03 1.38 .950 1.04 4 1.54 1945—March 2.53 1.99 2.73 2.91 June 2.50 2.20 2.55 2.80 1948—January... 1.31 1.06 1.50 .977 1.09 1.63 September. 2.45 2.05 2.53 2.81 February.. 1.38 1.06 1.50 .996 1.10 1.63 December. 2.09 1.71 2.23 2.38 March 1.38 1.06 1.50 .996 1.09 1.60 1946—March 2.31 .75 2.34 2.93 Week ending: June 2.41 .84 2.51 2.97 Feb. 28... . IN 11/16 1H .997 1.09 1.63 September. 2.32 .83 2.43 2.75 Mar. 6.... IN 11/16 .997 1.09 1.62 December. 2.33 .85 2.43 2.76 Mar. 13 IN 11/16 .996 1.09 1.62 Mar. 20 IN 11/16 .996 1.09 1.60 1947—March 2.31 .82 2.37 Mar. 27 i% 11/16 .996 1.09 1.58 June 2.38 .83 2.44 September. 2.21 .77 2.25 December. 2.22 .82 2.27 1 Monthly figures are averages of weekly prevailing rates. 8 The average rate on 90-day stock exchange time loans was 1.50 1948—March 2.46 2.09 2.52 2.83 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 8 Rate on new issues offered within period. 4 Beginning Dec. 15 includes the following bond issues: 2 per cent, 1 Prior to March 1939 figures were reported monthly on a basis not September 1951-53; 2 per cent, December 1951-55; and 2Y% Per cent, strictly comparable with the current quarterly series. March 1952-54. Back figures.—See Banking and Monetary Statistics, Tables 124-125, Back figures.—See Banking and Monetary Statistics. Tables 120-121, pp. 463-464; for description, see pp. 426-427. pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade) 2 grade) 3 Total years and Indus- Rail- Public over Aaa Aa Baa trial road utility Number of issues 1-5 1-8 15 10 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 '1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1947—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 3.18 2.62 3.06 2.72 August 1.54 2.24 2.51 2.80 2.56 2.64 3.17 2.63 3.03 2..72 September 1.53 2.24 2.57 2.85 2.61 2.69 3.23 2.67 3.09 2..78 October 1.58 2.27 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 2..87 November 1.72 2.36 2.75 3.02 2.77 2.85 3.01 3.44 2.84 3.30 2..93 December M.86 2.39 2.35 2.86 3.12 2.86 2.94 3.16 3.52 2.92 3.42 3.02 1948—January 2.09 2.45 2.45 2.85 3.12 2.86 2.94 3.17 3.52 2.91 3.44 3.03 February 2.08 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 March 2.03 2.45 2.52 2.81 3.10 2.83 2.90 3.13 3.53 2.89 3.40 3.01 Week ending: Feb. 28 2.06 2.45 2.55 2.81 2.83 2.91 3.15 3.52 2.89 3.42 3.01 Mar. 6 2.05 2.45 2.57 2.81 2.83 2.91 3.14 3.53 2.89 3.42 3.01 Mar. 13 2.06 2.45 2.55 2.81 2.83 2.90 3.13 3.53 2.89 3.41 3.00 Mar. 20 2.03 2.45 2.52 2.81 2.84 2.91 3.13 3.53 2.89 3.41 3.01 Mar. 27 2.01 2.44 2.50 2.80 3.10 2.83 2.90 3.13 3.54 2.89 3.40 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. 5 Revised beginning Dec. 15, 1947, to include the following issues: iy2 per cent, March 1956-58; and 2}4 per cent, September 1956-59. Revised figures for weeks not shown are available upon request. Back figures.—See Banking and Monetary Statistics, Tables 128-120, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. APRIL 1948 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate * Common (index, 1935-39 = 100) V of o l t u ra m d e ing7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 8 H gr i a g d h e - Mediu I m nd - u a s n - c1 l R ow 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 ia u l s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-8 15 15 50 10 20 20 15 15 402 354 20 28 102.04 139.6 122.1 117.9 122.2 115.1 116.3 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 8 67.1 184.7 123 128 105 103 953 1947—March 104.61 132.5 122.4 116.6 123.7 113.6 112.5 66.0 188.1 124 128 110 107 841 April 104 57 133 2 122.8 116.5 123 5 113.2 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103 75 134 7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 102 1,158 August 103.89 134.3 122.3 116.1 123.9 110.4 113.9 69.6 188.7 125 130 105 101 674 September 103.95 134.4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 October 103 44 132 5 120.0 114.0 120.8 106.9 114 3 69.4 181.2 125 131 104 101 1,136 November 102.11 129.4 118.8 113.3 120.0 105.1 114.7 68.1 174.5 124 130 100 97 862 December 101 59 126 2 117 0 112.5 119.1 104.6 113 9 172.1 122 129 104 94 1,170 194g—January 100.70 124.5 117.4 112.4 118.9 104.6 113.7 169.5 120 126 107 95 895 February 100.70 122.6 117.5 112.4 119.3 103.8 114.1 '167.5 114 119 102 93 857 March 100.78 123.1 118.0 112.1 119.1 103.7 113.5 170.0 116 122 105 93 974 Week ending: Feb. 28 100.71 122.6 11.7.8 112.3 119.3 103.5 114.2 167.9 114 119 102 92 703 Mar. 6 100.73 122.3 117.8 112.3 119.3 103.5 114.2 168.3 115 120 104 92 709 Mar 13 100.72 122 6 118 0 112.2 118.8 103.5 114 2 169.9 114 119 103 93 738 Mar. 20 .... 100.75 123.1 118.0 112.0 119.1 103.7 113.1 169.9 113 118 102 92 1,088 Mar. 27 100.83 123.5 118.0 111.9 119.1 104.0 112.6 171.6 119 125 107 94 1,297 ' Revised. i Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. J Average of taxable bonds due or callable in 15 years and over. a Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * 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 a u n n r n n e e g d d - w ) - m T e ( a f i o d e o g n s t r o n d a - t - ) i l c Total S n a m p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n 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 o t r d n a - t - ) i l c Total S n m a 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 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 ''7,136 2,225 203 '4,708 '3,493 '1,215 ••68 2,160 1,983 44 422 1,517 1,236 281 177 1947—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 '740 212 15 '514 '430 83 '5 293 255 2 38 214 165 48 "38 July 3 1,033 »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. . 813 713 713 114 599 410 189 101 101 5 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 5 130 130 2 45 83 80 3 1948—January .. 541 495 495 114 16 365 323 41 46 46 2 42 3 3 February. 857 802 801 217 39 546 368 178 1 56 56 3 39 14 13 1 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. • 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. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds 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 e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 . 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 ... .... 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941. 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6.900 6.757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,221 6,111 4,270 3,224 1,046 1,378 1,191 187 310 153 1947—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 >-346 ••340 ••294 '193 '101 6 6 '26 14 February 563 544 501 266 235 25 13 12 18 1 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 c p e r e o d - s money se t c ie u s ri- p p o u se r s - * c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 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 ,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 L,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 .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 704 129 571 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—February g 7 2 67 47 18 2 119 94 8 16 66 58 6 2 March 12 9 1 2 332 223 107 2 90 52 5 33 9 1 8 April 17 17 93 30 61 2 328 204 24 99 3 3 May 37 15 22 225 31 179 16 165 129 26 10 10 5 5 June . .. 28 28 536 353 181 2 141 96 26 19 21 21 July 28 22 6 307 234 68 4 239 175 43 21 14 3 1 10 August. . . . 23 23 140 28 95 16 79 65 9 6 2 2 1 September. 5 4 2 306 157 136 13 71 45 13 13 51 38 4 9 October ... 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 '95 '70 '25 57 52 5 February... 34 34 111 98 12 1 383 353 13 17 16 15 1 ' 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. APRIL 1948 429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars! Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - e p O t m r q t o a i t u e r o h n i t n n e p s a t r - - - f m p e N u a r r e o c n r o t o d t n a d s u - l - s s O g d o u b t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n n f n d i i g g d n l u - c- c In h t c r e d a i m u a ls l s i - - O g d n o b u t o o h l r n e a d e - - r s n c s ic e e e e o l r l v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o e r n a- Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 ? ,465 146 115 223 ir>2 liQ 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 13S 90 15! 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 ... .... 1,806 194 174 222 190 115 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 . . . n , 545 283 3 171 130 127 136 » 16s? 28* 273 30? 371 •t .139 82 657 1947 3,692 435 327 416 218 191 236 357 478 345 377 311 1,786 89 837 Quarterly 1945—i 492 49 38 63 • 50 31 7\ 45 62 48 39 45 250 20 142 2 508 53 42 77 4 47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 4 36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 *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 4 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 « 853 97 "61 102 4 44 50 857 124 85 77 91 66 8 415 21 209 1947—i 869 126 69 94 4 49 47 50 98 90 89 96 63 426 20 177 2 868 99 83 105 4 54 46 57 64 111 87 92 71 432 23 192 3 906 90 76 103 <58 45 59 85 123 81 03 84 432 22 190 4 1,048 111 99 115 457 53 70 111 155 88 96 93 497 23 278 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad « Electric power • 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 o x m m r 8 e e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e g r n a u t e - I b n in e t c a f c o x o o m * r m e e e in N co 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 28Q 235 '3,814 '970 '647 '456 1 .992 277 200 171 1947 8,685 778 480 236 4,236 961 652 470 2,149 192 131 133 Quarterly I945—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 '967 '303 196 107 475 84 54 43 2 1 ,703 -57 -45 52 '919 '225 151 '109 497 75 53 43 3 . 2,047 161 128 41 '931 '212 '143 '109 502 56 44 43 4 2,008 130 191 85 '998 '229 '157 '130 519 62 49 42 1947__1 2,039 '166 ••89 r44 1,075 289 191 115 527 67 44 40 2 2,111 '189 121 '52 1,028 247 166 115 478 29 21 '32 3 2,177 '184 '112 '38 1,024 106 135 111 555 38 27 '32 4 2,357 239 157 103 1,109 228 160 129 589 58 39 30 'Revised * "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. * Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. & Class I line-haul railroads, covering about 95 per cent of all railroad operations, 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 430 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 oi daily statements of United States Treasury. In millions of dollars] Marketable public issues * Nonmarketable public issues Fully End of month d T g d i r o e r o e b t 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 t s g t- Total2 Tre b a il s ls ury c i C e n a d e d t r n e e t s e i b f s o t i s - - f Tr n e o a t s e u s ryT b re o a n s d u s ry Total2 s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t s t g b e t e c u e e e u a r a d e r r r i i s a i t n t n n i - g e - - s 1941—June. 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec. 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June. 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec. 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June. 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec. 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June. 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec. 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June. 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec. 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June. 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 Dec. 259,149 257,649 176,613 17.033 29,987 10,090 119,323 56,451 49.776 5,725 24,585 1,500 331 1947—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 ,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 7D 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.. 258,212 255,59? 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 Mar.. 252,990 250,634 161,339 13,945 20,331 11,375 115,524 60,023 52,988 5,100 29,272 2,356 73 1 Including amounts held by Government agencies and trust funds, which aggregated 5,500 million on Feb. 29, 1948. * Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, Armed Forces Leave bonds, and 2>£ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MARCH 31, 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 sales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series vSeries AH series E F G series Treasury bills 1 Treasury bonds—Cont. Apr. 1, 1948 1,304 Dec. 15, 1949-52 2..3 H 491 Fiscal year Apr. 8, 1948 1,305 Dec 15, 1949-53 2..2K 1,786 ending: Apr. 15, 1948 1,003 Mar. 15, 1950-52 2 1,963 June—1940.. 2,905 1,109 , ._. 114 Apr. 22, 1948 1,003 Sept. 15, 1950-52 2..2K 1,186 1941.. 4,314 1,492 203 *395' 148 Apr. 29, 1948 1,001 Sept. 15, 1950-52 2 4,939 1942.. 10,188 5,994 3,526 435 2.032 207 M M a a y y 1 6 3 , , 1 1 9 9 4 4 8 8 1, 9 0 0 0 3 0 J D u e n c e 1 1 5 5 , , 1 1 9 9 5 5 0 1 -54 1.. 2 W % 2 2 1 , ,6 6 2 3 7 5 1 19 9 4 4 4 3 . . 3 2 4 1 . , 6 2 0 5 6 6 1 1 1 5 , , 7 4 8 9 9 8 1 8 1 , , 2 8 7 2 1 0 8 7 0 5 2 8 2 2 , , 7 8 5 7 9 6 2,3 8 7 4 1 8 May 20, 1948 1,001 Sept. 15, 1951-53 2 7,986 1945. 45,586 14,891 11,553 679 2.658 4.298 May 27, 1948 1,106 Sept. 15, 1951-55 2 3 755 1946. 49,035 9,612 6,739 407 2,465 6,717 June 3, 1948 1,101 Dec. 15, 1951-53 2..2M 1,113 1947. 51.367 7,208 4,287 360 2,561 5,545 J J J u u u n n n e e e 2 1 1 4 7 0 , , , 1 1 1 9 9 9 4 4 4 8 8 8 1 1 1 , , , 1 0 1 0 0 0 1 9 7 J D M T u u e a n n c r e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 2 2 2 - - - - 5 5 5 5 5 4 5 4 . . . . . . 2 2 } M / 2 2 2 5 1 1 , , , 5 8 5 0 0 2 2 1 1 4 5 0 1947— A M M p a r a y . r . . . . . . . . . 5 5 5 1 1 0 , , , 1 2 9 1 4 4 7 0 5 5 4 6 7 8 1 2 8 6 3 3 3 0 7 4 5 2 9 2 3 3 5 3 5 2 1 1 0 5 9 9 8 1 4 4 4 2 5 4 1 5 9 Dec 15, 1952-54 2 8,662 June.. . 51,367 482 303 24 157 433 Cert, of indebtedness J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 3 4 - - 5 5 5 6 2 2 ..2M 2 6 7 8 2 1 5 J A u u l g y . . . . . . 5 5 1 1 , , 5 6 5 6 2 4 4 5 6 5 0 9 3 2 3 9 9 4 2 2 7 1 1 1 4 9 4 3 4 4 5 0 7 4 J J J A u u u p l l n y y r e . 1 , , , 1 1 1 1 9 9 9 9 4 4 4 4 8 8 8 8 S . S e e r r . . " "G F" " p % p i i 2 1 1 1 , , , , 7 1 7 3 2 7 2 4 7 7 1 2 S S M M e e a a p p r r t t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 5 6 6 - - - - 5 6 5 5 9 0 8 9 2 2 . .. . . . . . . . 2 2 i 2 V % y ^ 2 i 3 2 1 , , , 9 8 6 4 1 4 8 2 1 9 2 3 O D S N e c e o t c p v t . .. . .. . 5 5 5 5 2 1 2 1 , , , , 0 8 0 7 0 9 5 5 8 7 3 9 4 4 4 4 1 8 8 6 2 7 8 6 3 3 3 2 2 0 0 6 5 4 4 3 2 2 2 1 2 4 1 7 1 1 1 1 4 6 3 3 2 2 1 7 3 4 4 4 5 3 0 3 7 4 4 1 July . 1948 Ser."H" % 2,209 June 15, 1958-63 2..2^ 919 1948—Tan.. . . 52.479 770 479 44 24S 454 Oct. , 1948 Ser."J" 1 1,354 June 15, 1959-62 3..2^ 5,284 Feb.. . . 52,793 607 367 40 201 364 Oct. ,1948Ser."K" 1 1,467 Dec. 15, 1959-62 3..2\4 3,470 Mar.... 52,988 588 383 30 175 462 Jan. , 1949 1}4 2,592 Dec 15. 1960-65 2..2M 1,485 Feb. , 1949 2,189 June 15, 1962-67 K.2% 2,118 Maturities and amounts outstanding March 31, 1948 Mar. 1, 1949 1 3,553 J D u e n c e 1 1 5 5 , , 1 1 9 9 6 6 3 4 - - 6 6 8 9 K 3. .2 .2 Y ^ 2 3 2 , , 7 8 6 3 1 1 Year of All Series Series Series Series Dec 15, 1964-69 3..2^ 3,838 maturity series C-D E F G Treasury notes M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 3 K .. . 2 2 Y H 2 3 5 , , 4 1 8 9 1 7 J S O a e c n p t . . t . 1 1 1 5 , , , 1 1 1 9 9 9 4 4 4 9 8 8 1 1 I 3 3 4 , , , 5 0 7 3 9 4 5 2 8 J S D u e e n p c e . t . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 \ . 3 . . . . . 2 2 2 K V V 2 2 1 2 1 7 , , , 7 6 9 1 8 6 6 9 7 1 1 1 9 9 9 5 4 4 0 9 8 . .... 9 3 8 9 2 8 0 0 6 9 3 8 9 2 8 0 0 6 1951 1,552 433 1,119 •*ostal Savings 1952 4,210 4,210 bonds 2K 114 1953 7,479 6,160 "265' i.iii ' T J r u e n a e s u 1 r 5 y , 1 B 9 o 4 n 8 d s \% 3,062 5anama Canal Loan.3 50 1 1 9 9 5 5 5 4 .... 9 8 , ,4 7 8 34 4 5 7 , , 6 0 8 6 1 4 5 5 8 3 0 3 2 2 , , 1 2 3 2 8 3 Sept. 15, 1948 2 2Y2 451 Total direct issues.. .. 61,339 1956 6 236 3 020 659 2 556 Dec 15, 1948-50 2 2 571 1957 .... 6,236 3,388 527 2,322 June 15, 1949-51 2 1,014 Guaranteed securities 1958 3,708 893 304 2,511 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1959 2,539 332 2,208 Dec. 15, 1949-51 2 2,098 Various 28 1960 622 95 527 Unclassified. . -10 p. 1 4 2 S 7 o . l d on 2 d P is a c r o t u ia 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 52,988 2,629 31,535 3,234 15,599 » Restricted. APRIL 1948 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month s i b e n T c e t u e a o r r r t e i i a t n s i l g t e - s Total m b C a e n o r k c m i s a - l * R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c O s a o s a t t o r i n h p o c d e o n i r a - s - S l g e a o t o r n c a n v d a t - e - l a 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 2,100 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,800 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 1945—June 256,766 105,992 84,200 21,792 150,774 58,500 22,700 9,600 29,800 5,300 18,812 6,128 December 276,246 115,062 90,800 24,262 161,184 63,500 24,400 10,700 29,100 6,500 20,000 7,048 1946—June 268,578 108,183 84,400 23,783 160,395 62,900 25,300 11,500 25,200 6,500 22,332 6,798 December 257,980 97,850 74,500 23,350 160,130 63,600 25,300 11.800 22,100 6,300 24.585 6,338 1947—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—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 1948—January 254,030 90,825 68,900 21,925 163,205 65,400 24,100 12,000 19,900 7,200 29,148 5,452 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Dec. 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public securities. In millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tu u a - 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 0 banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:* Within 1 year: 1945—Dec 198,820 7,00924,26282,83010 491 23 18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June 189,649 6,76823,78376,57811 220 24 285 47,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,96211 521 24 346 44,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,96111 845 23 969 42,684 1947—June.... 11,255 83 251 6,936 374 420 3, 191 Dec 165,791 5,261 22,55961,37011 552 22 895 42,154 Dec 14,263 69 1,693 8,244 266 316 3, 675 1948—Jan 164,945 5,315 21,92561,58811 593 22 657 41,867 1948—Jan 17,798 69 1,759 9,465 343 423 5,739 Treasury bills: 1-5 years: 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 1946—June 17,039 3 14,466 1,142 3 1 1,424 1946—June 35,055 443 797 25,285 709 1,506 6,319 Dec 17,033 2 14,745 1 187 11 1,088 Dec 39,570 576 831 28,470 1,047 2 101 6,550 1947—June.... 15,775 11 14,496 787 1 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 193 Dec 15, 136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,377 33,415 1,876 3,046 9,890 1948—Jan 14,838 73 9,709 3,092 39 357 1,568 1948—Jan 46,413 344 1,825 31,454 1,908 2,941 7,941 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 Dec 21, 220 30 6,797 6,538 200 269 7,386 Dec 10 270 370 426 6,090 576 880 1,928 1948—Jan 20,677 34 ,882 6,712 275 351 7,423 1948—Jan 10 270 370 494 6,053 570 842 1,941 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 2,443 1947—June.... 40 352 3,374 78 2,587 6,75115,13712,425 Dec 11 375 4 1,477 5,327 98 245 4,224 Dec 54 757 4,393 834 5,003 8,60618,21117 710 1948—Jan 11 375 4 1,543 5,168 129 271 4,260 1948—Jan 54 757 4,389 2,255 4,788 8,45717,73017 138 Treasury bonds: After 20 years: 1945—Dec 120 423 6,915 947 46,53510,21722 230 33,579 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 049 23 226 29,700 Dec 22 372 2,084 55 2,632 2,687 6,602 8 313 1947—June.... 119 323 5,306 727 48,75611 407 23 305 29,822 1947—June.... 14 405 964 29 2,593 1,649 3,358 5 812 Dec 117 863 5,173 2,85347,42411,22622,21328,974 Dec 1948—Jan 117 863 5,168 4,79146,59111 149 21 655 28,499 1948—Jan * 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. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n u t l o v a i e l e s u e l a r - 1 - - s - S S t r a o e i x c c ty i e u a s - l O ce r t i e h p - e t r s c T e r o i e t p - a t l s ce N r ip e e - t t s3 d t I e o e e n s n r b t - - t a f W i a c e d t n n 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 u t c c n s n - t . t o s ts - O p tu e e t n r h x e d - e s r i- e b T i x u t p u o d e r t g e n a e s l d t - s B ( d u + e u r ) f d p i g c l o ) u i e t r s t c T e o a r t u u c c n - . s 4 t t s G b I a f e n d d u l n c a u e n e r n r c d e r i c r a n a e e l s g a e s p e ( e G + d r (— i ) r e o o b d o ) s t r s Fiscal year ending: June 1945. . . 10,28924,884 6,949 1,7933,851 47 766 46,4573,61790,501 1,646 4,633 100,397 -53,941 +791 +4,529 +57,679 June 1946. .. 9,39221,493 7,725 1,7143,95344,276 43,0384,722 48,870 1,918 8,204 63,714 -20,676 -524 -10,460 +10,740 June 1947. . . 10,01319,292 8,049 2,0395,32544,71843,259 4,95817,279 1,355 18,914 42,505 +754 -548 -10,930 -11,136 1947—March 785 3,865 682 118 276 5,726 5,701 626 1,430 1 1,541 3,598 +2,102 -33 -224 -2,294 April 584 1,012 638 75 316 625 2,556 141 1,641 46 2,17 4,001 -1,445 +269 -2,598 -1,423 May 1,218 400 595 365 628 3,205 2,865 92 1,269 432 2,059 3,851 -987 +99 -245 +642 June 778 2,492 602 125 5,481 5,4731,396 2,169 18 1,95 5,540 -67 -634 -758 -57 July 625 757 663 80 2,470 2,397 245 981 549 1,895 3,669 -1,272 -129 -239 +1,161 August 1,255 413 643 352 203 2,866 2,536 103 910 273 1,773 3,060 -524 +206 +332 +649 September. 797 2,639 699 136 616 4 4,872 668 1,008 9 1,246 2,932 +1,940 -435 +552 -953 October... 644 702 782 71 258 2,456 2,390 15 1,154 60 1,074 2,445 -55 +283 +155 -74 November. 1,315 350 695 329 363 3,054 2,743 12 936 20 1,112 2,194 +549 +138 -172 —859 December.. 880 1,889 76' 145 578 4,260 4,246 972 996 23 1,233 3,224 +1,022 -547 -838 -1,312 1948—January... 62462,613 656 51 366 4,310 4,275 401 1,069 66 1,34 2,879 +1,396 +482 +1,551 -326 February.. 1,563 1,59 629 423 403 4,614 4,336 142 850 11 1,399 2,402 + 1,934 -295 -330 -1,969 March 998 4,168 739 180 281 6,365 6,334 608Pi,026 17 1,894 3,546 +2,788 -139 +1,035 -1,615 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- Other Assets accounts penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- i c G n i o n m o u g c v n h e e t e n a s r c t c n o k - - f - ce R ip e- ts I m nv e e n s t t s - p tu e E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge a fu n l i a n n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1945.... 3,266 2,757 480 1,553 3,820 2,444 -938 25,119 1,500 22,622 997 421 24,698 June 1946.... 2,978 1,261 1,656 95 4,735 2,407 2,817 14,708 1,006 12,993 708 470 14,238 June 1947.... 3,235 1,785 1,509 -196 3,009 1,577 2,117 3,730 1,202 962 1,565 422 3,308 1947—March..:.. 85 201 136 -32 207 17 2 7,233 2,369 3,292 ,571 323 6,909 April 158 5 135 -60 197 32 -26 4,707 842 2,317 ,548 395 4,312 May 591 159 127 -33 327 456 110 4,402 989 1,807 ,607 336 4,066 June 247 476 139 90 477 305 348 3,730 1,202 962 ,565 422 3,308 July 633 398 155 158 153 46 159 3,460 884 958 ,617 391 3,069 August 574 150 135 176 400 281 26 3,705 «749 1,362 •1,593 304 3,400 September. 66 272 125 47 180 24 212 4,331 1,091 1,618 ,622 378 3,952 October ... 164 24 124 -216 168 14 103 4,498 1,393 1,437 ,668 391 4,107 November . 524 274 108 128 160 17 19 4,292 1,290 1,417 ,585 357 3,935 December.. 80 119 116 57 153 25 464 3,454 866 968 ,621 357 3,097 1948—January... 254 68 126 -283 313 21 154 5,042 2,256 959 ,828 394 4,648 February.. 433 230 134 111 189 28 374 4,664 1,571 1,434 ,658 346 4,318 March 92 51 152 54 185 28 131 5,692 1,972 1,972 1,749 339 5,353 P Preliminary. r Revised. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). » 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 (—). 6 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. CASH INCOME AND OUTGO OF THE INTERNAL REVENUE COLLECTIONS UNITED STATES TREASURYi [Ori basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income Excess in- Period W h i e n it l c d h o - me t O ax t e h s er N su o a r r n t m d a a x a n l d p E p ro r x o f c i f e t i s t s s s taxe p O t s r a o t x h f e i e t s r s E ta a g s x n i t f a d e t t s e o c E e t x h l t c l e a a i r x s n e e e m s o a i u n s s - d Fiscal y P e e a r r i o e d nding 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 ( ( — +) ) June—1941 9,371 14,060 -4,689 1942 15,291 34,585 -19,294 Fiscal year ending: 1943 25,245 78,979 -53,735 June—1941 1,418 1,852 164 37 407 2,547 1944 47,984 94,079 —46,095 1942 3,263 3,069 1,618 57 433 3,405 1945 51,041 95,986 -44,945 1943 686 5,944 4,521 5,064 84 447 4,124 1946' 47,784 65,683 -17,899 1944 7,823 10,438 5,284 9,345 137 511 4,842 1947' 46,637 39,978 +6,659 1945 10,264 8,770 4,880 11,004 144 643 6,317 1946 9,858 8,847 4,640 7,822 91 677 7,036 1947—February.. 5,127 3,667 +1,460 1947. .. . 9,842 9,501 6,055 3,566 55 779 7,285 March.... 5,946 3,322 +2,624 April 2,819 3,654 -835 1947—February... 1,971 1,082 177 127 3 84 595 May 3,315 3,350 -35 March 81 1,967 1,712 80 3 103 541 June 5,295 5,193 +102 April 1,014 648 228 66 2 68 572 July 2,564 3,390 -827 May 1,528 158 170 63 3 62 539 August.... 3,193 3,152 +41 June. .. . 33 1,068 1,386 61 2 55 560 Septemberr 4,711 3,959 +753 July 1,133 297 370 49 2 66 618 Octoberr . . 2,630 2,612 + 18 August 1,495 62 276 43 1 79 572 Novemberr 3,348 2,533 +816 September.. 26 1,128 1,514 35 1 64 625 Decemberr 4,030 3,520 +510 October 1,188 246 384 28 1 65 736 November.. 1,491 67 249 22 2 54 627 1948—January... 4,542 2.556 +1,986 December. . 36 408 1,463 24 1 65 691 February. . 4,718 2,895 +1,824 1948— F J e an b u ru ar a y ry... 2,2 6 5 4 0 5 2 1 , , 3 00 3 4 8 4 32 7 6 3 2 1 2 7 4 1 5 7 6 2 5 5 6 8 2 6 1 r F R o e r v d is e e s d c . ription, see Treasury Bulletin for September 1947. APRIL 1948 433 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 item Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i - a l v e n - s m m C p r s a t l i u i o a o n i a e p e t m d l d - s e s s i , , - - - G s r U i e o t . c i v I e u S m n t s - . . v e e n O r s s t i s t e t - t c i h e u e s - r 2 L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - c u h f t u e a n a D r r t n r d i e e r g b d - e i d - s e d - s3 O s a t e s h - t e s r b a t y B F g n u a u o u U t r n e e n a l d . e l s r d S y 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 n e i e t - e r l - d y All agencies: Dec 31 1946 30,409 1,398 6,649 1,265 1,873 54716,924 3391,414 261 1,252 3,58824,810 498 Mar 31, 1947 32,337 1,588 7,294 1,003 1,985 3,426 15,486 380 1,176 169 1,250 3,142 27,268 509 June 30 1947 429,666 1,792 7,662 851 1,777 3,565 12,691 1651,163 83 506 2,045 26,763 269 Sept 30 1947 31.037 1,556 9.212 1,093 1,725 3,553 12.662 283 953 84 667 2.144 28.005 138 Dec 31, 1947 30,966 1,481 9,714 822 1,685 3,539 12,600 247 879 82 689 2,037 28,015 143 Classification by agency, Dec. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 348 23 275 48 2 69 263 16 Federal intermediate credit banks. . 410 22 336 48 4 358 2 49 Production credit corporations.... 109 2 72 35 109 Regional Agricultural Credit Corp.. 2 1 1 (5) 2 Agricultural Marketing Act Revolving Fund 3 2 1 3 Federal Farm Mortgage Corp 126 8 94 (6) 23 2 2 122 Rural Electrification Administration. 759 19 733 7 759 Commodity Credit Corp 1,296 413 261 448 1 1 172 44 578 675 Farmers' Home Administration 395 55 278 5 2 54 15 380 Federal Crop Insurance Corp 43 25 3 14 8 35 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 613 37 436 139 262 100 124 127 Federal Savings and Loan Insurance Corp 189 2 184 4. 185 Home Owners' Loan Corp 511 13 473 12 8 2 2 3 18 490 Public Housing Administration and (5) affiliate: Public Housing Administration... . 504 5 278 i 8 204 3 6 11 492 Defense Hom^s Corp 53 5 39 9 53 Federal Housing Administration 206 37 25 132 (5) 1 10 33 5 168 Federal National Mortgage Association. 4 4 4 Reconstruction Finance Corp." 1,505 19 926 235 108 35 85 96 301 1,204 F E e x d p e o r r a t l - I D m e p p o o r s t i t B I a n n s k urance Corp 1 1 , , 9 0 9 3 9 1 8 5 1,970 (5) 1 020 20 18 4 7 1 1 8 0 1 2 2 6 Federal Works Agency 219 2 75 140 2 219 Tennessee Valley Authority 788 17 12 754 5 12 776 U. S. Maritime Commission: W Ma ar r it S i h m i e p p C in o g m A m d is m si . o f n u n fu ct n i c o t n io s n 8 s 7.... 4 7 , , 1 0 9 0 2 3 5 1 6 6 0 3 1 8 2 1 7 3 3 6 , , 3 5 0 0 5 7 11 2 5 9 2 1 1 9 2 1 3 33 9 3 3 3 6 7 6 9 7 9 0 All other9 8,659 40 3,506 15 21 3,386 1,634 10 47 (5) 61 8,597 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31. 1947 Purpose of loan M F C F a o e o r r d m r p t .v . . c b 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 m r d p i i - t . t y t R A r E t i i f u d l o i e r c m n c a a - l . - F A H e a d r o r s m m m ' . e - H O C L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e d . l s i C - . p B p E I o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n l s - S ag e 1 e p 9 a n 4 t l 7 . c l , i 3 e 0 s , To aid agriculture 109 336 276 280 734 556 (5) 8 2,299 2,200 To aid home owners .... 486 1 69 556 665 To aid industry: Railroads 145 3 147 162 Other 241 31 272 240 To aid financial institutions: 1 4 5 6 Other 436 6 442 340 Foreign loans 246 1,978 3,450 5,673 5,405 Other 278 340 96 714 591 Less: Reserve for losses 15 (5) 1 18 1 278 13 54 7 9 395 397 Total loans receivable (net)... 94 336 275 261 733 278 473 278 436 926 1,970 3,652 9,714 9,212 * Includes certain business type activities of the U. S. Government. 1 Assets are shown on a net basis, i.e., after reserve for losses. 2 Includes investment of the United States in international instutitions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—318, 476, 635, 635, and 635 on Dec. 31, 1946, Mar. 31, June 30, Sept. 30, and Dec. 31, 1947, respectively- International Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, and Dec. 31, 1947. 8 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 6 Less than $500,000. 6 Includes U. S. Commercial Co. and War Damage Corp. 7 Figures are for Mar. 31, 1947. « Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 9 Figures for three small agencies included herein are for dates other than Dec. 31. 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 issuesTfrfxthe BUL- LETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517. \ 434 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 u 1 y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = o lu d m 1 u 0 c e 0 t ) i * o l n 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 l 1 u n 0 e 0 )2 E 1 m 93 p 9 l o = y m 10 e 0 nt8 Fac- D m ep e a n r t t- Wholetory Freight Store sale Conf M ac a tu n r u e - s Non~ 1 r 9 o p 3 l a 9 l y s = 3 c 1 a 9 i r n 3 l g o 5 s a - * 3 d 9 - u s ( e v a ) a l * e l- s * p m c r o o ic m d e i - s ty 3 1 s p 9 u r 3 m i 5 c e e - r 3 s s 9 Year and month Total Dur- Non- M era in ls - Total R d t e i e a n s l i - - o A th l e l r t a c u g u r r l a - i- l Factory 100 = 100 19 = 3 5 1 - 0 3 0 9 = 19 1 2 0 6 0 = 100 able dur- J| able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103 7 103 9 120 83 138 6 123 g 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 9-7 97 6 127.7 1922 73 81 67 71 79 68 88 88 2 86 0 121 96 7 119 7 1923 . .. 88 103 72 98 84 81 86 101.0 109.1 142 105 100.6 121.9 1924 8/ 95 69 89 94 95 94 93 8 101 7 130 105 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 1S2 113 100 0 126 4 1927 . .. 95 107 83 100 129 117 139 96.8 108 5 147 114 95 4 124*0 1928 9Q 117 85 99 135 126 142 96 9 109 7 148 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 S3 92 50 125 96.2 89.8 94.7 131 108 86.4 119.4 1931 75 67 79 80 63 37 84 87.1 75.8 71 8 97 73 0 108 7 1932 58 41 70 67 28 13 40 77.2 64 4 49 * 78 64 8 97.6 1933 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 84.9 83.1 68.3 89 82 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 S 99 1 1937 113 122 106 112 59 41 74 101.4 105.8 108 8 111 107 86 * 102" 7 1938 89 78 95 97 64 45 80 95.4 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 82 235 131.1 154.0 245.2 138 150 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 61 137.0 172.4 345.7 140 187 104 0 125 5 1945 203 274 166 137 68 26 102 132.0 151.8 293.4 135 207 105 8 128 4 1946 . 170 192 i65 134 153 143 161 134.4 142.0 266.4 132 264 121 1 139 3 1947 187 220 172 149 157 142 169P140.5 P324.4 143 285 151.8 159.2 1946 March............ 168 164 183 166 137 147 129 161 130.6 132.6 132.1 238.3 139 255 108 9 130 2 April 165 163 190 164 104 170 172 168 132.4 139.4 138.5 254 8 109 '253 110 2 131 1 May 159 159 175 161 115 169 179 161 133.4 140.7 139.6 253.5 106 '258 111 0 131 7 June 170 171 193 162 130 174 177 172 134.3 142 2 141.9 262 8 133 '276 112 9 133 3 July 172 174 202 157 146 165 161 168 134.7 143.0 143.6 267.1 139 272 124 7 141 2 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284.4 141 '292 129 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 183 183 214 173 136 139 122 152 139.1 151.5 152.0 298 2 137 '271 139 7 152 2 December . ., 182 180 211 174 137 154 143 163 139.4 152.4 152.8 306.2 140 276 140.9 153.3 1947 January , 189 184 221 176 146 146 144 148 139.5 153.4 152.7 307.3 150 265 141.5 153 3 February 189 185 222 176 146 151 152 149 139.8 154.4 153.7 310.6 142 266 144.5 153.2 March = ... 190 187 225 175 148 132 129 134 140.0 154.6 154.0 314.1 146 272 149.5 156 3 April . ... 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 277 147 7 156 2 May 185 185 218 170 151 127 110 140 138.9 151.9 150.6 312.2 142 291 147.1 156.0 June .. .. • 184 185 219 168 148 136 116 152 139.8 151.7 151.4 319.6 137 '289 147.6 157 1 July 176 178 207 163 140 155 136 170 139.0 149.4 150.1 314.2 134 '286 150.6 158.4 August . 182 185 210 169 150 166 150 179 140.2 152.7 154.3 323.3 143 283 153.6 160 3 September 187 191 217 172 153 183 168 195 141.5 155.7 156.6 336.9 142 292 157 4 163 8 October 190 194 223 176 155 184 170 196 142.2 156.4 156.9 341.6 145 277 158.5 163.8 November 192 193 224 179 155 193 163 217 142.4 156.8 157.3 345.0 147 '302 '159.7 164.9 December 192 189 229 173 156 197 161 227 143.1 157.9 158.2 356.7 149 303 '163.2 167.0 1948 January . . . 193 189 229 177 154 191 152 223 143.5 157.5 156.9 350.2 145 '284 165.6 • 168.8 February P194 P190 P227 P180 P189 P217P142.8P156.2 P155.5 139 283 160.7 ' 167.5 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 436-439. For points in total index, by major groups, see p. 457. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 443 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. 445-448. 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. APRIL 1948 435 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Industrial Production—Total. ... 189 190 187 185 184 176 182 187 190 192 192 193 Manufactures—Total 191 198 194 191 191 183 188 192 197 199 198 200 P201 Durable Manufactures 222 225 222 218* 219 207 210 217 223 224 229 229 P227 Iron and Steel 191 196 195 197 193 181 188 195 204 202 205 r203 202 Pig iron ... 191 194 189 193 189 174 187 188 198 197 196 197 196 Steel 207 213 213 215 211 198 205 214 224 222 226 22S Open hearth 174 179 178 179 176 166 170 177 184 182 185 '•182 180 Electric. . . .. . . 446 457 461 469 458 429 454 477 509 503 516 '526 550 Machinery 277 281 276 273 275 266 267 276 280 288 288 P285 Manufacturing Arsenals and Depots1 Transportation Equipment 233 239 237 225 233 217 213 227 232 234 r243 244 P236 Automobiles (including Darts} 190 197 193 179 191 185 180 197 198 '200 r206 206 ^198 (Aircraft; Railroad cars; Locomotives; Shipbuilding— 2Vonferrous Metals and Products 208 202 197 187 179 171 170 174 179 185 189 194 P197 Smelting and refining 190 195 203 198 188 181 180 182 176 177 183 187 P189 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricatins 215 205 195 183 176 167 167 171 180 188 192 197 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 147 147 144 142 142 133 142 140 143 150 153 156 P154 Lumber 137 138 135 134 133 121 133 128 128 137 139 143 P141 167 166 161 158 160 155 160 164 172 176 181 180 P179 Stone Clay and Glass Products 219 218 211 200 207 195 199 202 201 201 205 199 P204 235 241 234 229 230 207 211 219 210 207 199 197 154 159 151 163 154 124 151 151 156 143 141 149 166 Glass containers 263 269 263 251 257 235 231 243 229 229 218 -200 208 203 192 175 141 171 164 171 171 174 178 196 199 164 165 164 162 164 160 162 160 161 162 166 181 P169 232 224 218 210 216 224 225 221 230 235 236 247 P254 260 258 249 247 239 220 216 226 224 226 238 192 P223 Othpr stonp and clav oroducts1 Nondurable Manufactures 176 175 172 170 168 163 169 172 176 179 173 177 Textiles and Products 173 172 166 164 155 142 154 160 164 172 rl63 177 P177 161 160 154 152 143 129 142 147 152 *159 149 164 161 160 154 148 133 118 130 130 139 149 131 153 153 262 270 270 271 263 263 267 278 280 290 287 299 293 Wool textiles 178 172 159 161 155 130 156 168 167 172 166 178 Oarnet wool consumption 174 182 170 191 175 141 184 192 194 196 '183 211 222 210 195 186 175 149 176 184 185 182 r171 192 ^fool and worsted varn 169 161 149 147 144 121 147 162 160 164 r161 167 158 145 128 126 124 108 134 144 140 142 r141 150 'vVorsted varn 184 183 178 177 174 139 165 188 188 194 r189 191 ^A/oolpn and worsted cloth 178 171 158 156 152 132 148 159 159 167 '•164 172 120 122 116 113 107 101 116 122 126 124 114 120 P122 118 122 119 119 114 106 115 120 121 122 113 115 Cattle hide leathers 134 140 137 138 130 121 130 131 136 141 r129 131 99 99 102 96 94 78 93 103 94 88 '83 85 Goat and kid leathers 81 84 79 88 92 90 87 94 100 93 89 95 108 102 95 83 84 84 101 118 112 108 101 100 Shoes 121 121 113 109 103 97 117 123 128 126 114 123 P127 156 157 158 155 154 155 157 158 156 158 158 157 P159 Wheat flour 158 160 149 144 152 143 148 136 136 143 133 140 P140 P149 P153 P154 P152 P155 P157 P147 P148 P147 P140 P138 P139 Butter 81 85 82 79 82 85 74 76 75 66 ••66 67 65 Cheese 185 198 206 191 196 197 174 167 163 151 148 156 150 152 164 173 173 184 188 158 160 157 137 130 127 134 p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Vaviation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Produtcs—Continued JMeat packing 159 149 150 151 152 156 145 146 142 170 160 150 147 Pork and lard 165 143 153 154 157 171 155 144 141 185 173 156 161 Beef 167 169 159 159 154 149 140 153 146 159 154 154 141 Veal . . . . .. 121 122 121 119 141 154 158 174 171 190 149 128 115 Lamb and mutton 104 101 105 102 104 93 91 99 109 114 107 98 102 Other manufactured foods 158 160 161 158 154 156 160 163 161 160 164 164 P167 Processed fruits and vegetables 137 151 145 138 132 133 138 149 134 129 138 139 P143 Confectionery . ... ... 142 145 149 153 135 119 118 125 134 144 150 144 Other food products 166 165 168 164 163 168 173 174 172 171 173 174 P175 Alcoholic Beverages 223 208 189 162 159 164 176 198 229 219 167 167 198 Malt liquor 157 160 154 149 150 157 168 196 204 203 165 169 171 Whiskey 179 151 131 106 79 55 56 78 71 1 5 37 115 Other distilled spirits . . . 695 619 503 350 319 329 385 277 323 119 94 220 431 Rectified liquors . . 372 314 276 194 215 231 238 297 468 562 376 264 310 Tobacco Products 168 158 160 142 159 156 160 163 175 169 149 153 155 Cigars . . • 110 98 94 106 101 98 107 113 126 124 100 104 113 Cigarettes 228 216 221 187 216 210 211 213 229 224 201 204 203 Other tobacco products 67 66 68 55 66 72 80 83 80 68 61 69 70 Paper and Paper Products ... 157 159 156 161 160 146 158 159 163 165 158 163 163 Paper and pulp 151 154 150 155 155 140 153 153 157 160 153 157 159 Pulp . . . 171 174 169 173 178 160 178 171 177 182 174 178 Groundwood pulp 100 99 97 97 105 108 113 110 105 97 96 88 94 Soda pulp 109 113 112 112 116 98 105 104 107 112 107 109 111 Sulphate pulp 260 266 254 265 277 253 278 259 275 281 255 275 270 Sulphite pulp 150 151 150 151 151 131 151 149 154 159 148 151 161 Paper 148 151 147 152 151 137 149 150 154 156 150 1S7 Paperboard .. 181 180 178 184 179 166 178 182 184 186 177 187 179 Fine Daoer 83 88 87 88 88 75 86 87 89 89 86 ^86 88 Printing paper ... . . . 155 160 158 160 162 147 157 157 167 168 162 171 Tissue and absorbent paper 142 151 144 148 147 136 148 151 152 158 158 162 161 Wrapping paper . 137 139 132 141 144 124 138 135 141 146 139 144 150 Newsprint . 89 89 93 92 91 91 94 97 91 90 88 82 83 Paperboard containers (same as Paperboard) Printing and Publishing 140 142 141 142 146 139 145 144 152 152 146 157 Newsprint consumption 125 124 124 125 131 131 133 131 138 137 131 134 144 Printing paper (same as shown under Paper) Petroleum and Coal Products P185 P185 P179 P184 P191 P195 P201 P203 P204 P205 P208 P214 P211 Petroleum refining 2 Gasoline 143 142 139 145 154 157 163 162 162 159 160 159 P152 Fuel oil . . 170 174 163 171 173 178 180 183 187 186 193 201 P205 Lubricating oil 162 167 156 163 168 157 164 154 160 162 170 163 Kerosene . 185 176 170 175 182 186 177 169 177 178 187 199 Other petroleum products 1 Coke ... . 172 172 166 168 165 161 171 170 177 177 179 178 179 By-product coke 165 165 162 161 160 156 164 162 169 170 171 171 171 Beehive coke 416 424 324 428 340 307 415 439 449 414 440 420 Chemical Products . . 251 251 251 253 250 251 249 248 248 251 255 255 P256 Paints 156 157 155 153 151 152 152 153 152 155 155 158 Soap . . 136 135 138 137 142 135 135 137 138 148 150 1 SI P148 Rayon 276 283 289 292 251 291 294 295 294 297 299 298 ?>300 Industrial chemicals . .... 429 431 433 435 439 438 431 425 427 431 440 438 M43 Kxplosives and ammunition 1 Other chemical products 1 Rubber Products 246 239 234 220 216 207 210 217 223 225 230 223 P215 Minerals—Total 146 148 143 151 148 140 150 153 155 155 156 154 P15 Fuels 150 153 144 156 153 144 155 160 162 163 162 160 P161 Coal 151 153 122 153 140 113 143 153 156 159 153 152 Bituminous coal 162 163 127 165 147 117 151 161 163 169 164 161 p\55 Anthracite . . 107 113 102 104 110 93 114 122 126 119 111 112 p\ 18 Crude petroleum 150 153 155 157 159 160 161 164 166 165 166 165 P168 Metals . 122 117 136 124 122 117 117 111 107 109 117 P119 P122 Ivletals other than gold and silver 166 159 189 169 166 160 163 153 145 146 159 P159 P164 Iron ore (Copper; Lead; Zinc)1 Gold 61 58 60 64 63 60 56 55 53 55 56 59 Silver 66 68 68 66 61 51 47 55 63 73 78 P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1948 437 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] 1947 1948 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb, Industrial Production—Total. .. 185 187 185 185 185 178 185 191 194 193 189 189 P190 Manufactures—Total 193 195 193 191 191 184 191 197 200 200 196 196 Durable Manufactures 220 224 222 219 220 208 212 219 224 224 227 226 P225 Iron and Steel 191 196 195 197 193 181 188 195 204 202 205 203 202 Pig iron 191 194 189 193 189 174 188 198 197 196 197 196 Steel 207 213 213 215 211 198 205 214 224 222 226 224 225 Open hearth. . . 174 179 178 179 176 166 170 177 182 185 182 180 Electric 446 457 461 469 458 429 454 477 503 516 526 550 Machinery 277 281 276 273 275 266 267 276 280 281 288 288 P285 Manufacturing Arsenals and Depots1.... Transportation Equipment 233 239 237 225 233 217 213 232 234 r243 244 P236 Automobiles (including parts) 190 193 179 191 185 180 197 198 •200 r206 206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. . . 208 202 197 187 179 171 170 174 179 185 189 194 P197 Smelting and refining 190 196 203 198 187 180 180 182 176 178 183 187 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating. 215 205 183 176 167 171 180 188 192 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium, products; Tin consumption)1 Lumber and Products 135 140 143 145 149 141 151 150 150 148 140 138 P141 Lumber. . . 118 126 134 138 143 133 147 143 138 133 119 117 Furniture. 167 166 161 158 160 155 160 164 172 176 181 180 Stone, Clay, and Glass Products... 205 209 208 206 209 196 207 210 210 206 r200 187 Glass products 229 241 234 242 229 200 218 223 215 209 187 184 193 Plate glass 154 159 151 163 154 124 151 151 156 143 141 149 166 Glass containers 255 269 263 269 254 225 241 248 236 231 203 196 202 Cement 154 157 166 148 183 181 193 198 202 192 178 161 Clay products 156 159 160 162 163 160 166 166 169 169 172 167 P162* Gypsum and plaster products 221 215 215 213 221 224 226 225 236 238 242 237 '242 Abrasive and asbestos products 260 258 249 247 239 220 216 226 224 226 238 '223 Other stone and clay products1 Nondurable Manufactures... 171 171 169 169 168 164 173 178 181 180 171 173 P175 Textiles and Products 173 172 166 155 154 160 164 172 163 177 Textile fabrics 161 160 154 152 143 129 142 147 152 159 149 164 Cotton consumption 161 160 154 148 133 118 130 130 139 149 131 153 153 Rayon deliveries 262 270 270 271 263 263 267 278 280 290 287 299 293 Nylon and silk, consumption 1 Wool textiles 178 172 159 161 155 130 156 168 167 172 166 178 Carpet wool consumption 174 182 170 191 175 141 184 192 194 196 183 211 Apparel wool consumption 222 210 195 186 175 149 176 184 185 182 171 192 Woolen and worsted yarn 169 161 149 147 144 121 147 162 160 164 161 167 Woolen yarn 158 145 128 126 124 108 134 144 140 142 141 150 Worsted yarn 184 183 178 177 174 139 165 188 188 194 189 191 Woolen and worsted cloth 178 171 158 156 152 132 148 159 159 167 164 172 Leather and Products. 1. . . 123 121 115 113 106 99 116 121 126 126 113 120 P126 Leather tanning 127 121 118 119 112 100 114 118 123 126 112 116 Cattle hide leathers 145 140 137 138 125 114 126 129 137 146 129 134 Calf and kip leathers 104 97 98 92 96 77 97 101 96 91 82 83 Goat and kid leathers 84 83 82 86 92 89 84 95 100 90 90 95 Sheep and lamb leathers 119 99 93 89 83 78 105 115 112 114 96 93 Shoes 121 121 113 109 103 97 117 123 128 126 114 123 P121 Manufactured Food Products. . 140 140 144 154 166 178 182 167 161 154 146 >143 W Ca h n e e a t s u f g lo a u r r meltings x 160 157 143 138 146 141 147 148 144 144 132 140 P141 Manufactured dairy products P107 127 '202 P229 P229 P192 P156 121 P99 Butter 71 77 84 102 113 104 81 73 64 50 52 55 58 Cheese 151 178 214 256 279 242 195 170 147 113 106 116 123 Canned and dried milk 137 161 196 240 254 218 163 147 127 99 100 103 120 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 438 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] 1948 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—Continued Meat packing , 152 138 139 151 150 146 127 136 144 189 187 175 141 Pork and lard 162 133 139 154 157 150 119 114 133 216 229 204 158 Beef 153 154 149 159 151 151 141 165 159 165 154 157 130 Veal 106 115 118 124 141 154 155 191 195 203 140 119 101 Lamb and mutton. 105 99 102 104 96 90 89 106 113 114 104 103 103 Other manufactured foods 143 142 143 143 146 163 186 196 179 167 161 151 P151 Processed fruits and vegetables. 86 83 88 90 101 173 263 290 173 118 108 91 P90 Confectionery 144 135 123 118 100 97 128 162 176 170 152 148 Other food products 158 159 161 160 165 171 176 177 181 180 176 P166 Alcoholic Beverages. 195 187 182 167 178 182 181 206 252 196 146 142 176 Malt liquor 142 149 162 170 189 195 192 190 157 132 139 154 Whiskey 179 151 131 106 79 55 56 71 1 5 37 114 Other distilled spirits. 417 403 302 210 198 191 208 379 837 251 103 143 259 Rectified liquors 372 314 276 194 215 231 238 297 468 562 376 264 310 Industrial Alcohol from Beverage Plants 1... Tobacco Products ...... 160 149 151 142 165 162 165 172 181 172 139 153 147 Cigars 110 98 94 106 101 98 107 113 126 124 100 104 113 Cigarettes , 215 201 205 187 227 221 222 228 238 228 185 204 190 Other tobacco products. . 65 66 68 55 67 72 78 89 85 70 54 67 68 Paper and Paper Products 157 159 156 161 160 145 158. 159 163 165 157 163 163 Paper and pulp 151 154 150 155 155 140 152 153 157 160 152 157 159 Pulp 171 175 171 174 178 159 176 170 177 182 '168 174 179 Groundwood pulp 104 106 106 105 106 96 100 98 97 103 97 91 97 Soda pulp 109 113 112 112 116 98 105 104 107 112 107 109 111 Sulphate pulp 260 266 254 265 277 253 278 259 275 281 255 275 270 Sulphite pulp 150 151 150 151 151 131 151 149 154 159 r148 151 161 Paper 148 151 147 152 152 137 149 150 154 156 150 155 156 Paper board 181 180 178 184 179 166 178 182 184 186 177 187 179 Fine paper 83 88 87 88 88 75 86 87 89 89 86 '86 88 Printing paper 155 160 158 160 162 147 157 157 167 168 r162 162 171 Tissue and absorbent paper 147 151 146 148 150 131 148 151 154 158 153 161 167 Wrapping paper 137 139 132 141 144 124 138 135 141 146 139 '144 150 Newsprint 89 89 95 93 92 89 93 97 91 91 87 82 83 Paperboard containers (same as Paperboard). Printing and Publishing 138 145 144 145 146 130 139 145 156 158 150 144 156 Newsorint consumption 122 129 131 129 129 113 120 132 145 149 138 125 141 Printing paper (same as shown under Paper) . . PetroleumZand Coal Products. P185 P!85 P!79 P!84 P203 P204 P205 P208 P214 P211 Petroleum refining 2 Gasoline 143 142 139 145 154 157 163 162 162 159 160 '152 Fuel oil 170 174 163 171 173 178 180 183 187 186 193 P2O5 Lubricating oil 160 165 162 170 168 156 162 154 160 162 168 158 Kerosene 194 180 174 176 171 173 170 168 177 183 192 203 Other petroleum products l. . Coke 172 172 168 165 161 171 170 177 177 179 178 179 By-product coke 165 165 161 160 156 164 162 169 170 171 171 171 Beehive coke 416 424 428 340 415 439 449 414 440 •442 420 Chemical Products. 252 254 253 252 247 247 245 248 251 252 256 254 P256 Paints 154 157 157 157 156 150 151 151 152 153 155 155 nss S R In o a d a y u p o s n trial chemicals 4 2 1 2 7 3 9 6 4 4 2 1 3 8 3 1 3 5 4 2 1 3 8 3 3 9 5 4 2 1 3 9 3 5 2 3 4 2 1 3 5 4 9 1 0 4 2 1 9 3 3 1 8 4 4 2 1 3 9 3 1 4 6 4 2 1 2 9 4 5 5 3 4 2 1 2 9 4 7 4 5 4 2 1 3 9 4 1 7 9 ' 4 2 1 4 9 5 0 9 0 2 1 9 4 8 8 P P 1 3 4 0 7 0 Explosives and ammunition 1 Other chemical products x. . . Rubber Products.. . 246 239 234 220 216 207 210 217 225 230 223 P215 Minerals—Total. 141 143 139 153 152 145 155 158 158 155 151 149 P150 Fuels 150 153 144 156 153 155 160 163 162 160 P161 Coal. 151 153 122 153 140 113 143 153 156 159 153 152 '148 Bituminous coal. 162 163 127 165 147 117 151 161 163 169 164 161 P155 Anthracite 107 113 102 104 110 93 114 122 126 119 111 112 118 Crude petroleum 150 153 155 157 159 160 161 164 166 165 166 165 P\68 Metals. 84 83 112 140 148 151 151 145 132 106 £5 P83 Metals other than gold and silver. 104 103 153 200 213 220 219 206 183 136 101 Iron ore 73 72 173 279 306 334 326 298 257 159 76 (Copper; Lead; Zinc)* Gold 57 Silver P Preliminary. r Revised. ^ 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures,s ee BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1948 439 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 1947 1948 1946 1947 1948 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Dec. Jan. Feb. Oct. Nov. Dec. Jan. Total 152.7 153.7 156.9 157.3 158.2 156.9 155.5 306.2 307.3 310.6 341.6 345.0 356.7 350,2 Durable goods 178.0 180.1 180.5 182.2 183.9 183.4 180.3 337.3 340.0 344.6 379.3 384.7 399.5 392.6 Nondurable goods 132.8 133.0 138.2 137.6 138.0 136.0 136.0 275.8 275.3 277.4 304.7 306.2 314.8 308.7 Iron and Steel and Products 156.5 157.5 159.7 160.6 161.9 162.1 161.1 276.2 287.9 287.9 327.6 331.3 341.2 339.7 Blast furnaces, steel works, etc 124 124 128 128 128 129 194 209 209 248 251 254 259 Steel castings 168 165 163 163 164 166 315 303 293 333 338 348 350 Tin cans and other tinware 131 130 146 146 148 146 245 243 239 327 316 331 314 Hardware 140 142 139 141 145 147 286 292 299 317 324 340 346 Stoves and heating equipment 136 138 147 147 146 142 265 278 274 328 317 331 309 Steam, hot-water heating apparatus 174 173 151 151 152 152 313 331 332 318 330 340 318 Stamped and enameled ware 153 154 154 155 156 154 321 318 314 351 357 371 358 Structural and ornamental metal work 162 163 166 168 168 167 293 288 293 343 345 354 338 Electrical Machinery 230.8 232.0 222.7 225.4 225.8 222.7 219.6 430.2 425.6 422.9 456.0 463.1 472.1 462.0 Electrical equipment 206 208 207 208 209 207 374 375 373 418 424 434 431 Radios and phonographs 252 251 237 242 238 229 528 500 492 533 540 543 508 Machinery except Electrical 222.0 223.5 225.1 225.9 229.0 230.0 231.1 399.9 406.6 409.6 448.9 450.4 470.2 469.6 Machinery and machine-shop products 189 190 187 186 186 187 347 350 352 374 374 389 384 Engines and turbines 244 244 231 229 235 235 501 492 493 493 511 515 532 Tractors 175 176 183 185 190 193 271 273 274 329 332 341 348 Agricultural, excluding tractors... 166 168 184 185 193 197 291 295 308 394 377 409 421 M M a a c ch h i i n ne e - t t o o o ol l s accessories 2 1 0 6 4 3 1 16 9 1 9 1 1 6 4 7 0 1 1 6 3 8 7 1 16 3 9 8 1 1 3 6 5 9 3 2 5 9 1 1 3 2 4 8 3 3 3 27 3 9 3 2 29 5 5 4 2 29 5 5 0 3 2 0 5 8 8 3 2 0 4 8 5 Pumps 243 245 226 225 227 227 468 467 485 475 471 487 481 Refrigerators 194 191 223 224 228 231 306 346 325 440 428 458 471 Transportation Equipment, except Autos2.98.4 297.6 264.8 278.9 285.8 291.2 284.6 571.2 562.6 558.2 532.2 544.1 588.1 596.T Aircraft, except aircraft engines. . . 363 358 337 336 336 339 683 669 668 664 654 669 654 Aircraft engines 331 322 295 291 291 284 534 535 507 500 479 504 483 Shipbuilding and boatbuilding 206 203 145 170 182 192 399 396 378 290 317 379 417 Automobiles 187.7 196.6 197.7 198.2 202.1 201.6 180.5 328.9 321.1 337.3 378.5 388.1 419.8 399.0 Nonf P A e r r l i l r m o o y a u in r s y g M s a m e n t e d a l t l i r s n o a g ll n i a n d n g P d , r e r o x e d c fi e u n p c in t t s g a lum- ,1 1 8 4 6 6 .9 1 14 8 9 8.5 1 1 7 4 3 4 .3 1 1 7 4 5 4 .7 1 14 7 5 7.2 1 14 7 5 5.3 176.1 3 27 5 1 6.3 3 2 5 70 4.8 3 2 6 80 0.0 3 29 5 6 3.2 3 3 6 0 1 0 .0 3 3 7 0 1 0 .2 3 3 6 0 5 3 .3 inum 163 165 137 136 138 138 302 302 308 261 264 272 270 Aluminum manufactures 218 216 183 185 190 192 385 382 376 346 352 365 370 Lum S b P a e la w r n m a in n i g l d l s a T n a i n d m d b p l l e o y r w g g B o i a o n d s g i c c m a P i m ll r s p o s ducts 1 1 1 4 5 5 0 3 0 .9 1 1 1 5 4 5 2 2 3 .3 1 1 1 7 6 6 5 2 4 .1 1 1 1 7 6 6 5 1 7 .7 1 1 1 6 7 6 1 4 9 .3 1 1 1 5 6 7 8 9 0 .3 157.3 3 3 2 0 0 9 7 9 0.6 3 3 2 0 1 9 9 2 2.4 3 3 31 3 1 9 3 0.7 3 3 4 8 2 8 1 5 7.6 3 3 4 8 2 8 6 5 8.6 3 4 4 2 9 0 2 0 4 .2 3 3 3 7 9 9 9 2 9 .7 Furniture and Lumber Products ,131.8 134.5 136.1 138.2 139.2 139.8 139.8 279.1 283.1 292.0 318.5 322.1 333.9 330.3 Furniture 129 132 134 137 139 140 273 279 289 315 323 334 333 Stone, Clay, and Glass Products 144.9 144.5 146.0 147.1 147.6 143.7 144.1 281.6 280.0 278.4 313.6 316.3 320.4 305.0 Glass and glassware 172 168 168 168 168 164 327 326 313 351 357 357 339 Cement 144 144 151 151 151 149 248 234 238 295 294 291 285 Brick, tile, and terra cotta 121 121 130 131 131 131 245 247 247 300 297 302 297 Pottery and related products 164 166 166 169 170 166 299 295 304 343 350 354 336 Text C ile o - t M ton il l g a o n o d d s F e ib x e c r e p P t r s o m d a u l c l t w s ares. 1 1 0 2 8 4 .6 1 1 0 2 9 4 .1 1 12 0 2 6.4 1 1 0 2 8 4 .2 1 12 0 5 9.8 1 1 1 2 0 5 .0 110.9 3 2 1 5 4 3.7 3 2 1 5 8 4.3 2 32 6 3 2.0 3 2 2 6 9 4.9 2 36 8 2 0.8 3 2 7 9 6 4.1 2 37 9 9 5.0 Silk and rayon goods 85 84 84 84 86 85 209 213 219 228 237 248 253 Woolen and worsted manufactures. 114 114 108 111 112 113 265 264 288 270 277 294 292 Hosiery . 81 82 79 81 82 83 172 170 172 177 186 194 189 Dyeing and finishing textiles 121 122 121 122 123 124 258 265 267 271 280 298 304 Apparel and Other Finished Textiles 138.0 141.7 149.6 148.3 151.9 152.4 154.9 292.7 300.6 314.1 336.0 319.6 343.3 353.4 Men's clothing, n.e.c 124 125 134 135 135 134 278 277 281 304 302 310 313 Shirts, collars, and nightwear .... 97 100 107 110 111 110 230 226 234 259 266 283 276 Women's clothing, n.e.c 147 154 162 158 164 166 296 322 345 350 319 356 375 Millinery 95 102 99 85 92 104 140 170 202 195 124 159 207 Leather and Leather Products 104.4 104.9 105.6 106.4 107.4 106.9 107.5 218.3 220.8 223.0 234.9 235.4 241.8 240.7 Leather 92 93 94 94 94 93 175 179 186 199 200 202 200 Boots and shoes 96 97 98 99 100 100 209 213 214 224 224 232 234 Food and Kindred Products 128.4 123.9 147.3 140.1 136.4 129.0 125.8 263.3 256.4 242.5 309.6 300.6 298.9 273.9 Slaughtering and meat packing 137 132 136 142 151 146 252 286 254 272 317 339 304 Flour 140 140 143 143 142 141 304 305 294 336 337 319 306 Baking 112 110 118 118 116 113 216 208 202 231 228 229 222 Confectionery 115 112 137 143 141 134 241 228 229 312 325 327 290 Malt liquors 155 155 185 181 172 168 267 251 249 344 327 308 289 Canning and preserving 105 92 160 114 99 84 303 237 207 438 266 250 214 Tobacco Manufactures 96.1 95.4 95.1 96.5 94.4 93.5 94.3 222.0 209.4 201.0 214.5 216.3 219.8 209.9 Cigarettes 124 122 122 124 125 121 255 242 234 253 253 268 256 Cigars 82 83 82 83 79 79 207 195 186 191 196 190 182 ending nearest middle of month and cover production workers only. Figures for February 1948 are preliminary. 440 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 1948 1946 1947 1948 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Dec. Jan. Feb. Oct. Nov. Dec. Jan. Paper and Allied Products 145.6 145.9 145.0 145.7 146.9 145.7 145.0 284.5 285.1 288.1 314.4 319.6 327.5 321.5 Paper and Pulp 140 140 143 143 145 145 273 274 280 317 320 327 325 Paper goods, n.e.c 153 154 155 156 157 154 300 298 298 320 327 336 329 Paper boxes 149 148 142 143 144 141 295 290 289 304 315 322 308 Printing and Publishing 127.2 128.1 132.0 132.8 133.0 131.3 131.0 223.9 219.6 221.8 247.9 252.3 258.0 250.2 Newspaper periodicals 114 116 122 122 123 122 190 185 191 222 224 231 220 Book and job 140 139 142 143 143 142 254 249 248 273 279 287 283 Chemicals and Allied Products 195.6 197.1 199.0 200.1 201.0 199.6 200.8 357.0 362.9 372.6 401.0 407.5 414.9 417.3 Drugs, medicines, and insecticides 253 252 244 241 239 239 448 451 464 499 490 489 498 Rayon and allied products 127 127 130 131 131 131 224 228 245 258 261 266 269 Chemicals, n.e.c 276 277 279 281 283 283 483 496 501 530 541 556 561 Explosives and safety fuses 278 284 294 298 301 301 449 482 465 543 566 565 580 Ammunition, small arms 156 155 167 169 173 144 325 331 334 393 398 412 334 Cottonseed oil 135 128 157 161 160 142 384 348 331 443 449 448 395 Fertilizers 157 171 142 142 149 161 349 376 415 374 363 393 433 Products of Petroleum and Coal 145.4 146.0 153.3 153.5 152.9 152.4 151.6 250.9 253.9 256.8 297.0 304.5 308.2 312.8 Petroleum refining 145 145 150 150 150 150 247 244 246 280 289 293 297 Coke and by-products 127 130 137 138 138 141 212 240 248 288 293 295 320 Rubber Products 198.8 198.2 182.0 184.5 186.1 184.2 180.3 392.2 386.3 385.0 375.6 383.3 396.5 376.8 Rubber tires and inner tubes 236 233 211 212 212 209 425 416 413 398 408 412 388 Rubber goods, other 173 173 162 166 169 167 360 355 354 352 362 380 368 Miscellaneous industries 179.3 180.9 182.9 185.6 182.7 176.1 174. 363.3 356.7 360.0 384.4 393.7 396.6 377.9 Instruments, scientific 249 250 247 246 248 245 456 451 449 479 481 499 508 Photographic apparatus 201 201 219 226 228 227 345 348 343 405 427 431 428 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 1948 Group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 153.4 154.4 154.6 153.8 151.9 151.7 149.4 152.7 155.7 156.4 156.8 157.9 157.5 P156.2 Durable .. . . 178 7 180.8 181.5 181.2 178.2 179.5 174.0 176.2 178.8 180.4 181.9 184.0 184.0 P181 1 Nondurable 133.4 133.6 133.4 132.2 131.1 129.8 130.0 134.2 137.4 137.5 136.9 137.3 136.7 P136.6 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 1948 1946 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All manufacturing... 40.9 40.6 40.4 40.6 40.4 114.8 127.8 Durable goods 40.8 40.5 40.6 40.9 40.7 41.0 121.6 122.4 133.1 133.7 134.6 135.5 135.7 Iron and steel and products 39.8 40 40 40.5 40.5 40.8 124.8 126.1 139.6 139.7 140.4 141.2 141.7 Electrical machinery 41.1 40 40 40.6 40.6 40.6 119.5 119.9 132.5 133.1 133.9 134.6 135.4 Machinery except electrical 41.4 41 41 41.3 41.2 41.9 127.7 128.3 139.5 140.0 140.4 141.3 141.6 Transportation equipment, except autos. 40 40 39 40.4 38.6 40.0 136.2 135.6 142.4 143 146.2 146.6 147.9 Automobiles 39.4 38.9 39.2 39.5 39.8 40.0 139.5 139.0 151.5 152 154.0 156.8 154.5 Nonferrous metals and products 41 41.0 40.2 40.8 41.1 41.3 121.0 121.7 130.9 131 132.0 132.7 133.5 Lumber and timber basic products 41 40.6 42.8 42.6 42.2 42.3 93.1 96.2 106.2 106 107.4 105.6 105.0 Furniture and finished lumber products.. 42 41.8 41.5 42.1 41.8 42.0 100.7 101.5 109.3 110 110.8 111.7 112.2 Stone, clay, and glass products 41.0 40.5 40.4 40.8 40.5 41.0 39.9 111.9 112.5 122.7 123.4 124.7 124.6 125.0 Nondurable goods 41.1 40.7 40.2 40.2 40.1 40.8 40.0 107.7 109.4 116.5 117.5 118.5 119.5 121.0 Textiles—mill and fiber products 40.9 40.5 39.5 39.7 40.1 41.0 40.5 95.9 97.0 104.8 105.5 109.0 110.0 111.4 Apparel and other finished products 37.0 36.9 36.0 36.9 36.4 37.2 36.6 100.6 103.7 104.6 105.1 101.9 105.1 109.2 Leather and manufactures 39.1 39.3 39.1 39.0 38.3 39.1 39.0 101.8 102.3 107.2 108.2 109.5 109.2 109.3 Food and kindred products 44.4 43.6 43.4 42.8 42.5 43.3 41.9 105.8 108.4 112.9 115.9 117.3 117.5 117.8 Tobacco manufactures 40.2 39.2 39.2 39.7 39.4 39.9 38.6 94.7 93.8 95.2 95.4 95.6 98.3 98.4 Paper and allied products 43.7 43.2 42.9 43.0 43.2 43.8 43.1 107.1 108.8 121.0 121.5 122.2 122.6 123.6 Printing, publishing and allied industries. 41.5 41.0 40.2 40.0 40.0 40.5 39.6 137.4 138.1 153.4 154.0 155.6 156.8 157.9 Chemicals and allied products 41.6 41.5 41.0 41.4 41.3 41.6 41.5 113.3 114.3 126.3 127.3 128.7 129.1 130.9 Products of petroleum and coal 40.0 40.2 41.0 40.5 41.2 40. 40.6 136.2 137.2 150.9 150.5 151.8 155.1 158.5 Rubber products 41.1 40.6 39.9 40.1 39.9 40.9 39.6 133.1 133.0 144.7 143.8 145.4 145.4 144.5 Miscellaneous industries 41.6 41. 40.2 40.6 40.7 41.2 40.4 110.3 112.0 119.1 120.0 120.7 121.9 122.8 NOTE.—Preliminary February 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 128.7; Durable, 40.3 and 135.4; Nondurable 39.8 and 121.6, respectively. Back figures are available from the Bureau of Labor Statistics. APRIL 1948 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities 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 ,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 1,567 3,619 7,322 ,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 ,374 3,795 6,026 1945 39,977 15,302 826 1,082 3,872 7,654 ,383 3,891 5,967 1946 40.712 14,365 836 1,493 4.023 8,448 ,523 4,430 5,595 1947 42,541 15,554 885 1,734 4,045 8,713 ,572 4,622 5,415 SEASONALLY ADJUSTED 1947—January 42,243 15,426 883 1,678 4,075 8,595 ,552 4,596 5,438 February 42,354 15,529 880 1,651 4,052 8,637 ,554 4,630 5,421 March 42,395 15,564 879 1,632 4,040 8,695 ,555 4,588 5,442 April 42,065 15,513 856 1,652 3,855 8,638 ,546 4,552 5,453 May 42,079 15,359 884 1,668 3,970 8,631 ,553 4,567 5,447 June 42,340 15,358 893 1,700 4,074 8,669 .551 4,641 5,454 July 42,103 15,180 866 1,742 4,079 8,688 ,574 4,640 5,334 August 42.449 15,457 896 1,770 4,083 8,761 ,594 4,573 5,315 September 42,849 15,715 894 1,796 4,110 8,776 ,599 4,588 5,371 October 43,077 15,784 895 1,806 4.092 8,801 ,594 4,685 5,420 November 43.142 15.833 897 1,813 4,049 8,811 ,596 4,693 5,450 December 43,352 15,926 899 1,882 4,062 8,836 1,599 4,712 5,436 1948—January.. 43,468 15,907 895 1,859 4,059 8,878 1,603 4.795 5,472 February . 43,253 15,796 884 1,766 4,033 8,916 1,613 4,804 5,441 UNADJUSTED 1947—January. 41,803 15,372 883 1,527 4,014 8,552 1,544 4,527 5,384 February 41,849 15,475 880 1,502 4,011 8,507 1,546 561 5,367 March 42.043 15,510 879 1,534 4,020 8,565 ,555 565 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 4,092 8,889 ,586 4,662 5,447 November 43.450 15,872 897 1,849 4,049 9,075 ,588 4,670 5.450 December 44,081 15,965 899 1,788 4,042 9,455 ,591 4,688 5,653 1948—January.. 43,006 15,852 895 1,692 3,998 8,834 ,595 4,723 5,417 February. 42,731 15,741 884 1,607 3,993 8,782 ,605 4, 732 5,387 Includes Federal Force Account Construction. 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 * 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—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 ]Vlay .. 107,330 61,760 60,290 58,330 49,370 8,960 1,960 45 570 107,407 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 194g—January 107,979 60,455 59,214 57,149 50.089 7,060 2,065 47 524 February 108,050 61,004 59,778 57,139 50,368 6,771 2,639 47,046 1 Includes self-employed, unpaid family, and domestic service workers. 2 Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. 8 Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 442 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 Total R b e u si i d ld e i n n t g ial P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational Other utilities 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 January .. 571.6 615.2 257.4 238.1 86.5 54.1 38.3 74.5 19.7 58.7 55 9 53 3 113 9 136 6 February 442.2 682.0 208.4 232.3 73.9 71.9 46.4 75.5 13.5 37.8 9.4 87.2 90.5 177.3 March 596.8 282 9 82.1 52.6 21 4 35 8 122 0 April 602.3 256.7 65.6 66.3 22 7 29 6 161 4 May 674.7 254.1 71.3 59.2 47.7 57 7 184 7 June 605.1 209.5 66.8 58.4 40.1 44.7 185.7 July 660.3 240.9 82.3 81.6 38 5 51 2 165 9 August 823.2 308.9 88.0 77.2 45 6 80 0 223 5 September. 650.0 268.5 73.8 75.9 42.8 47.4 141.5 October 793.3 349.5 95.5 80.0 41.1 61.3 165 9 November 715.1 290.2 72.1 84.3 27 2 59 8 181 5 December 625.4 226.8 83.5 65.3 31.5 64.1 154.1 Year 7,759.9 3,153.8 941.4 785.5 391.9 596.9 1 890 4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rock}r Mountains,as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1946 1947 1948 1946 1947 1948 1946 1947 1948 1948 1947 Federal Reserve district January.... 358 572 615 47 167 197 311 405 419 Feb. Jan Feb. February... 387 442 56 96 331 346 J J A M M u u p l a n a r y r y e i c l h 6 9 8 7 7 5 0 9 1 3 2 8 8 8 5 6 6 5 6 6 0 9 6 0 7 5 7 0 2 5 2 2 1 1 1 0 1 4 2 9 2 5 6 7 7 2 2 2 1 1 2 0 3 7 4 6 3 4 7 3 5 5 5 6 7 1 9 5 0 5 6 3 1 8 6 4 3 4 4 4 5 7 5 2 4 8 9 3 5 1 N P C R B h l i o e e c i w s l v h t a o e m d Y l n a e o o n l n p r d d k hia 4 8 6 7 1 7 7 8 0 9 , , , , , 4 5 4 0 9 6 1 9 0 8 9 0 8 0 7 1 3 4 2 7 3 0 6 6 0 7 , , , , , 8 8 0 1 1 1 7 3 8 4 9 2 6 0 5 2 6 4 2 6 1 5 9 4 4 , , , , , 0 2 2 3 0 8 7 5 7 9 3 3 2 9 7 August 680 823 205 218 475 605 Atlanta 70,900 68,899 47,026 September. . 620 650 187 193 433 457 Chicago 109,146 90,041 68,110 October 573 793 134 209 439 584 St. Louis 43,269 46,320 19,540 November. . 504 715 130 224 373 492 Minneapolis 22,843 15,977 11,831 December.. . 457 625 109 207 348 418 Kansas City 61,580 27,226 13,378 Dallas 80,765 55,691 58,228 Year 7,4907,760 1,754 2,296 5,7355,464 Total (11 districts) 681,967 615,206 442,197 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title I Loans Mortgages on PORTFOLIO, BY CLASS OF INSTITUTION Rental War and Prop- Small l-to4- and Vet- [In millions of dollars] Year or month Total p m e r i o m r e t v n y - e t - 1 s h c t t o i r o o u m n n c - e - h f ( a o T m I u I i s ) t i l l e e y s h g ( o T r I u o D i s t u i l p n e g h e ( o V T r u a I i s n t ) i l 2 s n e ' g Com- M tua u l - S in a g v s - Insur- Fed- 1 1 9 9 3 3 7 8 4 6 8 8 9 4 1 5 5 4 1 4 4 2 7 4 3 4 1 8 1 End of month Total b m c a i n e a r k l - s b s i a n a n g v k s - s a a l s a t o s n i a o o d n c n i s - p c a a o n n m c i e e - s a c e g ie r e a s n l * - Other' 1939 950 204 669 51 1940 1,017 242 736 13 1941 1,172 249 877 13 13 1936—Dec 365 228 8 56 41 5 27 1942 1,137 141 691 6 284 1937—Dec 771 430 27 110 118 32 53 1943 935 87 <245 ( c603 1938—Dec 1,199 634 38 149 212 77 90 1944 875 114 216 537 1939—Dec 1,793 902 71 192 342 153 133 1945 666 171 219 272 1940—Dec 2,409 1,162 130 224 542 201 150 1946 755 321 347 85 1947 1,787 534 446 1941—June 2,755 1,318 157 237 668 220 154 Dec 3,107 1,465 186 254 789 234 179 1947—February.. . 74 35 27 13 March 81 35 28 18 1942—June 3,491 1,623 219 272 940 243 195 April 110 45 33 33 Dec 3,620 1,669 236 276 1,032 245 163 May 107 37 36 34 June 146 44 39 63 1943—June 3,700 1,700 252 284 1,071 235 158 July 163 50 39 74 Dec 3,626 1,705 256 292 1,134 79 159 August 175 43 37 95 September.. 183 46 41 96 1944—June 3,554 1,669 258 284 1,119 73 150 October.... 244 46 48 150 Dec 3,399 1,590 260 269 1,072 68 140 November.. 192 47 39 106 December. . 228 68 48 112 1945—June. 3,324 1,570 265 264 1,047 43 134 1948—January 224 56 48 120 Dec 3,156 1,506 263 253 1,000 13 122 February.. . 228 45 45 137 1946—June 3,102 1,488 260 247 974 11 122 *• correction. Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 „..„ — ..— o ... 3 Less than 1 The RFC Mortgage Company, the Federal National Mortgage $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. APRIL 1948 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports 2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January.... 1 124 903 798 1 114Pl,100 301 334 394 531 P544 823 569 405 583 P556 February 1,107 887 670 Pl.146 314 325 318 P437 793 561 352 J>7l0 March 1 197 1,030 815 Pi, 327 358 365 385 P445 839 665 431 P883 April 1 931 1 005 757 Pl 299 361 366 406 P512 870 639 351 P787 May ,455 1,135 851 PI 421 386 372 393 P474 1,069 763 457 P947 June ,296 870 878 Pl.242 332 360 382 P463 965 511 496 P778 July ,197 893 826 Pl,162 294 356 431 P450 903 537 395 P713 August . . . 191 737 883 Pl ,152 304 360 422 P400 887 378 461 P751 September. . . . 104. 514 643 P1,109 282 335 377 P481 912 180 266 P629 October 1,144 455 537 P\.235 329 344 394 P492 815 111 142 P743 November 1,185 639 986 Pl.138 323 322 478 P455 862 317 508 P683 December 938 736 1.097 Pl.112 336 297 529 P601 602 439 567 P511 Jan.-Dec 14,259 9,806 9,740 P14.456 3,919 4,136 4,909 P5.739 10,339 5,670 4,831 P8,717 Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; nd January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers, 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k p u e r c o s t t d s Ore l c a e n l e - - c l d h . i c a s . n l e - . o r p a T i e o l r w t a a t a l i y ng ra T i o lw ta a l y o r p a N e il r w e a t t a i y ng i > n N co e m t e revenues expenses income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 .. 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,343 1,093 668 1946 132 130 146 138 129 143 136 139 78 1945 8,899 8,049 849 447 1947 143 147 182 150 107 153 181 148 75 1946 7,628 7,009 620 289 1947 P8,685 P7.904 P781 P480 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—November.. 663 601 62 29 December.. 658 523 135 98 1947—January.. 150 163 175 157 123 163 176 152 77 February. 142 149 171 147 111 166 172 145 76 1947—January 698 624 74 42 March. . . 146 147 180 159 121 159 171 151 78 February... 696 631 65 33 April 137 119 173 151 111 148 184 147 79 March 723 642 81 48 May 142 155 185 138 104 148 184 145 76 April 685 637 48 15 June 137 141 173 140 107 145 184 142 74 May 698 633 65 32 July 134 115 170 168 107 152 194 143 71 June 731 649 82 49 August... 143 146 184 162 92 152 190 149 73 July 683 634 48 18 N S O D e o c e p t v c o t e e e b m m m e b b r b . e e e . r r r . , 1 1 1 1 4 4 4 4 7 9 5 2 1 1 1 1 5 6 5 5 5 0 3 6 1 1 1 19 9 9 8 1 5 2 0 1 1 1 1 4 3 3 5 5 8 7 2 1 1 1 9 0 0 0 6 5 5 4 1 1 1 1 5 5 4 4 0 8 9 7 1 1 1 1 8 6 6 9 1 3 3 2 1 1 1 1 5 4 5 4 1 5 6 9 7 7 7 7 5 4 3 5 O A N Se c o u p t v g o t e u e b m m s e t r b b .: e e . r . r . . . . . 7 7 7 7 3 1 8 1 9 6 6 9 6 6 6 7 9 5 8 0 6 5 1 8 4 6 3 7 3 4 6 8 3 4 1 7 4 9 December.. 806 722 83 50 1948—January.. 145 155 183 132 84 153 180 152 68 February. 139 150 178 103 76 140 195 146 71 1948—January 767 707 60 P26 UNADJUSTED UNADJUSTED 1946—November 141 117 166 144 171 148 169 154 84 1946—November.. 658 594 64 39 December. 131 132 163 152 118 139 45 139 78 December.. ••638 534 104 89 1947—January.. 138 163 184 157 118 147 44 139 74 1947—January... 686 ••627 '59 29 February. 133 149 182 144 89 159 43 136 74 February.. 636 593 43 14 March. . . 137 147 182 146 96 159 50 144 79 March.... 718 645 73 43 April 134 119 169 133 98 148 157 145 80 April 689 631 58 33 May 144 155 183 121 94 154 267 146 76 May 724 649 76 46 June 142 141 170 143 87 151 286 146 73 June .. . 697 637 60 38 July 140 115 165 202 87 153 311 145 71 July 705 644 61 37 O N D S A e o c e u p t c v g o t e e u e b m m s m e t b b r b . e e e r . r r . . , 1 1 1 1 1 5 3 5 5 4 0 9 3 6 8 1 1 1 1 1 5 6 5 5 4 5 0 6 3 6 2 1 1 1 1 0 9 7 7 8 1 5 7 8 8 1 1 1 1 1 7 4 5 5 3 5 2 2 3 0 1 1 1 8 9 3 6 3 7 2 3 1 9 1 1 1 1 1 6 4 4 6 5 1 1 7 0 5 2 2 2 1 7 8 3 6 6 2 4 5 0 3 1 1 1 1 1 5 5 6 4 5 8 0 3 7 7 7 7 7 7 7 3 7 7 8 1 A O N S D e c u o e p t g v c o t u e e e b m s m m e t r b b b e e e r r r . . . . . . 7 8 7 7 7 4 0 9 2 5 5 7 4 7 5 6 6 7 6 7 6 1 9 7 2 4 8 0 9 7 8 4 6 7 8 1 8 6 6 0 5 4 2 4 6 1 9 0 3 0 1948—January.. 133 155 192 132 81 137 45 139 65 1948—January 751 709 41 P!9 February. 129 150 188 101 61 135 49 137 69 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. 444 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 Year or month U S n t i a t te e s d Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y a i s Dallas c F i S r s a a c n n o - SALES 2 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 119 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 264 221 220 236 257 290 345 250 292 247 287 352 308 1947 285 235 239 261 281 303 360 275 314 274 311 374 331 SEASONALLY ADJUSTED 1947—February 266 219 224 '231 256 '282 338 262 290 261 '284 '348 311 March 272 237 229 236 257 307 347 260 294 279 '295 347 318 April 277 227 235 258 272 299 353 261 306 257 '299 377 320 May 291 244 253 275 298 303 367 276 321 270 '306 379 325 June '289 249 '249 264 284 317 365 278 299 278 305 361 330 July '286 237 ••251 257 281 301 336 281 320 268 '298 378 327 August 283 234 246 258 273 282 352 266 307 271 '307 376 348 September 292 236 '239 267 290 303 361 290 337 287 '323 368 336 October 277 211 '225 253 271 297 348 266 308 276 320 360 333 November r302 248 248 278 296 310 383 298 339 281 '335 415 339 December 303 243 241 284 309 322 394 293 337 277 '334 389 352 1948—January 284 216 240 268 284 286 355 '271 '291 286 306 390 '340 February P283 P223 241 ?264 284 306 359 281 307 P267 292 368 317 UNADJUSTED 1947—February 222 171 188 '189 210 226 298 210 244 '201 247 306 281 March ... 266 227 229 255 262 292 347 250 288 258 283 337 299 269 227 223 248 266 290 350 258 297 264 290 347 302 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 '171 185 220 215 269 219 249 217 250 288 278 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 483 419 408 460 479 542 619 455 516 424 505 633 554 1948—Tanuary . ... 224 170 192 204 216 214 284 217 239 '214 245 316 '275 February P236 P174 202 *>216 233 245 316 225 258 P206 P254 324 287 STOCKS 2 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 '114 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 '190 1943 155 142 143 141 144 175 161 160 152 151 152 159 '173 1944. . 162 147 150 148 151 190 185 161 159 169 157 177 '178 1945 166 153 160 150 156 198 188 159 166 165 158 190 182 1946 . 213 182 195 191 205 250 258 205 225 211 210 250 '236 1947 255 202 225 220 243 289 306 246 274 266 259 321 '295 SEASONALLY ADJUSTED 1947—February ••274 206 249 '218 261 307 335 264 296 270 293 343 '325 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 '307 May 252 198 221 215 238 292 309 243 272 268 267 333 '285 June .. . '242 188 215 212 231 270 280 232 267 256 248 308 '282 July '231 188 204 205 217 265 270 226 247 254 212 276 '270 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 '257 October . . . 251 213 224 231 238 281 300 245 274 251 239 306 '287 November '273 221 234 238 268 310 337 259 290 281 266 357 '319 December '283 221 236 245 272 323 344 264 297 306 '300 397 '342 1948—January 288 219 '233 243 277 332 345 274 '309 '310 '316 385 '352 February P303 227 250 P249 286 339 378 290 331 322 *>330 422 366 UNADJUSTED 1947—February '251 194 '232 '212 242 290 312 240 266 257 264 305 '286 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 r252 194 224 217 241 286 300 243 272 266 261 316 '296 '237 180 206 201 222 259 283 227 267 248 248 298 '287 July..: 232 181 193 195 217 268 278 222 257 259 236 299 '286 August 245 195 215 214 236 294 295 236 273 255 240 318 '273 September '256 206 227 231 246 283 311 250 273 265 251 319 '290 October 283 239 253 263 274 320 336 275 307 279 272 345 '318 November '295 249 263 262 283 329 354 285 310 303 284 382 '338 December '243 201 211 208 225 269 289 238 250 268 '246 333 '280 1948—January '252 199 '205 '211 243 283 '311 236 265 '282 '273 346 '310 February .... *>278 214 232 P242 266 320 352 264 298 P307 P297 375 321 ' Revised. P Preliminary. * Sales index revised beginning 1939; back figures available from Kansas City Federal Reserve Bank. 2 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. APRIL 1948 445 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 i 1941 average monthly sales=100 2 Department r o N e f p u o s m t r o t b i r n e e r g s d p S u e a r r i l i e o n s d g m ( S e t o n o d n c t k o h s ) f January Sal p es e r d io u d ring Sto o c f k m s o at n t e h nd Jan. Jan. 1948 1947 1947 1948 1948 1947 Jan. Dec. Jan, Jan. Dec. Jan, GRAND TOTAL—entire stores. 345 +7 +3 3.0 3.1 MAIN STORE—total 345 +6 +3 3.2 3.2 177 330 167 560 536 533 Piece goods and household textiles 306 +16 -6 2.2 2.8 276 273 239 619 655 661 Piece goods 284 +2 +2 2.6 2.6 282 246 276 738 717 728 Silks, velvets, and synthetics 1S4 +3 -2 2.4 2.5 267 247 259 636 610 576 Woolen dress goods 149 +5 -13 2.4 2.9 324 316 310 775 727 924 Ho C u o se tt h o o n l d w t a e s x h t il g e o s ods 3 1 0 6 3 7 + - 2 3 4 + -1 1 1 2 2 2 . . 8 0 2.4 2 2 5 7 2 4 2 1 7 8 7 7 2 22 6 1 0 5 7 5 1 5 5 6 64 8 3 9 6 6 4 3 6 2 D L B i l o n a m e n n k e s s e t t a i s c n , s d c — o t m o m w f u o e s r l l t s i e n r s s , , s a h n e d e ti s n p g r s eads. . . . 2 2 23 2 6 1 4 0 + + + 2 3 1 2 0 5 + - - 1 2 1 7 0 5 2 2 1 . . . 6 6 2 3 1 . . 8 3 3 2 2 9 1 4 0 6 8 3 2 1 2 8 9 1 5 6 3 2 1 0 0 8 3 0 7 6 5 4 5 6 6 3 8 0 5 6 6 2 6 6 5 3 1 4 6 7 0 9 7 2 2 0 Small wares 332 +3 -4 3.7 3.9 155 457 150 567 594 593 Laces, trimmings, embroideries, and ribbons 200 +4 -5 3.3 3.6 179 331 172 581 669 690 Notions 232 + 10 0 3.1 3.3 204 343 186 621 639 613 Toilet articles and drug sundries 316 +5 -4 3.8 4.2 137 408 130 518 563 536 Silverware and jewelry 309 +2 4.9 137 558 134 643 664 675 Silverware and clocks4 187 + 10 + 1 4.7 Costume jewelry4 239 -5 -6 3.8 Fine jewelry and watches4 68 +3 0 9.6 Art needlework 243 +5 -7 3.2 203 269 194 577 633 626 Books and stationery 253 j 3.6 156 580 157 527 534 556 Books and magazines 131 -5 -9 2.8 2.9 158 469 167 437 469 490 Stationery 219 +2 -6 3.7 4.0 148 589 145 549 542 553 Women's and misses' apparel and accessories. 342 +3 +6 2.6 2.5 174 355 169 454 430 430 Women's and misses' ready-to-wear accessories... 342 -1 +8 3.2 2.9 157 418 158 494 477 460 Neckwear and scarfs 289 + 15 + 13 2.3 2.4 220 735 191 510 485 453 Handkerchiefs 281 i -13 4.4 5.0 112 719 113 487 489 554 Millinery 178 -8 + 1 1.7 1.6 108 151 118 186 144 181 Women's and children's gloves 324 -4 -15 4.1 4.6 122 478 126 495 521 584 Corsets and brassieres 328 -4 + 12 2.8 2.4 234 262 244 666 668 597 Women's and children's hosiery 338 +4 —3 1.9 2.1 126 345 121 244 214 256 Underwear, slips, and negligees 330 + 1 + 12 2.8 2.5 164 591 162 458 455 413 Knit underwear 232 +3 + 11 2.5 2.4 189 467 183 481 519 440 Silk and muslin underwear, and slips 266 +3 + 14 2.8 2.5 168 598 164 477 436 411 Negligees, robes, and lounging apparei 224 -5 +4 2.8 2.6 153 724 161 428 434 382 Infants' wear 317 -5 + 11 3.3 2.9 202 482 212 671 661 609 Handbags and small leather goods 322 +4 +2 3.4 3.6 105 447 101 366 349 365 Women's and children's shoes 232 -4 +16 4.7 3.9 169 285 175 789 736 675 Children's shoes4 187 -4 + 17 5.2 4.3 Women's shoes4 203 -4 + 16 4.6 3.8 Women's and misses' ready-to-wear apparel 342 +6 -1-4 2.1 2.2 192 288 181 412 383 398 Women's and misses' coats and suits 327 +7 +5 1.8 1.8 222 236 207 402 345 374 Women's and misses' coats4 192 + 19 +9 1.4 1.6 Women's and misses' suits4 187 -6 +7 2.3 2.0 Juniors' and girls' wear 299 +6 +2 2.8 2.9 171 374 162 481 422 473 Juniors' coats, suits, and dresses 273 +6 +2 2.2 2.3 196 315 184 433 378 434 Girls' wear 294 +5 +3 3.7 3.8 154 460 146 576 492 558 Women's and misses' dresses 328 -1 + 14 1.9 1.6 175 235 178 331 304 292 Women's and misses' inexpensive dresses4. ... 232 -2 + 10 1.7 1.5 Women's and misses' better dresses4 241 -2 + 19 2.1 1.8 Blouses, skirts, and sportswear 327 +19 -5 2.3 2.8 223 404 187 505 473 529 Aprons, housedresses, and uniforms 278 -1 -4 2.2 2.3 176 253 178 394 379 405 Furs 268 +8 +4 2.4 2.4 168 248 155 394 469 382 Men's and boys' wear 319 +6 + 11 3.9 3.7 143 478 134 553 531 498 Men's clothing 236 + 13 +48 3.4 2.6 171 284 151 579 537 372 Men's furnishings and hats 296 +2 j 3.7 3.9 128 636 126 479 484 494 Boys' wear 284 +1 -9 5.0 5.6 122 430 121 612 594 673 Men's and boys' shoes and slippers 186 +8 +23 5.4 4.7 140 409 130 752 749 622 Housefurnishings 304 +8 +7 4.0 4.1 187 305 172 750 747 699 Furniture and bedding 232 + 13 +2 4.3 4.7 165 191 146 703 659 696 M'attresses, springs, and studio beds4 138 + 14 -8 2.4 3.1 Upholstered and other furniture4 144 + 12 + 1. 4.6 5.1 Domestic floor coverings 265 + 17 +26 3.8 3.5 193 243 165 728 566 Rugs and carpets4 139 +19 +25 3.7 3.6 Linoleum4 90 -10 +46 5.0 3.1 Draperies, curtains, and upholstery 286 0 -12 4.6 5.2 149 239 149 683 692 772 Lamps and shades * 230 +9 -13 3.6 4.4 167 398 154 600 614 693 China and glassware 239 +5 + 15 5.7 5.2 141 328 134 803 808 697 Major household appliances 229 +4 +80 2.7 1.6 283 406 273 773 715 412 Housewares 238 +6 -6 3.8 4.2 218 448 206 821 833 868 Gift shop4 151 +10 -10 5.8 7.0 Radios, phonographs, records, and instruments4. 213 + 1 +25 4.0 3.3 Radios and phonographs4 158 2 +33 4.3 3.2 Records, sheet music, and instruments4 121 +10 + 19 3.9 3.6 Miscellaneous merchandise departments. . 297 +3 -10 3.4 3.9 160 538 154 542 565 593 Toys, games, sporting goods, and cameras. . . 272 +7 -1 7.2 7.8 72 892 67 519 785 519 Toys and games 201 -6 -12 10.0 10.7 34 1,162 36 341 349 449 Sporting goods and cameras 121 + 11 +7 5.9 6.1 92 751 82 537 1,014 527 Luggage 241 +9 +12 4.5 4.4 156 538 143 707 688 631 Candy4 185 -14 -11 2.2 2.1 446 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—Continued 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 r o N e f p u o s m r to t b i r e n e r g s d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) January Sale p s e r d io u d ring Sto o c f k m s o at n e th nd Jan. Jan. 1948 1947 1948 1947 1948 1947 1948 1948 Jan. Dec. Jan. Jan. Dec. Jan. BASEMENT STORE—total 193 +15 +3 2.4 2.7 163 317 142 392 384 384 Domestics and blankets 4 126 +11 -3 2.0 2.2 Women's and misses' ready-to-wear 191 +14 +4 2.0 2.2 160 310 140 322 307 312 Intimate apparel4 160 +19 +4 2.2 2.6 Coats and suits4 165 + 16 +7 1.6 1.7 Dresses4 160 +9 +6 1.6 1.7 Blouses, skirts and. sportswear4 142 +25 7 1.9 2.4 Girls' wear4 .... 111 + 15 +9 2.7 2.8 Infants wear4 105 + 11 + 14 2.7 2.7 Men's and boys' wear 155 +25 +7 3.0 3.5 159 449 127 478 462 446 Aden's wear4 124 +28 + 15 2.8 3.1 !Men's clothing4 89 +41 +22 2.6 3.0 Men's furnishings4 103 + 19 +12 3.0 3.2 H Sh o B o u o e s s y e s f ' u w rn ea i r s 4 hings 1 1 9 0 2 7 6 8 + + + 1 1 9 8 7 + - - 1 8 9 1 3 3 3 . . . 5 6 2 4 3 3. . . 9 8 4 1 13 4 0 4 2 2 4 3 8 5 1 1 1 7 0 4 4 4 5 7 6 1 4 4 9 5 0 4 5 4 2 3 9 2 NONMERCHANDISE—total4 177 +5 (5) (5) (5) Barber and beauty shop4 106 -7 (5) (5) (6) 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 pp. 857 and 858 were reversed. « For movements of total department store sales and stocks see the indexes for the United States on p. 445. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. 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 t o f a o o n l t r e t a h s l ) m ( S o e t n n o d c t k h o s ) f s m ( t o e a O r o n n d d u n d e t t i - r h o n s ) g f May 2 1 1 4 5 8 1 . . . . . . . . . . . . . . . . . . . 2 2 . 2 2 4 7 4 4 8 4 5 6 May 2 1 1 3 4 7 0 . . . . . . . . : . . . . . . . . . . . 2 2 3 2 7 7 1 7 7 9 1 3 Nov. 2 1 9 2 3 6 . . . . . . . . . . . . . . . . 2 3 3 3 7 4 6 1 7 2 3 4 Nov. 2 1 8 1 2 5 . . . . . . . . . . . . . . . . . . . 3 3 . 3 3 8 1 9 4 0 3 5 7 June 1... . .223 31.... .250 30.... .334 29... ..367 8... ..273 June 7 .293 Dec. 7.... .475 Dec. 6... ..508 1939 average..:. . 128 344 15... ..283 14.... .300 14 .519 13... ..570 1940 average 136 353 108 22... . .248 21 .256 21.... .532 20... ..576 1941 average 156 419 194 29... ..239 28.... .245 28.... .281 27... ..358 1942 average 179 599 263 July 6... . .192July 5 ....208 1943 average 204 508 530 13... ..210 12.... .22* 1947 1948 1044 average 227 534 560 20... . .201 19.... .217 1945 average 255 563 729 27... ..204 26.... .213 Jan. 4..:. .188 Jan. 3... ..204 1946 average 318 714 909 Aug. 3... ..217 Aug. 2.... .220 11 .232 10... ..251 1947 average 336 823 553 10... ..228 9 .223 18.... .223 17... . .232 17... . .239 16.... .225 25.... .220 24... ..226 1947—February.. ••250 835 606 24... ..255 23 .243 Feb. 1.... .217 31... ..233 March 331 864 490 31... ..281 30.... .277 8.... .219Feb. 7... ..240 April...... 321 849 388 Sept. 7... ..264 Sept. 6.... .265 15.... .246 14... ..238 May 337 817 351 14... . .293 13.... .291 22 .216 21... . .249 June 304 768 470 21... ..280 20 .301 Mar. 1.... .238 28... . r248 July 253 732 603 28... ..257 27.... .316 8.... .254 Mar. 6... ..266 August ... 274 789 622 Oct. 5... ..277 Oct. 4 .326 15 .267 13... . .279 September 341 823 676 12... ..281 11.... .304 22.... .286 20... ..313 October. .. 367 912 663 19... ..295 18..:. .299 29.... .283 27... . .331 November. 416 '941 605 26... ..287 25..:. .306 Apr. 5.... .319 Apr. 3... ..282 December. 584 '770 544 12 .265 10 19 .271 17 1948—January... 271 789 633 26.... .267 24 February. P263 P876 576 r Revised. p Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 1 These figures are not estimates for all department stores in the 874-875 of BULLETIN for September 1944. United States. Back figures.—Division of Research and Statistics. APRIL 1948 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 F 9 e 4 b 8 . J 1 a 9 n 4 . 8 m T 19 w o 4 s o 8 . F 19 e 4 b 8 . J 1 a 94 n 8 . 1 m T 9 w o 4 s o 8 . F 19 e 4 b 8 . J 1 a 9 n 4 . 8 m T 19 w o 4 s o 8 . F 19 e 4 b 8 . J 1 a 9 n 4 . 8 m T 19 w o 4 s o 8 . United States.. p+7 +8 +7 Cleveland-cont. Chicago p+7 +12 +10Kansas City— B N S W P P B D o p r o e o o s o o r w r s t i B w r v t o n t c l o i o g n n a H e d n s f n t s e i o t a t d e o n A e w v l n c r d r e n e e n a . . . . . . . v+ + + + + + + -6 8 2 9 2 2 3 1 + + + + + + - 1 1 2 4 2 4 0 1 1 + + + + + + - 1 3 5 2 3 3 0 1 1 R W W C P E W B R i i c r h a a t h i a i h l l t n a e e e s t s m r s i 1 h e i b m l g t l i e o o u i h n o n s n n r , g r g t g - d o e t N S h o i n a n . * ^ i C e . . J . . m . C . . . . . . . + + + + + + + - + 1 1 1 4 2 5 9 0 8 + - + + 1 + - - 1 8 1 7 4 8 6 0 0 6 + - + + + + 1 + -1 1 5 2 7 7 4 1 F C F G L P T I D D n o e a l e h r e e d i o n a r r i s t n i c t r r n r s a e i t a o M i d W a 1 n n g i H a t g o o * R a p l i a x y o n a u l n e p i t s i s e e d . 1 1 1 . . s . . . . . . . P P + + + + + + + + + 1 1 3 3 4 9 6 5 8 2 0 6 + + + + + + + + + + 1 1 1 1 2 8 3 6 2 9 0 1 7 1 5 + + + + + + + + + + 2 1 1 3 6 2 3 9 8 8 0 2 3 D O T S F D H C c a h o u o k o a o l r r l r l l l u e s t n a a p l s a v a h s t u W t . e s o o s 1 p m n o C o r l a r t h t h C ris it t y i. . . + + + + + + + - 1 1 1 5 3 4 6 7 7 1 6 + + + + + + - - 2 1 1 3 4 1 7 6 0 5 6 0 + + + + + + - 1 1 1 5 5 7 6 9 0 2 7 New York +7 +5 +6 Greenville, S. C. + 15 0 +8 Milwaukee 1... + 15 +20 +17 San Antonio... . +5 +16 + H Bridgeportl +3 +2 +2 Lynchburg +9 +5 +8 Green Bay1... +9 + 14 + 12 Newark x +8 +5 +6 Norfolk +5 +10 +8 Madison + 11 +11 + 11SanFrancisco.. P+3 +10 +7 P A N N S T L Y P S U W R B E P R B h y c o a r h l e u e l o i t i o i m i e b a i h r n n u l w a i f c l c r a a n f l g a e k c d g g k i h a a a c d n t a r n a e i Y h l h 1 e o d u a n e o y r s e s k s a n s a e o l g t - c p t e e e l m l B r e t l * p F h r e k a J r a t h p i a d 1 * o C a r s i l y r . n a l i i e . . s e 1 t . . 1 y . . . . . . . . . . . 1 . . . . . P+ + + + + + + + + + + + + + + + 1 - 2 2 1 1 1 1 1 1 1 1 1 4 9 9 7 6 6 2 1 7 3 2 4 5 0 3 4 + + + + + + + + + + + + + + + + 1 1 1 1 1 1 9 2 2 4 5 8 5 5 9 0 2 8 1 2 4 7 + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 1 1 1 1 1 4 4 9 8 5 8 3 3 1 2 1 0 3 0 0 2 3 2 A J O T A A H M M C M R C M R B R a t a l o r o o h i u i t c u a o o a W i c r l l m l m a a g k a a m a c n b n h n u n r u m n s o n . p i m t m t e t l i o o l g s d a n e i t n a e V i a t n k n o o b s o 1 g a 1 x t v e a n m u g 1 h o i d s t a n l e o l m , r e n y l . 1 . . . l . . . . . . . + + + + + + + + + + + + + + + - - 3 2 1 1 1 1 1 1 1 2 1 6 5 6 3 8 3 1 0 5 7 9 1 4 0 1 + + + + + + + + + + + + - - - 2 1 3 2 1 3 1 9 5 3 8 5 5 4 1 7 7 4 2 + + + + + + + + + + + + + + — - 2 2 1 1 1 1 1 1 9 4 7 6 4 5 1 7 7 4 1 1 4 1 1 S M K Q S S L S S M F L M D E E t a . i t t t p o o i a v u u n . n . . i e S t r u s r n i a L t l L m n s t L n u i P t l u i n n a e n o s e c o p o t a p S s e S v s u g a y h u e v a u h u R m i t p - i f r i l . p i i s i l s i C i l o l o s 1 i o s e o e L l t A l 1 i c e 1 r h l l i l t . o . i . d . s k y 1 r . s u . . . . . . 1 e . . . * . i . a . . . . s . . . . . . . . . . . . p P + + + + + + + + + + + + + + - - 6 2 1 2 1 3 3 8 8 6 6 9 2 4 2 7 1 1 3 + + + + + + + + + + + + + - - - 4 1 1 1 1 1 1 3 6 1 9 8 3 4 6 2 0 2 4 0 1 6 0 + + + + + + + + + + + + + - - - 5 1 1 1 1 2 2 1 5 3 3 9 8 7 6 2 1 0 1 8 S L O S S S S S V T F L P B R B S a a a t a r a o h o u o a i a a o a e N n n n B v c n s n c l o i k k n c s l s r e t s g e l e e a F n e e A k a J a D a r o j n r p o B o m r s r t o n n n k a B i o s a a i i R s e d e l d x g n e e f e n n a g e 1 r o i e e 1 l d n c n n l e o a a e s l t i e d a a l n a y o c s l d s . r n d c 1 h 1 d l 1 . d o . 1 . . i . l . n . . J . . . . . . . . . . o . . p P P + + - + + + + + + - - - - 2 \ 1 1 ( ( 5 6 1 3 4 9 4 4 0 7 2 2 0 ) ) + + + + + + + + + + + + + 2 1 1 1 1 1 2 8 6 4 5 3 3 5 0 3 5 1 2 3 3 + + + + + + + + + + - 1 1 1 1 1 3 + 4 8 6 4 5 2 3 2 1 8 0 C A C le a k v n r e o t l o n a n 1 n 1 d + + + 1 1 6 1 3 + + 8 6 + + + 1 1 6 1 1 S N 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 1 . . . . + + + 3 2 7 + -5 9 0 + + -1 8 1i H D Pu e u e n t b c v l h e o i r son. . . . + + + 1 7 3 6 + + + 2 1 4 3 + + + 1 4 4 9 S P a o N l r t t a l L a m a n k p d e a City 1. P - - 1 2 1 0 + + - 1 2 6 8 + +3 C C i l n ev ci e n l n an at d i 1 l. . . . . . . + + 1 8 0 + + 1 9 4 + + 1 8 2 J M ac e k ri s d o i n a n x +5 -1 -6 1 -1 -1 0 T W o i p c e h k it a a. + + 2 1 + +9 8 + + 5 5 E B v el e li r n e g t h t1 am 1. . . p P -1 + 0 2 + -7 3 + -9 3 Columbus *. . . + 12 + 12 +12 Bristol, Tenn.. . +9 -18 -6 Kansas City.. +6 +11 +9 Seattle1 -4 +7 +2 S T Y p o o r l u i e n n d g g o s f 1 t i o e w ld n 1 . 1 . . . + + + 9 8 7 + + + 1 1 8 6 1 + + + 1 1 8 0 1 C N K h a n a s o h t x t v v a i n i l l o l l e e o 1 x ga x. . + + - 1 2 5 6 - - - 1 1 1 2 0 4 - - 6 4 0 ! J O S o t m . p l J a i o h n s a eph. . . + + -5 7 5 + + + 1 1 4 1 9 + + + 9 4 6 S Y T p a a c o k o k im m an a a e l 1 l -6 + + + 1 5 3 1 1 1 + + 3 8 v 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. 3 Year 1947. 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 i i c c i e ty, fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 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. a 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 1947—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 February 167.5 204.7 195.1 116.0 130.0 193.0 146.4 Back figures.—Bureau of Labor Statistics, Department of Labor. 448 FEDERAL RESERVE BULLETIN 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 Manu- Year, month,*or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i n c t o d h t d d e s e - s r - ! T p u e r x c o t t d i s l - e li m g F r a i h u a n a t t e d l i e s l n - g M m p u a r e e c n o t t t d d a a s l - l s m B r i u i a n a i t g l l e s d - - : C a a p u l h l r s l c o e i t e a d m s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t l w e s - t p u u f r a r c o c e t d s - d - 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 97.5 94.5 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 84.3 88.0 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 65.6 77.0 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 55.1 70.3 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 56.5 70.5 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 68.6 78.2 1935 80.0 78.8 83 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77, 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76. 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73, 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76. 99 A 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97 A 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 151.8 181.3 168.7 134.8 181.9 140.9 108.7 145.0 179.5 127.3 129.1 114.3 165.6 145.4 1947—January... 141.5 165.0 156.2 127.6 175.1 136.6 97.7 138.0 169.7 128.1 123.3 110.3 152.1 136.7 February.. 144.5 170.4 162.0 128.5 173.8 138.0 97.9 137.9 174.8 129.3 124.6 110.9 154.9 139.7 March.. . . 149.5 182.6 167.6 131.1 174.6 139.6 100.7 139.9 177.5 132.2 125.8 115.3 163.2 143.3 April 147.7 177.0 162.4 131.8 166.4 139.2 103.4 140.3 178.8 133.2 127.8 115.7 160.1 141.9 May 147.1 175.7 159.8 131.9 170.8 138.9 103.3 141.4 177.0 127.1 128.8 116.1 158.6 141.7 June 147.6 177.9 161.8 131.4 173.2 138.9 103.9 142.6 174.4 120.2 129.2 112.7 160.2 141.7 July 150.6 181.4 167.1 133.4 178.4 139.5 108.9 143.8 175.7 118.8 129.8 113.0 165.3 144.0 August.... 153.6 181.7 172.3 136.0 182.1 140.8 112.5 148.9 179.7 117.5 129.7 112.7 167.0 147.6 September 157.4 186.4 179.3 138.2 184.8 142.0 114.1 150.7 183.3 122.3 130.6 115.9 170.8 151.6 October... 158.5 189.7 177.8 140.0 191.7 143.0 115.9 151.1 185.8 128.6 132.3 117.1 175.1 151.1 November. 159.7 187.9 178.0 •142.4 202.4 144.7 118.1 '151.7 187.5 135.8 137.7 118.8 175.5 152.3 December. 163.2 196.7 178.4 145.6 203.1 147.6 124.3 152.3 191.0 135.0 139.7 121.5 182.0 154.7 1948—January.. 165.6 199.2 179.9 148.1 '200.3 147.0 130.0 154.4 193.1 138.8 141.6 123.5 183.9 157.6 February. , 160.7 185.3 172.4 147.4 192.8 147.6 130.7 155.3 192.5 134.6 142.0 119.9 174.9 154.4 Week ending:1 1948—Jan. 3... 164.4 199.2 181.3 146.4 202.2 147.5 128.5 152.0 189.4 135.0 135.3 121.8 184.5 156.6 Jan. 10... 164.5 197.0 182 146.9 200.3 145.8 130.0 152.8 189.7 139.0 136.7 122.1 182.9 157.3 Jan. 17... 165.5 201.5 181.2 147.4 201.4 145.7 130.0 153.2 191.1 140.8 136.9 123.0 186.0 157.6 Jan. 24... 164.4 199.2 177.4 147.6 201.5 145.5 130.4 153.9 191.3 139.3 137.2 123.6 184.8 156.5 Jan. 31... 163.7 195.1 176.5 148.0 201.2 145.8 131.2 154.1 191.3 139.3 137.5 123.9 182.3 156.5 Feb. 7... 163.8 195.5 177.9 147.8 198.0 147.0 131.4 154.2 192.1 134.3 137.7 122.6 182.3 156.7 Feb. 14... 159.7 180.9 173.3 147.5 196.2 146.7 131.6 154.8 192.0 134.0 137.7 120.2 173.4 154.5 Feb. 21... 159.2 181.7 170.3 147.5 193.3 146.9 131.6 155.5 191.9 134.9 143.6 119.1 173.6 153.5 Feb. 28... 159.2 182.8 170.5 147.3 188.5 146.2 131.7 155.6 192.1 135.3 143.7 119.0 173.9 153.5 Mar. 6... 160.4 187.1 172.2 147.3 187.9 145.9 131.7 155.7 192.1 136.6 143.6 119.4 176.5 154.3 Mar. 13... 159.8 184.9 171.2 147.3 187.1 145.9 131.7 155.9 192.5 136.5 143.7 119.5 174.9 154.3 Mar. 20... 161.5 187.6 176.4 147.3 185.9 145.6 131.7 156.0 192.6 135.8 144.3 119.9 176.5 156.3 Mar. 27... 161.1 186.2 174.8 147.4 186.2 145.2 131.7 156.0 192.5 135.1 144.3 120.8 175.9 155.9 1947 1948 1948 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 171.1 245.5 252.7 256.3 220.0 Agricultural implements... 117.6 125.3 127.0 128.4 128.9 Livestock and poultry 201.5 211.0 226.3 232.9 210.0 Farm machinery 119.0 126.7 129.2 130.1 130.7 Other farm products 150.5 157.2 162.5 162.4 159.9 Iron and steel 125.0 141.3 142.2 145.5 146.9 Foods: Motor vehicles 149.3 160.3 160.5 160.8 161.0 Dairy products 161.8 175.9 183.5 183.9 184.8 Nonferrous metals 131.3 142.2 143.0 145.5 146.8 Cereal products 141.3 172.5 170.6 170.1 160.2 Plumbing and heating 117.1 136.0 136.1 137.9 138.7 Fruits and vegetables 134.2 135.5 135.4 141.1 144.8 Building Materials: Meats 199.5 217.6 214.8 222.3 206.2 Brick and tile 132.3 147.3 148.8 150.9 151.1 Other foods 146.0 159.4 160.0 155.0 146.7 Cement 109.9 120.6 121.6 126.4 127.2 Hides and Leather Products: Lumber 263.6 295.6 303.2 307.3 303.8 Shoes 171.5 187.0 190.7 194.3 194.7 Paint and paint materials.. 173.9 161.8 164.0 163.2 159.6 Hides and skins 191.4 263 A 256.9 238.9 207.2 Plumbing and heating 117.1 136.0 136.1 137.9 138.7 Leather 181.1 216.0 216.2 209.2 199.9 Structural steel 127.7 143.0 143.0 143.0 149.4 Other leather products 137.1 141.3 141.8 '•143.8 143.8 Other building materials... 141.5 152.6 155.5 157.2 159.4 Textile Products: Chemicals and Allied Products: Clothing 132.7 135.6 136.3 138.7 139.9 Chemicals 113.8 124.3 124.1 125.8 126.5 Cotton goods 193.7 209.1 213.5 214.2 214.6 Drugs and Pharmaceuticals 182.5 151.1 154.9 154.4 154.3 Hosiery and underwear.... 100.0 101.4 103.0 104.4 105.0 Fertilizer materials 99.2 112.0 114.4 115.6 114.8 Silk 80.2 73.3 73.3 46.4 46.4 Mixed fertilizers 96.3 100.8 101.5 102.4 102.8 Rayon 37.0 37.0 40.0 40.7 40.7 Oils and fats 214.3 226.7 215.9 236.7 201.5 Woolen and worsted goods. . . 121.9 134.9 139.6 141.6 142.8 House furnishing Goods: Other textile products 170.1 174.8 177.8 181.2 180.2 Furnishings 129.6 140.0 142.8 143.9 144.4 Fuel and Lighting Materials: Furniture2 '128.5 '135.6 '136. 1-139.6 139.8 Anthracite 114.8 123.3 123.4 124.2 124.4 Miscellaneous: Bituminous coal 143.3 173.3 174.3 176.8 177.8 Auto tires and tubes 73.0 61.0 63.4 63.4 63.4 Coke 155.1 182.2 183.4 190.6 190.6 Cattle feed 178.6 282.7 308.2 336.0 262.0 Electricity 65.7 66.3 Paper and pulp 143.4 160.7 164.7 168.1 167.1 Gas 84.3 83.6 ''85^4 Rubber, crude 52.9 49.3 44.5 44.7 42.7 Petroleum products 76.6 99.9 112.0 120.7 i21! 7 Other miscellaneous 118.8 128.4 130.0 130.4 130.4 r Revised. 1 Weekly figures not directly comparable with monthly data. 2 Revised figures for the period March-October 1947 will be shown in future issues of the BULLETIN. Back figures.—Bureau of Labor Statistics, Department of Labor. APRIL 1948 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] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 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 Less: Capital consumption allowances 8.8 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 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 (x) 5 1 7 8 — i — 2 — l — 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 3.1 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 E q u a l s: P e r s o n al i n c o me . . .. 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 3 4 1 2 3 4 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 salaries^ 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 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. 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 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME- -Continued [E timates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 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 28.2 26.1 27.0 29.9 New construction l 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 -.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 ) 1.3 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 }l8.3 17.7 17.2 17.7 Less: Government sales 2 (3) f3) 1.2 3.0 1.3 2.6 2.2 2.1 1.4 1.0 .8 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 10.4 11.2 11.4 11.9 12.5 13.3 PERSONAL INCOME [Seasonally aijusted 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 re T ce o i t p a t l s4 b T u d o i r s t s - a e l - W p m a C r g o o o e d d m u i a t c - n y - d s D a i l u n i a s t d r i t y u v r i s e b - d - isbu S in r e s r d e v u m i s c - e e nts G er o n v - - L b c p s e u o l o s f o t n c o s i y o t i r r a e e n i l e m - s - in O l c a t o b h m o e r r e8 i p n r r P e c a i n o r e n o m t t d o - al e rs 8 ' i i n d n s p a t e c o e e n o n n r r d m d a e - l s s e t T m p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m a n u l - e l- 8 ments ing in- tries tries ment insurdustries ance 1929. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 1 5 19 7 13 3 1 5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 .1 .5 15.7 12.6 1.5 70.0 1931.. 64.8 38.7 38.9 14.3 12.5 6.8 5.3 .2 .5 11.8 11.1 2.7 60.1 1932 49.3 30.1 30.3 9.9 9.8 5.7 5.0 .2 .4 7 4 9 1 2 2 46.2 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1934.. . . 53.2 33.4 33.5 12.0 9.9 5.5 6.1 .2 .4 8.7 8.6 2.2 49.5 1935 59.9 36.3 36.5 13.5 10.7 5.8 6.5 .2 .4 12 1 8 6 2 4 53.4 1936 . 68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 .5 12.6 10.1 3.5 62.8 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45 1 45.7 17 4 13.3 6 9 8 2 .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 ? g 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 L 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 L 5 37 1 11 6 6 ? 154.4 1946 177.2 109.2 111.1 45.7 30.9 13.6 20.9 1.9 .6 41.8 13.3 11.3 157.9 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 '174.9 1947—January... 189.3 116.9 119.0 53.0 33.4 14.6 18.0 2.1 L.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 L.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 L.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 L.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 Tune 194.1 120.1 122.2 54.9 34 9 15 2 17.2 2.1 .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 I 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 L.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 L.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 L.9 49.9 15.5 10.5 182.3 December. 210.4 128.1 130.1 60.3 37.1 15.2 17.5 2.0 L.9 54.0 15.6 10.8 184.6 1948—January P. . 210.8 127.4 129.5 59.8 37.0 15.3 17.4 2.1 L.9 54.6 15.8 11.1 184.1 v 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. 8 Less than 50 million dollars • Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 5 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. APRIL 1948 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7 637 3,167 2,515 1,318 L, 197 652 2,125 1,749 596 1933 C3 919 c 1 595 1,122 459 663 C473 776 1,081 467 1937 7,491 3,971 2,752 1,384 1,368 1.219 1.504 1.459 557 1938 7,064 3,612 2,313 970 1,343 1,299 1,442 1,487 523 1939 7,994 4,449 2,792 1,267 1L.525 1,657 1,468 1,544 533 1940 9 146 5,448 3,450 1,729 1,721 1,998 1,488 1,650 560 1941 9,895 5,920 3,744 1,942 1,802 J.176 1,601 1,764 610 1942 6,478 2,948 1,491 482 1,009 L.457 1,369 1,513 648 1943 5,334 1,957 814 175 639 .143 ,192 1,498 687 1944 5,776 2,034 835 200 635 1,199 .255 1,758 729 1945 6,638 2,365 903 227 676 1,462 1,520 L.981 772 1946 .. 10,166 3,976 1,558 544 1,014 2,418 2,262 3,054 874 1947 . 13,385 6 156 2,839 1,151 1,688 3,317 2,697 3,612 920 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 ,004 2,634 2,403 2,768 879 10,631 4,536 1,812 753 ,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 ,156 2,883 2,508 2,887 916 July 11,302 5,045 2,092 922 ,170 2,953 2,548 2,786 923 August. 11,433 5,179 2,167 965 ,202 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 ,452 3,182 2,677 3,309 917 December . 13,385 6,156 2,839 1,151 ,688 3,317 2,697 3,612 920 1948—Januarys 13,046 6,176 2,818 1,202 ,616 3,358 2,707 3,240 923 February? 12,929 6,240 2,841 1,252 ],589 3,399 2,710 3,055 924 *> Preliminary. c Corrected. 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 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 ia u k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m i r l z o e a o a a p n d t n i a d e o s i r r n 8 n- m b C a e n o r m c k i s a - 1 l p S c l a m o o n m a a i n e l - l s b In t a r d n ia u k l s s - 2 p I c n a t lo o r n d i a m i u a n e l - s s - 2 u C n r i e o d n i s t 1929 652 43 263 219 32 95 463 413 42 1933 C473 29 C246 121 27 50 322 202 33 1937 J .210 258 374 221 93 125 148 368 662 409 148 1938 I 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 I 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 I 457 426 417 89 72 147 91 215 792 784 182 146 247 1943 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944 ,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 &f\9 477 439 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 1947 3,317 1,358 712 166 134 269 120 558 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 1,030 611 125 105 190 110 377 180 90 21 20 33 March 2,634 1,079 617 128 108 197 111 394 214 121 24 23 38 April. .. 2 724 1,123 627 133 113 204 112 412 213 116 24 24 39 May. ... 2 811 1,167 633 138 116 213 113 431 212 115 24 24 42 June 2,883 1,196 638 143 119 224 113 450 211 117 26 24 43 July . 2 953 1,221 649 148 121 233 114 467 217 123 29 23 44 August 3,012 1.248 652 152 124 240 114 482 204 113 25 22 42 September. 3,033 1,255 643 154 125 245 114 497 206 107 27 24 41 October... 3,093 ,281 647 157 127 250 114 517 218 121 28 23 45 November.. 3,182 1,309 670 162 130 257 116 538 221 142 27 25 44 December . . 3,317 1,358 712 166 134 269 120 558 254 191 33 30 53 1948—January P.. . 3,358 ,385 717 165 137 271 121 562 235 110 27 26 44 Februarys. . 3,399 ,409 721 167 140 275 121 566 217 109 25 25 44 ^Preliminary. "Corrected. * Figure include only personal instalment cash loans and retai lautomobile 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 February amounted to 106 million dollars, and loans made during February were 15 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 452 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 i d n e e l t r - s F s t t u u o r r r n e e i s - H s a h a t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o t h r a l e e l i r l s Year or month Total ch P a u s r e - r d eta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s r d i c e - l t d , i e o m r t a n a i n o o n iz d d n s a - 1 - 2 i l m s c n o o a s a e n s t n n a h a s t l lhouses 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 1 1 9 9 4 4 7 6 2 1 , ,5 6 9 0 1 2 3 1 4 6 8 5 3 5 0 3 6 7 2 5 7 1 5 3 4 27 8 3 6 5 7 7 1 2 8 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 1,821 215 373 317 296 620 1940 1L ,721 439 599 302 110 271 April 1,922 237 397 337 314 63!7 1941 1,802 466 619 313 120 284 May 2,027 254 423 364 334 652 1942 1L,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 .688 650 528 52 192 266 November... 2,493 339 513 475 471 695 December. . . 2.602 348 537 513 486 718 1947 1948—Januaiyp . . 2,689 360 558 559 490 722 January... 985 337 352 27 114 155 February?. . . 2,734 372 576 566 493 727 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 1,112 409 382 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 x\ugust 1,202 440 408 41 124 189 May 375 59 83 77 42 114 September. 1,253 462 423 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. 1,452 555 474 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 D o ec v e e m m b b e e r r . . . . . . 4 4 0 6 6 7 6 7 9 0 1 9 0 4 3 1 8 1 9 2 4 4 2 7 1 1 1 3 2 5 F Ja e n b u ru a a ry ry P . P . . 1 L , 6 , 1 5 6 89 6 6 3 2 2 3 5 49 0 2 2 5 5 2 2 1 1 7 7 2 6 2 25 5 0 4 1948— F Ja e n b u ru ar a y r P y P. . . . . . 4 3 4 9 2 3 6 7 9 2 9 9 6 8 1 8 1 7 6 3 3 5 6 1 1 0 2 6 0 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 Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper* and instal- Year and month Total modern- ment Year or month Total modern ment m A o u b to il - e Other i l z o a a t n io s n 12 l c o a a s n h s m A o u b to il - e Other l i o z a a n ti s o 1 n 2 l c o a a s n h s 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 3 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 P. 231.6 49.0 30.9 43.3 108.4 1948—January P . 151.8 28.1 17.7 4.2 101.8 FebruaryP. 234.2 50.2 31.5 43.7 108.8 February?. 154.9 28.7 18.0 4.2 104.0 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?., 33.5 8.6 4.6 2.7 17.6 1948—January P. . 28.7 5.9 3.0 0.3 19.5 February P. 31.1 7.9 4.4 2.6 16.2 FebruaryP. 26.7 5.6 2.4 0.3 18.4 P Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. APRIL 1948 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o 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 F 9 e 4 b 8 . P 1 Ja 94 n 8 . D 19 e 4 c 7 . 1 F 9 e 4 b 8 . * y J 1 a 9 e 4 n ar 8 . D 19 e 4 c 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 a d u r n s e a c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total -3 -46 +25 +2 +9 +22 January 30 23 47 26 52 Cash sales -12 -46 +35 -14 -8 -3 February 29 21 41 25 52 Credit sales: March 33 25 44 27 56 Instalment.: +1 -52 +27 +11 +22 +44 April 30 23 44 25 54 Charge account:.:.. -8 -31 +12 +14 +2 May 30 24 44 26 56 June 28 23 45 24 54 Accounts receivable, end July........ 28 22 41 23 53 of month: August 28 22 39 23 51 Total -3 -1 +12 +46 +52 +44 September . . 31 24 39 25 53 Instalment -2 -5 +16 +53 +52 +48 O N c o t v o e b m er ber.. . 3 3 0 1 2 2 3 3 4 3 0 9 2 2 3 4 5 5 7 5 Collections during December... 29 20 39 31 •"54 month: Total -10 -3 +4 +16 +16 +20 1948 Instalment __c -9 +7 +23 +17 +20 January 24 18 36 19 53 February P. .. 23 17 33 17 49 Inventories, end of month, at retail value. +7 -1 -4 +14 +8 +16 P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Sales during month Accounts receivable Collections during Year and month Total Cash I m ns e t n al t - 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 t l d - of a C m c h c o a o n r u t g h n 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 l t - 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 34 145 188 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 average. . . .. 214 237 154 199 88 174 133 198 55 6 39 1947—January . . . »-162 107 146 74 175 121 250 57 6 37 February »-i59 179 109 ••145 73 154 115 195 56 6 38 March 210 236 ••145 192 75 160 129 185 56 6 38 206 »-229 137 192 79 163 123 186 55 6 39 May 216 241 '139 202 81 167 127 198 55 6 39 June . 195 218 125 181 82 165 122 193 55 6 39 July 160 184 114 142 83 146 124 190 57 6 37 August 174 196 157 84 145 123 162 56 6 38 September »-217 »"236 '157 »-2O7 87 167 138 167 54 6 40 October 234 251 180 225 95 181 147 203 53 7 40 November 266 285 r224 253 111 204 152 215 53 7 40 December 369 '403 ••278 348 136 264 171 235 54 7 39 1948—Tanuary. . 173 188 140 163 127 206 174 299 54 7 39 FebruaryP 168 177 144 162 124 180 160 217 53 7 40 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 445. 454 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 1948 Chart Chart book book page Feb. Mar. Mar. Mar. Mar. page Feb. Mar. Mar. Mar. Mar. 10 17 25 10 17 24 WEEKLY FIGURES 1 In billions of dollars WEEKLY FIGURES *—Cont. Per cent per annum RESERVES AND CURRENCY MONEY RATES, ETC.—Cont. Reserve Bank credit, total 2 21.71 21.85 21.33 21.19 21.43 U. S. Govt. securities, total.: 3 21.03 21.07 20.68 20.37 20.61 Corporate bonds: Bills 3 9.28 9.27 8.91 8.67 8.79 Aaa 37 2.83 2.83 2.83 2.84 2.83 Certificates 3 4.36 4.30 4.23 4.29 4.37 Baa 37 3.52 3.53 3.53 3.53 3.54 Notes 3 1.72 1.77 1.77 1.77 1.79 High-grade (Treas. series). . 37 2.81 2.81 2.81 2.81 2.80 Bonds... 3 5.67 5.72 5.76 5.64 5.65 Gold stock 2 23.03 23.04 23.08 23.12 23.14 Money in circulation 2 28.05 28.02 28.01 27.92 27.85 Treasury cash and deposits... 2 2.98 2.29 2.08 2.00 2.79 In unit indicated Member bank reserves 2, 4 16.80 17.55 17.37 17.35 16.87 Required reserves 4 15.84 16.40 16.39^16.40 '16.15 Stock prices (1935-39 = 100): Excess reserves* 4 .96 1.16 .98 P.96 P.72 Total 40 114 115 114 113 119 Excess reserves (weekly avg.): Industrial 40 119 120 119 118 125 Total* 5 .81 .87 .91 P.90 P.75 Railroad 40 102 104 103 102 107 New York City" 5 .07 .04 .05 .01 .04 Public utility 40 92 92 93 92 94 Chicago 5 .01 .01 .01 .01 .01 Volume of trading (mill, shares) 40 .70 .71 .74 1.09 1.30 Reserve city banks 5 .20 .24 .24 .23 .17 Country banks' 5 .53 .58 .61 P. 65 P.54 BUSINESS CONDITIONS Wholesale prices (1926=100): MEMBER BANKS IN LEADING CITIES Total 159.2 160.4 159.8 161.5 161.1 Farm products 69 182.8 187.1 184.9 187.6 186.2 AH reporting, banks: Other than farm and food. . 69 147.3 147.3 147.3 147.3 147.4 Loans and investments.:... 16 64.06 63.49 64.13 63.76 63.23 Production: U. S. Govt. securities, total.. 16 36.28 35.85 36.19 36.06 35.47 Steel (% of capacity) 73 93.6 94.6 96.6 97.5 95.7 Bonds. 18 28.41 27.27 27.24 27.17 27.17 Automobile (thous. cars) ... 73 120 108 115 116 107 Certificates IP 3.12 3.97 4.03 3.94 3.91 Paperboard (thous. tons) ... 74 181 193 189 193 194 Notes IF 2.60 2.56 2.58 2.57 2.47 Crude petroleum (mill, bbls.) 74 5,387 5,353 5,265 5,240 5,377 Bills 18 2.16 2.05 2.35 2.38 1.93 Electric power (mill. kw. hrs.) 75 5,252 5,293 5,285 5,145 Other securities 20 4.17 4.21 4.28 4.30 4.34 Basic commodity prices 5,065 Demand deposits adjusted.. 16 47.56 47.30 47.58 47.01 46.39 (Aug. 1939 = 100) 75 319.7 322.2 316.6 318.1 U. S. Govt. deposits 16 1.00 1.08 1.22 1.17 1.23 Total freight carloadings 316.8 Loans, total If 23.61 23.44 23.65 23.39 23.42 (thous. cars) 76 791 793 797 700 Commercial...; 20 14.59 14.54 14.59 14.58 14.48 Department store sales 664 Real estate 20 3.57 3.57 3.58 3.60 3.61 (1935-39 = 100) 76 248 266 278 313 For purchasing securities: 331 Total 20 1.71 1.60 1.73 1.52 1.56 U. S. Govt. securities. . 20 .83 .76 .72 .63 .71 1947 1948 Other securities 20 .88 .83 1.01 .89 .85 Other 20 3.75 3.74 3.75 3.70 3.77 New York City banks: Dec. Jan. Feb. Loans and investments 17 19.69 19.29 19.64 19.30 19.09 U. S. Govt. securities, total..17 11.28 11.04 11.18 11.07 10.80 Bonds 19 9.09 8.53 8.53 8.50 8.51 MONTHLY FIGURES In billions of dollars Certificates 19 .58 1.03 1.00 .94 .96 Notes 1° .53 .51 .52 .53 .48 RESERVES AND CURRENCY Bills 19 1.09 .97 1.14 1.10 .84 Demand deposits adjusted.. 17 15.97 15.95 16.22 15.51 15.46 Reserve Bank credit 22.86 22.45 21.59 U. S. Govt. deposits 17 .26 .29 .34 .30 .32 Gold stock 22.71 22.82 22.97 Interbank deposits 17 4.03 4.05 4.05 4.19 3.97 Money in circulation 28.94 28.39 28.10 Time deposits 17 1.44 1.45 1.46 1.45 1.45 Treasury cash 1.33 1.33 1.32 Loans, total 17 7.26 7.09 7.25 7.02 7.05 Treasury deposits .97 1.13 1.32 Commercial 21 5.21 5.16 5.18 5.17 5.16 Member bank reserves: For purchasing securities: Total 4,7, 14 17.26 17.39 16.83 To brokers: Central reserve city banks. . 14 5.43 5.45 5.29 On U. S. Govts 21 .45 .41 .38 .29 .37 Reserve city banks 15 6.86 6.94 6.65 On other securities... 21 .29 .25 .39 .30 .27 Country banks 4.97 5.00 4.89 To others 21 .23 .23 .24 .23 .23 Required reserves: All other 21 1.08 1.04 1.06 1.03 1.02 Total 4 16.27 16.31 16.03 Banks outside New York City: Country banks 15 4.38 4.37 4.34 Loans and investments 17 44.37 44.21 44.49 44.46 44.15 Excess reserves: U. S. Govt. securities, total..17 25.00 24.81 25.01 24.99 24.67 Total 4, .99 1.08 .80 Bonds 19 19.33 18.74 18.71 18.67 18.65 New York City 5 .11 .12 .04 Certificates 19 2.54 2.95 3.03 3.00 2.95 Chicago .01 .01 .01 Notes 19 2.07 2.05 2.06 2.04 1.99 Reserve city banks 5 .27 .33 .20 Bills . 19 1.07 1.08 1.21 1.28 1.09 Country banks .60 .63 .56 Demand deposits adjusted.. 17 31.59 31.34 31.36 31.51 30.93 Money in circulation, total.... 9 28.87 28 11 28.02 U. S. Govt. deposits 17 .74 .80 .89 .87 .91 Bills of $50 and over 8.85 8 74 8.69 Interbank deposits 17 6.16 6.33 6.34 6.42 5.96 $10 and $20 bills 9 15.39 14.92 14.91 Time deposits 17 13.29 13.31 13.30 13.31 13.30 Coins, $1, $2, and $5 bills... 9 4.63 4.45 4.43 Loans, total 17 16.35 16.35 16.41 16.37 16.37 Commercial 21 9.38 9.38 9.41 9.40 9.32 ALL BANKS Real estate 21 3.46 3.46 3.47 3.48 3.50 IN THE UNITED STATES For purchasing securities. 21 .74 .71 .72 .70 .69 Allother 21 2.78 2.81 2.81 2.79 2.87 Total deposits and currency*.. 10 »171.60 P170.30 P168.90 Demand deposits adjusted•... 10 P87.20 P86.60 P84.60 Time deposits adjusted* 10 P56.50 ?56 50 P56.80 Per cent per annum Currency outside banks* 10 i»26.50 P25.80 P25.70 MONEY RATES, ETC. U. S. Govt. deposits* 10 Pl.40 PI.80 U. S. Govt. securities: ALL COMMERCIAL BANKS Bills (new issues) 34 .997 .997 .996 .996 .996 Certificates 34 1.09 1.09 1.09 1.09 1.09 Loans and investments, total*. 11 P116.40 P116.60 P115.60 3-5 years 34 1.63 1.62 1.62 1.60 1.58 Loans* 11 P38.10 P38.20 P38.70 7-9 years 34 22.06 2.05 2.06 2.03 2.01 U. S. Govt. securities* 11 P69.30 P69.40 P67.90 15 years or more 34, 37 2.45 2.45 2.45 2.45 2.44 Other securities* 11 P9.00 P9.0C P9.00 For footnotes see p. 458. APRIL 1948 455 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 book book page Dec. Jan. Feb.3 page Dec. Jan. Feb. MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS TREASURY FINANCE—Cont. All member banks: Loans and investments, total.;:... 14 97.85 98.05 97.05 Ownership of U. S. Govt. securities— Loans 14 32.63 32.77 33.12 Cont. U. S. Govt. securities 14 57.91 57.99 56.71 Marketable public issues—Cont. Other securities 14 7.30 7.29 7.23 By earliest callable or due date: Demand deposits adjusted* 14 73.53 73.17 71.42 Within 1 year: Time deposits 14 28.39 28.38 28.59 Total outstanding 31 50.73 53.43 51.27 Balances due to banks 14 11.87 12.04 10.97 Commercial bank and F. R. Balances due from banks 14 5.80 5.90 5.28 Bank 31 36.77 36.63 e33.94 Central reserve city banks: F. R. Bank 31 19.92 17.35 15.63 Loans and investments, total...... 14 25.47 25.34 25.07 1-5 years: Loans 14 8.98 8.96 9.14 Total outstanding 31 49.95 46.41 46.41 U. S. Govt. securities. 14 14.86 14.80 14.38 Commercial bank and F. R. Other securities 14 1.64 1.59 1.55 Bank 31 34.79 33.28 "33.13 Demand deposits adjusted* 14 20.39 20.53 20.00 F. R. Bank 31 1.38 1.83 2.00 Time deposits 14 2.37 2.37 2.44 5-10 years: Balances due to banks 14 5.35 5.44 5.10 Total outstanding 31 10.27 10.27 10.27 Reserve city banks: Commercial bank and F. R. Loans and investments, total 15 36.04 36.29 35.69 Bank 31 6.52 6.55 ^6.49 L U o . a S n . s Govt. securities 1 1 5 5 2 1 0 3 . .4 2 5 0 2 1 0 3. .3 53 6 1 1 3 9 . . 5 7 7 4 Ov F e . r R 1 . 0 B y a e n a k rs : 31 .43 .49 .50 De O m th an er d s d e e c p u o ri s t i i t e s s adjusted* 1 1 5 5 2 2 5 . . 4 7 0 1 2 2 5 . . 4 74 0 2 2 4 . . 3 9 8 6 T U o n t r a e l s t o r u ic t t s e t d a n i d s i s n u g e s: 31 54.81 54.81 54.81 Time deposits 15 11.44 11.45 11.54 Nonbank, commercial B B a a l l a a n n c c e e s s d d u u e e f t r o o m ba n b k a s n ks 1 1 5 5 5 1 . .8 4 5 4 5 1 . .9 4 2 9 4 1 . .7 9 2 0 Co b m an m k e , r c a i n a d l F. b R an . k B an a k n .. d 31 7.13 8.36 Co L u o n L a t o n r a s y n a s b n d a n in k v s e : stments, total 1 1 5 5 3 1 6 0 . . 3 2 2 0 3 1 6 0 . . 4 2 1 8 3 1 6 0 . . 2 4 9 1 F. F R . . R B . a B nk a nk 3 3 1 1 5. . 8 8 4 3 2 7 . . 2 0 6 4 2.89 U. S. Govt. securities 15 22.86 22.84 22.59 Other securities 15 3.27 3.30 3.30 Demand deposits adjusted* 15 27.42 26.90 26.46 MONEY RATES, ETC. Per cent per annum Time deposits 15 14.58 14.56 14.62 Balances due from banks 15 3.74 3.77 3.37 CONSUMER CREDIT* F. R. Bank discount rate 33 1.00 1.25 1.25 Co S C n i h s n u a g m r l g e e e - r p a a c c y r c e m o d e u i n t n , t t s t l o o t a al n s. 2 2 2 2 2 2 1 2 3 3 . . . 7 6 3 0 1 9 P1 P P 2 3 3 . . . 7 O 2 1 5 4 P P P 1 2 3 2 . . . 0 7 9 6 1 3 C Tr o A e r a p a s a o u r r a y t e b b il o ls n d (n s e : w issues) 33,3 3 7 3 2 .9 .8 5 6 0 2 .9 .8 7 6 7 2 .9 .8 9 5 6 Service credit 22 .92 P.92 P.92 Baa 37 3.52 3.52 3.53 Instalment credit, total 22, 23 6.16 P6.18 P6.24 High-grade (Treas. series) 37 2.86 2.85 2.84 Instalment loans 23 3.32 P3.36 P3. 40 U. S. Govt. bonds, 15 years or more.. 37 2.39 2.45 2.45 Instalment sale credit, total 23 2.84 P2.82 P2.84 Automobile 23 1.15 Pi. 20 PI.25 Other 23 1.69 Pi. 62 Pl.59 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing. 28 254.28 254.03 252.1 Stock prices (1935-39 =100): Bonds (marketable issues) 28 117.86 117.86 117.86 Total 39 122 120 114 Notes, certificates, and bills 28 47.73 46.89 44.73 Industrial 39 129 126 119 Savings bonds, savings notes, etc. 28 59.49 59.89 60.09 Railroad 39 104 107 102 Special issues 28 28.96 29.15 29.25 Public utility. 39 94 95 " 93 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 1.17 .90 .86 Total interest-bearing: Brokers' balances (mill, dollars): Commercial banks* 29 68.60 68.90 67.30 Credit extended to customers 41 578 568 537 Fed. agencies and trust funds. .. 29 r34.35 34.60 34.88 Money borrowed 41 240 217 208 F. R. Banks 29 22.56 21.92 21.02 Customers' free credit balances 41 612 622 596 Individuals* 29 65.30 65.40 65.60 Corporations* 29 19.90 19.90 20.20 Insurance companies* 29 24.30 24.10 23.90 BUSINESS CONDITIONS Mutual savings banks* 29 12.00 12.00 12.00 State and local govts.* 29 7.30 7.20 7.2C Marketable public issues: Personal income (annual rate, bill, By class of security: dollars):* « Bills: Total 48 210.4 211.4 P207.1 Total outstanding 30 14.84 Total salaries and wages 48 128.1 128.2 P126.7 Commercial bank and F. R. Proprietors' income, dividends, and Bank 30 13.49 12.80 «12 04 interest 48 69.6 70.2 P67.5 F. R. Bank 30 11.43 9.71 9.21 All other 48 12.7 13.0 P12.9 Certificates: Labor force (mill, persons):* Total outstanding 30 21.22 20.68 18 92 Total 49 60.9 60.5 61.0 Commercial bank and F. R. Civilian 49 59.6 59.2 59.8 Bank 30 13.34 12.59 910.69 Unemployment 49 1.6 2.1 2.6 F. R. Bank 30 6.80 5.88 4.39 Employment 49 57.9 57.1 57.1 Notes: Nonagricultural 49 51.0 50.1 50.4 Total outstanding 30 11.38 11.38 11.38 Employment in nonagricultural estab- Commercial bank and F. R. lishments (mill, persons): • 4 Bank 30 6.80 6.71 *6.66 Total 50 43.4 43.5 P43.3 F. R. Bank 30 1.48 1.54 1. 73 Manufacturing and mining 50 16.8 16.8 P16.7 Bonds: Trade 50 8.8 8.9 P8.9 Total outstanding 30 118.03 118.03 118.03 Government 50 5.4 5.5 P5.4 Unrestricted issues: Transportation and utilities 50 4.1 4.1 P4.0 Nonbank, commercial Construction 50 1.9 1.9 Pl.8 bank, and F. R. Bank.. 30 70.35 71.58 e72.19 Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 51 52.73 52.17 P51.52 F. R. Bank 30 50.29 51.40 e51.82 Hourly earnings (cents) 51 127.8 128.7 P128.7 F. R. Bank 30 2.85 4.79 5.69 Hours worked (per week) 51 41.3 40.5 P40.0 For footnotes see p. 458. 456 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 Dec. Jan. Feb. page Dec. Jan. Feb. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Consumers' prices (1935-39=100): Industrial production:4 A Fo ll o d it ems 6 6 7 7 2 1 0 6 6 7 . . 9 0 2 1 0 6 9 8 . . 7 8 2 1 0 6 4 7 . . 7 5 Total (1935-39 =100) 53, 54 192 193 Apparel 67 191.2 192.1 195.1 Groups (points in total index): Rent 67 115.4 115.9 116.0 Durable manufactures 53 87.0 86.8 P86.1 Wholesale prices (1926=100): Machinery and trans, equip 54 r46.2 46.2 P45.4 Total 69 163.2 165.6 160.7 Iron and steel 54 22.5 22.3 22.3 Farm products 69 196.7 199.2 185.3 Nonferrous metals, lumber, and Other than farm and food 69 145.6 148.1 147.4 other durables 54 18.2 18 Prices paid and received by farmers Nondurable manufactures 53 81.0 83 (1910-14=100): Textiles and leather 54 20. 22.6 P22.7 Paid 71 245 251 248 Food, liquor, and tobacco . 54 22.2 22.2 P22.9 Received 71 301 307 279 Chemicals; petroleum, rubber, Cash farm income (mill, dollars): and coal products 54 23.6 P23.5 Total 72 2,927 2,581 Pl.866 Paper and printing 54 14.4 P15.2 Livestock and products 72 1,610 1,511 Pl.120 Minerals 53, 54 23.7 23.5 P23.6 Crops . 72 1 ,299 1,044 717 Selected durable manufactures Govt. payments 72 18 26 P29 (1935-39=100): INTERNATIONAL TRADE AND FINANCE Nonferrous metals 55 183 187 P189 S C t e e m el e nt 5 5 5 5 2 1 2 9 6 6 ' 1 2 9 2 9 4 225 Shor r t e -t p e o rm rte d fo r b e y ig b n a l n ia k b s il ( i b ti i e ll s , a d n o d ll a a r s s s ) e . t 6 s Lumber 55 139 143 Total liabilities 77 P4.85 Transportation equipment 55 '243 244 P236 Official 77 pl.83 Machinery 55 288 288 P285 Invested in U. S. Treasury bills Selected nondurable manufactures and certificates 77 P. 20 (1935-39=100): Private 77 P3.02 Apparel wool consumption 56 ••171 192 Total assets 77 P.96 M Co a t n to u n fa c c t o u n r s e u d m f p o t o io d n p roducts.... 5 5 6 6 1 1 3 5 1 8 1 1 5 5 7 3 P1 1 5 5 9 3 Ex E p x o p rt o s r t a s n 7 d imports (mill, dollars): 79 '1,112 P1,091 PI.086 Paperboard 56 177 187 179 Excluding Lend-Lease exports... 79 •1,111 Pl.090 PI.086 Leather 56 113 115 Imports . 79 P601 P546 P582 Industrial chemicals 56 440 438 Excess of exports or imports ex- Rayon 56 299 298 P300 cluding Lend-Lease exports 79 P510 P504 Foreign exchange rates: New orders, shipments, and inven- See p. 479 of this BULLETIN . . 80-81 tories (1939=100): New orders: Total 57 252 1947 1948 Durable « 57 291 Nondurable 57 228 July- Oct.- Jan.- Shipments: Sept. Dec. Mar. T D o u t r a a l b le. 5 5 7 7 3 35 2 1 0 ' 5 3 3 1 3 0 1 QUARTERLY FIGURES Nondurable 57 300 5 300 In billions of dollars Inventories: TREASURY FINANCE Total 57 238 5 241 Budget receipts and expenditures: N D o u n ra d b u l r e a ble 5 5 7 7 2 2 6 1 9 4 5 52 2 1 6 8 9 To N ta a l ti e o x n p a e l n d d e it f u en re s s e 2 2 6 6 9 2 . . 6 9 6 0 3 7 . . 0 8 9 6 8 2 . . 8 9 3 4 Construction contracts (3 mo. moving Net receipts 26 9.81 9.3? 14.95 avg., mil?, dollars) :4 Internal revenue collections, total... 26 8.46 7.85 Total 59 809 784 P774 Individual income taxes 26 4.14 3.44 Residential 59 296 280 Corporate income taxes 26 2.29 2.17 Other 59 513 504 Misc. internal revenue 26 2.02 2.24 Re T P s u i o d b t e a l n i l c t ial contracts (mill, dollars):4 6 6 0 0 2 2 7 0 8 32 2 3 0 316 6 !a C C s a h a s s i h h n c o in o u c m t o g e m o a e n d outgo: 2 2 7 7 1 1 0 0 . . 4 5 7 0 1 8 0 . . 6 0 7 1 Private, total 60 258 303 310 Excess of cash income or outgo.... 27 -.03 + 1.34 1- and 2-family dwellings 60 207 240 196 Other 60 51 63 114 MONEY RATES Per cent per annum Value of construction activity (mill, dollars):« Bank rates on customer loans: Total 61 1,186 1,068 926 Total, 19 cities 33 2.21 2.22 2.46 Nonresidential: New York City. 35 1.77 1.82 2.09 Public 61 210 200 169 Other Northern and Eastern cities. 35 2.25 2.27 2.52 Private 61 407 388 379 Southern and Western cities 35 2.69 2.61 2.83 Residential: P P u ri b v l a ic te 6 6 1 1 565 4 475 5 375 3 CORPORATE SECURITY ISSUES In unit indicated Freight carloadings:4 Commercial and Financial Chronicle T G o ro ta u l p s ( 1 ( 9 p 3 o 5 i - n 3 t 9 s = in 1 0 to 0 t ) a l index): 63 149 145 139 To d ta a l t a i s ( s b u i e l s l, dollars): 42 1.26 2.24 C M A o H i a s l c o e t l h l e a r n eous 6 6 6 3 3 3 3 3 8 0 3 5 . . . 1 5 0 3 2 8 2 8 3 . . . 9 1 5 3 8 2 2 0 6 . . . Se N cu e d r w i a t i t e c a s a p ( a m i n t i a d l l l , E d x o c ll h a a r n s g ): e 8 Commission 42 .87 2.00 Net proceeds: Department stores: All issuers 43 ,266 2,223 Indexes (1935-39 = 100) :4 Industrial. 43 389 968 Sales 64 303 ••284 283 Railroad 43 57 91 Stocks 64 '•283 '288 303 Public utility 43 753 1,073 296 stores: New money: Sales (mill, dollars) 65 584 271 P263 All issuers 43 797 1,868 Stocks (mill, dollars) ,. 65 770 789 Industrial 43 285 744 Outstanding orders (mill, dollars) 65 544 633 P576 Railroad 43 49 87 Stocks-sales ratio (months' supply) 65 1.3 2.9 P3. Public utility 43 420 1,005 For footnotes see p. 458. APRIL 1948 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart 1947 Chart 1946 book Apr.- July- Oct.- book page June Sept. Dec. page June Dec. Annual rates, QUARTERLY FIGURES—Cont. in billions of dollars FIGURES FOR SELECTED DATES In billions of dollars GROSS NATIONAL PRODUCT, ETC. LIQUID ASSET HOLDINGS* Gross national product' * 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: • * Personal income 47 191.4 199.6 205.8 Disposable income 47 170.1 177.9 183.7 Consumption expenditures 47 162.3 165.8 172.5 1946 1947 Net personal saving 47 7.8 12.1 11.2 1946 July 31 Feb. 26* Dec. ' June Dec. CALL DATE FIGURES8 31 30 31 OWNERSHIP OF DEMAND DEPOSITS6 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. Manufacturing and mining 25 16.4 16.0 Certificates 12 10.04 7.54 5. Trade 25 13.0 12.5 Bills 12 i.n .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 Revised beginning Dec. 15, 1947, to include the following bonds: 2lA per cent, March 1956-58; and 2x/i per cent, September 1956-59. 3 For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 4 Adjusted for seasonal variation. 5 January indexes estimated from dollar figures published by the Department of Commerce. 6 Preliminary figures for November are: Liabilities—Total, 5.00; official, 1.91; official, invested in bills and certificates, .21; private, 3.09; assets, .92. 7 Beginning in January 1948 recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 74.6 million dollars. 8 Member bank holdings of State and local government securities on Oct. 6, 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. 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT * Chart 1947 Chart book book 1945 1946 page page2 Dec. Jan.p Feb.? In millions of dollars In billions of dollars MONTHLY FIGURES ANNUAL FIGURES2 Consumer credit outstanding, total. .. 3 13,385 13,046 12,929 Consumer credit outstanding, monthly Instalment credit, total 3, 5 6,156 6,176 6,240 averages by years: Instalment loans 5 3,317 3,358 3,399 Total 9, 10 5.73 8.05 11.31 Instalment sale credit 5 2,839 2,818 2,841 Charge accounts 19 1.59 2.31 2.92 Charge accounts 3 3,612 3,240 3,055 Consumer instalment sale credit Single-payment loans 3 2,697 2,707 2,710 granted, annual totals: Service credit 3 920 923 924 Total 11 1.94 3.19 5.16 Consumer credit outstanding, cumu- Automobile dealers 13 0.37 0.90 1.87 lative totals:1 Department, mail order, furni- Instalment credit 4 13,385 13,046 12,929 ture, and household appliance Charge accounts 4 7,229 6,870 6,689 stores 14 106 1.60 2.32 Single-payment loans 4 3,617 3,630 3,634Retail sales, annual totals 15 76.57 100.26 117.72 Service credit 4 920 923 924 Automobile dealers, furniture, Consumer instalment sale credit out- and household appliance stores 16 5.18 11.14 16.92 standing, cumulative totals:1 Automobile dealers 13 2.29 5.98 10.12 Automobile dealers 6 2,839 2,818 2,841 Personal consumption expenditures, Furniture and household appli- annual totals:3 ance stores 6 1,688 1,616 1,589 Total 9 121.7 143.7 164.4 Department stores and mail- Durable goods 11 8.0 14.9 19.8 order houses 6 1,108 1,062 1,045 Automobiles and parts. . 12 0.9 3.6 6.1 Allother 6 458 430 422 Furniture and household Consumer instalment sale credit equipment 14 4.3 7.7 9.8 granted, cumulative totals:1 Nondurable goods and serv- By automobiles dealers 7 636 415 413 ices 11 113.7 128.8 144.6 By furniture and household appli- Nondurable goods 19 75.3 87.1 99.3 ance stores 7 431 214 218 Disposable personal income, annual By department stores and mail- totals3 10 150.7 158.4 175.3 order houses 7 285 154 148 By all other retailers 7 128 68 64 Consumer instalment loan credit outstanding, cumulative totals:1 Commercial and industrial banks. 8 3,317 3,358 3,399 Small loan companies 8 1,793 1,808 1,823 Credit unions 8 1,081 1,091 1,102 Miscellaneous lenders 8 812 820 827 Insured repair and modernization loans 8 558 562 566 P Preliminary. 1 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. 2 Additional annual figures will be published as soon as they become available. 3 Revised 1929 to date. For description of this revision, including changes in terminology, see pp. 1105-1109 of the BULLETIN for September 1947. . * Copies of the Chart Book may be obtained at a price of 50 cents. APRIL 1948 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1947, BY GLASS OF BANK [Amounts in thousands of dollars] Ce m nt e ra m l b r e e r s e b r a v n e k c s ity R m b e e c a s m i n e ty r k b v s e e r C m b o e a u m n n k b t s e ry r m b e a A m n ll k b s er n m a b e t a A i m n o ll k b n s e a r l A m b ll e a m S nk t b a s e t r e New York Chicago ASSETS Loans and investments 20,393,170 5,088,193 36,039,981 36,324,397 97,845,741 65,280,201 32,565,540 Loans (including overdrafts) 7,178,991 1,801,180 13,448,577 10,199,237 32,627,985 21,427,815 11,200,170 United States Government direct obligations. . 11,971,456 2,889,526 20,192,503 22,850,920 57,904,405 38,667,986 19,236,419 Obligations guaranteed by United States Government 470 3,062 6,168 9,700 6,159 3,541 Obligations of States and political subdivisions. 637,759 212,519 1,342,382 2,006,435 4,199,095 3,025,162 1,173,933 Other bonds, notes, and debentures 509,509 175,146 963,631 1,178,421 2,826,707 1,997,249 829,458 Corporate stocks (including Federal Reserve Bank stock) 94,985 9,822 89,826 83,216 277,849 155,830 122,019 Reserves, cash, and bank balances 7,261,225 1,739,266 13,066,359 10,778,416 32,845,266 22,023,591 10,821,675 Reserve with Federal Reserve Banks 4,638,953 1,069,551 7,095,390 4,992,793 17,796,687 11,670,904 6,125,783 Cash in vault 150,821 30,065 562,332 928,856 1,672,074 1,148,724 523,350 Demand balances with banks in United States (except private banks and American branches of foreign banks) 67,210 173,374 2,109,798 3,885,925 6,236,307 4,731,633 1,504,674 Other balances with banks in United States. . . 2,422 1,540 15,372 14,484 33,818 23,648 10,170 Balances with banks in foreign countries 15,015 1,005 7,132 2,302 25,454 13,543 11,911 Cash items in process of collection 2,386,804 463,731 3,276,335 954,056 7,080,926 4,435,139 2,645,787 Due from own foreign branches 16 4,773 4,789 4,773 16 Bank premises owned and furniture and fixtures. . . 159,255 15,114 299,804 346,026 820,199 531,990 288,209 Other real estate owned 566 6,253 5,420 12,239 8,113 4,126 Investments and other assets indirectly representing bank premises or other real estate 2,896 166 44,397 10,642 58,101 43,970 14,131 Customers' liability on acceptances 82,681 4,455 50,032 4,086 141,254 87,501 53,753 Income accrued but not yet collected 63,476 16,095 101,158 46,657 227,386 141,654 85,732 Other assets 19,154 2,534 46,561 37,248 105,497 59,848 45,649 Total assets. 27,982,439 6,865,823 49,659,318 47,552,892 132,060,472 88,181,641 43,878,831 LIABILITIES Demands deposits 23,759,659 5,489,458 35,022,575 29,866,156 94,137,848 62,710,596 31,427,252 Individuals, partnerships, and corporations.... 17,645,674 3,853,000 26,002,552 25,202,524 72,703,750 47,994,884 24,708,866 United States Government 266,622 72,053 404,984 432,439 1,176,098 794,718 381,380 States and political subdivisions 289,540 285,267 2,282,463 2,646,784 5,504,054 4,157,164 1,346,890 Banks in United States 3,235,957 1,196,008 5,496,573 1,049,098 10,977,636 7,660,502 3,317,134 Banks in foreign countries 1,216,934 20,581 130,916 7,060 1,375,491 714,665 660,826 Certified and officers' checks, cash letters of credit, and travelers' checks, etc 1,104,932 62,549 705,087 528,251 2,400,819 1,388,663 1,012,156 Time deposits 1,456,136 912,735 11,444,624 14,576,384 28,389,879 19,312,404 9,077,475 Individuals, partnerships, and corporations 1,417,658 901,885 11,045,296 14,177,070 27,541,909 18,636,707 8,905,202 United States Government 12,471 1,600 44,637 42,486 101,194 83,333 17,861 Postal savings 753 2,611 3,364 2,826 538 States and political subdivisions 14,447 9,250 332,351 337,398 693,446 554,715 138,731 Banks in United States 460 21,587 16,819 38,866 31,773 7,093 Banks in foreign countries 3,050 8,050 11,100 11,10C Total deposits 6,402,193 46,467,199 44,442,540 82,023,000 40,504,727 25,215,795 122,527,727 Due to own foreign branches 664 197,156 24,622 Bills payable, rediscounts, and other liabilities for 221,114 221,778 borrowed money 30,210 687 23,068 53,965 45,135 8,830 Acceptances outstanding 96,794 5,003 58,637 4,131 164,565 101,161 63,404 Dividends declared but not yet payable 22,182 1,650 16,186 15,491 55,509 35,644 19,865 Income collected but not yet earned 15,255 3,951 62,573 42,958 124,737 86,671 38,066 Expenses accrued and unpaid 73,061 22,081 135,930 75,429 306,501 203,414 103,087 Other liabilities 49,206 4,490 73,021 14,785 141,502 80,770 60,732 Total liabilities. 25,723,617 6,439,368 46,814,897 44,618,402 123,596,284 82,772,951 40,823,333 CAPITAL ACCOUNTS Capital 611,972 144,350 957,515 1,016,557 2,730,394 1,775,216 955,178 Surplus 1,196,770 178,650 1,228,327 1,219,783 3,823,530 2,395,185 1,428,345 Undivided profits 381,509 53,814 460,880 513,312 1,409,515 892,383 517,132 Other capital accounts 68,571 49,641 197,699 184,838 500,749 345,906 154,843 Total capital accounts 2,258,822 426,455 2,844,421 2,934,490 8,464,188 5,408,690 3,055,498 Total liabilities and capital accounts. 27,982,439 6,865,823 49,659,318 47,552,892 132,060,472 88,181,641 43,878,831 MEMORANDA Par or face value of capital 611,972 144,350 957,515 1,016,640 2,730,477 1,775,299 955,178 Capital notes and debentures., 1,097 7,500 8,766 17,363 17,363 First preferred stock 22,656 37,272 59,928 24,937 34,991 Second preferred stock 150 4,378 4,528 2,403 2,125 Common stock 610,875 144,350 927,209 966,224 2,648,658 1,747,959 900,699 Retirable value of capital: First preferred stock. .. 23,428 87,998 111,426 34,970 76,456 Second preferred stock. 150 8,248 8,398 3,491 4,907 Demand deposits adjusted 1 16,653,342 3,737,085 25,713,767 27,423,503 73,527,697 49,105,572 24,422,125 Pledged assets (and securities loaned) 1,006,021 541,593 4,421,403 4,069,143 10,038,160 7,668,994 2,369,166 Number of banks 37 14 353 6,519 6,923 5,005 1,918 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS ON DECEMBER 31, 1947, JUNE 30, 1947, AND DECEMBER 31, 1946 [Amounts in thousands of dollars] December 31, 1947 June 30, 1947 December 31, 1946 All Banks not All Banks not All Banks not insured members insured members insured members commercial Federal Re- commercial Federal Re- commercial Federal Rebanks1 serve System banks* serve System banks1 serve System ASSETS Loans and investments 114,304,295 16,474,281 110,712,106 15,925,729 112,208,350 15,860,994 Loans (including overdrafts) 37,591,988 4,966,842 33,258,041 4,605,491 30,739,973 4,046,599 United States Government direct obligations.. . 67,946,187 10,053,342 69,141,228 9,964,017 73,559,881 10,540,624 Obligations guaranteed by United States Government 13,504 3,804 13,678 3,815 15,027 3,582 Obligations of States and political subdivisions. 5,130,927 932,822 4,827,879 847,207 4,300,705 754,113 Other bonds, notes, and debentures 3,319,506 493,088 3,169,582 481,436 3,295,002 492,008 Corporate stocks (including Federal Reserve Bank stock) 302,183 24,383 301,698 23,763 297,762 24,068 Reserves, cash, and bank balances 36,936,014 4,092,849 32,199,046 3,507,287 33,704,314 4,119,728 Reserve with Federal Reserve Banks 17,795,563 16,039,194 16,013,442 Cash in vault 2,147,943 476^095 1,806,395 '""'397,648 2,014,710 439,379 Demand balances with banks in United States (except private banks and American branches of foreign banks) 9,689,645 3,454,057 8,453,306 2,965,193 9,428,590 3,529,026 Other balances with banks in United States. . . 52,359 18,541 51,042 19,454 60,399 25,197 Balances with banks in foreign countries 25,778 324 34,885 657 56,777 634 Cash items in process of collection 7,224,726 143,832 5,814,224 124 ,'335 6,130,396 125,492 Due from own foreign branches 4,789 284 6,353 Bank premises owned and furniture and fixtures. . . 936,444 116,305 914,008 115,585 902,457 113,281 Other real estate owned 17,801 5,562 17,922 5,199 20,326 6,091 Investments and other assets indirectly representing bank premises or other real estate 62,240 4,139 65,193 3,899 64,442 3,869 Customers' liability on acceptances 143,230 1,976 87,202 763 118,339 1,344 Income accrued but not yet collected 239,372 11,986 237,673 12,036 230,023 11,542 Other assets 128,901 23,411 139,720 23,548 109,939 23,984 Total assets 152,773,086 20,730,509 144,373,154 19,594,046 147,364,543 20,140,833 LIABILITIES Demand deposits 106,934,598 12,796,751 '99,126,859 '11,765,403 103,416,303 12,498,944 Individuals, partnerships, and corporations.. ., 83,737,730 11,033,980 '78,090,841 '10,157,592 79,902,589 10,775,884 United States Government: W Ot a h r e r loan and Series E bond accounts • 1,327,075 150,978 ' 1,0 2 4 0 3 5, , 5 8 6 5 1 0 1 2 3 1 3 , , 0 1 9 5 6 4 2, 2 7 2 0 3 9 , , 2 0 4 7 8 4 23 2 5 4 , , 8 5 2 0 1 0 States and political subdivisions 6,695,228 1,191,174 6,496,970 1,121,303 5,968,462 1,053,962 Banks in United States 11,236,131 258,495 9,806,903 194,434 10,888,080 243,953 Banks in foreign countries 1,379,176 3,685 1,371,889 2,621 1,364,022 10,578 Certified and officers' checks, cash letters of credit, and travelers' checks, etc 2,559,258 158,439 2,110,845 135,203 2,360,828 154,246 Time deposits 34,954,068 6,580,605 '34,568,905 '6,511,381 33,612,986 6,376,063 Individuals, partnerships, and corporations 33,963,323 6,437,828 '33,623,136 '6,379,910 32,761,111 6,251,282 United States Government 105,520 4,326 105,678 3,114 114,327 3,828 Postal savings , 4,994 1,630 4,881 1,554 5,023 1,542 States and political subdivisions 825,901 132,457 771,394 122,503 664,522 113,554 Banks in United States 43,225 4,359 42,662 4,296 49,199 5,853 Banks in foreign countries 11,105 5 21,154 4 18,804 4 Total deposits 141,888,666 19,377,356 133,695,764 18,276,784 137,029,289 18,875,007 Due to own foreign branches 221,778 270,208 194,878 Bills payable, rediscounts, and other liabilities for borrowed money , 61,345 7,380 59,543 9,533 38,888 8,759 Acceptances outstanding 166,556 1,991 99,892 783 133,458 1,354 Dividends declared but not yet payable 60,315 4,806 53,358 2,327 57,497 4,365 Income collected but not yet earned 151,851 27,114 124,721 23,192 101,261 19,907 Expenses accrued and unpaid, 332,864 26,406 374,727 25,527 381,709 25,344 Other liabilities 153,908 12,416 134,880 9,311 139,523 11,507 Total liabilities... 143,037,283 19,457,469 134,813,093 18,347,457 138,076,503 18,946,243 CAPITAL ACCOUNTS Capital 3,193,918 463,524 3,171,036 452,042 3,141,878 450,103 Surplus 4,316,404 494,130 4,182,796 482,146 4,C60,047 465,789 Undivided profits 1,650,231 240,860 1,644,081 242,353 1,495,456 208,317 Other capital accounts 575,250 74,526 562,148 70,048 590,659 70,381 Total capital accounts 9,735,803 1,273,040 9,560,061 1,246,589 9,288,040 1,194,590 Total liabilities and capital accounts. 152,773,086 20,730,509 144,373,154 19,594,046 147,364,543 20,140,833 MEMORANDA Demand deposits adjusted2 85,767,490 12,239,761 '80,884,432 '11,289,763 82,101,483 11,858,600 Pledged assets (and securities loaned). 11,648,069 1,610,009 11,653,224 1,702,083 13,664,608 1,899,861 Number of banks 13,403 6,483 13,391 6,466 13,359 6,462 r Revised. 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. APRIL 1948 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list Not onpar list and offices on which (Nonm Federal Reserve checks are drawn Total Member Nonmember district or State Banks1 a B n r d a n of c f h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s United States total: Dec 31 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec 31 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Feb. 29, 1948* 14,090 4,168 12,060 3,843 6,920 3,067 5,140 776 2,030 325 By districts and by States Feb. 29, 1948* District 493 29() 493 290 336 215 157 75 New York 924 840 924 840 796 778 128 62 PhiladelDhia . .. 844 134 844 134 647 99 197 35 1 145 250 1,145 250 711 215 434 35 Richmond r 1,012 43-5 793 308 475 202 318 106 219 125 Atlanta 1,170 552 127 341 111 211 16 618 36 Chicago.: 2,488 566 2,432 540 999 217 1,433 323 56 26 St. Louis 1,469 131 1,120 71 495 40 625 31 349 60 1,278 111 614 41 474 26 140 15 664 70 Kansas City 1,750 8 1,740 8 758 5 982 3 10 Dallas 1,008 36 898 28 614 19 284 9 110 8 San Francisco 509 1,206 505 1,206 274 1,140 231 66 4 State Alabama 222 2? 113 22 87 22 26 109 Arizona • • 10 40 10 40 5 30 5 10 Arkansas z 228 19 99 5 66 1 33 4 129 14 California 193 897 193 897 115 855 78 42 Colorado * 142 1 142 1 92 1 50 115 23 115 23 65 12 50 11 Delaware 39 14 39 14 17 4 22 10 District of Columbia... 19 38 19 38 16 35 3 3 Florida 179 2 117 2 71 2 46 62 382 31 99 27 65 26 34 1 283 4 Idaho•": 48 4S 48 45 26 43 22 2 Illinois 881 3 879 3 502 3 377 2 Indiana 487 89 487 89 237 33 250 56 664 162 664 162 163 501 162 608 606 214 392 2 Kentucky 386 36 386 36 113 25 273 11 Louisiana • 160 63 58 41 46 36 12 5 102 22 63 69 63 69 38 37 25 32 166 102 166 102 78 68 88 34 Massachusetts 182 153 182 153 147 141 35 12 442 210 442 210 229 161 213 49 l^linnesota 677 6 264 6 206 6 58 413 206 55 40 7 31 1 9 6 166 48 Missouri 595 527 180 347 68 112 112 82 30 Nebraska * "^ ... 410 2 410 2 145 2 265 8 18 8 18 6 17 2 1 New Hampshire . .* r 73 2 73 2 52 1 21 1 New Jersey 339 138 339 138 291 124 48 14 New l^texico 47 9 47 9 33 1 14 8 New York .: 657 717 657 717 575 665 82 52 North Carolina 207 172 89 50 53 30 36 20 118 122 North Dakota 151 24 54 5 42 12 5 97 19 Ohio 668 192 668 192 425 166 243 26 Oklahoma 384 1 375 1 225 1 150 9 Oregon " T . 70 82 70 82 32 77 38 5 Pennsylvania 990 149 990 149 758 125 232 24 Rhode Island 19 41 19 41 11 29 8 12 South Carolina..::.... 150 33 58 31 31 27 27 4 92 2 South Dakota . . 170 47 69 21 63 20 6 1 101 26 295 74 200 58 81 46 119 12 95 16 Texas 890 4 830 4 564 4 266 60 Utah 60 15 60 15 36 13 24 2 Vermont 69 10 69 10 40 2 29 8 314 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 Wisconsin.. . 553 151 444 100 163 21 281 79 109 51 Wyoming 55 55 38 17 p Preliminary. » Excludes mutual savings banks, on a few of which some checks are drawn. 8 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, p. 241 of the BULLETIN for February 1948). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 462 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. . 464 Gold production 465 Gold movements 465 International capital transactions of the United States. . 466-471 International Monetary Fund and Bank. 472 Central banks 472-476 Money rates in foreign countries. . 477 Commercial banks 478 Foreign exchange rates. 479 Price movements: Wholesale prices 480 Retail food prices and cost of living. . 481 Security prices . 481 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. APRIL 1948 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d t g A in e r n a - * - g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r y - Greece H ga u r n y - 1939—Dec 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 416 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1941—Dec 22,737 497 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec 22,726 614 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec 21,938 838 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec 20,619 992 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec 20,065 1,197 716 354 2 361 82 127 191 61 38 52 1,090 1946—Dec 20,529 1,072 735 354 2 543 65 145 226 61 38 53 796 24 1947—Mar.. . . 20,463 887 633 354 7 53 126 229 32 53 696 27 Apr 70,774 807 634 354 6 53 98 234 32 53 696 27 May 20,933 749 639 354 7 53 92 239 32 53 696 27 June 21,266 635 643 354 8 45 93 259 32 53 696 30 July.... 21,537 514 644 354 6 46 87 259 32 53 544 30 Aug 21,766 491 649 354 7 45 88 32 53 544 30 Sept 21,955 451 650 354 8 45 89 ' 279" 32 53 444 33 Oct 22,294 367 599 354 6 45 83 279 32 53 444 33 Nov... . 22,614 323 593 354 7 45 84 279 32 53 548 33 Dec 22,754 P289 597 354 7 45 83 279 32 548 34 1948—Jan 22,935 593 7 84 32 34 Feb. 23,036 578 34 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec 274 26 144 164 90 32 692 23 '81 20 3 84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 »-75 20 59 158 367 1941—Dec 274 26 124 4 164 235 47 575 23 58 21 59 182 366 42 1942—Dec 274 34 141 3 216 39 506 23 25 59 203 634 42 1943—Dec 274 92 118 203 500 23 31 60 260 706 91 1944—Dec 274 128 24 222 500 23 32 60 267 814 105 1945—Dec 274 131 24 294 270 23 80 28 60 269 914 110 1946—Dec 274 127 28 181 265 23 91 24 939 111 1947—Mar.... 274 130 28 149 197 23 76 20 P268 803 111 Apr 274 132 28 149 197 23 77 19 798 111 May.... 274 132 28 141 196 23 77 20 788 111 June 274 133 28 131 190 23 77 20 757 111 July.... 274 28 98 190 23 77 20 752 111 Aug 274 127 28 99 190 23 77 20 775 111 Sept 274 127 28 100 190 23 73 805 111 Oct. 274 28 100 191 23 73 20 804 111 Nov.. . . 274 28 100 223 23 72 20 796 111 Dec 274 100 231 23 72 20 762 111 1948—Jan 274 96 220 23 70 20 764 Feb 86 209 20 End of month S d w en e- S la w e n r i d - tz & - T k u ey r- U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n e s6 r - Government go p l r d e v r io e u s s e rv f e i s g 1 u 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 7 1 1 9 6 0 8 2 5 9 2 5 8 9 2 12 7 1 1 7 7 0 8 End of month U St n a i t t e e s d U K d n i o i n m t g ed - Fran ce g B iu e m l- 1941—Dec. 223 665 92 1 100 41 383 12 166 1942—Dec. 335 824 114 1 89 68 21 185 1943—Dec 387 6 965 161 1 121 89 45 229 1938—-Dec 80 2 759 331 44 1944—Dec. 463 1,158 221 1 157 130 37 245 1939- -Aug 3 876 4 460 1 1 9 9 4 4 5 6 — — D D e e c c 4 3 8 8 2 1 1 1 , , 3 4 4 3 2 0 2 2 4 3 1 7 1 1 2 1 0 9 0 5 2 2 0 1 2 5 3 3 9 2 2 2 4 4 7 0 1940- - D A e u c g.... 156 4 293 17 1947—Mar 265 1,432 233 1 197 235 27 240 1941-- D Se e p c t . . . . . . 4 2 8 4 *1 2 5 9 1 2 17 Apr 217 1,427 226 1 194 235 27 240 Dec... 25 17 May.... 190 1,416 207 1 192 235 27 240 1942--Dec... 12 17 June... 168 1,355 191 1 189 235 27 240 1943--Dec... 43 17 July.... 144 1,370 185 1 189 235 27 240 1944--Dec... 12 52,354 214 17 Aug 126 1,373 174 183 215 26 240 1945--Dec 18 52,341 457 17 Sept 93 1,386 169 183 215 29 P240 1946--June... 71 52,196 Oct 101 1,389 169 177 215 28 P240 Sept... 113 52,535 Nov 101 1,372 170 175 215 30 P240 Dec... 177 52,587 Dec 105 1,356 170 215 30 ! P240 1947--Mar... 163 52,345 1948—Jan 104 1,352 171 215 June... 151 52,382 Feb 101 171 P240 Sept.... . 129 62,341 P Preliminary. r 1levised. 1 Reported at infrequent intervals or on de- 1 Dollar value estimated since gold is purchased with foreign exchange acquired at various layed basis: U. S.—Exchange Stabilization Fund prices. (Special A/c No. 1); U. K.—Exchange Equali- 2 On May 1, 1940, gol(i belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that tilTie is gold held by Minister of Finance, except for Fund and Rentes Fund; Belgium—Treasury. December 1945 and Decmember 1946 wheil gold holdings of Foreign Exchange Control Board 2 Figure for end of September. are included also. 8 Reported figure for total British gold reserves 8 Figures relate to last official report d;ites for the respective countries, as follows: Java— on Aug. 31, 1939, less reported holdings of Bank Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. of England on that date. * Figure for February1941; beginning 1dar. 29, 1941, gold reserves no longer reported sepa- 4 Figure for first of month. rately. 5 Gross official holdings of gold and U. S. * Beginning December 1943, includes g<)ld holdings of Swiss Government. dollars as reported by British Government; total 8 For list of countries ncluded, see BULLETIN for June 1947, p. 755, footnote 7. British holdings (official and private) of U. S 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British dollars, as reported by banks in the United Exchange Equalization i\ccount during 1?39. States are shown in table on p. 469. NOTE.—For gold holdings of InternatiDnal Fund and Bank, see p. 472. For back figures, NOTE.—For details regarding special internal see Banking and Monetary Statistics, Tab!es 156-160, pp. 536-555, and for. a description of gold transfers affecting the British and French figures, including detai s regarding specia internal gold transfers affecting the reported data, institutions, see p. 472, footnote 4, and p. 473, see pp. 524-535 in the s£ime publication. footnote 10. For available back figures see Banking and Monetary Statistics, p. 526, and BULLETIN for November 1947, p. 1433; June 1947, p. 755; February 1945, p. 109. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Year or production Total II Africa North and South America Other U o . u S t . s S i . d R e .i r m e o p n or th te l d y | A So fr u ic th a 1 | R de h s o i - a A W fr e ic s a t 2 B C e o l n g g i o an 8 U St n a i t t e e s d * C ad a a n 5 - M ic e o x * - Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t * ra- India9 $1--=156/tx grains of told9/v>)%ne; i. e.,an ounce of fine iiold=$35 1938 1,136,360 958,770 425,649 28,532 24 670 8-470178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 «8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27 765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 966 132 494 439 26 641 29 225 130,963 169 446 28 019 20 882 6 409 8 623 42 525 8,960 1943 760,527 448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 682,061 429,787 20,746 18,445 35,778 102,302 17,779 19,374 7 131 7,865 16,310 6,545 1945 646,914 427,862 19,888 18,865 32,511 94,385 17,734 6,282 6,985 16,450 5,950 1946 663 266 417 647 19 061 20 475 51,182 98 994 15 301 8 068 6 357 21 595 4,585 1947 392,004 19,320 81,219 107,432 13.406 7,403 24,605 6,055 1947—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 L.508 1,820 7,220 9,412 1,130 528 502 1,785 525 June . . 57,215 33,984 1,498 1,680 6,117 9,418 1,065 553 520 1,890 490 July 61,314 35,396 L,554 1,855 7,319 9,149 1,112 513 636 J.220 560 Aug 59,057 34,875 1,541 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 .925 490 Oct. 58.681 35,361 ,540 35 8,185 9,057 915 424 679 2,065 420 Nov. 56,356 33,888 L ,513 1,225 6,243 8,826 945 383 742 2,065 525 Dec 34 02S 1,750 7,281 9,614 680 672 2,030 490 1948—Jan. 34,775 1,890 6,214 648 1,925 455 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 J35 a fine ounce] Net imports from or net exports (—) to: Y m e o o a r . r im T n o p e o t t a r l ts U K d n i o i n t m g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - 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 i - a A So fr u ic th a India c o o A th u l e n l 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 "i03 106 357 1-133,471 1946 3'1.494 458 -14 -6 344.130-134,002 3,591 -403 -156 41118.550-2,613 2-18,083 1947 1,866,348 488,433162,941 3 27,990 1 445,353 335,505 -7,110 10,684-3,508 124410,691-4,423 3 -338 1947 A M p a r r . . 1 4 5 4 3 , , 0 6 5 3 0 4 -120 -31 1 1 2 0 6 1 , ,6 3 4 4 2 1 -9,7 2 9 2 3 1-13 2 , , 2 8 6 9 9 8 -1 1 2 2 9 2 ii 6 2 6 6 , , 6 3 7 7 4 6 - - 1 1 , , 1 3 4 9 0 0 - -5 2 1 1 5 4 May 129,734 -75 26,442 9,485 262 14,867 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 1 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 4 5,233 Aug. 111,657 2 2,220 90,463 330 -94 -1,543 17 16,042 44,221 Sept. 109,600 -5 22,515 13,903 499 23,444 242 1,286 -286 28 37,760 410,215 Oct. 450,830 245,712140,568 14,088 -7 552 48,190 152 1,073 -56 40 21 4 497 Nov. 265,700 142,821 3 63,697 56,849 103 1,434 -252 19 29 997 Dec. 178,166 101,541 37,735 35,436 208 2,126 85 9 1,026 1948 Jan. 234,978 182,808 9,970 31 458 12,009 201 2,418 74 32 991 -5,982 Feb.? 159,388 104,264 31,301 289 211 1,102 -289 227 23,674 -1,390 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. 3 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. 4 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. APRIL 1948 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From t h J ro a u n g . h 2 — , 1935, Total funds in U. S. f i t n u e n r st n d i a t s u t o i t o i f o n i n a n s l - b in a fu n U n k . d i n s S g . se o R c f u e U t r u i . t r i S n e . s: s I e n f c o fl u r o e r w i i g ti n e o s f : b I b n r a o f l l k o a e n w r c a e g in s e Total Official i Other in U.S. abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316,2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0* 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 ,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 ,125.1 31.9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 ,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 ,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,742.0 2,194.6 508.1 ,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 ,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 ,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2).... 5,607.4 3,229.7 1,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1).... 5,219.3 2,820.9 1,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 ,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,,788.9 1,868.6 ,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 ,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 ,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 ,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 ,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 ,073.0 645.1 139.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 ,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 ,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 ,237.9 464.5 153.7 1947—Jan. 31 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 ,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 ,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 ,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 ,341.6 416.7 161.6 May 31 9,508.2 4,498.0 1,448.7 3,049.3 2,819.4 255.3 ,380.7 398.5 156.4 June 30 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 ,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 ,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 ,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 ,230.3 338.8 159.9 Oct. 31 '8,683.0 »-4,324.1 'I,232.9 '3,091.2 2,470.9 172.1 ,243.6 310.0 162.2 Nov. 30P 8,547.9 4,262.4 1,200.0 3,062.4 2,376.4 211.6 ,254.5 290.0 153.1 Dec. 3\P 8,314.0 4,118.1 1,123.6 2,994.5 2,237.0 174.6 ,274.9 * 367.0 142.4 p Preliminary. •• 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.) 4 Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. 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. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total1 U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur t o h p er e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia' ot A h l e l r1 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 ,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.4 193.7 ,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 ,395.7 .338.4 ,784.1 247.5 1946—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. 31 628.4 585.6 369.4 319.1 769.5 342.8 ,259.5 3,645.8 967.1 ,466.3 ,247.1 302.0 Feb. 28 254.3 558.2 336.3 295.6 776.8 256.2 ,232.8 3,455.8 933.3 ,431.2 ,185.9 248.1 Mar. 31 029.7 489.6 351.4 256.7 786.1 215.8 ,262.9 3,362.5 853.1 ,384.3 ,179.8 250.0 Apr. 30 069.0 595.8 332.0 391.7 801.6 221.7 ,210.0 3,552.8 764.8 ,364.7 1,142.0 244.6 May 31 688.9 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 ,318.6 1,072.6 239.6 June 30 ,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 31 582.5 614.1 306.2 336.0 811.8 161.2 ,112.2 3,341.6 794.7 ,477.0 972.1 3-2.9 Aug. 31 758.8 648.5 324.6 329.8 808.0 158.1 ,161.3 3,430.2 830.3 ,531.4 958.0 8.9 Sept. 30 ,363.2 486.7 308.2 311.4 800.8 145.1 ,131.3 3,183.6 780.6 ,470.0 931.6 -2.6 Oct. 31 ,212.1 447.7 359.6 258.7 810.6 139.8 ,135.6 3,152.0 681.0 1,446.4 »-937.3 -4.6 Nov. 30P ,171.5 464.2 318.8 240.4 820.5 140.4 ,124.7 3,109.0 684.9 ,406.1 981.0 -9.4 Dec. 31P ,076.9 437.2 234.1 213.8 839.3 150.1 1,086.6 2,961.1 686.4 ,381.0 978.3 470.2 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w e a r n i - t d z- Italy E O ur th o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 Ot A he ll r* 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 1,369.1 212.9 1946—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. 143.1 669.2 2,004.5 484.2 1,221.0 910.8 249.7 Sept. 30 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 1,769.4 420.5 1,144.6 884.4 237.1 Oct. 31 r4,324.1 275.5 188.5 156.3 392.2 126.3 637.2 1,776.0 319.2 1,116.3 '877.0 235.6 Nov. 30P 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 1,749. 319.3 1,081.3 883.5 228.5 Dec. 31P 4,118.1 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 299.4 1,095.0 877.3 224.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r it - 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 - \m La e t r i i n cs Asia* ot A he ll r* 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 — .8 1940—Dec (Jan 1 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 -1.2! 1942—Dec 31 . 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93.8 6.6. 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3; 1945—Dec. 31 742.7 266.6 78.0 — 17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—jan 3i 404.8 241.5 69.2 -117.9 -3.5 11.7 226.0 426.9 44.1 -92.4 34.6 -8.4 Feb. 28 380.9 252.6 66.1 -135.1 -4.1 8.9 225.9 414.3 49.9 -111.6 44.0 -15.7 Mar. 31 337 1 256 2 63 4 -137.1 —3 3 6 0 217.1 402 4 53 9 — 140 6 40 2 -18 7 Apr. 30 333.6 249 6 57 9 -32.4 - 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 Nov. 30P 211 6 260 2 64 1 —28.6 2 4 3 0 174 1 475 2 66 4 —309.5 1 4 —21 9 Dec 31 P 174.6 262.8 55.7 -30.5 1.1 5.5 178.9 473.5 65.4 -348.7 4.5 -20.1 P Preliminary. r Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. * Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 88 SSeeee TTaabbllee 11,, ffoooottnnoottee 33.. 4 See Table 1, footnote 4. APRIL 1948 467 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 d i o n m g- France la e n r d s la e n rd 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 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—Dec. 3i 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—jan. 3i _ 1,308.2 98.1 50.0 24.7 31.5 27.0 261.8 493.0 290.0 453.2 61.0 10.9 Feb. 28 1,229.8 101.3 49.9 23.6 31.8 26.8 264 6 497.9 218.9 457.6 61 1 —5 7 Mar 31 . . .. 1,282.6 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6.4 Apr. 30 1,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 May 31 1,380.7 103.6 49.6 2.2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 June 30 1,398.0 105.7 49.5 1.7 31.2 26.8 265.4 480.4 374.7 478.8 61.1 3.0 July 31 21,177.3 104.2 48.3 .7 31.2 26.7 266 A 477.5 389.1 481.8 61.2 *-232.2 Aug. 31 1,193.6 104.3 47.9 .2 30.1 26 7 267 3 476 5 397.0 488 0 61 4 —229 3 Sept 30 1,230.3 101.5 47.9 -1.1 26.5 26.7 267.9 469.4 417.3 507.9 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 Nov. 30P 1,254.5 96.9 47.2 -3.3 18.8 26.5 267.9 453.9 427.2 534.0 61.6 —222.3 Dec 31 P 1,274.9 94.9 47.1 -3.9 16.3 26.5 273.8 454.7 441.8 537.6 61.6 -220.9 TABLE 6.—DOMESTIC SECURITIES: ]NFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 —4.9 32.2 1,004.4 —2.6 30.1 87 6 14 3 1940—Dec (Jan. 1 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 —70.1 74.9 236.7 336 4 — .1 37 1 615 0 —44.7 28 1 17 5 10 9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 — .1 44.4 644.7 —45.1 35.2 27 7 10 9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72 4 633.7 -28.1 54 9 240 5 10 7 1945—Dec 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—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 2 366 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 Nov. 30P . 290.0 -205.7 31.5 113 9 353.9 — 15.2 42 1 320.5 — 147 0 82 9 27 8 5 7 Dec. 31 P 3367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 3 85.6 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increasesin Foreign Brokerage Baances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1939—Dec (Tan 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 dan 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—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 Nov. 30P 4153.1 19.7 19.1 16.6 39.6 .4 14.1 109.5 19.0 17.3 6 5 7 Dec. 3\P 4142.4 18.4 18.9 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 v Preliminary. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * 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.) 8 Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. 4 Amounts outstanding (in millions of dollars): foreign brokerage balances in United States, Nov. 30—102.7, Dec. 31—92.1; United States brokerage balances abroad, Nov. 30—26.5, Dec. 31—26.6. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total foreign te I r n n - a- countries1 United Neth- Switz- Date t i i n o s n t a i- 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 Asia2 o A th l e l r * tutions and Official private 1938—Dec* 2,157.8 473.8 436.1 187.4 101.8 218.8 20.4 273.3 1,237.8 201.8 248.5 435.5 34.1 1939—Dec.3 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 655.7 72.5 1940—Dec 3 ... 3,938.2 1,418.9 365.5 490.1 174.3 508.4 17.9 657.3 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 1,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.01,522.2 1,046.41,549.7 181.8 1946—Dec. 31 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 * 931.8 1,104.81,316.4 232.8 1947—Jan. 31 468.9 6,034.8 3,126.3 484.4 237.2 212.2 377.2 321.0 864.3 2,496.2 855.9 1,131.81,293.5 257.3 Feb. 28.... 2,725.6 5,781.4 2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 892.7 1,102.61,224.2 227.5 Mar. 31.... 2,726.9 5,575.4 2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 778.2 1,077.61,223.1 220.3 Apr. 30.... 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 1,121.61,193.3 216.0 May 31.... 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.6 1,130.91,153.7 206.7 June 30 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.8 1,242.51,147.4 207.0 July 31.... 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 L.290.41,113.2 214.1 Aug. 31... 2,777.9 5,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 832.4 2,359.8 592.2 1,342.51,091.5 218.5 Sept. 30 2,665.3 5,190.1 2,008.8 369.1 195.0 216.4 395.8 150.0 798.3 2,124.6 528.4 L,266.11,065.1 205.9 Oct. 31.... 2,490.8 '5,058.3 'I,943.2 336.8 268.6 172.9 405.8 146.6 800.5 2,131.2 427.1 rL.237.9rl,O57.7 204.4 Nov. 30P. .. 2,396.3 4,996.6 1,910.3 354.5 236.9 158.4 419.5 146.0 789.8 2,105.0 427.2 1,202.81,064.2 197.3 Dec. 31P... 2,257.0 4,852.2 1,833.9 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 407.4 1,216.61,057.9 193.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m D a e r n k - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain Sweden USSR Y sl u a g v o ia - ot A h l e l r 1942—Dec. 31. .. 650.9 121.8 17.7 7.9 7.b 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—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 Nov. 30P. . 789.8 131.7 55.0 39.2 79.1 45.7 22.5 70.7 49.8 8.3 11.9 72.9 69.4 10.6 122.9 Dec. 31P. . 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116.5 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- l B iv o i - a Brazil Chile l b C o i m o a - - C R o i s c t a a 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- Peru V zu e e n l e a - A L O i a m c th t a i e e n r r ana Surinam 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—Dec. 31. .. 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—Jan. 31. .. 1,131.8 166.0 12.4 183.4 46.2 51.0 7.3 147.3 4.9 149.3 13.6 78.2 37.0 51.5 183.8 Feb. 28. .. 1,102.6 180.0 13.7 157.8 45.2 55.9 9.0 145.9 3.9 142.1 11.8 75.2 34.3 45.5 182.4 Mar. 31... 1,077.6 181.4 12.8 127.6 51.0 51.9 8.5 150.8 4.0 139.1 10.5 73.2 34.0 46.7 186.1 Apr. 30... 1,121.6 223.0 11.7 115.3 53.4 56.2 9.3 168.0 3.2 127.6 10.6 71.0 35.9 49.4 186.6 May 31... 1,130.9 252.0 10.3 96.7 45.3 57.8 8.5 162.0 3.6 128.8 9.0 68.9 38.9 46.3 202.9 June 30. .. 1,242.5 265.0 16.4 85.2 50.7 42.4 8.6 289.6 2.9 126.7 10.3 69.9 39.7 53.6 181.4 July 31.... 1,290.4 309.3 14.6 98.8 41.2 32.0 6.9 284.0 3.2 137.7 10.1 69.7 38.2 66.2 178.6 Aug. 31... 1,342.5 307.5 15.2 110.8 44.9 34.2 8.6 287.7 2.3 149.2 13.6 71.5 41.7 74.0 181.3 Sept. 30. .. 1,266.1 229.0 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. .. r1,237.9 245.7 22.4 rlO3.6 38.3 39.1 7.9 256.6 2.5 148.7 14.7 72.6 40 9 73.4 171.5 Nov. 30?. . 1,202.8 240.5 20.6 97.4 41.8 42.4 7.0 249.4 2.8 140.5 18.4 70.9 41.0 61.1 169.0 Dec. 31P. . 1,216.6 236.2 17.8 104.7 46.3 46.1 7.3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176.8 For footnotes see following page. APRIL 1948 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d n in o c a - h H K o o n n g g I C B n m a Io d n e u a y n i d r a , - - , B M l i a s r y a h it a - - Japan N I l E n a e e n d a r t d i s - h e t s - s i l P p a I h n p s i d - i l n - s eT k u ey r-O A t s h i e a r ot A h l e l r A t l r i u a a s - -N Z la e e n a w d - A S E E t a u n g i g n a g d y y d n l a p p o n - t -F r r M o e c n o c - c o h S A U o f o n u r f i i t o c h n a Other 1942—Dec. 31.:;. 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31... 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31.... 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31..:. 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31... L.316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Jan. 31... 1,293.5 428.7 42.1 39.2 42.5 8.8 17.2 117.4 448.360.8 88.5257.3 40.9 8.2 19.8 16.0 82.5 89.9 Feb. 28... 1,224.2 389.7 36.0 40.8 44.2 7.1 17.7 116.6 430.556.5 85.1227.5 59.4 8.3 18.4 16.9 33.9 90.7 Mar. 31. .. 1,223.1 373.2 39.1 38.9 40.7 7.2 18.7 122.9 447.155.8 79.4220.3 40.4 9.6 19.6 16.5 43.7 90.5 Apr. 30... 1,193.3 369.1 38.4 39.0 36.1 8.3 18.9 103.7 438.965.4 75.6216.0 38.7 8.7 19.0 16.1 47.3 86.2 May 31... 1,153.7 354.3 40.5 41.5 33.4 9.6 18.0 95.4 432.257.0 71.8206.7 36.2 8.7 20.5 14.9 50.0 76.5 June 30 ... 1,147.4 339.1 37.2 41.1 41.2 8.8 16.7 94.9 448.851.0 68.5207.0 47.8 8.6 22.6 13.9 39.5 74.5 July 31.... 1,113.2 309.6 36.2 47.2 43.3 11.8 17.6 85.8 452.640.4 68.7214.1 42.4 9.4 19.4 13.7 49.5 79.7 Aug. 31... 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. .. t,065.1 269.7 8.2 45.5 54.4 13.8 17.8 70 8 464.341 7 79 1205.9 47.5 8.3 24 4 11 8 37 6 76 2 Oct. 31... r1,057.7 263.3 8.7 4-J.6 55.0 12.4 25 5 59.7 470.939.7 '78.9 204.4 43.8 6.5 25 8 11.4 43.3 73.6 Nov. 30P. . 1,064.2 250.2 9.3 41.8 56.7 16.5 28.9 65.9 476.039.2 79.7197.334.8 6.5 26.9 10.2 46.3 72.7 Dec. 31P. . 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.730.6 5.9 25.0 10.1 46.4 75.8 v Preliminary. r Revised. Footnotes to table on preceding page. p Preliminary. r Revised. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under AvSia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 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. NOTB.—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 •xclude 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r 1 1938—T)ec (Tan 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 I939—Dec (Jan. 3 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117 8 6 4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3 9 1944—Dec 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9 9 1946—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 I947—jan 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 Feb. 28 754.6 39.4 13.0 153.7 12.2 17.7 83.9 319.8 43.0 279.6 85.0 27 1 Mar 31 798.4 35.8 15 6 155 8 11 4 20 6 92.6 331.8 39.0 308 6 88 9 30 1 Apr. 30 801.8 42.4 21.1 51.0 8.3 22.0 106.4 251.3 36.4 381.7 98.1 34 3 May 31 . 880 2 39.6 18 8 39 3 9 5 23 8 113.1 244.1 36 8 438 0 127 3 34 0 June 30 933.0 39.3 20.1 49.0 7.8 24.1 127.6 268.0 36.4 424.9 173 3 30 5 July 31 . 979.2 36.9 21 A 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 Nov. 30p 923.9 31.8 14 9 47.2 5.7 23.6 135.6 258.9 26.5 477.5 127 7 33 3 Dec. 31P 960.9 29.2 23.4 49.1 7.0 21.1 130.9 260.6 27.5 516.7 124.6 31.5 P Preliminary. 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. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Yugo- o A th l e l r 1942—Dec. 31. 56.3 .8 C1) 5.6 34.0 1.1 .2 2.4 C1) 3.2 .4 8.4 1943—Dec. 31. 52.9 .7 C1) 7.6 33.9 .6 .2 1.4 C1) 3.2 .2 C1) 5.0 1 1 1 9 9 9 4 4 4 5 6 4 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . 8 7 7 2 4 8 . . . 8 6 3 7. . . 5 6 7 W C1) 6 C C 1 . 1 ) ) 2 3 3 3 3 0 3 . . . 9 4 9 12. . . 4 7 6 3 3 3 1 5 . . .1 3 6 1. . . 0 5 8 C1 A ) 7 1 1 . . . 2 6 8 4. . . 9 9 2 C C 1 1 ) ) 5 4 9. . . 4 1 7 1947—Jan. 31. 83.8 7.1 .6 6.4 30.3 12.4 C1) 3.7 .9 () 7.3 5.5 i1) 9.5 F A M e p a b r r . . . 2 3 3 8 0 1 . . . 1 8 9 0 3 2 6 . . . 9 6 4 8 8 7 . . . 0 9 4 . . . 3 4 3 6 8 7 . . . 3 1 1 3 3 3 0 0 0 . . . 4 4 4 1 1 1 2 3 2 . . . 2 8 5 4 5 4 . . . 2 2 0 1 1 . . . 0 0 9 4 C1 . ) 2 3 3 6 . . . 7 2 8 6 5 7 . . . 0 6 1 o0 0 ) ) 2 1 1 2 3 0 . . . 9 2 2 A J M J O N S D u u e u e c o a n l p c g t y v y e . . t . . . 3 3 3 3 3 3 3 3 1 1 1 0 0 1 1 0 . P . . . . P . 1 1 1 1 1 1 1 1 3 3 3 1 3 3 2 3 0 9 5 3 5 7 7 8 . . . . . . . . 9 7 6 4 9 1 6 8 1 1 1 1 1 1 8 9 2 5 0 0 1 3 . . . . . . . . 9 0 9 0 2 1 3 2 2 1 1 . . . . . . . . 2 1 0 4 4 6 6 6 1 1 1 1 1 1 9 8 1 7 1 7 7 3 . . . . . . . . 0 1 9 9 4 5 8 1 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 . . . . . . . . 5 3 5 5 3 3 3 3 1 1 1 1 1 1 1 1 2 0 2 2 2 3 3 2 . . . . . . . . 6 6 8 9 4 8 0 0 8 C1) .3 1 5 8 9 6 9 8 7 0 . . . . . . . . 2 0 9 1 4 3 0 3 1 1 1 1 1 1 1 1 . . . . . . . . 2 5 3 1 3 2 1 3 1 1 1 1 1 1 6 6 7 2 1 2 2 2 2 . . . . . . . . . 9 9 0 0 9 0 0 0 0 3 4 1 1 1 1 1 . . . . . . . . 5 2 6 3 3 3 4 9 8 9 9 9 7 7 5 7 . . . . . . . . 7 3 3 4 3 5 4 6 0 0 0 C 0 C C 0 1 1 1 ) ) ) ) ) ) ) ) 3 3 3 3 3 2 3 3 6 6 5 7 2 0 5 6 . . . . . . . . 2 1 8 5 6 6 4 3 Latin America Nether- French lands Date A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l b C o i m o a - - C R o i s c t a a Cuba I W G n a d n u e i d i s e - t s Mexico I W S n a u d n e r i d s i e - t s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r ana nam 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 (i) 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 C1) 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—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Jan. 31 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 27.0 .9 1.6 5.4 10.4 27.1 Feb. 28 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 28.8 .8 1.7 6 5 15 6 27 9 Alar 31 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 30.7 .8 2.2 7.0 19.6 33.9 Apr. 30 381 7 57 8 4 8 115 4 18 6 30 4 3 4 53 8 33 7 1 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 (l) 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 0) 39.5 1.2 4.9 6.7 14.6 33.4 Nov. 30P 477.5 66.4 2.9 162.0 22.3 31.2 3.6 91.5 (1) 38.3 1.2 5 0 6 1 15 1 31 9 Dec. 31P 516.7 65.2 2.0 165.8 27.8 35.1 3.5 108.6 C1) 52.2 1.1 4.7 4.3 15.3 31.0 Asia and All Other Date Asia C M c a h h n a i u d n n - a - F C I r n e h d n i o n c - a h H K o o n n g g I C B n m a d n e u a y d i r , a - - , B l M i a s r y h a it a - - Japan I N l E n a e e d n a r t i d s - h e t s - s i l P p a p h n i i d n l- s e T k u e r y -O A t s h i e a r o A th l e l r A t l r u ia a s-N Z la e e n a w d - A E E t a i n g g n a g y y d n l p p o t - F r r M o e c n o c c - o h S U A o f o n u r f i i o t c h n a Other lon Sudan 1942—Dec. 31. 35.3 11.1 () .9 2.2 .7 1.6 14.4 1.8 2.0 4.8 1.0 .7 8 1.7 1.2 1943—Dec. 31. 26.3 1.7 0) 1.0 2.0 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 2.4 .7 1944—Dec. 31. 51.4 1.5 0) .9 22.3 .1 1.5 13.8 1.8 8.8 11.7 .6 .2 9.7 1.0 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 . . 9 2 9 9 . . 2 9 53 1 . . 9 0 C C 1 1 ) ) 5.9 8 1 7 2 . . 5 0 . . 1 2 1 1 . . 0 4 2 1 0 3 . . 2 8 2 1. . 4 0 2 4 . . 7 4 1 9 7 . . 9 2 3 1 . . 4 7 1. . 1 7 C1) 1 4 0 . . 7 1 2 2 . . 5 2 1947—Jan. 31. 94.5 43.8 5.0 12 .5 1.1 25.3 1.4 4.5 19.8 4.3 .2 C1)' 10.5 3.4 Feb. 28. 85.0 36.8 C1) 5.1 12.9 .5 .9 23.0 1.5 4.0 27.1 6.2 .3 14.7 4.5 Mar. 31. 88.9 41.2 0) 4.1 14.6 1.0 1.4 20.3 2.0 3.9 30.1 6.5 .5 0) 16.0 5.5 Apr. 30. 98.1 47.0 C1) 4.0 14.2 1.3 1.9 22.4 2.5 4.5 34.3 7.5 .3 C1) 18.3 6.8 May 31. 127.3 76.1 0) 3.5 13.2 1.1 1.5 23.2 2.7 5.8 34.0 6.6 .6 18.9 6.0 June 30. 173.3 104.8 .1 3.5 32.8 2.2 .5 20.2 3.3 5.8 30.5 9.0 .0 15.2 5.0 July 31.. 185.0 110.7 .1 3.1 33.7 1.6 .5 25.1 3.2 6.7 36/3 11.3 .7 18.8 4.2 Aug. 31. 177.7 108.2 .3 3.1 27.5 1.6 .5 24.5 3.5 8.4 31.7 9.0 .5 15.8 4.9 Sept. 30. 177.5 103.7 3.2 2.1 27.5 .8 .7 24.5 5.6 9.0 34.3 10.2 .4 15.0 6.7 Oct. 31. 164.6 78.6 3.3 2.2 28.9 1.0 .4 27.7 13.1 9.1 36.3 12.0 2.0 14.5 7.0 Nov. 30P 127.7 41.3 3.3 9 28.2 .8 .4 29.0 12.9 9.6 33.3 10.2 2.3 14.2 6.0 Dec. 31 P 124.6 38.3 .3 2.6 29.6 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 14.4 6.0 P Preliminary. i Less than $50,000. APRIL 1948 471 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] 1948 1947 1947 1946 International Fund International Bank Feb. Nov. Aug. May Dec. Sept. June Dec. Gold .. 1,357 1,356 1,345 1,333 Gold 4 Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,559 1,626 1,929 2,030 United States 267 335 478 254 Other members 3,869 3,630 3,304 3,155 Other members 909 873 872 368 Unpaid balance of member subscriptions. 1,176 1,309 1,342 1,202 Investment securities (U. S. Govt. obli- Other assets 0) 0) 0) 0) gations) . .. 412 407 156 148 M Ac e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 7,961 7,922 7,9 - 2 2 2 7,7 - 2 1 2 L C o al a l n s s o n (i n s c u l b . s u c n ri d p i t s i b o u n r s s e to d c p a o p r i t t i a o l n s s t ) ock3. . 497 5 45 4 5 5 250 4 399 Other assets 3 3 (l) Bonds outstanding 250 250 1948 1947 Loans—undisbursed 197 223 158 Currency bought 2 Other liabilities 4 2 0) 0) (Cumulative figures) Feb. Jan. Dec. Nov. S C p a e p c i i t a a l l3 reserve . . 1 0 ,6 ) 45 1 0 ,6 ) 45 1 0 ,6 ) 05 1,169 Accumulated net income -1 -2 -1 -1 Belgian francs 33.0 22.0 11.0 Chilean pesos .. 8.8 8.8 8.8 » Less than $500,000. Danish kroner 3.4 3.4 3.4 3^4 2 As of Feb. 29, 1948, the Fund had sold 500.2million U. S. dollars; French francs 125 0 125 0 125 0 125 0 in addition, 1.5 million pounds sterlingwas 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 6 2 8 2 . . 5 5 2 52 2 . . 0 5 5 2 2 2 . . 0 5 3 2 6 2 . . 0 5 in 3 M E a x y cl u 1 d 9 e 4 s 7 u . ncalled portions of capita subscriptions, amounting to Turkish liras .... 5.0 5.0 5.0 5.0 6,580 million dollars as of Dec. 31, 1947,of which 2,540 milliorL repre- Pounds sterling 240.0 240.0 240.0 240.0 sents the subscription of the United States. Total 506.2 478.7 467.7 439 A CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England (Fi p g o u u r n es d i s n s m te i r ll l i i o n n g s ) of Other Cash reserves co D u 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 assets9 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 1 19 9 3 3 9 g — — D D e e c c. . 2 2 8 7 32 * 6 . 4 2 2 5 3 8 0 0 0 0 1. . 0 8 5 2 1 5 . . 7 6 2 4 8 . . 3 5 1 9 7 0 6 . . 7 1 5 5 0 5 4 4 . . 7 6 1 1 0 1 1 7. . 3 0 2 1 9 5 . . 7 9 3 4 6 2 . . 8 0 1 17 8 . . 9 0 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 I943—Dec. 29 .2 1,100 0 .9 11.6 2.5 307.9 ,088.7 234.3 10.3 60.4 17.9 I944—Dec. 27 .2 1L.250 0 1 9 11.6 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 ,2 11,400 0 .4 20.3 8.4 327.0 ,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 ,428.2 278.9 10.3 57.3 18.1 I947—Mar. 26 .2 1,450.0 .6 59.5 11.1 338.7 ,390.7 286.4 10.6 94.4 18.5 Apr 30 .2 1,450 0 1.0 62.6 18.0 344.8 ,387.6 303.7 6.9 98.0 17.8 May 28 .2 1,450.0 1.3 56.1 8.7 353.9 ,394.1 301.9 5.0 95.1 18.0 June 25 .2 1,450 0 1.8 55.2 20.6 337.0 ,395.0 290.3 8.0 98.3 18.1 July 30 .2 1,450.0 2.4 30.9 28.6 364.6 L,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 31 .2 51,400.0 .3 131.3 12.7 274.3 1,269.0 290.8 16.3 93.0 18.3 Feb. 25 .2 51,350.0 .2 118.6 11.3 ' 284.3 1,231.6 290.6 12.1 93.3 18.4 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. 8 Notes issued less amounts held in banking department. *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 pound? transferred from Bank to Exchange Account. 6 Fiduciary issue decreased by 50 million pounds each on Jan. 7 and on Feb. 4, 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. 472 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 e d s i i a n n m d i o l l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities a O s t s h e e ts r irc N ul o a t t e ion2 lia O b a t i n h l d i e t r ies 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 n io - n Other capital • 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 i75.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947- -Mar. 31. 1.2 1,146.9 757.5 40.4 1,153.2 536.3 159.8 64.6 32.1 Apr. 30. 1.0 1,186.0 751.2 59.2 1,153.9 542.6 195.7 69.3 35.9 May 31. 1.0 1,123.0 731.0 41.3 1,148.1 477.6 179.4 58.5 32.6 June 30. 4.0 1,063.7 716.0 40.4 1,152.6 474.4 105.6 54.4 36.9 July 31. .7 1,081.9 722.6 42.0 1,153.7 468.3 124.1 63.7 37.3 Aug. 30. 2.4 1,141.5 720.3 39.0 1,158.9 515.0 133.6 58.7 37.1 Sept. 30. 1.9 1,088.0 744.7 49.5 1,172.2 481.1 128.2 62.0 40.5 Oct. 31. .7 1,136.4 799.4 53.1 1,179.4 548.7 143.4 71.2 46.9 Nov. 29. 1.4 1,039.9 820.6 46.2 1,182.3 536.7 84.2 62.0 42.8 Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 8—Jan. 31. ( 931.3 863.2 48.2 1,157.5 538.3 44.6 60.6 41.7 Feb. 28. . .6 974.4 825.7 47.2 1,156.3 531.8 60.8 75.0 24.0 Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits Other mill ( io F n ig s u o r f e s f r in ancs) Gold« Fo e r x e - ign Other ci N rc o u t l e a- lia ti b e i s lichange m O a p r e k n et7 Special7 Other c F c u o o p r a s t t o i s 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... H97.267 112 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 21,42( 500,38C 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... "129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26... "94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Feb. 27... 94,817 8 82,958 1,435 85,917 426.00C 54,000 53,066 737,69: 831 54,512 5,166 Mar. 27... 1282,817 5 83,613 694 85,221 426,000 79,500 58,083 746,26t 767 63,880 5,021 Apr. 30... 82,817 6 85,120 134 80,901 426,000 55,000 13108,758 770,67( 770 62,304 4,992 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 13103,846 775,053 745 66,745 4,599 June 26... 82,817 6 82,983 84 87,134 426,000 95,000 13119,66^ 807,064 834 76,747 9,040 July 31... "64,817 6 99,114 8 85,195 426,000 113,600 13120,046 831,587 792 71,329 5,075 Aug. 28... 64,817 3 97,490 20 98,224 426,000 124,900 i3105,639 838,442 750 70,651 7,250 Sept. 25... "52,817 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 1948—Jan. 22^... 65,225 9 145,814 64 125,687 426,000 120,700 13104,474 891,546 771 82,849 12,808 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 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). * 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 occupation. 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. i° Central Administration of the Reichskreditkassen. 11 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 Beginning November 1947, 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. 15 Publication of Bank's statement suspended from Jan. 22 until Mar. 4. 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. 473 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank (Figures as of last report (Figures as of last report date of month) date of month) Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 999 1,030 3,136 Deposits 163,308164,311159,020182,547 Other gold and foreign exchange. ,672 2,614 2,277 Other liabilities and capital 40,387 38,835 39,711 38,012 Government securities ,03: 939 939 Temporary advances to Govt... 10: National Bank of Costa Rica- Rediscounts and loans to banks1. ,83 13,737 8,572 Issue dept. (thousands of colones): Other assets ,613 2,624 2,105 Gold 11,498 11,477 11,348 Currency circulation 2 ,257 5,346 4,07 Foreign exchange 20,593 12,545 6,608 Deposits—Member bank 458 427 499 Contributions to Int'l. Fund and Government ,629 1,480 697 to Int'l. Bank 30,321 30,321 30,321 Nationalized1 ,963 12,850 11153 Loans and discounts 69,675 69,192 66,697 Other 96 84 67 Securities 3,943 3,950 4,046 Other liabilities and capital 747 758 644 Other assets 783 1,240 1,356 Note circulation 87,653 86,224 72,853 Commonwealth Bank of Aus- Demand deposits 42,438 35,303 41,153 tralia (thousands of pounds): Other liabilities and capital 6,723 7,198 6,371 Gold and foreign exchange 189,652180,046177,989223,297 Checks and bills of other banks. . 2,511 2,533 2,721 2,264National Bank of Czechoslovakia Securities (incl. Government and (millions of koruny): Treasury bills) 437,539 440,237466,073380,941 Gold and foreign exchange 6.... 4,380 5,156 4,790 5,405 Other assets 27,804 23,323 20,313 10,832 Loans and discounts 12,291 12,793 17,436 6,440 Note circulation 192,643193,643205,143198,180 Other assets 54,861 54,917 55,031124,365 Deposits of Trading Banks: Note circulation—Old 932 Special 273,110 269,610263,405273,553 New 57,020 56,009 58,539 42,951 Other 26,904 23,297 30,048 26,950 Deposits—Old (7) 72,035 Other liabilities and capital 164,849159,590168,500118,650 Other liabil N it e ie w s and capital 1 2 1 , , 8 7 1 0 1 2 1 4 1 , , 9 8 9 58 8 1 7 1 , , 3 4 1 0 6 2 1 9 0 , , 5 7 1 7 6 6 National Bank of Belgium (millions of francs): National Bank of Denmark Gold 25,348 25,980 26,170 30,281 (millions of kroner): Foreign exchange 12,515 13,307 12,081 8,471 Gold 71 71 71 71 Net claim on Int'l. Fund 3 544 486 518 Foreign exchange 103 100 123 118 Loans to Government 51,026 50,982 50,997 50!808 Contributions to Int'l. Fund and Other loans and discounts 7,870 7,883 7,955 4,482 to Int'l. Bank 65 65 Claim against Bank of Issue 64,597 64,597 64,597 64,597 Clearing accounts (net) 3 -14 -22 114 Other assets 2,240 2,289 2,665 2,196 Loans and discounts 14 20 21 24 Note circulation 79,140 79,736 79,761 74,452 Securities 102 113 125 75 Demand deposits 4,485 5,309 4,718 5,514 Govt. compensation account.... 5,532 5,571 5,609 7,528 Blocked accounts 4 78,572 78,576 78,578 79,273 Other assets 188 192 250 159 Other liabilities and capital 1,943 1,903 1,925 1,595 Note circulation 1,540 1,571 1,641 1,519 Deposits—Government 1,871 1,873 1,741 2,645 Central Bank of Bolivia—Mone- Other 2,516 2,527 2,621 3,777 tary dept. (millions of bolivianos): Other liabilities and capital 149 145 174 146 Gold at home and abroad 951 922 Foreign exchange 177 263 Central Bank of Ecuador Loans and discounts 280 309 (thousands of sucres): Government securities 806 431 Gold , 274,979272,970 Other assets 33 12 Foreign exchange (net).... 51,162 38,205 Note circulation ,848 1,682 Net claim on Int'l. Fund *.. 16,877 16,877 Deposits 168 242 Loans and discounts , 209,460202,701 Other liabilities and capital 231 12 Other assets 94,599128,006 Note circulation 338,491347,123 National Bank of Bulgaria 5 Demand deposits 244,338270,392 Other liabilities and capital. 64,247 41,243 Central Bank of Chile (millions of pesos): National Bank of Egypt (thou- Gold 200 244 sands of pounds): (Nov.)8 Net claim on Int'l. Fund 3 46 43 Gold 6,376 6,376 Discounts for member banks.... 1,125 371 Foreign exchange 14,894 15,065 Loans to Government 805 1,124 Loans and discounts 6,628 3,942 Other loans and discounts 973 1,181 British, Egyptian, and other Other assets 2,392 1,850 Government securities 303,067305,273 Note circulation 4,067 3,510 Other assets 28,414 24,121 Deposits—Bank 625 673 Note circulation , 138,457133,594 Other 371 170 Deposits—Government , 93,179 86,046 Other liabilities and capital 480 460 Other , 112,766121,776 Other liabilities and capital 14,976 13,360 Bank of the Republic of Colombia (thousands of pesos): Central Reserve Bank of El Salva- Gold 149 526147,494146,013218,236 dor (thousands of colones): Foreign exchange 43,173 57,772 48,489 49,658 Gold 36,786 36,834 34,807 Net claim on Int'l. Fund « 21 867 21,867 21,867 21,867 Foreign exchange (net) 39,969 29,454 48,094 Paid-in capital—Int'l. Bank 1 225 1,225 1,225 1,225 Net claim on Int'l. Fund3 1,564 1,563 1,563 Loans and discounts in!294102,722132,568 41,140 Loans and discounts 4,975 7,841 2,102 Government loans and securities. 932 104,349103,303 88,437 Government debt and securities 5,462 5,475 5,713 Other assets 104.212 44,234 43,190 32,202 Other assets 1,707 1,410 1,556 Note circulation 46 534276,517297,924232,205 Note circulation 57,259 53,859 57,252 274, Deposits 27,623 23,170 28,331 Other liabilities and capital 5,581 5,547 8,252 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 Centra] 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. * Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 6 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. 8 Latest month available. 474 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Ethiopia—Issue Bank of Italy (millions of lire): dept. (thousands of dollars): Gold 525 525 525 523 Gold 1,458 Foreign exchange 13,267 ,712 ,815 8,357 Silver 5,685 8,849 Advances—Treasury 608,654 608 856590,235 483,491 Foreign exchange 27,464 36,404 Other Govt. agencies 16 16 24,169 Treasury bills 2,832 969 Loans and discounts 150 170 ,471 55,431 Other assets 28,331 17,622 Government securities 130,363 127,364 ,483105,632 Circulation—Notes 37,433 44,135 Other assets 74 028 68,864 ,969 25,708 Coin 27,769 17,431 Bank of Italy notes 715 385719,714 264 421,687 Other liabilities and capital , 567 2,278 Allied military notes 61 63,372 863 82,663 Deposits—Government 21,586 Bank of Finland (millions of Demand 73,653 68 775 71,921 markkaa): Other ,903 100 520 92,427 Gold 135 91 2 2 Other liabilities and capital ,696 091 13,027 Foreign assets (net) 971 560 828 2,493 Clearings (net) -2,712 -2,587 -2,270 -7,407 Bank of Japan (millions of yen): Loans and discounts 32,469 31,843 34,896 28,699 Cash and bullion 2,856 1,427 Securities 376 378 386 433 Advances to Government 55,017 11,397 Other assets 507 779 1,257 1,174 Loans and discounts 32,302 46,077 Note circulation 24,448 23,258 25,162 18,896 Government securities , 113,341 60,369 Deposits 1,167 1,288 3,217 972 Reconversion Fin. Bk. bonds. . 32,336 1,281 Other liabilities and capital 6,131 6,518 6,720 5,526 Other assets 18,818 5,429 Note circulation 219,142 105,490 Bank of Greece (billions of drach- Deposits—Government 6,703 6,358 mae): (Nov.)1 Other 20,953 9,861 Gold and foreign exchange (net). 641 753 Other liabilities 7,873 4,271 Loans and discounts 19 10 Advances—Government 760 655Bank of Java2 Other 1,079 658 Other assets 135 82Bank of Mexico (millions of pesos): N De o p te o s c i i t r s c — ul G at o io v n ernment 82 8 9 1 5 9 2 1 4 " M A o u n t e h t o a r r i y z e r d e " s e h r o v l e d 3 ings of securi- 627 628 668 691 Other 229 125 ties, etc 1,458 1,516 1,609 1,669 Other liabilities and capital 1,495 1,419 Bills and discounts 655 654 647 523 Other assets 148 128 157 103 Bank of Guatemala (thousands of Note circulation 1,690 1,696 1,762 1,703 quetzales): Demand liabilities 819 817 910 1,061 Gold 27,229 27,229 27,229 27,228 Other liabilities and capital 380 413 409 222 Foreign exchange 23,625 22,769 21,824 21,770 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250Netherlands Bank (millions of Rediscounts and advances 3,073 3,182 3,377 guilders): Other assets 10,048 9,708 9,289 8,523 Gold 551 582 608 647 Circulation—Notes 30,704 30,236 30,269 29,981 Silver (including subsidiary coin) 3 3 3 1 Coin 2,901 2,899 2,905 2,757 Foreign bills 394 335 266 4,525 Deposits—Government 8,138 8,233 7,799 4,623 Loans and discounts 161 153 160 151 Banks 14,013 13,112 12,902 14,059 Govt. debt and securities 3,500 3,500 3,500 Other liabilities and capital 9,470 9,659 9,094 7,351 Other assets 210 195 169 112 Note circulation—Old 124 125 125 237 National Bank of Hungary (mil- New 2,897 2,911 3,010 2,695 lions of forint): Deposits—Government 1,014 857 704 1,270 Gold 403 403 403 284 Blocked : 80 138 129 95 Foreign exchange 60 104 99 98 Other 464 509 533 618 Discounts 1,601 1,624 1,663 488 Other liabilities and capital 240 227 205 520 Loans—Treasury 340 340 340 340 Other assets 200 184 194 410 Reserve Bank of New Zealand Note circulation 1,942 1,962 1,992 1,093 (thousands of pounds): D O e th m e a r n l d ia b d i e li p ti o e s s i t a s n — d O G c t o a h p v e i e r t r a n l ment. 3 1 1 8 4 3 2 9 0 3 1 1 7 9 2 6 4 2 3 1 1 8 2 9 7 5 4 41 6 5 1 4 2 S A G t o d e l v r d l a in n g c e e s x t c o h a S n t g a e te r e o s r e r S v t e ate un- 6 2 6 , , 8 1 0 3 2 3 6 2 3 , , 8 1 0 0 2 8 9 2 6 , , 8 5 0 1 2 9 Re r s u e p I r s e v s e e u s e ) B S G I : n t d a o e d e l n r i d l p a k i n a n a o r g t t G f m h s o I o e e n v c m n u t d . e t r i : i a S t a i e n e ( c s m d u i r a l i l t b i i o e r n o s s . a o d . f . . . . 11,3 4 5 5 7 4 3 8 4 11,3 4 5 5 4 7 3 4 8 11,3 4 5 5 7 4 3 8 4 O D I N O n t e t o v d h h m t e e e e e s r r a r t t c n a m a l i d i k r s a e c s i b d u n n e i e t l g t l s a s i p s t t o i i e o s s n i ts and capital 4 4 6 4 9 3 7 7 1 , , , , , , 3 8 9 9 9 5 6 4 0 3 8 5 8 5 2 2 6 8 4 5 6 4 3 7 1 1 1 , , , , , , 9 9 8 9 7 0 3 9 6 8 6 4 2 9 8 8 8 4 4 2 7 3 4 6 6 9 1 , , , , , , 9 6 9 8 5 6 4 3 6 9 7 5 8 9 8 6 8 6 Rupee coin 369 368 204 Bank of Norway (millions of kroner): Bank T D O O N N L B in r o e a t t o o e g h h l a p t t a a e e e e n o n s r r d s s s u c c e i l a o i t e r t i p r o s s y a s f c s a b u i G e a b r i s l t t l b i s o a s i m l u r t l t v i o s e i e e e o a s n d r n d d n t 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 4 3 2 1 , , , , 7 6 7 2 1 1 2 3 1 5 1 3 2 2 6 8 4 7 3 9 2 1 3 5 2 , , , 8 0 9 2 4 2 3 7 5 7 9 2 4 6 1 0 8 8 6 3 1 5 4 2 , , , 5 7 2 2 2 7 7 5 8 9 8 2 9 5 7 3 5 3 9 0 D S O G F L O N e o o e o t c o c h r a p c l t e u d e e n u o i r r s g p s i c t i n a a a i i t t r s e s n i c a s s — o d u e s n s l t G d B s a e a i t t a o s i s c o n c v c n o ( k e o n s u r u n e n n m t t t ) s e ( n n t et).... 3 2 8 1 , , , , 8 0 0 3 3 4 4 9 0 6 8 2 4 7 7 6 4 8 2 4 5 2 7 6 3 2 8 1 , , , , 7 0 1 3 3 4 6 9 1 1 3 3 9 4 7 9 4 1 5 3 5 4 9 2 5 8 1 , , , 1 1 8 3 6 6 2 0 3 4 4 9 5 8 7 8 8 2 0 8 0 7 1 8 Ce o n f t G r p a o o l l u d n B d a s n ) k : of Ireland (thousands 2,646 2,646 2,646 2,646 Other liabil O B it l i t o e h s c e k r a e n d d capital... 3 8 7 2 4 0 9 4 3 3 8 7 4 3 0 7 1 3 3 9 3 5 3 7 7 2 3 Sterling funds 40,312 40,813 43,436 37,064 Note circulation 42,958 43,459 46,082 39,710 1 Latest month available. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. . includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. APRIL 1948 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan Dec. Feb. Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 722 870 Gold 5,624 ,605 5,256 4,951 Foreign exchange (net) 28,066 038 Foreign exchange 101 131 102 162 Net claim on Int'l. Fund1 2,708 545 Loans and discounts 185 236 415 78 Paid-in capital—Int'l. Bank -16 2 Other assets 82 86 140 78 Loans and discounts 17,000 250 Note circulation 4,166 ,150 4,383 3,885 Government loans and securities 9,161 858 Other sight liabilities 1,123 200 1,172 1,163 Other assets 783 395 Other liabilities and capital 703 707 358 222 Note and coin issue 43,070 090 Demand deposits 7,790 389 Central Bank of the Republic of Other liabilities and capital 7,564 479 Turkey (thousands of pounds): Gold 6 477,961477,932 476,305 667,603 Central Reserve Bank of Peru Foreign exchange and foreign (thousands of soles): (Nov.)2 clearings 228,291254,,807276,405261,298 Gold and foreign exchange. . 128,861 812 Loans and discounts 595,790 597,580 617,839505,050 Net claim on Int'l. Fund i... 20,491 490 Securities 193,983196 198,893186,378 Contribution to Int'l. Bank. , 2,480 480 Other assets 31,729 37 45,501 28,003 Discounts 60,554 855 Note circulation 873,306 860,840 883,931952,461 Government loans 732,300 610 705 Deposits—Gold 151,802151 802151,777182,669 Other assets 124,664 72 385 Other 280,705312,981344,243290,105 Note circulation 690,217613 141 Other liabilities and capital 221,940 238,309234,993223,098 Deposits 255,816189 623 Other liabilities and capital.. 123,318 78 962 Bank of the Republic of Uruguay (thousands of pesos): (Nov.)2 Bank of Portugal (million of Gold 265,076303,180 escudos): (Nov.) 2 Silver 12,843 13,016 Gold 4,772 755 Paid-in capital—Int'l. Bank 321 318 Foreign exchange (net) 11,009 402 Advances to State and govern- Loans and discounts 386 379 ment bodies 35,239 10,453 Advances to Government 1,283 293 Other loans and discounts 177,554128,629 Other assets 558 458 Other assets 259,426 346,112 Note circulation 8,383 441 Note circulation 218,678218,001 Demand deposits—Government 1,872 068 Deposits—Government 53,990 39,138 Other 6,766 929 Other 232,491251,480 Other liabilities and capital 986 848 Other liabilities a^id capital 245,298293,090 National Bank of Rumania * Central Bank of Venezuela (thousands of bolivares): South African Reserve Bank Gold7 603,077557, 557,408617,909 (thousands of pounds): Foreign exchange (net) 86,089108 104,486 43,261 Gold* 187,751187 209 094 Other assets 83,639 77, 69,378 46,939 Foreign bills 53,094 53 10 225 Note circulation—Central Bank.594,270590 601,580 485,735 Other bills and loans 7,454 8 5 271 National banks. 3,852 3, 4,022 6,682 Other assets 15,573 13 22 310 Deposits 145,091117 94,028201,948 Note circulation 63,099 65 62 882 Other liabilities and capital 29,593 31, 31,643 13,745 Deposits 194,184189 177 829 Other liabilities and capital. 6,588 1\ 189 National Bank of the Kingdom of Yugoslavia * Bank of Spain (millions of pesetas): Bank for International Settle- Gold ,215 ,214 ments 8 (thousands of Swiss gold Silver . 500 522 francs): Government loans and securities. ,568 ,849 Gold in bars 108,020101,510 92,280 86,850 Other loans and discounts ,398 ,710 Cash on hand and on current Other assets ,666 ,586 account with banks 20,868 23,486 15,223 6,193 Note circulation ,014 ,268 Sight funds at interest 250 496 497 496 Deposits—Government 658 ,602 Rediscountable bills and accept- Other ,870 ,451 ances (at cost) 25,288 27,739 28,905 27,441 Other liabilities and capital 805 560 Time funds at interest 17,662 15,506 17,816 14,396 Sundry bills and investments. . . 59,406 60,509 63,657323,286 Bank of Sweden (millions of kronor): Funds invested in Germany ». . .291,160291,160291,160 Gold 223 229 232 715 Other assets 256 210 3,389 Foreign assets (net) 373 404 435 440 Demand deposits (gold) 17,650 17,665 17,004 18,940 Swedish Govt. securities and ad- Short-term deposits (various vances to National Debt Office5 2,867 2,702 ,929 ,969 currencies): Other domestic bills and advances 111 116 127 128 Central banks for own ac- Other assets 364 335 343 622 count 17,139 16,354 7,216 8,069 Note circulation 2,736 2,734 ,895 ,678 Other 9,452 9,290 9,353 1,571 Demand deposits—Government. 633 613 631 506 Long-term deposits: Special ac- Other 297 163 269 316 counts 228,909 228,909 228,909229,001 Other liabilities and capital 272 276 270 375 Other liabilities and capital 249,761248,400 250,445201,169 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Latest month available. •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. 6 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l z w a e n r i d - t- b C an e k n tr o a f l — R M 3 a a 1 t r e . eff D ec a t t i e ve ba C n e k n t o r f a — l M R 3 a a 1 t r e . eff D ec a t t i a ve In effect Dec. 31, Albania..::... Mar. 21, 1940 Ireland.::... Nov. 23, 1943 1937 2 3 4 2 2 Argentina.::.. Mar. 1 1936 Italy 5 V£ Sept. 6, 1947 May 10 1938. . 4 July 3, 1945 Japan 3.29 Apr. 7, 1936 May 13 2H Aug 27, 1947 Java 3 Jan. 14, 1937 May 30 . . 3 6 2 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Sept. 28 3 Oct. 27 2\fk Nov. 25 . .. Jan. 4, 1939 2* Bulgaria Aug. 14, 1946 Lithuania::;. 6 July 15, 1939 Apr. 17 4 Feb. 8, 1944 Mexico June 4, 1942 May 11 . . 3 Chile 3-4 H Dec. 16, 1936 Netherlands . June 27, 1941 July 6 4 July 18, 1933 NewZealand. July 26, 1941 Aug. 24 4 Costa Rica.:. 3 Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 .... 3 Czechoslovakia 2Y* Oct. 28, 1945 Peru 7 Nov. 13, 1947 Sept. 28 3 Oct. 26 2 Dec. 15 3 Jan. 25 1940 2 Denmark .... Jan. 15, 1946 Portugal.::.. 2H Jan. 12, 1944 Apr. 9 Ecuador 7 2 June 8, 1943 Rumania.... 4 May 8, 1944 May 17 El Salvador.. . 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941 IX Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 Jan. 16 1945 Jan. 20 Feb. 9 2X4 France Oct. 9, 1947 Switzerland.. Nov. 26, 1936 Nov 7 1946 2V& Turkey 4 July 1, 1938 Dec. 19 3 Germany Apr. 9, 1940 United King- Jan. 10, 1947,.. £i Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Hungary...... 5 Nov. 1, 1947 U.S.S.R.... 4 July 1, 1936 Aug. 27 51/ India 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 &3 * In effect Mar. 31 NOTE.—Changes since Feb. 29: None. 1948 2 &3 3 3H 2H IK OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands 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—Jan... 5.52 4.94 4.20 1.68 1933—Jan... .87 .76 .73 1.50 1934—Jan... 1.01 .90 .86 1.50 1935—Jan... .36 .26 .66 1.50 1936—Jan... 1.16 .56 .53 .75 2.48 1937—Jan... .75 .56 .54 .75 1.84 1.25 1938—Jan... .73 .54 .51 .75 2.54 1.00 1939—Jan... .69 .55 .53 .75 .38 1.00 1940—Jan... .78 1.10 1.09 1.02 .62 1.25 1941—Jan... .63 1.03 1.01 1.00 .94 1.25 1942—Jan... .55 1.03 1.01 1.04 .68 1.25 1943—Jan... .51 1.03 1.01 1.08 .61 1.25 1944—Jan... .41 1.03 1.01 1.08 .62 1.25 1945—Jan... .37 1.03 1.01 1.00 .65 1.25 1946—Jan... .36 .53 .50 .63 .27 .01 1.00 1.25 1947—Jan... .40 .53 .50 .63 .48 .44 .77 1.25 1947—Feb... .40 .53 .51 .63 .39 .72 1.46 1.25 Mar.. .40 .53 .51 .63 .41 .65 1.19 1.25 Apr... .41 .53 .51 .63 .41 .59 1.11 1.25 May. .41 .53 .51 .63 .46 .45 1.08 1.25 June. .41 .53 .51 .63 .45 46 .86 1.25 July.. .41 .53 .51 .63 .51 .52 1.09 1.25 Aug.. .41 .53 .51 .63 1.46 .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 Nov.. .41 .53 .51 .63 .93 .74 1.38 Dec. .41 .53 .51 .63 1.13 .53 1.38 1948—Jan... .41 .54 .51 .63 1.28 .57 1.50 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. APRIL 1948 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » 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 n i g g p c u ) l o r e u e a s n r d i i n n s g re C se a r s v h es M c n a o s l o n h l t o e a i y r c n t e a d t B co il u ls n d te i d s- T r d e 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 Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s I939—'December 274 174 334 609 1,015 290 2,441 1,398 1 fU3 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—'December 366 141 171 758 099 823 324 3,329 2,168 1,161 253 1942—December .... 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1,307 L.154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December ; ... 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1945—December . . 499 432 610 1,560 1,427 994 505 5,685 3,823 L.862 342 1947—February 463 421 659 1,436 ,439 j .ni.s 451 5,519 3,603 1,916 364 March 466 444 750 1,317 1,455 1,034 465 5,556 3,606 1,950 374 April 476 435 709 L.346 ,461 1,064 470 5,583 3,628 1,956 376 May 460 430 659 ,350 ,470 1,099 489 5,571 3,593 1,978 386 June 464 451 672 ,330 ,479 1,131 518 5,658 3,667 11,992 386 July 475 442 699 ,283 ,488 1,139 504 5,644 3,668 L,975 386 August 479 455 724 ,248 ,492 1,154 473 5,628 3,663 L.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 L 977 387 November 488 476 799 ,196 .500 1,205 492 5,767 3,781 1,986 389 December 502 480 793 .288 1,483 1,219 567 5,935 3,962 1.972 396 1948—January 476 460 800 1,217 1,480 1,231 513 5,776 3,821 1,955 401 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo cu an ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o t d n h o s l f o l i a f g r u s) res re C se a r s v h es Se lo cu a r n i s ty l d o i O a sc n t o s h u e a n r n t d s d a f a u b o n b e a r d r e n f o i r n k g a o 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- Total Demand Time li c a O a b a p t n i h l i d i t e t a r i l es 1939—'December 292 53 1.088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941 -December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—'December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 J .04-0 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December . ... 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1945—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 • 1947—'February 635 155 1,506 126 4,264 1,066 21 6,171 2,585 3,586 ,558 March 695 121 1,555 195 4,239 993 21 6,188 2,569 3,619 ,590 April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 ,594 M[ay 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 ,563 637 106 1,709 126 4,131 1,041 20 6,152 2,508 3,644 ,578 July 645 99 1,761 119 4,110 1,036 20 6,170 2,481 3,690 ,580 August . ... 670 82 1.805 116 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 L.051 18 6,279 2,569 3,710 1 562 December 731 105 1.999 106 3.874 1,159 18 6,412 2,671 3-740 1.544 1948—January 698 77 1,953 97 ,972 1,029 18 6,281 2,457 5,824 1,526 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o n f f i k g f s u r . r a e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t n i h l i d i t e t a i r e l s 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,409 3,863 46,546 8,255 2,221 61,982 61,221 762 558 4,753 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—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 9.10S 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 22,866 312,219 309,137 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. a Represent six-month loans to the Treasury at 1% 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, ancfe for description of statistics see pp. 566-571 in same publication. 478 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 2 5.1248 96.018 5.1727 4.0000 11.879 1940 29.773 322.80 305.16 23.3760 6.0562 5.0214 290.909 85.141 5.1668 4.0000 6.000 1941.4 29.773 23.704 322.80 321.27 6.0575 5.0705 90.909 87.345 2 5.1664 2 4.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 2322.80 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—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 25.125 320.90 2.2832 5.4406 100.000 91.592 July 29.773 25.125 320.90 2.2818 5.4406 100.000 91.652 August 29.773 25.125 320.92 2.2821 5.4406 100.000 91.998 September 29.773 25.125 321.12 2.2833 5.4406 100.000 90.362 October 29.773 25.125 321.19 2.2830 5.4406 100.000 89.989 November 29.773 25.125 321.15 2.2812 5.4406 100.000 89.589 December 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 1948—January 29.773 25.125 321.16 2.2784 5.4406 100.000 90.455 February 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 March 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 Year or month C (p o b e l i s o a o m ) - s C ( l k o z o e v ru c a h n k a o ia ) - ( m D kr e a o n r n k - e) ( l m F k a 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 ll n n a g g r) ( I r n up d e ia e) I ( t li a r l a y ) ( 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 2 3.4252 20.346 1.9948 2.5103 .8153 27.454 33.279 5.1959 19.303 53.335 1940 57.085 219.308 1.8710 22.0827 2.6715 22.958 30.155 5.0407 18.546 2 53.128 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—April 56.980 2.0060 20.866 .8407 30.160 20.577 37.757 !May 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 August 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.C060 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 February 57.010 2.0060 20.860 s .4671 6 .3270 30.168 20.575 37.714 March 57.010 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 United Uruguay Year or month (p l Z N a o e n e u a w d n - d) N (k o ro rw ne a ) y P (e o s g c r a u t l u d - o) ( 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 e t o r e t l a t n l l a i t e t r s s - ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Con- (peso) Non- Official Free trolled tr c o o l n le - 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 306.38 222.709 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 2 23.829 223.210 403.50 403.18 65.830 43.380 1942 322.78 398.00 2 46.919 403.50 403.50 65.830 52.723 1943 324 20 398 00 403.50 2 403.50 65.830 52.855 1944 324.42 398.00 403.50 65.830 53.506 1945 323.46 399.05 2403 50 3 403 02 65.830 55.159 1946 322.63 220.176 2 4.0501 400.50 2 9.132 225.859 223.363 403 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—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 March 322.50 20.160 3.9856 400.75 9.132 27.826 23.363 403.13 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. 3 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955. * Based on quotations through Jan. 23. 6 Based on quotations beginning Feb. 10. NOTE.—For back figures see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p. 933; February 1944, p. 209; and February 1943, p. 201. 479 APRIL 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 1 n ta 2 0 i 0 t t 6 e e ) s d = C (1 a 9 1 n 2 00 6 a ) da = ( M 19 1 e 2 0 x 9 0 i ) co = K ( U 1 in 9 1 n g 3 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 0 8 c ) e = (1 I 9 1 t 3 0 a 8 0 ly ) i = ( J 1 a 9 1 3 0 p 0 3 a ) n = ( J J N u u = l n l e a y e t n 1 h 1 1 d 0 e 9 9 s 0 r 3 3 ) - 8 9 - S (1 w 9 1 3 0 e 0 5 d ) en = (J S u = w l l y a i t n 1 z 1 0 d 9 e 0 1 r ) - 4 1926 100 100 2 124 106 132 150 U26 144 1934 75 72 95 88 58 65 99 90 2 96 90 1935 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 1943 103 100 182 163 234 209 160 196 218 1944 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 ••308 181 194 221 1946 121 109 286 175 648 '•1,599 251 186 215 1947 152 129 302 192 989 J>5,151 5,103 P271 199 224 1947—March.... 150 120 305 184 860 4,139 '2,681 269 196 220 April 148 123 300 187 847 533 '3,121 268 197 221 May 147 125 299 189 946 203 '3,323 268 198 221 June 148 128 297 190 904 329 '3,456 270 199 222 July 151 129 293 193 888 5,779 '4,871 272 199 223 August. .. 154 131 292 194 1,004 5,889 '6,503 271 199 223 September 157 134 298 195 1,096 '6,202 '6,960 272 201 224 October... 159 139 304 199 1,129 5,991 '7,833 274 202 230 November 160 143 306 203 1,211 P5,651 '8,599 277 204 232 December. 163 144 303 204 1,217 P5.456 '8,863 P280 204 232 1948—January.. 166 147 302 212 P279 234 February.. 161 147 304 217 Pl,537 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. 8 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926 = 100) (1926 = 100) (1930 = 100) (July 1938-June 1939 = 100) Year or month pr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts R f m a a p w c a a t r n u t a u r l n - e y d d F f u c a m l h c a i l t n e y u f u r l a - e y n d d Foods pr In o tr d d i u u a s c l - ts Foods t p r r I i o a n d l d u u c s r t - a s w p f r I i o t n n r d d i i s u u a h c s l e t - d s goods goods 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 181 169 135 120 130 117 165 207 1947—March 183 168 131 116 124 108 158 198 220 312 274 177 162 132 117 126 112 163 200 215 316 274 May 176 160 132 119 128 113 165 203 206 321 275 June 178 162 131 119 129 116 166 203 205 323 277 July 181 167 133 120 131 116 168 207 207 337 276 August 182 172 136 120 133 117 167 209 204 338 276 September 186 179 138 120 134 123 165 213 205 339 277 October 190 178 140 123 139 128 167 218 213 339 277 November 188 178 142 127 143 131 171 221 227 341 279 December 197 178 146 131 145 132 172 222 1948—Tanuary . . . 199 180 148 134 148 137 174 235 February 185 172 147 133 147 137 181 237 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PK1N(^IPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- France Nether- er- United Can- King- France Nether- er- Year or States ada dom (1938 lands land Year or States ada dom (1938 lands land month (1935-39 (1935-39 (June 17 = 100) (1911-13 (June month (1935-39 (1935-39 (June 17 = 100) (1911-13 (JUM = 100) = 100) 1947 = 100) 1914 = 100) = 100) 1947 = 100) 1914 = 100)i = 100) = 100)i -100) 1936 101 98 130 120 120 1936 99 98 147 2 132 130 1937 105 103 139 127 130 1937 103 . 101 154 137 137 1938 98 104 141 ioo 130 130 1938 101 102 156 ioo 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942. 124 127 161 174 191 200 1942 . . .. 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 «101 1,043 222 1947 159 136 8 101 1,030 217 1947-March.. . 190 149 169 833 216 1947-March.. .. 156 129 204 838 212 April.... 188 152 168 830 216 April 156 13i 203 837 213 M ay 188 155 162 883 220 May 156 133 203 886 216 June.. I... 191 158 M61 941 222 157 135 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. 207 179 103 1,393 230 December. 167 146 104 1,354 223 1948-Tanuary 210 182 104 p\ 437 230 1948—Tanuary 169 148 104 p\ 414 224 February.. 205 186 Pl.541 P230 February... 168 150 no6 Pl.519 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.) 8 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 i r i c t i t v e e e e s ) d 1 d C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( K 1 D 9 U i e 2 n c n 1 g e i m = t d e o b 1 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 1 i 5 t t 0 e e - 0 3 d s ) 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 (D 9 F 3 e r 8 a c e = n m c 1 e b 0 5 0 er ) (1 N 9 l 3 a e 8 n t h d = e s 1 6 r- 00) Number of issues. . . 15 (2) 87 50 13 402 100 278 5 295 37 1939 113.8 98.2 112.3 114.2 94.2 75.9 112 1940 115.9 95.1 118.3 '114.2 88.1 77 A 70.8 '140 1941 117.8 99.4 123.8 8 143.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 io9!6 139.9 115.7 96.2 875 1947 121.5 118.5 130.8 132.0 123.0 106.0 94.6 1,149 1947—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 1,298 218.7 October 120.0 118.8 128.0 122.0 105 9 125.1 105.5 89.3 1,245 225.1 November. . . 118.8 118.5 128.2 121.4 104.0 123.6 107.3 90.2 1,294 December 117.0 117.9 130.1 122.2 122.4 106.2 92.6 1,211 1948—January 117.4 108.6 130.5 P118.9 120.1 107.5 93.9 Pi,301 February. . . . 117.5 108.6 130.6 P119.1 114.2 102.2 91.1 Pl.229 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. 8 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. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures aire not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. APRIL 1948 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST G. DRAPER LAWRENCE CLAYTON ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser to the Board to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director BRAY HAMMOND, Assistant Secretary EDWIN R. MILLARD, Assistant Director MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director DIVISION OF BANK OPERATIONS LEGAL DIVISION EDWARD L. SMEAD, Director GEORGE B. VEST, General Counsel J. R. VAN FOSSEN, Assistant Director J. LEONARD TOWNSEND, Associate General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS FRED A. NELSON, Director WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director DIVISION OF ADMINISTRATIVE SERVICES J. BURKE KNAPP, Assistant Director LISTON P. BETHEA, Director BONNAR BROWN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR.,BOSTON DISTRICT LAWRENCE CLAYTON First Vice President ERNEST G. DRAPER W. RANDOLPH BURGESS, NEW YORK DISTRICT MARRINER S. ECCLES DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK Second Vice President JAMES K. VARDAMAN, JR. J. T. BROWN, ATLANTA DISTRICT ALFRED H. WILLIAMS C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist JAMES M. KEMPER, KANSAS CITY DISTRICT KARL R. BOPP, Associate Economist J. E. WOODS, DALLAS DISTRICT WATROUS H. IRONS, Associate Economist 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 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice rresiueiits 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.... Alfred H. Williams Karl R. Bopp Wm. G. McCreedy Warren F. Whittier W. J. Davis Robert N. Hilkert C. A. Mcllhenny E. C. Hill P. M. Poorman2 Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R. W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers T. A. Lanford J. F. Porter L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. Chicago Clarence W. Avery C. S. Young Allan M. Black2 John K. Langum 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 r. \j\iy riitt William B. Pollard CM. 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. Sandy' 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 CM. 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. 4 General Manager. 483 APRIL 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS' The material listed below may be obtained from MONETARY AND BANKING REFORM IN PARAGUAY. the Division of Administrative Services, Board of Includes translation of laws, accompanying re- Governors of the Federal Reserve System, Wash- ports, and introduction reviewing the monetary ington 25, D. C, Remittance should be made pay- history of Paraguay. July 1946. 170 pages. able to the order of the Board of Governors of the $1.00 per copy. Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE FEDERAL RESERVE BULLETIN. Issued monthly. Sub- (Board of Governors of the Federal Reserve Sysscription price in the United States and its posses- tem). September 1946. 31 pages. sions, Bolivia, Canada, Chile, Colombia, Costa THE FEDERAL RESERVE ACT, as amended to Novem- Rica, Cuba, Dominican Republic, Ecuador, ber 1, 1946, with an Appendix containing pro- Guatemala, Haiti, Republic of Honduras, Mexico, visions of certain other statutes affecting the Newfoundland (including Labrador), Nicaragua, Federal Reserve System. 372 pages. 50 cents per Panama, Paraguay, Peru, El Salvador, Uruguay, paper-bound copy; $1.00 per cloth-bound copy. and Venezuela is $2.00 per annum or 20 cents per 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. 484 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 COMMERCIAL BANK LOANS TO FARMERS, by Tynan BANKS IN LEADING CITIES. June-July 1947. 9 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 CON- SUMERS, July 1947. October 1947. 4 pages. 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. APRIL 1948 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE D1STRIGTS AND THEIR BRANCH TERRITORIES j ^= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES it BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITJES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis