Federal Reserve Bulletin, 1948-05

E R AL R ES VE BULLETIN MAY 1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS The Federal Reserve BULLETIN is issued monthly under the direction o£ the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Treasury Surplus, Bank Reserves, and the Money Supply. 487-496 Ownership of Demand Deposits. 497-500 Member Bank Earnings, 1947. 501-504 New Commercial Banking Offices, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb.. 505-516 Law Department: Margin Requirements—Ninety-Day Rule in Special Cash Account 517 Foreign Funds Control—Treasury Department Release. 517 Current Events and Announcements. 518 National Summary of Business Conditions. 519-520 Financial, Industrial, Commercial Statistics, U. S. (See p. 521, for list of tables) . 521-590 International Financial Statistics (See p. 591, for list of tables) . 591-609 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 610 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 611 Federal Reserve Publications. 612-613 Map of Federal Reserve Districts 614 Subscription Price of BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 34 May 1948 NUMBER 5 TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY Monetary expansion, which had been at Surplus funds obtained by the Treasury were a rapid rate in the last half of 1947, was in- used to a large extent to retire securities held terrupted in the first quarter of 1948. This by Federal Reserve Banks and thus were not was chiefly the result of a seasonally large returned to the commercial banks, either as Treasury cash surplus which drew funds deposits or reserves. Borrowing at banks by from deposit accounts of individuals and consumers and real estate owners continued businesses and from bank reserve balances. to expand, but business demand for credit In addition policies of monetary authori- was seasonally slack, and bank loans to busities, together with self-restraint on the part nesses declined slightly. There was a small of banks, imposed some restriction on bank net increase in bank loans and the funds credit expansion. Drains on bank reserves created, together with those obtained from from Treasury operations were heavy, and an inflow of gold, offset in part the reduction during much of the period banks were LOANS AND INVESTMENTS obliged to sell United States Government ALL COMMERCIAL BANKS BILLIONS OF DOLLARS securities to meet their reserve needs. Meas- 140 ures taken by the Federal Reserve System AN T D O T IN A V L E L S O TM A E N N S TS to increase the cost of, or the need for, bank 120 / —r reserves supplemented the restrictive effects / of Treasury transactions. 100 As a result of these fiscal and credit de- >f velopments, total bank deposits and currency 80 S U E . C S U . R G IT 0 I V E T S in the hands of the public showed a decline / y of 5.3 billion dollars during the first quarter 60 / / / / / \ of this year. This is almost ^double the de- • cline in the first quarter of 1947 and follows 40 1 a growth of 8.9 billion during the last nine t LOANS months of 1947. 20 Reduction in deposits and currency hold- OTHER SECURITIES ings of individuals and businesses and also 0 in reserves of commercial banks resulted 1942 1946 1948 from tax and other cash receipts of the Figures are for all commercial banks in the United States. Data are for December 1940; June and December, 1941-1946; last Wednesday of month, 1947 and 1948. Figures subsequent Treasury in excess of cash expenditures. to June 1947 are preliminary. Latest figures are for March. MAY 1948 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY in deposits and currency from Treasury amount of these issues that is permitted in operations. any one year. The Treasury showed a sur- The contractive effects of the fiscal and plus of cash funds from current fiscal and monetary factors operative in the first quarter nonmarketable security operations, before of 1948 are largely transient. Treasury trans- payments for retirement of marketable debt, actions over the remainder of the year will of 6.7 billion dollars, as is indicated in the probably not absorb bank deposits and re- following table. serves, as they have in recent months, and TREASURY CASH SURPLUS AND ITS DISPOSITION may be a factor expanding bank reserves. [In billions of dollars] Further gold inflow appears likely, and this will add to the reserves of commercial Frst quarter, 1948 1 Item banks. Any net increase in Reserve Bank u Ja a n ry - r F u e a b r - y March* Total holdings of securities, resulting from purchases to maintain orderly conditions in the Treasury surplus cash funds Government securities market, would also Cash operating surplus 2 2.0 1.8 2.5 6.3 Sales of savings bonds and notes, supply additional reserve funds to banks. net 0.4 0.2 -0.3 0.3 Banks, therefore, may have additional funds Total surplus cash funds 2.4 2.1 2.2 6.7 Disposition of surplus cash funds available for increasing their loans and in- Increase or decrease (—) in vestments or could obtain reserves by selling Treasury deposits at: Commercial banks (3) 0.5 0.7 1.2 Government securities to the Reserve Banks. Reserve Banks 1.5 -0.8 -0.5 0.3 Sustained demand for credit by consumers Retirement of U. S. Govt. marketable securities held by: and real estate buyers and expansion in loan Nonbank investors" 0.1 0.1 0.2 0.4 Commercial banks e 0.1 0.1 0.4 0.6 demands of businesses could thus be readily Federal Reserve Banks 0.7 2.0 1.2 3.9 Market purchases of U. S. Govt. accommodated by banks. Voluntary restraint securities for U. S. Govt. trust funds (3) 0.2 0.1 0.3 on the part of the banks in satisfying such loan demands would make possible an in- « Estimated. 1 Including figures for week ending Apr. 7, 1948. crease in commercial bank holdings of Gov- 2 Includes net cash receipts of U. S. Government agencies and trust funds. ernment securities and a decrease in Federal 3 Less than 50 million dollars. Reserve holdings. Various dispositions of the cash surplus were made by the Treasury, with differen- TREASURY CASH SURPLUS tial effects on monetary and banking condi- In the first quarter of 1948, as in com- tions. A small part—about 400 million dolparable periods of other recent years, the lars—was returned to deposit accounts of stream of Treasury cash receipts was swollen individuals a^d businesses through retireby very large corporate and individual in- ment of maturing Government securities come tax payments. Variations in Treasury offered voluntarily for cash redemption by cash income and outgo by quarters during nonbank investors. An estimated additional recent years are shown on the chart. In 600 million was used to retire maturing seaddition, net sales of savings bonds by the curities that commercial bank holders chose Treasury were substantial during the first to present for cash payment; these funds were quarter, reflecting purchases by many in- returned to bank reserves but not to deposits. vestors who wished to acquire early the full About 1.2 billion dollars of the surplus was FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY permitted to accumulate in Treasury ac- in that period, as shown in the table. At the counts at commercial banks, thus reducing same time reserve needs were increased by private deposits at banks but not total de- about 500 million dollars as a result of action posits or bank reserves. by the Board of Governors of the Federal Reserve System increasing the reserves that TREASURY CASH INCOME AND OUTGO New York and Chicago banks must hold HLLIONS OF DOLLARS QUARTERLY TOTALS BILLIONS OF DOLLARS 16 against net demand deposits. Despite this increase, the total amount of required reserves held by member banks declined over the period because of the substantial decline in deposits. FACTORS AFFECTING BANK RESERVES AND FEDERAL RESERVE CREDIT [In billions of dollars] First quarter, 1948 Factor u Ja a n ry - r F u e a b r - y March* Total Factors decreasing available reserves or increasing reserve needs: Treasury cash transactions 2. . 2.2 1.2 0.7 4.2 Treasury Department data. For description, see Treasury Increase in required reserves . . 0.1 Bulletin for September, 1947. Other factors net 0 4 The bulk of the surplus funds, about 4.2 Factors making reserves available or decreasing reserve needs: billion dollars, were transferred to Treasury Increase in gold stock 0.2 0.1 0.1 0.4 Return of currency from account with the Federal Reserve Banks, circulation 0.7 0.1 0.2 1.0 Decrease in required reserves 0.2 0.2 0.3 Reduction in excess reserves.. . 0.7 0.7 where they remained on deposit during the Other factors net 0 3 quarter or were extinguished as the Treas- Federal Reserve purchases of U. S. Government secuury retired securities owned by the Reserve rities in the market, net3. . 0.1 1.1 0.6 1.8 Banks. Funds used in this manner were 1 Including figures for the week ending Apr. 7, 1948. withdrawn from the reserve balances of 2 Sum of retirement of Federal Reserve held securities and change in Treasury balance at Federal Reserve Banks, shown separately commercial banks, as well as from private in 3 p C re h v a i n o g u e s i t n ab l R e e . serve Bank total holdings after adjustment for retirement of maturing issues held by Reserve Banks. deposits. These withdrawals were much larger than in the first quarter of 1947, when Banks met part of the drain of funds reonly 1.3 billion dollars were used either to sulting from the Treasury cash surplus by retire securities held by Reserve Banks or to drawing down their excess reserves, which increase Treasury deposits at the Reserve at the beginning of 1948 were temporarily Banks. at a high level of about 1.5 billion dollars— much more than has customarily been held EFFECT ON BANK RESERVES in recent years. These substantial excess The 4.2 billion dollar drain as a result of reserve balances had been accumulated by Treasury operations in the first three months banks as a result of the rapid return flow of of the year was the major factor that oper- currency from circulation in the week after ated to reduce the volume of bank reserves Christmas and large net sales of Govern- MAY 1948 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY ment securities to the Reserve Banks late bank credit developments was restrictive in the year, by both banks and their de- in the first quarter of 1948 because Treasury positors. debt retirement operations were directed Large amounts of additional reserve funds primarily toward securities held by the Reobtained by banks from other sources in the serve Banks. Such debt retirement did not first quarter of the year tended to offset in return to the commercial banking system the part the restrictive effect on bank reserves reserve funds withdrawn by the cash surplus, of Treasury operations. A seasonal return and banks needing reserves had to sell Govof over one billion dollars of currency from ernment securities in the market. circulation and a gold inflow of 400 million The restrictive effects of debt retirements in dollars provided corresponding amounts of the first quarter of this year contrasts with bank reserves. the corresponding period of 1947 when most Banks as a group were able to meet, out of the funds drained from banks by the of excess reserves held at the beginning of Treasury surplus were returned to them 1948 and out of new reserve funds acquired through Treasury retirement of Government during the first quarter, more than half of securities owned by commercial banks and the 4.2 billion dollar reserve drain from their depositors. Moreover, such drain as did Treasury operations. The remainder of the occur in 1947 was nearly offset by reserve reserve needs, amounting to 1.8 billion, was funds from other sources. Banks as a group supplied through Reserve Bank purchases of were, therefore, under necessity in early 1947 Government securities. to sell only moderate amounts of securities in Bank sales of Government securities to the market to meet reserve needs. Many maintain reserves were not continuous banks were in a position to make loans throughout the first quarter. In January with funds received from redemption operabanks were able to increase slightly their tions. holdings of these issues. This was possible, CHANGES IN HOLDINGS OF GOVERNMENT despite a 2.2 billion dollar loss of reserves SECURITIES from Treasury operations, because of large reserve gains from currency return and gold The volume of Government marketable inflow and from Reserve Bank purchases of securities outstanding was reduced 4.8 bil- Government securities from nonbank own- lion dollars as a result of Treasury debt ers, and because banks could utilize the un- retirement in the first quarter of 1948. As usually large excess reserves held at the be- was stated above, the retirement program ginning of the month. In February and was focused primarily on securities held by March, on the other hand, when reserve the Reserve Banks, of which 3.9 billion were losses arising from the Treasury operations redeemed for cash. Of the maturing securiwere smaller, gains in reserves from other ties held by commercial banks and nonbank sources were minor and almost the full investors, only those presented voluntarily amount of the drain of funds was met for cash redemption—about one billion dolthrough sales of Government securities to lars—were retired. This contrasts with the the Federal Reserve System. corresponding period of 1947, as is shown in The impact of Treasury operations on the table, when debt retirement operations 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY reduced the holdings of these investors by Treasury bonds and bought Treasury bills 4.7 billion dollars, about equally divided be- and certificates. These programs of portfolio tween commercial banks and nonbank in- adjustment were reflected in the security vestors. holdings of Reserve Banks, which in turn purchased bonds and sold short-term issues CHANGES IN HOLDINGS OF UNITED STATES GOVERNMENT in the market. MARKETABLE SECURITIES, BY CLASS OF INVESTOR [in billions of dollars, partly estimated] SLACKENED GROWTH IN BANK LOANS First quarter, 1948 1 First quarter, 1947 2 Growth in the volume of bank credit out- Mar- Market ket standing to businesses, individuals, and Class of investor Net t R i f r o e e r - d c p h u a r s - es Net t R i f r o e e r - d c p h u a r s - es State and local governments, which during change cash change cash or or 1947 had been greater than in any previous i-> sales (-) sales year in the history of American banking, slackened in the first quarter of 1948. Total Federal Reserve Co B m a m nk e s rcial banks. . — -2 2 .6 1 — -0 3 .6 9 + -2 1 .0 8 - — 3 . 1 4 1 — -2 1 .5 0 - — 0 0 .9 .1 loans of all commercial banks increased in U. S. Government agencies and trust this period by about 800 million dollars. This funds +0 3 +0 3 +0 1 (3) +0 1 Other nonbank in- growth was larger than in the corresponding vestors -0.4 -0.4 (3) -1.3 -2.2 +0.9 period of 1946, a year of very large loan All Government marketable se- expansion, but was somewhat smaller than curities -4.8 -4.8 -5.7 -5.7 in 1947. 1 Includes figures for the week ending Apr. 7, 1948. 2 Includes figures for the week ending Apr. 9, 1947. The pattern of bank loan expansion in 3 Less than 50 million dollars. 1947 and in 1946 reflected different types of In order to maintain their reserve position, fluctuations in the various kinds of bank however, commercial banks on balance sold credit. Growth in bank credit to consumers 2 billion dollars of Government securities in and real estate owners, mainly of urban the market. Purchasers included Reserve houses, was generally sustained throughout Banks and to a relatively small extent Govboth years. Loans for purchasing and carryernment agencies and trust funds. While ing securities declined gradually and irregusales and purchases by other nonbank inlarly. On the other hand, expansion in bank vestors, as indicated below, were in large credit to businesses, particularly to borrowers volume, net market changes in their holdat the big city banks, showed marked seaings were very small. sonal concentration. In the first half of each Reduction in the volume of outstanding of these years only a moderate increase oc- Government marketable securities in the curred in business loans at city banks; the first quarter of 1948 was largely concentrated sharp expansions in these credits occurred in a decline in banking system portfolios— in the second half of each year. Reserve Banks and commercial banks. Investor groups, however, made large adjust- Bank lending in the first quarter of 1948 ments in the composition of their Govern- seems to have been in line with a pattern of ment security portfolios. Commercial banks this type. Slackening in total loan expansion and nonbank investors, especially institu- reflected almost entirely a small decline in tional holders, sold a substantial amount of the volume of loans to businesses. At all 1948 491 MAY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY weekly reporting banks commercial and in- finance companies, and public utilities. Dedustrial loans turned down slightly in early clines in loans to manufacturers in the food 1948, as is indicated in the following chart. processing industries were probably partly This decline, however, was largely the re- seasonal but may also have resulted from the sult of some curtailment in business loans readjustment in agricultural commodity at New York and Chicago banks. At prices in February. Some run-off in New weekly reporting banks outside these cen- York bank loans to sales finance companies ters the volume of business loans was may reflect a reduced need for funds bewell maintained and outstandings increased cause of a seasonal decline in their factoring slightly. Available evidence indicates little business. Some sales finance companies, or no decline in business loans at banks furthermore, have obtained additional funds outside leading cities. The total volume of from insurance companies and other sources, business loans by banks continues at a much which permitted less direct reliance on bank higher level than a year ago. credits. Utility companies probably used Reduction over the first quarter of the part of the proceeds from security financing year of about 200 million dollars in bank and from insurance company loans to reloans outstanding to businesses at New York tire bank loans negotiated earlier as in- City banks appears to have reflected prima- terim financing for expansion programs. rily declines in loans to food processors, sales Refinancing of bank loans with other lenders may not be accompanied by a reduction COMMERCIAL BANK LOANS in total bank credit if these lenders obtain MEMBER BANKS ALL INSURED BANKS IN LEADING CITIES their funds by selling securities to the bank- BILLIONS OF DOLLARS BILLIONS OF DOLLARS ing system. Late in 1947 and early in 1948 institutional lenders, particularly insurance companies, sold Government securities on balance to the Reserve Banks. Deposits were created by this process and, as is pointed out in an article elsewhere in this BULLETIN, insurance company deposit balances were very large at the end of January. To the extent that bank loans in the first quarter of this year were refinanced with insurance companies out of deposits obtained by such security sales, no net reduction in bank credit and the money supply was effected, and bank reserve positions were in fact eased. Bank loans to others than businesses have continued to grow. Although for a number 1944 1948 All insured commercial banks in the United States. Com- of months there have been some indications mercial loans include commercial and industrial loans, openmarket commercial paper, and acceptances. Latest figures are of a tightening in the terms at which mortfor Dec. 31, 1947. For member banks in leading cities figures on commercial gage credit is being made available, no imloans include commercial, industrial, and agricultural loans, open-market commercial paper, and acceptances. Latest figures portant slackening appears to have develare for Apr. 21, 1948. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY oped thus far in the demand for mortgage Treasury cash surplus. This compares with credit or in the expansion of mortgage loans a decrease of 2.7 billion in the first quarter at banks. The volume of new mortgages of 1947. offered has remained large and, despite some About 6 billion dollars were withdrawn reported moderate tightness in the mort- by Treasury fiscal and debt management gage credit market, banks have added sub- operations from the total stock of deposits stantial amounts to their mortgage loan and currency held by the public, compared portfolios. with about 4 billion in the first quarter of Banks also extended additional credit to 1947, as shown in the table. As previously consumers in the first quarter of 1948, largely explained, this cash surplus was used priin connection with purchases of automo- marily to build up Treasury deposit balances biles and other durable goods on instalment and to retire Government securities held by basis. Growth in consumer instalment credit the Federal Reserve Banks. at commercial banks continued at the rate MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY of about 100 million dollars a month shown [In billions of dollars, partly estimated] throughout last year. Changes in amounts Reflecting some uncertainty in the market outstanding during first quarter l concerning the future course of interest rates Factor and bond prices, bank portfolios of State and 1948 1947 local government and corporate securities Contractive factors did not increase in January and February. Treasury cash surplus used to: Prices of such securities, particularly of tax- Retire U. S. Government securities held by: Federal Reserve Banks 3.9 1.0 Commercial banks 0.6 2.5 exempt municipal securities, had declined Increase Treasury deposits 1.5 0.6 Other factors, net 0.5 0.6 during the latter half of 1947. As explained Expansive factors in the March BULLETIN, this decline reflected Commercial bank loans (increase) 0.8 1.3 to a large extent an increase in offerings of Gold inflow 0.4 0.7 new securities relative to the supply of funds Changes in deposits and currency held by individuals and businesses, total -5.3 -2.7 available for investment. New security issues T D i e m m e a n d d ep d o e si p t o s sits, adjusted + -4 0 . . 8 4 + -2 0 . . 9 8 Currency outside banks -0.9 -0.6 by corporations and State and local governments continued in large volume during the 1 Including figures for week ending Apr. 7, 1948, and Apr. 9, 1947. first quarter of 1948, but prices were firm around the levels reached toward the end Further expansion in bank loans and a of 1947. As the outlook for stability in in- continuation of the gold inflow were factors terest rates and bond prices improved, banks tending to increase the volume of deposits in March resumed their purchases of these and currency. The combined effect of these securities. factors, as the table shows, was less than in the first quarter of 1947 and offset a smaller DECLINE IN DEPOSITS AND CURRENCY part of the contraction generated by Treas- Reduction of 5.3 billion dollars in the ury transactions. volume of deposits and currency held by Demand deposits, adjusted to exclude individuals and businesses during the first United States Government deposits, interquarter of 1948 resulted from the large bank deposits, and items in process of col- MAY 1948 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY lection, declined from the record high of Time deposits increased during the 12-month 87 billion dollars at the end of December period by more than 2 billion and demand 1947 to 82 billion at the end of March, as is deposits by over one billion, while currency shown in the chart. The decrease in these showed a decline. deposits, which are owned largely by indi- MEASURES RESTRICTING MONETARY EXPANSION viduals and businesses, occurred despite the fact that nearly one billion dollars of currency Pressure on reserve positions from Treaswas returned to banks for deposit. A large ury cash drains probably had a significant return of currency from circulation is usual restraining effect on bank credit expansion in January as the need for currency for in the first quarter of the year. Most banks transaction purposes is seasonally low in the have substantial holdings of Government post-Christmas period. Currency also de- securities that they can sell in order to acclined in March, in part as a result of tax quire funds with which to expand further payments in this form. Time deposits in- their loan portfolios. Nonetheless, the necescreased further at about the rate of growth sity, because of reserve drains, for very large shown in the latter half of 1947. sales in a short period of time probably induced some hesitancy on the part of banks BANK DEPOSITS AND CURRENCY to sell securities at the same time for the BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 purpose of expanding loans. Drains on bank reserves arising from TOTA - ANDCURRENCY I Treasury fiscal and debt retirement operations, and the accompanying necessity for - A^ / ' /V U . S E . X G C O L V J 'T D D I E N P G OSITs - banks to sell securities in the market, were - somewhat reinforced in their restrictive effects by measures taken by the Federal Re- - serve System and the Treasury. These \ measures, which included action to raise the EM A A D ND JU S D T E E P D OSITS cost to banks of obtaining reserve funds and - to increase bank needs for reserve funds, "IME DEP5SITS introduced an element of uncertainty with ^— CURRENCY OUTSIDE BANKS _ respect to prospective credit conditions. A \lI During the last half of 1947, the Treasury and the Federal Reserve System acted in co- J. S. GOVT DEPOSI rs V~—-~ operation to permit an increase in yields on Figures are partly estimated. Deposits are for all banks in the United States. Demand deposits adjusted exclude U. S. Gov- short-term Government securities. As a conernment and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings sequence of this action, discussed in the System and in mutual savings banks. Figures are for December 1940; June and December, 1941-1942; end of month, 1943-1946; March BULLETIN, yields on Treasury bills last Wednesday of month 1947 and 1948. Figures subsequent to June 1947 are preliminary; latest figures are for March. had increased from % of one per cent in Total deposits and currency, other than mid-1947 to almost one per cent in the first United States Government deposits, at the quarter of 1948. During the same period, end of March amounted to 164 billion dol- yields on 12-month Treasury certificates lars, or 3 billion more than a year earlier. increased from % per cent to l!/8 per cent. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY Accordingly, in order to obtain reserve restraint in lending that adds strongly to funds in early 1948 by selling short-term inflationary pressures has come from both Government securities, either to meet reserve public and private sources. In its official pubdrains or to permit loan expansion, banks lications and in public statements the Board were obliged to sacrifice higher yielding of Governors and the Federal Reserve securities than would have been the case had Banks have repeatedly pointed out the danshort-term rates not risen. Early in January, gers to the economy, as well as to banks and the Reserve Banks increased their discount their customers, of excessive bank credit rates from 1 to 1*4 per cent, thereby raising expansion. The President of the United the cost of borrowed reserve funds above States in his Economic Report to the Conthat for funds obtained through the sale of gress and the President's Council of Ecoshort-term securities in the market. nomic Advisors in their reports have also Increase in the cost of reserve funds was emphasized the urgent need for restraint in reinforced by downward adjustments on further bank lending and investing. December 24 in Federal Reserve support « In November 1947 a joint statement was prices for medium-term and long-term Govissued by Federal and State bank supervisory ernment securities. As a result of this action, authorities calling attention to existing init was no longer possible to obtain reserve flationary pressures and to the danger that funds by the sale of longer-term issues at further expansion in bank credit will make large premium prices. For many banks that for still higher prices. Bankers were urged acquired such securities at the higher prices to exercise extreme caution in their lending previously prevailing, sale of these securities policies and were requested to curtail all would result in moderate book losses. loans for speculation, to guard against over- On January 23, 1948, the Board of Govextension of consumer credit, and to confine ernors announced that reserve requirements extension of bank credit to financing that against net demand deposits at central rewill help production. Early in January a serve city member banks would be increased nation-wide educational program to foster from 20 to 22 per cent, effective on February voluntary action for bank credit restraint 27. This action increased required reserves was undertaken by the American Bankers at New York and Chicago banks by about Association. 500 million dollars and made it necessary for Many banks were probably also moved to these banks to sell additional Government reappraise critically their lending policies, securities. Like the drains from the Treasury particularly with respect to term loans to cash surplus, the increase in reserve requirebusinesses, by a growing uncertainty with ments had the effect of reducing the supply respect to the future pattern and course of of assets which these banks had available interest rates. Such uncertainty was a result for sale to the Reserve Banks to create reof the slow rise in short-term interest rates, serves for further loan expansion. the upward movement in the latter part of VOLUNTARY RESTRAINT ON CREDIT 1947 in long-term rates, the lowering of Federal Reserve support prices for Govern- Encouragement of voluntary restraint in bank lending operations and particularly of ment securities near the year end, and the MAY 1948 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY recent increase in the rediscount rate at the Future ease in bank reserve positions, Reserve Banks. which a Treasury cash deficit and a gold The effects of official and other pleas for inflow would tend to promote, would be a voluntary credit restraint by banks are not factor encouraging banks to expand their easily evaluated. The slackening or suspen- lending on an aggressive basis. If demand for sion of the growth in business loans, while financing by consumers and real estate partly seasonal, may reflect to some extent owners continues large and if there is a a more selective attitude on the part of banks. resurgence in loan demands by businesses, Loans to consumers and to owners of real as is indicated by reports of business expanestate, on the other hand, have continued to sion plans, there would be a strong market increase. for bank credit. Expansion in the money supply and consequent additions to infla- OUTLOOK FOR MONETARY EXPANSION tionary pressures could result. Seasonal developments of the type that Under conditions of nearly full utilization tend to make the demand for bank loans,* of productive resources and materials, with particularly by businesses, somewhat slack demand pressing strongly on supply for a in the first quarter of a year normally conbroad group of goods, and with large extinue until about midsummer. Should such penditures for military purposes in prospect, a seasonal pattern prevail this year, loan it would be difficult to avoid further inexpansion at banks may show little further creases in prices. Restraint on bank credit growth in the next few months. Total deexpansion would be desirable so that moneposits and currency held by individuals and tary expansion would not add unnecessarily businesses accordingly may remain throughto inflationary pressures. Traditional central out the first half of 1948 at levels below banking instruments for limiting such exthose prevailing at the end of last year. pansion are not fully usable by the Federal In the second half of 1948, however, un- Reserve because of the System's responderlying factors may bring about a resumpsibilities for maintaining an orderly and tion of rapid deposit expansion. During this relatively stable market for United States period it seems probable that no significant Government securities. In view of this situarestraints on monetary expansion can be expected from further cash surplus of the tion the Board of Governors has requested Treasury. The effect of recent changes in the the Congress to provide the System with fiscal outlook may be to eliminate the Treas- new authority as a substitute, or partial subury surplus and possibly to bring about a stitute, for powers which, in substantial dedeficit, at least for the balance of this calen- gree, have lost their effectiveness as a result dar year. If Government expenditures for of changes in monetary conditions since predefense purposes should be increased, Treas- war years. In the absence of additional ury operations may tend to expand both de- powers, the authorities would need to imposits and reserves of banks. In addition, bank pose such restrictions as they can and volunreserves and bank deposits probably will be tary restraint on the part of banks would increased by further gold inflow. also be essential. 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 Demand deposits of business enterprises increased raised to record levels the balances of nearly all 3.4 billion dollars during the 11-month period from categories of depositors. An important exception February 26, 1947 to January 30, 1948, according was manufacturing and mining companies, whose to estimates based on the latest Federal Reserve deposits were still below their peak of mid-1945, as System survey of deposit ownership. Personal de- is indicated on the chart. During the early postposits also grew substantially, although the rate of war period when incomes of manufacturing and increase was substantially lower than that for busi- mining companies were reduced and reconversion ness deposits. Balances of nonprofit associations expenditures large, their deposits declined sharply showed a further moderate increase, while deposits and remained at the reduced level during 1946. of trust funds and foreigners declined somewhat. Similarly, as inventory expansion gathered impetus Total demand deposits of individuals, partnerships, in late 1946, balances of companies in trade lines and corporations increased 4.5 billion dollars over were drawn down. Of the major holder groups, this 11-month period, as is shown in Table 1. Exonly individuals, both farmers and others, continued pansion in deposits was general throughout the to build their deposit accounts throughout the first country, but was greater in the Midwest than in two transition years after cessation of hostilities. other sections. Deposit expansion in the recent period, in contrast, Growth in demand deposits during this period was general among most holder groups. 1 This article was prepared by Charles Fox of the Board's Nearly all categories of businesses added sig- Division of Research and Statistics. OWNERSHIP OF DEMAND DEPOSITS INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS BILLIONS OF DOLLARS SELECTED DATES BILLIONS OF DOLLARS 00 BRO/ID 6R0UP3 20 Y40NF!NANCIAL E)US1NESSES OTHEF\ HOLDERS 24 80 16 / \ / / 20 /MANUFACTURING / T()TAL / AND MINING _ _ / - _ 1 INDIVIDUALS / (EXCLUDIN6 FARMERS) / J / - i V f - 60 yy 12 - TR;\DE/ i r " J 1 1 16 7 / - - / - 40 NONFINANCIAL / 12 BUSINESSESl^ f •**" FARfclERS. IND1VIDUALS, y • NONPROFIT X 1 ^f PUBLIC AS A S N O D C O IA T T H IO E N R S * / / S\ > ** ^ ^ * —rT ^ ~ _ * « ~ _ ^ 20 UTII ITIF<5 ^-^ >^—1 _X OTHER -*~^ FINANCIAL UIMtK BJS1NESSES . - NONFINANCIAL FlNA^JCIAL BUSINESSE5 INSURANCE COMPANIES 0 i NONPRO A F N IT D A O S T S H O E C R IA * TIONS 1942 1944 1946 1948 1942 1944 1946 1948 1942 1944 1946 1948 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 30, 1948. MAY 1948 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS nificantly to their deposit accounts in the 11-month consequence of greatly increased business expendiperiod ending January 30, 1948, as is shown in tures for wages and materials, as well as for plant, Table 1. Deposits of financial businesses, manufac- machinery, and equipment. Growth in business turing and mining companies, trade concerns, and deposits has been possible, despite the large capital other nonfinancial businesses, including service expansion programs, because of large profits toestablishments, contractors, and amusement com- gether with substantial equity and debt financing panies, all underwent large increases. The only through the capital markets and unusually heavy business group whose deposits declined was public borrowing from banks. utilities, and in this instance the decrease was small. TABLE 2 TABLE 1 DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESSES CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF INDI- [Estimates, dollar amounts in billions] VIDUALS, PARTNERSHIPS, AND CORPORATIONS [Estimates, dollar amounts in billions] Change from Feb. 26, 1947 Jan 30, Change from 1948? Am ou o t u - nt Feb. 26, 1947 Type of holder a D m o o l u la n r t Percentage Type of holder standing Jan. 30, Dollar Per- 1948P amount^ centage P Cor- Non- Cor- Non- Cor- Nonporate cor- porate cor- porate corporate porate porate Domestic businesses—total. . . $47.1 +$3.4 +7.7 Nonfinancial businesses 39.8 +2.5 +6.8 Domestic businesses Manufacturing and min- —total $35.0 $12.1 +$2.9 +$0.5 +9.0 +4.1 ing 17.3 + 1.3 +8.1 Public utilities 4.1 -0.1 -2.9 Nonfinancial 29.3 10.4 +2.1 +0.4 +7.6 +4.5 Trade 13.4 + 1.0 +7.6 Manufacturing Other nonfinaficial 4.9 +0.4 +8.9 and mining. . . 15.6 1.7 + 1.2 +0.1 +8.4 +5.1 Public utilities... 3.9 0.2 -0.2 0) -3.7 + 17.0 Financial businesses 7.4 +0.8 +12.7 Trade 7.3 6.1 +0.8 +0.2 + 11.7 +3.1 Insurance companies.... 2.7 +0.6 +28.8 Other nonfinan- Other financial 4.7 +0.2 +5.3 cial.; 2.6' 2.3 +0.3 +0.1 + 10.9 +6.8 Individuals 30.1 + 1.2 +4.1 Financial 5.6 1.7 +0.8 (x) +16.5 +1.8 Farmers 7.2 +0.3 +4.7 Insurance 2.5 0.1 +0.6 0) +30.0 + 10.5 Others 22.9 +0.9 +3.9 Other financial. . 3.1 1.6 +0.2 0) +7.5 + 1.1 Trust funds 1.6 0) -2.6 Nonprofit associations 2.8 +0.1 +4.4 P Preliminary. Foreigners 2 0.7 -0.1 -8.0 1 Less than 50 million dollar increase. NOTE.—Detailed figures may not add to totals because of Total 82.4 +4.5 +5.8 rounding. Increases of nearly one-third in deposit holdings p Preliminary. 1 Less than 50 million dollar decrease. of insurance companies resulted, in all probability, 2 Excludes foreign banks and governments. NOTE.—Detailed figures may not add to totals because of from large sales of their holdings of United States rounding. Government securities in late 1947 and early 1948. Corporations generally expanded their deposits During this period there was widespread uncermuch more sharply than did unincorporated firms. tainty regarding prices of Government securities. Of the 3.4 billion dollar growth in business deposits, Insurance companies throughout 1947 had been 2.9 billion was in corporate balances, as Table 2 reducing steadily their portfolios of Government shows. For each business category, except for securities by relatively small amounts, and investing public utilities, the percentage growth was greater the proceeds in other assets. When prices of Govin corporate than in noncorporate deposits. In the ernment bonds softened late in 1947, these com- 7-month period preceding the previous survey of panies sold an increased volume of long-term Govdeposit ownership (February 26, 1947), both cor- ernment bonds, partly in anticipation of some porate and noncorporate deposits declined, but a further decline in the prices of these issues, and greater decline occurred in noncorporate than in partly in anticipation of needs for funds for other corporate accounts. investment purposes. From other sources of in- Expansion in the deposits of businesses probably formation, it is known that insurance companies reflects business needs for larger cash balances in invested some of the proceeds of such sales in short- 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS term Government securities. The present figures, TABLE 3 therefore, reflect only the portion of sales ac- CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, PARTNERcumulated as cash in deposit accounts. SHIPS, AND CORPORATIONS, BY FEDERAL RESERVE DISTRICTS, Individuals, who increased their demand deposit FEBRUARY 26, 1947 TO JANUARY 30, 1948 balances throughout the war and postwar period, Percentage changes in deposits of added 1.2 billion dollars to their accounts in the Federal Reserve 11 months under review. This increase was about district All groups x Individuals N b o u n s f i i n n e a s n s c e i s a] one-half as large as in the previous year. Farmers' deposits increased only slightly more rapidly Boston +4.4 +2.1 +3.7 than did other personal deposits. Comparatively New York +5.4 +4.0 +6.2 Philadelphia +4.7 +3.9 +5.9 moderate expansion in deposits of farmers, despite Cleveland +7.6 +6.0 +8.3 the unprecedentedly high level of farm income and Richmond +3.6 + 1.3 +4.6 prices, probably reflected the use of cash receipts Atlanta +2.1 -0.8 +3.4 Chicago +8.9 +8.5 +9.0 by farmers to buy extraordinarily large amounts of St. Louis +3.9 +0.8 +6.5 consumer durable goods and farm machinery and Minneapolis +9.7 +8.7 + 10.4 equipment as well as to finance much of the large Kansas City +6.6 +3.9 + 10.9 Dallas + 11.8 + 12.9 + 7.8 current volume of farm construction. San Francisco +2.6 -2.0 +6.2 In addition to increasing their demand deposits, All districts +5.8 +4.1 +6.8 individuals expanded the volume of their assets 1 Includes also changes in deposits of financial businesses, nonheld in other liquid forms. Time deposits, which profit associations, trust funds, and foreigners. are primarily in personal accounts, expanded about 2 billion dollars and holdings of United States Some marked regional differences in the pattern savings bonds increased 1.8 billion during this 11- of deposit expansion developed in 1947. In the month period. On the other hand, currency held Southwest and the Midwest—the Federal Reserve outside banks, largely by individuals, declined about Districts of Dallas, Minneapolis, Chicago, and 300 million dollars. Cleveland—the sharpest increases occurred. Deposit TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-48 [Estimates, in billions of dollars] Dec. 31, July 31, Feb. 29, July 31, Jan. 31, July 31, Jan. 31, July 31, Feb. 26, Jan. 30, Type of holder 1941 1943 1944 1944 1945 1945 1946 1946 1947 1948P Domestic businesses—total. . 24.8 36.3 35.9 37.6 40.4 42.4 42.9 44.9 43.8 47.1 Corporate * * 29.2 30.6 31.9 31.1 32.8 32.1 35.0 Noncorporate * * * 8.5 9.9 10.5 11.9 12.1 11.7 12.1 Nonfinancial businesses—total 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 37.2 39.8 Manufacturing and mining 10.0 16.5 16.3 17.2 17.5 18.4 16.1 16.4 16.0 17.3 Public utilities 3.1 3.7 3.7 3.7 3.7 4.0 4.0 4.4 4.2 4.1 Trade 4.6 8.0 8.2 8.8 10.3 10.9 12.6 13.0 12.5 13.4 Other nonfinancial 2.7 3.4 3.4 3.3 3.7 3.8 4.2 4.5 4.5 4.9 Financial businesses—total.. . 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 6.5 7.4 Insurance companies 1.9 1.9 1.7 1.7 1.9 1.8 1.8 2.1 2.1 2.7 Other financial 2 5 2.8 2.6 3.0 3.3 3.5 4.1 4.5 4.5 4.7 Individuals—total... 9.6 15.8 17.7 18.4 21.5 23.0 26.4 27.6 28.9 30.1 Farmers .... * 3.3 4.2 4.0 4.7 5.2 6.0 6.2 »"6.9 7.2 Others 12.5 13.5 14.4 16.7 17.8 20.4 21.4 '22.0 22.9 Trust funds 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 1.6 Nonprofit associations 1.4 1.5 1.5 1.9 2.0 2.4 2.4 2.7 2.8 Foreigners—businesses and individuals. (••• 0.9 0.8 0.7 0.7 0.7 0.8 0.8 0.8 0.7 Total. 37.6 55.6 57.2 59.6 65.9 69.6 74.1 77.5 77.8 82.4 P Preliminary. r Revised. * Not available. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1948 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS gains in these areas reflected above average increases In contrast with the trend during the war and in balances of both businesses and individuals. The early postwar period, deposit growth was more smallest increases in deposits were in the South- rapid at large banks than at small banks in nearly east and Far West—the Atlanta, Richmond, and all districts. In all likelihood, this development re- San Francisco Federal Reserve Districts. In these suited from the greater recent expansion in business sections business deposits increased by comparatively than in personal deposits. Business deposits, parsmall amounts and, in the case of the San Fran- ticularly of incorporated enterprises, have a greater cisco and Atlanta Districts, personal deposits actually relative importance in the deposit structure of large declined. Comparative data are given in Table 3. than of small banks. 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947 From a peak of 788 million dollars in 1945, net Comparative earnings figures for selected years profits after taxes of all member banks of the since 1929 are given in the table below. Federal Reserve System declined to 758 million in Earnings. Total current earnings of all member 1946 and to 653 million in 1947. An increase in banks amounted to 2,579 million dollars in 1947, total current earnings and a decrease in income tax an increase of 176 million or 7 per cent over the payments were more than offset by an increase in previous year. This rate of increase was only about current expenses combined with a switch, from a one-half that of recent years. positive to a negative amount, in profits on se- Of fundamental importance in the earnings situcurities sold and recoveries on loans and securities ation in 1947 was the rapid rise in the volume of less losses and charge-offs. Net profits in 1947 bank loans, particularly during the second half amounted to 7.9 per cent of average total capital of the year. As is shown in the accompanying accounts as compared with 9.6 per cent in 1946 table, total loans increased by about 6 billion dollars and 10.9 per cent in 1945. These percentage de- or 22 per cent. Earnings on loans were 1,044 clines were due in part to increases in average total million dollars, an increase of 272 million or 35 capital accounts. per cent over 1946. The larger relative increase in Almost 60 per cent of net profits in 1947 was earnings resulted from several factors: higher-yield retained by member banks in capital accounts and categories such as consumer and real estate loans the remainder, amounting to 281 million dollars, have become relatively more important segments was distributed as cash dividends. The propor- of the aggregate loan portfolio; and there is evition and the dollar amount of profits retained was dence of a hardening of interest rates on loans smaller than in any year since 1943. during the year. The average yield on total loans MEMBER BANK EARNINGS, SELECTED YEARS, 1929-47 [Dollar amounts in millions] Item 1929 1932 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947V Earnings . . $2,399 $1,554 $1,274 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 $2,579 On t i U es . x S . . G .. o . vernment securi- 1- 458 448 444 431 445 540 766 960 \ / 9 1 9 3 7 9 1,0 1 5 4 4 8 9 1 2 4 1 9 On other securities On loans 2 851 544 560 595 665 649 563 563 588 772 1,044 Service charges on deposit ac- 1,563 Ot c h o e u r n e t a s rnings 2 .... 1 > 3 I^ 6 T 3 . 245 / \ 23 51 2 23 54 7 23 59 8 24 65 2 2 6 3 8 0 24 7 5 6 26 86 5 29 87 1 3 1 2 0 8 0 3 1 4 1 6 9 Expenses 2 1,684 1,143 890 895 921 988 1,002 1,039 1,127 1,268 1,469 1,650 Salaries and wages 464 357 380 388 400 426 461 487 525 580 699 797 Interest on time deposits 3. . . . 445 302 171 159 147 140 128 124 144 183 212 236 Interest on interbank and demand deposits 314 132 Taxes other than on net income 2 112 67 82 85 100 129 81 84 83 83 82 88 Other expenses 2 348 285 257 262 273 293 331 344 375 422 476 529 Net current earnings 2 715 410 384 401 402 429 485 611 747 835 934 929 Recoveries, profits on securities, etc 137 113 279 327 303 278 188 312 318 454 356 232 Loss'es and charge-offs 2 295 778 398 380 356 318 223 251 232 230 247 251 Profits before income taxes. .. f 451 673 833 1,058 1,043 910 Taxes on net income \ 68 115 184 270 285 257 Net profits 557 -255 265 347 349 390 383 557 649 788 758 653 Gash dividends declared * 387 245 198 207 210 211 203 208 226 246 267 281 Number of banks at end of year. . 8,522 6,816 6,338 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,923 1 Not available prior to 1945. 2 The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4 Includes interest on capital notes and debentures. MAY 1948 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947 increased to 3.56 per cent as compared with 3.18 the accompanying table. Since 1940 the number per cent in the previous year. of officers and employees of member banks has in- A further decrease of 5 billion dollars in mem- creased by about 50 per cent and the total of salaries ber bank holdings of United States Government and wages paid has about doubled. securities, combined with the full eflect on 1947 earnings of the 15 billion decline during 1946, AVERAGE NUMBER AND SALARIES OF EMPLOYEES OF resulted in a decline in earnings of 133 million or MEMBER BANKS 13 per cent from the previous year, despite a slight 1940 1945 1946 1947 rise in the average yield. Earnings on Government securities in 1947 were 921 million dollars and Average number of employees (full- and partwere below earnings on loans for the first time time) 195,731239,168 260,159 279,463 since 1942. Reflecting shifts in the composition Officers 34,771 38,798 41,208 43,736 Others 160,960 200,370 218,951235,727 of the aggregate Government security portfolio, Salaries and wages (in miland the higher short-term rates that followed the lions of dollars) 400 579 699 797 Officers 155 208 242 269 mid-year discontinuance of the pegged rate of Others 245 371 457 528 % per cent on bills, the average yield to member Average salary (in dollars) i1 banks from their Government holdings rose to O O f t f h ic e e r r s s 4 1 , ,5 4 2 5 2 8 5 1 , , 3 85 6 2 1 5 2, , 0 8 8 7 7 3 6 2 , , 1 2 5 4 1 0 1.53 per cent in 1947 from 1.48 per cent in 1946. Expenses and net current earnings. All major 1 Rough averages derived by dividing aggregate annual salary payments by the average of the number of full- and part-time items of current expense continued to expand and employees at the beginning and end of the year. aggregated 1,650 million dollars in 1947, an in- A growth of about 2 billion dollars in average crease of 181 million or 12 per cent over the pre- time deposits in 1947, together with a very small vious year. For the first time since 1938 there was increase in the average rate of interest paid on a decline in net current earnings before income such deposits, resulted in a 24 million dollar intaxes, although the decline was only 5 million dol- crease in interest paid on time deposits. Other lars from the peak of 934 million reached in 1946. current expenses, including taxes other than on Salaries and wages, the largest single item of net income, were 59 million dollars higher than current expense, amounted to 797 million dollars in 1946. or 98 million more than in the previous year. Recoveries, profits, losses, charge-offs, and income There was an addition of about 19,000 in the aver- taxes. A major development in member bank age number of officers and employees and an in- earnings in 1947 was a substantial decline in profits crease in the average salary paid, as is shown in on securities sold and recoveries on loans and se- MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 31, 1947 AND 1946 [In billions of dollars] Central reserve city banks Total Res b e a rv n e k s city C b o a u n n k t s ry New York Chicago 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 Total loans and investments 97.8 96.4 20.4 20.8 5.1 4.8 36.0 35.4 36.3 35.4 Loans • 32.6 26.7 7.2 6.4 1 8 1 5 13.4 10.8 10 2 8 0 Commercial and industrial 17.0 13.2 5.4 4.1 1.4 1.1 7.1 5.5 3.1 2.4 Consumer 4.7 3.3 0.6 0.5 0.1 0.1 2.0 1.4 2.0 1.3 Real estate 7.1 5.4 0.1 0.1 (i) 0 1 3.1 2 2 3 8 3.0 All other . 3.8 4.8 1.1 1.7 0.2 0.2 1.2 1.6 1.3 1.3 U. S. Government securities 57.9 63.0 12.0 13.3 2.9 2.9 20.2 22.2 22.9 24.6 Treasury bills, notes, and certificates. 12.6 16.8 2.2 3.1 0.6 0.7 4.6 6.2 5.2 6.8 Bonds and guaranteed obligations. . 45.3 46.2 9.8 10.2 2.3 2.2 15.6 16.0 17.7 17.8 Other securities 7.3 6.6 1.2 1.2 0.4 0.4 2.4 2.3 3.3 2.8 1 Less than 50 million. 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947 curities to an amount less than losses and charge-offs, ofTs on loans consists of transfers to reserves for which showed little change. In recent years, the bad debt losses on loans as authorized for banks excess of profits and recoveries over losses and by the Bureau of Internal Revenue in Decemcharge-oflfs has provided a substantial portion of ber 1947. net profits of member banks. The maximum excess Taxes paid or accrued on net income aggregated occurred in 1945, when it amounted to 224 million 257 million dollars in 1947, 28 million less than dollars or 28 per cent of net profits; in 1946, it in 1946, reflecting lower profits before income taxes. had dropped to 109 million dollars. In 1947, Earnings, by class of bank. The accompanying for the first time since 1942, losses and charge-offs table shows earnings by class of bank for 1946 on loans and securities (including transfers to re- and 1947. In contrast with the experience of other serves for such losses) exceeded recoveries and classes of banks, central reserve city banks in New security profits by 19 million dollars. The major York showed a small decrease in total current earnchanges in 1947, as compared with 1946, were a ings. Increased earnings on loans did not fully offset decrease of 93 million dollars in profits on securities the decline in earnings from Government securities, sold and an increase of 41 million in losses and as was the case elsewhere. Total current earnings charge-ofTs on loans. It is probable that a consid- increased 71 million dollars at reserve city banks erable portion of this increase in losses and charge- and 109 million at country banks; they declined MEMBER BANK EARNINGS, BY CLASS OF BANK, 1947 AND 1946 [Dollar amounts in millions] Central reserve city banks Reserve city Country Total banks banks New York Chicago 1947 1946 1947 1946 1947 1947 1946 Earnings $2,579 $2,403 $451 $456 $113 $111 $966 $895 $1,049 $940 On U. S. Government securities. . . 921 1,054 177 210 46 52 319 381 380 411 On other securities 149 148 25 24 8 9 50 52 65 63 On loans 1,044 772 144 125 39 31 424 304 437 313 All other 465 429 105 97 20 19 173 158 167 153 Expenses 1,650 1,469 275 250 70 63 631 558 675 596 Salaries and wages 797 699 160 141 33 30 303 266 302 262 Interest on deposits 236 212 8 7 10 8 94 82 124 114 All other 617 558 107 102 27 25 234 210 249 220 Net current earnings before income taxes 929 934 176 206 43 48 335 337 374 344 Profits and recoveries 232 356 48 71 18 23 88 127 78 135 Recoveries on securities 40 54 4 10 6 6 16 2C 14 17 Profits on securities 90 183 21 41 5 6 34 61 29 75 Recoveries on loans 59 64 12 11 3 3 24 24 20 25 All other 43 55 11 9 4 7 14 22 15 17 Losses and charge-off s 251 247 44 44 15 21 104 101 88 82 On securities 101 115 12 13 9 11 38 45 42 47 On loans .... 103 62 22 12 5 4 46 29 30 17 All other 47 70 10 19 1 6 20 27 16 19 Profits before income taxes 910 1,043 180 233 46 50 319 363 364 397 Taxes on net income 257 285 47 75 9 13 93 99 107 98 Net profits 653 758 133 158 37 37 226 264 257 298 Gash dividends declared x 281 267 80 75 14 14 104 99 83 79 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 11.2 11.9 7.9 9.5 10.4 12.2 12.0 12.7 13.1 13.0 Net profits to average total capital accounts 7.9 9.6 6.0 7.3 9.5 8.1 9.9 9.0 11.2 Earnings on U. S. Government securities to average holdings 1.53 1.48 1.40 1.35 1.57 1.48 1.51 1.46 1.62 1.58 Earnings on loans to average holdings 3.56 3.18 2.15 1.85 2.39 2.22 3.56 3.23 4.80 4.65 1 Includes interest on capital notes and debentures. MAY 1948 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947 3 million at central reserve city banks. All classes sold and increases in losses and charge-offs on loans of banks reported about the same relative increase at all classes of banks. in current expenses, 12 per cent, but at country Taxes paid or accrued on net income were banks the dollar increase in current expenses was smaller than in 1946 at central reserve and reserve city banks but larger at country banks. The larger less than that in current earnings. Net current tax payments or accruals by country banks occurred earnings before income taxes declined 35 million despite lower profits before taxes and possibly redollars at central reserve city banks and 2 million flect some shifts of small banks into higher tax at reserve city banks, and increased 30 million brackets. dollars at country banks. Net profits after payment of taxes were lower at The excess of profits on securities sold and reall classes of banks except central reserve city banks coveries on loans and securities over losses and in Chicago, where there was no change; the relacharge-ofls resulted in a net addition to profits tive decreases were approximately the same, 14 of 7 million dollars at central reserve city banks, per cent, at all classes. and net decreases of 16 and 10 million dollars at Detailed figures of earnings and related items, reserve city banks and country banks, respectively. together with selected ratios, will be found on There were sizable declines in profits on securities pp. 576-587 of this BULLETIN. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 by CAROLINE H. CAGLE AND RAYMOND C. KOLB The size and composition of the commercial suspensions in both agricultural and industrial banking structure of the United States has changed areas. These suspensions involved large and small considerably since 1900. During the first two banks alike, including banks with many branches, decades of the present Gentury, accompanying the and finally made necessary the banking holiday rapid agricultural and industrial development of of 1933. This action closed all banks in the country a vast geographic area, the number of banking and they were permitted to reopen only after the offices more than tripled. A peak of over 31,000 situation of each had been reviewed by the superbanks and branches was reached in 1922. During visory authorities. the twenties relatively low levels of farm income Reorganization of the country's banking strucwere reflected in large numbers of bank suspen- ture, occasioned by the banking holiday, was virsions in rural communities, while expansion of in- tually completed by 1935. Those banks, and their dustrial activity was accompanied by numerous con- branches, that could not meet the test of soundness solidations and absorptions of banks in urban or early restoration to a sound operating condition centers. These developments, together with volun- disappeared. About 18,000 commercial banks and tary liquidations, were sufficient not only to offset branches were restored to active operation. the large numbers of newly organized banking Small but successive decreases in the number of offices but also to decrease substantially the total banking offices occurred in the years 1936-43. The number of commercial banks and branches. newly organized offices that appeared in this period were outnumbered by suspensions, consoli- ALL COMMERCIAL BANKING OFFICES dations, and liquidations. The tremendous stimulus IN THE UNITED STATES provided to the economy by the prewar defense pro- N 3 U 5 MBER. IN THOUSANDS gram and our subsequent entry into the war was not reflected immediately in the number of banking offices. It was not until 1944 that the total number of commercial banking offices increased—for the ALL OF B F1 A C N E K S INs- first time in nearly 25 years.1 This upward trend 25 has continued, as is shown in the chart, and by the / end of 1947 the number of commercial banking 20 / offices was 18,141. BANKS W — ... A major factor contributing to the growth in / 15 \ V *- «*-— banking offices in recent years has been that the new / banks and branches organized have, in contrast / to prior years, more than offset decreases due to f consolidations, liquidations, etc.2 The present article examines the characteristics and the factors involved «s in the establishment of new commercial banks and BRANCHES branches since the adjustments following the bank- __ - 0 m - ing holiday. Its general purpose is to provide 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 By 1929 the number of banking offices in the 1An apparent increase in 1934 was due to the fact that statistics for that year include a large number of banks which United States had dropped by almost 4,000 from were classified as suspensions in 1933 but in 1934 reopened and were treated as additional banking offices. the 1922 peak. Severe economic recession and 2 Branches, as discussed in this article, exclude offices at military reservations. These offices consist of "banking fageneral deflation of prices and incomes in the early cilities" provided through arrangements made by the Treasury thirties were attended by successive waves of bank Department with banks designated as depositaries and fiscal agents of the Government. MAY 1948 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 background information against which to evaluate since 1935 were organized by insured nonmember the current expansion in the number of the na- banks and most of the remainder by member tion's banking offices. (principally national) banks. Information as to the amount of deposits held by the branches is not avail- NEW COMMERCIAL BANKS AND BRANCHES able but their location for the most part in small communities suggests that the average is small. 4. Many new nonmember banks found it advantageous to change their status subsequent to organization—usually to a State member status in the case of insured nonmember banks and to an insured nonmember status in the case of noninsured banks. By 1947, the net result of these changes was a substantial increase in the number of the new banks—those organized since 1935—operating as State member banks, a marked decline in the number operating as noninsured banks, and little change 100 —V/ — in the number operating as insured nonmember banks. 5. Almost one-half of the new banking offices,, both banks and branches, are in small towns (population 2,500 or less) with no other banking accommodations. Over one-half are located in the primarily agricultural North Central and South SUMMARY Atlantic areas and about 60 per cent are concentrated in 13 States. In these 13 States the type 1. More than 1,600 new commercial banking of office established was influenced to a considerable offices opened for business in the 12-year period extent by State laws regarding branch banking. 1936-47. This number was about 9 per cent of New branches rather than new banks tended to be the number in operation at the end of this period. organized where State laws with respect to the The new offices were about equally divided beestablishment of branches were liberal. On the tween banks and branches, but the relative increase other hand, where State laws prohibited the estabwas much larger in branches than in banks. More lishment of branches or permitted only limitednew offices were organized in the past four years than in the preceding eight years. This accelerated function offices many new banks were established. growth reflected the high level of business and 6. There is little doubt that many of the new agricultural activity during and since the war, and banking offices established after 1935 were to meet in part the recent high rates of profits earned on needs that arose because of large numbers of bank bank capital. suspensions from 1921 to 1933. Over two-thirds 2. Most of the new banks are small institutions of the bank failures during the period 1921-35 as of the insured nonmember class. Ninety per cent a whole occurred in the North Central and South of them currently hold deposits of 5 million dol- Atlantic areas, regions which account for a malars or less, and 40 per cent have less than 1 million; jority of the new banks and branches, and over 70 corresponding percentages for all commercial banks per cent of the failures were in towns with a are 75 and 17. Over 80 per cent were organized population of 2,500 or less, the size of town in as nonmember banks while a little over 50 per which a large proportion of the new banking cent of all commercial banks are currently in this offices have been organized. Similarly, over 90 category. The remaining new banks were mem- per cent of the failures were among banks with bers of the Federal Reserve System, and of these loans and investments of 5 million dollars or less, two-thirds were national banks. a size group which includes roughly the same pro- 3. About half of the new branches established portion of all new banks. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 7. The expansion in business and agricultural distribution of the Government security portfolios activity during the war and immediate postwar of the new banks is also roughly similar to that of years appears to have accelerated the establishment all insured nonmember banks. of new banks and branches. For the country as a 10. Despite a smaller volume of earning assets, whole the number of new banking offices was net profits of the new banks as a whole, after payalmost twice as large in the seven-year period ment of income taxes but before provision for divi- 1941-47 as in the previous five years. In the seven dends, were 13 per cent of total capital accounts States where increases in income payments to indi- in 1946 as compared with 12 per cent for other viduals during the war and postwar years were commercial banks of similar size. This difference largest, two and a half times as many new banking is due entirely to the relatively smaller capital acoffices were established from 1941-47 as in the counts of the new banks. The rate of earnings on preceding five years. total assets was the same for the new banks as for 8. On the average, banks organized since 1935 other banks. It is noteworthy that banks organized operate with a somewhat smaller capital base, rela- in recent years earned considerably less in 1946 than tive to both total assets and to total assets less Gov- banks organized prior to 1944. New banks have ernment securities and cash assets, than do other paid out less of their net profits in the form of divicommercial banks of similar size. At the end of dends than have other banks of similar size—about 1946 these ratios were 5.4 as against 6.0 per cent one-seventh as compared with one-fourth. relative to total assets and 19.1 as against 26.3 per 11. Most of the banks that established branches cent relative to assets other than Government se- organized only one branch each. At the top of the curities and cash assets. The ratios are particularly scale, however, one national bank was responsible low for new banks organized prior to 1942 since for 59 branches. A smaller proportion of the new such banks had full opportunity to share in the branches were established in the same city as the tremendous expansion in bank assets that took head office than the corresponding proportion for place during the war as a result of the Govern- all branches now in existence. Explanation for ment's fiscal policy; the relative expansion of assets this lies in the fact that a disproportionate number outstripped that of capital accounts. As might be of the new branches were established by nonmember expected, average annual asset expansion of the banks, which are located for the most part in small new banks from the time of organization to the towns where the need for additional banking offices end of 1946 was greater than for other banks of in the same town is limited but where the need may similar size. For new banks organized prior to be great in surrounding communities. the outbreak of war, asset expansion was consid- BASIC CHARACTERISTICS OF NEW BANKING OFFICES erably larger (and the capital base smaller) than Number of new banking offices. During the 12for banks organized after 1941. year period 1936-47, 1,601 new commercial banking 9. The present asset structure of the new banks offices were organized, 788 banks and 813 branches.3 differs somewhat from that of other commercial Thus, about 9 per cent of the 18,141 commercial banks of similar size. New banks hold over 6 banking offices in operation at the end of 1947— per cent more of their assets in the form of loans 6 per cent of the banks and 20 per cent of the than do other banks of their size. However, their branches—have been established since completion holdings of Government and other securities are of the readjustments following the banking holiday. substantially less, with the net result that the earn- Several factors have influenced the establishment ing assets of the new banks are a slightly smaller of new banking offices. In part, they have been proportion of total assets. The new banks have organized to meet a demand for banking services placed their loans in high-yield categories, such as in communities left bankless or practically so by the real estate, consumer, and agricultural loans, in numerous suspensions that occurred in the twenties about the same manner as have all insured nonand early thirties. In recent years, the continuing member banks, a class of bank roughly similar high level of business and agricultural activity that to the new banks with respect to their distribution by geographic areas and deposit size. The maturity 3 For 1947, the numbers of new banks and branches are preliminary and subject to minor changes. MAY 1948 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 TABLE 1 NUMBER OF BANKS AND BRANCHES ORGANIZED DURING 1936-47, BY CLASS AT ORGANIZATION Total National State member Insured nonmember Noninsured Year Banks Branches Banks Branches Banks Branches Banks Branches Banks Branches 1936 62 88 6 33 9 27 41 29 5 1937 62 95 7 29 3 3 38 62 14 1 1938 39 50 1 7 6 22 34 16 3 1939 30 48 3 6 6 24 34 2 2 1940 32 43 3 13 2 24 28 5 1941 53 50 7 15 i 7 32 22 13 6 1942 22 31 11 2 3 12 15 8 2 1943 49 19 3 3 4 3 31 13 11 1944 69 37 8 10 5 2 48 19 8 6 1945 117 65 17 29 8 11 82 21 10 4 1946 142 142 21 51 9 38 97 49 15 4 1947 111 145 19 64 14 31 65 47 13 3 1936-47 788 813 95 271 47 121 502 385 144 36 was initiated by the defense and war effort has have deposits of less than 1 million dollars. Correaccentuated this demand in some communities. sponding percentages for all commercial banks in The recent increase in the rate of organization of the same size groups are 75 and 17. new banking offices shown in Table 1 is illustrated Noteworthy differences in present size were obby the fact that more were organized in the last served between new banks organized prior to 1942 four than in the preceding eight years. The excep- and those established thereafter. The size distritionally large number established since the end of bution of banks organized in the earlier period is World War II reflects, in part at least, the comple- almost comparable to that of all commercial banks tion of organizations planned previously but post- whereas the distribution of those organized in later poned because of shortages of personnel, buildings, years is notably concentrated among the smaller and material during the war years. In the years size groups.4 Banks in existence before 1942 were following 1942 additional stimulus to the organi- in a position to take full advantage of the great zation of new banking offices was provided by expansion of deposits that resulted from the Govthe high rates of bank profits. ernment's war finance program; the later the date of organization, the less opportunity there was to Size of new banking offices. Most of the new share in this unusual expansion. The period of banks, as would be expected, are small institutions. rapid deposit creation as the result of Government Table 2 shows that 90 per cent of them have dewar financing has now ended, and the process of posits of less than 5 million dollars and 40 per cent deposit growth has come to rely on more normal banking operations. TABLE 2 While information concerning the size of new CURRENT SIZE OF NEW BANKS AND OF ALL BANKS1 branches is not available, the similarity between [Percentage distribution] new banks and branches with respect to location for the most part in small communities suggests Commercial banks All organized commercial that the noted size pattern of new banks applies in S i t z h e o u g s ro an up d s ( o D f e d p o o l s l i a t r s s , ) De b c a e n m ks ber in general to new branches. 1936-41 1942-47 1936-47 31, 1946 Class of new banking offices. Largely reflecting Under 500 . . 5 23 16 3 demand for additional offices in small agricultural 500-999 13 30 24 14 1,000-1,999 29 24 26 25 communities, discussed more fully below, about 67 2,000-4,999 35 18 24 33 5,000 and over 18 5 10 25 per cent of the new offices were in the nonmember Total 100 100 100 100 4 Bar>ks organized in 1946 and 1947 of course had been in operation less than a year and had had little opportunity to i "Current" indicates as of Dec. 31, 1946 except for banks organ- grow. Exclusion of these banks, however, would not have ized in 1947, for which the latest data available were used. changed the conclusions reached. 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 category (see Table 1). About 23 per cent of the receiving stations or otherwise limited branch new offices were in the national class and the re- offices, concentrated in States which prohibit fullmaining 10 per cent were State member offices. power branches. As will be discussed in a later In the case of the member banks most of the new section, there has been a marked decline in recent offices were branches whereas for the nonmembers years in the number of such limited-power offices they were banks. established. By the end of the 12-year period, 29 of the new TABLE 3 banks and 48 of the new branches had gone out ofRELATIVE IMPORTANCE OF NEW MEMBER AND NONMEMBER existence or disappeared through consolidation or BANKS AND BRANCHES, 1936-44 AND 1945-47 absorption. In addition, many of the new banks, [Per cent] but very few of the parent banks of the new Class 1936-44 1945-47 branches, changed their class subsequent to organization. These changes resulted in a marked de- Banks and branches 100 100 crease in the number of new banks classified as N M o e n m m b e e m r ber 2 7 5 5 4 5 3 7 noninsured and a marked increase in the number Banks 100 100 classified as State member. The movement was Member 13 24 Nonmember 87 76 not directly from noninsured to member bank Branches 100 100 status but consisted of transfers into the State mem- Member 36 64 Nonmember 64 36 ber group from the insured nonmember and into this latter class from the noninsured. The trans- LOCATION fers into and out of the insured nonmember class By size of town.5 Almost one-half of the new about balanced out. Only a few banks changed offices were established in towns with a population from State member to national. of less than 2,500 which had no other banking As is indicated in Table 3, since 1944 new offices facilities, and of this group the bulk were in towns of member banks have become a considerably of less than 1,000 population. Large cities with larger proportion of all new banking offices (25 populations of 100,000 or more and with over 10 per cent of the total in the years prior to 1944 as other banking offices accounted for only 67 new compared with 43 per cent in the later years). banks—about 8 per cent of the total—but for 207 The number of branches established by nonmemor about 25 per cent of the new branches. Details ber banks in the later years failed to keep pace are given in Table 4. with those established by member banks and con- Explanation for the concentration of new banksequently they became a much smaller proportion of all new branches. This can be explained largely 5 The figures on population are based on the 1940 Census. on the basis that many of the nonmember bank While important shifts in population have undoubtedly occurred during the war period, it is unlikely that the general conclubranches established prior to 1944 were paying and sions drawn here would be altered materially if recent population figures were available. TABLE 4 NUMBER AND LOCATION OF NEW BANKS AND BRANCHES, BY POPULATION AND NUMBER OF OTHER BANKING OFFICES IN TOWN Banks Branches Population Number of other banking offices Number of other banking offices Total Total 0 1 2 3-10 O 1 v 0 er 0 1 2 3-10 O 1 v 0 er Under 1,000 . . 269 259 10 319 315 3 1 1,000-2,499 144 115 23 1 76 71 4 1 2,500-4,999. 105 47 58 38 28 9 1 5 1 1 , 0 5 0 0 , 0 0 ,0 0 0 0 0 -1 0 -9 4 a 9 ,9 , n 9 9 d 9 9 9 over.. . 9 8 9 8 0 2 2 9 5 6 2 2 2 1 8 9 2 2 3 8 5 ""2" 67 22 6 9 1 1 8 31 5 1 8 7 1 9 2 6 1 5 3 4 207 8 1 Total 788 j 455 180 28 56 69 813 450 41 24 82 216 MAY 1948 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 ing offices in small towns probably lies partly in hand, in the four States and the District of Columthe suspension of so many banking offices in small bia, with the smallest number of suspensions, only communities during the period 1921-35. Over 70 17 new banking offices were organized.7 per cent of the 14,301 bank suspensions during this In addition to bank suspensions, another factor period were in towns of less than 2,500 population, which has had a bearing on the organization of and most of these were in towns of less than 1,000 new banking offices and their location has been population—communities corresponding in size to the sustained expansion of business and agricultural those in which approximately half of the new offices activity since the initiation of the defense program. have been organized. Even without the war, many In the Appendix table this factor is measured by small communities were in need of banking facili- the sum of the annual increases over 1940 in total ties, and the wartime acceleration of economic income payments to individuals in the six years activity and growth of individual incomes, par- 1941-46.8 To gauge the effect of this factor on ticularly farm incomes, increased this need. the establishment of new banks and branches, the The proportion of new banks located in the new banking offices organized in the 12 years have smallest towns has been larger since 1944 than in been divided into two periods, 1936-40 and 1941-47. the previous years, while the proportion of new For the country as a whole a little less than twice branches has been smaller. Partial explanation of as many new banking offices were organized in this fact lies in the decline in the organization of the seven years 1941-47 as in the previous five years. limited-power branches in States where full-power By comparison, two and a half times as many new branches are prohibited by law. Small towns abound offices were organized in the seven States accountin these particular States. ing for the largest amounts of increases in income payments—New York, California, Pennsylvania, By geographic area and State. As is shown in Illinois, Ohio, Texas, and Michigan. Conversely, the detailed Appendix table, new banking offices only about 25 per cent more new banking offices have been concentrated to a considerable extent in were established in these years in the 12 States certain geographic areas and States—in regions reporting the smallest increases in income paywhich are predominantly agricultural and where ments.9 bank suspensions during 1921-35 were very numer- The effect of increased business activity on the ous. There were both fewer suspensions and fewer establishment of new banking offices appears to be new banking offices in the New England area than even more marked when further localized. In elsewhere; in contrast, as is shown by the following the industrial areas listed below, the award of war tabulation, 55 per cent of the new banking offices contracts and expenditures for industrial, military, are located in the North Central and South Atand housing facilities through May 1945 was aclantic areas—areas which accounted for 70 per companied by the organization of greatly increased cent of all bank suspensions in the period 1921-35. numbers of banks and branches: 10 Geographic area 1921-35 1936-47 War contracts, etc. New banking offices (In millions New Kngland 1 0 3 8 Industrial area of dollars) 1936-40 1941-47 Middle Atlantic 5.2 7.2 East North Central. . . 20.5 18.7 West North Central... 36.6 20.1 Chicago 10,169 5 32 South Atlantic 13.1 16.2 Detroit 15,932 6 28 East South Central. . . 5.3 5.9 New York City ) West South Central.. . 9.5 11.7 Newark-Jersey City. / 19,900 19 32 Mountain 5 8 5 2 Pacific 3.0 11.2 6California, Florida, Georgia, Illinois, Indiana, Iowa, Michi- Total 100.0 100.0 gan, Nebraska, New York, North Carolina, South Dakota, Texas, and Wisconsin. Almost 60 per cdnt of the new offices were con- 7 Delaware, New Hampshire, Rhode Island, and Vermont. 8 As published by the Department of Commerce in the Survey centrated in 10 States in the North Central and of Current Business. See Appendix table hereof, note 1. 9 Nevada, Wyoming, Vermont, Delaware, New Hampshire, South Atlantic regions plus California, New York, New Mexico, Montana, Idaho, North Dakota, South Dakota, Arizona, and Utah. and Texas. As is shown in the Appendix table, 10 Data on war contracts and expenditures are from War these 13 States are those in which almost 50 per Production Board, Program and Statistics Bureau, Military Division, Procurement Reports Branch, Summary of War cent of the suspensions occurred.6 On the other Supply and Facility Contracts by State and Industrial Area, July 12, 1945. 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 By State laws regarding branch banking. State laws There are marked differences by States in the regarding branch banking (see the Appendix number of branches organized in the six years table) have been the decisive factor in determining prior to the outbreak of World War II as comwhether a bank or branch would be established in pared with the subsequent six-year period. While a particular community. In general, the States ac- the District of Columbia and 21 States reported counting for many of the new offices reported the more new branches subsequent to the war than establishment of many banks if the State law pro- before, 13 other States reported fewer; almost all hibited branch banking and of many branches if of this decline was concentrated in States which the law permitted them. permit only limited-power branches.11 Many of To a large extent, new banks have been estab- the limited-power offices established in the past 12 lished in predominantly agricultural areas, long the years—in most cases limited to the receiving of stronghold for the small independent bank, where deposits and cashing of checks—came into existmany State laws either prohibit or strictly limit the ence in the years 1936-38, probably to provide establishment of branches. As many as 439 new service for small towns left without banking facilibanks, or 55 per cent of the total, were located in ties after the banking holiday. Establishment of eight States which prohibited or limited branch this type of office almost ceased in the years 1939-44 banking—Illinois 97, Texas 94, Georgia 55, Iowa but in more recent years it has been resumed to 44, Nebraska 41, Florida 39, Minnesota 36, and some extent. Missouri 33. With the exception of Texas in the As has previously been noted, the proportion of West South Central area, all of these States are in new branches established by nonmember banks and the South Atlantic and North Central regions. also the proportion located in the smallest towns Despite this concentration, one or more new banks has fallen off considerably in recent years. Most of were accounted for by each of 43 States. the decline can be traced to the smaller number of Most of the new banks were organized in the limited-power offices organized in these later years years following the outbreak of the war, whereas in States which permit only limited-power branches only a few more new branches were organized in —States where nonmember banks and very small the later than in the earlier period. In more than towns predominate. half of the 43 States in which new banks were ASSETS, LIABILITIES, AND EARNINGS OF NEW BANKS established, twice as many were organized subse- Growth in assets. The period 1936-46 was one quent to 1941 as in the six previous years. of tremendous expansion in bank assets, primarily New branches as well as new banks are concenbecause of bank participation in the defense and trated in the South Atlantic and North Central war financing program. Table 5 shows that the areas, which account for about one-half of the new total assets of new banks organized in the period branches as compared with 55 per cent of the new 1936-45 expanded from the year of organization banks. The sizable percentage of new branches to the end of 1946 by an average of 90 per cent per established in the industrial Middle Atlantic area annum, a considerably higher annual rate of expanis due almost entirely to the large number organsion than was typical of other banks of similar ized in New York State. California accounts for size.12 The rate of asset expansion declined sharply the high percentage in the Pacific area. for banks organized after 1941, largely because The District of Columbia and each of 37 these banks participated for a smaller number of States have one or more new branches, and 9 States years in defense and war financing and in the account for 514 or over 60 per cent of all new accompanying deposit growth. branches in the country—California 105, New York 79, Iowa 78, Michigan 66, North Carolina 58, Indi- 11 Arkansas, Iowa, New Mexico, North Dakota, and Wisconsin permit only limited-function offices. Sizable declines ana 34, Wisconsin 32, Massachusetts 31, and South occurred in all of these States except New Mexico. Dakota 31. Iowa, the State which ranked first in 12 For further discussion of wartime expansion in bank assets, see Robert V. Rosa, "Impact of War on Member Banks, number of bank suspensions, is the only State in 1936-46," in Federal Reserve Policy (Postwar Economic Study No. 8), published by the Board of Governors in November 1947. which large numbers of both banks and branch Data compiled for this study show asset expansion of about 33 per cent per annum between 1939 and 1945 for an identical offices were established. group of 4,586 member banks with deposits on Dec. 31, 1943 of 5 million dollars or less. MAY 1948 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1956-1947 26.3 per cent relative to assets other than Govern- TABLE 5 ment securities and cash assets. Table 6 shows ASSET EXPANSION OF BANKS ORGANIZED DURING 1936-45 that on the whole banks organized prior to 1942 [Dollar amounts in millions] had decidedly lower capital ratios than banks organ- Total assets i Average ized in later years, reflecting their greater asset exannual pansion as noted in the previous section. The Year Y o e r a g r a n o - f 1946 (P in e c r r e c a e s n e t) average of the capital accounts to total asset ratios ization for banks organized in these earlier years was 4.3 per cent, and the ratio based on total assets less Gov- 1936 $23 $316 127 1937.... 30 257 84 ernment securities and cash assets averaged 15.2 per 1938... 26 172 70 1939 13 127 125 cent. On the other hand, banks organized after 1940 . . 8 83 156 1941, whose asset expansion was much smaller, 1941. .. 24 159 113 had capital ratios more nearly comparable with 1942 14 45 55 1943 43 100 44 other banks of similar size. As is indicated in 1944 . . 68 152 62 1945 121 201 66 Table 6, banks organized in 1946 and 1947, having had less than one year of operation, had excep- 1 End-of-year figures. tionally high ratios. Capital position. As a result of more rapid asset The following percentage distribution of the new than capital expansion, banks organized since 1935 banks and of member banks of similar size (deoperate on a smaller capital base relative to total posits of 5 million dollars or less), according to assets and to total assets less cash assets and United their current ratios of total capital accounts to total States Government securities than do other banks assets, provides a further illustration of the relative of similar size. At the end of 1946 these ratios capital position of the new banks. were 5.4 per cent as compared with 6.0 per cent Small relative to total assets and 19.1 per cent as against New banks member Ratio 1936-41 1942-47 banks TABLE 6 Under 5.0 61.8 25.9 30.1 5.0-9.9 34.6 46.6 61.2 10.0 and over 3.6 27.5 8.7 CURRENT RATIOS OF TOTAL CAPITAL ACCOUNTS TO TOTAL ASSETS AND TO TOTAL ASSETS LESS GOVERNMENT SECURITIES Total 100.0 100.0 100.0 AND CASH ASSETS OF NEW BANKS AND OF ALL SMALL BANKS1 A distribution of new banks by class (national, State member, insured nonmember, and nonin- Total capital accounts as percentage of: sured) indicates that the capital ratios of the new banks in each group are lower on the average than T G o o t v al e r a n s m se e t n s t l s e e s - s those of other banks of the same class. Total assets curities and Character of assets. Comparison of the assets cash assets of new banks with those held by all small banks Banks organized: shows that new banks currently have a smaller 1936-47 5.4 19.1 volume of earning assets than have other small 1936 4.1 14.5 banks. New banks have entered the loan field to 1937 . 5 0 18 2 1938 4.6 17.2 a greater extent than have other banks, but they 1939 4 0 15 4 1940 4.2 13.3 hold a smaller proportion of their assets in Govern- 1941 3.7 12.7 ment and other securities and have larger cash as- 1942 5.2 14.2 1943. . . 4 2 15 8 sets. Table 7 shows that loans constituted about 23 1 1 9 9 4 4 5 4 5 6 . . 6 1 1 1 9 9. . 6 4 per cent of the assets of all new banks, Government 1946 . . 9.4 35.6 securities about 46 per cent, other securities 4 per 1947 11.0 42.4 cent, and cash assets 26 per cent; in contrast, all All small banks 2 6.0 26.3 small banks as a group held only 17 per cent in 1 "Current" indicates as of Dec. 31, 1946 except for banks organ- loans, about 53 per cent in Governments, 6 per cent ized in 1947, for which the latest data available were used. 2 Includes all insured commercial banks with deposits on Dec. in other securities, and 24 per cent in cash assets. 31, 1946 of 5 million dollars or less. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 TABLE 7 greater than elsewhere. It may also indicate that in the communities in which the new banks are situ- ASSETS AND LIABILITIES CURRENTLY HELD BY NEW BANKS AND BY ALL SMALL BANKS1 ated there is less competition from other lending [Percentage distribution] agencies (such as sales finance companies, building and loan associations, etc.) than exists in other New banks All areas; similarly, there is less competition from other Item 1936-41 1942-47 1936-47 b s a m nk a s ll 2 banks since most of the new banks were established in towns without other banking facilities. ASSETS New banks have placed their loans in high-yield Cash assets 24.3 27.9 25.7 24.4 U. S. Government securi- categories (real estate, consumer, and agricultural ties 47 8 43.3 46.0 52.7 Other securities 4.6 3.6 4.2 5.6 loans) in about the same manner as have all in- Loans and discounts 22.6 23.9 23.1 16.7 All other assets 0.7 1.3 1.0 0.6 sured nonmember banks, a group roughly similar Total assets 100.0 100.0 100.0 100.0 to the new banks with respect to their distribution by geographic areas and deposit size. As the ac- LIABILITIES AND CAPITAL companying Table 8 shows, about 67 per cent of Total deposits 95.3 92.7 94.2 93.8 Capital accounts 4.3 7.0 5.4 6.0 the loans of the new banks are of these types as All other liabilities 0.4 0.3 0.4 0.2 compared with 73 per cent for all insured non- Total liabilities and capital 100.0 100.0 100.0 100.0 member banks; the new banks, however, hold a larger proportion in consumer loans and less in 1 "Currently" indicates as of Dec. 31, 1946 except for banks organized m 1947, for which the latest data available were used. real estate loans. It should be noted that both the 2 Includes all insured commercial banks with deposits on Dec. new banks and the insured nonmember banks 31, 1946 of 5 million dollars or less. differ markedly from member banks, which hold Some differences in asset distribution were noted less than 40 per cent of their loans in these three between banks organized in the period 1936-41 high-yield types. and those organized in 1942-47. Those organized The distribution, by type, of the Government in the earlier period had about the same proportion securities held by the new banks is similar to that of earning assets as had all banks of similar size of all insured nonmember banks, as is shown in (75 per cent); their smaller holdings of United States Government and other securities were com- Table 8. pensated for by significantly larger holdings of TABLE 8 loans. In contrast, the new banks organized subsequent to 1941 held only about 71 per cent of their LOANS AND GOVERNMENT SECURITIES CURRENTLY HELD BY NEW BANKS AND BY ALL INSURED NONMEMBER BANKS1 assets in loans and investments. The proportion [Percentage distribution! of their assets held in the form of Government and other securities is much smaller than for all banks All insured Item New banks nonmember of similar size and these smaller holdings are only 1936-47 banks partly counterbalanced by considerably larger loan holdings. The smaller holdings of Government LOANS Commercial and industrial 28.2 21.4 securities of banks organized since 1941 may beAgricultural 9.2 11.7 Real estate 34.6 43.3 explained in part by the fact that beginning in Consumer 23.3 17.9 All other 4.7 5.7 1942 banks were not permitted to subscribe to longterm, high-yield Government issues except on a re- Total loans 100.0 100.0 stricted basis and premiums on such securities pur- U. S. GOVERNMENT SECURITIES Bills, notes, and certificates 32.5 33.5 chased in the open market were high and resulting Bonds maturing within: yields low, thus discouraging purchase. 5 5 - y 1 e 0 a y rs ears 18.1 3 1 1 7 . . 9 0 10-20 years 7.1 The relatively large proportion of loans held by After 20 years 6.1 All other 4.4 the new banks, particularly those organized in the later years, reflects their location, for the most part, Total U. S. Government securities 100.0 100.0 in small agricultural communities where the need for lending facilities was and probably still is ^'Currently" indicates as of Dec. 31, 1946 except for banks organized in 1947, for which the latest available data were used. MAY 1948 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 Earnings. New banks earned a higher rate of similar size (deposits of 5 million dollars or less). profits on invested capital than did other banks of comparable size. As is shown by Table 9, the ratio New banks Small Ratio 1936-41 1942-45 member banks of net profits (after payment of income taxes but Net loss 0.6 8.8 0.7 before provision for dividends) to total capital 0.0-4.9 3.3 14.7 6.8 5.0-9.9 13.3 18.9 31.5 accounts was 13 per cent for the new banks as 10.0-14.9 22.1 31.1 35.1 compared with 12 per cent for all small banks. 15.0-19.9 30.9 16.8 17.4 20.0 and over.. 29.8 9.7 8.5 This difference was due entirely to the relatively Total. . . . 100.0 100.0 100.0 smaller capital accounts of the new banks. In relation to total assets, the new banks earned about the Whereas only 17 per cent of the banks organized same as other banks. during 1936-41 earned less than 10 per cent on in- New banks have paid out in dividends only two- vested capital, twice that proportion of small memthirds as much of their net profits as have other ber banks and 42 per cent of the banks organized banks of similar size—about one-seventh as com- during 1942-45 were in this profits group. Net pared with one-fourth. losses were reported by almost 10 per cent of the new banks organized in the later period as compared with less than 1 per cent for banks organized TABLE 9 in 1936-41 and for all small member banks. The SELECTED EARNINGS AND EXPENSE RATIOS OF NEW BANKS extremely high profitability of the new banks AND OF ALL SMALL BANKS, 1946x [Per cent per annum] organized before 1942 is indicated by the fact that almost a third of them earned 20 per cent or more Banks organized on invested capital as compared with about 10 per All Ratio small cent for the new banks established since then and 1936-41 1942-45 1936-45 banks 2 for all small member banks. Net profits to total capital accounts 16.5 9.6 13.3 11.9 Net profits to total assets. . 0.7 0.6 0.7 0.7 RELATION OF NEW BRANCHES TO PARENT BANKS Earning assets to total as- Banks establishing branches. Most of the new sets 75.0 73.2 74.5 75.0 Expenses + income taxes branches were established by different banks, 540 to total earnings 71.6 77.1 73.8 69.7 Capital accounts to total banks accounting for the 813 branches that were assets . . 4.3 5.5 4.8 6.0 Dividends to net profits. . . 15.2 14.3 14.9 24.2 organized during the 12 years. At the top of the scale, however, one national bank was responsible 1 Excludes banks organized in 1946 and 1947, for which earnings for the full year 1946 were not available, and noninsured banks, for the establishment of 59 branches; 432 banks for which no earnings reports were available. 2 Includes all insured commercial banks with deposits on Dec. established only one branch each. This is in line 31, 1946 of 5 million dollars or less. with the current situation with respect to branch banking, namely that most branch-operating banks Banks organized in the period 1936-41 had suboperate only one branch each but that in a few stantially higher profits relative to total capital cases banks operate extensive branch systems. The accounts and to total assets than those organized following tabulation shows the number of banks after 1941; for the former group average profits in establishing one or more branches during 1936-47: 1946 were 16.5 per cent of total capital accounts and for the latter 9.6.13 This higher profit ratio for Banks Branches banks organized prior to 1942 was due to a smaller 432 1 capital base, a larger proportion of earning assets, 64 2 and smaller expenses. The following percentage 2 6 1 3 4 distribution of new banks by their 1946 ratios of 5 5 6 . 6 net profits to total capital accounts shows more 2 7 1 9 clearly the contrasts between new banks organized 1 . . 11 1 12 in the designated periods and member banks of 1 59 13 Some of the banks organized in the more recent years have Location of new branches relative to head-office city. probably not reached their maximum size and earning capacity State laws on branch banking also influenced the merely because of their newness. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 location of new branches with respect to the city quirements for the establishment of out-of-town of the head office. Some States permit branches branches by member banks. only within the head-office city, others within the head-office county, others within counties contigu- TABLE 10 ous to the head-office county, and still others on a NUMBER OF NEW BRANCHES, BY LOCATION OF BRANCH RELA- Statewide basis. The following tabulation shows TIVE TO HEAD OFFICE AND BY CLASS OF PARENT BANK the percentage of new branches and of all branches l ( i D m e i c ts e : mber 31, 1946) located within each of these Location Total ti N on a- al m S e t m at b e er m In n e s m o u n r b e - e d r i N ns o u n r - ed New All Head-office city 253 123 75 44 11 branches branches Head-office county.. . . 334 52 32 233 17 Contiguous county... . 131 26 8 91 6 Noncontiguous county 95 70 6 17 2 Head-office city 31 43 Head-office county 41 25 Total 813 271 121 385 36 Contiguous county 16 13 Noncontiguous county 12 19 Total 100 100 CONCLUSION The important difference between new branches The increased "rate of organization of new bankand all branches in this respect—greater concentraing offices in recent years, in marked contrast to tion of new branches in head-office counties and less the prolonged contraction which began after World in head-office cities—can be explained largely by War I and continued through 1943, signifies a the fact that a disproportionate number of the new basic, but as yet moderate, change in the banking branches were established by nonmember banks, situation. In view of the current level of bank which are located for the most part in small towns where the need for additional banking offices is lim- profits in relation to capital, still comparatively ited in the same town but may be great in surround- high notwithstanding declines in the last two years, ing communities. Contributing to the concentration and the prospects for increases in national income of new branches of member banks in the city of the in the years ahead, some further increase in the head office (see Table 10) are the high capital re- number of banking offices may be expected. (See following page for Appendix table.) MAY 1948 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW COMMERCIAL BANKING OFFICES, 1936-1947 APPENDIX TABLE ORGANIZATION OF NEW BANKING OFFICES 1936-47 COMPARED WITH INCREASES IN INCOME PAYMENTS TO INDIVIDUALS 1941-46, BANK SUSPENSIONS 1921-35, AND STATUS OF STATE LAWS ON BRANCH BANKING [Dollar amounts in billions] Number of new banking offices Bank Increase Number of new Status of State Geographic division and State 1936-47 su s s io p n e s n- p in a y in m c e o n m ts e banking offices l b aw an s k o in n g b 1 r 9 a 3 n 9 c h 2 Banks Branches Total 1921-35 1941-46 i 1936-40 1941-47 New England . . 5 56 61 141 $23.4 8 53 ]Vf aine 8 8 37 2° 1 2 6 Statewide New Hampshire 1 1 2 9 0.8 1 1 No legislation Vermont . . 1 1 20 0.7 1 Statewide Massachusetts 2 31 33 46 11.0 2 31 Limited areas Rhode Island 1 8 9 4 2.3 9 Statewide Connecticut 1 7 8 25 6.5 3 5 Statewide Middle Atlantic 10 105 115 747 74.5 37 78 New York 1 79 80 181 37.9 26 54 Limited areas New Jersey 3 10 13 132 12.5 6 7 Limited areas Pennsylvania 6 16 22 434 24.1 5 17 Limited areas East North Central 145 154 299 2,931 81.3 89 210 Ohio . 7 22 29 386 22.1 10 19 Limited areas Indiana 17 34 51 514 10.5 21 30 Limited areas Illinois . . 97 97 952 22.9 17 80 Prohibited Michigan . .... 14 66 80 486 17.4 19 61 Statewide Wisconsin 10 32 42 593 8.4 22 20 Limited areas 3 West North Central 182 139 321 5,234 32.8 151 170 Minnesota 36 36 726 5.5 12 24 Prohibited Iowa .... 44 78 122 1,237 6.0 70 52 Limited areas3 !Missouri 33 33 865 8.9 9 24 Prohibited North Dakota 3 30 33 610 1.6 23 10 Limited areas 3 South Dakota 15 31 46 569 1.6 23 23 Statewide Nebraska 41 41 779 3.6 11 30 Prohibited Kansas ... 10 10 448 5.6 3 7 Prohibited South Atlantic 147 113 260 1,871 44.2 83 177 Delaware 1 1 6 0.8 1 Limited areas Maryland 1 22 23 98 6.4 5 18 Statewide District of Columbia 4 4 18 3 2 4 Statewide Virginia 9 14 23 155 7.3 3 20 Statewide West Virginia 9 9 156 3.2 4 5 Prohibited North Carolina 12 58 70 374 6.9 24 46 Statewide South Carolina. . . 22 10 32 337 3.5 16 16 Statewide Georgia ... 55 3 58 436 6.5 13 45 Limited areas Florida 39 4 1 40 291 6.4 18 22 Prohibited East South Central 51 44 95 751 20.3 38 57 Kentucky . . 13 4 17 179 4.7 12 5 No legislation Tennessee 9 26 35 197 6.4 10 25 Limited areas Alabama . . 16 1 17 165 5.7 6 11 Limited areas Mississippi ... 13 13 26 210 3.5 10 16 Limited areas West South Central 151 36 187 1,362 30.3 52 135 Arkansas 22 19 41 368 3.2 20 21 Limited areas 3 Louisiana . . 21 17 38 135 5.2 7 31 Statewide Oklahoma 14 14 430 4.4 5 9 No legislation Texas 94 94 429 17.5 20 74 Prohibited Mountain 50 34 84 831 11.6 27 57 Montana . . * 10 10 250 1.2 2 8 Limited areas Idaho 9 5 14 122 1.4 6 8 Statewide Wyoming 69 0.6 No legislation Colorado 17 17 197 3.1 8 9 Prohibited New Mexico 7 4 11 70 1.1 2 9 Limited areas 3 Arizona 16 16 49 1.7 3 13 Statewide Utah 4 6 10 51 1 9 4 6 Statewide Nevada 3 3 6 23 0.6 2 4 Statewide Pacific 47 132 179 433 51.2 64 115 Washington 18 16 34 170 9.4 5 29 Statewide Oregon 11 11 22 124 4.8 6 16 Statewide California 18 105 123 139 37.0 53 70 Statewide Total, United States 788 813 1,601 14,301 $369.6 549 1,052 1 Computed from table on p. 21, Survey of Current Business, August 1947. Represents sum of annual increases over 1940 in income payments to individuals, 1941-46. 2 The designations opposite each State indicate the maximum area in which branches may be established. For summary of State laws on branch banking, see Federal Reserve BULLETIN for October 1939, pp. 851-70. 3 Only "offices," "agencies," or "stations" for limited purposes, as distinguished from "branches," are permitted under certain circumstances. 4 Branch of a Morris Plan Bank, the only type permitted by law, whose activities are confined to making loans and accepting payments on loans; deposits may not be accepted. 516 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 Margin Requirements described at 1940 Federal Reserve BULLETIN 772, the security sold is not held in the account and is Ninety-Day Rule in Special Cash Account Section 4(V)(8) of Regulation T places a limita- not to be deposited in it unconditionally. It is tion on a special cash account if a security other to be obtained only against the delivery to the other than an exempted security has been purchased in broker of the security which had been purchased. the account and "without having been previously Hence payment cannot be said to have been made paid for in full by the customer . . . has been prior to such delivery; the purchased security has . . . delivered out to any broker or dealer." The been delivered out to a broker without previously limitation is that during the succeeding 90 days the having been paid for in full, and the account customer may not purchase a security in the account becomes subject to the 90-day disqualification. other than an exempted security unless funds sufficient for the purpose are held in the account. In Foreign Funds Control other words, the privilege of delayed payment in Treasury Department Release such an account is withdrawn during the 90-day The following release relating to transactions in period. foreign exchange, etc., in addition to those hereto- The Board recently considered a question as to fore published in the Federal Reserve BULLETIN, whether the following situation makes an account has been issued by the Office of the Secretary of subject to the 90-day disqualification: A customer the Treasury under authority of the Executive Order purchases registered security ABC in a special cash of April 10, 1940, as amended, and the Regulations account. The broker executes the order in good issued pursuant thereto: faith as a bona fide cash transaction, expecting to obtain full cash payment promptly. The next Treasury Department day, the customer sells registered security XYZ FOREIGN FUNDS CONTROL in the account, promising to deposit it promptly in April 16, 1948 the account. The proceeds of the sale are equal REVOCATION OF GENERAL LICENSE NO. 49 to or greater than the cost of security ABC. After Under Executive Order No. 83 89, As Amended, Executive both sale and purchase have been made, the cus- Order No. 9193, As Amended, Section 5 (b) of the Trading tomer requests the broker to deliver security ABC with the Enemy Act, As Amended by the First War to a different broker, to receive security XYZ from Powers Act, 1941, relating to Foreign Funds Control * that broker at about the same time, and to settle General License No. 49 (Section 131.49) is hereby revoked. with the other broker—such settlement to be made JOHN W. SNYDER either by paying the cost of security XYZ to the Secretary of the Treasury other broker and receiving from him the cost of * Section 131.49, issued under sec. 5(b), 40 Stat. 415, 966, security ABC, or by merely settling any difference sec. 2, 48 Stat. 1, 54 Stat. 179, sec. 301, 55 Stat. 839; 12 TJ.S.C. 95a, 50 U.S.C. App. Sup., 5(b); E. O. 8389, April 10, 1940, as between these amounts. amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, The Board expressed the view that the account 1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April becomes subject to the 90-day disqualification in 10, 1940, as amended June 14, 1941, February 19, 1946, June 28, 1946 and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7, section 4(V)(8). In the instant case, unlike that 11 F. R. 1769, 7184, 12 F. R. 6. MAY 1948 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Publication of the Annual Report of the Addition to the Board's Staff Board of Governors Mr. Winfleld W. Riefler, who was a member of The Thirty-fourth Annual Report of the Board the research staff of the Board of Governors from of Governors of the Federal Reserve System, cover- 1923 to 1933 and a Director of the Federal Reing operations for the calendar year 1947, is available serve Bank of Philadelphia in 1941 and 1942, has for distribution. Copies may be obtained upon joined the Board's staff as Assistant to the Chairrequest from the Board's Division of Administra- man of the Board. Since 1935 Mr. Riefler has tive Services, Washington 25, D. C. been a professor at the Institute for Advanced Study, Princeton, New Jersey, and has served as Federal Reserve Meetings an officer or director of several organizations engaged in economic research. From 1942 to 1944 The Federal Advisory Council held meetings in he was in London as United States Minister and Washington on April 25-27, 1948, and met with Special Assistant to the Ambassador. the Board of Governors of the Federal Reserve System on April 27, 1948. Correction Change in Staff of Federal Advisory Council On page 402 of the April 1948 Federal Reserve The Federal Advisory Council on April 25, 1948, BULLETIN, the announcement of the appointment of accepted the resignation tendered by Mr. Walter Mr. McCabe to the Board of Governors, through Lichtenstein as Secretary of the Council, and ap- typographical error, gave the expiration date of his pointed Mr. Herbert V. Prochnow to succeed him term as 1952. Mr. McCabe's appointment as a in the position. Mr. Lichtenstein had served as Sec- member of the Board continues until February 1, retary of the Council since 1926. Mr. Prochnow 1956. became Acting Secretary of the Council in September 1945 and Associate Secretary in February 1948. Admissions of State Banks to Membership in the Federal Reserve System Appointment of Branch Director The following State banks were admitted to membership in the Federal Reserve System during On April 19, 1948, the Board of Governors anthe period March 16, 1948 to April 15, 1948: nounced the appointment of Mr. Joseph W. Seacrest, Co-Publisher, Nebraska State Journal, Lin- Montana coln, Nebraska, as a director of the Omaha Branch of the Federal Reserve Bank of Kansas City for St. Ignatius—Lake County Bank the unexpired portion of the term ending De- Oregon cember 31, 1949. Mr. Seacrest succeeds Mr. L. E. Hurtz, President, Fairmont Creamery Com- Umatilla—Inland Empire Bank pany, Omaha, Nebraska, whose term expired December 31, 1947. South Carolina Resignation of Branch Director Pamplico—Pamplico Bank and Trust Company On April 26, 1948, the Board of Governors ac- Texas cepted the resignation of Mr. Rosco Stone, Manager, Carrizo Springs—Union State Bank T. A. Ledford Estate, Hickman, Kentucky, as a director of the Louisville Branch of the Federal Re- Wyoming serve Bank of St. Louis. Mr. Stone had served the branch as a director since September 8, 1944. Afton—Star Valley State Bank 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 22 and released for publication April 24] Curtailed coal output reduced industrial produc- was maintained at about the level of the preceding tion in March and the early part of April. Value months. of department store sales continued at a level about Output of nondurable goods industries as a 6 per cent higher than in the corresponding period group decreased slightly in March. Activity dea year ago. The general level of wholesale com- clined in the cotton textile, rubber products, coke, modity prices increased somewhat. flour, and meat packing industries, but increased in the rayon textile, paperboard, and alcoholic INDUSTRIAL PRODUCTION beverage industries. A substantial reduction in meat production under Federal inspection reflected Industrial production declined slightly in March work stoppages in plants of major packers beginowing to a sharp reduction in bituminous coal outning March 16. Paperboard production, following put after the middle of the month; and the Board's some curtailment in February, increased 7 per cent seasonally adjusted index was 192 per cent of the to a new record rate. 1935-39 average as compared with 194 in February. Output of minerals declined 10 per cent in Continuation of work stoppages at coal mines in March, reflecting a drop in coal production due to April has reduced total industrial production furwork stoppages at most mines beginning March 15. ther this month. Coal mine operations continued at a very low level Production of durable manufactures increased in during the first two weeks of April, but subse- March, mainly because of larger output of steel and quently increased sharply following settlement of automobiles. Steel production for the month was an industrial dispute. at a new record peacetime rate. Steel mill operations were somewhat curtailed at the end of March CONSTRUCTION because of reduced supplies of coal and declined considerably in the first three weeks of April. Value of construction contracts awarded, ac- Activity in the automobile industry expanded in cording to the F. W. Dodge Corporation, showed March to earlier postwar peak rates, after being little change in Majch, as a decline in public curtailed by fuel shortages in February. Produc- awards offset a seasonal increase in private awards tion of machinery and most other durable goods EMPLOYMENT IN NONAGR [CULTURAL ESTABLISHMENTS MILLIONS OF PERSON INDUSTRIAL PRODUCTION 45 1 . VOLUME SEASONALLY ADJUSTED, 1935 - r/ / \T0TAL 240 -Y/- — 40 220 1 200 35 1 J 180 160 30 - 140 120 ?5 - 1942 1944 1946 1948 1942 1944 1946 1941 ; 100 1941 1942 1943 1944 1945 1946 1947 1948 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic Federal Reserve Index. Monthly figures, latest shown are servants are excluded. Midmonth figures, latest shown are for for March. March. MAY 1948 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS mainly for residential building. The number of consumers' price index from 167.5 per cent of the dwelling units started in March, according to esti- 1935-39 average to 166.9. Retail prices of apparel mates of the Department of Labor, was 67,000 and home furnishings and rental rates rose somecompared with 47,000 in February and 58,400 in what further. March 1947. BANK CREDIT DISTRIBUTION During the first three weeks of April, in contrast Department store sales in March and the early to the situation in March, the Government's cash part of April showed little change from the average payments exceeded receipts and the Treasury's level of 284 per cent of the 1935-39 average for balance at Federal Reserve Banks declined sharply. January and February, after allowance is made for As a consequence, commercial bank reserves and the usual seasonal fluctuation. Value of depart- deposits, which had been under severe drain in ment store stocks reached a new peak at the end March, increased somewhat in April. of February, when the Board's seasonally adjusted Total Government security holdings of the Reindex was 303 per cent of the 1935-39 average. serve Banks declined further by about one-half bil- Work stoppages sharply reduced railroad ship- lion dollars during the first three weeks of April, ments of coal and coke from the early part of following a small decline in March. Treasury re- March to the middle of April. Loadings of forest tirement in March and early April of 1.3 billion products and general merchandise continued to dollars of securities held by Reserve Banks was show little change. offset in part by System purchases in the market. COMMODITY PRICES Real estate and consumer loans at banks in leading cities continued to expand during March and The general level of wholesale commodity prices the first half of April, while commercial and inincreased somewhat from the beginning of March dustrial loans declined somewhat. Holdings of to the third week of April. Cotton prices advanced Government -securities were reduced over the sharply reflecting prospects of increased exports. period. Meat prices were also higher, owing to reduced supplies as a result of the strike in the packing SECURITY MARKETS industry. Hog prices, on the other hand, declined Prices of common stocks rose sharply in the considerably further. Prices of other iarm products last half of March and the third week of April. and foods and industrial commodities generally Trading in the New York Stock Exchange was showed little change. more active. Prices of corporate bonds were firmer A further small reduction in retail food prices in the first three weeks of April, and prices -of from mid-February to mid-March lowered the municipal bonds continued to advance. CONSUMERS' PRICES LOANS AT MEMBER BANKS IN LEADING CITIES iS OF^DOLLARS ^^ BILLIO 1941 1942 1943 Bureau of Labor Statistics' indexes. "All items" includes housefurnishings, fuel, and miscellaneous groups not shown Excludes loans to banks. Wednesday figures, latest shown separately. Midmonth figures, latest shown are for March. are for Apr. 21. 520 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. . 523 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements.. .. 524 Federal Reserve Bank statistics.. 525-528 Guaranteed war production loans... 529 Deposits and reserves of member banks. 529-530 Money in circulation 531-532 Gold stock; bank debits and deposit turnover . 532 Deposits and currency; Postal Savings System; bank suspensions 533 All banks in the United States, by classes ... 534-535 All insured commercial banks in the United States, by classes 536-537 Weekly reporting member banks. . . : 538-541 Commercial paper, bankers' acceptances, and brokers' balances 542 Money rates and bond yields. . 543 Security prices and new issues. 544-545 Corporate earnings and dividends 546 Treasury finance .... 547-549 Government corporations and credit agencies . 550 Business indexes 551-560 Department store statistics. 561-564 Cost of living 564 Wholesale prices .... 565 Gross national product, national income, and income payments. . 566-567 Consumer credit statistics 568-570 Current statistics for Federal Reserve chart books . 571-575 Member bank earnings, 1947 576-587 Number of banks and branches in operation on December 31, 1947. 588-589 Number of banking offices on Federal Reserve par list and not on par list 590 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc 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. MAY 1948 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS 8ILLI0NS OF DOLLARS WEDNESDAY FIGURES 10 NONMEMBER DEPOSITS 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS 25 OF U.'S. GOVERNMENT SECURITIES - I 0 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for Apr. 21. See p. 523. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve 3ank credit outstanding Member bank reserve Treas- balances U. S. Government Treas- ury de- Other Date c v o D a a a u n n i d s n c d - - e ts s Total se T c b a u u r i e n r r l i y a d l t s s ie - s o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t o e c u i a n 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 y a d h s s - - F B p s w e e R o a d r i s n e e t v i - h k t r e s s alb p m N e o r o e s m n d it - e s - - c s F o e e R a e u r r c e a d v n - - l - e ts Total c E e x ss - 2 certificates Monthly averages of daily figures: 1947— F jaenb 3 2 3 5 9 2 2 2 3 3 , , 6 8 3 2 2 4 2 22 2 , , 6 5 9 2 0 3 1 1 , , 1 1 3 0 5 9 4 5 3 4 8 7 2 2 4 4 , , 4 6 3 0 1 1 2 2 0 0 , , 6 7 2 2 4 6 4 4 , , 5 56 5 0 8 2 2 8 8 , , 5 3 4 0 3 0 2 2 , , 2 2 1 9 4 0 1,8 7 9 8 5 0 9 8 8 4 9 6 6 6 1 2 4 3 1 16 6 , , 0 3 0 9 6 9 8 8 5 0 0 5 Mar 307 22,978 21,831 1,147 436 23,72120,406 4,557 28,273 1,332 1,344 1,097 633 16,006 871 1948— F ja e n b .. 3 2 7 2 9 4 2 2 1 0 , , 6 7 7 3 3 8 1 1 6 3 , , 5 6 6 7 6 6 5 7 , , 1 0 0 6 7 2 5 4 5 7 1 3 2 2 2 1 , , 4 5 4 8 7 9 2 2 2 2 , , 8 96 1 7 6 4 4 , , 5 5 5 5 9 9 2 2 8 8 , , 3 0 9 9 4 6 1 1, , 3 3 1 2 7 9 1 1, , 3 1 2 3 3 0 1,0 9 1 8 4 7 5 5 6 5 6 9 1 1 6 7 , , 8 3 3 9 4 0 cl,0 r8 8 0 2 5 Mar 410 20,582 13,097 7,484 454 21,44623,103 4,558 27,941 1,326 1,089 1,069 575 17,106 822 End-of-month figures: 1947—Jan. 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 Mar. 31 538 22,593 21,488 1,105 300 23,43120,463 4,559 28,230 1,336 2,014 971 638 15,264 344 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 22,109 23,036 4,561 28.019 1 ,325 1,591 1,154 556 17,062 762 Mar. 31 430 20,887 13,332 7,555 291 21,60723,137 4,559 27,781 1 ,325 1,972 999 588 16,639 655 Wednesday figures: 1947—June 4.... 173 21.76C 20,664 1,097 301 22,23420,990 4,561 28,261 1,36C 653 956 629 15,921 626 June 11 175 21,578 20,482 1,097 287 22,04021,026 4,561 28,253 1,332 495 889 629 16,02* 667 June 18 132 21,18f 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.... 110 21,629 20,532 1,097 406 22,14521,284 4,559 28,409 1,325 658 977 631 15,988 526 July 9 120 21,611 20,515 1,097 304 22,03521,336 4,551 28,363 1,329 566 844 631 16,190 670 July 16 99 21,758 20,663 1,095 391 22,24821,434 4,550 28,225 1,331 756 952 631 16,336 759 July 23 118 21,700 20,605 1,095 275 22,09321,467 4,550 28,145 1,330 939 818 633 16,244 630 July 30.... 111 22,012 20,917 1,095 187 22,31021,537 4,551 28,129 1,341 705 1,236 633 16,354 742 Aug. 6 12321,869 20,777 1,092 219 22,21121,602 4,552 28,206 1,330 728 1,071 621 16,409 741 Aug. 13 183 22,030 20,939 1,091 282 22,494 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 22,63621,666 4,551 28,239 1,330 1,265 987 624 16,407 721 Aug. 27 134 22,107 21,018 1,089 237 22,47821,766 4,550 28,302 1,335 915 1,123 626 16,493 775 Sept. 3 125 22,224 21,135 1,089 274 22,62321,765 4,552 28,749 1,323 459 1,149 632 16,628 841 Sept. 10 120 22,042 20,848 1,194 309 22,47221,815 4,551 28,742 1,329 243 960 632 16,932 1,015 Sept. 17 130 21,756 20,562 1,194 509 22,39421,935 4,551 28,633 1,306 240 930 642 17,128 1,055 Sept. 24 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.... 111 22,355 21,148 1,207 385 22,85222,092 4,551 28,632 1,328 909 837 646 17,142 1,069 Oct. 15 146 22,218 21,013 1,205 443 22,80722,153 4,551 28,656 1,324 836 817 648 17,229 1,154 Oct. 22 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 22,934 22,597 4,554 28,725 1,330 1,314 969 626 17,121 954 Dec. 3.... 262 22,120 19,587 2,533 448 22,83022,680 4,553 28,817 1,342 1,256 986 624 17,038 854 ,Dec. 10 250 21,985 19,273 2,713 382 22,61722,708 4,556 28,874 1,331 934 992 618 17,132 935 Dec. 17 168 21,657 18,772 2,886 913 22,73822,723 4,557 28,923 1,332 616 951 615 17,581 1,165 Dec. 24 283 21,900 18,659 3,241 827 23,01122,743 4,556 29,111 1,318 929 967 609 17,377 1,073 Dec. 31 85 22,559 18,230 4,329 536 23,181 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 17,351 904 Mar. 24 447 20,607 13,168 7,439 375 21,42923,135 4,557 27,851 1,336 1,458 1,018 589 16,870 684 Mar. 31 430 20,887 13,332 7,555 291 21,60723,137 4,559 27,781 1,325 1,972 999 588 16,639 655 Apr. 7 260 20,477 12,816 7,662 347 21,08523,147 4,558 27,833 1,329 1,140 994 590 16,905 822 Apr. 14 221 20,593 12,832 7,762 315 21,130123,152 4,558 27,774 1,320 1,177 929 590 17,050 894 Apr. 21.... 234 20,394 12,537 7,857 338 20,96623,159 4,557 27,718 1,336 1,283 911 590 16,845 P72O Apr. 28.. .. 259 20,440 12,400 8,040 253 20,952 23,167 4,561 27,682 1,326 1,185 856 587 17,043 *>876 P Preliminary. r Revised. c Corrected i 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. MAY 1948 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and banks secured by direct Federal Reserve Bank d s i e s c c u o r u e n d t s b y o f e a li n g d ib l a e d v p a a n p c e e r s Other s [ e S c e u c r . e d 1 0 a ( d b v )] ances obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. (Sees. 13 and 13a)* Rate Effective Rate Effective Rate Effective Boston , Jan. 14,1948 Jan. 14,1948 New York Jan. 12,1948 Apr. 6,1946 Philadelphia... Jan. 12,1948 Mar. 23,1946 Cleveland Jan. 12,1948 Mar. 9,1946 Richmond Jan. 12,1948 Mar. 16,1946 Atlanta Jan. 12,1948 Jan. 24,1948 Chicago Jan. 12,1948 Jan. 12,1948 St. Louis Jan. 12,1948 Jan. 12,1948 Minneapolis.. Jan. 12,1948 Jan. 15,1948 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 April 30. Per cent per annum] Maturity Apr. 30 ginning— rate To industrial or 1- 90 days. . ijan. 12, 1948 commercial To financing institutions 91-120 days. . ijan. 12, 1948 businesses 121-180 days. . ijan. 12, 1948 Federal On discounts or purchases 1 Date on which rate became effective at the Federal Reserve Bank Reserve o b f y B N t a h e c e w k o Y f t i h g o e u r r k r e . F s e .— d T e h S r e a e l e s a R m B e a s e e n r r k v a in e te g s B g a a e n n n k d e s r . a M ll o y n a e p ta p r ly y t S o t a a t n is y t ic p s u , r c T ha a s b e le s m 1 a 1 d 7 e , 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 w r t t i i h t o u ic n - h ma R in e i - ng 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 Net demand deposits1 Time New York Period in effect C r b e e c a s n i e n t r t y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e a e p ( n m a o k l s b l s i e ) ts r A C C R Ph h l i t e c l i i a v h c l n a e a m g l t d a a o o e n n l d d phia.... St. Louis June 21 1917-Aug. 15,1936.. 13 10 7 3 K M a in n n sa e s a p C ol i is ty.... A M M u a a g y r . . 16 1 1 , , , 1 1 1 9 9 9 3 3 3 7 6 7 - - - A A Fe p p b r r . . . 2 3 1 8 0 5 , , , 1 1 1 9 9 9 3 3 3 8 7 7 . . . . . . 2 2 1 6 2 93 M ^ 2 1 1 0 7 5 ^*2 1 1 14 0 2 3 J^ ^ 4 6 53 3^ 4 D Sa a n ll a F s rancisco... Apr. 16, 1938-Oct. 31, 1941.. 22M 173^ 12 5 Nov. 1, 1941-Aug. 19,1942.. 26 20 14 6 1 Including loans made in participation with financing institutions. Aug.20, 1942-Sept. 13,1942.. 24 20 14 6 2 Rate charged borrower less commitment rate. Sept.14, 1942-Oct. 2,1942.. 22 20 14 6 • 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 discount rate. 6 Charge of \i per cent is made on undisbursed portion of loan. 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 perjod Apr. 13, 1943-June 30, 1947, and all MARGIN REQUIREMENTS1 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 I I n n 6 9 0 m d o a n y t s h s to o 6 r m m o o r n e ths I* Re F g o u r l a l t o io an n s U by : banks on stocks 75 100 75 In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be ex- " NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; th« tame 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, tinder the laws of the State in which the member bank is located. and BULLETIN for March 1945, p. 235. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1948 1948 1947 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Mar. 24 Mar. 17 Apr. Mar. Apr. Assets Gold certificates 21,279,170121,259,170 21,259,170 21,249,170 21,229,170 21 234,170 21,224,170 21 277,17021,229,170 18,815,176 Redemption fund for F. R. notes 630,395 633,528 633,694 636,645 648,841 633,840 636,471 632,396 648,841 721,334 Total gold certificate reserves. . . . 21,909,565 21,892,698 21,892,864 21,885,81521,878,011 21,868,010 21,860,64121,909,566 21,878,01119,536,510 Other cash 323,672 325,756! 343,087 333,044 359,555 353,046 364,307 324,057 359,555 276,061 Discounts and advances: For member banks.. . 110,725 85,390 68,260] 107,624 285,458 304,147 222,302 100,514 285,458 103,364 For nonmember banks etc 148,000 148,000 153,000 153,000 144,500 143,000 141,000 148,000 144,500 21,800 Total discounts and advances 258,725 233,390 221,260 260,624 429,958 447,147 363,302 248,514 429,958 125,164 Industrial loans 2,146 4,384 2,491 3,603 3,785 3,147 3,602 1,394 3,785 1,109 U. S. Govt. securities: Bills: Under repurchase option 5,383,668 Other 8,140,201 8,282,151 8,488,951 8,471,551 8,851,101 8,794,901 8,666,401 7,973,501 8,851,101 9,716,885 Certificates: Special. ....... Other 4,259,543 4,254,693 4,342,793 4,344,293 4,481,175 4,373,175 4,289,725 4,236,243 4,481,175 5,651,218 Notes 1,955,700 1,933,800 1,926,550 1,914,300 1,883,400 1,786,200 1,774,100 1,962,700 1,883,400 351,800 Bonds 6,084,467 5,923,655 5,835,069 5,747,243 5,671,377 5,652,858 5,642,703 6,167,215 5,671,377 753,390 Total U. S. Govt. securities 20,439,91120,394,29920,593,363 20,477,387 20,887,05320,607,134 20,372,929 053 21,856,961 Other Reserve Bank credit outstanding. .. 251,188 333,935 313,137 343,304 286,630 371,571 447,311 268,498! 286,630 222,117 Total Reserve Bank credit outstanding 20,951,970 20,966,008 21,130,25121,084,918 21,607,42621,428,999 21,187,144 20,858,065 21,607,42622,205,351 Liabilities Federal Reserve notes. . 23,624,055 23,666,49123,724,19523,787,083 23,767,64223,831,226 23,914,28723,647,992 23,767,64224,022,262 Deposits: Member bank — reserve account 17,043,29416,845,32317,050,35416,905,422 16,638,71916,869,89017,350,679 16,944,22316,638,71915,825,712 U. S. Treasurer—general account 1,185,346 1,282,982 1,177,026, 1,139,628 1,971,606 1,458,070 677,263 1,236,405 1,971,606 618,860 Foreign 386,766 422,475 448,482 497,737 485,528 510,671 525,353 392,819 485,528 552,526 Other 469,270 488,687 480,288 495,892 513,773 507,464 481,120 433,258 513,773 472,756 Total deposits 19,084,676 19,039,467 19,156,15019,038,679 19,609,62619,346,095 19,034,415 19,006,70519,609,626 17,469,854 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 51.3 51.3| 51.ll 51.1 50.4 50.6 50.9 51.4| 50.4 47.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Mar. 31 429,958 305,598 52,816 23,771 45,198 2,564 11 Apr. 7 260,624 130,601 46,782 13,924 69,246 60 11 Apr. 14 221,260 103,981 14,793 33,387 59,534 9,554 11 Apr. 21 233,390 114,383 16,238 24,617 77,742 376 34 Apr. 28 , 258,725 119,515 15,854 43,302 80,012 19 23 Industrial loans: Mar. 31 3,785 3,563 23 21 112 34 Apr. 7 3,603 3,371 23 21 21 131 4 Apr. 14 2,491 2,253 23 21 21 137 4 Apr. 21 4,384 4,170 21 21 137 4 Apr. 28 2,146 1,931 21 21 137 4 U. S. Government securities: Mar. 31 20,887,053 2,415,688 213,,35Q,2,625,054 3,097,452 3,640,129 2,343,017 4701,,378 5,081,985 Apr. 7 20,477,387 1,887,865 025,08f3,151,669 5,664,676 2,259,417 860,450 546, ,081,985 Apr. 14 20,593,363 1,756,515 082, ,271,1035,565,2712,263,917 938,200 634,070 5,081,985 Apr. 21 20,394,299 1,579,740 241,056 3,413,049 5,083,046 ,231,917 1,040,850 722,656 ,081,985 Apr. 28 20,439,911 1,536,593 479,102 3,113,502 4,937,144 2,232,417 1,175,700 883,468 5,081,985 MAY 1948 525 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 l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo 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 s n n c - o Assets Gold certificates: Mar. 31 21,229,170 765,555 6,861,3741,059,9761,389,9651,036,8141,115,6833,922,571 579,060 438,369 770,865 517,4772,771,461 Apr. 7 .... 21,249,170 814,805 6,811,3811,029,8661,373,0991,040,5531,085,3874,023,045 600,422 420,303 775,836 494,1662,780,307 Apr. 14 21,259,170 829,362 6,757,8051,018,8631,393,9711,029,1111,055,4354,123,217 571,033 417,896 761,166 488,5782,812,733 Apr. 21 21,259,170 822,028 6,648,4041,048,6941,395,7881,020,4141,057,1004,210,907 594,900 437,283 761,772 505,6602,756,220 Apr. 28 21,279,170 808,188 6,718,5611,017,6561,411,9501,009,7431,063,9514,227,417 585,353 426,488 756,935 498,6412,754,287 Redemption fund for F. R. notes: Mar. 31 648,841 55,586 71,135 58,743 74,247 57,410 38,969 113,400 46,214 22,677 35,223 25,763 49,474 Apr. 7 636,645 55,471 70,675 58,532 74,114 56,585 38,863 103,254 46,172 22,661 35,194 25,736 49,388 Apr. 14 633,694 55,331 69,984 58,282 73,938 55,490 38,723 103,053 46,126 22,643 35,152 25,699 49,273 Apr. 21 633,528 55,324 69,944 58,276 73,926 55,475 38,709 103,023 46,116 22,639 35,143 25,699 49,254 Apr. 28 630,395 55,176 69,259 58,014 73,731 54,324 38,563 102,790 46,066 22,619 35,090 25,647 49,116 Total gold certificate reserves: Mar. 31 21,878,011 821,141 6,932,5091,118,7191,464,2121,094,2241,154,6524,035,971 625,274 461,046 806,088 543,2402,820,935 Apr. 7 21,885,815 870,276 6,882,0561,088,3981,447,2131,097,1381,124,2504,126,299 646,594 442,964 811,030 519,9022,829,695 Apr. 14 21,892,864 884,693 6,827,7891,077,1451,467,9091,084,6011,094,1584,226,270 617,159 440,539 796,318 514,2772,862,006 Apr. 21 21,892,698 877,352 6,718,3481,106,9701,469,7141,075,8891,095,8094,313,930 641,016 459,922 796,915 531,3592,805,474 Apr. 28. 21,909,565 863,364 6,787,8201,075,6701,485,6811,064,0671,102,5144,330,207 631,419 449,107 792,025 524,2882,803,403 Other cash: Mar. 31 359,555 39,140 66,278 22,658 37,089 21,492 21,279 55,783 15,061 9,446 12,095 14,521 44,713 Apr. 7 333,044 38,606 60,737 21,746 32,896 19,538 23,676 50,592 12,921 8,865 9,670 12,977 40,820 Apr. 14 343,087 39,753 66,703 20,103 36,232 20,177 25,101 49,336 12,594 8,588 9,801 10,977 43,722 Apr 21 325 756 39,058 61,374 18,464 32,288 20,197 23,983 44,867 13,859 8,333 10,408 10,743 42,182 Apr. 28 323,672 39,568 62,720 17,117 35,143 19,599 20,983 43,787 13,671 7,477 10,558 10,657 42,392 Discounts & advances: Secured by U. S. Govt. securities: Mar. 31. . 284,768 19,038 37,744 5,359 12,376 26,361 1,391 168,345 3,630 100 6,690 200 1,534 Apr. 7. . 107,141 11,823 15,404 4,740 12,296 9,752 2,841 37,715 1,130 150 5,140 1,550 4,600 Apr. 14.. 67,703 10,908 23,143 4,620 10,264 5,217 3,341 3,200 480 150 4,030 300 2,050 Apr. 21.. 84,569 12,255 10,169 6,635 13,124 5,666 5,435 14,350 6,030 100 8,880 1,775 150 Apr. 28.. 109,932 12,585 38,299 6,170 12,568 8,605 2,285 6,175 9,040 100 6,930 1,475 5,700 Other: Mar. 31. . 145,190 9,104 46,240 11,705 13,685 7,081 5,925 19,652 5,402 3,613 5,057 5,010 12,716 Apr. 7. . 153,483 9,639 48,960 12,393 14,462 7,497 6,273 20,808 5,508 3,825 5,355 5,299 13,464 Apr. 14. . 153,557 9,639 48,960 12,393 14,459 7,497 6,373 20,808 5,508 3,825 5,355 5,276 13,464 Apr. 21.. 148,821 9,324 47,360 11,988 13,989 7,252 6,168 20,128 5,628 3,700 5,203 5,057 13,024 Apr. 28.. 148,793 9,324 47,360 11,988 13,986 7,252 6,168 20,128 5,628 3,700 5,203 5,032 13,024 Industrial loans: Mar. 31 3,785 556 214 30 2,985 Apr. 7 . . 3,603 463 214 40 2,886 Apr. 14 2,491 468 214 46 1,763 Apr. 21 4,384 475 215 46 3,648 Apr. 28 2,146 471 214 46 1,415 U. S. Govt. securities: Bills: Mar. 31 8,851,101 595,005 2,122,335 632,234 848,555 574,827 443,7331,257,635 488,696 270,923 412,559 401,123 803,476 Apr. 7 8,471,551 569,492 2,031,325 605,123 812,168 550,176 424,7041,203,706 467,740 259,306 394,867 383,922 769,022 Apr. 14.... 8,488,951 570,661 2,035,498 606,366 813,836 551,306 425,5771,206,178 468,700 259,838 395,678 384,711 770,602 Apr. 21 .. 8,282,151 556,759 1,985,911 591,594 794,010 537,876 415,2091,176,794 457,283 253,508 386,039 375,339 751,829 Apr. 28 . . 8,140,201 547,217 1,951,874 581,454 780,401 528,657 408,0931,156,625 449,445 249,163 379,423 368,906 738,943 Certificates: Mar. 31 4,481,175 301,242 1,074,506 320,091 429,610 291,025 224,655 636,720 247,419 137,164 208,873 203,082 406,788 Apr. 7.... 4,344,293 292,040 1,041,683 310,312 416,488 282,136 217,792 617,272 239,861 132,975 202,492 196,879 394,363 Apr. 14 ...• 4,342,793 291,940 1,041,323 310,205 416,344 282,038 217,717 617,059 239,778 132,928 202,423 196,812 394,226 Apr. 21.... 4,254,693 286,017 1,020,199 303,913 407,898 276,316 213,301 604,541 234,914 130,232 198,316 192,818 386,228 Apr. 28 4,259,543 286,344 1,021,361 304,259 408,362 276,631 213,544 605,230 235,182 130,381 198,542 193,039 386,668 Notes: Mar. 31. ... 1,883,400 126,610 451,605 134,531 180,562 122,316 94,420 267,609 103,988 57,649 87,787 85,354 170,969 Apr. 7 . . 1,914,300 128,687 459,015 136,739 183,524 124,322 95,970 271,999 105,694 58,595 89,227 86,754 173,774 Apr. 14 1,926,550 129,510 461,952 137,614 184,698 125,118 96,584 273,740 106,371 58,970 89,798 87,309 174,886 Apr. 21 .. 1,933,800 129,998 463,690 138,131 185,393 125,589 96,947 274,770 106,771 59,192 90,136 87,638 175,545 Apr. 28. ... 1,955,700 131,470 468,942 139,696 187,493 127,011 98,045 277,881 107,980 59,862 91,157 88,630 177,533 Bonds: Mar. 31. ... 5,671,377 381,253 1,359,894 405,106 543,715 368,322 284,323 805,835 313,134 173,595 264,348 257,021 514,831 Apr. 7 5,747,243 386,353 1,378,085 410,526 550,988 373,249 288,127 816,614 317,323 175,917 267,885 260,459 521,717 Apr. 14 5,835,069 392,257 1,399,145 416,799 559,408 378,953 292,529 829,093 322,172 178,606 271,978 264,439 529,690 Apr. 21 5,923,655 398,212 1,420,386 423,127 567,901 384,706 296,970 841,680 327,063 181,317 276,107 268,454 537,732 Apr. 28 6,084,467 409,022 1,458,946 434,613 583,318 395,150 305,032 864,530 335,942 186,239 283,603 275,742 552,330 Total U. S. Govt. securities: Mar. 31 20,887,053 1,404,110 5,008,3401,491,9622,002,4421,356,4901,047,1312,967,7991,153,237 639,331 973,567 946,5801,896,064 Apr. 7 20,477,387 1,376,572 4,910,1081,462,7001,963,1681,329,8831,026,5932,909,5911,130,618 626,793 954,471 928,0141,858,876 Apr. 14 20,593,363 1,384,368 4,937,9181,470,9841,974,2861,337,4151,032,4072,926,0701,137,021 630,342 959,877 933,2711,869,404 Apr. 21 20,394,299 1,370,986 4,890,1861,456,7651,955,2021,324,4871,022,4272,897,7851,126,031 624,249 950,598 924,2491,851,334 Apr. 28 20,439,911 1,374,053 4,901,1231,460,0221,959,5741,327,4491,024,7142,904,2661,128,549 625,645 952,725 926,3171,855,474 Total loans and securities: Mar. 31 21,320,796 1,432,252 5,092,3241,509,5822,028,7171,389,9621.0S7.4323,155,7961,164,269 643,044 985,314 951,7901,910,314 Apr. 7 20,741,614 1,398,034 4,974,4721,486,2961,990,1401,347,1721,038,5932,968,1141,137,256 630,768 964,966 934,8631,876,940 Apr. 14 20,817,114 1,404,915 5,010,021 1,488,4651,999,2231,350,17$1,043,8842,950,0781,143,009 634,317 969,262 938,8471,884,918 Apr. 21 20,632,073 1,392,565 4,947,7151,475,8631,982,5301,337,4511,037,6782,932,2631,137,689 628,049 964,681 931,0811,864,508 Apr. 28 20,700,782 1,395,962 4,986,7821,478,6511,986,3421,343,3521,034,5822,930,5691,143,217 629,445 964,858 932,8241,874,198 Due from foreign banks: Mar. 31 95 6 131 8 9 5 4 13 3 2 3 3 8 Apr. 7 95 6 i 31 8 9 5 4 13 3 2 3 3 8 Apr. 14 95 6 131 8 9 5 4 13 3 2 3 3 8 Apr. 21 95 6 *31 8 9 5 4 13 3 2 3 3 8 Apr. 28 94 6 130 8 9 5 4 13 3 2 3 3 8 1 After deducting $64,000 participations of other Federal Reserve Banks on Mar. 31; Apr. 7; Apr. 14; Apr. 21; and Apr. 28. 526 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 oflollars] • Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M a i p n 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: Mar. 31. .. . 120,339 4,837 13,630 6,488 7,693 16,196 14,912 16,422 6,439 6,877 5,302 5,238 16.305 Apr. 7 112,107 4,563 17,045 7.028 6,677 15,745 10.968 14,760 7,284 4,932 5,451 4,814 12,840 Apr. 14 104,106 4,592 16,227 4,686 6,133 15,208 9,631 14,033 5,807 4,449 5,754 4,402 13,184 Apr. 21 110,883 5,021 17,025 4,846 6,318 15,096 14,298 13,765 6,976 4,296 4,690 4,037 14,515 Apr. 28... . 110,799 4,243 17,057 5,287 6,078 14,782 10,392 14,056 8,442 3,636 6,630 4,973 15,223 Uncollected items: Mar. 31 2,739,595 204,601 540,711 179,404 272,969 233,185 189,588 446,592 123,840 66,569 124,016 108,455 249,665 Apr. 7 2,502,989 248,866 495,103 178,404 229,409 208,687 169,727 355,092 107,474 56,549 126,368 107,542 219,768 Apr. 14 3,076,197 266,325 610,431 201,022 306,812 259,143 208,104 495,450 138,458 70,604 154,158 131,709 233,981 Apr. 21 2,869,538 229,109 602,765 199,620 280,943 221,535 193,196 429,051 116,923 63,659 146,683 133,313 252,741 Apr. 28 2,512,184 210,810 496,765 158,470 241,553 198,625 186,518 383,700 107,979 58,341 136,022 118,885 214,516 Bank premises: Mar. 31 32,744 1,227 8,184 3,145 4,899 2,617 1,549 3.042 1,961 1,201 2,440 785 1,694 Apr. 7 32,737 1,227 8,184 3,145 4,899 2,617 1,549 3,042 1,961 1,201 2,433 785 1,694 Apr. 14. 32,734 1,227 8,184 3,145 4,896 2,617 1,549 3,042 1,961 1,201 2,433 785 1,694 Apr. 21 32,737 1,227 8,186 3,145 4,896 2,617 1,549 3,042 1,962 1,201 2,433 785 1,694 Apr. 28 32,689 1,222 8,189 3,132 4,888 2,610 1,546 3,037 1,961 1,198 2,433 785 1,688 Other assets: Mar. 31 137,368 9,113 32,495 9,314 13,160 9,166 6,908 19,592 7,8611 4,214 6,419 6,159 12,967 Apr. 7 139,568 9,431 33,218 9,554 13,297 9,394 7,008 19,676 7,968 4,345 6,531 6,153 12,993 Apr. 14 144,535 9,685 34,560 9,873 13,760 9,806 7,226 20,398 8,223 4,486 6,801 6,405 13,312 Apr. 21 147,935 9,978 34,630 10,307 14,402 9,867 7,427 21,071 8,426 4,651 6,888 6,647 13,641 Apr. 28 154,372 10,449 36,396 10,666 14,932 10,304 7,758 21,861 8,848 4,743 7,205 7,006 14,204 Total assets: Mar. 31 46,588,5032,512,31712,686,1622,849,3183,828,7482,766,8472,446,3247,733,2111,944,7081,192,3991,941,6771,630,1915,056,601 Apr. 7 45,747,9692,571,00912,470,8462,788,5793,724,5402,700,2962,375,7757,537,5881,921,4611,149,6261,926,4521,587,0394,994,758 Apt. 14 46,410,7322,611,19612,573,9462,804,4473,834,9742,741,7322,389,6577,758,6201,927,2141,164,1861,944,5301,607,4055.052,825 Apr. 21 46,011,7152,554,31612,390,0742,819,2233,791,1002,682,6572,373,9447,758,0021,926,854|1,170,1131,932,7011,617,9684.994,763 Apr. 28 45,744,1572,525,62412,395,7592,749,0013,774,6262,653,3442,364,2977,727,2301,915,5401,153,9491,919,7341,599,4214,965,632 Liabilities Federal Reserve notes: Mar. 31 23,767,6421,418,959 5,462,4061,625,5572,068,4941,636,6001,327,9824,514,7761,090,859 612,511 922,230 590,6642,496,604 Apr. 7 23,787,0831,423,409 5,457,5681,626,2502,069,8701,635,8511,327,4124,519,2771,091,674 614,347 924,041 591,3472,506,037 Apr. 14 23,724,1951,423,806 5,437,8841,622,6122,064,1811,627,6621,320,9704,522,0001,088,114 611,534 918,961 589,1442,497,327 Apr. 21 23,666,491 1,427,878 5,426,6971,619,2562,059,7691,618,1981,313,6644,515,4031,084,276 610,166 917,593 589,0372,484,554 Apr. 28 23,624,0551,420,898 5,421,1021,620,7262,058,1791,610,9431,316,2664,508,6701,079,607 608,833 913,868 587,6022,477,361 Deposits:. Member bank —reserve account: Mar. 31. .16,638,719 700,560 5,343,716 799,8821,278,079 726,321 735,9612,418,390 589,105 413,492 777,415 790,2642,065,534 Apr. 7. .16,905,422 743,896 5,465,306 817,5041,246,606 738,130 768,8722,435,691 622,108 403,211 788,858 796,3622,078,878 Apr. 14.. 17,050,354 726,173 5,524,032 799,6721,282,051 721,873 758,5542,516,845 615,818 415,363 788,856 802,7522,098,365 Apr. 21.. 16,845,323 701,852 5,422,329 814,9101,250,118 711,306 746,4602,486,164 616,381 417,513 794,977 819,4422,063,871 Apr. 28.. 17,043,294 715,444 5,574,110 803,8221,279,413 717,299 743,1962,525,918 615,751 408,039 782,655 799,6112,078,036 U. S. Treasurer-general account: Mar. 31 . .1,971,606 120,732 527,482 171,598 134,297 126,141 142,495 267,726 98,139 76,288 89,702 105,120 111,886 Apr. 7. . 1,139,628 113,140 296,301 93,450 98,887 71,823 67,876 110,481 59,585 51,541 57,476 56,118 62,950 Apr. 14. . 1,177,026 125,570 263,263 111,016 117,275 75,056 58,683 131,055 49,407 43,144 57,184 48,503 96,870 Apr. 21.. 1,282,982 136,588 254,894 118,634 118,528 80,966 66,960 218,635 66,616 52,715 42,291 49,006 77.149 Apr. 28.. 1,185,346 113,224 195,927 94,535 114,410 80,543 72,161 199,506 68,753 53,284 59,083 61,443 72,477 Foreign: Mar. 31. . 485,528 27,423 1190,128 35,170 39,946 21,276 17,802 59,051 15,631 10,855 15,197 14,763 38,286 Apr. 7. . 497,737 28,368 1192,136 36,385 41,327 22,011 18,417 61,091 16,171 11,230 15,722 15,273 39,606 Apr. 14.. 448,482 26,069 1167,683 33,429 37,968 20,222 16,921 56,127 14,857 10,318 14,445 14,032 36,411 Apr. 21.. 422,475 25,477 U48,609 32,667 37,104 19,762 16,535 54,849 14,519 10,083 14,115 13,246 35,509 Apr. 28.. 386,766 22,862 ^140,639 29,306 33,286 17,728 14,834 49,205 13,02 9,045 12,663 12,301 31,872 Other* Mar. 31.. 513,773 2,013 451,477 1,924 7,154 5,500 744 1,747 5,285 1,717 521 581 35,110 Apr. 7. . 495,892 2,307 427,203 1,717 7,963 6,956 584 2,522 5,932 2,478 1,110 577 36,543 Apr. 14.. 480,288 1,693 420,686 1,307 6,318 6,997 523 1,276 5,314 1,471 888 468 33,347 Apr. 21.. 488,687 1,856 417,408 1,562 6,829 5,603 2,259 2,696 6,203 1,514 5,642 378 36,737 Apr. 28.. 469,270 2,642 406,573 1,964 7,962 5,256 553 2,115 5,055 1,732 195 510 34,713 Total deposits: Mar. 31 19,609,626 850,728 6,512,8031,008,5741,459,476 879,238 897,0022,746,914 708,160 502,352 882,835 910,7282,250,816 Apr. 7 19,038,679 887,711 6,380,946 949,0561,394,783 838,920 855,7492,609,785 703,796 468,460 863,166 868,3302,217,977 Apr. 14 19,156,150 879,505 6,375,664 945,4241,443,612 824,148 834,6812,705,303 685,396 470,296 861,373 865,7552,264,993 Apr. 21 19,039,467 865,773 6,243,240 967,7731,412,579 817,637 832,2142,762,344 703.719 481,825 857,025 882,0722,213,266 Apr. 28. 19,084,676 854,172 6,317,249 929,6271,435,071 820,826 830,7442,776,744 702,584 472,100 854,596 873,8652,217,098 Deferred availability items: Mar. 31 2,453,060 194,211 478,954 154,558 230,508 212,232 188,814 368,395 116,860 57,312 108,180 101,172 241,864 Apr. 7 2,159,780 211,104 399,154 152,344 189,423 186,400 159,868 304,803 96,926 46,474 110,608 99,696 202,980 Apr. 14 2,763,155 258,923 525,916 175,126 256,341 250,512 201,036 426,892 124,365 61,864 135,291 124,616 222,273 Apr. 21 2,535,698 211,429 485,268 170,715 247,454 207,226 194,937 375,406 109,419 57,533 129,036 118,780 228,495 Apr. 28 2,261,090 201,141 421,322 136,890 209,672 181,729 183,945 336,386 103,659 52,305 122,014 109,660 202,367 Other liab. incl. accrued div.: Mar. 31. 15,927 1,014 3,943 1,002 1,768 829 693 2,620 744 513 647 796 1,358 Apr. 7 16,319 1,008 4,248 1,037 1,609 937 736 2,686 756 521 641 659 1,481 Apr. 14 17,572 1,001 4,721 1,134 1,698 991 789 2,873 818 559 702 716 1,570 Apr. 21 16,736 985 4,245 1,067 1,817 929 761 2,795 730 541 656 768 1,442 Apr. 28. 17,453 1,017 4,621 1,087 1,870 944 794 2,866 775 549 667 788 1,475 Total liabilities: Mar. 31 45,846,2552,464,91212,458,1062,789,6913,760,2462,728,8992,414,4917,632,7051,916,6231,172,6881,913,8921,603,3604,990,642 Apr. 7 45,001,8612,523,23212,241,9162,728,6873,655,6852,662,1082,343,7657,436,5511,893,1521,129,8021,898,4561,560,0324,928,475 Apr. 14 45,661,0722,563,23512,344,1852,744,2963,765,8322,703,3132,357,4767,657,0681,898,6931,144,2531,916,3271,580,2314,986,163 Apr. 21*. 45,258,3922,506,06512,159,4502,758,8113,721,6192,643,9902,341,5767,655,9481,898,1441,150,0651,904,3101,590,6574,927,757 Apr. 28 44,987,2742,477,22812,164,2942,688,330 3,704,7922,614,4422,331,749 7,624,6661,886,6251,133,7871,891,1451,571,9154,898,301 1 After deducting $295,256,000 participations of other Federal Reserve Banks on Mar. 31; $305,456,000 on Apr. 7; $280,636,000 on Apr. 14; $274,244,000 on Apr. 21; and $246,024,000 on Apr. 28. MAY 1948 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] • Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Acets.: Capital paid in: Mar. 31 197,767 11,305 69,072 14,535 18,948 8.420 7,715 24,072 6,488 4,358 6,720 7,602 18,532 Apr. 7 197,814 11,305 69,099 14,541 18,949 8,425 7,716 24,079 6,488 4,358 6,720 7,603 18,531 Apr. 14 197,841 11,305 69,101 14,542 18,949 8,425 7,716 24,086 6,497 4,358 6,723 7,608 18,531 Apr. 21 197,962 11,307 69,126 14,543 18,949 8,436 7,722 24,086 6,500 4,360 6,771 7,612 18,550 Apr. 28 197,990 11,307 69,131 14,543 18,957 8,435 7,724 24,093 6,503 4,363 6,772 7,612 18,550 Surplus (section 7): Mar. 31 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Apr. 7 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Apr. 14 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Apr. 21 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,o52 Apr. 28 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Surplus (section 13b): Mar. 31 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 7 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 14.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 21 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 28 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Mar. 31.... 68,749 4,972 13,069 5,253 6,375 4,969 4,246 8,788 4,104 3,047 3,780 3,811 6,335 Apr. 7.... 72,562 5,344 13,916 5,512 6,727 5,204 4,422 9,312 4,328 3,160 -3,991 3,986 6,660 Apr. 14 76,087 5,528 14,745 5,770 7,014 5,435 4,593 9,820 4,531 3,269 4,195 4,148 7,039 Apr. 21 79,629 5,816 15,583 6,030 7,353 5,672 4,774 10,322 4,717 3,382 4,335 4,281 7,364 Apr. 28 83,161 5,961 16,419 6,289 7,698 5,908 4,952 10,825 4,919 3,493 4,532 4,476 7,689 Total liabilities and cap. accts.: Mar. 31. ... 46,588,503 2,512,317 12,686,1622,849,3183,828,7482,766,8472,446,3247,733,211 1,944,7081,192,3991,941,6771,630,1915,056,601 Apr. 7 45,747,969 2,571,009 12,470,8462,788,5793,724,5402,700,2962,375,7757,537,5881,921,4611,149,6261,926,4521,587,0394,994,758 Apr. 14 46,410,732 2,611,196 12,573,9462,804,4473,834,9742,741,7322,389,657 7,758,6201,927,2141,164,1861,944,5301,607,4055,052,825 Apr. 21 46,011,715 2,554,316 12,390,0742,819,2233,791,1002,682,6572,373,9447,758,002 1,926,8541,170,1131,932,7011,617,9684,994,763 Apr. 28.... 45,744,157 2,525,624 12,395,7592,749,0013,774,6262,653,3442,364,297 7,727,230 1,915,5401,153,9491,919,7341,599,4214,965,632 Contingent liability on bills purchased for foreign correspondents: Mar. 31 4,134 260 U,323 335 380 202 170 562 149 103 145 141 364 Apr. 7 3,884 245 H.243 315 357 190 159 528 140 97 136 132 342 Apr. 14 3,586 226 U.148 290 330 176 147 488 129 90 125 122 315 Apr. 21 3,517 221 n,125 285 323 172 144 478 127 88 123 122 309 Apr. 28.... 3,384 213 n.083 274 311 166 139 460 122 85 118 115 298 Commit, to make indus. loans: Mar. 31.... 7,700 75 1,150 1,525 127 16 344 580 3,750 133 Apr.' lY.Y. 7,679 75 1,241 1,418 128 16 341 580 3,750 130 Apr. 14.... 7,744 75 1,411 I 318 123 16 341 580 3,750 130 \pr. 21.... 7,725 75 1,396 ! 310 127 16 341 580 3,750 130 Apr. 28.... 7,726 75 1,398 1,310 126 16 341 580 3,750 130 i After deducting $2,811,000 participations of other Federal Reserve Banks on Mar. 31; $2,641,000 on Apr. 7; $2,438,000 on Apr. 14; $2,392,000 on Apr. 21; and $2,301,000 on Apr. 28. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r i a a sc n n o - F.R. notes outstanding (issued to Bank): Mar. 31 24,671,979 1,484,548 5,698,4641,678,9972,158,8551,692,8171,375,4114,606,219 1,133,253 634,434 945,993619,646 2,643,342 Apr. 7 24,639,516 1,482,7815,690,0871,670,0112,154,977 1,691,2051,373,715 4,602,5481,133,773 636,597 947,303619,7772,636,742 Apr. 14 24,575,486 1,481,1235,675,8881,669,4412,148,6641,687,7271,365,498 4,600,4541,130,169 ,852 946,099 661166,,442272,619,144 Apr. 21 24,512,919 1,477,3375,662,6191,661,5702,148,192 1,683,3451,366,529 4,594,7821,126,878633,091 943,413661188,,227744 2,596,889 Apr. 28 24,473,201 1,477,005 5,657,0231,662,2602,143,677 1,675,2381,363,176 4,584,5191,125,112 632,393 942,614619,4642,590,720 Collateral held against notes outstanding: Gold certificates: Mar. 31 13,009,000 460,000 4,470,000 550,000 735,000 625,000 675,0002,430,000 315,000200,000 280,000169,000 2,,1]00,000 Apr. 7 13,209,000 460,000 4,470.000 550,000 735,000 625,000 675,0002,630,000 315,000200,000 280,000169,000 2;,100,000 Apr. 14 13,209,000 460,000 4,470,000 550,000 735,000 625,000 675,0002,630,000 315,000200,000 280,000169,000 2,,1100,000 Apr. 21 .... 13,209,000 460,000 4,470,000 550,000 735,000 625,000 675,0002,630,000 315,000200,000 280,000169,000 2,100,000 Apr. 28 13,159,000 460,000 4,470,000 550,000 735,000 625,000 675,0002,630,000 315,000 200,000 280,000169,000 2,050,000 Eligible paper: Mar. 31 99,556 19,038 34,744 5,359 . . . 26,261 5,830 100 6,690 1,534 Apr. 7 52,564 11,823 15,329 4,740 . . . 9,652 1,130 150 5,140 4,600 Apr. 14.... 49,898 10,908 22,543 4,620 . . . 5,11 4S0 150 4,030 2,050 Apr. 21 50,035 12,255 10,119 6,635 . . . 5,566 6,330! 100 8,8'0 150 Apr. 28 85,094 12,585 35,764 6,170 . . . 8.505 9,340 100 6,930 5,700 U. S. Govt. sec: Mar. 31 12,950,000 1,100,0001,500,000 1,200,000 1,500,00011,100,000 750,0002,200,000 950,000 450,000 700,000 500,0001,000,000 Apr. 7 12,750,000 1,100,0001,500,000! 1,200,000 1,500,0001,100.0001 750,000 22,,000000,,000000 950,000 450,000 700,000 500,0001,000.000 Apr. 14 12,750,000 1,100,0001,500,000 1,200,00011,500,00011, 1<0™0, 0^0™0 750,000 22,0,00000,0,00000 950,000 450,000 700,000 500,0001,000,000 Apr. 21 12,750,000 1,100,0001,500,000 1,2OO,OOO|l,5OO,OOO1,100,000 750,000 22,,000000,,000000 950,000 450,000 700,000 500,0001,000,000 Apr. 28 12,750,000 1,100,0001,500,000 1,200,000 1,500,0001,100,000 750,0002,000,000 950,000 450,000 700,000 500,0001,000,000 Total collateral: Mar. 31 26,058,556 1,579,038 6,004,7441,755,359 2,235,0001,751,2611,425,000 4,630,000 1.,270,830 650,100 986,690 669,000 3,101,534 Apr. 7 26,011,564 1,571,823(5,985,329 1,754,740 ,235,0001,734,6521,425,000 4,630,000 1266,130 650,150 985,140 669,000 3,104,600 Apr. 14 26,008,898 1,570,908 5,992,5431,754,6202,235,000 1,730,1171,425,000 4,630,0001,265,480 650,150 984,030 669,000 3,102,050 Apr. 21 26,009,035 1,572,2555,980,119 1,756,6352,235,000 1,730,5661,425,000 4,630,0001,271,330 650,100 988,880 669,000 3,100,150 Apr. 28 25,994,0941,572,585 6,005,7641,756,1702,235,0001,733,5051,425,000 4,630,0001,274,340 650,100 986,930 669,000 3,055,700 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve All city banks Re- Month, or mem- serve Coun- Guaranteed loans Guaranteed Additional week ending Thursday ber city try authorized loans amount banksl New Chi- banks banks * to date outstanding available to York cago borrowers Date under guar- N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e r ti a d o n n - a o n u te t m s e t e a n a n t g d s r i e n e g - To 1 t 9 al 4 7 r — es M F er e a v b r e r c s u h a h ry eld: 1 1 6 6 , , 0 0 0 0 6 6 4 4, , 1 1 2 1 9 0 9 8 0 7 5 7 6 6 , , 3 3 0 2 8 4 4 4 , , 6 6 6 9 7 3 1948—February 16,834 4,288 1,006 6,646 4,895 March 17,106 4,602 1,063 6,514 4,927 1942 June 30 565 310,680 81,108 69,674 137,888 Mar. 4 17,248 4,652 1,088 6,583 4,925 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Mar. 11 17,310 4,664 1,085 6,578 4,983 Mar. 18 17,277 4,613 1,086 6,592 4,986 1943 Mar. 25 16,946 4,551 1,047 6,467 4,881 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Apr. 1 16,699 4,505 983 6,382 4,829 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Apr. 8 16,909 4,563 971 6,471 4,903 Apr. 15 16,960 4,537 [. 036 1944 Apr. 22 June 30 6,433 8,046,6722,064,318 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—February 805 71 4 205 578 1945 March 871 21 4 217 630 June 30 8,422 10,149,351 1,386,851 1,190,944 3.694,618 1948—February 804 36 7 204 557 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 March 822 45 9 205 563 1946 Mar. 4 873 40 8 244 581 June 29 8,771 10,344,018 70,267 60,214 142,617 Mar. 11 910 46 7 243 614 Dec. 31 8,771 10,344,018 18,996 17,454 28,791 Mar. 18 865 14 6 231 614 Mar. 25 732 38 4 171 519 1947 Apr. 1 P701 53 6 152 P490 Mar. 31 8,771 10,344,018 11,746 10,965 15,392 Apr. 8 P829 51 14 252 P512 June 30 8,771 10,344,018 3,589 3,218 6,726 Apr. 15 32 8 Sept. 30 8,771 10,344,018 2,977 2,689 6,739 Apr. 22 Dec. 31 8,771 10,344,018 2,412 2,183 Borrowings at Federal 1948 Reserve Banks: Jan. 31 .771 10,344,018 2,357 2,133 1947—February 203 27 1 115 60 Feb. 28 ,771 10.344.018 1,959 1,777 March 173 21 33 66 54 Mar. 31 ,771 10,344,018 1,835 1,666 1948—February 244 34 50 114 46 March 270 43 103 84 40 NOTE.—The difference between guaranteed loans authorized and sum Mar. 4 159 14 51 77 17 of loans outstanding and additional amounts available to borrowers Mar. 11 143 6 41 56 40 under guarantee agreements outstanding represents amounts repaid Mar. 18 226 52 84 59 31 and authorizations expired or withdrawn. Mar. 25 304 58 115 100 31 Apr. 1 467 73 218 121 55 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS A A p p r r . . 1 8 5 1 9 4 3 7 1 6 6 49 1 51 41 [Amounts in thousands of dollars] Apr. 22 W o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y ) t y 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 l c r A e o t o o t p v m e u n - e d - n o d t t ' ) s (a t L a m o n o u o d a u t i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d t m u - t i n s n i t t g ) - ( s P a p t m a a a o t r n u o i t d o i t u - c i n n n i s - t g ) c b R o e e r 1 u s n e W b P r t a v r r e n y e e e k l k i b s B m l a y a a n i n n n k k d f a s i r g y d o a u . f r i r s e 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 k a c r y l e v y s e i f n s f i c g o l o u r u f r d n e e s o a n l o s l m m f m e a b m l o e l r m b r a o e m b r w e o r i b u n a g n b n s t a k s n o s o , f k f s e a l t F l c a e . n m d d e e r m a o l - f ber 1 19 9 3 3 5 4 1,9 9 9 8 3 4 1 4 2 9 4 , . 6 4 3 9 4 3 2 1 0 1 , . 9 5 6 4 6 8 3 1 2 3 . , 4 5 9 8 3 9 2 8 7 , . 2 64 2 9 5 8 1 , , 7 29 7 6 8 DEPOSITS OF COUNT S R M Y A L M L E C M E B N E T R E R B S A * NKS IN LARGE AND 1936 2,280 139,829 8,226 25,526 20,959 7,208 [Averages of daily figures. In millions of dollars] 1937 2,406 150.987 3,369 20,216 12,780 7,238 1938 2 653 175,013 1,946 17,345 14,161 12,722 In places of 15,000 In places of under 1939 .... 2,781 188,222 2,659 13,683 9,220 10,981 and over population 15,000 population 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10.337 14.597 19,600 1942 3.423 408,737 4,248 14,126 10,661 17,305 Demand Demand 1 1 9 9 4 4 3 4 3 3 , ,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 in x p t c o e e s r p i - t t s de T p i o m s e its d e i e n x p t c o e e s r p i - t t s de T p i o m s e its 1945 bank bank June 30... 3,502 537,331 70 3,252 5,224 2,501 Dec. 31. . . 3,511 544,961 320 1,995 1,644 1,086 March 1947 15,315 8,366 11,836 5,917 1946 February 1948 15,787 8,535 12,131 6,088 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 March 1948 16,055 8,787 11,979 6,071 1947 Boston 1,846 875 328 232 Mar. 31. .. 3,548 569,825 4,595 1,081 8,160 2,727 New York 2,910 2,211 999 1,156 June 30... 3,555 572,836 195 1,778 7,018 4,043 Philadelphia 1,078 747 893 899 Sept. 30... 3,566 577,614 1,229 1,892 7,395 5,019 Cleveland 1,313 915 1,044 826 Dec. 31. .. 3,574 586,726 945 1,387 7,434 4.869 Richmond 1,093 396 874 473 1948 Atlanta 1,580 491 687 217 Jan. 31. . 3,576 589,986 1,025 1,972 7,077 5,213 Chicago 2 2,156 21,586 1,710 962 Feb. 28 3,582 596,048 145 4,906 7,918 6,770 St. Louis 641 338 2 982 2276 Mar. 31. .. 3,587 600,322 45 3,785 7,700 5,109 Minneapolis 572 298 771 453 Kansas City 543 105 1,594 204 1 Includes applications approved conditionally by the Federal Re- Dallas 1,001 146 1,544 66 serve Banks and under consideration by applicant. San Francisco. . . 2 1,319 2 680 555 306 1 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and been given permissi ^n to carry the same reserves as country banks the sum of the following four columns represents repayments of ad- All reserve cities have population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Data for these districts are not entirely comparable with prior expired. periods due to a redesignation of reserve cities on Mar. 1, 1948. MAY 1948 529 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 de- Time ances at Class of bank and mand de- due Fed- Federal Reserve district Total I b n a t n e k r- Other po d s e it - s 2 posits 3 m fr d e o o s m - tic Total qu R i e r - ed c E e x s - s s e R e r r e a v - l e banks Banks First half of March 1948 All member banks 88,854 10,941 77,913 78,301 28,646 5,343 17,285 16,394 891 159 Central reserve city banks: New York . 22,118 3,986 18,132 20,558 1,533 45 4,650 4 615 35 8 Chicago 5,128 1,090 4,038 4,652 920 138 1,089 1,079 10 45 Reserve city banks 32,592 4,966 27,626 28,273 11,325 1,746 6,574 6,334 240 66 Boston 1,890 259 1,631 1,723 195 33 365 356 9 2 New York .... 563 27 536 495 300 24 119 117 2 1 Philadelphia . . .. 2,288 332 1,956 2,026 253 84 427 420 7 2 Cleveland 3,929 472 3,457 3,480 1,410 164 817 781 37 16 Richmond .... 2,086 318 1,768 1,823 439 104 406 391 15 13 Atlanta . 2,025 447 1,577 1,715 409 132 387 368 20 5 Chicago* 3,828 444 3,384 3,281 1,994 284 816 776 40 5 St Louis4 . . . . 1,992 618 1,374 1,695 335 97 372 359 13 2 Minneapolis . .. . 990 267 722 840 181 56 181 179 2 2 Kansas Citv 2,723 757 1,966 2,244 364 263 496 471 26 7 Dallas 2,358 513 1,846 1,973 357 222 449 416 33 4 San Francisco 4 . .... 7,919 510 7,409 6,979 5,089 283 1,736 1,701 35 7 Country banks . .. .... 29,016 899 28,117 24,818 14,868 3,414 4,972 4,367 605 39 Boston 2,264 86 2,178 1,975 1,108 175 374 343 31 9 New York 4,006 87 3,918 3,539 3,368 287 785 698 87 13 Philadelphia . .... 1,977 15 1,963 1,731 1,647 192 381 341 39 7 Cleveland 2,378 24 2,354 2,041 1,741 280 456 390 66 2 Richmond 2,095 120 1,974 1,739 871 283 343 296 47 3 Atlanta . . .... 2,447 174 2,273 2,040 708 344 373 328 45 1 Chicagoi . .... 3,952 69 3,883 3,390 2,549 485 722 628 95 1 St. Louis4 1,685 50 1,636 1,440 615 219 268 239 29 Minneapolis 1,413 61 1,351 1,217 751 164 246 215 30 1 Kansas City 2,211 60 2,152 1,864 309 330 324 280 44 1 Dallas 2,671 121 2,551 2,175 211 456 376 317 58 San Francisco4 1,916 33 1,883 1,666 989 200 325 293 32 Second half oi March 1948 All member banks 87,791 10,627 77,164 77,313 28,610 5,164 16,939 16,182 757 374 Central reserve city banks: New York 21,653 3,951 17,702 20,049 1,531 57 4,557 4,503 54 76 Chicago 4,915 1,055 3,860 4,435 918 117 1,039 1,031 8 156 Reserve city banks 32,399 4,753 27,646 28,040 11,313 1,736 6,458 6,287 171 101 Boston 1,866 255 1,611 1,690 195 35 357 350 7 3 New York 553 25 527 486 300 24 118 115 3 1 Philadelphia 2,271 336 1,935 1,994 267 84 429 415 14 3 Cleveland 3,912 465 3,447 3,438 1,407 161 791 772 19 16 Richmond . . . . 2,073 302 1,771 1,810 • 437 97 398 388 10 21 Atlanta 2,004 424 1,579 1,687 409 132 373 362 11 8 Chicago . . .. ... 3,822 417 3,405 3,269 1,992 277 797 773 23 22 St Louis 1 928 565 1,362 1,641 334 92 353 348 4 8 Minneapolis 953 245 707 798 181 53 174 171 3 5 Kansas City 2,676 722 1,954 2,206 364 252 479 463 16 9 Dallas 2,357 491 1,866 1,955 358 237 439 412 26 2 San Francisco 7,985 504 7,481 7,066 5,069 292 1,752 1,717 35 3 Country banks . . . .... 28,823 868 27,956 24,789 14,849 3,255 4,884 4,361 523 41 Boston 2 253 83 2,170 1,970 1,106 167 364 342 21 8 New York . . . .. ... 3,988 89 3,899 3,528 3,366 283 763 696 67 15 Philadelphia 1,995 15 1,980 1,741 1,645 194 384 342 42 5 Cleveland 2 383 24 2,359 2,056 1,740 272 454 392 61 2 Richmond . . . . 2,074 114 1,960 1,737 869 265 332 295 37 4 Atlanta 2,433 170 2,262 2,038 708 333 365 328 38 1 Chicago 3 915 65 3,850 3,387 2,547 452 708 627 81 1 St Louis . . 1,659 47 1,612 1,434 612 198 263 238 25 2 Minneapolis . ... . . .. 1,395 59 1,336 1,210 750 153 242 214 27 Kansas City 2,180 57 2,123 1,853 309 310 319 278 41 1 Dallas 2 652 112 2,540 2,175 213 438 372 317 55 San Francisco . . . 1,897 32 1,865 1,660 983 190 318 291 27 1 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. 4 Data for these districts are not entirely comparable with prior periods due to a redesignation of reserve cities on Mar. 1, 1948. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 71,050 million dollars in the first half and 70,000 million in the second half of March. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion l Total Coin $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 10 1934 536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 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—November. 28,861 20,447 1,355 1,010 65 2,169 6,543 9,305 8,416 2,458 4,711 435 782 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 26 3 1947-- January. . . 28,262 19,808 1,337 972 63 2,074 6,284 9,077 8,457 460 4,757 434 774 23 3 February. . 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 456 4,755 433 769 14 3 March.... 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 447 4,754 432 771 14 1 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 442 769 431 773 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 449 789 430 804 11 2 June 28,297 19,769 1,355 986 64 2,078 6,289 8,996 8,530 466 808 430 810 12 2 July 28,149 19,622 1,356 980 63 2,058 6,230 8,935 8,529 453 824 428 806 12 2 August.. . . 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 874 428 804 12 2 September. 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 503 941 428 800 12 2 October. . . 28,552 19,833 1,385 1,011 63 2,078 6,233 9,064 8,721 499 986 427 793 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 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 17 3 1948—January. . . 28,111 19,369 1,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 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 12 3 March.... 27,781 19,169 1,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 11 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal M 1 a 9 r. 4 3 8 1, g a o s g l i d a l v in a er s n t d Tr c e a a s s h ury B R F an e e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Ma 1 r 9 . 4 3 8 1, Fe 1 b 9 . 4 2 8 9, M 1 a 9 r. 4 7 31, certificates agents Gold 23,137 21,924 21,213 Gold certificates 21,924 19,063 2,815 46 46 48 Federal Reserve notes 24 672 55 1,025 23,592 23,857 23,999 Treasury currency—total . . . 4,559 s2,253 57 360 4,143 4,116 4,183 Standard silver dollars 493 307 30 3 154 154 147 Silver bullion 1,946 1,946 Silver certificates and Treasury notes of 1890. 3 2,253 278 1,974 1,952 1,996 Subsidiary silver coin 944 15 31 899 892 869 Minor coin . . 357 8 8 341 339 328 United States notes 347 3 35 308 307 314 Federal Reserve Bank notes 370 (5) 4 365 370 421 National Bank notes 102 (3) 1 101 101 108 Total—Mar. 31, 1948 (4) 24,177 1,325 19,063 4,200 27,781 Feb. 29, 1948 (4) 24,071 1,325 18,961 4,235 28,019 Mar. 31, 1947 (4) 21,495 1,336 16,406 3,886 '28',230' ' 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. 523, and seasonally adjusted figures in table on p. 532. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 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 ol these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MAY 1948 531 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] Amount— Amount— Change in Gold Net Ear- Dounadjusted adjusted for seasonally stock Increase gold marked mestic Date for seasonal seasonal adjusted Period at end in gold import gold: de- gold variation variation series l of stock or export crease proor in- ducperiod (-) crease (— ) tion1 End of year figures: 1939 7,598 +742 1937 212,760 1,502 5 1,585 5 —200 4 143 9 1940 8,732 ' +1,134 1938 14,512 1,751.5 1,973 6 —333.5 148. • 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 82,224 9 1 866 3 210.0 81.2 figures: 1947—April 20 774 311 5 44 1 272 0 6 2 1947— J A M M u p a n a r y e r i c l h 2 2 2 2 8 8 8 8 , , , , 2 1 2 1 7 8 3 5 3 5 6 8 2 2 2 2 8 8 8 8 , , , , 3 3 4 3 5 1 7 5 6 2 8 8 + + + -5 2 5 5 6 2 4 8 J J A M u u u l n a y g e y ust 2 2 2 2 0 1 1 1 , , 7 2 9 5 6 6 3 3 6 6 3 7 3 2 2 1 7 3 5 2 0 9 3 8 . . 4 8 6 0 2 2 1 1 0 1 2 1 0 9 9 1 .7 2 2 7 1 4 2 1 1 6 2 3 9 . . 3 0 7 1 6 7 7 7 . . 1 0 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 '6.0 December. 28,937 28,650 +88 F M e a b r r c u h ary... 2 23 3 , , 1 0 3 3 7 6 1 1 0 0 1 0 . . 5 4 P 15 9 9 9 . . 4 9 - - 6 7 3 2 . . 4 2 r 5 6 . . 5 4 1948—January 28,394 28,309 -341 April P23.169 P32.1 (4) 6-111.5 (4) February 28,096 28,096 -213 P Preliminary. r Revised. March 27,941 28,025 -71 1 Annual figures are estimates of the United States Mint. For April 27,766 27,990 -35 explanation of monthly figures see table on p. 593. 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. * Not yet available. Because of an apparent recent change in the seasonal pattern around 6 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,880.4 million dollars on Apr. 30, 1948. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year and month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City* centers * centersi City centers City3 citiess City8 cities! 1942 * 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 — — n ol e d w s s e e r r i i e e s s 6 5 } 1,050,021 417,475 527,336 105,210 19.0 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 5 2 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1947—March 93,308 33,547 49,955 9,806 20.4 11.9 34,439 50,582 24.9 18.6 87,771 31,391 46,904 9,475 19.2 11.3 29,997 46,403 21.5 17.0 May 87,840 30,895 47,464 9,482 19.0 11.3 31,695 48,023 22.7 17.3 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 1943—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 March 107,631 39,587 56,896 11,148 23.4 12.7 38,648 56,372 26.4 19.1 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 ajiother city. 8 Weekly reporting member bank series. 4 Deposits and debits for first four months are partly estimated. 6 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 •lightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 532 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 de T m ot a a n l d Time deposits End of month c a d o u d e u r a j p t r u n o s e s d i s n t d i e c t e d s y c a d o u d e u r j a p r t u n o s e s d i s n t d i e c t e d s y a d d e T j p o u o t s s a t i e l t d s a D d d e e j p m u o s a s t n e it d d s ' d G U e S m o p t n v a o e i e t t s n e e r i t t d s n s - * Total b m a C n e o r k m c s i a - * l * M s b a a u v n i t k n u s g a s l 46 S S P y a s o v t s i e t n m a g l s • C o b u u a r t r n s e i k n d s c e y banks banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54.713 26,366 51,156 22,809 158 28,189 19,192 8.838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48.607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94.347 56,039 8,048 30,260 17,543 11,141 ,576 15.814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 December 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—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) 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 March (Mar. 3 1)P 166,500 107,200 140,900 81,600 2,400 56,900 35,500 18,000 3,400 25,600 p Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 1 Beginning with December 1938, includes United States Treasurer's time deposits, open account. * Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. « Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 8 Prior to June 30,1947, includes a relatively small amount of demand deposits. • 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 ec i- t G t a e u n e a - d r- f e u t n c d 8 s, 1 19 9 4 3 1 4-40 313 8 1 4 6 6 207 3 84 1 1942 9 6 3 1943 4 2 2 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1944 1 1 1940—Dec... 1,304 1,348 36 1,224 1,078 146 88 1945 0 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1946 0 1942—Dec... 1,417 1,464 16 L.345 1,220 126 102 1947 1 1 1943—Dec... 1,788 1,843 10 1,716 1,716 118 1948—Jan -Apr 1944—Dec... 2,342 2,411 8 2,252 2,252 152 1945—Dec... 2,933 3,022 6 J.837 2,837 179 Deposits of suspended banks 1946—Dec... 3,284 3,387 6 $,182 3,182 200 (in thousands of dollars) :s 1934-40 131,934 14,87226,54849,689 40,825 1947—May.. 3,387 3,508 5 5,277 3,277 226 June.. 3,393 3,523 6 5,302 3,302 216 1941 3,726 3,144 503 79 July.. 3,398 3,548 6 5,351 3,351 191 1942 1,702 1,375 327 Aug... 3,396 3,553 6 5,360 3,360 188 1943 6,223 4,982 1,241 Sept.. 3,407 3,542 6 5,325 3,325 212 1944 405 405 Oct... 3,412 3,524 6 5,314 3,314 205 1945 0 Nov... 3,413 3.527 6 5,314 3.314 207 1946 0 Dec... 3,417 3,525 6 5,308 3,308 212 1947 167 167 1948—Jan -Apr 1948—Jan... 3,432 3,541 6 5,332 3,332 204 F M e a b r .. . . . . P 3 3 , , 4 4 4 4 1 5 3,551 6 5,336 3,336 209 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks p Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund 1 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. MAY 1948 533 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 'Amountsin millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U o b v l e . i e S g n r a . t n - - s O e it t c i h e u e s r r - as C s a e s t h s l Totall b In an te k r ^ - 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 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 2 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 Aug. 27 e 132,540 39,620 92,920 82,560 10,360 32,930 154,100 11,810 89,680 52,610 11,750 14,723 Sept. 24* 133,890 40,340 93,550 82,990 10,560 33,970 156,210 12,450 90,910 52,850 11,800 14,722 Oct. 29e 135,160 41,780 93,380 82,750 10,630 34,490 157,970 12,430 92,520 53,020 11,880 14,729 Nov. 26 e 135,400 42,580 92,820 82,220 10,600 35,210 158,730 12,290 93,760 52,680 11,900 14,729 Dec. 31 134,908 42,999 91,909 81,186 10,723 38,387 161,850 13,033 95,727 53,089 11,946 14,714 1948—Jan. 28• 135,370 43,200 92,170 81,390 10,780 34,490 158,230 '12,000 '93,020 53,210 11,990 '14.718 Feb. 25 • 134,390 43,650 90,740 79,970 10,770 34,510 157,130 11.470 92,130 53,530 12.040 '14,726 Mar. 31« 132,620 43,900 88,720 77,560 11,160 33,560 154,160 10,920 89,620 53,620 12,080 14,730 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 30.2C6 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 2 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14,183 Aug. 27 e 113,970 34,880 79,090 70,330 8,760 32,210 136,550 11,810 89,670 35,070 9,900 14,190 Sept. 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. 31 116,268 38,055 78,213 69,207 9,005 37,501 144,087 13,032 95,711 35,344 10,057 14,181 1948—Jan. 28« 116,600 38,240 78,360 69,350 9,010 33,640 140,350 '12,000 '93,010 35,340 10,110 '14,185 Feb. 25« 115,540 38.660 76,880 67,930 8,950 33,660 139,180 11.470 92,120 35,590 10.150 '14.193 Mar. 31« 113,600 38,860 74,740 65,470 9,270 32,760 136,130 10,920 89,610 35,600 10,170 14,197 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 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 Aug. 27 s 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. 29e 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 e 98,046 32,767 65,279 57,989 7,290 29,387 119,105 '11,397 '79,383 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 Mar. 31 • 95,129 33,179 61,950 54,463 7,487 28,744 115,190 10,364 76,270 28,556 8,545 6,932 All mutual savings banks: 1 1 19 9 9 4 4 3 1 0 9 — — — D D j)e e e c c c > 3 3 3 1 0 i 1 1 1 0 0 0 , , 2 2 3 1 4 7 6 8 9 4 4 4, , , 9 9 9 0 5 2 1 6 7 5 5 5 , , , 2 4 2 9 8 7 2 9 8 3 3 3 , , , 2 1 7 1 0 0 5 1 4 2 2 1 , , ,7 1 0 7 8 7 4 8 8 9 8 7 6 1 9 6 8 3 1 1 1 0 0 0 , , , 6 5 5 5 3 2 9 3 4 3 4 6 1 1 1 0 0 0 , , , 5 6 5 2 5 2 7 5 1 1 1 1 , , , 2 3 2 9 0 4 2 9 1 5 5 5 5 5 4 1 1 8 1942—Dec. 31 10,754 4.695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31* '. 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 i 16 16,853 1,784 541 1947—June 30 * 18,339 4,686 13,653 12,140 1,513 839 17,442 14 17,428 1,842 533 Aug. 27" 18,570 4,740 13,830 12,230 1,600 720 17,550 10 17,540 1,850 533 Sept. 24e 18,610 4,780 13,830 12,190 1,640 780 17,630 10 17,620 1,860 533 Oct. 29 e 18,720 4,840 13,880 12,210 1,670 670 17,670 10 17,660 1,870 533 Nov. 26 e 18,660 4,880 13,780 12,100 1,680 680 17,610 10 17,600 1,870 533 Dec. 31 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Jan. 28* 18,770 4,960 13,810 12,040 1,770 850 17,880 1 10 17,870 1,880 533 Feb. 25« 18,850 4,990 13,860 12,040 1.820 850 17,950 1 10 17,940 1 ,890 533 Mar. 31 • 19,020 5,040 13,980 12,090 1,890 800 18,030 1 10 18,020 1,910 533 e Partly estimated. T 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 mutuai savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual 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. 534 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] Loansand 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 S n r t . n- s O e t c h u e r r - as C s a e s t h s l Totall b In a t n e k r ^ - 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 n m 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 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7 989 13 263 1945—Dec 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 . 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91, U4 33,526 9 286 13 354 1947—june 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 87,930 34,486 9 5S8 13 386 Dec 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 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 1 705 7 773 32,302 3,397 23,833 5 072 2 525 1 698 1944—Dec. 30 ... 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1 789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec 31 32,639 9,424 23,216 21 384 1,832 9 575 39,395 3,890 26,726 8,779 2 957 1 893 1947—June 30 . . 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3 019 1 916 Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1 918 Insured nonmember commercial banks: 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'. . , 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 1,993 472 1,521 1,266 255 575 2,236 363 1,411 462 324 783 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 V 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec 31 18,438 5,430 13,008 11,305 1,703 4 658 21,575 629 13,926 7,021 1,595 7 261 Insured mutual savings banks: 1942—Dec 31 2 007 740 1 267 861 405 130 2,048 4 2,044 201 56 1943—Dec 31 7 525 3 073 4 452 3 844 608 559 7 534 7 7,527 808 184 1944—Dec 30 9 223 3,110 6 113 5 509 604 400 8,910 8 8,902 892 192 1945—Dec 31 10 846 3,081 7 765 7 160 606 429 10 363 12 10,351 1 034 192 1946—Dec 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 1 12 11,889 1,218 191 Dec. 31 . . 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 Noninsured mutual savings banks: 1942 DPO 31 8 747 3 954 4 792 3 711 1 082 533 8 620 2 8,618 1,035 490 1943—Dec 31 4 345 1 411 2 935 2 246 689 238 4,204 1 4,203 468 361 1944—Dec 30 4 708 1,260 3 448 2,819 629 184 4,466 2 4,464 485 351 1945—Dec 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5 813 1 275 4 538 3 833 705 206 5,442 3 5,439 611 350 1947—June 30 * 5,964 1,316 4,649 3,924 724 181 5,541 2 5,539 624 342 Dec 31 5,957 1,384 ,573 3,813 760 211 . 5,556 3 5,553 637 339 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. MAY 1948 535 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 Invastments Com- Loans for U. S. Government obligations Obli- Total m ci e a r l, - o p r u r c c a h r a ry si i n n g g t g io a- ns Class of bank loans in- Agri- secuiities Real 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 - - - c t a u u l r l * - - b a e T r n o r o s d k- o T th o - l t o e a s a t - n e s s C l u o m o a n n e - s r O lo t a h n e s r Total Total Bills C o d c e f a e r t b t i e i n t f s - - i- Notes Bonds G t a e u n e a - d r- S p s a t o i u c a n l b a t d i e t l - - sO r s i e t t h c ie u 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 4,773 4,!45 28,031 21,046 988 3,159 12,7974.102 3,651 3,333 1942—Dec. 31.. 66,240 18,903 7,7571,642 950 597 4,6462,2691,042 47.336 40.705 4,462 6J727 5,79920,9992,718 3,5333,098 1943—Dec. 31.. 83,507 18,841 7,7771,505 1,414 922 4,437 1.868 918 64,666 58,683 4,636 13.218 7,67230,6562,5013,2872,696 1944—Dec. 30. 103,382 21,352 7,9201,723 2.269 2,2654.3431.888 944 82.030 75,875 3,971 15.30015,77839,848 978 3,422 2,733 1945—Dec. 31..121,809 25,765 9,461 1,314 3,164 3,6064,6772,361 1,181 06.043 88.912 2,455 19,07116,04551,321 22 3,873 3.258 1946—Dec. 31..112,17830,733 14,0161.358 1.517 1.609 7,1034.0311,098 81,445 73,554 1.271 12.288 6.78053.200 15 4,2983,592 1947—June 30. .110 682^^ 250 14 765 t 540 1 * 1 71 ?7R8 ?O14 803 1 .04777 AM 60 H6 83 S 0.441 S 341 S3 505 144.876 1.471 Dec. 31.. 114,274 37,583 18,0121,610 823 1,190 9,2665,654 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 18.02* 8,671 972 594 598 3,494 3,<92 25,500 19,539 971 3,007 11,7293.8323.0902,871 1942—Dec. 31.. 59,263 16,08° 7,3871,089 934 538 3,423 1,847 870 43 17S37.546 4,363 6,'285 5,409 18,9482.5402,965 0 664 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 2.345 2.729 2,294 1944—Dec. 30.. 91,569 18,676 7,5311,198 2,249 2.1083,209 1,505 877 72.893 67,685 3.748 13.082 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 44,792 163,2542.815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1.167 10.043 5,60246,219 113,5483,077 1947—June 30. . 94,802 28,655 13,820 972 1,507 1.154 6,2403,998 965 66,146 59.198 773 7,544 4,369 16.502 10 3,9822,966 Oct. 6.. 07.328 30,738 66 S0050.288 4.224 3 079 Dec. 31.. 97^84632,628 16,9621,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 "io4,199 3] 105 New York City:2 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 1.855 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 1,328 3.409 1,829 7.014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3.740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18.809 17,574 477 3.433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 291 13,784 12,571 137 1,103 775 10,555 1 631 582 Oct. 6.. 20,469 6,881 13.588 12.305 ..... 6O4 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:* 1941—Dec. 31.. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 *637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3.550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 17 163 163 24 45 34 4,258 3.913 250 1,045 779 1.809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4.598 4,213 133 1.467 749 1,864 .... 181 204 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 .... 167 187 1947—June 30. 4,802 1,565 1,178 1 100 84 42 130 29 3.237 2,890 106 368 132 2,284 175 173 Oct. 6. 5.040 1,724 3 316 2 035 205 176 Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3.287 2,890 132 235 "248 2,274 213 185 Reserve city banks: 1941—Dec. 31.. 15.347 7,105 3.456 300 114 194 1,527 1.112 8,243 6.467 295 751 4,248 1,173 956 820 1942—Dec. 31.. 20.915 6,102 2,957 290 97 153 1,486 808 312 14.813 13.038 1.441 2.253 1,723 6,810 811 954 821 1943—Dec. 31 27,521 6,201 3,058 279 217 267 1,420 658 301 21.321 19.682 1,802 4,601 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 51,126 916 1946—Dec. 31. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24.527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30 34,611 11,441 5,726 197 185 540 2,713 1.675 405 23.170 20.845 334 3.03* 1,503 15,96" 3 1 .364 062 Oct. 6.. 35.792 12.405 23 207 20.884 1.390 1.023 Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 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 1,130 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 1,251 1,240 5,436 574 1,252 956 1943—Dec. 31 22.188 4,654 1,084 713 25 197 1.725 528 381 17.534 15.465 1,032 3,094 2.096 8,705 538 1,214 855 1944—Dec. 30 28,520 4,910 1,149 802 32 310 1,719 547 351 23.610 21.552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1.881 707 363 29.407 26.999 630 5,102 4.544 16,713 9 1,342 1,067 1946—Deq. 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 1,69 < 240 25,05 12.803 197 3.035 1 ,96017.60*1 5 1.81? 1 .250 Oct. 6. 36.027 9,638 26.38o 23 164 1 .0341 .201 Dec. 31.. 36,324 10,199 3,096 818 * 23 227 3,827 1^979 229 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 1,500 17 152 1,069 271 563 462 1942—Dec. 31 . 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 560 435 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 0.146 8.197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31 14,639 2,992 512 459 31 228 1,224 460 77 11.647 10.584 180 2,087 1,774 6.538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11.701 10.524 104 2.247 1.170 6,991 3 752 516 1947—Tune 30 15,80ft 4.5OT 04 c 576 11 •12^ 1 .06^ 80s, 8? 11 . ?Q< 0 040 6? 1 .8O7 07"? 7 nn 4 845 505 Dec. 31.. 16^444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7^058 4 931 517 * These figures do not include data for banks in possessions ot 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 bank?." 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, 1045 these items may not be entirely comparable with prior figures. 2 Central reserve city banks. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B s w e e R e a r d r i v n e e t v - h e k r e s a s l v C a i a n u s l h t b m a w B a n d e n a i o c s k t l - e t h - s i s c * j p u m D o s d a a t d e s e e n - i - - d t d s * D In d o- t e e p r o b s a i F n t o s k r- U m G er o . e n S v n - . - t p s S o u a l t b i a n t d t d i e c i s - al C c o a f e e i f n e f r r i d s d t - 1 i- p a v n a s i I h d d r n t i u d p n c a i s e - o l , r s r - - , I b n a t n e k r- U P G m e a o . r o n e n s S v d n t - - t a . l s S p a u i o t c n a b l a d i t d l t e - i s - p a v n s a i I h d d r n t i u d n p c a i e s o - l , r s r B r i o n o w g r s - - c C o a t a u a c p n - l i t - s mestic1 eign visions checks pora- Sav- visions poraetc. tions ings tions AH insured commercial banks: 1941—Dec. 31 12,396 1,358 8,570 37,845 9.823 673 1.761 3,677 1,077 36.544 158 59 492 15,146 10 6,844 1942—Dec. 31 13,072 1,305 9,080 48.221 10.234 813 8,167 3.996 1,210 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 1.660 58.338 68 124 395 18,561 46 7,453 1944—Dec. 30 14.260 1.622 9.787 65,060 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—June 30 16 0*0 1 .804 8.408 SO 860 0.807 1 .37? 1 .247 6 40^ 2 111 78 077 64 111 771 ?3,604 60 0.558 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: 1941--Dec. 31 12.396 1,087 6,246 33.754 9,714 671 1.700 3,066 1.000 33.061 140 50 418 11.878 4 5,886 1942—Dec. 31 13.072 1,010 6.147 42.570 10.101 811 7.923 3,318 1.142 42,130 87 56 332 12,366 5 6,101 1943—Dec. 31 12,835 1,132 5,450 52,642 0.60^ 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 18,500 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 1,24322.170 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16.015 1,576 5,936 70.243 10.644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—June 30 16.040 ,400 5,521 60.505 0.612 ,360 1.005 5.376 1.976 67,93* 60 106 649 27,259 50 8,315 Oct. 6.. 16.046 .406 5.903 70 70^10 471 .455 2.308 5.050 1.821 69.047 50 110 661 27.511 332 8.463 Dec. 31. . 17,797 L.672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 New York City:* 1941—Dec. 31 5,105 93 141 10.761 5,595 607 866 319 450 11,282 6 29 778 1,648 1942—De.c. 31. . 4,388 72 82 11.800 5 200 733 4.186 263 448 12.501 3 23 711 1 727 1943—Dec. 31.. 3,596 92 61 13.800 2^867 810 3.395 252 710 14,373 4 5 26 816 29 l',862 1944— Dec. 30.. 3,766 102 76 14.04? 5.170 851 6.722 199 361 14.448 11 7 17 977 96 1,966 1945—Dec. 31.. 4.015 111 78 15,065 vJ.535 1,105 6.940 237 1.338 15,712 17 10 20 1,206 195 2,120 1946—Dec. 31. . 4,046 131 87 16.429 5.031 1.195 651 218 942 17,216 20 15 39 1,395 2,205 1947—June 30. . 4,166 123 50 16.494 2.808 1.228 170 26' 915 17,202 22 14 17 1,407 "i 2,234 Oct. 6.. 4.254 143 55 15 041 2 975 .208 564 225 783 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:1 1941 Dec 31 1,021 43 29S 2,215 .027 g 127 233 34 2,152 476 288 1 X ^ 9 r^ 4 2 X * D S t e »* c *» 3 v • 1 *• *902 3? 164 2^557 . 105 12 665 178 38 2.588 2 453 304 1943 Dec. 31 821 35 15? 3 050 972 14 713 174 44 3.007 2 i 505 326 1 19 9 4 4 4 5 —D D e e c c 3 3 1 0 942 3 4 6 3 2 1 0 7 0 7 3 3 , > 1 5 0 3 41 ^2 1 9 32 2 2 1 0 6 I 400 2 1 3 6 7 7 3 6 3 6 3 3 , , 1 1 0 6 0 0 i 6 7 1 1 9 9 •«. 3 37 5 7 4 1946—Dec. 31 928 29 172 3^356 I.' 130 24 '152 228 47 3.495 2 4 823 ... 404 1947—June 30 973 36 162 3.427 .056 24 181 304 55 3.417 2 6 864 416 Oot. 6 90 ^ 30 144 V612 .111 25 161 323 50 3 548 2 7 871 1 420 Dec. 31 1,070 30 175 3,737 L.196 21 72 285 63 3,853 2 9 902 426 Reserve city banks. 1941—Dec. 31 4,060 425 2,590 11.117 4,30? 54 491 1,144 286 11.127 104 20 243 4,542 1,967 1942—Dec. 31 4,940 365 2,202 14.840 4,831 63 1,982 1.310 385 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 c5.421 70 6.157 1,500 488 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 4L773 100 311 2,301 554 23 934 21 41 310 10,888 11 2,796 Ort. 6 6 764 404 1.835 24 580 5.378 125 780 2.025 554 24.508 20 46 314 10.975 35 2.847 Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 Country banks: 1941—Dec. 31 2,210 526 3,216 9.661 790 2 225 1.370 239 8.500 30 31 146 6,082 4 1,982 1942—Dec. 31 2.842 542 3.600 13.265 957 4 1,090 1,558 272 11.989 20 32 14C 6,397 3 2,042 1943—Dec. 31 3.303 611 3.474 17.030 904 5 1.962 1.727 344 15 561 17 56 140 7,59l 10 2.153 1944—Dec. 30 3.900 684 4,007 19.958 ,140 8 4.230 1,868 360 18.350 14 57 175 9.650 16 2.321 1945—Dec. 31 4,527 796 4,665 23,595 .100 8 5.465 2,004 435 21,797 17 52 210 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3.75J 26,23/ ,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947— O Ju c n t. e 30 6 . .. 4 4 . . 0 6 3 2 4 8 8 7 2 8 0 0 3 3 , 0 4 5 4 0 4 2 26 5 . . 6 5 6 0 0 * 8 0O 8S 6 8 7 704 2.487 43 5 24.528 17 50 3 30 2 ? 4 " 1 ' 4 4 . , 2 1 2 0 0 * 3 2 8 8 2 2. , 0 8 4 6 6 9 Dec. 31.. 4,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 [nsured nonmember commercial banks; 1941 Dec 31 271 2,325 4,09? 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1 X S 9 T 4 I L 2 — X D S Ks e \J c • . \J 3 X 1 287 2^934 5^651 133 2 243 678 76 4.983 10 5 65 3,330 5 955 1943—Dec. 31 .... 313 2.996 7.270 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec. 30 352 3,434 8,652 18? 3 1.245 775 103 7.863 6 4 76 4.55 10 1,022 1945—Dec. 31 391 3,950 10.537 233 5 1,560 858 135 9,64.* 6 4 97 5,570 7 1,083 1946—Dec. 31 437 3,547 11.842 244 11 258 1,052 154 10.761 6 5 113 6,232 9 1,193 1947—Tune 30. 305 2.070 n 274 104 3 1 52 1.110 1 35 !0 144 4 5 12? 6361 10 1 .245 Dec. 31 473 3,466 12,223 258 4 149 1,188 158 11.019 4 6 132 6,420 7 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. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1948 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing Com- or carrying securities U. S. Government obligations Date or month i m T l n o a v o e n a e t n n d a s t s l t s - Total i t m a c n a r g i d i n e a a r d u r l i l , - - s , - G a U T n o o . d v S b t . . d r e o O a k l e t e h r r s e s r G U T o . o v S . t o . t O he th rs er e R l s o t e a a a n t l e sb L a o t n o a k n s s Other Total Total Bills o c C t f a i e f t i i e r - n - s - Notes Bonds1 O r s i e t t h c i e e u r s cul- ob- se- ob- debttural liga- curi- liga- curi- edtions ties tions ties ness Total— # Leading Cities 1947—March 63,724 19,695 12,107 402 573 496 2,687 150 2,858 44,02939,979 999 5,475 3,198 30,3074,050 November. . 64,953 22,887 14,154 419 457 451 494 3,356 3,345 42,06637,842 3,811 2,159 30,9754,224 December. . 65,135 23,428 14,569 387 527 407 5033,427 199 3,40941,70737,474 I ,2513,291 2 ,832 30,100 4,233 1948—January.... 65,178 23.315 14.704 219 432 333 5023,497 163 3,465 41 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 36,754 2,262 3,250 2,666 28.576 4,191 March 63,366 23,472 14,522 437 415 282 4793,595 232 3,510 39. 35,600 1,995 3,918 2,496 27,1914,294 Feb. 4.... 64,874 23,352 14,644 229 392 306 4903,525 3,495 41,522 H.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 3,486 40,98636,791 2,214 3,271 2,695 28,6114,195 Feb. 18 64,277 23,453 14,619 399 370 299 4843,550 249 3,483 40,82436,634 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 28,4114,166 Mar. 3.... 63,494 23,439 14,540 476 355 285 479 3,569 233 3,50240,055 35,845 2,048 3.972 2,559 27, ,210 Mar. 10 64,128 23,654 14,592 436 524 281 4863.583 265 3,48740,47436,193 2,347 4,028 2,579 27,239 4,281 Mar. 17.... 63,756 23,392 14,578 349 411 276 4793,598 190 3,51140,36436,061 2,379 3,938 2,572 27,1724,303 Mar. 24 63,232 23,421 14,484 431 375 279 4753,610 254 3.51339.811 35,469 1 ,9303.907 2,467 27,1654,342 Mar. 31. ... 62,220 23,452 14,417 494 411 286 4753,615 215 3,539 38,76834,433 1,272 3,745 2,305 27,1114,335 Apr. 7. ... 62,870 23,334 14,337 403 428 281 4763,627 239 3,543 39,53635,215 1,853 3,831 2,403 27, ,321 Apr. 14.... 62,855 23,269 14,333 379 407 272 475 3,643 191 3,56939,58635,260 2,006 3,778 2,386 27,090 4,326 Apr. 21 63,454 23,480 14,205 423 482 274 489 3,656 380 3,57139,97435,643 2,307 3,851 2,394 27,0914,331 Apr. 28. ... 62,940 23,160 14,159 387 422 280 469 3,669 190 3,58439,78035,475 2,219 3,839 2,420 26,997 4,305 New York City 1947—March 19,998 6,164 4,407 310 109 205 99 131 13,834 12,662 390 1,295 1,022 9,955 1,172 November.. 19,903 7,088 5,191 320 314 74 193 105 160 73112,815 11,639 412 629 375 10,223 ,176 December. . 20,056 7,286 5,343 299 377 64 202 104 160 737 12,770 11,576 661 536 481 9,898 ,194 1948—January.... 20,001 7,045 5,329 162 308 51 199 106 129 76112,956 11,747 1,157 626 512 9.452 ,209 February. . . 19,776 7,135 5 ,245 309 275 47 189 109 192 76912.641 11,476 1.149 615 541 9.171 ,165 March 19,238 7,108 5,164 376 304 45 188 113 150 76812,130 10,918 923 975 501 8,519 ,212 Feb. 4 19,996 7,038 5,267 170 276 49 192 107 208 76912,958 11,777 1,314 696 548 9,219 ,181 Feb. 11 19,723 7,100 5,290 290 276 45 190 108 132 76912,623 11,455 1 ,104 606 556 9,189 ,168 Feb. 18 19,698 7,140 5,215 323 261 188 110 226 77012,558 11,394 1,092 578 533 9,191 ,164 Feb. 25 19,685 7,261 5,208 451 288 187 110 201 77012,424 11,278 1,085 580 528 9,085 ,146 Mar. 3 19,285 7,087 407 249 186 110 159 76712,198 11,039 971 1,025 513 8,530 ,159 Mar. 10 19,639 7,245 378 393 195 111 183 76112,394 11,180 1 ,141 995 518 8,526 ,214 Mar. 17 19,298 7,023 293 296 188 114 143 77312,275 11,073 1,100 936 533 8,504 ,202 Mar. 24 19,087 370 270 186 114 133 76812,040 10.795 839 962 482 8.512 ,245 Mar. 31 18,879 5,141 432 312 185 114 132 77411,742 10,501 560 958 460 8,523 1,241 Apr. 1.... 19,192 7,072 5,120 346 326 186 116 155 77412,120 10,889 946 954 481 8,508 1,231 Apr. 14.... 19,010 7,048 5,139 332 304 185 118 145 77611,962 10,731 920 842 475 8,494 1,231 Apr. 21 19,504 7,219 ,059 381 354 202 118 280 77612,285 11,068 1,193 884 497 8,494 1,217 Apr. 28. ... 19,023 6,956 ,030 341 311 183 123 141 77812,067 10,878 1,058 880 528 8,412 1,189 Qutside New York City 1947—March 43,726 13,531 7,700 2,588 2,238 30,195 27,317 609 4,180 2,176 20,3522,878 November. 45,050 15,799 8,963 99 143 377 301 51 2,614 29,251 26,203 485 3,182 1,784 20,7523,048 December. 45,079 16,142 9,226 150 343 301 39 2,672 28,937 25,898 2,755 2,351 20,2023,039 1948—January... 45,177 16,270 9,375 124 282 3033,391 34 2,704 28,907 25,863 ,007 2,764 2.278 19,8143,044 February. . 44,629 16.325 9,391 114 255 296 3,437 43 2,720 28,304 25,278 ,113 2.635 2,125 19,4053.026 March.... 44,128 16,364 9,358 111 237 3,482 82 2,742 27,76424,682 ,072 2,943 1,995 18,6723,082 Feb. 4. 44,878 16,314 9,377 116 257 3,418 63 2,726 28,56425,533 ,154 2,712 2,167 19,500 3,031 Feb. 11. 44,687 16,324 9,402 116 262 2983,434 34 2,717 28,363 25,336 ,110 2,665 2,139 19,4223,027 Feb. 18. 44,579 16,313 9,404 109 252 2963,440 23 2,713 28,266 25,240 ,118 2,629 2,124 19,3693,026 Feb. 25. 44,372 16,349 9,383 114 248 2923,455 52 2,724 28,023 25,003 ,071 2,535 2,071 19,326 3,020 Mar. 3. 44,209 16,352 9,376 106 240 2933,459 74 27,857 24,806 ,077 2,947 2,046 18,,736 3,051 Mar. 10. 44,489 16,409 9,411 131 238 2913,472 82 28,080 25,013 ,206 3,033 2,061 18,713 3,067 Mar. 17. 44,458 16,369 9,404 115 234 2913,484 47 28,089 24,988 ,279 3,002 2,039 18,668 3,101 Mar. 24. 44,145 16,374 9,324 105 233 2893,496 121 27.771 24,674 ,091 2,945 1 .985 18.65^33.097 Mar. 31. 43,341 16,315 9,276 99 239 290 3,501 83 2,765 27,02623,932 712 2,787 1,845 18,,588 3,094 Apr. 7. 43,678 16,262 9,217 102 232 2903,511 84 2,769 27,416 24,326 907 2,877 1,922 18,6203,090 Apr. 14. 43,845 16,221 9,194 103 223 290 3,525 46 2,793 27,62424,529 1,086 2,936 1,911 18,5963,095 Apr. 21. 43,950 16,261 9,146 128 225 287 3,538 100 2,795 27,689 24,575 1,114 2,967 1,897 18,597 3,114 Apr. 28. 43,917 16,204 9,129 111 231 286 3,546 49 2,806 27,713 24,597 1,161 2,959 1,892 18,585 3,116 1 Including guaranteed obligations. Back figures.—For description of revision beginning July 3, 1946. see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages oi 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 F w e R e a e r i r e a n t d v h - l k - e s C va a i u n sh lt b m a w a n d e n i o c s t e - k h ti s s c j p m u o a d s a d t s e n e i - - t d d s 1 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v l t a b n i d e i l - t - s s - c C c h a o f e e e i e f n t e f r r c c d i t s d . - k i ' - s, U m G er . o e n n v S - t - . s p p u n v h c a o a a o e i n i r d r p l r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v l t a b n i d e i l t - - s s - P U m G S e i a o n r a . n o e g s n v d n v S t s - - a t - . l m D t D i e o c s e - - man F ei d 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—March 11,432 2,35745,25545,242 2,961 1,362 2,18713,934 280 9,4531,346 186 5,665 85,018 November. 12,371 816 2,418 47,583 48,343 3,090 1,509 1,07114,144 327 9,9051,380 338 5,836 85,152 December. 12,719 848 2 ,462 48,708 49,363 3,148 1,700 65114,093 335 9,9221,370 228 5,831 104,009 1948—January .. 12,753 815 2,44548,84349,073 3,251 1,465 59214,159 370 9,9551,344 138 5,830 94,188 February . 12,328 778 2,24747,70947,873 3,204 1,430 87214,184 457 9.0521,350 320 5,852 80,188 March.... 12,576 758 2,29746,72446,737 3,318 1,523 1,14114,236 475 1,358 320 5,871 95,020 Feb. 4... 12,435 730 2,22748,22347,806 3,253 1,301 80114,153 443 9,2671,340 242 5,853 21,911 Feb. 11... 12,429 795 2,17547,64447,798 3,197 1,405 87614,170 458 9,0171,338 491 5,851 19,670 Feb. 18... 12,154 771 2,298 47,40947,950 3,142 1,540 88514,184 463 9,0991,353 291 5,849 20,123 Feb. 25... 12,296 815 2,28747,55947,937 3,223 1,475 92614,227 465 8,8241,368 258 5,856 18,006 Mar. 3... 12,957 721 2,30147,296 47,134 3,219 1,389 1,009 14,256 471 9,026 1,361 220 5,871 22,869 Mar. 10... 12,736 782 2,"316 47,58147,332 3,460 1,801 1,148 14,246 476 9,040 1,353 288 5,865 18,503 Mar. 17... 12,675 757 2,44247,01147,508 3,255 1,371 1,098 14,227 468 9,238 1,367 311 5,866 23,059 Mar. 24... 12,366 779 2,19146,39146,266 3,291 1.580 1,154 14,233 482 8,563 1,366 422 5,869 21,254 Mar. 31... 12,146 752 2,23745,340 45 445 3,363 1,473 1,297 14,221 478 8,3751,341 360 5,884 20,769 Apr. 7... 12,374 753 2,219 45,97845,608 3,311 1,257 1,376 14,238 490 8,612 1,363 199 5,890 20,660 Apr. 14... 12,490 799 2,35446,210 47,000 3,297 1,366 1,314 14,229 495 8,821 1,351 123 5,889 19,745 Apr. 21... 12,350 767 2,27146,71846,636 3,609 1,531 1,199 14,239 487 8,5781,347 325 5,889 21,643 Apr. 28... 12,548 799 2,18146,67146,418 3,484 1,376 1,309 14,222 492 8,3641,310 141 5,902 20,547 New York City 1947—March 3,991 15,57016,052 187 662 1,351 2,962 1,195 2,162 34,437 November. 4,244 143 15,84916,476 326 771 368 1,353 3,0031,229 161 2,207 33,531 December. 4,424 148 16,33617,055 264 931 209 1,341 3,072 1,220 102 2,202 44,131 1948—January . . 4,439 132 16,39916,844 339 732 172 ,350 3,108 1,192 29 2,207 38,286 February . 4,277 129 3616.00316,562 228 736 240 ,364 2,868 1,199 112 2,212 32,298 March.... 4,586 117 6215,73316,290 277 835 308 ,385 2,803 1,200 93 2,208 38,648 Feb. 4... 4,259 120 3216,17516,548 240 603 228 ,353 2,962 1,190 81 2,216 9,507 Feb. 11... 4,355 141 3415,99016,531 245 709 244 ,360 2,812 1,191 225 2,213 8,074 Feb. 18... 121 3815,87116,554 216 809 239 ,369 2,880 1,202 70 ,211 7,552 Feb. 25... 134 4015,97416,616 209 822 247 ,374 2,820 1,211 73 ,209 7,158 Mar. 3... 4,752 114 3215,95216,426 211 708 273 ,383 2,851 1,203 63 2,212 9,519 Mar. 10... 4,721 125 3316,22416,504 492 1,149 322 ,385 2,851 1,199 87 2,207 7,184 Mar. 17... 4,532 115 3415,50616,252 190 630 289 ,387 2,975 1,210 133 207 9,860 Mar. 24... 4,538 117 3615,45716,012 253 919 308 , 385 2,760 1,205 155 202 8,739 Mar. 31... 4,387 116 17415,52516,256 239 768 349 ,386 2,578 1,185 26 2,210 8,105 Apr. 7... 4,506 119 3115,53315,949 227 622 376 1,398 2,769 1,209 50 2,211 8,857 Apr. 14... 4,556 128 15,39216,144 242 723 347 1,394 2,829 1,198 65 2,211 7,905 Apr. 21... 4,475 118 15,76316,135 488 832 1,398 2,803 1,190 169 2,211 8,670 Apr. 28... 4,604 129 3315,60816,041 341 722 1,398 2,706 1,156 81 2,210 8,545 Outside New York City 1947—March 7,441 626 2,31829,68529,190 2,774 660 12,583 6,491 151 94 3,503 50,581 November. 8,127 673 2,375 31,73431,867 2,764 738 70312,791 305 6,902 151 177 3,629 51,621 December. 8,295 700 2,420 32,372 32,308 2,884 769 12,752 316 6,850 150 126 3,629 59,878 1948—January .. 8,314 683 2,40532,44432,229 2,912 733 12,809 357 6,847 152 109 3,623 55,902 February . 8,051 649 2,21131,706 31,311 2,976 694 632 12,820 404 6,184 151 208 47,890 March... . 7,990 641 2,235 30,99130,447 3,041 688 833 12,851 419 6,045 158 227 56,372 Feb. 4... 8,176 610 2,19532,048 31,258 3,013 698 573 12,800 391 6,305 150 161 3,637 12,404 Feb. 11... 8,074 654 2,14131,65131,267 2,952 696 632 12,810 406 6,205 147 266 3,638 11,596 Feb. 18... 7,944 650 2,260 31,53831,396 2,926 731 646 12,815 410 6,219 151 221 3,638 12,571 Feb. 25... 8,014 681 2,24731,585 31,321 3,014 653 679 12,853 412 6,004 157 185 3,647 10,848 Mar. 3... 8,205 607 2,26931,34430,708 3,008 681 12,873 411 6,175 158 157 3,659 13,350 Mar. 10... 8,015 657 2,28331,357 30,828 2,968 652 826 12,861 415 6,189 154 201 3,658 11,319 Mar. 17... 8,143 642 2,40831,50531,256 3,065 741 809 12,840 416 6,263 157 178 3,659 13,199 Mar. 24... 7.828 662 2.15530,93430,254 3,038 661 846 12,848 429 5,803 161 267 3,667 12.515 Mar. 31... 7,759 636 2,06329,81529,189 3,124 705 948 12,835 425 5,797 156 334 3,674 12,664 Apr. 7... 7,868 634 2,188 30,445 2i9,659 3,084 635 1,000 12,840 437 5,843 154 3,679 11,803 Apr. 14... 7,934 671 2,319 30,81830,,856 3,055 643 967 12,835 444 5,992 153 58 3,678 11,840 Apr. 21... 7,875 649 2,237 3;0,955 30,501 3,121 699 881 12,841 443 5,775 157 156 3,678 12,973 Apr. 28... 7,944 670 2,148 31,063 30,377 3,143 654 962 12,824 447 5,658 154 60 3,692 12,002 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. MAY 1948 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS fin millions of dollars] Loans Investments 1 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 m n lo a v e n a e n n d s t s t s - Total i t a c n t c a u r g i u d n a i r r l a u a d l - i , l s - l - G a T U l o n i o o g . b d S v a - b . - t d . r e o O a k c l s u e t e e h r r r - s e i s - r G l U T o i o g b o . v a - S - t o . t O h c e s u t e h r r - s e i- r e l R o s a t e a n a t s l e L ba o t n a o k n s sO lo t a h n e s r Total Total Bills o d c C n t e f a e i e e d f t b i s i e r - n - t s - s - - Notes Bonds1 O r s it e t i h c e e u s r tions ties tions ties Boston Mar 31 2,788 1,088 730 14 7 14 15 120 6 182 i 7nn 1,589 80 136 131 1,242 111 Apr. 7 2,806 i 1,088 732 10 7 14 15 119 c 186 1,718 1,606 94 137 131 1,244 112 Apr. 14 2,814 1,091 737 8 7 14 16 120 186 1,723 1 610 103 146 127 1,234 113 Apr 21 2,815 1,097 729 6 8 14 15 120 19 186 1,718 1,604 101 145 128 1,230 114 Apr. 28 2,799 1,082 729 6 7 14 16 120 4 186 1 .717 1,602 103 146 128 1,225 115 New York* Mar. 31 21,027 7,850 5,486 436 315 56 204 288 132 93313,177 11,735 590 1,020 529 9,596 1,442 Apr. 7 21,335 7,787 5,464 350 330 58 205 292 155 93313,548 12,117 975 1,007 550 9,585 1,431 Apr. 14 21,162 7,760 5,480 335 307 58 205 295 145 93513,402 11,972 963 895 544 9,570 1,430 Apr 21 21,702 7,932 5,399 385 357 58 222 295 280 93613,770 12,355 1,278 939 565 9,573 1,415 Apr. 28 21,196 7,670 5,368 344 316 58 202 300 141 94113,526 12,137 1,123 931 595 9,488 1,389 Philadelphia Mar. 31 ... 2,462 864 505 2 13 5 8 72 15 244 1 598 1,342 39 90 70 1,143 256 Apr. 7 2,500 863 503 4 14 5 8 72 12 245 1,637 1,383 67 111 63 1,142 254 Apr 14 2,497 855 503 2 13 4 8 72 6 247 1,642 1,387 74 111 64 1,138 255 Apr. 21 2,500 866 499 2 14 6 8 73 15 249 1,634 1,378 69 120 64 1,125 256 Apr 28 2,500 852 496 3 14 6 8 72 2 251 1,648 1,392 94 125 64 1,109 256 Cleveland Mar. 31 4,297 1,489 897 16 12 54 15 239 42 214 2,808 2,476 49 206 160 2,061 332 Apr 7 4,303 1,483 892 16 12 53 15 240 35 220 2,820 2,488 62 206 160 2,060 332 Apr. 14 . .. 4,287 1,467 887 16 14 53 15 240 16 226 2,820 2,488 61 206 160 2,061 332 Apr 21 4,323 1,479 873 12 13 54 14 242 45 226 2,844 2,519 80 212 166 2,061 325 Apr. 28 . . 4,329 1,464 866 14 20 53 14 242 31 224 2,865 2,532 95 211 167 2,059 333 Richmond Mar 31 2,533 827 409 6 22 22 178 2 188 1,706 1,581 38 162 89 1,292 125 Apr. 7 2,531 823 408 5 22 22 179 3 184 1,708 1 583 48 159 85 1,291 125 Apr. 14 2,533 823 406 5 22 22 180 3 185 1,710 1,584 50 170 82 1,282 126 Apr 21 2,521 818 400 5 22 22 181 3 185 1,703 1,580 46 172 79 1,283 123 Apr. 28 2,524 821 397 1 5 24 22 182 3 187 1,703 1 578 48 173 77 1,280 125 Atlanta Mar 31 2 292 834 521 6 25 35 74 4 169 1,458 1 273 16 195 151 911 185 Apr. 7 2,280 830 521 7 22 35 74 5 166 1,450 1,267 17 206 142 902 183 Apr. 14 2,297 834 520 6 23 35 75 5 170 1,463 1,279 30 207 142 900 184 Apr. 21 . 2,291 828 516 6 23 35 75 168 1,463 1,279 33 206 141 899 184 Apr 28 2,285 834 516 6 25 36 74 6 171 1,451 1,265 25 205 138 897 186 Chicago* Mar. 31 8,162 2,664 1,823 18 29 38 70 314 5 367 5,498 4,870 160 343 279 4,088 628 Apr. 7 8,433 2,652 1,805 18 29 36 70 314 15 365 5,781 5,150 256 400 384 4,110 631 Apr. 14 ... 8,529 2,626 1,800 14 31 27 69 316 5 364 5,903 5,270 347 427 378 4,118 633 Apr. 21 8,593 2,659 1,813 14 56 27 69 316 364 5,934 5,272 330 440 379 4,123 662 Apr. 28 8 574 2,625 1 802 15 29 28 69 317 365 5,949 5,310 352 442 389 4,127 639 St. Louis Mar. 31 2,013 933 563 2 4 16 14 146 2 186 1,080 933 36 97 84 716 147 Apr. 7 2 022 923 554 1 4 15 14 146 2 187 1,099 953 39 103 82 729 146 Apr. 14 2,033 920 548 2 4 16 14 146 3 187 1,113 967 45 109 83 730 146 Apr. 21 ... 2,019 916 540 2 4 16 14 146 3 191 1,103 958 39 113 82 724 145 Apr 28 2,030 914 539 1 4 16 14 146 3 191 1,116 969 41 116 82 730 147 Minneapolis Mar 31 1 125 419 253 2 9 5 54 4 92 706 627 6 67 50 504 79 Apr. 7 . ... 1,130 420 252 2 9 5 54 4 94 710 629 10 72 50 497 81 Apr. 14 1,129 419 255 2 10 5 54 93 710 630 16 69 50 495 80 Apr. 21 1,121 423 256 2 7 5 55 4 94 698 620 9 69 50 492 78 Apr. 28 1,114 417 255 2 7 2 55 96 697 618 17 67 48 486 79 Kansas City Mar. 31 2,307 807 525 3 10 12 118 139 1,500 J .303 101 251 143 808 197 Apr. 7 2,296 804 523 3 10 12 118 138 1.492 1,294 93 249 143 809 198 Apr. 14 2,318 807 520 4 10 11 119 2 141 ,511 L ,313 109 253 142 809 198 Apr. 21 . . 2,321 803 517 3 10 11 120 142 ,518 1,321 115 255 131 820 197 Apr. 28 2,330 800 512 3 10 12 120 143 ,530 L ,331 118 262 122 829 199 Dallas Mar. 31 2,161 1,011 703 6 16 40 79 1 166 ,150 1,034 5 155 89 785 116 Apr. 7 2,163 1,009 699 7 16 40 80 167 ,154 1,039 8 157 90 784 115 Apr. 14 2,174 1,011 698 6 16 40 81 170 .163 L.046 11 163 93 779 117 Apr 21 2 175 1,006 693 6 16 40 81 170 1,169 1 055 21 164 90 780 114 Apr. 28 2,188 1,018 706 6 18 40 81 167 1,170 1,056 20 165 91 780 114 San Francisco Mar 31 11,053 4,666 2 002 6 8 21 35 1,933 2 659 6,387 5,670 152 1,023 530 3,965 717 Apr. 7 11,071 4,652 1,984 4 8 21 35 1,939 3 658 6,419 5,706 184 1,024 523 3,975 713 Apr. 14 11,082 4,656 1,979 2 8 19 35 1,945 3 665 6,426 5,714 197 1,022 521 3,974 712 Apr. 21 11,073 4,653 1,970 2 8 21 34 1,952 6 660 6,420 5,702 186 1,016 519 3,981 718 Apr. 28 11,071 4,663 1,973 3 10 21 34 1,960 662 6,408 5,685 183 996 519 3,987 723 City of Chicago* Mar. 31 4,936 1,788 1,390 18 25 30 62 68 195 3,148 2,724 53 172 142 2,357 424 Apr. 7 5,223 1,778 1,371 17 26 28 62 68 15 191 3,445 3,020 165 231 249 2,375 425 Apr. 14 . .. 5,306 1,759 1,372 13 28 20 60 69 192 3,547 3,121 246 258 243 2,374 426 Apr. 21 5,380 1,797 1,389 14 53 20 60 69 192 3,583 3,126 238 267 245 2,376 457 Apr. 28. 5,331 1,761 1,382 15 25 20 60 69 190 3,570 3,139 241 266 256 2,376 431 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. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e R e a e r r i e a n d t v - h l - k e s C v a a in s u h lt m b a w a n d e o n i c s t - t e k h i s c s j p m u o a d s a e d s t n - e i - t d d s 1 s p p u c n v a h o a a o e n i i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o u a i c o n v b l t a n d i - e i l t - s s - ch C c o a e f e e e f t n i r r c f c i t d s e . k i - ' s d - , U m G e . e o rn S n v - . t - s u p p v n c a h a o o i a e n i d l r p r r r d s a - - - t s , - - , S p s d s t a i i o u a c i o n b v l t a n d i e - i l t s - s - P U m G S i e a o n . r a n o e g s n v d v n S t s - - a - t . l m D t e i o s c - - F ei o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a b s n - 8 k tions tions Boston Mar. 31 480 56 107 2,302 2,329 119 45 496 253 20 317 800 Apr. 7. . i 512 56 102 2,330 2,342 133 40 495 269 20 317 822 Apr. 14. 497 57 112 2,335 2,360 164 45 495 273 21 5 317 834 Apr. 21. 487 59 94 2,318 2,328 161 41 495 260 22 9 318 863 Apr. 28. 488 58 99 2,322 2,303 161 42 494 257 20 4 318 861 New York* Mar. 31. . 4,661 159 27216,97217,499 531 810 386 2,217 2,646 1,188 28 2,401 8,657 Apr. 7.... 4,785 163 12116,95317,195 464 666 4192,235 1,212 57 2,402 9,533 Apr. 14 4,825 174 13516,82317,436 474 768 3892,230 1,201 73 2,402 8,402 Apr. 21 4.736 163 13517,24517,406 762 883 3562,236 2,871 1,192 169 2,401 9,337 Apr. 28 4,884 175 17,04917,297 593 763 3892,235 2,774 1,159 98 2,401 9,057 Philadelphia Mar. 31 466 41 145 2,017 2,090 115 25 64 411 329 12 301 745 Apr. 7 485 42 112 2,031 2,051 124 28 67 407 336 11 302 760 Apr. 14. 466 43 104 1,991 2,070 117 26 61 410 346 10 302 746 Apr. 21 474 41 118 2,008 2,070 122 37 55 421 337 10 301 785 Apr. 28 ...... 473 42 105 2,011 2,072 103 27 60 421 328 13 301 791 Cleveland Mar. 31 796 79 146 3,001 3,084 153 59 1081,269 436 6 465 1,138 Apr. 7 755 79 145 2,945 2,979 161 49 1151,269 444 6 465 1,071 Apr. 14 777 82 168 2,975 3,112 155 55 1111,269 456 6 466 1,055 Apr. 21 762 79 157 3,002 3,112 157 59 1031,268 440 6 466 1,133 Apr. 28 800 82 149 3,042 3,103 182 54 1151,266 431 5 466 1,110 Richmond Mar. 31 477 62 146 2,011 1,940 232 55 72 587 332 5 21 214 633 Apr. 7 489 64 165 2,022 1,941 229 45 70 587 365 4 7 214 679 Apr. 14 479 65 165 2,017 2,002 228 40 68 587 369 4 3 214 645 Apr. 21 472 65 144 2,015 1,947 228 45 61 587 341 5 3 214 764 Apr. 28...... 477 65 152 2,033 1,945 227 46 587 329 4 4 214 649 Atlanta Mar. 31 431 41 171 ,712 1,596 310 23 37 536 466 1 180 654 Apr. 7 464 42 197 ,730 1,594 306 21 42 537 489 2 181 602 Apr. 14 451 43 207 ,744 1,667 303 24 42 536 491 3 181 623 Apr. 21 451 41 190 ,741 1,631 296 27 38 537 470 5 182 710 Apr. 28 442 43 187 ,733 1,615 307 27 40 536 460 2 182 605 Chicago* Mar. 31 1,568 91 245 4,928 4,814 556 140 2322,385 1,524 242 674 3,747 Apr. 7 1,576 94 320 5,604 5,482 559 105 2312,390 1,341 101 674 2,666 Apr. 14 1,668 106 376 5,889 5,944 554 99 237 2,391 1,404 2 673 2,841 Apr. 21 1,644 96 363 5,909 5,845 549 114 218 2,396 1,345 72 674 2,960 Apr. 28 1,680 100 361 5,985 5,937 556 97 2412,396 1,336 3 676 2,668 St. Louis Mar. 31 358 27 124 1,288 1,364 107 23 43 462 540 11 171 567 Apr. 7 388 28 117 1,294 1,353 109 17 49 462 573 171 550 Apr. 14 381 29 114 1,299 1,416 107 17 46 462 573 171 547 Apr. 21 384 29 106 1,306 1,387 108 17 42 462 548 171 612 Apr. 28 384 29 10, 1,317 1,389 105 17 44 462 538 172 541 Minneapolis Mar. 31 209 13 82 765 707 160 12 31 250 255 98 332 Apr. 7 194 12 83 775 705 164 12 30 250 262 98 324 Apr. 14 211 13 88 786 740 152 12 29 250 259 98 367 Apr. 21 211 13 82 780 719 153 12 26 250 249 98 366 Apr. 28 205 13 76 782 720 154 14 29 249 249 98 337 Kansas City Mar. 31 471 29 272 ,749 1,686 249 26 63 380 696 186 650 Apr. 7 484 29 284 ,709 1,666 237 25 66 379 748 187 660 Apr. 14 481 31 288 ,730 1,733 235 27 59 379 760 187 692 Apr. 21 486 28 279 ,739 1,733 242 26 54 379 749 187 854 Apr. 28 474 31 273 ,734 1,699 241 25 60 378 743 187 705 Dallas Mar. 31. ......... 457 30 247 ,810 1,769 184 33 37 342 46 487 192 610 Apr. 7 466 31 269 ,818 1,768 187 34 40 342 46 508 193 602 Apr. 14 467 33 300 ,841 1,841 183 36 39 342 52 527 193 626 Apr. 21.......... 482 31 306 1,866 1,864 171 40 35 342 51 527 1 193 650 Apr. 28... 468 35 278 1,867 1,823 178 36 37 341 51 499 1 194 751 San Francisco Mar. 31 1,772 124 280 6,785 6,567 647 222 170 4,886 222 411 5 685 2,236 Apr. 7 1,776 113 304 6,767 6,532 638 215 188 4,885 227 438 7 686 2,391 Apr. 14 1,787 123 297 6,780 6,679 625 217 177 4,878 228 462 7 685 2,367 Apr. 21 1,761 122 297 6,789 6,594 660 230 1614,866 228 441 5 684 2,609 Apr. 28 1,773 126 279 6,796 6,515 677 228 173 4,857 233 420 4 693 2,472 City of Chicago* Mar. 31 1,016 34 67 2,804 2,826 264 84 1081,196 38 1,199 237 454 2,730 Apr. 7 1,008 35 141 3,499 3,551 257 49 1151,199 38 999 84 454 1,764 Apr. 14 1,100 42 192 3,767 3,922 270 47 1161,200 38 1,047 1 453 1,869 Apr. 21 1,099 36 174 3,799 3,873 257 63 1081,203 38 1,009 59 454 1,908 Apr. 28 1,106 36 173 3,814 3,904 256 48 1241,203 39 994 . 455 1,651 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. MAY 1948 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t- ing Total O bi w ll n s bo B u il g ls ht ( a R F F c B e o e c a d s r 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 t m e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o e i d n b ts e F i t n w or e e e i n gn States countries 1947—February 243 230 171 76 95 59 164 35 I 24 7 M^arch 266 228 170 75 95 58 158 36 27 7 April 256 215 154 71 83 61 140 42 25 8 May 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 20 6 July 244 187 148 75 74 39 115 45 21 7 August 244 206 158 71 87 48 133 47 i 20 6 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 March. . • 311 241 162 70 92 79 151 48 2 23 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 Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c ) e i s a in n a v d c e c t s o r t a u m d n e i t n n s 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 n s g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e n s n r g t s' a in n a v I d c n e c t s o r t f a u m i d r n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1939-*June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 537 5 311 453 217 693 118 30 10 289 1947—April 3 553 8 205 8 665 May 3 530 8 201 8 652 June 552 6 333 395 222 650 162 24 9 271 July... 8 564 8251 8 677 August 8 550 8 241 8 656 September. . 8 570 8 280 8 630 October 8 606 8 257 8 616 November. . 3 593 8 247 8617 December... 578 7 315 393 240 612 176 23 15 273 1948—January.... 3568 3 217 3 622 February. . . 8 537 3 208 8 596 March 3550 3 229 3 592 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): January, 56; February, 57; March, 62. 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. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U. S. Government [Per cent per annum] Stock security yields mo Y w n e e t a h e r k , , or m 4 m p P - c o a r o e t n p i o r m m t c e h 6 i r - e a s , - l 1 a a P b d c n e a r a 9 c r c i n y s 0 m e e ' k s p s e - 1 , t- ch n l c a e o r a e e a l x a w n - s l - n l g 2 - e m bi c 3 l l - n s t 3 h 9 d c m o - c e e t f a o r o b t t n t i e i e f 1 n t s i h d 2 - - - 3 t i a - y s x s t e o u a a e b r 5 s l - e 19 T o c t i a ti l es Y N C o e i r w t k y e E 7 N r c n a o i o s t r t i t e e t a h h s r n e n - d r 1 e W 1 r c n e i S t s i o t e a e u s n r t n d hness 1938 average1. . . . 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1945 average .75 .44 1.00 .375 .81 1.18 1941 average 2.54 1.97 2.55 3.19 1946 average .81 .61 1.16 .375 .82 1.16 1942 average 2.61 2.07 2.58 3.26 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 average 2.72 2.30 2.80 3.13 1944 average 2.59 2.11 2.68 3.02 1947— J A M u p n a r y e il •. 1 1 1 . . . 0 0 0 0 0 0 . . . 8 8 8 1 1 1 1 1 1 . . . 3 3 3 8 8 8 . . . 3 3 3 7 7 7 6 6 6 . . . 8 8 8 5 5 3 1 1 1 . . . 2 2 2 7 4 9 1 1 1 9 9 9 4 4 4 7 5 6 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 3 3 2 4 9 8 1 1 1 . . . 8 9 8 2 9 1 2 2 2 . . . 5 4 3 1 3 3 2 2 2 . . . 8 7 7 5 3 6 July 1.00 !81 1.38 .703 .85 1 33 August.... 1.00 .88 1.38 .748 .85 1.31 1944—March. . . . 2.63 2.10 2.75 3.12 September. 1.06 .94 1.38 .804 .87 1.28 June 2.63 2.23 2.55 3.18 October. . . 1.06 .94 1.38 .857 .97 1.35 September. 2.69 2.18 2.82 3.14 November. 1.06 .94 1.38 .932 .99 1.47 December. 2.39 1.93 2.61 2.65 December.. 1.19 1.03 1.38 .950 1.04 1.54 1945—March. . . . 2.53 1.99 2.73 2.91 1948—January... 1.31 1.06 1.50 .977 1.09 1.63 June 2.50 2.20 2.55 2.80 February.. 1.38 1.06 1.50 .996 1.10 1.63 September. 2 45 2.05 2.53 2.81 March 1.38 1.06 1.50 .996 .09 1.60 December. 2.09 1.71 2.23 2.38 April 1.38 1.06 1.50 .997 .10 1.58 1946—March. . . . 2.31 .75 2.34 2.93 Week ending: June .84 2.51 2.97 Apr. 3.... 1*A ll/l6 IK .997 L.09 1.59 September. 83 2.43 2 75 Apr. 10... . 11/16 1 JHJ .998 L.10 1.58 December. 2.33 .85 2.43 2.76 Apr. 17.... \% 11/16 \]/2 .997 L.10 1.57 Apr. 24 IK 11/16 IK .997 1.10 1.58 1947—March. . . . 2.31 .82 2.37 2 80 May 1.... 1H 11/16 IK .998 L.10 1.58 June 2.38 .83 2.44 2 95 September. 2.21 .77 2.25 December. 2.22 .82 2.27 1 Monthly figures are averages of weekly prevailing rates. 2 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. 3 Rate on new issues offered within period. 1 Prior to March 1939 figures were reported monthly on a basis not Back figures.—See Banking and Monetary Statistics. Tables 120-121, strictly comparable with the current quarterly series. pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade) 2 grade) l Total years and Indus- Rail- Public over Aaa Aa Baa trial road utility Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1945 average .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 .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 .59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1947—April .53 2.19 1.98 2.49 2.78 2.53 2.63 2.81 3.16 2.60 3.03 2.71 May .53 2.19 1.95 2.49 2.79 2.53 2.63 2.82 3.17 2.60 3.05 2.71 June .56 2.22 1.92 2.50 2.81 2.55 2.64 2.83 3.21 2.60 3.10 2.72 July .57 2.25 1.91 2.51 2.80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 August .54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 September 1.53 2.24 1.92 2.57 2.85 2.61 2.69 2.86 3.23 2.67 3.09 October 1.58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 November 1.72 2.36 2.18 2.75 3.02 2.77 .85 3.01 3.44 2.84 3.30 December 1.86 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 April 1.99 2.44 2.38 2.77 3.05 2.78 2.87 3.08 3.47 2.85 3.34 2.97 Week ending: Apr. 3 2.01 2.44 2.48 2.79 3.09 2.81 2.89 3.12 3.52 2.88 3.38 2.99 Apr. 10 2.01 2.44 2.43 2.78 3.06 2.79 2.87 3.10 3.49 2.86 3.35 2.98 Apr. 17 1.98 2.44 2.39 2.77 3.05 2.78 2.87 3.08 3.47 2.85 3.34 2 97 Apr. 24 1.98 2.44 2.36 2.77 3.05 2.78 2.87 3.07 3.46 2.84 3.34 2.96 May 1 1.98 2.44 2.33 2.76 3.04 2.78 2.87 3.07 3.44 2.84 3.32 2.96 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. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. MAY 1948 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bondprices Stock prices5 Corporate 4 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 ) - 3 H gr i a g d h e - Mediu I m nd - u a s n - cI lo R w ai e l r - -gra P d u e blic fa D ul e te - d fe P r r r e e - d6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of iesues 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—April 104 57 133.2 122.8 116.5 123.5 113.2 112.7 64.0 186.5 119 123 102 105 912 May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104.08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103 75 134.7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 108 102 1,158 August ....... 103.89 134.3 122.3 116.1 123.9 110.4 113.9 69.6 188.7 125 130 105 101 674 SeDtember 103.95 134.4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 October 103 44 132 5 120 0 114 0 120.8 106.9 114.3 69.4 181 2 125 131 104 101 1,136 November .... 102.11 129 A 118 8 113.3 120.0 105.1 114.7 68.1 174.5 124 130 100 97 862 December 101.59 126.2 117.0 112.5 119.1 104.6 113.9 172.1 122 129 104 94 1,170 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 M!arch 100.78 123.1 118.0 112.1 119.1 103.7 113.5 '•170.1 116 122 105 93 974 April 100.84 125.7 118.6 114.1 119.6 106.4 116.4 169.9 125 131 115 96 1,467 Week ending: Apr 3 ... 100.86 123.8 118 3 112.4 119.4 104.7 113.2 170.7 122 128 111 94 1,232 Apr. 10 100.82 124.8 118.5 113.4 119.5 105.9 114.7 170.7 123 129 112 95 1,199 Apr 17 100.88 125.5 118.8 114.3 119.6 106.6 116.7 170.7 123 130 112 96 1,366 Aor. 24 100.84 126.0 118.7 114.7 119.6 107.1 117.6 169.5 126 132 117 97 1,953 May 1 100.84 126.6 118.6 115.1 119.9 106.9 118.4 168.7 126 132 119 97 1.415 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. * Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1*945, 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 r n n n e e g d - d w ) - m T e ( a f i o d o e g n s t o r n d a - t - ) i l c Total S n a m p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n 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 d e o g n s t o r d n a - t - ) i l c Total S n m a p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B 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 I 039 181 440 418 407 U 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—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 U,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 March. . . 1,374 1,222 1,221 630 31 560 531 29 2 152 152 1 54 97 87 10 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. 1 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES l PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated 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 ds t e a s nd 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—March 450 442 285 153 132 121 110 11 31 5 449 441 254 101 153 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 '613 '594 ••546 »"309 ••237 »-26 ••14 12 ••22 1 March 688 679 560 343 217 84 83 1 30 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 1934 . 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1.987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 . . .. 338 228 110 1 751 89 611 50 1.079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1.180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 . . 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 . . . 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 . . . . 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—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 g 16 259 193 20 45 16 7 g 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 '119 '106 12 1 '425 '390 '14 '21 16 15 1 March 80 42 37 320 281 34 5 123 83 13 27 157 153 3 ' 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. MAY 1948 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - to b A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m p e N u a r r e r c n o o t o t d a n 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 d e 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 I h n 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 - - s r n c s ic e e e e o r ll v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1 028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 1946 n , 545 283 3171 130 127 136 » 165 356 281 273 302 321 31 .139 82 657 1947 3,692 435 327 416 218 191 236 357 478 345 377 311 1,786 89 837 Quarterly 1945—\ 492 49 38 63 •50 31 21 45 62 48 39 45 250 20 142 2 ... 508 53 42 77 •47 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 •36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 •36 27 26 58 37 51 40 58 246 22 182 1946—1 323 22 -19 -34 • -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 •51 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 •38 41 41 93 77 67 77 93 310 20 149 4 3853 97 a 61 102 • 44 50 8 57 124 . 85 77 91 66 •415 21 209 1947—i 869 126 69 94 449 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 99 76 103 •58 45 59 85 123 81 93 84 432 22 190 4 1,048 111 99 115 457 53 70 111 155 88 96 93 497 23 278 PUBLIC UTILITY CORPORATIONS fin millions of dollars] Railroad B Electricpower • Telephone7 Year or quarter r O e p v in e e r g n a u t e - I i b n n e t 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 r g n a u t e - I i b n n e t 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 r g n a u t e - I b n in e t c a f c o x o o m 8 r m e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 . 5,347 674 500 186 3,029 774 527 437 1,235 271 . 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 . . 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 173 1946 7,627 273 289 235 3,814 970 647 456 1,992 277 200 171 1947 8,685 778 480 236 4,236 961 652 470 2,149 192 131 133 Quarterly 1945—1 2,277 430 149 31 966 288 142 101 436 115 46 41 2 2 422 514 199 68 909 230 125 95 444 109 45 44 3 2,230 237 127 28 888 205 119 96 449 103 44 43 4 1,973 -426 -25 118 917 181 148 115 474 70 43 46 1946--1 1,869 39 14 56 967 303 196 107 475 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 I947—1 2,039 166 89 44 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 1.024 196 135 111 555 38 27 32 4 2,357 239 157 103 1,109 228 160 129 589 58 39 30 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 1 Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. B Class I line-haul railroads, covering about 95 per cent of all railroad operations. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues 1 Nonmarketable public issues Fully End of month d T g d i r o e r o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total 2 Tre b a il s l u s ry c i C e n a d e d t n e r e t s e i b f s o i t s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total 2 s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l b in N e d t a e e o r r b n i e n t - s g t- s g t b e t e u c e e e u a r a d e r r r i i a s 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—Apr...... 257,701 254,427 170,535 16,610 26,294 8,142 119,323 58,612 51,117 5,477 25,280 3,275 171 May.... 258,343 254,975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 3,368 171 June.... 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 July 259,448 256,321 168,509 15,756 25,122 8,142 119,323 59,296 51,552 5,592 28,516 3,127 74 Aug 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 2,987 73 Sept 259,145 256,107 167,946 15,725 24,894 7,840 119,323 58,640 51,759 5,531 29,520 3,038 70 Oct 259,071 256,270 167,109 15,732 24,808 7,840 118,564 59,714 51,897 5,618 29,447 2,801 78 Nov 258,212 255,591 166,404 15,335 24,501 7,840 118,564 59,670 52,008 5,534 29,517 2,621 83 Dec. 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1948—Jan 256,574 253,958 164,917 14,838 20,677 11,375 117,863 59,893 52,479 5,403 29,148 2,616 72 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 Apr 252,240 249,920 160,875 13,748 20,065 11,375 115,524 59,843 53,065 4,886 29,201 2,320 70 1 Including amounts held by Government agencies and trust funds, which aggregated 5,564 million on Mar. 31, 1948. s Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary Armed Forces Leave bonds, and 2)4 per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING APRIL 30, 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 Series AH series E F G series Treasury bills * Treasury bonds—Cont. M M a a y y 1 6 3 , , 1 1 9 9 4 4 8 8 1,0 9 0 0 0 3 D D e e c c . . 1 1 5 5 , , 1 19 9 4 4 9 9 - - 5 5 2 3 2 2 . . . . 3 2 V 3^ S 1,7 4 8 9 6 1 F e is n c d a i l n g y : ear May 20, 1948 001 Mar. 15, 1950-52 2 1,963 June—1940.. 2,905 1,109 114 May 27, 1948 ,106 Sept. 15, 1950-52 2..2^ 1,186 1941.. 4,314 1,492 203 67 395 148 June 3, 1948 ,101 Sept. 15, 1950-52 2 4,939 1942.. 10,188 5,994 3,526 435 2 032 207 June 10, 1948 ,101 Dec. 15, 1950 1)4 2,635 1943.. 21,256 11,789 8,271 758 2 759 848 June 17, 1948 ,107 June 15, 1951-54 2..2M 1,627 1944.. 34,606 15,498 11,820 802 2 876 2,371 June 24, 1948 ,009 Sept. 15, 1951-53 2 7,986 1945.. 45,586 14,891 11,553 679 2 658 4,298 July 1, 1948 ,200 Sept. 15, 1951-55 2... .3 755 1946.. 49,035 9,612 6,739 407 2 465 6,717 July 8, 1948 ,205 Dec. 15, 1951-53 2..2K 1,118 1947.. 51,367 7,208 4,287 360 2,561 5,545 C J J J J J J e u u u u u u r l l n l l l t y y y y y , e o 2 2 1 1 1 1 f 2 9 5 , , , , , , 1 1 1 i n 9 9 9 1 1 1 4 4 4 d 9 9 9 8 4 4 8 4 8 e 8 8 8 b S S t . e e e . r r . d . . " " n G F" e " s s H y% 2 1 1 , , , , , , 7 7 1 0 0 0 7 2 4 0 0 0 7 7 2 6 2 7 S J M M J D J J D M u u u u e e e a a a n p n n n c c r r r e e e e t . . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 3 6 6 5 2 4 2 2 2 1 - - - - - - - - - - 5 5 5 6 5 5 5 5 5 5 5 9 0 6 4 8 4 5 5 4 . . . 2 2 2 2 . . . . . . . . . . . . . 2 . 2 2 . 2 2 2 K 3 ^ % X . % A 2 ^ 2 2 2 2 8 5 1 1 1 , , , , , , 9 6 6 6 8 5 4 5 7 0 8 8 1 0 6 4 2 2 1 2 2 1 1 1 2 9 5 5 0 4 1947— D J O A S N J M A u u e c e o u p a l n t p r c v g y y . t e . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 1 1 1 1 1 2 1 1 2 , , , , , , , , , 5 3 6 2 8 0 1 0 7 5 6 6 4 9 1 0 5 5 7 2 7 4 0 7 8 3 9 5 4 4 4 4 5 4 4 4 7 8 6 8 1 6 8 5 8 2 2 0 8 2 6 8 9 7 3 3 3 3 3 2 3 3 2 3 0 4 9 0 0 0 2 6 9 5 9 4 4 1 4 5 3 3 2 2 2 2 2 2 2 1 3 5 7 4 1 1 2 4 7 1 1 1 1 1 1 1 1 1 5 5 9 4 9 4 6 3 3 7 8 1 2 3 4 2 1 7 4 4 4 4 4 4 3 4 4 5 3 0 2 3 3 0 5 5 7 3 4 1 1 4 4 7 5 July 1.1948 Ser."H" y% 2,209 Sept. 15, 1956-59... 2 M 3,823 1948—Tan 52,479 770 479 44 248 454 Oct. 1,1948 Ser."j" i 1,354 June 15, 1958-63 2..2 % 919 Feb 52,793 607 367 40 201 364 Oct. 1,1948 Ser."K" 1 1,467 June 15, 1959-62 3..2'K 5,284 Mar.... 52,988 588 383 30 175 462 Jan. 1,1949 \y 2,592 Dec. 15, 1959-62 3..2K 3,470 Apr.. . . 53,065 468 320 20 128 452 Feb. 1,1949.... 1H% 2,189 Dec. 15. 1960-65 2.. 2 M ,485 A M p a r r . . 1 1 , , 1 1 9 9 4 4 9 9 . . . . . . . .. . . A iy y* 3 1 , ,0 5 5 5 5 3 J D u e n c e . 1 1 5 5 , , 1 1 9 96 6 2 3 - - 6 6 7 8 * » . . . . 2 2 V H 2 2, , 8 1 3 1 1 8 Maturities and amounts outstanding April 30, 1948 8 June 15, 1964-69 3..2^ 3,761 Dec. 15, 1964-69 3.. 2 M 3,838 Year of All Series Series Series Series Mar. 15, 1965-70 «. .2)4 5,197 maturity series C-D E F G Treasury notes Mar. 15, 1966-71 3. .2)4 3,481 Sept. 15, 1948 1)4 3,748 June 15, 1967-72 s..2H 7,967 Oct. 1, 1948 1 4,092 Sept. 15, 1967-72. . .2)4 2,716 1948 356 356 Jan. 1, 1949 1% 3,535 Dec. 15, 1967-72 K .2)4 11,689 1949 820 820 1950 990 990 Postal Savings 1951 1,548 433 1,116 T D J S S J D r u u e e e e e n n p p a c c e e t t . . s . . u 1 1 1 1 1 1 r 5 5 5 5 5 5 y , , , , , , 1 1 1 1 1 1 B 9 9 9 9 9 9 o 4 4 4 4 4 4 n 8 8 8 9 9 9 - - d - - 5 2 5 5 5 s 0 1 1 1 2 2 1 V % 2 2 2 2 2 3 2 1 1 , , , , 4 5 0 0 2 0 5 7 6 9 9 1 1 1 2 2 8 4 P G F a b V e u n T d o a a a e n o r r m i r t a d o a a a n s u l l t s H e C d e i o a r d u e n s c a s i t n l e i g c s L u s A o u r e a d i s t m n 2 ie . ) i 4 s 3 n. 160,8 1 2 7 5 1 5 8 0 4 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 5 5 5 5 5 5 5 5 0 2 7 5 9 4 6 8 3 4 9 8 6 4 7 6 2 , , , , , , , 1 1 4 1 6 0 4 5 7 9 8 6 2 6 1 4 ? 8 5 9 5 6 1 8 0 9 0 4 6 5 2 7 3 1 , , , , , , , 1 2 1 6 0 3 9 0 8 2 3 0 2 9 6 9 4 5 3 5 0 2 5 5 3 3 6 5 1 7 0 0 5 3 3 2 1 8 4 3 6 1 1 5 6 2 2 2 2 2 2 1 , , , , , , , 1 1 2 1 3 5 5 6 1 3 1 9 1 0 4 6 2 2 6 9 5 2 9 4 Unclassified. . -53 1 Sold on discount basis. See table on Open-Market Money Rates, p. 543. 2 Partially tax exempt. Total 53,065 2,599 31,588 3,243 15,689 3 Restricted. MAY 1948 547 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 Heidiby nonbank investors Total Other State U. S. Govern- End of month s i b e n c e t u e a r r r e i i t n s i 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 i e e r - - s s M b a a v u n i t n u k g a s s l a r c s a o s a t o r i n p o c d o n ia - s - l g e a o o r n c n v d a - - l a m nd e n t t r u a s g t e n f c u i n e d s s tions ments Special Public isues issues 47,874 18,566 16,100 ?,466 29,308 9,700 6,500 3 100 2,500 400 4,775 2,305 1941—Tune 54,747 21,884 19,700 ,184 32,863 10,900 7,100 400 2,400 600 6,120 2,375 December 63,768 23,654 ,400 2,254 40,114 n ,600 8,200 3 700 4,400 700 6,982 2,558 1942—June 76,517 28,645 76,000 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—Tune 139,472 59,402 S?,200 7,202 80,070 ,300 13,100 5 300 15,500 1,500 10 871 3,451 December . ... 168,732 71,443 S9,900 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 4,810 230,361 96,546 77,700 18,846 133,815 57,200 19,600 8 300 27,600 4,300 16,326 5,348 1945—Tune 256,766 105,992 84,200 ,792 150,774 S8,500 22,700 9 600 29,800 5,300 18,812 6,128 December . ... 276,246 115,062 90,800 74,262 161,184 63,500 24,400 10 700 29,100 6,500 20,000 7,048 1945—june 268,578 108,183 84,400 73,783 160,395 67.,900 25,300 11 500 25,200 6,500 22,332 6,798 December 257 980 97,850 74,500 73,350 160,130 ,600 25,300 11 800 22,100 6,300 24,585 6,338 1947—Tune 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—September . .. 256,177 92,129 69,800 ,329 164,048 6S,700 24,700 1?,100 20,400 7,100 29,520 4,424 October 256,348 91,968 69,800 7?,168 164,380 65,700 24,900 17,200 20,400 7,200 29,447 4,488 November 255,674 91,509 69,300 ,209 164,165 65,600 24,700 17 100 20,300 7,300 29,517 4,675 December 254,281 91,159 68,600 7,7,559 163,122 65,300 24,300 17,,000 19,900 7,300 28,955 5,397 194g—January 254,030 90,825 68,900 71,925 163.2Q5 6S,400 24,100 1?,000 19,900 7,200 29,148 5,452 February . . . 252,174 88,324 67,300 21,024 163,850 65,600 23,900 12,000 20,200 7,200 29,246 5,637 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Jan. 31, 1948. 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 al - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks C1) banks panies ing and Banks 0) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:' Within 1 year: 1945—Dec 198,820 7,00924,262 82,830 10,49123,18351,046 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June.... 189,649 6,76823,783 76,578 11,22024,28547,015 1946—June 10.119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066.962 11,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,961 11,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165.791 5,261 22,55961,370 11,552 22,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—Jan 164,945 5,315 21,92561,588 11.59322,657 41,867 1948—Jan 17,798 69 1,759 9,465 343 423 5,739 Feb 162,759 5,50021,02460,149 11,59022,449 42,075 Feb 17,798 69 2,028 9,102 326 407 5,866 Treasury bills: 1-5 years: 1945—Dec 17,037 5 12,831 2,476 1 1,723 I945—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 L.574 2,671 7', 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 Feb 14,438 81 9,211 2,830 60 341 1,915 Feb 46,413 344 1,999 31,155 L.954 2,907 8,054 Certificates: 5-10 years: 1945—Dec 38,155 38 8,364 18,091 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 7,496 11,221 257 490 10,459 Dec 27,283 529 72 16,657 2.042 2,826 5,156 1947—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18.932 423 40 11.577 L.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 5.882 6,712 275 351 7,423 1948—Jan 10,270 370 494 6,053 570 842 1,941 Feb 18,920 36 4,391 6,306 308 365 7,514 Feb.."... 10,270 370 503 6,072 571 857 1,897 Treasury notes: 10-20 years: 1945—Dec,.... 22,967 8 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3,691 5.523 10,996 11,905 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June.... 37,189 3,400 83 3,308 6,026 12,547 11,829 Dec 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2.433 5,303 11,708 9,886 1947—June.... 8.142 7 369 4.855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15.137 12,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,606 18,211 17,710 1948—Jan 11.375 4 1,543 5,168 129 271 4,260 1948—Tan 54.757 4,389 2,255 4,788 I3,457 17,730 17,138 Feb 11,375 4 1,734 4,945 134 260 4,298 Feb 54,757 4,564 2,893 4,658 I3,36917,559 16,714 Treasury bonds: After 20 years: 1945—Dec 120,423 6,915 947 46,535 10.217 22,23033,579 1945—Dec 24,781 2,764 57 2,418 A2,051 6,933 10,559 1946—June.... 119,323 6,655 755 47,335 10,74323.07330,764 1946—June.... 22,372 2,103 57 2,550 2.510 6,325 8,826 Dec 119,323 6,186 753 48,408 11,04923,226 29,700 Dec 22,372 2,084 55 2,632 2,687 6,602 8,313 1947—June.... 119,323 5,306 727 48,756 11,407 23,305 29,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,85347,424 11,226 22,213 28,974 Dec 1948—Tan 117.863 5,168 4,791 46,591 11,149 21,655 28,499 1948—Jan Feb 117,863 5,343 5,68846,042 11,087 21,46828,235 Feb. * 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 amount! of nonmarketable issues; by all banks and all insurance companies for certain dates are shown in the table above. 1 Including «tock savings banks. * Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 548 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] Increase (+) or Period W I h n e i c 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 t u l o v a i e l e s u e a l 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 ts r c T e r o i e p t - a t l s ce N i r p e e - t t s3 d t e I o e e n s n r b t - - t a f W a i e c d t n n t i e a i e d s - v r s e - T c f t e o e r r a r a u u t c s c n s n - . t t s t o s - O p tu e e t n r x h e d - e s r i- d b e T x i u t o p d u t e g r a n e e l s - t s B ( d u + u ( e r f - d ) p i ) g c l o u i e t s r t c T e o a r t u c u c . n - s * t t s G ba f d e d u l n u e a n e c n r d i r r c n a e e g l a se p e G d ( r — e i r o o b d s t ) s Fiscal year ending: June 1945 10,28924,884 6,949 1,793 3,851 17,76646,457 3,617 90,501 1,646 4,633 100,397 -53,941 + 791 +4,529 +57,679 June 1946 9,39221,493 7,725 1,714 3,953 14,27643,0384,722 48,870 1,918 8,204 63,714 -20,676 -524 -10,460 +10,740 June 1947 10,013 19,292 8,049 2,039 5,325 14,71843,259 4,958 17,279 1,355 18,914 42,505 + 754 -548 -10,930 -11,136 1947—April 584 1,012 638 75 316 2,625 2,556 141 1,641 46 2,172 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 1251,485 5,481 5,473 1,396 2,169 18 1,957 5,540 -67 -634 -758 -57 July 625 757 663 80 344 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 4,885 4,872 668 1,008 9 1,246 2,932 + 1,940 -435 +552 -953 October 644 702 782 71 258 2,456 2,390 157 1,154 60 1,074 2,445 -55 +283 + 155 -74 November . 1,315 350 695 329 363 3,054 2,743 127 936 20 1,112 2,194 +549 +138 -172 -859 December.. 880 1,889 767 145 578 4,260 4,246 972 996 23 1,233 3,224 + 1,022 -547 -838 -1,312 1948—January... 624 62,613 656 51 366 4,310 4,275 401 1,069 66 1,343 2,879 +1,396 +482 + 1,551 -326 February.. 1,563 61,597 629 423 403 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 6,334 608 850 17 2,071 3,546 +2,788 -139 + 1,035 -1,615 April 684 1,174 662 83 278 2,881 2,806 154 P809 70 2,075 3,109 -302 +312 -741 -750 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts pe N n e d t i t e u x re - ^ Other Assets Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c i G a n i o n g m o u g e c v n n h e e t a c n e s r i c c t n e o k - s - f - ce R i e p - ts I m nv e e n s ts t- p t e u E n r x e d - s i- Total R F p e e D o d s i s n e e e i r - r t v a s e l d s p p e D o p e i s n c o e i i - s t a s i l - a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e 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—April 158 5 135 -60 197 32 -26 4,707 842 2,317 1,548 395 4,312 May 591 159 127 -33 327 456 110 4,402 989 1,807 1,607 336 4,066 June 247 476 139 90 477 305 348 3,730 1,202 962 1,565 422 3,308 July 633 398 155 158 153 46 159 3,460 884 958 1,617 391 3,069 August 574 150 135 176 400 281 26 3,705 6 749 1,362 51,593 304 3,400 September. . 66 272 125 47 180 24 212 4,331 1,091 1,618 1,622 378 3,952 October 164 24 124 -216 168 14 103 4,498 1,393 1,437 1,668 391 4,107 November. . 524 274 108 128 160 17 19 4,292 1,290 1,417 1,585 357 3,935 December... 80 119 116 57 153 25 464 3,454 866 968 1,621 357 3,097 1948—January.... 254 68 126 -283 313 21 154 5,042 2,256 959 1,828 394 4,648 February.. . 433 230 134 111 cj49 28 374 4,664 1,571 1,434 1,658 346 4,318 March 92 51 152 54 185 28 131 5,692 1,972 1,972 1,749 339 5,353 April 173 -34 150 -166 162 7 66 5,037 1,236 2,156 1,645 425 4,612 P Preliminary. c Corrected. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 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 Based on telegraphic rather than the usual mailed reports for these months; this accounts'in part for the increase in January and decrease in February from corresponding months of 1947. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH OPERATING INCOME AND OUTGO [On basis of reports of collections. In millions of dollars] OF THE UNITED STATES TREASURY * [In millions of dollars] Individual Corporation income Excess inincome taxes anc profit taxes Estate Excise and Cash Cash come (+) Period W he it l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s t a a g x n if d e t s o ce th l t l e a a r x n e e m s o i u s s - Period income outgo o g r o o ( u - t ) - Fiscal year ending June—1943 25,245 78,979 -53,735 Fiscal year ending: 1944 47,984 94,079 -46,095 June—1941 1,418 1,852 164 37 407 2,547 1945 51,041 95,986 -44,945 1942 3,263 3,069 1,618 57 433 3,405 1946 47,784 65,683 -17,899 1943 686 5,944 4,521 5,064 84 447 4,124 1947 46,637 39,978 +6,659 1944 7,823 10,438 5,284 9,345 137 511 4,842 1947—March 5,946 3,322 +2,624 1945 10,264 8,770 4,880 11,004 144 643 6,317 April 2,819 3,654 -835 1 19 9 4 4 7 6 9 9, , 8 8 4 5 2 8 9 8 , , 5 8 0 4 1 7 4,640 3 7 , , 5 8 6 2 6 2 9 5 1 5 6 7 7 7 7 9 7 7 ' , 2 0 8 3 5 6 J M u a n y e 3 5 , , 3 2 1 9 5 5 3 5, , 1 3 9 5 3 0 + - 1 3 0 5 2 1947— J A M M u p a n a r y r e i c l h 1 1 , , 0 5 1 2 3 8 4 8 3 1 1 1 , , 0 9 6 1 6 6 4 5 8 7 8 8 1 1, , 3 7 2 1 8 1 2 7 6 2 8 0 8 6 6 6 0 6 3 1 3 3 2 2 1 6 5 6 0 2 5 8 3 5 5 5 5 7 3 6 4 2 9 0 1 A J S N O u e u c o l p t g y v o t u e e b s m m e t r b b e er r . .. 3 4 3 2 2 , , , , , 1 7 6 3 5 9 1 3 6 4 3 1 0 4 8 3 3 2 2 , , , , , 9 5 6 3 1 1 3 5 9 5 2 3 9 0 2 + + -8 + + 8 7 2 4 1 5 1 7 1 6 3 8 July 1,133 297 370 49 2 66 618 December. , 4,030 3,520 +510 August 1,495 62 276 43 1 79 572 September. . 26 1,128 1,514 35 1 64 625 1948—January 4,542 2,556 + 1,986 October 1,188 246 384 28 1 65 736 February... 4,718 2,895 + 1,824 November. . 1,491 67 249 22 2 54 627 March 6,472 3,871 +2,601 December. . 36 408 1,463 24 1 65 691 1948—January.. . . 645 2,338 473 17 1 72 562 in i t D h i e f f g er e e n n e c r e a l b f e u t n w d e e b n a l t a h n e c s e e r f e ig p u re re s s e n a ts n d n e c t h a c n a g s e h s February. . . 2,250 1,004 326 22 4 56 586 borrowing (+) or net repayment of borrowing March 279 2,034 2,276 20 1 125 603 (—). For description, see Treasury Bulletin for September 1947. MAY 1948 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES * [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * Liabilities, other than interagency items Corporation or agency Total Cash L c a e o b i a l v e n - s m m C p s r t a l u i i o o a n i a e p e m t d d l - s e s s i , , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O r s t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n u e n u e d n i c d s p t - , , - c u h f t u e a n D a r r t n r d i e r e g b d - e i d - s e d - s3 O s a t e s h - t e s r b a t y B F g u n a u u o r t U n e e a l n d l . e s r d y S - d s . d p , e a n b y O o e a t t n b h e - l s e e , r O li i a t t i b h e i e s l r - i U m G n e e r . t o e s e n v n S t r - - t - . o v in w P a e t r t s n e i e t - r e l - y d All agencies: Dec. 31, 1946 30,409 ,398 6,649 1,265 ,873 54716,924 339 ,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 ,588 7,294 1,003 ,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 June 30, 1947 429,666 ,792 7,662 851 3,56512,691 165 ,163 83 506 2,04526,763 269 Sept. 30, 1947 31.037 .556 9,212 1,093 ,725 3,55312.662 283 953 84 667 2,14428,005 138 Dec. 31, 1947 30,966 ,481 9,714 822 ,685 3,53912,600 247 879 82 689 2,03728,015 143 Classification by agency, Dec. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 348 275 69 263 16 Federal intermediate credit banks., 410 336 358 49 Production credit corporations 109 35 8 109 Regional Agricultural Credit Corp. 2 1 2 Agricultural Marketing Act Revolving Fund 3 () 2 3 Federal Farm Mortgage Corp 126 8 94 2 122 Rural Electrification Administration. 759 19 733 759 Commodity Credit Corp ,296 413 261 448 172 44 578 675 Farmers' Home Administration 395 55 278 54 15 380 Federal Crop Insurance Corp , 43 25 14 S 35 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 613 37 436 139 100 124 127 Federal Savings and Loan Insurance Corp 189 184 185 Home Owners' Loan Corp 511 473 12 490 Public Housing Administration and affiliate: Public Housing Administration.... 504 5 278 204 11 492 Defense Homes Corp 53 5 39 9 53 Federal Housing Administration 206 37 25 l32 (*) 1 33 5 168 Federal National Mortgage Association. 4 4 4 Reconstruction Finance Corp.6 1,505 19 926 235 108 35 85 301 1,204 Export-Import Bank 1,999 8 1,970 187 1,812 Federal Deposit Insurance Corp 1,031 5 1,020 () 6 4 1,026 Federal Works Agency 219 2 140 2 219 Tennessee Valley Authority 788 17 754 5 12 776 U. S. Maritime Commission: Maritime Commission functions 7.... 4,192 560 3,305 29 212 393 3,799 War Shipping Adm. functions 8 7,003 163 6,507 115 191 333 6,670 Allother» 8,659 40 3,506 21 3,386 1,634 10 47 61 8,597 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31. 1947 Purpose of loan M C F F a o e o r r d m r p . t . . 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 C O L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic . - b h F l a o o e n m a d k n . e s R a a a . f F f t n i e d . l s i C - . B p p E I o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - S ag e 1 e p 9 a n 4 t l . 7 c l , 3 ie 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: 145 3 147 162 Other 241 31 272 240 To aid financial institutions: 1 4 5 6 Other 436 6 442 340 246 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. 3 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 6 Less than $500,000. 6 Includes U. S. Commercial Co. and War Damage Corp. 'Figures are for Mar. 31, 1947. 8 Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. "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 issues of the BUL- LETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517. 550 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] Year and month Tota In ( l p d h 1 u y 9 s s 3 tr i 5 c ia - a D 3 l l 9 u f v p M a r o r = - c o l a t u d u 1 n m u r 0 u N e c e 0 - s t o ) i * n o 1 - n M era in ls - To a t w 1 a C 9 l a 2 o c rd 3 n o - e s n R d 2 d t t t e r i 5 e r a u n s a ( l c i - v c = - t t a i s o l 1 u n o 0 e A t 0 ) h 2 l e l r N t a c u g u o r r l E a n i - - l - 1 m 9 p 39 lo y F = m a 1 c e t 0 n o 0 t r 3 y 1 r F 9 t o p 1 o 3 a l a 0 l r 9 c y s y 0 - = 3 c 1 F a 9 r r n 3 e l g o 1 5 i s g 0 a - * 3 h d 0 9 t - D 19 m s u s = ( e t 3 v a p o e e 1 l 5 a a d e n r 0 - l e r s - 3 t 0 t 9 - 1 s p 9 u = C r 3 m i o 1 5 c n e 0 - e 3 r - 0 s s 9 ' W p m c = 1 s r o o i h a 9 1 c m l d o 2 0 e e i l 6 s - 0 t e 3 y able durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1 1 9 9 2 19 0 . . 7 7 2 5 9 8 3 4 6 6 2 0 8 7 3 1 6 6 3 3 3 4 0 4 9 7 0 9 1 1 0 0 3 4 . . 7 2 1 1 0 2 3 4 . . 9 2 1 1 2 2 0 9 9 8 9 3 1 1 2 4 3 3 . . 8 3 1 1 3 5 8 4 . . 6 4 1 1 1 1 1 9 9 9 9 9 2 2 2 2 2 2 4 1 5 3 . . . . . 5 8 9 8 7 8 8 0 2 3 1 1 5 8 9 0 0 3 1 5 3 7 5 6 7 6 7 7 7 2 9 6 9 6 9 7 8 8 6 2 1 9 1 5 9 8 2 7 6 4 4 2 9 1 4 9 8 6 2 4 5 1 8 4 1 6 8 9 8 2 4 5 6 8 0 1 9 9 7 8 0 7 3 9 8 1 . . . . . 7 0 2 8 0 1 1 1 8 8 0 0 0 0 6 1 9 7 . . . . . 2 0 7 1 2 r 1 1 1 1 2 4 3 4 o 1 2 9 6 1 1 1 9 9 0 0 1 2 4 5 5 0 1 1 1 1 1 2 1 2 2 2 7 9 2 5 1 . . . . . 7 7 2 9 4 1 1 9 9 9 0 0 7 8 6 3 0 . . . . . 1 6 7 5 6 1 1 1 1 1 9 9 9 9 9 2 2 2 2 3 7 6 8 9 0 . . . . . 1 9 9 9 9 1 6 5 9 1 0 1 1 1 1 9 0 3 1 1 8 7 2 4 7 8 8 9 7 8 3 5 3 9 4 1 1 1 9 9 0 0 0 9 3 0 7 0 1 1 1 1 9 2 2 3 1 2 9 9 5 7 1 1 1 8 5 2 1 2 7 0 1 7 6 1 1 1 1 1 3 3 4 4 2 9 5 2 2 5 1 9 0 6 2 . . 2 5 1 9 9 9 8 0 8 6 6 9 3 . . . . . 9 8 9 1 8 1 1 1 1 9 0 1 1 0 4 8 7 0 9 . . . . . 7 1 5 7 5 1 1 1 1 13 5 5 4 4 1 2 2 7 8 1 1 1 1 1 1 1 1 1 0 3 5 7 4 8 1 1 1 1 1 2 2 1 2 2 4 6 9 2 2 . . . . . 0 4 5 4 6 1 9 9 9 8 0 5 6 5 0 6 . . . . . 3 7 4 0 4 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 2 3 5 1 . . . . . 5 6 7 7 8 9 5 5 4 6 5 6 8 1 7 4 5 3 9 8 7 7 7 0 1 0 9 9 6 8 8 7 8 7 0 0 6 6 3 6 3 2 2 2 3 7 8 5 3 2 1 1 1 7 1 3 1 2 4 3 8 4 5 0 7 4 8 0 8 8 8 7 7 7 8 4 7 7 . . . . . 1 5 9 5 2 6 7 8 8 7 4 3 8 5 1 . . . . . 4 1 7 8 3 4 5 6 7 7 3 9 8 8 1 . . . . . 1 5 3 6 8 1 9 8 7 8 0 2 2 8 9 5 9 8 7 8 7 7 8 3 2 5 1 9 9 9 9 0 5 2 7 8 8 . . . . . 7 4 6 1 7 6 6 8 7 7 5 0 4 4 3 . . . . . 9 9 0 8 0 1 1 1 1 9 9 9 9 3 3 3 3 7 6 8 9 . . . . 1 1 1 1 8 0 0 . < 3 9 ' 1 1 1 7 0 0 2 8 8 9 2 1 1 1 9 0 0 0 5 6 9 0 1 1 9 9 1 0 9 7 2 6 5 6 5 7 5 4 9 : 3 4 4 6 7 1 5 0 8 8 7 7 0 1 0 4 1 1 9 9 0 0 5 5 1 0 . . . . 1 4 4 0 1 1 9 9 0 0 6 0 0 5 . . . . 4 0 0 8 1 1 9 8 0 0 1 4 8 0 . . . . 2 7 8 0 1 1 1 8 0 1 0 9 1 1 7 1 1 1 9 0 0 0 9 6 7 0 1 1 9 9 0 0 9 9 2 0 . . . . 1 4 7 8 8 8 7 7 6 0 7 8 . . . . 3 8 1 6 1940. 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 4 3 1 5 . . . . . 2 2 2 1 1 0 3 3 9 6 3 9 9 2 3 3 2 2 2 5 0 7 6 7 3 1 9 0 4 1 1 1 1 1 7 7 5 4 6 1 6 8 2 6 1 1 1 1 12 2 3 3 4 5 9 2 7 0 1 1 4 6 6 2 6 1 8 8 2 6 8 8 4 2 1 2 9 0 6 6 2 1 1 3 9 6 4 0 5 2 1 9 2 1 1 1 1 1 3 1 3 3 3 1 9 8 7 2 . . . . . 1 4 8 0 0 1 1 1 1 1 7 3 5 7 5 7 2 4 2 1 . . . . . 7 1 0 4 8 3 3 2 2 1 4 3 4 9 6 5 5 3 7 4 . . A 2 4 1 1 1 1 13 3 3 3 4 5 8 7 0 0 2 1 1 1 1 0 3 5 6 8 7 3 0 8 7 1 1 1 1 1 0 2 2 1 2 5 3 8 6 5 . . . . . 2 6 4 5 5 1 1 1 8 9 0 0 0 7 8 3 5 4 . . . . . 3 1 8 8 0 1946. 170 19 165 134 15 143 161 134.4 142.0 266 A 132 264 139.3 121.1 1947. 187 220 172 149 157 142 169 140.5 154.1 324.3 143 285 159.2 151.8 1946 April 165 163 190 164 104 170 172 168 132.4 139.4 138.5 254.8 109 253 131 110.2 May 159 159 175 161 11 169 179 161 133.4 140.7 139.6 253.5 106 258 131 111.0 June 170 171 193 162 139 174 177 172 134.3 142.2 141.9 262.8 133 276 133.3 112.9 July 172 17 20: 157 146 16. 161 168 134.7 143.0 143.6 267.1 139 272 141.2 124.7 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284.4 141 292 144 129.1 September. . 180 184 21 165 146 151 147 155 137.6 148.6 149.5 290.3 138 271 145 124.0 October 18: 18- 214 168 14 145 140 148 138.1 149.1 149.6 292.8 139 258 148.6 134.1 November. . 183 18; 214 173 136 139 122 152 139.1 151.5 152.0 298.2 137 271 152.2 139.7 December... 18: 180 211 174 137 154 143 163 139.4 152.4 152.8 306.2 140 276 153.3 140.9 1947 January.... 189 184 221 176 146 146 144 148 139.5 153.4 152. 307.3 150 265 153.3 141.5 February. . . 189 185 22 176 146 151 .152 149 139.8 154.4 153.7 310.6 142 266 153.2 144.5 March 190 18 225 175 148 132 129 134 140.0 154.6 154.0 314.1 146 272 156.3 149.5 April 187 18 22: 172 143 133 12, 14: 138.9 153.8 152.9 310. 13 277 156.2 147.7 May 185 185 218 170 151 127 110 140 138.9 151 150.6 312. 142 291 156.0 147.1 June 184 185 219 168 148 136 116 15: 139.8 151 151.4 319.6 13 289 157.1 147.6 July 176 178 20 163 140 155 136 170 139.0 149.4 150.1 314.2 134 286 158.4 150.6 August 182 185 210 169 150 166 150 179 140.2 152 154.3 323.3 14 283 160.3 153.6 September. . 18' 191 21 172 153 18^ 168 195 141.5 155 156.6 336.9 142 292 163.8 157.4 October 190 19 223 176 155 184 170 196 142.2 156.4 156.9 341 .6 145 27' 163.8 158.5 November. . 19: 19. 224 179 155 193 163 21 142.4 156.8 157.3 345.0 147 30: 164.9 159.7 December 19: 189 229 173 156 197 161 22 143.1 157.8 158. 356.3 149 303 167.0 163.2 1948 January.... 193 189 229 '178 154 191 152 223 143.6 157.5 156.8 349. 145 284 168.8 '165.7 February. . . 194 190 226 180 155 187 152 215 142.6 156.3 155.6 344.9 139 283 167. '160.8 March P192 P188 P229 P178 P140 i>173 P141 P198P142.9P157.2P156.5 130 284 166.9 161.4 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 552-555. For points in total index, by major groups, see p. 574. 2 Based onF. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 559 of this BULLETIN. 8 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 561-564. 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. MAY 1948 551 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 Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Industrial Production—Total 190 187 185 184 176 182 187 190 192 192 193 194 P192 Manufactures—Total 198 194 191 191 183 188 192 197 199 198 200 201 P201 225 222 218 219 207 210 217 223 224 229 229 226 P229 Iron and Steel . . 196 195 197 193 181 188 195 204 202 205 203 r203 207 Pig iron 194 189 193 189 174 187 188 198 197 196 197 196 190 Steel . . 213 213 215 211 198 205 214 224 222 226 224 '226 234 179 178 179 176 166 170 177 184 182 185 182 180 184 Electric 457 461 469 458 429 454 477 509 503 516 526 '551 593 281 276 273 275 266 267 276 280 '281 288 r287 285 P285 Manufacturing Arsenals and Depots1 Transportation Houiptnent » T»- - 239 237 225 233 217 213 227 232 234 '244 244 231 P242 197 193 179 191 185 180 197 198 200 206 206 192 P206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products . 202 197 187 179 171 170 174 179 185 189 194 198 P200 195 203 198 188 181 180 182 176 177 183 187 189 P188 (Copper smelting; Lead refining; Zinc smelting; 205 195 183 176 167 167 171 180 188 192 '197 201 P205 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 147 144 142 142 133 142 140 143 150 153 156 150 P147 138 135 134 133 121 133 128 128 137 139 143 135 P132 Furniture 166 161 158 160 155 160 164 172 176 181 180 178 P177 Stone Clay, and Glass Products 218 211 200 207 195 199 202 201 201 205 199 207 P208 241 234 229 230 207 211 219 210 207 199 187 197 202 Plate glass 159 151 163 154 124 151 151 156 143 141 149 166 160 269 263 251 257 235 231 243 229 229 218 200 208 216 192 175 141 171 164 171 171 174 178 196 199 208 196 Clay products 165 164 162 164 160 162 160 161 162 166 rl79 168 P173 224 218 210 216 224 225 221 230 '•236 236 '248 246 P245 A O b t r h a e s r i s v t e o n a e n d a n as d b e c s l t a o y s p p r r o o d d u u c c t t s s 1 258 249 247 239 220 216 226 224 226 '244 192 239 P250 175 172 170 168 163 169 172 176 179 173 '178 180 P178 172 166 164 155 142 154 160 164 172 163 rl78 179 P175 160 154 152 143 129 142 147 152 159 149 '165 165 P163 160 154 148 133 118 130 130 139 149 131 153 153 147 270 270 271 263 263 267 278 280 290 287 '300 295 302 Wool textiles 172 159 161 155 130 156 168 167 172 166 '181 185 Carpet wool consumption 182 170 191 175 141 184 192 194 196 183 '212 212 210 195 186 175 149 176 184 185 182 171 192 201 Wool and worsted yarn 161 149 147 144 121 147 162 160 164 161 '172 175 145 128 126 124 108 134 144 140 142 141 '152 154 183 178 177 174 139 165 188 188 194 189 '200 205 Woolen and worsted cloth 171 158 156 152 132 148 159 159 167 164 '175 180 Leather and Products 122 116 113 107 101 116 122 126 124 114 120 123 P120 122 119 119 114 106 115 120 121 122 113 '116 116 Cattle hide leathers 140 137 138 130 121 130 131 136 141 129 '132 134 99 102 96 94 78 93 103 94 88 83 85 80 84 79 88 92 90 87 94 100 93 89 '96 95 102 95 83 84 84 101 118 112 108 101 '101 101 Shoes 121 113 109 103 97 117 123 128 126 114 '122 127 P122 Manufactured Food Products • 157 158 155 154 155 157 158 156 158 158 157 159 P160 Wheat flour 160 149 144 152 143 148 136 136 143 133 140 134 P119 Manufactured dairy products . P153 P154 H52 P155 P157 P147 P148 P147 P140 P138 P139 P139 P145 Butter 85 82 79 82 85 74 76 75 66 66 67 65 69 Cheese 198 206 191 196 197 174 167 163 151 148 156 150 160 164 173 173 184 188 158 160 157 137 130 127 134 158 P Preliminary. r Revised. i Series included in total and group indexes but not available for publication separately. 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Manufactured Food Produtcs—Continued Meat packing 149 150 151 152 156 145 146 142 170 160 150 147 131 Pork and lard . 143 153 154 157 171 155 144 141 185 173 156 161 140 Beef 169 159 159 154 149 140 153 146 159 154 154 141 131 Veal 122 121 119 141 154 158 174 171 190 149 128 115 98 Lamb and mutton 101 105 102 104 93 91 99 109 114 107 98 102 91 Other manufactured foods 160 161 158 154 156 160 163 161 160 164 164 167 P17O Processed fruits and vegetables 151 145 138 132 133 138 149 134 129 138 139 142 P159 Confectionery . . .... 145 149 153 135 119 118 125 134 144 150 144 149 Other food products 165 168 164 163 168 173 174 172 171 173 174 177 P176 Alcoholic Beverages . 208 189 162 159 164 176 198 229 219 167 167 198 191 Malt liquor 160 154 149 150 157 168 196 204 203 165 169 171 157 Whiskey .. .. . . 151 131 106 79 55 56 78 71 1 5 37 115 152 Other distilled spirits 619 503 350 319 329 385 277 323 119 94 220 431 526 Rectified liquors 314 276 194 215 231 238 297 468 562 376 264 310 239 Industrial Alcohol from Beverage Plants l Tobacco Products .. . . 158 160 142 159 156 160 163 175 169 149 153 155 164 Cigars 98 94 106 101 98 107 113 126 124 100 104 113 102 Cigarettes 216 221 187 216 210 211 213 229 224 201 204 203 225 Other tobacco products . . 66 68 55 66 72 80 83 80 68 61 69 70 67 Paper and Paper Products . . 159 156 161 160 146 158 159 163 165 158 163 163 Pi 69 Paper and pulp .. .. 154 150 155 155 140 153 153 157 160 153 157 159 P163 Pulp 174 169 173 178 160 178 171 177 182 168 174 178 Groundwood pulp 99 97 97 105 108 113 110 105 97 96 88 94 Soda pulp . 113 112 112 116 98 105 104 107 112 107 109 111 Sulphate pulp 266 254 265 277 253 278 259 275 281 255 r276 270 Pape S r u lphi . te . p . u . lp 1 1 5 5 1 1 1 14 5 7 0 1 1 5 5 1 2 1 1 5 5 1 1 1 13 3 1 7 1 1 5 4 1 9 1 1 4 5 9 0 1 1 5 5 4 4 1 1 5 5 9 6 1 1 4 5 8 0 151 r1 1 5 6 6 1 161 Paperboard 180 178 184 179 166 178 182 184 186 177 1 1 5 8 5 7 179 192 Fine paper 88 87 88 88 75 86 87 89 89 86 86 88 86 Printing paper • ... 160 158 160 162 147 157 157 167 168 162 162 171 168 Tissue and absorbent paper 151 144 148 147 136 148 151 152 158 158 r163 161 167 Wrapping paper 139 132 141 144 124 138 135 141 146 139 r145 150 155 Newsprint . 89 93 92 91 91 94 97 91 90 88 82 83 82 Paperboard containers (same as Paperboard) Printing and Publishing . 142 141 142 146 139 145 144 152 152 146 148 157 153 Newsprint consumption . • . .... 124 124 125 131 131 133 131 138 137 131 134 144 139 Petroleum and Coal Products P185 P179 P184 P191 P195 P201 P203 P204 P205 P208 P214 P214 P211 Petroleum refining2 Gasoline . . 142 139 145 154 157 163 162 162 159 160 159 155 P153 Fuel oil . . ... 174 163 171 173 178 180 183 187 186 193 201 206 P201 Lubricating oil 167 156 163 168 157 164 154 160 162 170 163 164 Kerosene 176 170 175 182 186 177 169 177 178 187 199 213 Other petroleum products l Coke 172 166 168 165 161 171 170 177 177 179 178 179 166 By-product coke 165 162 161 160 156 164 162 169 170 171 171 171 164 Beehive coke 424 324 428 340 307 415 439 449 414 440 442 -•421 234 Chemical Products . .... 251 251 253 250 251 249 248 248 251 r254 255 251 P250 Paints .... 157 155 153 151 152 152 153 152 155 155 158 158 P155 Soap 135 138 137 142 135 135 137 138 148 150 151 147 P142 Rayon . . . .... 283 289 292 251 291 294 295 294 297 299 298 301 P301 Industrial chemicals 431 433 435 439 438 431 425 427 431 '438 r437 434 P437 Other chemical products 1 Rubber Products 239 234 220 216 207 210 217 223 225 230 223 214 P205 Minerals—Total 148 143 151 148 140 150 153 155 155 156 154 155 P140 Fuels . .. "... 153 144 156 153 144 155 160 162 163 162 160 161 P144 Coal 153 122 153 140 113 143 153 156 159 153 152 148 P99 Bituminous coal 163 127 165 147 117 151 161 163 169 164 161 155 P97 Anthracite . ... 113 102 104 110 93 114 122 126 119 111 112 118 P108 Crude petroleum . . . . . . 153 155 157 159 160 161 164 166 165 166 165 167 P166 Metals 117 136 124 122 117 117 111 107 109 117 117 P121 Metals other than gold and silver 159 189 169 166 160 163 153 145 146 159 159 P166 (Copper; Lead; Zinc)1 Gold 58 60 64 63 60 56 55 53 55 '55 59 59 Silver . . . .. 68 68 66 61 51 47 55 63 73 78 67 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 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. MAY 1948 553 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar Industrial Production—Total. 187 185 185 185 178 185 191 194 193 189 189 190 Manufactures—Total 195 193 191 191 184 191 197 200 200 196 197 197 P198 Durable Manufactures 224 222 219 220 208 212 219 224 224 227 226 224 P228 Iron and Steel 196 195 197 193 181 188 195 204 202 205 203 •203 207 Pig iron 194 189 193 189 174 187 188 198 197 196 197 196 190 Steel 213 213 215 211 198 205 214 222 226 224 -226 234 Open hearth. 179 178 179 176 166 170 177 184 182 185 182 180 184 Electric 457 469 458 429 454 477 509 503 516 526 -551 593 Machinery 281 276 273 275 266 267 276 280 281 288 '287 285 P285 Manufacturing Arsenals and Depots1. Transportation Equipment 239 237 225 233 217 213 227 232 234 '244 244 231 P242 Automobiles (including parts) 197 193 179 191 185 180 197 198 200 206 206 192 P206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 202 197 187 179 171 170 174 179 185 189 194 198 P200 Smelting and refining 196 203 198 187 180 180 182 176 178 183 187 189 P188 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 205 195 183 176 167 167 171 180 188 192 '197 201 P2O5 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)l Lumber and Products. 140 143 145 149 141 151 150 150 148 140 138 137 P140 Lumber... 126 134 138 143 133 147 143 138 133 119 117 116 P120 Furniture. 166 161 158 160 155 160 164 172 176 181 180 178 P177 Stone, Clay, and Glass Products. 209 208 206 209 196 207 210 210 206 '200 187 193 P199 Glass products 241 234 242 229 200 218 223 215 209 187 184 193 202 Plate glass 159 151 163 154 124 151 151 156 143 141 149 166 160 Glass containers 269 263 269 254 225 241 248 236 231 203 196 '201 216 Cement 157 166 148 183 181 193 198 202 192 178 161 158 160 Clay products 159 160 162 163 160 166 166 169 169 172 '166 160 P165 Gypsum and plaster products... 215 215 213 221 224 226 225 236 '240 242 '238 235 P236 A O b th r e as r iv st e o n an e d a n a d sb c e l s a t y o s p p ro ro d d u u c c ts ts 1. . . 258 249 239 220 216 226 224 226 '244 192 239 P250 Nondurable Manufactures. .. 171 169 169 168 164 173 178 181 180 171 173 175 P174 Textiles and Products. 172 166 155 142 154 160 164 163 '178 179 vl75 Textile fabrics 160 154 152 143 129 142 147 152 159 149 '165 165 P163 Cotton consumption 160 154 148 133 118 130 130 139 149 131 153 153 147 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 1.. . 270 270 271 263 263 267 278 280 290 287 '300 •295 302 Wool textiles 172 159 161 155 130 156 168 167 172 166 181 185 Carpet wool consumption. . 182 170 191 175 141 184 192 194 196 183 '212 212 Apparel wool consumption. 210 195 186 175 149 176 184 185 182 171 192 201 Woolen and worsted yarn. . 161 149 147 144 121 147 162 160 164 161 '172 175 Woolen yarn 145 128 126 124 108 134 144 140 142 141 '152 154 Worsted yarn 183 178 177 174 139 165 188 188 194 189 '200 205 Woolen and worsted cloth.. 171 158 156 152 132 148 159 159 167 164 '175 180 Leather and Products. 121 115 113 106 99 116 121 126 126 113 120 126 P119 Leather tanning 121 118 119 112 100 114 118 123 126 112 '117 125 Cattle hide leathers 140 137 138 125 114 126 129 137 146 129 '135 145 Calf and kip leathers 97 98 92 96 77 97 101 96 91 82 83 84 Goat and kid leathers 83 82 86 92 89 84 95 100 90 90 ••96 99 Sheep and lamb leathers. 99 93 89 83 78 105 115 112 114 96 '94 111 Shoes 121 113 109 103 97 117 123 128 126 114 122 127 P122 Manufactured Food Products. 140 144 149 154 166 178 182 167 161 154 146 144 P!42 W Ca h n e e a t s u f g lo a u r r meltings l 157 143 138 146 141 147 148 144 144 132 140 136 P117 Manufactured dairy products. '127 P161 P202 P229 P229 P192 P156 P121 P91 P88 P87 P99 P119 Butter 77 84 102 113 104 81 73 64 50 52 55 58 63 Cheese 178 214 256 279 242 195 170 147 113 106 116 123 144 Canned and dried milk... 161 196 240 254 218 163 147 127 99 100 103 120 155 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 554 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] 1947 1948 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Manufactured Food Products—Continued Meat packing 138 139 151 150 146 127 136 144 189 187 175 141 121 Pork and lard 133 139 154 157 150 119 114 133 216 229 204 158 130 Beef 154 149 159 151 151 141 165 159 165 154 157 130 119 Veal 115 118 124 141 154 155 191 195 203 140 119 101 92 Lamb and mutton. 99 102 104 96 90 89 106 113 114 104 103 103 89 Other manufactured foods 142 143 143 146 163 186 196 179 167 161 151 152 Processed fruits and vegetables. 83 88 90 101 173 263 290 173 118 108 91 90 P88 Confectionery 135 123 118 100 97 128 162 176 170 152 148 151 Other food products 159 161 160 165 171 176 177 181 180 176 167 168 i 69 Alcoholic Beverages, 187 182 167 178 182 181 206 252 196 146 142 176 172 Malt liquor 149 162 170 189 196 192 197 190 157 132 139 154 146 Whiskey 151 131 106 79 55 56 78 71 1 5 37 '115 152 Other distilled spirits. 403 302 210 198 191 208 379 837 251 103 143 259 342 Rectified liquors 314 276 194 215 231 238 297 468 562 376 264 310 239 Industrial Alcohol from Beverage Plants * Tobacco Products 149 151 142 165 162 165 172 181 172 139 153 147 155 Cigars 98 94 106 101 98 107 113 126 124 100 104 113 102 Cigarettes 201 205 187 227 221 222 228 238 228 185 204 190 209 Other tobacco products. 66 68 55 67 72 78 89 85 70 54 67 68 67 Paper and Paper Products. 159 156 161 160 145 158 159 163 165 157 163 163 Paper and pulp 154 150 155 155 140 152 153 157 160 152 157 159 Pulp 175 171 174 178 159 176 170 177 182 168 174 179 Groundwood pulp 106 106 105 106 96 100 98 97 103 97 91 97 Soda pulp 113 112 112 116 98 105 104 107 112 107 109 111 Sulphate pulp 266 254 265 277 253 278 259 275 281 255 •276 270 Sulphite pulp 151 150 151 151 131 151 149 154 159 148 151 161 Paper 151 147 152 152 137 149 150 154 156 150 155 156 161 Paper board 180 178 184 179 166 178 182 184 186 177 187 179 192 Fine paper , 88 87 88 88 75 86 87 89 89 86 86 88 86 Printing paper 160 158 160 162 147 157 157 167 168 162 162 171 168 Tissue and absorbent paper 151 146 148 150 131 148 151 154 158 153 161 167 167 Wrapping paper 139 132 141 144 124 138 135 141 146 139 145 150 155 Newsprint 89 95 93 92 89 93 97 91 91 87 82 83 82 Paperboard containers (same as Paperboard). Printing and Publishing. 145 144 145 146 130 139 145 156 158 150 144 156 NewsDrint consumption 129 131 129 129 113 120 132 145 149 138 125 141 Printing paper (same as shown under Paper). Petroleum and Coal Products. P!85 P!79 P!84 P195 P201 P203 P204 P205 P208 '214 P214 P211 Petroleum refining2 Gasoline 142 139 145 154 157 163 162 162 159 160 159 155 P153 Fuel oil 174 163 171 173 178 180 183 187 186 193 201 206 '201 Lubricating oil 165 162 170 168 156 162 154 160 162 168 158 163 Kerosene 180 174 176 171 173 170 168 177 183 203 224 Other petroleum products 1 Coke 172 166 168 165 161 171 170 177 177 179 178 179 166 By-product coke 165 162 161 160 156 164 162 169 170 171 171 171 164 Beehive coke 424 324 428 340 307 415 439 449 414 440 442 421 234 Chemical Products, 254 253 252 247 247 245 248 251 252 •255 •253 252 >252 Paints 157 157 157 156 150 151 151 152 153 155 155 157 P155 Soap 135 135 133 140 134 136 143 145 149 150 148 146 '142 Rayon 283 289 292 251 291 294 295 294 297 299 298 301 P301 Industrial chemicals 431 433 435 439 438 431 425 427 431 r438 434 P437 Explosives and ammunition x Other chemical products l Rubber Products 239 234 220 216 207 210 217 223 225 230 223 P205 Minerals—Total. 143 139 153 152 145 155 158 158 155 151 149 149 Fuels 153 144 156 153 144 155 160 162 163 162 160 161 P144 Coal 153 122 153 140 113 143 153 156 159 153 152 148 P99 Bituminous coal. 163 127 165 147 117 151 161 163 169 164 161 155 P97 Anthracite 113 102 104 110 93 114 122 126 119 111 112 118 P108 Crude petroleum 153 155 157 159 160 161 164 166 165 166 165 167 Metals. 83 112 140 148 151 151 145 132 106 85 81 P83 Metals other than gold and silver. 103 153 200 213 220 219 206 183 136 101 98 103 ( I C ro o n p p o e re r; Lead; Zinc)1 72 173 306 334 326 298 257 159 76 70 73 Gold Silver 2 p T P h r i e s l i s m e i r n ie ar s y i . s ^ i n pro r c R e e s v s i o s f e d r . e v # i sion. l Series included in total and group indexes but not available for publication separately. 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. MAY 1948 555 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 1947 1948 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total 153.7 154.0 157.3 158.2 156.8 155.6 156.5 307.3 310.6 314.1 345.0 356.3 349.7 344.9 Durable goods 180.1 180.9 182.2 183.9 183.3 180.6 183.3 340.0 344.6 349.9 384.7 398.7 391.6 381.1 Nondurable goods 133.0 132.8 137.6 138.0 136.0 136.0 135.5 275.3 277.4 279.2 306.2 314.8 308.7 309.5 Iron and Steel and Products 157.5 158.1 160.6 161.3 161.4 160.8 162.5 287.9 287.9 294.2 331.3 338.7 336.2 331.7 Blast furnaces, steel works, etc 125 125 130 130 131 131 209 210 214 255 258 263 259 Steel castings 208 207 207 209 211 214 379 368 383 430 443 447 436 Tin cans and other tinware 130 130 148 150 149 144 243 239 244 321 337 320 302 Hardware 142 143 143 148 149 152 292 299 301 329 346 353 350 Stoves and heating equipment 173 175 186 185 180 176 348 344 354 405 423 396 387 Steam, hot-water heating apparatus 217 218 191 194 194 196 415 416 422 419 431 404 425 Stamped and enameled ware 193 195 197 198 195 195 399 394 409 454 473 456 Structural and ornamental metal 447 work 163 166 170 171 170 169 288 294 307 351 344 339 Electrical Machinery 232.0 231.3 225.4 222.7 221.1 218.7 425.6 422.9 429.6 463.1 472.1 462.0 Electrical equipment 208 208 208 209 207 206 375 373 382 424 434 431 456.2 Radios and phonographs 251 250 242 238 228 226 500 492 498 540 543 507 424 Mach M in a e c r h y i n e e x r c y e pt E a l n e d ct rica m l achine-shop 223.5 225.1 225.9 229.0 230.0 230.8 230.0 406.6 409.6 ^416.6 450.4 470.2 469.6 4 4 9 6 3 7.6 products 190 191 186 186 187 187 350 352 355 374 389 384 384 Engines and turbines 244 244 229 235 235 234 492 493 498 511 515 532 529 Tractors 176 175 185 190 193 194 273 274 277 332 341 348 345 Agricultural, excluding tractors... 168 169 185 193 197 202 295 308 313 377 406 417 429 Machine tools 161 158 137 138 135 135 283 279 276 250 258 245 247 Machine-tool accessories 199 195 168 169 169 168 343 333 327 295 308 308 308 Pumps 245 247 225 227 227 227 467 485 490 471 487 481 485 Refrigerators 191 201 224 228 231 228 346 325 359 428 458 471 425 Transportation Equipment, except Autos, 297.6 296.7 278.9 285.8 291.2 286.6 284.7 562.6 558.2 556.9 544.1 588.1 596.7 577.9 Aircraft, except aircraft engines. . 358 356 336 336 339 340 669 668 662 654 669 654 663 Aircraft engines 322 315 291 291 284 280 535 507 480 479 504 483 469 Shipbuilding and boatbuilding 203 203 170 182 192 185 396 378 386 317 379 417 382 Automobiles 196.6 198.2 198.2 203.1 202.6 182.4 201.9 321.1 337.3 347.7 388.1 419.5 398.7 344.7 Nonferrous Metals and Products 188.5 187.5 175.7 177.2 175.3 175.3 177.0 354.8 360.0 359.0 361.0 371.2 366.1 366.2 Primary smelting and refining 149 149 144 145 145 145 270 280 283 300 300 303 304 Alloying and rolling, except aluminum 165 161 136 138 138 137 302 308 301 264 272 273 273 Aluminum manufactures 216 216 185 190 192 191 382 376 385 352 365 370 364 Lumber and Timber Basic Products 142.3 145.4 161.7 161.3 158.3 157.3 158.9 292.4 310.7 310.1 388.6 390.2 372.7 375.1 Sawmills and logging camps 152 156 175 174 169 168 309 333 335 425 422 400 401 Planing and plywood mills 153 155 167 169 170 170 312 319 323 386 404 399 403 Furniture and Lumber Products 134.5 134.2 138.2 139.2 139.8 139.8 138.5 283.1 292.0 292.0 322.1 333.9 330.3 328.1 Furniture 132 131 137 139 140 140 279 289 289 323 334 333 334 Stone, Clay, and Glass Products 144.5 145.3 147. 147.6 143.7 143.9 280.0 278.4 285.7 316.3 320.4 305.0 305.6 Glass and glassware 168 171 168 168 164 161 326 313 329 357 357 339 339 Cement 144 143 151 151 149 150 234 238 240 294 291 285 286 Brick, tile, and terra cotta 121 123 131 131 131 127 247 247 253 297 302 297 279 Pottery and related products 166 166 169 170 166 167 295 304 315 350 354 336 336 Textile-Mill and Fiber Products 109.1 108.6 108.2 109.8 110.0 111.2 111.3 254.3 262.0 265.0 280.8 294.1 295.0 302.3 Cotton goods except small wares. 124 124 124 125 125 126 318 323 337 362 376 379 377 Silk and rayon goods 84 84 84 86 85 88 213 219 222 237 248 253 262 Woolen and worsted manufactures. 114 111 111 112 113 114 264 288 275 277 294 292 321 Hosiery 82 82 81 82 83 84 170 172 173 186 194 189 191 Dyeing and finishing textiles 122 122 122 124 124 126 265 267 269 280 298 304 310 Apparel and Other Finished Textiles 141.7 141.9 148.3 151.9 152.< 154.9 154.8 300.6 314.1 317.7 319.6 343.3 353.4 362-0 Men's clothing, n.e.c 125 125 135 135 134 136 277 281 281 302 310 313 316 Shirts, collars, and nightwear 100 100 110 111 110 110 226 234 234 266 281 273 270 Women's clothing, n.e.c 154 155 158 164 166 170 322 345 340 319 356 375 388 Millinery 102 103 85 92 103 109 170 202 197 124 157 204 239 Leather and Leather Products 104.9 104.7 106.4 107.4 106.9 107.6 105.6 220.8 223.0 222.2 235.4 241.8 240.7 243.4 Leather 93 92 94 94 94 94 179 186 185 200 203 200 202 Boots and shoes 97 97 99 100 100 101 213 214 214 224 232 234 235 Food and Kindred Products 123.9 123.5 140.1 136.4 129.0 125.4 124.4 256.4 242.5 239.3 300.6 298.9 273.9 267.2 Slaughtering and meat packing... 132 128 142 151 146 139 286 254 233 317 339 304 263 Flour 140 140 143 142 141 138 305 294 299 337 319 306 298 Baking 110 110 118 116 113 114 208 202 201 228 229 222 241 Confectionery 112 114 143 141 134 126 228 229 234 325 327 290 271 Malt liquors 155 157 181 172 168 166 251 249 256 327 308 289 290 Canning and preserving 92 86 114 99 84 81 237 207 197 266 250 214 214 Tobacco Manufactures 95.4 92.2 96.5 94.4 93.7 94.0 93.5 209.4 201.0 193.1 216.3 219.8 210.8 196-7 Cigarettes 122 120 124 125 123 122 242 234 227 253 268 260 219 Cigars 83 79 83 79 79 80 195 186 176 196 190 182 184 NOTE.—All indexes shown, except those for individual industries in the Machinery except Electrical and Transportation Equipment groups, have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for March 1948 are preliminary. 556 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 1947 1948 1947 1948 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Paper and Allied Products 145.9 145.9 145.7 146.9 145.7 144.8 285.1 288.1 290.9 319.6 327.5 321.5 322.3 Paper and Pulp 140 140 143 145 145 145 274 280 281 320 327 325 328 Paper goods, n.e.c 154 154 156 157 154 152 298 298 302 327 336 329 327 Paper boxes 148 148 143 144 141 139 290 289 295 315 322 309 307 Printing and Publishing 128.1 128.2 132.8 133.0 131.3 130.8 130.2 219.6 221.8 227.7 252.3 258.0 250.2 249.6 Newspaper periodicals 116 117 122 123 121 121 185 191 197 224 230 219 225 Book and job 139 138 143 144 142 141 249 248 254 279 285 283 279 Chemicals and Allied Products 197.1 197.5 200.1 201.0 199.6 199.6 199.7 362.9 372.6 377.5 407.5 414.9 417.3 416.2 Drugs, medicines, and insecticides 252 254 241 239 239 238 451 464 465 490 489 491 489 Rayon and allied products 127 126 131 131 131 132 228 245 246 261 266 269 270 Chemicals, n.e.c 277 278 281 283 283 281 496 501 506 541 556 561 559 Explosives and safety fuses 284 289 298 301 301 303 482 465 477 566 565 580 588 Ammunition, small arms 155 156 169 173 144 149 331 334 334 398 412 334 342 Cottonseed oil 128 117 161 160 142 127 348 331 301 449 448 397 336 Fertilizers 171 177 142 149 161 172 376 415 444 363 393 433 440 Products of Petroleum and Coal 146.0 145.9 153.5 152.9 152.4 151.3 150.9 253.9 256.8 262.1 304.5 308.2 312.8 310.2 Petroleum refining 145 146 150 150 150 150 244 246 253 289 293 297 295 Coke and by-products 130 128 138 138 141 140 240 248 247 293 295 320 316 Rubber Products 198.2 196.5 184.5 186.1 184.2 182.7 178.7 386.3 385.0 374.3 383.3 396.5 376.8 358.3 Rubber tires and inner tubes 233 231 212 212 209 206 416 413 397 408 412 388 356 Rubber goods, other 173 170 166 169 167 167 355 354 349 362 380 368 366 Miscellaneous industries 180.9 182.1 185.6 182.7 176.1 177.0 176.0 356.7 360.0 367.6 393.7 394.7 377.9 383.2 Instruments, scientific 250 250 246 i 248 245 245 451 449 452 481 499 508 487 Photographic apparatus 201 203 220 222 220 221 348 343 375 417 421 418 424 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 1948 Group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 154 4 154 6 153.8 151.9 151.7 149.4 152.7 155.7 156.4 156.8 157.8 157.5 156.3 P157.2 Durable 180 8 181.5 181.2 178.2 179.5 174.0 176.2 178.8 180.4 181.9 183.9 183.9 181.3 P183.9* Nondurable 133.6 133.4 132.2 131.1 129.8 130.0 134.2 137.4 137.5 136.9 137.3 136.7 136.6 P136.1 p Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1947 1948 1947 1948 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All manufacturing. 40.6 40.4 40.6 40.4 41.2 40.5 40.2 116.1 117.0 125.8 126.8 127.8 128.6 129.0 Durable goods 40.5 40.5 40.9 40.7 41.7 41.0 40.5 122.4 122.9 133.7 134.6 135.4 135.6 135.7 Iron and steel and products . . 40.2 40.0 40.5 40.5 41.2 40.8 40.5 126.1 125.8 139.7 140.4 141.2 141.3 140.8 Electrical machinery 40.5 40.0 40.6 40.6 41.1 40.5 40.4 119.9 120.3 133.1 133.9 134.6 135.2 134 9 Machinery except electrical . . .... 41.4 41.3 41.3 41.2 42.2 41.8 41.4 128.3 129.0 140.0 140.4 141.3 141.6 141.8 Transportation equipment, except autos. . . 40.2 39.7 40.4 38.6 40.8 40.2 39.4 135.6 136.7 143.7 146.2 146.5 147.9 148.2 Automobiles 38.9 38.8 39.5 39.8 41.4 39.9 38.1 139.0 139.9 152.6 154.0 156.3 154.0 155 1 Nonferrous metals and products 41.0 41.0 40.8 41.1 41.8 41.4 41.3 121.7 122.2 131.2 132.0 132.7 133.8 134.1 Lumber and timber basic products 40.6 42.1 42.6 42.2 43.2 42.4 41.6 96.2 97.9 106.3 107.4 105.6 105.0 108.1 Furniture and finished lumber products 41.8 41.9 42.1 41.8 42.7 42.0 41.4 101.5 102.2 110.5 110.8 111.7 112.2 112.6 Stone, clay, and glass products 40.5 40.1 40.8 40.5 41.0 39.9 39.9 112.5 113.3 123.4 124.7 124.5 124.9 125.1 Nondurable goods . . 40.7 40.4 40.2 40.1 40.8 40.0 39.8 109.4 110.7 117.5 118.5 119.6 121.0 122.0 Textiles—mill and fiber products 40.5 40.4 39.7 40.1 41.0 40.5 40.2 97.0 99.7 105.5 109.0 110.0 111.5 113.8 Apparel and other finished products 36.9 36.9 36.9 36.4 37.1 36.6 36.7 103.7 104.9 105.1 101.9 105.2 109.3 109.7 Leather and manufactures 39.3 39.5 39.0 38.3 39.1 39.1 39.0 102.3 102.1 108.2 109.5 109.2 109.3 109 8 Food and kindred products 43.6 42.7 42.8 42.5 43.3 41.9 41.6 108.4 108.8 115.9 117.3 117.5 117.8 119.2 Tobacco manufactures .. . . .... 39.2 37.8 39.7 39.4 39.9 38.6 36.3 93.8 93.7 95.4 95.6 98.3 98.4 96.7 Paper and allied products 43.2 43.2 43.0 43.2 43.8 43.1 43.1 108.8 109.8 121.5 122.2 122.6 123.6 124.6 Printing, publishing and allied industries.. . 41.0 40.1 40.0 40.0 40.4 39.5 39.1 138.1 141.5 154.0 155.6 156.8 157.8 160.5 Chemicals and allied products 41.5 41.4 41.4 41.3 41.5 41.4 41.1 114.3 116.5 127.3 128.7 129.3 131.1 131.7 Products of petroleum and coal 40.2 40.1 40.5 41.2 40.8 40.7 40.7 137.2 138.2 150.5 151.8 155.1 158.6 15&.2 Rubber products 40.6 40.6 40.1 39.9 40.9 39.7 38.4 133.0 133.1 143.8 145.4 145.4 144.4 142.6 Miscellaneous industries 41.1 41.0 40.6 40.7 41.2 40.4 40.7 112.0 112.3 120.0 120.7 121.9 122.8 122.8- NOTE.—Preliminary March 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.4 and 129.3; Durable 41.0 and 135.9; Nondurable 39.8 and 122.0, respectively. Back figures are available from the Bureau of Labor Statistics. MAY 1948 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRIGULTURAL 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 l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government * 1939. 30,287 10,078 845 1,150 2,912 6,705 1,382 3,228 3,987 1940. 32,031 10,780 916 1,294 3,013 7,055 1,419 3,362 4,192 1941. 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942. 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943. 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944. 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945. 39,977 15,302 826 1,082 3,872 7,654 1,383 3,891 5,967 1946. 40,712 14,365 836 1,493 4,023 8,448 1,523 4,430 5,595 1947.. 42,541 15,554 885 1,734 4,043 8,713 1,572 4,622 5,417 SEASONALLY ADJUSTED 1947—February..:.... 42,354 15,529 880 1,651 4,052 8,637 1,554 4,630 5,421 March 42,395 15,564 879 1,632 4,040 8,695 1,555 4,588 5,442 April 42,065 15,513 856 1,652 3,855 8,638 ,546 4,552 5,453 May 42,079 15,359 884 668 3,970 8,631 ,553 4,567 5,447 June 42,340 15,358 893 700 4,074 8,669 ,551 4,641 5,454 July 42,103 15,180 866 742 4,079 8,688 ,574 4,640 5,334 August 42,449 15,457 896 770 4,083 8,761 ,594 4,573 5,315 September 42,849 15,715 894 796 4,110 8,776 ,599 4,588 5,371 October 43,077 15,784 895 806 4,070 8,801 ,594 4,685 5,442 November 43.142 15.833 897 1,813 4,049 8,811 ,596 4,693 5,450 December 43,350 15,925 899 1,882 4,062 8,835 ,599 4,712 5,436 1948—January 43,477 15,933 896 1,858 4,055 8,865 ,603 4,795 5,472 February 43,200 15.830 889 1,720 4,034 8.871 ,613 4.802 5,441 March 43,280 15,925 907 1,766 4,025 8,841 ,611 4,752 5,453 UNADJUSTED 1947—February.;; 41,849 15,475 880 1,502 4,011 8,507 ,546 4,561 5,367 March 42,043 15,510 879 1,534 4,020 8,565 ,555 4,565 5,415 April 41,824 15,429 856 1,619 3,836 8,552 ,554 4,552 5,426 May 41,919 15,237 884 1,685 3,970 8,545 ,561 4,590 5,447 June 42,363 15,328 893 1,768 4,115 8,582 ,567 4,711 5,399 July 42,201 15,233 866 1,847 4,140 8,558 ,590 4,686 5,281 August 42,624 15,595 896 1,894 4,144 8,586 ,602 4,619 5,288 September. 43,039 15,801 894 1,904 4,110 8,688 ,583 4,634 5,425 October.... 43,298 15,831 895 1,896 4,070 8,889 ,586 4,662 5,469 November.. 43,450 15,872 897 1,849 4,049 9,075 ,588 4,670 5,450 December.. 44,078 15,964 899 1,788 4,042 9,453 ,591 4,688 5,653 1948-—January 43,015 15,878 896 1,691 3,994 8,821 1,595 4,723 5,417 February 42,683 15,775 889 1,565 3,994 8,738 1,605 4,730 5,387 March 43,004 15,870 907 1,660 4,005 8,797 1 ,611 4,728 5,426 1 Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. March 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o o io n n n a - l T f l o a o r b t c a o e l r Total Employed l Unem- l N ab o o t r i n f o t r h c e e Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1940 * 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—March 107,190 59,960 58,390 56,060 48,820 7,240 2,330 47,230 April 107,260 60,650 59,120 56,700 48,840 7,860 2,420 46,610 May 107,330 61,760 60,290 58,330 49,370 8,960 1,960 45,570 107,407 64,007 62,609 60,055 49,678 10,377 2,555 43,399 July 107,504 64,035 62,664 60,079 50,013 10,066 2,584 43,469 August .... 107,590 63,017 61,665 59,569 50,594 8,975 2,096 44,573 September 107,675 62,130 60,784 58,872 50,145 8,727 1,912 45,544 October . 107,755 62,219 60,892 59,204 50,583 8,622 1,687 45,535 November 107,839 61,510 60,216 58,595 50,609 7,985 1,621 46,330 December 107,918 60,870 59,590 57,947 50,985 6,962 1,643 47,047 1948—January .... 107,979 60,455 59.214 57,149 50,089 7,060 2,065 47,524 February 108.050 61,004 59,778 57,139 50,368 6,771 2,639 47,046 March 108,124 61,005 59,769 57,329 50,482 6,847 2,440 47,119 * Includes self-employed, unpaid family, and domestic service workers. * Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. * Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b e u si i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 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 90.5 177.3 596 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 51.2 165.9 823 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 Novem ber 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 Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1948 1947 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district Mar. Feb. Mar. January.... 358 572 615 47 167 197 311 405 419 February. . . 387 442 682 56 96 248 331 346 434 A M p a r r i c l h 6 7 9 3 8 5 6 5 0 9 2 7 690 1 1 2 4 7 6 1 1 7 4 7 3 181 5 6 5 0 1 8 4 4 5 2 3 5 509 N Bo ew st o Y n ork.. . 4 8 3 6 , , 7 2 0 0 4 4 8 1 7 9 , , 4 9 6 8 9 7 3 8 6 9 . , 7 8 9 9 6 6 May 952 675 197 234 756 441 Philadelphia. 49,606 47,510 40,585 June 808 605 215 226 593 379 Cleveland. . . 58.684 70,098 66,446 July 718 660 202 203 516 458 Richmond. . . 88,620 68.400 73,793 August. . .. 680 823 205 218 475 605 Atlanta 73,037 70,900 51,570 September. . 620 650 187 193 433 457 Chicago 130,869 109,146 104,362 October 573 793 134 209 439 584 St. Louis.... 47,525 43,269 23,365 November. . 504 715 130 224 373 492 Minneapolis. 23,719 22,843 14,218 December... 457 625 109 207 348 418 Kansas City. 31,194 61,580 36,825 Dallas 56,601 80,765 58,899 Year 7.4907,760 1 .7542,296 5,735 5,464 Total (11 districts). . 689,763 681,967 596,755 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [I i millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total p P m e r i r o m r e o t v n y p - e t - - 1 s S h c t t m o i r o o u m n a n c - l e - l 1 h f ( a - o T m I u t I i o t s i ) l l e y e 4 s - h R g ( o T a r e u o n n i s t d u t i l a p n e l g W h e ( o V a T r u a r i e s n t a t l i - n s e n ' d g PORTFOLIO, [ In B Y m il C li L on A s S o S f O do F ll S a a r I s v N ] - STITUTION 1 1 1 9 9 9 3 3 3 9 7 8 9 6 4 5 8 8 0 4 9 2 1 0 5 5 4 1 4 2 1 5 3 4 6 4 6 7 2 9 3 4 II) 4 5 1 8 1 1 VI)2 End of month Total b C m c a o i n e a m r k l - s - b M s t i a u n a n v g a u k l - s - s a a l s i a t o n s i n o a o g d n n c s i ; - - p I c a n a o n n s m c u i e e r - s - a c F e g ie e r e a s d n l - * - Other* 1940 1 .017 242 26 736 13 1941 1,172 249 21 877 13 13 1942 1.137 141 15 691 6 284 1936—Dec 365 228 8 56 41 5 27 1943 935 87 1 245 (3) 603 1937—Dec 771 430 27 110 118 32 53 1944 875 114 216 537 1938—Dec 1,199 634 38 149 212 77 90 1945 666 171 219 4 272 1939—Dec 1,793 902 71 192 342 153 133 1946 755 321 (3) 347 3 85 1940—Dec 2,409 1,162 130 224 542 201 150 1947 1,787 534 (3) 446 808 1947—March 81 35 28 18 1941—June 2,755 1,318 157 237 668 220 154 April 110 45 (3) 33 33 Dec 3,107 1,465 186 254 789 234 179 J M u a n y e 1 1 0 4 7 6 3 4 7 4 (3) 3 3 6 9 3 6 4 3 1942—June 3,491 1,623 219 272 940 243 195 July 163 50 39 74 Dec 3.620 1,669 236 276 1,032 245 163 S A O e u c p g t t o u e s b m t e b r e .. r . . . . 2 1 1 4 8 7 4 3 5 4 4 4 3 6 6 ( ( ( 3 3 3 ) ) ) 3 4 4 7 1 8 1 9 9 5 5 6 0 1943— D Ju e n c e 3 ^ ,7 6 0 2 0 6 1 1 , , 7 7 0 0 5 0 2 2 5 5 6 2 2 2 9 8 2 4 1 1 , , 0 1 7 3 1 4 23 7 5 9 1 1 5 5 8 9 N D o ec v e e m m b b e e r r . . . . 2 1 2 9 8 2 4 6 7 8 ( ( 3 3 ) ) 3 4 9 8 1 11 0 2 6 1944— D Ju e n c e 3 3 , , 5 3 5 9 4 9 1 1, , 5 6 9 6 0 9 2 26 5 0 8 2 2 8 6 4 9 1 1 . , 0 1 7 1 2 9 6 7 8 3 1 14 5 0 0 1948—January.. . . 224 56 (3) 48 120 February... 228 45 (3) 45 137 1945—June 3,324 1,570 265 264 1,047 43 134 March 272 49 (3) 53 170 Dec 3,156 1,506 263 253 1.000 13 122 1 Net proceeds to borrowers. 2 Mortgages insured under War 1946—June 3,102 1,488 260 247 974 11 122 Housing Title VI through April 1946; figures thereafter represent Dec 2,946 1,429 252 233 917 9 106 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22. 1946) but include a few refinanced mortgages 1947—Tune 2.860 1 .386 245 220 889 8 102 o D r e ig c i e n m al b l e y r w 1 r 9 i 4 tt 7 e n f ig u u n r d es e r in th c e lu d W e a m r o H r o tg u a s g in e g s i T n i s t u le r ed V I i . n c B o e n g n i e n c n t i i n o g n w w i i t t h h Dec 2,871 1,379 244 232 899 7 110 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1 The RFC Mortgage Company, the Federal National Mortgage 3 Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. MAY 1948 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January 1,124 903 798 1,114 Pl,091 301 334 394 531 P546 823 569 405 583 P545 February 1,107 887 670 1,146 Pi,086 314 325 318 437 P582 793 561 352 710 P504 March 1,197 1,030 815 Pi,327 358 365 385 P445 839 665 431 P883 April. 1,231 1,005 757 Pl.299 361 366 406 P512 870 639 351 P787 May., 1,455 1,135 851 P1,421 386 372 393 P474 1,069 763 457 P947 June.. 1,296 870 878 Pi,242 332 360 382 P463 965 511 496 *778 July ,197 893 826 Pi,162 294 356 431 P450 903 537 395 P713 August ,191 737 883 Pi,152 304 360 422 P400 887 378 461 P752 September.... ,194 * 514 643 Pi,109 282 335 377 P473 912 180 266 P636 October ,144 455 537 P1,235 329 344 394 P492 815 111 142 P743 November., ,185 639 986 PI.138 323 322 478 P455 862 317 508 P684 December.. 938 736 1,097 Pl.113 336 297 529 P602 602 439 567 P511 Jan.-Feb 2,231 1,789 1,468 2,260 P2,177 615 659 711 968 pl.128 1,616 1,130 757 1,292 P1,049 p Preliminary. 1 Including both domestic and foreign merchandise. Beginning 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. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a e n l e - - c d h i a s n e - Total Total Net I.c.l. railway railway railway Net operating expenses operating income revenues income Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,693 1,362 874 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,343 1,093 668 1947 143 147 182 150 107 153 181 148 75 1945 8,899 8,049 849 447 1946 7,628 7,009 620 289 SEASONALLY 1947 P8,685 P7.904 P781 P480 ADJUSTED SEASONALLY 1946—December. 140 132 155 162 122 156 146 148 81 ADJUSTED 1947—January. .. 150 163 175 157 123 163 176 152 77 1946—December. 658 523 135 98 February.. 142 149 171 147 111 166 172 145 76 March. . . . 146 147 180 159 121 159 171 151 78 1947—January... 698 624 74 42 April 137 119 173 151 111 148 184 147 79 February.. 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March.... 723 642 81 48 June 137 141 173 140 107 145 184 142 74 April 685 637 48 15 July 134 115 170 168 107 152 194 143 71 May 698 633 65 32 August.... 143 146 184 162 92 152 190 149 73 June 731 649 82 49 September. 142 153 180 137 105 149 181 145 73 July 683 634 48 18 October. . . 145 156 192 152 104 147 163 149 75 August::.. 719 655 64 31 November. 147 160 195 145 105 150 163 151 75 September. 716 681 36 4 December. 149 155 191 138 96 158 192 156 74 October 739 696 43 9 November. 786 708 78 47 1948—January.. 145 155 183 132 84 153 180 152 68 December. 806 722 83 50 F M e:l a b r r c u h ary. . 1 1 3 3 9 0 1 9 5 8 0 1 16 7 2 8 1 1 0 0 3 9 7 7 6 9 1 14 4 6 0 1 1 9 9 5 5 1 1 4 5 6 0 7 7 1 2 1948—January... 767 707 60 28 February.. 781 710 71 UNADJUSTED UNADJUSTED 1946—December. 131 132 163 152 118 139 45 139 78 1946—December. 638 534 104 89 1947—January... 138 163 184 157 118 147 44 139 74 February. . 133 149 182 144 «-88 159 43 136 74 1947—January... 686 627 59 '32 J J O N D A S M M A u u e p e o c u a a n l p c t r v y r g y o e t i e e c l e u b m m h m e s b r b t b . e . e e . r r . . r . . . . . 1 1 1 1 1 1 1 1 1 1 3 5 5 5 4 3 4 4 4 3 9 0 3 6 8 7 2 4 0 4 1 1 1 1 1 1 1 1 1 1 4 5 6 1 5 4 5 5 4 1 1 5 0 5 3 6 5 6 7 9 2 1 1 1 1 1 1 1 1 1 0 9 6 8 7 7 7 8 8 6 1 5 5 3 7 0 8 8 2 9 2 1 1 1 1 1 1 1 1 1 0 2 7 3 5 4 4 5 4 3 2 1 5 3 3 2 3 2 6 0 1 1 1 ' 8 9 9 8 8 9 3 6 3 9 7 5 8 4 7 7 2 3 1 9 1 1 1 1 1 1 1 1 1 1 5 5 6 4 5 4 5 5 4 6 1 9 1 7 3 1 5 4 8 0 2 2 3 2 2 2 1 1 5 6 1 7 8 8 3 6 6 5 0 7 1 2 4 6 5 0 3 7 1 1 1 1 1 1 1 1 1 1 4 4 5 4 4 4 5 6 4 5 5 6 8 3 6 5 0 3 7 7 8 7 7 7 7 7 7 7 7 7 0 3 9 3 1 7 6 7 8 1 F O A J J A N M S D M u u e e p o c e u a p n l a b t c r v y g y o t e i r r e e e l u b u m c m m e s a h r b t b b r . . e e . y e . r . . r r . . . . . . . 6 6 6 7 7 7 8 7 7 7 7 9 8 3 0 2 1 4 0 5 9 2 7 9 6 5 4 8 5 7 5 4 7 ' 6 6 6 6 6 6 6 6 7 7 5 3 4 4 3 4 6 9 1 7 2 9 1 5 4 7 9 4 0 8 9 7 2 r 6 4 5 6 8 4 7 6 7 7 1 8 0 1 8 6 6 4 3 6 4 3 3 4 3 5 4 2 4 6 1 3 7 3 6 8 1 9 0 3 0 4 1948—January. .. 133 155 192 132 81 137 45 139 65 80 February.. 129 150 188 101 61 135 49 137 69 1948—January... 751 709 41 19 March. ... 122 98 163 100 62 146 57 142 73 February.. 716 676 39 P18 r Revised. 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. 560 FEDERAL RESERVE BULLETIN- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas c F i S r s a a c n n o - SALES1 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—March 272 237 ••228 ••237 257 307 347 260 294 279 295 347 318 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 37V 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 302 248 248 278 296 310 383 298 339 281 335 415 339 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 283 223 241 263 284 306 359 281 307 267 292 368 319 March 284 236 229 258 270 317 369 274 318 278 307 384 329 UNADJUSTED 1947—March »-264 227 '228 '226 262 292 347 250 288 258 283 337 299 April 269 227 223 248 266 290 350 258 297 264 290 347 302 May 280 241 237 261 283 301 349 276 315 269 297 350 302 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 237 174 202 216 233 245 316 225 258 206 254 324 ••288 March 284 229 234 284 284 317 387 266 318 263 301 384 320 STOCKS i 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—March 273 211 242 '224 264 295 321 263 288 266 r303 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 227 184 206 206 219 261 273 221 250 241 214 282 248 231 189 210 210 222 252 282 225 246 246 224 285 257 October 251 213 224 231 238 281 300 245 274 251 239 306 287 November 273 221 234 238 268 310 337 259 290 281 266 357 319 283 221 236 245 272 323 344 264 297 306 300 397 342 1948—Tanuary 288 219 233 243 277 332 345 274 309 310 316 385 352 February 303 227 250 253 286 339 378 290 331 '324 330 ••424 366 March 312 238 255 260 298 334 370 304 329 343 353 420 380 UNADJUSTED 1947—March 264 207 r240 ••224 254 295 321 255 279 267 r273 326 308 April 262 202 233 225 253 304 317 252 281 273 273 316 304 May . ... 252 194 224 217 241 286 300 243 272 266 261 316 296 June 237 180 206 201 222 259 283 227 267 248 248 298 287 July 232 181 193 195 217 268 278 222 257 259 236 299 286 245 195 215 214 236 294 295 236 273 255 240 318 273 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 278 214 232 246 266 320 352 264 298 309 297 ••377 321 March 302 233 254 260 287 333 370 294 319 344 317 399 353 r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. MAY 1948 561 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 £igO stocks to without seasonal adjustment (value) sales l 1941 average monthly saes=1002 Num- Stocks Department b s e to r r e o s f Sale p s er d i u o r d ing ( m en o d . ) of February Sale pe s r d i u o r d ing St o oc f k m s o a n t t e h nd reporting Feb Two Feb. 1948 1947 1948 1947 10AR mos. 1948 1948 1947 1948 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store3 352 +5 +6 +6 3.5 3.5 MAIN STORE—total 352 +4 +5 +6 3.7 3.6 166 177 160 618 560 583 Piece goods and household textiles 311 -3 +7 -2 3 4 3.4 193 276 198 663 619 677 Piece goods 291 +9 +6 . +4 2.5 2.7 312 282 286 793 738 774 Silks, velvets, and synthetics 187 +11 +7 +6 2.4 2.5 294 267 265 706 636 624 Woolen dress goods 158 +7 +6 -13 2.0 2.4 360 324 337 731 775 890 Cotton wash goods 175 +7 +2 +13 2.9 2.7 271 252 252 773 715 689 Household textiles 306 -14 +8 -6 4.5 4.1 134 274 156 602 555 655 Linens and towels 269 -6 +10 -15 5.1 5.6 128 248 135 647 653 754 Domestics—muslins, sheetings 234 -21 +9 +28 3.4 2.1 155 390 195 518 460 429 Blankets, comforters, and spreads 242 -16 +1 -16 5.0 5.0 119 216 142 597 568 710 Small wares 340 -2 +1 -2 4.0 4.0 149 155 152 598 567 610 Laces, trimmings, embroideries, and ribbons 200 +9 +6 -5 3.4 3.8 203 179 187 684 581 813 Notions 233 +8 +9 + 1 3.5 3.8 190 204 176 670 621 659 Toilet articles, drug sundries 323 -3 + 1 A 4.3 4.4 120 137 124 523 518 546 Silverware and jewelry 318 -5 -2 +3 5.0 4.6 145 137 153 718 643 709 Silverware and clocks4 199 +1 +5 +8 5.0 4.7 Costume jewelry4 247 — 11 —9 —3 3.7 3.4 Fine jewelry and watches4 73 — 1 + 1 4-5 9 1 8.5 Art needlework 240 -2 +1 -4 3.4 3.4 174 203 178 595 577 638 Books and stationery 269 -7 -4 -5 3.4 3.3 159 156 172 538 527 554 Books and magazines 132 -9 -7 -6 2.9 2.8 146 158 161 424 437 551 Stationery 222 -7 -3 -5 3.6 3.6 157 148 169 569 549 482 Women's and misses' apparel and accessories 349 +7 +5 +8 3.1 3.1 170 174 158 523 454 493 Women's and misses' ready-to-wear accessories. 348 +3 +1 +11 3.6 3.3 160 157 155 569 494 511 Neckwear and scarfs 299 +18 +16 +19 2.7 2.6 231 220 197 617 510 515 Handkerchiefs 287 -3 -2 -13 3.9 4.3 137 112 141 532 487 609 Millinery 176 +7 0 -1 1.9 2.1 135 108 126 262 186 266 Women's and children's gloves 327 -10 -7 -10 5.3 5.3 113 122 127 601 495 674 Corsets and brassieres 334 -2 -3 +14 3.4 3.0 213 234 218 739 666 658 Women's and children's hosiery 345 +16 +10 -2 2.1 2.5 132 126 113 278 244 289 Underwear, slips, and negligees 339 -1 0 +17 3.2 2.7 163 164 165 518 458 454 Knit underwear 244 -3 0 +17 3.2 2.6 163 189 169 517 481 475 Silk and muslin underwear, and slips 276 + 1 +2 +17 3.1 2.7 168 168 167 526 477 463 Negligees, robes, and lounging apparel 238 -4 +13 3.1 2.7 146 153 151 457 428 392 Infants' wear 324 -1 -3 +11 3.7 3.3 205 202 208 761 671 706 Handbags and small leather goods 330 +7 +5 +9 3.6 3.4 123 105 116 441 366 405 Women's and children's shoes 239 +3 0 +24 5.5 4.6 164 169 159 904 789 742 Children's shoes4 197 +2 -1 +24 6.0 5.0 Women's shoes4 211 4-4 0 +23 5 3 4.5 Women's and misses' ready-to-wear apparel. . .. 349 + 11 +9 +4 2.6 2.8 181 192 i<52 474 412 457 Women's and misses' coats and suits 326 + 17 +12 +5 2.2 2.4 215 222 183 466 402 447 Women's and misses' coats4 222 4-25 4-22 +9 2.2 2.6 Women's and misses' suits4 202 +8 4-2 4-2 2 0 2.1 Juniors' and girls' wear 310 + 19 + 13 +3 2.9 3.4 . 195 171 164 576 481 576 Juniors' coats, suits, and dresses 278 + 16 +11 +2 2.4 2.7 208 196 179 490 433 518 Girls' wear 308 +23 +14 +5 3.7 4.4 190 154 155 714 576 694 Women's and misses' dresses 334 +9 XI +10 2.3 2.3 174 175 160 405 331 376 Women's and misses' inexpensive dresses4.. 241 4-13 -f i 2 0 2.2 Women's and misses' better dresses4 253 +5 4-1 +17 2.6 2.4 Blouses, skirts, and sportswear 336 +22 +20 2.8 3.5 206 223 169 574 505 613 Aprons, housedresses, and uniforms 285 +3 +1 -6 2.7 2.9 156 176 151 415 394 456 Furs 275 -26 -8 +11 4.2 2.8 92 168 125 387 394 359 Men's and boys' wear 325 -2 +2 +13 4.0 4.3 130 143 133 643 553 579 Men's clothing 244 +1 +7 +47 4.7 3.3 145 171 143 681 579 469 Men's furnishings and hats 309 -3 +4 4.4 4.0 123 128 133 552 478 552 Boys' wear 295 +6 +3 -6 6.1 6.9 123 122 116 750 612 811 Men's and boys' shoes and slippers 184 -2 +3 +21 6.9 5.6 122 140 124 845 752 691 Housef urnishings 314 +7 +8 +10 4.3 4.2 185 187 173 803 750 730 Furniture and bedding 239 + 14 +13 +5 4.2 4.5 180 165 158 754 703 714 Mattresses, springs, and studio beds4 152 +11 4-13 4-1 2.6 2.9 Upholstered and other furniture4 153 + 16 4-14 +4 4.4 4.9 Domestic floor coverings 268 + 19 + 18 +27 4.2 3.9 192 193 161 803 728 629 Rugs and carpets4 146 4-21 +20 +27 4.2 4.0 Linoleum4 95 — 1 -5 4-44 4.7 3.2 Draperies, curtains, and upholstery 294 -1 0 5.1 5.4 151 149 152 776 683 826 Lamps and shades 241 +9 +9 -7 4.1 4.8 159 167 146 648 600 707 C M h a i j n o a r a h n o d u s g e l h a o s l s d w a a r p e pliances 2 23 4 6 4 +7 0 + + 6 2 + + 8 1 5 5 3 6. . 4 0 6 1 . . 0 6 X1 2 3 6 2 2 2 1 8 4 3 1 2 1 6 2 2 3 8 7 5 8 1 9 8 7 0 7 3 3 4 7 1 4 9 8 Housewares 249 +5 +5 -1 4.3 4.5 212 218 202 903 821 937 Gift shop4 148 4-7 4-8 -9 6.0 7.1 Radios, phonographs, records, and instruments4. 220 -10 -4 +20 4.4 3.3 Radios and phonographs4 172 — 17 — 10 +23 4.7 3.2 Records, sheet music, and instruments4 138 +5 +7 + 19 4.6 4.0 Miscellaneous merchandise departments 310 -4 -1 -7 3.6 3.7 150 160 157 537 542 577 Toys, games, sporting goods, and cameras 279 -4 +1 +1 7.0 6.7 83 72 86 581 519 577 Toys and games 211 -8 -7 -11 7.1 7.4 57 34 61 404 341 489 Sporting goods and cameras 129 -1 +5 +9 6.7 6.1 99 92 99 661 537 668 Luggage 248 +4 +6 + 11 5.4 5.0 137 156 132 736 707 657 Candy4 182 -18 -16 -1 1.7 1.4 For footnotes see following page. 562 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 Num- Department r b s e t e p o r o re r o s t f - Sale p s e r d io u d ring ( S e m t n o o d c . ) k o s f February Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd ing Feb. m Tw os o . Feb. 1948 1947 1948 1947 1948 1947 1948 1948 1948 Feb. Jan. Feb. Feb. Jan. Feb. BASEMENT STORE—total. 200 +13 +14 +5 3.0 3.2 151 163 134 454 392 439 Domestics and blankets* 132 -8 +3 +2 3.3 3.0 Women's and misses* ready-to-wear 196 +18 +16 +3 2.4 2.8 157 160 133 381 322 374 Intimate apparel* . 162 + 14 + 16 +7 2.7 2.9 Coats and suits4 180 +28 +22 -2 2.0 2.6 Dresses4 166 +17 + 13 -3 1.9 2.2 Blouses skirts and sportswear4 151 +34 +29 -1 2.3 3.1 Girls' wear4 116 +22 + 18 +6 3.3 3.8 Infants' wear4 111 + 10 +11 +10 3.3 3.4 Men's and boys* wear. ... . . . . . 162 +16 +21 +12 3.9 4 0 144 159 123 556 478 507 Men's wear4 139 + 18 +23 +19 3.6 3.6 Tvlen's clothing4 93 +31 +36 +27 3.4 3.6 Men's furnishings4. ... 113 +8 +13 +15 3.7 3.4 Boys' wear4 115 + 19 + 18 -6 4.6 5.8 Housef urnishings... 101 +4 +7 -4 3.4 3.8 148 144 142 512 456 513 Shoes 131 +14 +16 +17 4.9 4.8 108 130 95 533 471 474 NONMERCH ANDISE—total4 187 +7 +6 (6) (5) (5) Barber and beauty shop4 112 +2 2 (5) (5) (5) 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. 561. 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 Sales Stocks sta O n u d t i - ng June 8.... .273 June 7... ..293 Dec. 7..: ..475 Dec. 6 .508 (t f o o t r al m (e o n n d t h o ) f ( o e r n d d e r o s f 2 1 2 5 . . . . . . . . . .2 2 4 8 8 3 2 1 1 4. . . . . . . .. . 2 3 5 0 C 0 2 1 1 4. . . . . . . . . . 5 5 1 3 9 2 2 13 0.... . .5 5 7 7 0 6 month) month) 29 .239 28... . .245 28... ..281 27 .358 July 6.... .192 July 5 ....20* 13 .210 12... ..22? 1947 1948 1939 average..: 128 344 20.... .201 19... ..217 1940 average 136 353 108 27.... .204 26... ..213 Jan. 4..: ..188 Jan. 3.... .204 1941 average 156 419 194 Aug. 3 .217 Aug. 2... . .220 11... ..232 10.... .251 1942 average 179 599 263 10.... .228 9... ..223 18... ..223 17.... .232 1943 average 204 508 530 17 .239 16... ..225 25... . .220 24.... .226 1944 average 227 534 560 24.... . 255 23... ..243 Feb. 1... ..217 31.... .233 1945 average 255 563 729 31 .281 30... . .277 8... . .219Feb. 7 .240 1946 average 318 714 909 Sept. 7.... .264 Sept. 6... ..265 15... ..246 14.... .238 1947 average 336 823 553 14.... .293 13... . .291 22... . .216 21.... .249 21.... .280 20... ..301 Mar. 1... ..238 28 .248 1947—March 331 '866 28.... .257 27... ..316 8... ..254 Mar. 6.... .266 April 321 849 388 Oct. 5.... .277 Oct. 4... ..326 15... ..267 13.... .279 May 337 817 351 12.... .281 11... ..304 22... . .286 20.... .313 June 304 768 470 19.... .295 18... ..299 29... ..283 27.... .331 July 253 732 603 26.... .287 25... ..306 Apr. 5... ..319 Apr. 3.... '280 August 274 789 622 Nov. 2 .277 Nov. 1... ..313 12... ..265 10 .298 September 341 823 676 9.... .314 8... ..347 19... ..271 17 .294 October 367 912 663 16.... .342 15... .. 380 26... ..267 24 ,296 November 416 941 605 23.... .363 22... ..395 May 3... ..279 May 1 .301 December 584 770 544 30.... .334 29... ..367 10... ..311 8 17... . .273 15.... 1948—January 271 789 633 24... . .277 22 February 263 876 576 31... ..250 29.... March i'355 P421 r Revised. p Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. i 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,. MAY 1948 563 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 M 94 a 8 r. F 19 e 4 b 8 . T 1 h 9 r 4 e 8 e 1 M 94 ar 8 . F 19 e 4 b 8 . T m 1 h 9 o r 4 e s 8 . e 1 M 94 a 8 r. F 19 e 4 b 8 . T m 1 h 9 o r 4 e s 8 e . 1 M 94 ar 8 . F 19 e 4 b 8 . T m 1 h 9 o r 4 e s 8 e . United States. P+11 +7 +9 Cleveland-co nt. Chicago +9 +7 +9 Kansas City— B N S W P P B D o p r o e o o s o o w r r s t B w t i o v r t l n o c o n n i a H n g d e s t n o t f s e d a o A i w t n e v n e c r n l e r e d e . n a . . . . . . . . . . . . . . . . . + + + + + + + + 5 3 3 3 3 3 3 5 + + + + + + + -6 2 8 1 2 2 3 9 + + + + + + + 4 2 2 2 3 3 8 0 R W W P C E W R B i i c r h a a t h i a i h l l t n a e e e t s s m r s i 1 e i b h m l t g l o e u o i i h o n n s n n r , g t r g g - d o e N S h t l n . o a . J ^ l n . . e . 1 C m . C . . . . . + + + + + + + + + 2 1 1 1 1 9 8 3 3 2 0 0 7 0 + + + ± + + 1 1 5 2 9 8 4 1 + + + + + + + + - 1 1 3 4 3 8 5 3 6 3 6 F F L C T D G P D In o e a l e h e r e d i o n a r r i s n t i r c t r n s r a e t i a i M o d W 1 a n n g i H a g l o t o R a p 1 a i l y o a n u l n p e t i e i e s s d 1 * . . l s . . . , . . + + + + + + + + + + 1 1 2 1 1 1 9 5 2 7 9 5 5 6 0 2 + + + + + + + + + 1 1 6 8 9 4 2 5 3 3 6 0 + + + + + + + + + + 1 1 1 1 1 5 7 9 5 4 2 8 1 1 1 D O S F H C D T a c h o u o k a o o l r r l l r l l u n e t s a a l p a a v s h s t u W . s t e o s o * p m o n C o r l a r t h t h C ris it t y i. . . + + + + + + + + 3 2 1 1 3 2 1 2 0 3 1 3 1 8 5 + + r + - + 2 + + + 1 1 1 3 1 6 4 6 7 7 + + + + + + - 1 1 1 1 1 1 6 0 1 9 6 1 New York +6 +7 +6 Greenville, S. C. +25 +j + 17 Milwaukee1.. + 10 +15 + 15 San Antonio.... +10 +5 +23 P W Y T S S U L N N R P P N R A B E B B h c y o r a h l o e o e t i i u l e r i i m e i h b a n n u r l a i w r i c l w f c a n l a g k d k a e d c f g g h i a a d a c t n r a a n a e i g Y h e h d o i a n l e u r y s r s e s e k o a e n a o l g k t - s t c p p e 1 e m l e » B r x e t l p e r F h o k r a 1 a t p h i a d r x o a r C s t i l y r n 1 l a i l . i e . . e s . 1 t . . . 1 y . . . . . . . . . . . . 1 + + + + + + + + + + + + + + + + + + + 1 1 2 1 1 1 3 1 1 1 1 1 1 9 3 0 7 1 6 4 4 8 5 1 5 5 0 1 8 4 0 0 7 + + + + + + + + + + + + + + + + + + - - 2 1 2 1 1 1 1 1 1 1 1 1 7 9 1 7 2 6 6 2 4 9 4 4 7 8 3 0 3 5 3 + + + + + + + + + + + + + + + + + + + 1 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 1 9 4 9 2 5 6 1 0 1 1 0 1 2 2 4 1 A J O A A M T C M H M R L N C M R B R a t a l o o r y u h t i o i u o c a o o i a W r l l c m m l g n a r a k n a a c m a n b n u h f r u m n s c o n t n p o i . t e t m l m i i o l g s h d a n e t l n a o e n V i a t n k o o s b b o 1 g a k l g l t v a m l u u n h o t e i s r o d a l n e . g . l m . . n , r e . . y . . . . . . . . 1 l . . l . . . P + + + + + + + + + + + + + + + + 2 4 1 2 2 2 2 2 1 1 1 1 1 1 1 2 5 5 8 1 6 0 4 9 6 0 3 6 6 3 2 1 1 | ; ; ; + + + + + + + + + 3 + + + + + + 1 3 2 1 1 1 1 1 1 8 5 3 6 5 9 7 3 1 4 6 9 0 0 1 J 1 ) | \ l + + + + + + + + + + + + + + + + + + 3 2 1 1 1 1 1 1 1 1 1 8 9 8 9 2 6 2 9 1 2 9 0 3 9 5 0 1 1 8 S M K S S L L Q S S M F M D G E E M t a . p i t t t o o i v a u u r n . . . n i e t S a r e u r s a n i t L l i L m n d s L t n P u l e t n u i n n a e s o i e o c n p g o t s a p S e s S v s u a h y u e v f u o a h u R m i t i p - i r i B i l i p n . e i s l s i l l C s o o s 1 i o l o e l L a t d e l A l c i r l h l . i . t y o i s k y l s r 1 . u . . . 1 l e . . . x . i . . . . a . . s . . . . . . , . . P + + + + + + + + + + + + + + + + + + 4 1 2 1 2 1 1 1 1 1 1 1 1 6 9 9 9 9 5 3 9 3 6 9 3 0 9 0 7 4 1 + + + + + + + + + + + + + + + + - - 2 6 1 1 1 2 6 8 3 2 9 8 7 3 9 2 4 6 1 3 1 1 + + + + + + + + + + + + + + + + + + 3 1 3 1 1 1 8 9 6 9 3 7 8 3 6 6 9 6 2 8 0 4 9 3 S S O S S V T L L S S S F P R B B a S a t a a a a r h o o u a o a i a n o a e N n v n n B c n o s n c k l k i F n c s l s r e t s e e g e l e a n F k a e a J A D r r a o r n j r p s m o B o t a s r o n n k i i a B o n i a a f R x n e s d d e x i n e e n n » g a e g e e o c r e l n l d c l e n n 1 o e i a a s d t i s l d a a a y n o c s l c e . r n 1 c 1 d h l o d l s . d . o . 1 1 . i . . . n . x . . . . . . . . . o P P + P P P + + + + + 1 + + + 1 + + + + + + + 1 3 1 1 1 1 3 9 9 2 2 3 9 5 7 8 0 6 0 1 P r + + + - + + + + + + + + + - - - 2 1 2 1 5 6 1 3 2 0 0 4 4 9 4 7 6 4 8 + + + + + + + + + + + + + + - 1 1 1 1 t 2 1 4 3 6 8 7 9 7 1 o 8 5 2 8 i 2 1 s C A le k v ro el n a l nd + +1 1 7 2 + +1 1 3 1 + + 1 // 3 S B a a v to a n n n R ah ouge1. +24J +2\ ! + + 9 9 D Pu e e n b v l e o r + + 1 4 8| + + 1 7 6 + + 1 4 9 Po N rt a la m n p d a p+l - l 3 -1 -1 1 " + - 9 5 Canton1 +15 +6 +10 New Orleans1. +22| +7 +13 Hutchinson. . . +10 +3 +6 Salt Lake City K P+7 0 +4 C Cl i e n v c e in la n n a d t 1 i1. .. + +1 1 2 4 + + 10 8 + + 1 1 2 1 J M ac e k ri s d o i n a n J +9 + -8 5 +5 9 W To i p c e h k it a a + + 1 1 8 4 t + + 1 8 0 E B v el e li r n e g t h t1 am l. . . + +3 2 -11 0 + -5 2 S T Y C p o o o r l l u u i e n n m d g g o s b f 1 t i u o e s w l l d . n 1 . . . 1 . . . + + + + 1 1 1 8 1 0 6 + + + + 1 9 2 8 7 + + + + 1 1 1 2 0 9 2 N C K Br h a n i a s s o h t t x o t v a l v i n , l i o l T l e o l e 1 e g n l. a n . . x . . . . . + + + + 1 1 1 7 1 6 2 '+ + + 15 5 9 + + + 4 4 1 j J O S K o t m a . p n l J a i s o h n a s a s e p C h ity... + + + - 1 3 6 3 3 + + + 5 6 7 + + + + 1 8 1 4 0 S S T Y p e a a c a o k o t k i t m m a le n a a l e 1 1 1 P P+ + + + 9 3 5 5 - - - - 6 4 8 7 + + + + 1 3 2 2 -5 p Preliminary. * 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. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Fuel, Year or month All items Food Apparel Rent el a e n ct d r ic ic 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 0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110 9 1943 123 6 138.0 129.7 108.0 107.7 125 6 115 8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121 3 1945 . 128.4 139.1 145.9 108.3 110.3 145.8 124 1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 . . 159.2 193.8 185.8 111.2 121.2 184.4 139 9 1947—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 Dece m ber 167.0 206.9 191.2 115.4 127.8 191.4 144.4 194g—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 March. 166.9 202.3 196.3 116.3 130.3 194.9 146.2 Back figures.—Bureau of Labor Statistics, Department of Labor. 564 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 a a r i n t o d h d d e e - s r- T p e u r x c o t t d i s l - e li m F g a h a u n t t e d e i l n - g M m p a r e e n o t t d d a a l - l s m B i u a n i t g l e d - - c C a a p l h l r s l o e i a e d m n d - i d - H n f o i i u n s u r g h s - - e- c M el i l s a - - m R ri a a a t w l e s - t p u u f r a c r o c e t d s - d ucts rials ucts rials ucts goods 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 83.7 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 77.6 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 76.5 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 73.1 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 71.7 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 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102 92.2 112.1 100.1 1944 104.0 123.3 104.9 98. 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. 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. 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100 134.7 116.1 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.. '165.9 199.2 179.9 148.2 200.3 147.6 130.0 '154.7 193.1 138.8 141.4 123.5 183.9 157.6 February. '160.8 185.3 172.4 147.5 192.8 •148.1 130.7 '155.5 192.5 134.6 -•141.8 119.9 174.9 154.4 March. . . . 161.4 186.0 173.8 147.7 185.6 149.0 130.9 156.5 193.0 131.6 142.1 120.8 174.7 155.7 Week ending:1 1948—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 Apr. 3... 160.1 183.9 172.4 147.7 186.0 145.1 131.7 156.6 193.2 135.5 144.3 121.0 174.8 154.9 Apr. 10... 160.6 183.1 174.5 147.9 186.2 145.5 131.8 157.1 193.4 136.8 144.7 120.7 174.1 156.0 Apr. 17... 162.9 189.2 178.8 148.3 187.2 145.9 131.9 157.1 194.9 136.8 144.7 121.5 178.0 157.8 Apr. 24... 163.6 188.9 180.4 149.0 187.1 148.2 132.6 157.2 195.3 136.5 144.4 122.2 177.8 153.7 1947 1948 1947 1948 Subgroups Subgroups Mar. Dec, Jan. Feb. Mar Mar. Dec. Jan. Feb. Mar, Farm Products: Metals and Metal Products: Grains 203.3 252.7 256.3 220.0 218.0 Agricultural implements.., 116.8 127.0 128.4 128.9 129.2 Livestock and poultry 216.0 226.3 232.9 210.0 209.4 Farm machinery , 118.2 129.2 130.1 130.7 131.0 Other farm products 155.8 162.5 162.4 159.9 162.2 Iron and steel 126.9 142.2 145.5 146.9 148.9 Foods: Motor vehicles 149.2 160.5 161.6 161.6 161.6 C D e a r i e ry al p p r r o o d d u u c c t t s s 1 1 5 5 0 7 . . 4 6 1 1 8 7 3 0 . . 5 6 1 1 8 7 3 0 . . 9 1 1 16 8 0 4 . . 2 8 1 15 7 8 9 . . 6 8 N Pl o u n m fe b r i r n o g u s a n m d e h ta e l a s ting 1 1 3 1 9 7 . . 0 9 1 1 4 3 3 6 . . 0 1 1 1 4 3 5 7 . . 5 9 1 1 4 3 6 8 . . 8 7 1 1 4 38 6 . . 7 8 Fruits and vegetables 141.5 135. 141.1 144.8 146.3 Building Materials: Meats 207.3 214.8 222.3 206.2 217.1 Brick and tile 132.4 148.8 150.9 151.1 151.6 Other foods 152.8 160.0 155.0 146.7 144.3 Cement 112.3 121.6 126.4 127.2 127 A Hide S L O H s h e t i a h o d a n e e t e d h s r s e L l a r e e n a a d t t h h s e e k r r i n p P s r r o o d d u u c c ts ts: 1 1 1 1 9 8 3 7 2 3 7 1 . . . . 2 7 7 5 2 2 1 1 1 5 4 9 6 6 0 1 . . . . 2 9 7 8 2 2 1 1 0 3 4 9 9 8 3 4 . . . . 2 9 8 3 2 1 1 1 0 4 9 9 7 3 9 4 . . . . 2 7 8 9 1 1 1 1 8 8 9 4 6 6 3 3 . . . . 2 9 6 8 S L O P P t a l u t r u h i m u n m e c t b r b t e u a b i r n n r u a g d i l l d p a s i n a t n e i d g n e l t h m e m a a a t t i t e n e r g r i i a a l l s s . . . 2 1 1 1 1 6 2 4 7 1 9 7 3 6 7 . . . . . 7 3 5 9 1 3 1 1 1 1 0 4 5 6 3 3 3 5 4 6 . . . . . 2 5 0 0 1 3 1 1 1 1 0 5 4 6 3 7 7 3 7 3 . . . . . 3 2 2 9 0 3 1 1 1 1 0 4 5 5 3 3 9 9 9 8 . . . . . 8 4 6 4 7 3 1 1 1 1 0 6 5 3 5 4 1 8 5 6 . . . . . 0 4 7 7 8 Texti C le l o P th ro in d g ucts: 133.0 136. '•140.4 '141.6 141.7 Chem C i h c e a m ls i c a a n l d s Allied Products: 114.5 124.1 125.8 126.5 126.8 Cotton goods 196.6 213.5 '214.8 '214.9 218.3 Drugs and pharmaceutical 182.7 154.9 154.4 154.3 154.4 Hosiery and underwear 100.8 103.0 104.4 105.0 105.4 Fertilizer materials 101 114.4 115.6 114.8 114.9 Silk 73.2 73.3 46.4 46.4 46.4 Mixed fertilizers 96.3 101.5 102.4 102.8 103.1 Rayon 37.0 40.0 40.7 40.7 40 Oils and fats 231.5 215.9 236.7 201.5 211.4 Woolen and worsted goods... 127.5 139.6 141.6 142.8 145.2 House furnishing Goods: Other textile products 175.1 177.8 181.2 180.2 174.7 Furnishings 131.4 142.8 143.9 144.4 144.9 Fuel and Lighting Materials: Furniture2 128.9 136.8 139. P139.4 139.4 Anthracite 114.9 123. 124.2 124.4 124.6 Miscellaneous: Bituminous coal 143.6 174.3 176.8 177.8 177.9 Auto tires and tubes 73.0 63.4 63.4 63.4 63.4 Coke 155.2 183. 190.6 190.6 190.6 Cattle feed 238.4 308.2 336.0 262.0 284.2 Electricity 64.3 66.5 66.4 Paper and pulp 145.1 164.7 168.1 167.1 167.0 Gas 84.9 85. 84.5 Rubber, crude 52.9 44.5 44.7 42.7 42.3 Petroleum products 81.7 112.0 120.7 121.7 121.8 Other miscellaneous 122.2 130.0 130.4 130.4 130.2 r Revised. 1 Weekly figures not directly comparable with monthly data. 2 Revised figures for the period April-October 1947 will be shown in future issues of the BULLETIN. Back figures.—Bureau of Labor Statistics, Department of Labor. MAY 1948 565 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 A 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 C1) .5 .1 .7 .8 — .1 -.2 — .1 — .2 .1 — .3 — .2 Equals* National income 87.4 39.6 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3 Less: Corporate profits and inventory valuation adjustment 10 3 —2 0 5 8 14 6 23 5 16 5 23 0 15 6 18 8 20 4 23 9 23 9 n a Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 5.7 5.8 5.3 6.1 6.0 5.4 5.2 Excess of wage accruals over disbursements. .0 .0 .0 .0 — .2 .0 .0 .0 .0 0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 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 Equals: Personal income 85.1 46.6 72.6 95.3 164.9 177.2 196.8 179.5 187.5 189.8 191.4 199.6 205.8 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 19.1 19 5 21.0 21.2 21.6 22.1 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 17 5 17 9 19 3 19 4 19.8 20 2 State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.8 1.6 1.6 1.7 1.8 1.9 1.9 Equals: Disposal personal income 82.5 45.2 70.2 92.0 146.0 158.4 175.3 160.4 168.0 168.8 170.1 177.9 183.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5 Equals* Personal saving 3 7 — 1 2 2 7 9 8 35 6 14 8 10 9 13 1 13 1 11 9 7 8 12 1 11 2 N A T I O N AL I N C O M E, BY D I S T R I B U T I VE S H A R ES Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1941 1944 1946 1947 National income. 87.4 39.6 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3 Compensation of employees 50.8 29.3 47.8 64.3 121.2 116.8 128.1 119.2 122.2 124.7 125.6 128.7 132.9 Wages and salaries2 50.2 28.8 45.7 61.7 116.9 111.1 122.8 113.6 117.1 119.1 120.0 123.6 127.8 Private 45.2 23.7 37.5 51.5 83.3 90.2 105.2 93.8 98.0 101.2 102.7 106.2 110.3 Military .3 .3 .4 1.9 20.8 8.0 4.1 6.7 5.6 4.6 4.1 3.9 3.8 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.4 13.2 13.5 13.3 13.2 13.5 13.7 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.4 5.5 5.1 5.6 5.6 5.1 5.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 34.4 41.8 47.8 41.9 46.7 46.2 46.7 47.0 51.5 Business and professional 8.3 2.9 6.8 9.6 15.3 19.7 23.5 19.9 22.0 22.4 22.9 23.5 25.4 Farm 5.7 2.3 4.5 6.9 12.4 15.2 17.0 15.2 17.8 16.8 16.6 16.2 18.5 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.9 7.3 6.8 7.0 7.0 7.2 7.3 7.6 Corporate profits and inventory 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 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. s 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. 566 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 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 » 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 1 3 7 . . 1 7 1 3 5 . . 3 8 fl8.3 17.7 17.2 17.7 Less: Government sales 2 () () (3) (3) 1.2 3.0 1.3 2.6 2.2 2.1 1.4 1.0 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 adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e re T ce o i t p a t l s4 b m T u d o e i r s n t s a - e t l s - W d p m i a C n u r g o o s g o e d t d m r i u i a n i t e n c - y - s - d s D a i l u n t i a r s t d r i i t y u e v r s i s e b - d - isb S u in r e tr s d r i e v e u m i s s c - e e nts m G er o e n n v - t - L b c p i s e u o a n l o s f o t n n s o c s i y u c t o i r e r a e e r n i m - l e - s - in O l c a t o b h m o e r r e6 i p n r r P e c a i n o r e n o m t t d a o - l e rs 8 ' i i n d n s p t a o e c e n e 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 n a u l - e l- * 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 O 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 a 1934 53.2 33.4 33.5 12.0 9.9 5.5 6.1 .2 .4 8.7 8.6 2.2 49.5 1935.. 59.9 36.3 36.5 13.5 10.7 5.8 6.5 .2 .4 12 1 8 6 2 4 53 4 1936 68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 .5 12 6 10 1 3 5 62 8; 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15 4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 . . . 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28 1 9.7 3 2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3- 1944 164.9 114.9 117.1 50.3 22.7 10.5 33.6 2.2 1.3 34.4 10.7 3.6 149.0 1945 171.6 115.2 117.5 45.8 24.8 11.5 35.5 2.3 s 37 1 11 6 154.4 1946 177.2 109.2 111.1 45.7 30.9 13.6 20 Q 1.9 6 41 .8 13.3 11.3 157 Q 1947 . . . 196.8 '120.7 122.8 '55.3 '34.9 15.0 '17.6 2.1 8 47 8 14.8 11.6 174 9 1947—February.. 189.5 117.1 119.2 53.0 33 5 14 6 18.1 2 1 .7 45 9 14.1 10 7 168.2 March.... 190 6 117.0 119.1 53 4 33 5 14 6 17 6 2 1 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 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 8 46 5 14 4 10 5 169 7 June 194.1 120.1 122.2 54 9 34 9 15 2 17.2 2 1 8 47 1 14.6 10.5 172 4 July . .. 194.9 119.9 122.0 54.4 35 0 15 4 17 2 2 1 8 47 4 14.7 11 1 173 O August 193.8 121.2 123.3 55 5 35.2 15.2 17 4 2.1 L 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 i 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 I 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. . . 211.4 128.2 130.3 60.1 37.4 15.4 17.4 2.1 1.9 54.5 15.7 11.1 184.8 Februarys. 207.1 126.7 128.8 58.4 37.5 15.4 17.5 2.1 1.9 51.7 15.8 11.0 183.6 v Preliminary. r Revised. l Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. • 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. MAY 1948 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d m a i l t er ins T ta o l t m al ent Sale credit Loans1 p S a J i y o n a m g n l e s e 2 n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197* 652 2 125 1,749 596 1933 . . 3,919 1,595 1,122 459 663 473 776 1,081 467 1937 7,491 3,971 2,752 1,384 1L,368 1.219 1 459 557 1938 7,064 3,612 2,313 970 L,343 L,299 L 442 1 487 523 1939 7,994 4,449 2,792 1,267 1,525 L,657 1,468 1,544 533 1940 9,146 5,448 3,450 1,729 1,721 ,998 L 488 1 650 560 1941 9,895 5,920 3,744 1,942 1,802 5,176 I 601 1,764 610 1942 6,478 2,948 1,491 482 ,009 ,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 ,199 255 1,758 729 1945 6,638 2,365 903 227 676 .462 .520 1,981 772 1946 10 166 3,976 1,558 544 ,014 2,418 2 262 3 054 874 1947 13,385 6,156 2,839 1,151 ,688 3,317 2,697 3,612 920 1947—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 April 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—January 13,058 6,186 2,818 1,202 ,616 3,368 2,708 3,240 924 February P 12,942 6,246 2,843 1,254 ,589 3,403 2 701 3 067 928 March? 13,399 6,501 2,982 1,363 ,619 3,519 2,691 3,275 932 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k ia s - 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 t lo o r n d i m a i u a e n l s - s - 2 u C n r i e o d n it s l M l a e n n is e d c o e e u r l s s - m i r l z o e a o a a p d n t n i a e d o s i r r n 8 n- m b C a e o n r m k ci 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 a u 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 473 29 246 121 27 50 322 202 33 1937 1,219 258 374 221 93 125 148 368 662 400 148 1938 1,299 312 380 129 95 112 117 154 460 664 238 176 179 1939 1,657 523 448 131 99 147 96 213 680 827 261 194 257 1940 1,998 692 498 132 104 189 99 284 1,017 912 255 198 320 1941 2,176 784 531 134 107 217 102 301 1,198 975 255 203 372 1942 1,457 426 417 89 72 147 91 215 792 784 182 146 247 1943 1,143 316 364 67 59 123 86 128 639 800 151 128 228 1944 1,199 357 384 68 60 122 88 120 749 869 155 139 230 1945 1,462 477 439 76 70 128 93 179 942 956 166 151 228 1946 2,418 956 608 117 98 185 110 344 1,793 1,251 231 210 339 1947 3,317 1,358 712 166 134 269 120 558 2,537 1,454 310 282 497 1947—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 1,281 647 157 127 250 114 517 218 121 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 3,368 1,385 717 165 137 271 121 572 235 110 27 26 44 February P. . 3,403 1,402 721 167 140 275 121 577 209 107 25 25 44 March? 3,519 1,447 754 173 143 287 125 590 271 140 32 28 56 P Preliminary. * Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 110 million dollars, and loans made during March were 19 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. 568 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 b l t u a u i d l l t e , o - - s o m m t a r o n a e d r d i n e e l t r - s F s t t u u o r r r n e e i s - H s a h a t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total ch P a u s r e r - d eta D i l l o i a r n ec s tc r d h e p a i a t r u n a e s r d i e c - l d t , e lo 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 a h s t l lhouses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1945. 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 94 4 6 7 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 2 8 7 6 3 5 7 7 1 2 8 1937 1,368 314 469 307 68 210 1947—February 1,732 196 348 305 284 599 1938 1 343 302 485 266 70 220 March 1,821 215 373 317 296 620 1939 1,525 377 536 273 93 246 1,922 237 397 337 314 637 1940 1,721 439 599 302 110 271 May. 2,027 254 423 364 334 652 1941 . 1,802 466 619 313 120 284 June 2,125 276 439 388 358 664 1942.. . 1,009 252 391 130 77 159 July 2,200 288 456 405 379 672 1943 639 172 271 29 66 101 August 2,271 301 470 416 401 683 1944 635 183 269 13 70 100 September.... 2,332 314 478 429 430 681 1945 676 198 283 14 74 107 October .. 2,409 324 492 449 454 690 1946 1,014 337 366 28 123 160 November.... 2,493 339 513 475 471 695 1947 1,688 650 528 52 192 266 December.. .. 2.602 348 537 513 486 718 1948—Januaiy 2,690 360 558 560 490 722 1947 February?.. .. 2,726 373 572 561 495 725 February.. 977 338 349 29 107 154 March? 2,832 403 602 586 506 735 March.... 1,004 358 354 29 105 158 Volume extended dur- April 1 059 386 366 32 108 167 ing month: May 1,112 409 382 32 114 175 1947—February 289 42 70 55 25 97 June . 1,156 423 395 37 119 182 March 343 54 81 59 31 118 July 1,170 429 398 39 120 184 April 364 60 84 69 36 115 August.... 1,202 440 408 41 124 189 May . 375 59 83 77 42 114 September. ,253 462 423 43 128 197 June 392 59 80 92 44 117 October. .. 1,323 495 443 46 131 208 July 384 63 84 75 42 120 November. L.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 November.... 406 69 94 89 42 112 1948 December.. .. 467 70 103 112 47 135 M F Ja e a n b r u r c u a h a ? r r y y . . ? . . . . . 1 1 1, , , 6 5 6 1 8 1 9 9 6 6 6 6 5 3 2 0 2 4 4 5 4 9 9 0 5 2 2 5 5 5 3 2 2 1 1 1 6 7 7 6 6 1 2 2 2 5 5 5 5 0 4 1948— F M Ja e a n b r u r c u a h r a ? y r y? . . . . . . 4 4 3 4 8 8 2 7 2 9 6 7 0 6 1 1 8 9 1 9 8 5 1 1 0 8 1 2 8 7 3 4 3 4 3 6 1 1 1 3 0 2 7 5 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 paper2 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—February:: 172.6 31.3 19.6 29.6 92.1 1947—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 . 231.6 49.0 30.9 43.3 108.4 1948—January . . 151.7 28.0 17.7 4.2 101.8 February?. 234.4 50.3 31.4 43.7 109.0 February?. 154.6 28.7 18.0 4.2 103.7 March? 242.6 54.3 33.0 44.3 111.0 March?.... 158.1 29.8 19.0 4.3 105.0 Volume extended Volume extended during month: during month: 1947—February. . 27.4 6.2 3.4 2.4 15.4 1947—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 . . . 28.3 5.7 2.8 0.3 19.5 February?.. 31.5 8.0 4.3 2.8 16.4 February?. 26.6 5.3 2.8 0.3 18.2 March?. ... 42.2 12.1 6.2 3.4 20.5 March?.... 30.6 6.7 3.2 0.3 20.4 ? Preliminary. r Includes not only loans insured by Federal Housing Administration but also noninsured loans. 1 Includes both direct loans and paper purchased. MAY 1948 569 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 3 Pe fr r o c m en ta p g re e c e c d h i a n n g ge m f P ro o e m r n c t e h c n o o ta r f r g e p e s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o ar u g n e t* month year Item 1 M 94 a 8 r P . F 19 e 4 b. 8 J 1 a 9 n 4 . 8 1 M 94 a 8 r P . F 19 e 4 b 8 . J 1 a 9 n 48 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s a e c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total +22 -3 -46 +8 +2 +9 February 29 21 41 25 52 Cash sales +16 -12 -46 + 11 -14 Q March 33 25 44 27 56 Credit sales: April 30 23 44 25 54 Instalment + •0 0 -52 +21 + 11 +22 May 30 24 44 26 56 Charge account + 12 -8 -31 -8 +14 June 28 23 45 24 54 July 28 22 41 23 53 Accounts receivable, end August 28 22 39 23 51 of month: September 31 24 39 25 53 Total + 1 -3 -1 +45 +46 +52 October 31 23 40 23 57 Instalment . + 1 -2 -5 +52 +51 +52 November 30 23 39 24 55 December 29 20 39 31 54 Collections during month: 1948 Total +6 -10 -3 +12 +16 +16 January 24 18 36 19 53 Instalment + 10 -6 -9 + 17 +20 +17 Ffbriary 23 17 32 17 49 March? 27 34 17 53 Inventories, end of month, at retail value. +3 +6 -1 + 18 +15 +8 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Sales during month Year and month at end of month month Cash Instal- Chargement account Total Cash I m ns e ta n l t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales &ales 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 38 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 66 111 38 84 70 112 64 4 32 1945 average 162 211 68 124 37 94 69 127 64 4 32 1946 average 202 242 101 176 50 138 91 168 59 4 37 1947 average 214 237 154 199 88 174 133 198 55 6 39 1947—February '158 179 M10 145 73 154 115 195 56 6 38 March 210 *2?5 rl46 '1V3 75 160 129 185 56 6 38 April 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 174 196 131 157 84 145 123 162 56 6 38 Seotember 217 236 157 207 87 167 138 167 54 6 40 October 234 251 180 225 95 181 147 203 53 7 40 November 266 285 224 253 111 204 152 215 53 7 40 December 369 403 278 348 136 264 171 235 54 7 39 1948—Tanuarv 173 188 140 163 127 206 174 299 54 7 39 February 168 177 144 161 124 181 160 217 53 7 40 March? 227 236 197 223 129 190 178 207 51 8 41 * 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. 561. 570 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 page1 Mar. Apr. Apr. Apr. Apr. page1 M«ar. Apr. Apr. Apr. Apr. 28 31 14 21 28 WEEKLY FIGURES8 In billions of dollars WEEKLY FIGURES2—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.—Cont. Reserve Bank credit, total 2 21.61 21.09 21.13 20.97 20.95 Stock prices (1935-39=100): U. S. Govt. securities, total.. 3 20.89 20.48 20.59 20.39 20.44 Total 40 122 123 123 126 126 Bills 3 8.85 8.47 8.49 8.28 8.14 Industrial 40 128 129 130 132 132 Certificates 3 4.48 4.34 4.34 4.25 4.26 Railroad 40 111 112 112 117 119 Notes 3 1.88 1.91 1.93 1.93 1.96 Public utility 40 94 95 96 97 97 Bonds 3 5.67 5.74 5.84 5.92 6.08 Volume of trading (mill, shares) 40 1.23 1.20 1.37 1.95 1.42 Gold stock 2 23.14 23.15 23.15 23.16 23.17 Money in circulation 2 27.78 27.83 27.77 27.72 27.68 Treasury cash and deposits... 2 3.30 2.47 2.50 2.62 2.51 BUSINESS CONDITIONS Member bank reserves 2,4 16.64 16.91 17.05 16.85 17.04 Required reserves 4 15.98 16.08 16.16P16.13P16.17 Wholesale prices: Excess reserves6 4 .66 .82 .89 P.72 P.88 Indexes (1926 = 100): Excess reserves (weekly avg.): Total 73 160.1 160.6 162.9 163.6 162.6 Total* 5 .69 .87 .82 p. 78 P. 76 Farm products 73 183.9 183.1 189.2 188.9 186.9 New York City* 5 .05 .05 .03 .02 .04 Other than farm and foods. 73 147.7 147.9 148.3 149.0 148.7 Chicago 5 .01 .01 .01 .01 Selected farm products: Reserve city banks 5 .15 .25 .22 .22 .22 Wheat (cents per bushel). 78 240.1 242.0 243.9 240.1 235.4 Country banks6 5 .48 .54 .54 p.54 P. 49 Corn (cents per bushel). . 78 233.0 235.4 236.2 227.7 226.7 Cotton (cents per pound). 78 35.5 36.5 37.5 38.1 37.6 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 78 22.10 21.88 22.10 22.03 21.28 All reporting banks: Butter (cents per pound). 78 84.8 81.9 80.5 80.9 77.6 Loans and investments 16 62.22 62.87 62.86 63.45 62.94 Eggs (cents per dozen)... 78 42.4 42.9 44.0 43.7 41.2 U. S. Govt. securities, total. 16 34.43 35.22 35.26 35.64 35.48 Production: Bonds 18 27.11 27.13 27.09 27.09 27.00 Steel (% of capacity) 80 88.3 84.4 71.3 80.0 86.6 Certificates 18 3.75 3.83 3.78 3.85 3.84 Automobile (thous. cars).. 80 105 103 105 "•107 103 Notes 18 2.31 2.40 2.39 2.39 2.42 Paperboard (thous. tons). 81 186 194 186 190 193 Bills 18 1.27 1.85 2.01 2.31 2.22 Crude petroleum (thous. Other securities 20 4.34 4.32 4.33 4.33 4.31 bbls.) 81 5,389 5,377 5,391 5,415 5,413 Demand deposits adjusted. . 16 45.34 45.98 46.21 46.72 46.67 Electric power (mill. kw. U. S. Govt. deposits 16 1.37 1.45 1.39 1.28 1.39 hrs.) 82 5,037 5,033 5,087 5,027 5,042 Loans, total 16 23.45 23.33 23.27 23.48 23.16 Basic commodity prices Commercial 20 14.42 14.34 14.33 14.21 14.16 (Aug. 1939 = 100) 82 317.9 320.8 322.4 322.3 317.7 Real estate .... 20 3.62 3.63 3.64 3.66 3.67 Total freight carloadings For purchasing securities: (thous. cars) 83 662 684 786 852 743 Total 20 1.67 1.59 1.53 1.67 1.56 Department store sales U. S. Govt. securities... 20 .78 .68 .65 .70 .67 (1935-39 = 100) 83 280 298 294 296 301 Other securities 20 .89 .90 .88 .97 .89 Other 20 3.75 3.78 3.76 3.95 3.77 New York City banks: 1948 Loans and investments 17 18.88 19.19 19.01 19.50 19.02 U. S. Govt. securities, total. . 17 10.50 10.89 10.73 11.07 10.88 Bonds 19 8.52 8.51 8.49 8.49 8.41 Jan. Feb. Mar. Certificates 19 .96! .95 .84 . 88 . 88 Notes 19 .46 .48 .48 .50 .53 Bills 19 .56 .95 .92 1.19 1.06 MONTHLY FIGURES In billions of dollars Demand deposits adjusted.. 17 15.53 15.53 15.39 15.76 15.61 U. S. Govt. deposits 17 .36 .39 .36 .33 .36 RESERVES AND CURRENCY Interbank deposits 17 3.76 3.98 4.03 3.99 3.86 Time deposits 17 1.45 1.46 1.45 1.45 1.45 Reserve Bank credit 7 22.45 21.59 21.45 Loans, total 17 7.14 7.07 7.05 7.22 6.96 Gold stock 7 22.82 22.97 23.10 Commercial 21 5.14 5.12 5.14 5.06 5.03 Money in circulation 28.39 28.10 27.94 For purchasing securities: Treasury cash 7 1.33 1.32 1.33 To brokers: Treasury deposits 7 1.13 1.32 1.09 On U. S. Govts 21 .43 .35 .33 .38 .34 Member bank reserves: On other securities... 21 .31 .33 .30 .35 .31 Total 4, 7, 14 17.39 16.83 17.11 To others 21 .23 .24 .23 .25 .23 Central reserve city banks... 14 5.45 5.29 5.67 All other 21 1.02 1.05 1.04 1.17 1.04 Reserve city banks 15 6.94 6.65 6.51 Banks outside New York City: Country banks 15 5.00 4.89 4.93 Loans and investments 17 43.34 43.68 43.85 43.95 43.92 Required reserves: U.S. Govt. securities, total.. 17 23.93 24.33 24.53 24.58 24.60 Total 4 16.31 16.03 16.28 Bonds 19 18.59 18.62 18.60 18.60 18.59 Country banks 15 4.37 4.34 4.36 Certificates 19 2.79 2.88 2.94 2.97 2.96 Excess reserves: Notes 19 1.85 1.92 1.91 1.90 1.89 Total 4,5 1.08 .80 .82 Bills 19 .71 .91 1.09 1.11 1.16 New York City 5 .12 .04 .05 Demand deposits adjusted. . 17 29.82 30.45 30.82 30.96 31.06 Chicago 5 .01 .01 .01 U. S. Govt. deposits 17 1.01 1.06 1.03 .94 1.02 Reserve city banks 5 .33 .20 .20 Interbank deposits 17 5.95 6.00 6.15 5.93 5.81 Country banks 5 .63 .56 .56 Time deposits 17 13.28 13.30 13.30 13.30 13.29 Money in circulation, total. . . 9 28.11 28.02 27.78 Loans, total 17 16.32 16.26 16.22 16.26 16.02 Bills of $50 and over 9 8.74 8.69 8.61 Commercial 21 9.28 9.22 9.19 9.15 9.13 $10 and $20 bills 9 14.92 14.91 14.75 Real estate ... 21 3.50 3.51 3.53 3.54 3.55 Coins, $1, $2, and $5 bills.... 9 4.45 4.43 4.42 For purchasing securities. 21 .69 .68 .66 .68 .67 All other 21 2.85 2.85 2.84 2.90 2.86 ALL BANKS IN THE UNITED STATES Deposits and currency:* MONEY RATES, ETC. Per cent per annum Total* 10 Pi70.30 P168.90 P166.50 Excluding U. S. Govt. i'U. S. Govt. securities: deposits* 10 P168.90 P167.10 P164.10 Bills (new issues) 34, 35 .997 .998 .997 .997 .998 Demand deposits adjusted**... 10 P86.60 P84.60 P81.60 Certificates 34, 35 1.09 1.10 1.10 1.10 1.10 Time deposits adjusted6 10 P56.50 P56.80 P56.90 3-5 years 34 1.59 1.58 1.57 1.58 1.58 Currency outside banks* 10 P25.80 P25.7O P25.60 7-9 years 34 2.01 2.01 1.98 1.98 1.98 U. S. Govt. deposits* 10 Pl.40 Pl.80 P2.40 15 years or more 34, 36 2.44 2.44 2.44 2.44 2.44 \ F. R. Bank discount rate 35 1.25 1.25 1.25 1.25 ALL COMMERCIAL BANKS * Commercial paper 35 1.38 1.38 1.38 1.38 Bankers' acceptances 35 1.06 1.06 1.06 1.06 1.06 Cash assetse 11 P33.60 P33.70 P32.80 « Corporate bonds: Loans and investments, total* 11 P116.60 P115.60 P113.7O Aaa 36 2.81 2.79 2.78 2.78 2.78 Loanse 11 P38.20 P38.70 P38.90 Baa 36 3.52 3.49 3.47 3.46 3.44 U. S. Govt. securities* 11 P69.40 P67.90 P65.50 High-grade (Treas. series)... 36 2.79 2.78 2.77 2.77 2.76 Other securities* 11 P9.00 P9.00 "9.30 For footnotes see p. 574. MAY 1948 571 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 1948 Chart 1948 book book page1 Jan. Feb. Mar.* page l Jan. Feb. Mar.4 MONTHLY FIGURES—Cont. In billions of dollars In billions of dollars MEMBER BANKS MONTHLY FIGURES—Cont. All member banks: TREASURY FINANCE Cont. Loans and investments, total.... 14 98.05 97.05 95.13 Loans 14 32.77 33.12 33.18 U. S. Govt. securities 14 57.99 56.71 54.46 Ownership of U. S. Govt. securities— Other securities 14 7.29 7.23 7.49 Cont. Demand deposits adjusted' 14 73.17 71.42 68.72 By earliest callable or due date: Time deposits 14 28.38 28.59 28.61 Within 1 year: Balances due to banks 14 12.04 10.97 10.78 Total outstanding 31 53.43 51.27 Ce B n a t l r a a n l c e r s e s d e u r e v e f r c o i m ty b b an a k n s k s: 14 5.90 5.28 5.25 Co B m a m nk e rcial bank and F. R. 31 36.63 33.88 e31.7O Loans and investments, total 14 25.34 25.07 23.63 F. R. Bank ... 31 17.35 15.63 15.33 Loans 14 8.96 9.14 8.93 1-5 years: U. S. Govt. securities 14 14.80 14.38 13.04 Total outstanding 31 T D i e m O m e th a n d er d e p s d o e e s c i p u t o s r i s t i i t e s s adjustede 1 1 1 4 4 4 20 2 1 . . . 3 5 5 7 9 3 2 2 0 1 . . . 4 5 0 4 5 0 1 2 1 8 . . . 6 4 3 6 5 6 F C . o B m R a . m n B k e r a c n i k al bank and F. R. 3 3 1 1 33 1. . 8 2 3 8 3 2 3 . . 0 1 0 5 «3 2 3 . . 0 1 6 3 Re B se a r la v n e c e c s i ty d u b e a t n o k b s a : n 5 ks 14 5.44 5.10 5.04 5-1 T 0 o t y a e l a o r u s: tstanding 31 10.27 Loans and investments, total 15 36.29 35.69 34.89 Commercial bank and F. R. Loans 15 13.53 13.57 13.44 Bank 31 6.55 6.58 U. S. Govt. securities 15 20.36 19.74 19.06 F. R. Bank 31 .49 .50 .50 Other securities 15 2.40 2.38 2.40 Over 10 years: T D i e m m e a n d d e p d o e s p it o s sits adjusted« 1 1 5 5 2 1 5 1. . 4 7 5 4 2 1 4 1 . . 9 5 6 4 2 1 4 1 . . 1 3 2 1 To N ta l o n o u b ts a t n an k d ,6 i ng c ommercial 31 54.81 54.81 54.81 Balances due to banks 15 5.49 4.90 4.86 bank, and F. R. Bank. . 31 8.36 8.89 Balances due from banks 15 1.92 1.72 1.74 Commercial bank and Country banks:« F. R. Bank 31 7.04 7.55 «7.64 Loans and investments, total 15 36.41 36.29 36.60 F. R. Bank 31 2.261 2.89 2.99 Loans 15 10.28 10.41 10.81 U. S. Govt. securities 15 22.84 22.59 22.36 Other securities 15 3.30 3.30 3.43 Demand deposits adjustede 15 26.90 26.46 26.24 MONEY RATES, ETC. Per cent per annum Time deposits 15 14.56 14.62 14.84 Balances due from banks 15 3.77 3.37 3.33 U. S. Govt. securities: CONSUMER CREDIT* C Bi e l r l t s i f ( i n c e a w te s i ssues) 33, 3 3 5 5 1 . . 9 0 7 9 7 1 .9 .1 96 0 1 .9 .0 9 9 6 Co S S C I n n e i h s n s r I I u a v g t n n m r a i l s s A g c l e t t e m e e - a a u r p l l t e c a m m a o c n r c y m r e t e e c e m d n o n o d c i t t e u b t i r n t n e i l , s l t d o t a e s t a i l l o t e n o , t s a a c t n l r o s e t d al i t, total 22, 2 2 2 2 2 2 2 2 3 3 2 2 2 3 2 3 1 2 3 3 6 2 3 1 . . . . . . . . 7 1 3 8 2 2 0 9 1 9 7 2 4 0 6 2 P P P P P P P 1 3 i 3 2 P 2 6 2 . . . . . . . . 0 4 8 7 2 9 2 9 7 0 4 O 5 4 5 3 P P P P P P P 1 3 P 3 2 I 2 6 3 . . . . . . . . 9 3 5 9 6 5 2 4 6 3 2 8 9 0 8 0 F C B . o o a A H B B m n r R p a a o i k . m g o a a n e h B r d r e a - s r s a g t ' c , e n r i a k a a 1 c b d l 5 c d o e e p y i n p a s e ( d c t p T a a s o e r r : n u s r e c n a o e t s s r . r m a se t o e ri r e e s ) 3 3 3 3 , , 3 3 3 3 3 3 3 5 6 5 6 5 6 6 3 2 2 2 1 1 1 . . . . . . . 5 8 3 4 8 2 0 2 5 1 5 6 5 6 3 2 2 2 1 1 1 . . . . . . .0 4 3 5 8 2 8 6 5 8 3 4 5 5 3 2 2 2 1 1 1 . . . . . . . 5 8 2 3 4 8 0 5 8 5 6 3 1 3 Other 23 1.62 Pi. 59 Pl.62 TREASURY FINANCE In unit indicated U. S. Govt. securities outstanding, tot N S S B a p a l o o v e n t i c i e n d n i s t s a g e , l s r ( c e i m e b s s r s o t a t u - n i r b e f k d i s e c e s a a , t r a t s i e b n a s l g v , e i n a is n g s d s u n e b s o i ) l t l e s s , etc. 2 2 2 2 2 8 8 8 8 8 2 1 4 5 5 2 1 6 9 9 4 7 . . . . . 1 8 8 0 8 5 9 9 3 6 2 1 5 4 6 2 1 2 4 9 0 7 . . . . . 7 1 2 0 8 3 7 5 9 6 2 1 5 4 6 2 1 0 5 0 9 5 . . . . . 7 6 5 0 2 1 5 2 2 7 Sto T I R P c n u o a k d b i t u l a l p r i l s o c r t i a r c u d i e a t s l i li ( t 1 y 935-39=100): 3 3 3 3 9 9 9 9 1 1 1 9 2 0 2 5 6 7 0 1 1 1 9 1 0 1 3 9 2 4 1 1 1 9 2 0 1 3 2 5 6 Ownership of U. S. Govt. securities: Volume of trading (mill, shares) 39 .90 .86 .97 To F F C I t n . a e o d l d m R i . i v . m n a i t d B g e e u e r a r c n a e n i c l s a k s i t l s 6 e - s b b e a a a n n r d k in s g e t r : ust funds... 2 2 2 2 9 9 9 9 3 6 2 6 4 1 5 8 . . . . 9 6 4 9 2 0 0 0 3 6 6 2 4 1 7 5 . . . . 0 8 3 6 2 8 0 0 3 2 6 6 4 0 5 6 . . . . 9 8 1 2 7 9 0 0 Br C M C ok r u o e e s n d r t e s o it ' y m b e e b a x r o l t s a e r ' r n n o f c d r w e e e s e d e d ( c t m o re i d l c l u i , t s d t b o o a m ll l a a e r n r s s c ) : es.... 4 4 4 1 1 1 6 5 2 2 1 6 2 7 8 5 2 5 3 9 0 7 6 8 5 2 59 2 5 2 9 0 Corporations8 29 19.90 20.20 20.30 Insurance companiese 29 24.10 23.90 23.80 BUSINESS CONDITIONS Mutual savings banks" 29 12.00 12.00 12.10 State and local govts.e 29 7.20 7.20 7.30 Personal income (annual rate, bill, Marketable public issues: dollars): e 7 By class of security: Total 52 211.4 207.7 208.5 Bills: Total salaries and wages 52 128.2 127.1 127.1 Total outstanding 30 14.84 14.44 13.95 Proprietors' income, dividends, and Commercial bank and F. R. interest 52 70.2 67.4 67.5 Bank 30 12.80 12.04 P10.84 All other 52 13.0 13.2 13.9 F. R. Bank 30 9.71 9.21 8.85 Labor force (mill, persons):e Certificates: Total 53 60.5 61.0 61.0 Total outstanding 30 20.68 18.92 20.33 Civilian 53 59.2 59.8 59.8 Commercial bank and F. R. Unemployment 53 2.1 2.6 2.4 Bank 30 12.59 10.70 Employment 53 57.1 57.1 57.3 F. R. Bank 30 5.88 4.39 4*48 Nonagricultural 53 50.1 50.4 50.5 Notes: Employment in nonagricultural estab- Total outstanding 30 '•11.37 •-11.37 11.37 lishments (mill, persons) :«7 Commercial bank and F. R. Total ... 54 43.5 43.2 P43.3 Bank 30 6.71 6.68 P6.44 Manufacturing and mining 54 16.8 16.7 P16.& F. R. Bank 30 1.54 1.73 1. Trade 54 8.9 8.9 P8.8 Bonds: Government 54 5.5 5.4 P5.5 Total outstanding 30 118.03 118.03 115.69 Transportation and utilities 54 4.1 4.0 P4.0 N on bank,6 commercial Construction 54 1.9 1.7 Pl.8 bank, and F. R. bank. . 30 71.58 72.11 *>69.99Hours and earnings at factories: Commercial bank and Weekly earnings (dollars) 55 52.14 51.83 P52.25 F. R. Bank 30 51.40 51.74 P50.15 Hourly earnings (cents) 55 128.6 129.0 P129.3 F. R. Bank 30 4.79 5.69 5.67 Hours worked (per week) 55 40.5 40.2 P40.4 For footnotes see p. 574. 572 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 1948 Chart 1948 book book page1 Jan. Feb. Mar. page1 Jan. Feb. Mar. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:7 Prices paid and received by farmers Total (1935-39 = 100) 57, 58 193 194 P192 (1910-14 = 100): Groups (points in total index): Paid 77 251 248 247 Durable manufactures 57 86.8 85.8 P86.9 Received 77 307 279 283 Machinery and trans, equip.. . 58 46.2 45.2 P45.8Cash farm income (mill, dollars): Iron and steel 58 22.3 22.3 22.8 Total 79 2,581 1,866 P2.001 Nonferrous metals, lumber, and Livestock and products 79 1,511 1,120 Pl,263 other durables 58 18.3 18.4 P18.3 Crops 79 1,044 717 P698 Nondurable manufactures 57 r83.2 84.4 P83.6 Govt. payments 79 26 29 P40 Textiles and leather 58 '22.8 22.9 P22.4 Food, liquor, and tobacco 58 22.2 23.0 P23.0 Chemicals, petroleum, etc 58 '23.6 23.3 P23.0 INTERNATIONAL TRADE AND FINANCE Paper and printing 58 14.7 15.2 P15.2 Minerals 57,58 '23.4 23.6 P21.3 Exports and imports (mill, dollars): Selected durable manufactures Exports 85 Pl,091 P1,086 (1935-39 = 100): Excluding Lend-Lease exports... 85 P1,090 Pl.086 Nonferrous metals 59 187 189 P188 Imports 85 P546 P582 P666 Steel 59 224 226 234 Excess of exports or imports ex- Cement 59 199 208 196 cluding Lend-Lease exports 85 P544 P504 P475 Lumber 59 143 135 P132 Foreign exchange rates: Transportation equipment. ...... 59 244 231 P242 See p. 607 of this BULLETIN 86-87 Machinery 59 ••287 285 P285 Short-term foreign liabilities and assets Selected nondurable manufactures reported by banks (bill, dollars): (1935-39=100): Total liabilities 88 94.85 Apparel wool consumption 60 192 201 Official 88 9 1.83 Cotton consumption 60 153 153 147 Invested in U. S. Treasury bills Manufactured food products. ... 60 157 159 P160 and certificates 88 9 .20 Paperboard 60 187 179 192 Private 88 93.02 Leather 60 r116 116 Total assets 88 9 .96 Industrial chemicals 60 "437 434 P437 Rayon 60 298 301 P301 New orders, shipments, and inventories (1939 = 100): 1947 1948 New orders, total 61 Sh D N ip u o m r n a e d b n u l t r e s a , b t l o e t al 6 6 6 1 1 1 8310 8 300 QUARTERLY FIGURES J S u e l p y t - , O D c e t c .- . J M an a . r - . Durable 61 8 331 8 333 Nondurable 61 8 300 8 301 Inventories, total 61 8 241 8 244 TREASURY FINANCE In billions of dollars Durable 61 8 269 8 273 Nondurable 61 8 218 8 220 Construction contracts (3 mo. moving Budget receipts and expenditures: ayg., mill, dollars), total7 63 784 766 P7O8 Total expenditures 26 9.66 7.86 8.83 Residential 63 280 280 P260 National defense 26 2.90 3.09 2.77 Other 63 504 486 P448 Net receipts 26 9.81 9.38 14.95 Residential contracts (mill, dollars):7 Internal revenue collections, total 26 8.46 7.85 13.69 Total 64 323 316 244 Individual income taxes 26 4.14 3.44 8.55 Public 64 20 6 4 Corporate income taxes 26 2.29 2.17 3.14 Private, total 64 303 310 241 Misc. internal revenue 26 2.02 2.24 2.00 1- and 2-family dwellings 64 240 196 186 Cash income and outgo: Other 64 63 114 55 Cash income 27 10.47 10.01 15.73 Value of construction activity (mill. Cash outgo 27 10.50 8.67 9.32 dollars), total* 65 1,157 1,009 1,166 Excess of cash income or outgo.... 27 -.03 + 1.34 +6.41 Nonresidential:e Public 65 200 166 220 Re P s r id iv e a n t t e i al:6 65 448 437 466 MONEY RATES Per cent per annum Public 65 9 6 5 Fre G T i o g r M P C o t h a r u o t i l i p a s v c c l s ( a a e 1 t r ( l 9 e l l p 3 a o o n 5 a i e - d n 3 o i t 9 n s u g s = i s n 1 : 7 0 to 0 t ) a l index): 6 6 6 6 7 5 7 7 5 1 8 3 0 4 3 2 0 5 . . 1 9 4 1 3 8 0 3 2 0 0 9 . . 0 0 4 1 8 2 7 3 2 0 5 0 . . 1 8 Ba S T N O n o o k t e h u w t a e t r h l r a , Y e t N e r 1 o s n 9 o r k o r a c t n n h i C t d e i c i e r t u s W y n s t a e o n s m t d e e r r E n a lo c s i a t t e n ie r s n s : cities. 3 3 3 3 7 7 7 3 2 2 2 1 . . . . 2 2 6 7 1 5 9 7 2 2 2 1 . . . . 6 2 2 8 1 2 7 2 2 2 2 2 . . . . 5 4 0 8 2 6 9 3 All other 67 28.5 26.6 27.3 Department stores: Indexes (1935-39 = 100):7 BUSINESS FINANCE In unit indicated Sales 68 284 283 284 Stocks 68 288 303 312 296 stores: Corporate security issues: Sales (mill, dollars) 69 271 263 P355 Total (bill, dollars) • 42 1.27 2.22 1.61 Stocks (mill, dollars) 69 789 876 P936 New money, total (bill, dollars) •. . 42 .80 1.87 1.40 • Outstanding orders (mill, dollars) 69 633 576 P421 Type of security (bill, dollars): Stocks-sales ratio (months' supply) 69 2.9 3.3 P2.6 Bonds 42 .55 1.45 1.13 Consumers' prices (1935-39=100): Preferred stock 42 .16 .12 .09 All items 71 168.8 167.5 166.9 Common stock 42 .09 .30 .18 Food 71 209.7 204.7 202.3 Use of proceeds (mill, dollars): Apparel 71 192.1 195.1 196.3 Plant and equipment: Rent 71 115.9 116.0 116.3 All issuers 43 649 1,543 844 Wholesale prices (1926 = 100), total... 73 165.7 160.8 161.4 Public utility 43 414 981 531 Farm products 73 199.2 185.3 186.0 Railroad 43 49 87 97 Foods 74 179.9 172.4 173.8 Industrial 43 186 472 212 Other than farm and foods, total... 73 148.2 147.5 147.7 Working capital: Textile products 74 147.6 148.1 149.0 All issuers 43 148 325 555 Hides and leather products 74 200.3 192.8 185.6 Public utility 43 6 24 5 Chemicals and allied products... * 75 138.8 134.6 131.6 Railroad 43 3 Fuel and lighting materials 75 130.0 130.7 130.9 Industrial 43 99 272 331 Building materials 75 193.1 192.5 193.0 Bonds (bill, dollars):* Metals and metal products 75 154.7 155.5 156.5 Public 42 .57 .91 .61 Miscellaneous 74 123.5 119.9 120.8 Private 42 .41 .82 .72 For footnotes see p. 574. MAY 1948 573 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 1946 1947 book book page1 July- Oct.- Jan.- page1 Dec. June Dec. Sept. Dec. Mar. 30 31 QUARTERLY FIGURES—Cont. In unit indicated GALL DATE FIGURES11 In billions of dollars BUSINESS FINANCE'—Cont. ALL MEMBER BANKS Corporate assets and liabilities (bill. dollars):6 Holdings of U. S. Govt. securities: Current assets, total 44 110.7 Bonds 12 46.23 46.51 45.29 Cash 44 22.3 Notes. 12 5.60 4.37 4.82 U. S. Goyt. securities 44 12.9 Certificates. 12 10.04 7.54 5.82 Inventories 44 39.9 Bills 12 1.17 .77 1.99 Receivables 44 33.8 Loans: Current liabilities, total 44 50.3 Commercial 13 13.15 13.82 16.96 Notes and accounts payable.... 44 31.3 Agricultural 13 .88 .97 1.05 Federal income tax liabilities.... 44 9.1 Real estate 13 5.36 6.24 7.13 Net working capital 44 60.4 Consumer 13 3.31 4.00 4.66 Plant and equipment expenditures For purchasing securities: (bill, dollars) :«i° To brokers and dealers 13 1.51 1.51 .81 All business _ 45 4.1 5.0 4.5 To others 13 1.47 1.15 1.07 Manufacturing and mining; rail- State and local govt. securities. 13 3.55 3.98 4.20 roads and utilities 45 2.8 3.3 3.0 Other securities 13 3.08 2.97 3.11 Manufacturing and mining 45 2.1 2.5 2.1 Corporate profits, taxes, and dividends (annual rates, bill, dollars):6 1946 1947 Profits before taxes 46 28.2 Profits after taxes (dividends and undistributed profits) 46 17.1 FIGURES FOR SELECTED DATES Dec" Dec.p Undistributed profits 46 10.3 Corporate profits after taxes (quarterly totals): LIQUID ASSET HOLDINGS" In billions of dollars All corporations (bill, dollars)e. . .. 47 4.3 Large corporations, total (bill, dol- Individuals and business: lars) 47 1.1 1.3 Total holdings 24 231.5 236.8 Durable manufacturing (mill, dol- Deposits and currency 24 143.3 146.7 lars) 47 440 505 Savings and loan shares 24 8.4 9.5 Nondurable manufacturing (mill. U. S. Govt. securities 24 79.8 80.6 dollars) 47 382 450 Individuals: Electric power and telephone Total holdings 24 165.2 172.0 (mill, dollars) 47 162 199 Deposits and currency 24 101.5 104.7 Railroads (mill, dollars) 47 112 157 Savings and loan shares 24 8.1 9.2 U. S. Govt. securities 24 55.6 58.1 Corporations: 1947 Total holdings 24 38.9 38.4 Deposits and currency 24 23.5 23.8 J A u p n r e .- J S u e l p y t - . O D c e t c .- . Un T U i o n . c t S a o . l r p G h o o o r l v a d t t i . e n d s g e s c b u u r s i i t n ie e s sses: 2 2 4 4 2 1 7 5 . . 4 3 2 1 6 4 . . 4 5 Deposits and currency 24 18.3 18.2 Annual rates U. S. Govt. securities. . . 24 8.9 8.0 GROSS NATIONAL PRODUCT, ETC. in billions of dollars 1947 1948 Gross national product67 48 226.9 229.4 240.9 Govt. purchases of goods and serv- OWNERSHIP OF DEMAND DEPOSITS6 ices 48 28.2 28.7 30.3 Feb. 26 Jan. 30 P Personal consumption expenditures 48 162.3 165.8 172.5 Durable goods 49 19.3 20.2 21.3 ndividuals, partnerships, and corpora- Nondurable goods 49 98.4 99.9 104.2 tions, total 25 77.8 82.4 Services 49 44.6 45.7 47'0 Nonfinancial: Private domestic and foreign invest- Total 25 37.2 39.8 ment 48 36.5 34.8 38.1 Manufacturing and mining 25 16.0 17.3 Gross private domestic invest- Trade 25 12.5 13.4 ment: Public utilities 25 4.2 4.1 Producers' durable equipment. 50 17.9 18.4 18.8 Other 25 4.5 4.9 New construction 50 9.6 10.4 12.4 Financial: Change in business i nventories. 50 -1.4 -1.7 — 1.3 Total 25 6.5 7.4 Net foreign investment 50 10.4 7.8 8.2 Insurance companies 25 2.1 2.7 Persona] income, consumption, and Other 25 4.5 4.7 saving :e7 Individuals: Personal income 51 191.4 199.6 205.8 Total 25 28.9 30.1 Disposable income 51 170.1 177.9 183.7 Individuals excl. farmers 25 22.0 22.9 Consumption expenditures 51 162.3 165.8 172.5 Farmers 25 6.9 7.2 Net personal saving 51 7.8 12.1 11.2 Nonprofit assns. and others 25 5.2 5.1 • Estimated. v Preliminary. r Revised. 1 Page references are to charts in the May issue of the Chart Book. General repagination has been necessary in view of the following changes from earlier issues: A new section on Business Finance has been added; this includes revisions in charts on pp. 42 and 43 and new charts, on pp. 44-47. Additional new charts are shown on pp. 35, 74, 75, and 78. Page 36 has been deleted. A curve on "cash assets" has been added to the chart on p. 11 and curves on "savings and loan shares" to the chart on p. 24; and p. 72 has been redrawn on a new basis. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Less than $5,000,000. 4 For charts on pp. 28, 33, 36, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. 5 Beginning Mar. 1, 1948, data are not strictly comparable with earlier figures due to a redesignation of reserve cities on that date. 8 Excludes holdings of restricted issues. 7 Adjusted for seasonal variation. 8 January and February indexes estimated from dollar figures published by the Department of Commerce. 9 As of Dec. 31, 1947. 10 Estimates for April-June 1948 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.2; manufacturing and mining, 2.2. 11 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. 574 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* 1948 1948 Chart Chart book book page1 Jan. Feb.p Mar.p page1 Jan. Feb.? Mar.p In millions of dollars In millions of dollars •Consumer credit outstanding, total... 3 13,058 12,942 13,399 Consumer instalment sale credit Instalment credit, total 3, 5 6,186 6,246 6,501 granted, cumulative totals:2 Instalment loans 5 3,368 3,403 3,519 By automobile dealers 415 419 556 Instalment sale credit 5 2,818 2,843 2,982 Ey furniture and household appli- Charge accounts 3 3,240 3,067 3,275 ance stores 214 227 303 Single-payment loans 3 2,708 2,701 2,691 By department stores and mail- Service credit 3 924 928 93: order houses - 154 159 212 •Consumer credit outstanding, cumu- By all other retailers 68 71 85 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 13,058 12,942 13,399 standing, cumulative totals:2 Charge accounts 4 6,872 6,696 6,898 Commercial and industrial banks. 3,368 3,403 3,519 Single-payment loans 4 3,632 3,629 3,623 Small loan companies 1 ,818 1,834 1,899 Service credit 4 924 928 932 Credit unions 1,101 1,113 1,145 Consumer instalment sale credit out- Miscellaneous lenders 830 838 858 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,818 2,843 2,982 loans 572 577 590 Furniture and household appliance stores 6 1,616 1,589 1,619 Department stores and mailorder houses 6 1,062 1,045 1,071 All other 6 430 421 421 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. * Copies of the Chart Book may be obtained at a price of 50 cents. MAY 1948 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All All Central reserve Reserve national State city member banks city Country All member banks * member member member member banks banks New York Chicago banks banks 1944 1945 1946 1947 Year 1947 Earnings 1,873,768 2,102,177 2,402,532 2,578,629 1,719,288 859,341 450,702 113,038 966,003 ,048,886 Interest and dividends on securities: U. S. Government 996,802 1,053,532 920,821 617,990 302,831 177,031 45,579 318,610 379,601 Other f 959,787 139,368 147,586 149,166 104,951 44,215 25,186 8,593 50,487 64,900 Interest and discount on loans 548,274 571,776 760,668 1,028,863 704,508 324,355 140,642 37,690 417,135 433,396 Service charges and fees on loans 14,900 16,386 11,717 14,855 9,933 4,922 3,557 1,011 7,099 3,188 Service charges on deposit accounts 85,500 87,499 99,634 119,25 83,013 36,241 11,143 1,513 44,218 62,380 Other charges, commissions, fees, etc 53,206 63,833 67,827 65,803 42,805 22,998 9,586 946 23,846 31,425 Trust department 104,333 112,134 131,195 135,934 55,052 80,882 46,837 11,534 51,096 26,467 Other current earnings 107,768 114,379 130,373 143,933 101,036 42,897 36,720 6,172 53,512 47,529 Expenses 1,126,733 1,267,633 1,468,550 1,649,980 1,076,831 573,149 274,751 69,995 630,563 674,671 Salaries—officers 187,503 208,237 242,422 269,456 177,694 91,762 39,982 9,622 86,550 133,302 Salaries and wages—others.. 337,440 371,374 457,020 527,525 331,849 195,676 119,670 23,802 215,854 168,199 Directors' and committee members' fees 9,514 10,757 12,401 13,731 9,168 4,563 1,373 149 2,618 9,591 Interest on time deposits. .. 144,103 182,874 211,603 235,948 162,208 73,740 7,879 9,504 94,174 124,391 Interest on borrowed money 967 2,286 2,175 2,461 1,354 1,107 831 74 867 689 Taxes other than on net income 82,844 83,476 81,819 87,946 58,942 29,004 10,217 4,494 35,785 37,450 Recurring depreciation on banking house, furniture, and fixtures 34,939 34,004 34,034 34,841 24,043 10,798 3,688 732 12,017 18,404 Other current expenses 329,423 374,625 427,076 478,072 311,573 166,499 91,111 21,618 182,698 182,645 Net current earnings before income taxes 747,035 834,544 933,982 928,649 642,457 286,192 175,951 43,043 335,440 374,215 Recoveries, profits on securities, etc 318,133 453,785 355,805 232,065 160,555 71,510 47,954 18,331 88,118 77,662 Recoveries on securities.... 82,821 113,221 53,587 40,358 25,569 14,789 4,473 6,178 15,866 13,841 Profits on securities 116,267 238,835 183,010 89,647 61,409 28,238 20,889 5,008 34,322 29,428 Recoveries on loans 72,540 55,918 63,742 59,082 43,595 15,487 11,958 2,827 24,182 20,115 All other 46,505 45,811 55,466 42,978 29,982 12,996 10,634 4,318 13,748 14,278 Losses and charge-offs 232,183 229,856 246,962 251,205 168,505 82,700 43,686 15,188 104,214 88,117 On securities 97,146 117,785 115,455 101,342 69,748 31,594 11,812 9,335 38,233 41,962 On loans 60,283 46,541 61,492 102,653 73,234 29,419 21,693 4,574 46,479 29,907 All other 74,754 65,530 70,015 47,210 25,523 21,687 10,181 1,279 19,502 16,248 Profits before income taxes. 832,985 1,058,473 1,042,825 909,509 634,507 275,002 180,219 46,186 319,344 363,760 Taxes on net income 183,715 270,062 285,026 256,518 182,409 74,109 47,270 9,651 93,024 106,573 S F t e a d t e e ral 1 1 6 4 9 , , 5 1 7 3 9 6 25 1 0 9 , , 2 7 8 8 1 1 2 2 64 0 , , 5 5 1 1 2 4 23 1 9 7 , , 4 0 8 3 1 7 1 1 7 0 2 , , 1 2 4 6 3 6 6 6 7, , 2 8 1 9 5 4 40 7 , ,1 1 2 4 4 6 9,651 8 4 8 , , 8 2 0 24 0 10 5 1 , , 1 4 1 6 3 0 Net profits 649,270 788,411 757,799 652,991 452,098 200,893 132,949 36,535 226,320 257,187 Cash dividends declared.... 226,002 245,934 266,647 280,942 183,123 97,819 79,899 14,060 103,559 83,424 On preferred stock2 9,687 8,262 5,873 4,304 1,369 2,935 34 1,184 3,086 On common stock 216,315 237,672 260,774 276,638 181,754 94,884 79,865 14^660 102,375 80,338 Loans 17,682,000 19,815,000 24,258,000 29,326,25319,154,60310,171,650 6,698,4091,621,54711,904,770 9,101,527 U. S. Government securities...60,324,000 71,795,000 71,217,000 60,051,42839,867,71020,183,71812,616,8012,897,04521,097,04223,440,540 Other securities 5,131,000 5,566,000 6,384,000 6,958,737 4,972,624 1,986,113 1,204,315 366,441 2,332,417 3,055,563 Real estate assets 974,000 903,000 868,000 875,696 571,548 304,148 165,044 15,554 340,939 354,159 Cash assets 24,482,00026,700,000 29,171,000 30,375,42120,459,070 9,916,351 6,580,7451,601,61111,987,17910,205,885 Total assets 108,920,000125,132,000 132,315,000128,032,62085,297,787 42,734,83427,417,7016,524,60147,850,100 46,240,219 Time deposits 17,198,000 1,487,000 25,905,000 27,905,35618,941,115 8,964,241 1,461,504 870,98511,199,05214,373,814 Total deposits 101,484,00011166,,998833,,000000 123,453,000118,710,91179,314,689 39,396,22324,693,3666,071,66144,731,955 43,213,929 Total capital accounts 6,712,000 7,243 ,,000 7,868,000 8,291,278 5,280,864 3,010,414 2,232,596 415,372 2,789,801 2,853,509 Number of officers 37,693 39,903 42,512 44,960 31,549 13,411 3,207 762| 11,803 29,188 Number of employees 193,279 207,460 230,442 241,011 155,218 85,793 43,907 9,427 95,975 91,702 Number of banks 6,814 6,884 6,900 6,923 5,005 1,918 37 14 353 6,519 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the year end. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of the year except in 1945, when the spring call was included. Averages are distorted in 1945 because the call dates other than the spring call were in or near bond drives, when deposits, loans, and investments were at their peaks for the year. The number of officers, employees, and banks are as of the end of the year. Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 137,390 661,755 153,714 214,262 121,342 124,377 361,538 97,402 73,974 111,470 119,929 401,476 Interest and dividends on securities: U. S. Government 48,812 256,931 57,810 80,937 44,084 38,572 151,126 31,847 29,105 37,479 32,903 111,215 Other 5,512 37,430 14,439 16,910 5,219 8,536 21,475 6,759 3,113 5,944 5,584 18,245 Interest and discount on loans 51,954 225,388 54,053 78,956 51,330 51,674 127,798 43,922 27,005 48,815 61,164 206,804 Service charges and fees on loans 652 4,460 354 810 340 507 2,769 347 281 262 362 3,711 Service charges on deposit accounts 7,308 22,939 4,973 8,653 6,544 7,344 17,414 3,875 4,222 7,365 6,248 22,369 Other charges, commissions, fees, etc 2,666 13,749 2,455 4,042 4,054 6,861 8,137 3,373 4,786 2,965 4,003 8,712 Trust department 10,335 54,232 13,012 11,556 4,987 3,552 16,015 3,041 1,885 2,485 1,895 12,939 Other current earnings.... 10,151 46,626 6,618 12,398 4,784 7,331 16,804 4,238 3,577 6,155 7,770 17,481 Expenses 91,353 423,448 98,471 138,955 75,789 79,013 237,271 60,226 47,456 66,357 73,015 258,626 Salaries—officers 15,151 63,856 15,886 20,109 13,830 13,278 36,793 11,911 9,548 15,121 15,992 37,981 Salaries and wages—others 27,980 160,220 28,541 37,794 21,680 22,193 71,788 16,833 12,658 18,629 20,053 89,156 Directors' and committee members' fees 893 3,306 1,726 1,226 918 650 1,656 674 537 643 725 777 Interest on time deposits.. 12,708 38,108 15,841 25,708 11,424 9,736 43,583 8,231 4,995 4,033 54,136 Interest on borrowed 7,445 money 153 , 1,114 126 217 124 94 176 88 100 28 106 Taxes other than on net 135 income 3,945 16,975 5,221 14,468 4,404 5,172 12,728 1,764 3,034 7,419 8,882 Recurring depreciation on 3,934 banking house, furniture, and fixtures 2,277 7,755 2,675 3,274 2,081 2,197 4,178 1,278 849 1,541 1,822 4,914 Other current expenses 28,246 132,114 28,455 36,159 21,328 25,693 66,369 18,016 13,781 22,294 22,943 62,674 Net current earnings before income taxes 46,037 238,307 55,243 75,307 45,553 45,364 124,267 37,176 26,518 45,113 46,914 142,850 Recoveries, profits on securities, etc 11,769 71,516 19,731 19,943 6,936 7,295 32,745 7,574 4,364 7,694 7,006 35,492 Recoveries on securities.. . 1,926 8,360 7,700 3,916 1,127 696 8,678 1,242 1,235 1,572 771 3,135 Profits on securities 4,895 29,864 6,229 7,445 2,555 4,142 12,144 2,787 1,067 2,024 1,976 14,519 Recoveries on loans 3,323 18,180 3,355 2,895 1,986 1,253 5,051 1,949 1,190 2,252 2,526 15,122 All other 1,625 15,112 2,447 5,687 1,268 1,204 6,872 1,596 872 1,846 1,733 2,716 Losses and charge-offs.... 15,253 65,017 21,035 21,232 7,127 9,319 33,710 9,024 6,618 9,207 10,000 43,663 On securities 4,725 21,779 12,362 10,576 3,513 3,862 18,139 4,410 3,285 4,366 3,288 11,037 On loans 5,876 29,564 3,370 6,447 1,963 3,329 10,312 2,646 1,828 3,425 4,869 29,024 All other 4,652 13,674 5,303 4,209 1,651 2,128 5,259 1,968 1,505 1,416 1,843 3,602 Profits before income taxes 42,553 244,806 53,939 74,018 45,362 43,340 123,302 35,726 24,264 43,600 43,920 134,679 Taxes on net income 12,763 65,725 16,890 20,100 13,287 13,129 30,494 9,202 7,505 12,268 12,925 42,230 S Fe ta d t e e ral 1 2 0 , , 0 6 6 9 5 8 56 8 , , 8 9 2 0 5 0 16,890 20,100 13,1 1 2 6 7 0 12,7 3 3 9 2 7 30,45 4 3 1 9,18 1 7 5 6,6 8 2 8 3 2 11,4 7 7 9 8 0 12,89 3 0 5 3 3 8 , , 7 4 5 7 2 8 Net profits 29,790 179,081 37,049 53,918 32,075 30,211 92,808 26,524 16,759 31,332 30,995 92,449 Cash dividends declared.. 16,253 96,386 19,459 20,991 11,770 9,986 31,442 9,505 5,916 9,782 11,939 37,513 On preferred stock2 81 2,212 359 497 73 75 369 113 53 15 52 405 On common stock 16,172 94,174 19,100 20,494 11,697 9,911 31,073 9,392 5,863 9,767 11,887 37,108 Loans 1,501,627 8,664,068 1,417,819 2,193,822 1,283,0281,290,176 3,847,466 1,240,184 670,389 1.,116,7501,406,099 4,694,823 U. S. Government securities. 2,960,924 17,256,340 3,327,006 4,893,378 2,789,4712,577,194 9,726,000 2,102,182 1,835,234 2,663,6222,238,987 7,681,090 Other securities 228,471 1,757,593 582,213 716,103 241,773 388,991 1,107,968 299,913 164,166 336,988 250,069 884,488 Real estate assets 54,365 254,728 65,697 83,667 49,001 49,208 78,962 26,960 17,513 25,195 47,612 122,787 Cash assets 1,371,203 8,195,343 1,511,811 2,252,204 1,,.502,820 1,621,790 4,502,212 1,275,356 867,202 1,793,9261,909,045 3,572,508 Total assets 6,150,474 36,306,933 6,934,495 10,160,879 5,881,536 5,946,33419,311,686 4,955,019 3,562,5775,946,696 5,860,980 17,015,010 Time deposits 1,303,990 5,075,216 1,871,572 3,055,457 1,300,009 1,108,253 5,249,391 926,631 907,487 661,435 537,383 5,908,529 Total deposits 5,559944,,002299 3J22,.991155,.559999 6,,229955,,559911 9,330,503 5,502,216 5,607,79318,183,6814,658,154 3,335599,,2266555,,662255,,443333 5,,553355,,88998816,102,749 Total capital accounts 491,994 2,848,999 598,994 779,600 350,900 310,226 1,049,955 277,978 188,821 304,633 306,445 782,732 Number of officers 2,376 7,481 3,065 3,593 2,562 2,346 5,722 2,578 2,111 3,361 3,151 6,614 Number of employees 13,981 64,553 14,470 18,028 11,515 11,574 33,446 9,234 6,894 10,190 10,354 36,772 Number of banks 337 797 647 710 475 340 1,003 495 475 759 613 272 See footnotes on p. 576. MAY 1948 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago >t. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco ^Earnings 50,148 20,782 58,400 110,596 49,726 51,985 114,075 44,712 24,151 54,320 56,457 330,651 Interest and dividends on securities: U. S. Government 16,064 6,729 20,112 42,325 19,805 15,214 50,621 12,772 9,245 19,302 16,310 90,111 Other 1,412 894 5,407 8,098 1,782 3,685 4,515 3,167 843 3,062 1,825 15,157 Interest and discount on loans. 18,872 37,762 Service charges and fees on 18,752 8,900 17,771 21,622 40,774 21,329 9,511 22,593 28,662 170,587 loans 195 612 Service charges on deposit 492 100 108 411 1,210 223 104 116 158 3,370 accounts , 1,432 3,481 Other charges, commissions, 1,418 1,127 2,617 2,370 7,178 1,175 911 2,506 1,629 18,374 fees, etc 745 1,865 2,063 3,118 3,284 1,456 695 868 1,500 6,689 Trust department 1,179 384 8,842 9,249 3,349 2,102 1,958 2,530 1,486 2,139 1,551 11,501 Other current earnings , 5,725 664 2,795 7,204 2,231 3,463 4,535 2,060 1,356 3,734 4,822 14,222 5,106 Expenses 31,872 1,984 38,861 71,573 32,769 33,800 80,377 27,718 15,647 33,240 35,133 214,354 Salaries—officers 4,863 15,219 5,407 8,171 5,304 4,617 9,534 4,288 2.219 5,041 5,617 29,788 Salaries and wages—others.., 11,641 1,701 15,094 23,061 11,122 10,023 27,084 9,397 5,993 10,877 10,419 75,922 Directors' and committee 5,221 members' fees 125 89 255 262 281 198 371 133 93 171 150 490 Interest on time deposits. 1,752 2,282 1,808 10,928 3,264 3,751 15,639 2,563 1,581 2,411 2,621 45,574 Interest on borrowed money. 25 22 69 157 72 54 92 108 84 81 22 81 Taxes other than on net income 1,165 646 1,994 7,607 2,296 2,639 3,611 1,822 352 1,608 4,444 7,601 Recurring depreciation on banking house, furniture, and fixtures 653 354 620 1,382 711 1,276 475 241 719 904 3,834 Other current expenses , 11,648 4,904 13,614 20,005 9,719 11,670 22,770 8,932 5,084 12,332 10,956 51,064 Net current earnings before income taxes 18,276 5,563 19,539 39,023 16,957 18,185 33,698 16,994 8,504 21,080 21,324 116,297 Recoveries, profits on securities, etc 4,198 2,397 10,802 10,642 2,919 3,496 6,976 4,389 1,851 4,141 3,845 32,462 Recoveries on securities 479 243 5,979 1,877 258 449 1,057 754 452 1,165 544 2,609 Profits on securities 2,029 1,083 2,791 3,502 1,035 2,053 3,561 1,420 451 1,484 1,482 13,431 Recoveries on loans 1,103 458 1,039 1,182 908 484 1,084 1,388 443 843 920 14,330 All other 587 613 993 4,081 718 510 1,274 827 505 649 899 2,092 Losses and charge-offs. 6,993 2,819 13,885 11,476 2,639 3,877 8,381 4,447 2,567 4,719 4,481 37,930 On securities 1,468 1,380 7,941 4,741 1,124 1,510 2,863 2,176 1,469 2,552 1,452 9,557 On loans 3,323 1,062 1,814 3,894 683 1,481 3,157 1,343 553 1,539 2,145 25,485 All other 2,202 377 4,130 2,841 832 886 2,361 928 545 628 884 2,888 Profits before income taxes.. 15,481 5,141 16,456 38,189 17,237 17,804 32,293 16,936 7,788 20,502 20,688 110,829 Taxes on net income. 3,887 867 5,303 9,703 5,033 5,210 7,951 4,373 2,790 6,308 6,613 34,986 Federal 2,923 776 5,303 9,703 5,012 5,151 7,940 4,372 2,359 5,975 6,613 32,097 State 91 21 59 11 1 431 333 2,889 964 Net profits 4,274 11,153 28,486 12,204 12,594 24,342 12,563 4,998 14,194 14,075 75,843 11,594 Cash dividends declared 1,921 9,866 13,231 5,635 4,757 8,232 5,482 2,371 4,730 6,399 33,301 On preferred stock2 7,634 81 2 471 19 14 194 32 30 16 325 On common stock 7,634 1,840 9,864 12,760 5,616 4,743 8,038 5,450 2,341 '4,730 6,383 32,976 Loans 715,145 257,545 664,512 1,326,375 557,522 656,852 1,142,262 750,796 316,789 671,864 859,594 3,985,514 U. S. Government securities. . . 1,005,859 426,555 1,185,3712,640.005 1,305,7351,028.089 3,393,971 876,487 557,2631,379,3571,005,855 6,292,495 Other securities 47,258 35,532 216,941 317,121 91,210 159,885 271,765 119,938 47,397 177,087 83,836 764,447 Real estate assets 16,803 10,404 22,540 47,788 24,613 21,613 27,683 12,209 7,253 15,213 30,905 103.914 Cash assets 589,319 209,623 775,0671,343,076 747,126 766,4521,538,373 676,739 375,1391,046,744 938,282 2,981,238 Total assets. 2,398,826 943,656 2,888,5475,690,0712,735,2912,644,4286,393,0212,443,664 1,307,462 3,299,0782,925,333 14,180,724 Time deposits 197,844 307,370 256,1331,328,958 442,826 408,5392,.0 67.,202 322,877 175,529 356,916 338,293 4,996,564 Total deposits 2,158,018 877,6852,620,1475,180,9352,561,213 2,449911,,449944 6,006655,,446699 2,228888,,2222001,221,388 3,,115,7312,745,526 13,406,128 Total capital accounts. 202,796 62,122 242,156 476,214 158,531 134,670 301,780 142,769 76,719 170,211 166,48: 655.352 Number of officers 540 229 591 871 635 605 1,150 541 276 692 638 5,035 Number of employees... 5,113 2,520 6,888 10,097 5,555 4,992 12,667 4,823 2,75 5,495 4,859 30,209 Number of banks 10 23 29 33 20 78 20 50 38 32 * Not including central reserve city banks. See footnotes on p. 576. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco* Earnings 87,242 190,271 95,314 103,666 71,616 72,392 134,425 52,690 49,823 57,150 63,472 70,825 Interest and dividends on securities: U. S. Government 32,748 73,171 37,698 38,612 24,279 23,358 54,926 19,075 19,860 18,177 16,593 21,104 Int O e t r h e e st r and discount on loans. 4,100 7 1 5 1 , , 8 3 4 5 6 0 9,032 8,812 33 3 , , 5 4 5 3 9 7 4,851 8,367 3,592 1 2 7 , , 2 4 7 9 0 4 2,882 3,759 36 2 , ,4 2 4 1 8 7 Service charges and fees on 33,202 35,181 41,194 30,052 49,334 22,593 26,222 32,502 loans 803 177 341 Service charges on deposit 160 159 198 96 548 124 146 204 accounts 10,669 3,927 3,311 3,995 Other charges, commissions, 5,890 3,541 5,172 4,974 8,723 2,700 4,859 4,619 T O r t f u h e e s e t r s , d c e u e t p r c r a e r n tm t e e a n r t nings 5 4 1 , , , 0 4 6 8 4 1 7 0 5 3 6 7 , , , 7 7 9 3 7 2 1 9 2 3 4 1 , , , 8 1 71 2 7 0 0 3 5 2 2 , , , 1 1 3 9 7 0 4 7 7 2 1 1 , , , 5 6 9 3 9 5 8 1 3 3 3 1 , , , 7 4 8 5 4 6 0 3 8 3 6 2 , , , 9 0 5 0 2 9 3 7 7 1,9 5 1 1 7 1 4 2 , , 0 2 3 9 2 9 1 1 9 2,0 3 9 4 7 6 2,5 3 0 4 3 4 3 2 1 , , . 2 4 0 3 5 2 8 3 9 Expenses 59,481 133,478 59,610 67,382 43,020 45,213 86,899 2,178 31,809 2,421 2,948 44,272 Salaries—officers 10,288 22,173 10,479 11,938 8,526 8,661 17,637 32,508 7,329 33,117 37,882 8,193 Salaries and wages—others. .. 16,339 35,329 13,447 14,733 10,558 12,170 20,902 7,623 6,665 10,080 10,375 13,234 Directors' and committee 7,436 7,752 9,634 members' fees 768 1,844 1,471 964 637 452 1,136 541 444 472 575 287 Interest on time deposits 10,956 27,947 14,033 14,780 8,160 5,985 18,440 4,882 6,650 2,584 1,412 8,562 Interest on borrowed money.. 128 261 57 60 52 40 10 27 4 19 6 25 Taxes other than on net income 2,780 6,112 3,227 6,861 2,108 2,533 4,623 2,112 1,412 1,426 2,975 1,281 Recurring depreciation on banking house, furniture and fixtures 1,624 3,713 2,055 1,892 1,370 1,349 2,170 803 608 822 918 1,080 Other current expenses 16,598 36,099 14,841 16,154 11,609 14,023 21,981 9,084 8,697 9,962 11,987 Net current earnings before income taxes 27,761 56,793 35,704 36,284 28,596 27,179 47,526 20,182 18,014 24,033 25,590 26,55* Recoveries, profits on securities, etc 7,571 21,165 8,929 9,301 4,017 3,799 7,438 3,185 2,513 3,553 3,161 3,030 Recoveries on securities 1,447 3,644 1,721 2,039 869 247 1,443 488 783 407 227 526 Profits on securities 2.866 7,892 3,438 3,943 1,520 2,089 3,575 1,367 616 540 494 1,088 Recoveries on loans 2,220 5,764 2,316 1,713 1,078 769 1,140 561 747 1,409 1,606 792 All other 1,038 3,865 1,454 1,606 550 694 1,280 769 367 1,197 834 624 Losses and charge-offs 8,260 18,512 7,150 9,756 4,488 5,442 10,141 4,577 4,051 4,488 5,519 5,73* On securities 3,257 8,587 4,421 5,835 2,389 2,352 5,941 2,234 1,816 1,814 1,836 1,480 On loans 2,553 6,809 1,556 2,553 1,280 1,848 2,581 1,303 1,275 1,886 2,724 3,539 All other 2,450 3,116 1,173 1,368 819 1,242 1,619 1,040 960 788 959 714 Profits before income taxes. . 27,072 59,446 37,483 35,829 28,125 25,536 44,823 18,790 16,476 23,098 23,232 23,850 Taxes on net income 8,876 17,588 11,587 10,397 8,254 7,919 12,892 4,829 4,715 5,960 6,312 7,244 Federal 7,775 15,903 11,587 10,397 8,115 7,581 12,862 4,815 4,264 5,503 6,277 6,381 State 1,101 1,685 139 338 30 14 451 457 35 863 Net profits 18,196 41,858 25,896 25,432 19,871 17,617 31,931 13,961 11,761 17,138 16,920 16,606 Cash dividends declared 8,619 14,566 9,593 7,760 6,135 5,229 9,150 4,023 3,545 5,052 5,540 4,212 On preferred stock2 81 2,097 357 26 54 61 175 81 23 15 36 80 On common stock 8,538 12,469 9,236 7,734 6,081 5,168 8,975 3,942 3,522 5,037 5,504 4,132 Loans 786.482 1,708,114 753,307 867,448 725,506 633,3241,083,657 489,388 353,601 444.886 546,505 709,309 U. S. Government securities 1,955,0654,212,985 2,141,6352,253,040 1483,7361,549,1053,434,985 1,226,0281,277,9711,284,2641,233,131 1,388,595 Other securities 181.213 517,746 365,272 398,982 150,563 229,106 469,762 179,975 116,768 159,900 166.234 120,042 Real estate assets 37,562 79,279 43,157 35,879 24,388 27,594 35,726 14,752 10,260 9,981 16,708 18,873 Cash assets 781,8841,404,975 736,744 909,124 755,694 855,3381,362,227 598,617 492,063 747,183 970,762 591,270 Total assets 3,751,648 7,945,576 4,045,949 4,470,808 3,146,245 3,301,906 6,394,064 2,511,356 2,255,115 2,647,618 2,935,648 2,834,286 Time deposits 1,106,146 3,306,3411.615,4391,726,499 857,183 699,717 2,311,203 603,754 731,957 304,519 199,090 911,966 Total deposits 3,436,011 7,344,548 3,,667755,.4444554,149,567 2,941,003 3,116,298 6,046,550 2,369,934 2,113377,,887766 2,509,7032,790,372 2,696,621 Total capital accounts 289,198 554,282 356,839 303,386 192,369 175,556 332,803 135,209 112,102 134,421 139,963 127,380 Number of officers 1,836 4,045 2.474 2,722 1,927 1,741 3,810 2,037 1,835 2,669 2,513 1,579 Number of employees 8,868 18,126 7,582 7,931 5,960 6,582 11,352 4,411 4,137 4,695 5,495 6.563 Number of banks 326 750 624 681 442 320 911 475 466 709 575 240 See footnotes on page 576. MAY 1948 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,566,109 8,921 49,893 196,490 217,101 278,659 209,200 196,415 1,409,430 Interest and dividends on securities: U. S Government 917 269 2 771 16 653 70 138 77,754 100,318 74,183 70,572 504,880 Other . . 148,549 488 2,870 12,796 14,404 17,425 12,043 9,418 79,105 Interest and discount on loans. . 1,025,316 4,485 23,737 86,914 92,831 112,985 84,244 76,150 543,970 Service charges and fees on loans. 14,814 29 120 585 734 1,081 924 922 10,419 Service charges on deposit accounts 118,705 509 2,895 12,080 13,912 17,942 13,457 10,035 47,875 Other charges, commissions, fees, etc 65,458 385 2,184 7,267 6,686 7,876 5,139 4,865 31,056 Trust department 132,828 28 38 912 2,817 7,643 7,756 12,064 101,570 Other current earnings 143,170 226 1,396 5,798 7,963 13,389 11,454 12,389 90,555 Expenses . 1,640,562 5,653 30,953 121,820 138,325 182,996 139,441 131,229 890,145 Salaries—officers 267,790 2,010 9,590 31,142 29,024 32,430 22,306 20,562 120,726 Salaries and wages—others 524,810 690 4,528 22,976 31,789 49,299 42,240 41,696 331,592 Directors' and committee members' fees 13,673 133 740 2,677 2,352 2,279 1,197 979 3,316 Interest on time deposits 234,814 780 5,408 23,595 27,326 34,202 22,230 17,371 103,902 Interest on borrowed money 2,457 6 30 108 139 130 153 240 1,651 Taxes other than on net income. 87,444 309 1,664 6,927 7,576 9,796 7,299 7,233 46,640 Recurring depreciation on banking house, furniture, and fixtures 34,646 161 913 3,376 3,669 4,825 3,372 3,533 14,797 Other current expenses . . 474,928 1,564 8,080 31,019 36,450 50,035 40,644 39,615 267,521 Net current earnings before income taxes 925,547 3,268 18,940 74,670 78,776 95,663 69,759 65,186 519,285 Recoveries, profits on securities, etc 229,968 516 2,850 12,240 15,747 21,619 16,067 14,102 146,827 Recoveries on securities 39,423 59 477 2,112 3,240 3,605 3,015 2,245 24,670 Profits on securities 88,892 172 959 4,550 5,800 8,513 5,720 6,086 57,092 Recoveries on loans .... 58,980 213 923 3,333 3,832 5,475 4,257 2,937 38,010 All other 42,673 72 491 2,245 2,875 4,026 3,075 2,834 27,055 Losses and charge -off s 249,776 588 3,170 14,186 17,949 22,184 18,306 19,457 153,936 On securities 100,411 204 1,243 6,655 8,801 11,221 8,163 8,316 55,808 On loans 102,442 301 1,432 5,095 5,967 6,732 6,217 5,966 70,732 All other .... 46,923 83 495 2,436 3,181 4,231 3,926 5,175 27,396 Profits before income taxes.... 905,739 3,196 18,620 72,724 76,574 95,098 67,520 59,831 512,176 Taxes on net income 255,438 562 3,531 17,213 23,664 30,943 20,680 19,892 138,953 Federal . .. 238,455 528 3,295 16,398 22,676 29,621 19,860 18,990 127,087 State 16,983 34 236 815 988 1,322 820 902 11,866 Net profits 650,301 2,634 15,089 55,511 52,910 64,155 46,840 39,939 373,223 Gash dividends declared 280,109 790 4,033 15,501 16,277 21,348 15,944 15,833 190,383 On preferred stock2 4,244 13 51 236 352 623 535 709 1,725 On common stock 275,865 777 3,982 15,265 15,925 20,725 15,409 15,124 188,658 Loans 32,563 006 78 540 451 327 1,819,227 2,045,258 2,692,295 2,163,126 2,267,018 21,046,215 U. S. Government securities 57,792,958 157,803 993,460 4,180,515 4,601,934 6,064,899 4,641,890 4,430,506 32,721,951 Other securities 7,290,235 21,091 129,134 610,679 771,577 884,424 633,439 504,017 3,735,874 Real estate assets 888,400 2,047 10,562 49,250 62,283 103,529 78,520 87,841 494,368 Cash assets 32,771,492 98,258 525,752 2,048,660 2,145,890 2,851,120 2,433,816 2,562,772 20,105,224 Total assets 131,783,828 358,050 2,111,587 8,715,160 9,637,703 12,617,588 9,978,355 9,882,444 78,482,941 Time deposits .... 28,314,654 82,443 572,942 2,596,306 3,199,758 4,167,386 2,778,476 2,219,215 12,698,128 Total deposits 122 280,263 326,705 1 957,541 8,141,789 9,013,288 11,799,803 9,359,034 9,259,654 72,422,449 Total capital accounts 8,436,384 30,734 149,812 554,961 594,292 768,476 573,395 568,759 5,195,955 Number of officers 44,725 928 3,524 8,736 6,329 5,522 3,231 2,775 13,680 Number of employees 240,051 702 3,620 14,728 17,757 25,750 20,978 20,568 135,948 Number of banks 6,875 435 1,302 2,511 1,279 770 274 133 171 1 Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year. See note on p. 576 regarding the composition of real estate assets, cash assets, and total capital accounts. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Iten Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,713,569 6,475 34,720 146,522 160,695 198,841 138,738 128,199 899,379 Interest and dividends on securities: U. S. Government 615,960 2,015 11,649 53,611 58,670 73,710 51,225 46,764 318,316 Other.... 104,541 399 2,167 10,198 11,204 12,798 8,367 6,328 53,080 Interest and discount on loans. 702,434 3,220 16,224 62,908 67,556 78,660 54,151 50,185 369,530 Service charges and fees on loans 9,928 20 90 404 482 607 600 686 7,039 Service charges on deposit accounts 82,694 379 2,056 9,018 10,308 13,048 9,265 6,911 31,709 Other charges, commissions, fees, etc 42,629 251 1,510 5,348 4,936 5,664 3,642 3,318 17,960 Trust department 54,882 28 25 601 1,666 4,706 3,638 5,141 39,077 Other current earnings 100,501 163 999 4,434 5,873 9,648 7,850 8,866 62,668 Expenses 1,072,534 4,074 21,496 90,485 100,995 128,813 91,313 84,526 550,832 Salaries—officers 176,967 1,457 6,599 22,942 21,302 23,081 14,726 13,032 73,828 Salaries and wages—others. .. . 330,753 498 3,226 17,264 23,211 34,611 27,455 26,042 198,446 Directors' and committee members' fees 9,143 98 527 2,044 1,748 1,627 768 610 1,721 Interest on time deposits 161,528 567 3,698 17,395 19,568 23,599 13,736 11,291 71,674 Interest on borrowed money... 1,353 6 18 80 110 72 97 155 815 Taxes other than on net income 58,652 213 1,107 5,107 5,509 7,086 4,813 4,766 30,051 Recurring depreciation on banking house, furniture, and fixtures 23,930 122 666 2,644 2,702 3,448 2,247 2,322 9,779 Other current expenses 310,208 1,113 5,655 23,009 26,845 35,289 27,471 26,308 164,518 Net current earnings before income taxes 641,035 2,401 13,224 56,037 59,700 70,028 47,425 43,673 348,547 Recoveries, profits on securities, etc.. 159,276 403 2,115 9,193 12,085 13,685 9,814 9,234 102,747 Recoveries on securities 24,839 45 381 1,738 2,721 2,243 1,741 1,553 14,417 Profits on securities 61,165 134 709 3,420 4,267 5,588 3,387 3,944 39,716 Recoveries on loans 43,544 174 678 2,519 2,924 3,613 2,703 1,822 29,111 \11 other 29,728 50 347 1,516 2,173 2,241 1,983 1,915 19,503 Losses and charge-offs 167,468 435 2,226 10,556 13,859 15,236 11,903 12,139 101,114 On securities 68,960 154 948 5,366 7,391 8,202 5,882 5,912 35,105 On loans 73,094 227 902 3,334 4,120 4,074 3,423 3,269 53,745 All other 25,414 54 376 1,856 2,348 2,960 2,598 2,958 12,264 Profits before income taxes. . . 632,843 2,369 13,113 54,674 57,926 68,477 45,336 40,768 350,180 Taxes on net income 181,918 420 2,505 12,900 17,747 22,325 14,084 13,667 98,270 Federal 171,776 392 2,321 12,254 17,007 21,339 13,610 13,173 91,680 State 10,142 28 184 646 740 986 474 494 6,590 Net profits 450,925 1,949 10,608 41,774 40,179 46,152 31,252 27,101 251,910 Cash dividends declared 182,861 605 2,938 11,885 12,549 10,219 10,187 118,994 On preferred stock2 1,363 7 24 138 140 82 306 340 On common stock 181,498 598 2,914 11,747 12,409 10,137 9,881 118,654 Loans 21,368,268 54,644 303,694 1,311,246 1,481,758 1,390,275 1,508,625 13,450,252 U. S. Government securities 38,570,341 113,553 685,735 3,150,664 3,437,813 3,248,713 2,993,046 20,473,381 Other securities 5,165,501 16,464 93,221 480,760 596,279 444,460 366,058 2,509,479 Real estate assets 582,243 1,579 8,006 37,780 45,057 51,165 53,829 311,894 Cash assets 21,958,755 70,752 363,947 1,532,775 1,624,358 1,736,652 1,825,257 12,692,623 Total assets 87,937,921 257,193 1,455,578 6,518,230 7,193,106 6,888,512 6,766,503 49,664,389 Time deposits 19,238,341 57,951 383,311 1,909,538 2,284,338 2,908,877 1,806,102 1,454,371 8,433,853 Total deposits 81,794,348 232,927 1,343,738 6,079,416 6,730,164 8,612,201 6,488,843 6,357,620 45,949,439 Total capital accounts 5,394,609 23,711 108,854 425,896 443,302 548,857 371,068 373,401 3,099,520 Number of officers 31,428 680 2,394 6,515 4,715 3,995 2,132 1,773 9,224 Number of employees 154,688 505 2,571 11,080 12,997 18,102 13,807 12.912 82,714 Number of banks 4,977 313 886 1,865 955 567 192 89 110 See footnotes on p. 580. MAY 1948 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i I 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 852,540 2,446 15,173 49,968 56,406 79,818 70,462 68,216 510,051 Interest and dividends on securities: U. S. Government 301,309 756 5,004 16,527 19,084 26,608 22,958 23,808 186,564 Other 44,008 89 703 2,598 3,200 4,627 3,676 3,090 26,025 Interest and discount on loans. . 322,882 1,265 7,513 24,006 25,275 34,325 30,093 25,965 174,440 Service charges and fees on loans. 4,886 9 30 181 252 474 324 236 3,380 Service charges on deposit accounts • • 36,011 130 839 3,062 3,604 4,894 4,192 3,124 16,166 Other charges, commissions, fees, etc 22,829 134 674 1,919 1,750 2,212 1,497 1,547 13,096 Trust department 77,946 13 311 1,151 2,937 4,118 6,923 62,493 Other current earnings 42,669 63 397 1,364 2,090 3,741 3,604 3,523 27,887 Expenses 568,028 1,579 9,457 31,335 37,330 54,183 48,128 46,703 339,313 Salaries—officers 90,823 553 2,991 8,200 7,722 9,349 7,580 7,530 46,898 Salaries and wages—others 194,057 192 1,302 5,712 8,578 14,688 14,785 15,654 133,146 Directors' and committee members' fees 4,530 35 213 633 604 652 429 369 1,595 Interest on time deposits 73,286 213 1,710 6,200 7,758 10,603 8,494 6,080 32,228 Interest on borrowed money.. . . 1,104 12 28 29 58 56 85 836 Taxes other than on net income. . i 28,792 ' ' 96 557 1,820 2,067 2,710 2,486 2,467 16,589 Recurring depreciation on bank- ! ing house, furniture, arid fix- I tures 10,716 39 247 732 967 1,377 1,125 1,211 5,018 Other current expenses | 164,720 451 2,425 8,010 9,605 14,746 13,173 13,307 103,003 Net current earnings before income taxes 284,512 867 5,716 18,633 19,076 25,635 22,334 21,513 170,738 Recoveries, profits on securities, etc 70,692 113 735 3,047 3,662 7,934 6,253 4,868 44,080 Recoveries on securities 14,584 14 96 374 519 1,362 1,274 692 10,253 Profits on securities 27,727 38 250 1,130 1,533 2,925 2,333 2,142 17,376 Recoveries on loans 15,436 39 245 814 908 1,862 1,554 1,115 8,899 All other 12,945 22 144 729 702 1,785 1,092 919 7,552 Losses and charge-off s.. 82,308 153 944 3,630 4,090 6,948 6,403 7,318 52,822 On securities 31,451 50 295 1,289 1,410 3,019 2,281 2,404 20,703 On loans 29,348 74 530 1,761 1,847 2,658 2,794 2,697 16,987 All other 21,509 29 119 580 833 1,271 1,328 2,217 15,132 Profits before income taxes 272,896 827 5,507 18,050 18,648 26,621 22,184 19,063 161,996 Taxes on net income 73,520 142 1,026 4,313 5,917 8,618 6,596 6,225 40,683 Federal 66,679 136 974 4,144 5,669 8,282 6,250 5,817 35,407 State 6,841 6 52 169 248 336 346 408 5,276 Net profits 199,376 685 4,481 13,737 12,731 18,003 15,588 12,838 121,313 Gash dividends declared 97,248 185 1,095 3,728 5,864 5,725 5,646 On preferred stock2. .. .' 2,881 6 27 212 297 453 403 On common stock 94,367 179 1,068 3,516 5,567 5,272 5,243 Loans 194,738 23,896 147,633 563,500 824,521 772,851 758,393 7,595,963 U. S. Government securities 222,617 44,250 307,725 1,164,121 1,597,463 1,393,177 1,437,460 12~ 248,570 Other securities 124,734 4,627 35,913 175,298 225,644 188,979 137,959 1,226,395 Real estate assets 306,157 468 - 2,556 17,226 30,596 27,355 34,012 182,474 Cash assets 812,737 27,506 161,805 521,532 738,729 697,164 737,515 7,412,601 Total assets.... 43,845,907 100,857 656,009 2,196,930 2,444,597 3,423,178 3,089,843 3,115,941 28,818,552 Time deposits ,076,313 24,492 189,631 686,768 ,258,509 764,844 Total deposits ,485,915 93,778 613,803 2,062,373 ,187,602 2,902,034 26 Total capital accounts ,041,775 7,023 40,958 129,065 219,619 195,358 Number of officers 13,297 248 1,130 2,221 1,527 1,002 Number of employees 85,363 197 1,049 3,648 7,648 7,656 Number of banks 1,898 122 416 646 324 203 44 See footnotes on p. 580. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve A.11 member bank3 All All city member Reserve national State banks city Country member member member member banks banks Y N o e r w k Chicago banks banks 1944 1945 1946 1947 Year 1947 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.1 11.5 11.9 11.2 12.2 9.5 7.9 10.4 12.0 13.1 Profits before income taxes 12.4 14.6 13.3 11.0 12.0 9.1 8.1 11.1 11.4 12.7 Net profits 9 7 10 9 9.6 7.9 8.6 6.7 6.0 8.8 8.1 9.0 Cash dividends declared 3 4 3 4 3.4 3.4 3.5 3.2 3.6 3.4 3.7 2.9 Percentage of total assets: Total earnings . . 1 7 1.7 1.8. 2.0 2.0 2.0 1.6 1.7 2.0 2.3 Net current earnings before income taxes .7 .7 .7 .7 .8 .7 .6 .7 .7 .8 Net profits 6 6 .6 .5 .5 .5 .5 .6 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities1 \ 47.4 43.9 35.7 35.9 35.2 39.3 40.3 33.0 36.2 Other securities | 51.2 / 6 6 6.1 5.8 6.1 5.2 5.6 7.6 5.2 6.2 Karnings on loans . . .. 30 1 28 0 32.2 40.5 41.6 38.3 32.0 34.3 43.9 41.6 Sefvice charges on deposit accounts . 4 6 4.2 4.1 4.6 4.8 4.2 2.5 1.3 4.6 5.9 Other current earnings 14.1 13.8 13.7 13.4 11.6 17.1 20.6 16.5 13.3 10.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28 0 27.6 29.1 30.9 29.6 33.4 35.4 29.6 31.3 28.7 Interest on time deposits 7.7 8.7 8.8 9.2 9.4 8.6 1.8 8.4 9.8 11.9 Other current expenses 24.4 24.0 23.2 23.9 23.6 24.7 23.8 23.9 24.2 23.7 Total expenses 60.1 60.3 61.1 64.0 62.6 66.7 614) 61.9 65.3 64.3 Net current earnings before income taxes... 39.9 39.7 38.9 36.0 37.4 33.3 39.0 38.1 34.7 35.7 Net recoveries and profits (or losses —) 4.6 10.7 4.5 -.7 -.5 -1.3 1.0 2.7 -1.7 -1.0 Taxes on net income 9 8 12.9 11.9 10.0 10.6 8.6 10.5 8.5 9.6 10.2 Net profits 34.7 37.5 31.5 25.3 26.3 23.4 29.5 32.3 23.4 24.5 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.5 1.5 1.5 1.6 1.6 1.6 1.5 1.7 1.6 1.7 Net recoveries and profits 2 .3 .2 .04 .04 .05 .1 .05 .05 .0 Percentage of U. S. Government securities: Interest on U. S. Government securities1 1.4 1.5 1.5 1.6 1.5 1.4 1.6 1.5 1.6 Percentage of total loans: Earnings on loans 3 2 3.0 3.2 3.6 3.7 3.2 2.2 2.4 3.6 4.8 Net recoveries (or losses —)..... .... .1 .05 .01 -.1 2 -.1 j -.2 -.1 Distribution of assets: Percentage of total assets: U. S. Government securities 55.4 57.4 53.8 46.9 46.7 47.2 46.0 44.4 44.1 50.7 Other securities 4 7 4 4 4.8 5.4 5.8 4.6 4.4 5.6 4.9 6.6 Loans 16 2 15.8 18.3 22.9 22.5 23.8 24.4 24.9 24.9 19.7 Cash assets 22 5 21 3 22 0 23 7 24.0 23.2 24.0 24.5 25.1 22.1 Real estate assets .9 .7 .7 .7 .7 .7 .6 .2 .7 .8 Other ratios: Total capital accounts to: Total assets 6 2 5 8 5 9 6.5 6.2 7.0 8.1 6.4 5.8 6.2 Total assets less Government securities and cash assets 27 8 27 2 24.6 22.0 21.1 23.8 27.2 20.5 18.9 22.7 Total deposits 6.6 6.2 6.4 7.0 6.7 7.6 9.0 6.8 6.2 6.6 Time to total deposits 16 9 18 4 21 0 23 5 23.9 22.8 5.9 14.3 25.0 33.3 Interest on time deposits to time deposits .8 .9 .8 .8 .9 .8 .5 1.1 .8 .9 Number of banks 6,814 6,884 6,900 6,923 5,005 1,918 37 14 353 6,519 1 Not available prior to 1945. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank s figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,800.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1948 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.4 8.4 9.2 9.7 13.0 14.6 11.8 13.4 14.0 14.8 15.3 18.2 Profits before income taxes 8.6 8.6 9.0 9.5 12.9 14.0 11.7 12.9 12.8 14.3 14.3 17.2 Net profits 6.1 6.3 6.2 6.9 9.1 9.7 9.5 8.9 10.3 10.1 11.8 Cash dividends declared 3.3 3.4 3.2 2.7 3.4 3.2 3.0 3.4 3.1 3.2 3.9 4.8 Percentage of total assets: Total earnings 2.2 1.8 2.2 2.1 2.1 1.9 2.0 2.1 1.9 2.0 2.4 Net current earnings before income taxes .8 Net profits .5 .5 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 35.5 38.8 37.6 37.8 36.3 31.0 41.8 32.7 39.3 33.6 27.4 27.7 Other securities 4.0 5.7 9.4 7.9 4.3 6.9 6.0 6.9 4.2 5.4 4.7 4.5 Earnings on loans 38.3 34.7 35.4 37.2 42.6 42.0 36.1 45.5 36.9 44.0 51.3 52.4 Service charges on deposit accounts. 5.3 3.5 3.2 4.0 5.4 5.9 4.8 4.0 5.7 6.6 5.2 5.6 Other current earnings 16.9 17.3 14.4 13.1 11.4 14.2 11.3 10.9 13.9 10.4 11.4 9.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.4 33.9 28.9 27.0 29.3 28.5 30.0 29.5 30.0 30.3 30.1 31.7 Interest on time deposits 9.2 5.8 10.3 12.0 9.4 7.8 12.1 7.6 11.2 4.5 3.4 13.5 Other current expenses 25.9 24.3 24.9 25.8 23.8 27.2 23.5 24.7 23.0 24.7 27.4 19.2 Total expenses 66.5 64.0 64.1 64.8 62.5 63.5 65.6 64.2 59.5 60.9 64.4 Net current earnings before income taxes 33.5 36.0 35.9 37.5 36.5 34.4 38.2 35.8 40.5 39.1 35.6 Net recoveries and profits (or losses —) -2.5 1.0 -.6 -.2 -1.6 -.3 -1.5 -3.0 -1.4 -2.5 -2.1 Taxes on net income 9.3 9.9 11.0 9.4 10.9 10.6 8.4 9.5 10.1 11.0 10.8 10.5 Net profits 21.7 27.1 24.1 25.2 26.4 24.3 25.7 27.2 22.7 28.1 25.8 23.0 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.5 1.8 1.7 1.6 1.6 1.6 1.6 1.6 1.4 1.5 1.5 Net recoveries and profits (or losses —) .1 .04 .01 .01 .03 .02 -.02 -.05 -.03 -.02 .1 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.7 1.5 1.5 Percentage of total loans; Earnings on loans 3.5 2.7 3.8 3.6 4.0 4.0 3.4 3.6 4.1 4.4 4.4 4.5 Net recoveries (or losses —)l -.2 -.1 -.0 -.2 .0 2 -.1 -.1 -.1 -.1 -.2 -.3 Distribution of assets: Percentage of total assets: U. S. Government securities 48.1 47.5 48.0 48.2 47.4 43.3 50.4 42.4 51.5 44.8 38.2 45.1 Other securities 3.7 4.8 8.4 7.0 4.1 6.5 5.7 6.1 4.6 5.7 4.3 5.2 Loans 24.4 23.9 20.4 21.6 21.8 21.7 19.9 25.0 18.8 18.8 24.0 27.6 Cash assets 22.3 22.6 21.8 22.2 25.6 27.3 23.3 25.7 24.3 30.2 32.6 21.0 Real estate assets .9 .7 .9 .8 .4 .5 .5 .4 .7 Other ratios: Total capital accounts to: Total assets 8.0 7.7 6.0 5.2 5.4 5.6 5.3 5.1 4.6 Total assets less Government securi- I* ties and cash assets 27.1 26.2 28.6 25.9 22.1 17.8 20.7 17.6 22.0 20.5 17.9 13.6 Total deposits 8.8 8.7 9.5 8.4 6.4 5.5 5.8 6.0 5.6 5.4 5.5 4.9 Time to total deposits 23.3 15.4 29.7 32.7 23.6 19.8 28.9 19.9 27.0 11.S 9.7 36.7 Interest on time deposits to time deposits 1.0 .8 .8 .9 .9 .9 .8 .9 Number of banks 337 797 647 710 475 340 1,003 495 475 759 613 272 1 Ratios of less than .005 are shown as .0. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item B )ston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.0 9.0 8 1 8.2 10.7 13.5 11.2 11.9 11.1 12.4 12.8 17.7 P N r e o t f i p ts r o b fi e t f s ore income taxes 5 7 . .6 7 8 6 . . 3 9 6 4 8 6 8 6 . . 0 0 1 7 0 . . 7 9 1 9 3 . .2 4 1 8 0 . .7 1 1 8 1. . 9 8 1 6 0 . . 5 2 1 8 2 . . 3 0 1 8 2 . .i 1 11 6 . . 6 9 Cash dividends declared... 3 8 3.1 4 1 2.8 3.6 3.5 2.7 3.8 3.1 2.8 3. 5.1 8 Percentage of total assets: Total earnings 2 1 2.2 2 0 1.9 1.8 2.0 1.8 1.8 1.8 1.6 1.9 2.3 Net current earnings before income taxes 8 .6 7 7 .6 7 5 7 7 6 7 Net profits 5 .5 4 5 .4 5 4 5 4 4 5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 32 0 32.4 34 4 38 3 39.8 29 3 44.4 28.6 38.3 35.5 28.9 27.2 Other securities 2 8 4.3 9 3 7 3 3.6 7 1 3.9 7.1 3.5 5.7 3.2 4.8 Earnings on loans 38 4 43.3 32 6 34 7 35.9 42 4 36.8 48.2 39.8 41.8 51.0 52.6 Service charges on deposit accounts. 2 8 5.4 2 5 3 1 5.3 4 5 6.3 2.6 3.8 4.6 2.9 5.6 Other current earnings 24 0 14.6 21 2 166 15.4 16 7 8.6 135 14.6 12.4 14.0 9.8 Total earnings.... 100 0 100.0 100 0 100 0 100.0 100 0 100 0 100 0 100.0 100.0 100.0 100.0 Salaries and wages 32 9 33.3 35 1 28 2 33.0 28 2 32 1 30 6 34 0 29 3 28 4 32.0 Interest on time deposits 3 5 11.0 3 1 9 9 6.6 7 2 13 7 5 7 6 6 4 4 4,6 13.8 Other current expenses 27 2 28.9 28 3 26 6 26.3 29 6 24 7 25 7 24 2 27 5 29 2 19.0 Total expenses 63 6 73.2 66 5 64 7 65.9 65 0 70 5 62 0 64 8 61 2 62 2 64.8 Net current earnings before income taxes 36 4 26.8 33 5 35 3 34.1 35 0 29 5 38 0 35 2 38 8 37 8 35.2 Net recoveries and profits (or losses —) -5 6 -2.0 -5 .3 -.7 .5 8 -1 2 1 -3 0 -1 -1 2 -1.7 Taxes on net income 7 7 4.2 9.1 8.8 10.1 100 7 0 9 8 115 116 11 7 10.6 Net profits 23 1 20.6 19.1 25.8 24.5 24 2 21 3 28 1 20 7 26 1 24 9 22.9 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. . 1.7 1.6 1.8 1 7 1.5 1.6 5 1 6 1 7 1 4 1 7 1.5 Net recoveries and profits (or losses — )l .1 -.01 .05 .02 .01 .1 04 - 0 - 1 0 05 .1 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.6 1.6 1.7 1.6 1.5 1.5 1 5 1.5 1 7 1 4 1.6 1.4 Percentage of total loans: Earnings on loans 2.7 3.5 2.9 2.9 3.2 3.4 3 7 2.9 3.0 3.4 3.4 4.4 Net recoveries (or losses — )1. .3 -.2 .1 .2 .04 .2 .2 .0 .03 .1 .1 -.3 Distribution of assets: Percentage of total assets: U. S. Government securities 41.9 45.2 41.0 46.4 47.7 38.9 53.1 35.9 42.6 41.8 34.4 44.4 Other securities 2.0 3.8 7.5 5.6 3.3 6.0 4.3 4.9 3.6 5.4 2.9 5.4 Loans 29.8 27.3 23.0 23.3 20.4 24.8 17.9 30.7 24.2 20.4 29.4 28.1 Cash assets 24.6 22.2 26.8 23.6 27.3 29.0 24.1 27.7 28.7 31.7 32.1 21.0 Real estate assets .7 1.1 .8 .8 .9 .8 .4 .5 .6 .5 1.1 .7 Other ratios: Total capital accounts to: Total assets 8.5 6.6 8.4 8.4 5.8 5.1 4.7 5.8 5.9 5.2 5.7 4.6 Total assets less Government securities and cash assets 25.2 20.2 26.1 27.9 23.2 15.8 20.7 16.0 20.5 19.5 17.0 13.4 Total deposits 9.4 7.1 9.2 9.2 6.2 5.4 5.0 6.2 6.3 5.5 6.1 4.9 Time to total deposits 9.2 35.0 9.8 25.7 17.3 16.4 34.1 14.1 14.4 11.5 12.3 37.3 Interest on time deposits to time deposits .9 .7 .7 .8 .7 .9 .8 .8 .9 .7 .8 .9 Number of banks. . 11 10 23 29 33 20 78 20 9 50 3S 32 * Not including central reserve city banks. 1 Ratios of less than .005 are shown as .0. MAY 1948 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1947—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - L S o t u . i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings^before income taxes 9.6 10.2 10.0 12.0 14.9 15.5 14.3 14.9 16.1 17.9 18.3 20.8 Profits before income taxes 9.4 10.7 10.5 11.8 14.6 14.5 13.5 13.9 14.7 17.2 16.6 18.7 Net profits 6.3 7.6 7.3 8.4 10.3 10.0 9.6 10.3 10.5 12.7 12.1 13.0 Cash dividends declared 3.0 2.6 2.7 2.6 3.2 3.0 2.7 3.0 3.2 3.8 4.0 3.3 Percentage of total assets: Total earnings 2.3 2.4 2.4 2.3 2.3 2.2 2.1 2.1 2.2 2.2 2.2 2.5 Net current earnings before income taxes .9 Net profits .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 37.5 38.5 39.6 37.3 33.9 32.3 40.9 36.2 39.9 31.8 26.2 29.8 Other securities 4.7 5.9 9.5 8.5 4.8 6.7 6.2 6.8 4.6 5.1 5.9 3.5 Earnings on loans 38.2 40.3 37.1 39.9 47.2 41.6 37.1 43.1 35.5 46.1 51.5 51.6 Service charges on deposit accounts 6.8 5.6 3.7 5.0 5.5 6.9 6.5 5.1 6.6 8.5 7.3 5.6 Other current earnings 12.8 9.7 10.1 9.3 8.6 12.5 9.3 8.8 13.4 8.5 9.1 9.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.5 30.2 25.1 25.7 26.7 28.8 28.7 28.6 28.1 31.2 31.5 30.3 Interest on time deposits 12.6 14.7 14.7 14.3 11.4 8.3 13.7 9.3 13.3 4.5 2.2 12.1 Other current expenses 25.1 25.3 22.7 25.0 22.0 25.4 22.2 23.8 22.4 22.2 26.0 20.1 Total expenses 68.2 70.2 62.5 65.0 60.1 62.5 64.6 61.7 63.8 57.9 59.7 62.5 Net current earnings before income taxes 31.8 29.8 37.5 35.0 39.9 37.5 35.4 38.3 36.2 42.1 40.3 37.5 Net recoveries and profits (or losses —) -.8 1.4 1.9 -.5 -.7 -2.3 -2.0 -2.6 -3.1 -1.7 -3.7 -3.8 Taxes on net income 10.1 9.2 12.2 10.0 11.5 10.9 9.6 9.2 9.5 10.4 9.9 10.2 Net profits 20.9 22.0 27.2 24.5 27.7 24.3 23.8 26.5 23.6 30.0 26.7 23.5 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.7 1.8 1.9 1.8 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.6 Net recoveries and profits (or losses -)i .05 .1 .02 .0 -.0 -.02 -.02 -.02 -.1 -.1 .0 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.7 1.7 1.7 1.6 1.5 1.6 1.6 1.6 1.3 1.5 Percentage of total loans: E N a e r t n r i e n c g o s v o e n ri e l s o a ( n o s r losses —) - 4 . . 0 2 4 - 4 .1 .5 4. . 7 1 - 4 .1 .8 - 4 .0 .7 2 - 4 .2 .8 - 4 .1 .6 - 4 .2 .6 5.0 * - 5 .1 .9 6.0 2 - 5 . . 4 2 Distribution of assets: Percentage of total assets: U. S. Government securities 52.1 53.0 52.9 50.4 47.2 46.9 53.7 48.8 56.7 48.5 42.0 49.0 Other securities 4.8 6.5 9.0 8.9 4.8 6.9 7.3 7.2 5.2 6.0 5.7 4.2 Loans 21.0 21.5 18.6 19.4 23.1 19.2 16.9 19.5 15.7 16.8 18.6 25.0 Cash assets 20.8 17.7 18.2 20.3 24.0 25.9 21.3 23.8 21.8 28.2 33.1 20.9 Real estate assets 1.0 1.0 1.1 .8 .8 .6 .6 .5 .4 .6 .7 Other ratios: Total capital accounts to: Total assets 7.7 7.0 8.8 6.8 6.1 5.3 5.2 5.4 5.0 5.1 4.8 4.5 Total assets less government securities and cash assets 28.5 23.8 30.6 23.2 21.2 19.6 20.8 19.7 23.1 21.8 19.1 14.9 Total deposits 8.4 7.5 9.7 7.3 6.5 5.6 5.5 5.2 5.4 5.0 4.7 5.7 Time to total deposits 32.2 45.0 44.0 41.6 29.1 22.5 38.2 25.5 34.2 12.1 7.1 33.8 Interest on time deposits to time deposits 1.0 .9 .9 1.0 .9 .9 .7 .9 Number of banks 326 750 624 681 442 320 911 475 466 709 575 240 1 Ratios of less than .005 are shown as .0. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1947 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1944-1947 [Amounts in thousands of dollars] Banks not members of All insured commercial banks1 Federal Reserve System Items 1944 1945 1946 1947 1944 1945 1946 1947 Earnings 2,214,905 2,482,278 2,862,875 3,097,670 341,443 380,435 460,730 519,449 Interest and dividends on securities: U O . t h S e . r Government 1,090,253 1,1 1 3 6 2 7 , , 9 1 7 9 7 8 1,2 1 1 7 8 6 , , 5 6 1 2 7 0 1,0 1 7 7 9 9 , , 5 4 3 0 5 8 130,633 1 2 3 7 6 , , 8 34 7 5 2 1 2 6 9 5 , , 0 2 7 1 1 9 1 3 5 0 8 , , 2 9 7 6 4 0 Interest and discount on loans 680,708 707,738 936,554 1,263,788 132,557 136,069 175,986 235,039 Service charges and fees on loans 17,320 18,860 14,564 18,386 2,423 2,475 2,848 3,532 Service charges on deposit accounts.... 107,375 109,789 124,696 147,761 21,875 22,290 25,062 28,507 Other charges, commissions, fees, etc.... 78,485 90,617 97,995 97,264 25,283 26,791 30,173 31,469 Trust department 112,486 120,317 140,340 144,734 8,155 8,184 9,146 8,802 Other current earnings 128,278 134,782 153,589 166,794 20,517 20,409 23,225 22,866 Expenses 1,356,680 1,522,778 1,762,634 1,981,787 230,189 255,415 294,378 332,120 Salaries—officers 240,354 266,018 309,220 344,845 52,886 57,818 66,836 75,431 Salaries and wages—others 386,346 424,881 521,709 602,266 48,933 53,534 64,721 74,779 Directors' and committee members' fees. 12,907 14,610 16,936 18,954 3,395 3,855 4,537 5,225 Interest on time deposits 186,773 233,321 268,624 298,274 42,798 50,600 57,185 62,482 Interest on borrowed money 1,112 2,448 2,364 2,656 145 162 189 195 Taxes other than on net income 97,307 98,683 96,314 103,516 14,472 15,216 14,505 15,582 Recurring depreciation on banking house, furniture, and fixtures 41,845 40,329 40,850 42,276 6,910 6,329 6,821 7,440 Other current expenses 390,036 442,488 506,617 569,000 60,650 67,901 79,584 90,986 Net current earnings before income taxes 858,225 959,500 1,100,241 1,115,883 111,254 125,020 166,352 187,329 Recoveries, profits on securities, etc.. . . 361,726 509,329 408,608 262,042 43,636 55,601 52,819 29,993 Recoveries on securities 92,778 122,364 59,515 45,360 9,967 9,149 5,929 5,002 Profits on securities 129,834 266,764 208,700 100,189 13,582 27,947 25,704 10,555 Recoveries on loans , 84,224 67,014 74,499 67,687 11,684 11,098 10,758 8,608 All other 54,890 53,187 65,894 48,806 8,403 7,407 10,428 5,828 Losses and charge-oils 265,881 264,122 283,175 294,286 33,704 34,270 36,220 43,109 On securities 110,439 132,870 132,254 118,498 13,296 15,086 16,805 17,182 On loans 70,090 55,901 71,253 120,370 9,807 9,360 9,761 17,717 All other 85,352 75,351 79,668 55,418 10,601 9,824 9,654 8,210 Profits before income taxes. . 954,070 1,204,707 1,225,674 1,083,639 121,186 146,351 182,951 174,213 Taxes on net income 202,821 298,795 323,328 302,242 19,106 28,733 38,302 45,724 Federal 187,032 277,538 301,048 283,046 17,896 27,257 36,536 43,565 State 15,789 21,257 22,280 19,196 1,210 1,476 1,766 2,159 Net profits 751,249 905,912 902,346 781,397 102,080 117,618 144,649 128,489 Cash dividends declared. 253,193 274,438 298,983 315,215 27,192 28,504 32,336 34,273 On preferred stock2 13,645 11,769 8,345 5,981 3,959 3,507 2,472 1,677 On common stock 239,548 262,669 290,638 309,234 23,233 24,997 29,864 32,596 Loans 20,310,112 23,500,772 27,768,295 33,863,334 2,630,161 2,823,335 3,512,756 4,539,644 U. S. Government securities. 67,231,161 82,417,236 81,835,381 70,229,835 6,913,337 9,338,27010,628,66710,189,728 Other securities 6,088,482 6,623,089 7,556,923 8,315,081 958,551 998,984 1,174,201 1,357.629 Real estate assets 1,141,301 1,038,834 994,060 1,000,278 167,404 141,081 126,475 124.643 Cash assets 28,042,727 31,236,090 33,286,775 34,279,792 3,562,451 4,080,815 4,118,387 3,906,621 Total assets.... 123,168,863145,217,438151,896,770148,170,26114,260,81817,416,71319,598,095 20,155,129 Time deposits 21,415,276 26,979,470 31,939,078 34,378,653 4,228,321 5,192,631 6,049,512 6,489,350 Total deposits 114,682,390135,948,387141,829,678137,537,90713 ,208, 70616,306,74818,391,872 18,843,049 Total capital accounts 7,718,193 8,334,670 9,010,013 9,527,968 1,006,413 1,058,344 1,143,475 1,238,073 Number of officers 56,494 59,119 62,697 65,740 18,811 19,226 20,195 20,790 Number of employees. . 229,377 245,275 271,395 284,072 36,115 37,831 40,974 43,082 Number of banks. 13,268 13,302 13,359 13,403 6,457 6,421 6,462 6,483 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1948 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1947 All banks, by class of bank All banks maintai b n y in c g l a b s r s a n o c f h b e a s n o k r l additional offices, Commercial banks Commercial banks Mutual sav- Mutual sav- Geog a ra n p d h i S c t a d t i e vision Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o r n e n - d - United States 14,714 14,181 5,005 21,918 6,478 783 194 339 1,218 1,119 279 196 606 38 60 39 New England 877 532 304 50 117 61 17 328 136 99 37 23 24 15 1 36 Maine 96 64 33 5 16 10 6 26 26 24 5 4 9 6 2 New Hampshire 108 74 51 1 5 17 34 3 2 1 1 1 Vermont 78 70 39 1 29 1 8 8 7 2 5 1 Massachusetts 378 188 121 27 31 9 190 75 45 21 15 7 2 30 Rhode Island 29 20 9 2 3 6 9 14 12 3 2 2 5 2 Connecticut ... 188 116 51 14 33 18 3 69 10 9 5 2 1 1 1 Middle Atlantic 2,161 1,999 1,250 375 343 31 162 279 222 92 89 36 5 57 New York 792 661 389 186 76 10 131 156 107 40 50 15 2 49 New Jersey 367 343 214 78 47 4 24 61 57 22 27 8 4 Pennsylvania 1,002 995 647 111 220 17 7 62 58 30 12 13 3 4 East North Central.. 3,050 23,039 916 643 1,400 83 9 2 247 247 40 35 167 5 O In h d i i o ana 6 49 7 2 1 2 6 4 6 8 8 8 2 1 4 2 0 5 184 2 2 3 3 6 0 1 1 4 5 3 3 i 5 4 3 1 5 4 3 1 1 1 1 1 1 2 5 3 1 9 5 1 Illinois 883 883 378 125 364 16 3 3 3 Michigan 448 448 78 151 190 29 59 59 11 14 31 3 Wisconsin . . . 556 2552 95 270 380 9 3 I 91 91 4 4 82 1 West North Central. 3,291 3,290 732 283 1,932 343 1 166 166 8 151 7 ^Minnesota 680 679 180 28 443 28 1 2 2 2 Iowa 664 664 96 67 439 62 120 120 115 5 Missouri 597 597 79 101 386 31 North Dakota 152 152 41 105 6 17 17 15 2 South Dakota 170 170 35 28 107 25 25 4 21 Nebraska 418 418 127 18 215 58 2 2 2 Kansas .. 610 610 174 41 237 158 South Atlantic 1,671 1,660 471 169 913 107 2 9 171 167 41 27 94 5 1 3 Delaware 41 39 13 4 21 1 2 8 7 3 4 1 Maryland 175 166 62 16 86 2 2 7 29 26 4 6 15 i i 2 Dist. of Columbia. .. 19 19 9 7 3 14 14 7 5 2 Virginia 314 314 131 71 112 44 44 13 6 25 West Virginia 182 182 76 32 69 5 North Carolina 226 226 45 8 170 3 52 52 7 3 41 1 South Carolina 150 150 24 7 96 23 8 8 2 2 4 Georgia 379 379 50 14 247 68 13 13 6 2 3 2 Florida 185 185 61 10 109 5 3 3 2 1 East South Central. . 1,113 1,113 255 57 760 41 79 79 13 8 58 Kentucky 388 388 93 20 249 26 18 18 2 5 11 Tennessee 297 297 70 11 208 8 26 26 7 2 17 Alabama 222 222 67 20 132 4 4 3 1 Mississippi 206 206 25 6 171 4 31 31 1 30 West South Central.. 1,666 1,666 722 178 677 89 57 57 15 4 38 Arkansas . ... 228 228 50 16 149 13 17 17 1 16 Louisiana 160 160 34 12 113 1 34 34 8 4 22 Oklahoma 386 386 201 24 150 11 1 1 1 Texas 892 892 437 126 265 64 5 5 Mountain 487 487 201 115 161 10 29 29 14 1 14 Montana 112 112 39 43 30 Idaho 48 48 15 11 21 1 6 6 5 1 Wyoming 55 55 26 12 17 Colorado 146 146 77 15 46 8 1 1 1 New Mexico 47 47 24 9 14 7 7 Arizona 11 11 3 1 5 c 2 3 Utah 60 60 12 22 26 5 «5 3 2 Nevada 8 8 1 5 c 3 1 1 Pacific 398 395 154 48 175 18 3 54 53 19 9 24 1 l Washington 125 123 38 16 66 2 12 11 7 1 3 i Oregon 71 70 22 10 36 2 1 2 5 California 202 202 94 22 73 13 35 35 10 8 16 1 For footnotes see p. 589. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1947—Continued All branches and additional offices, by class of bank l All branches and additional offices except offices at militarv reservations by location Commercial banks Mutual Offices Geographic division savings Outside head office city at and State Member Nonmember banks military Total Total banks banks o h f e fi a c d e In head In con- In non- re t s i e o r n v s ati N on a- al m S e t m at b e er su In re - d in N s o u n re - d su In re - d in N s o u n r - ed city c o o f u fi n c t e y c t o i u g n u t o i u e s s c c o o u u n o n t u t i i s g e - s United States ... 4,332 4,161 1,870 1,181 1,043 67 124 47 1,885 1,071 559 746 71 New England 358 305 111 109 52 33 9 44 152 142 57 6 1 Maine . .... 72 70 8 29 24 9 2 7 35 29 1 New Hampshire 3 2 1 1 1 3 Vermont 19 10 2 8 9 H 8 IVlassachusetts 191 154 83 57 11 3 37 120 67 3 Rhode Island 50 47 9 20 8 10 3 20 18 7 5 Connecticut 23 22 8 3 1 10 1 5 11 7 Middle Atlantic 1,102 1,003 328 579 90 6 99 873 169 44 3 13 New York 793 717 196 465 54 2 76 667 84 32 2 8 New Jersey 144 137 45 76 16 7 98 43 3 Pennsylvania 165 149 87 38 20 4 16 108 42 12 1 2 East North Central 637 637 158 224 243 12 321 257 42 11 6 Ohio 189 189 49 116 24 128 53 5 3 Indiana 89 89 19 14 55 1 33 56 Illinois 3 3 3 3 IVIichigan 206 206 72 88 36 10 142 41 12 11 Wisconsin 150 150 15 6 128 1 18 107 25 West North Central .... 241 241 28 204 9 8 154 68 11 Minnesota 6 6 6 6 Iowa 162 162 155 7 123 39 Missouri , North Dakota 24 24 22 2 12 12 South Dakota 47 47 20 27 19 17 11 Nebraska 2 2 2 2 Kansas South Atlantic . . . 495 478 130 102 240 6 14 3 171 100 120 85 19 Delaware ... 15 14 4 10 1 4 5 6 Maryland 117 101 15 53 32 1 14 2 64 23 22 7 1 District of Columbia 38 38 21 14 3 36 2 Virginia 88 88 30 12 46 32 26 15 7 8 West Virginia North Carolina 170 170 16 12 140 2 18 42 64 44 2 South Carolina 33 33 25 2 6 4 3 5 20 1 Georgia 31 31 21 5 3 2 13 1 7 7 3 Florida 3 3 2 1 1 2 East South Central 187 187 73 21 93 60 70 27 22 8 Kentucky 36 36 17 8 11 22 9 2 3 Tennessee 74 74 34 12 28 34 22 7 8 3 Alabama 22 22 21 1 3 6 4 8 1 Mississippi 55 55 1 54 1 33 14 6 1 West South Central 87 87 38 4 45 27 46 6 3 5 Arkansas . .. 19 19 1 18 16 2 1 Louisiana. 63 63 32 4 27 27 30 4 2 Oklahoma I 1 1 1 Texas . .. . .. 4 4 4 4 Mountain 127 127 100 4 23 11 25 32 56 3 Montana Idaho 45 45 43 2 2 3 9 31 Wyoming., Colorado 1 1 1 1 New Mexico ... 8 8 8 1 4 2 1 Arizona 40 40 30 10 4 13 13 10 Utah 15 15 13 2 3 2 4 5 1 Nevada 18 18 13 4 1 1 3 4 9 1 Pacific 1,098 1,096 904 138 53 1 2 262 108 163 549 16 W Or a e s g h o i n ngton 1 8 2 1 1 1 8 1 1 9 10 7 8 6 4 5 7 2 2 1 5 3 1 4 5 29 9 5 5 1 5 1 California 896 896 720 134 41 1 224 89 125 443 15 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch"as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government, 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688; June 1944, pp. 612-613; June 1945, pp. 616-617; June 1946, pp. 672-673; and June 1947, pp. 752-753. MAY 1948 589 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 on par list and offices on which (Nonmember) Federal Reserve checks are drawn Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s r 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 Mar 31 1948P 14,094 4,184 12,071 3,861 6,926 3,079 5,145 782 2,023 323 By districts and bv States Mar. 31, 1948? District Boston ... 493 292 493 292 336 216 157 76 New York 923 840 923 840 795 778 128 62 Philadelphia 844 134 844 134 647 99 197 35 Cleveland . .. 1,145 253 1,145 253 711 218 434 35 Richmond 1,013 433 797 309 476 202 321 107 216 124 Atlanta 1,172 163 553 127 342 111 211 16 619 36 Chicago 2,488 571 2,432 545 1,000 221 1,432 324 56 26 St. Louis 1,468 132 1,123 72 495 40 628 32 345 60 Minneapolis 1,279 111 616 42 475 26 141 16 663 69 Kansas City 1,750 9 1,740 9 758 6 982 3 10 Dallas 1 009 38 899 30 616 19 283 11 110 8 San Francisco 510 1,208 506 1,208 275 1,143 231 65 4 State Alabama 223 22 114 22 88 22 26 109 Arizona 10 40 10 40 5 30 5 10 Arkansas 228 19 103 5 66 1 37 4 125 14 California 193 898 193 898 115 856 78 42 Colorado 142 1 142 1 92 1 50 Connecticut 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 Georgia 383 31 99 27 65 26 34 1 284 4 Idaho 48 45 48 45 26 43 22 2 Illinois 881 3 879 3 502 3 377 2 Indiana 487 93 487 93 237 37 250 56 Iowa 664 163 664 163 163 501 163 Kansas 608 606 214 392 2 Kentucky 385 37 385 37 113 25 272 12 Louisiana 160 63 58 41 46 36 12 5 102 22 Maine 63 69 63 69 38 37 25 32 Maryland 166 102 166 102 78 68 88 34 Massachusetts . 182 154 182 154 147 142 35 12 Michigan 442 210 442 210 230 161 212 49 Minnesota 678 6 264 6 206 6 58 414 M ississippi 206 55 40 7 31 1 9 6 166 48 Missouri 595 527 180 347 68 Montana 112 112 83 29 Nebraska 410 2 410. 2 145 2 265 Nevada 8 18 8 18 6 17 2 1 New Hampshire 73 2 73 2 52 1 21 1 New Jersey 339 137 339 137 291 123 48 14 New Mlexico 48 11 48 11 33 2 15 9 New York 656 718 656 718 574 666 82 52 North Carolina 207 173 90 52 53 31 37 21 117 121 North Dakota 151 24 55 5 42 13 5 96 19 Ohio 668 194 668 194 425 168 243 26 Oklahoma 384 1 375 1 225 1 150 9 Oregon 70 84 70 84 33 79 37 5 Pennsylvania 990 150 990 150 758 126 232 24 Rhode Island 19 41 19 41 11 29 8 12 South Carolina . 150 32 60 30 32 26 28 4 90 2 South Dakota 170 47 70 22 63 20 7 2 100 25 Tennessee 295 74 200 58 81 46 119 12 95 16 Texas 891 4 831 4 566 4 265 60 Utah 60 15 60 15 36 13 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 315 88 308 87 202 42 106 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. i Excludes mutual savings banks, on a few of which some checks are drawn. • 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. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 592 Gold production 593 Gold movements . 593 International capital transactions of the United States 594-599 International Monetary Fund and Bank . 600 Central banks 600-604 Money rates in foreign countries. 605 Commercial banks 606 Foreign exchange rates. 607 Price movements: Wholesale prices . 608 Retail food prices and cost of living. . 609 Security prices . 609 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. MAY 1948 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d t g A i e n r n a - - 1 g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece H ga u r n y - 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—Apr 20,774 807 634 354 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 22,754 322 597 354 2 294 45 83 279 32 53 548 34 1948—Jan 22,935 313 593 354 7 45 84 279 32 53 548 34 Feb 23,036 296 578 354 7 45 85 32 53 34 Mar.. . .23,137 591 7 45 86 32 548 34 End of month India (P I e r r a si n a) Italy Japan Java Mexico N l e a t n h d er s - Ze N a e l w and N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec 274 26 144 164 90 32 692 23 81 20 »84 69 152 249 1940—Dec 274 26 120 164 140 47 617 23 75 20 59 158 367 1941—Dec 274 26 124 «164 235 47 575 23 58 21 59 182 366 42 1942—Dec 274 34 141 «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—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 274 127 28 100 191 23 73 20 804 111 Nov 274 127 28 100 223 23 72 20 796 111 Dec 274 127 28 100 231 23 72 20 762 111 1948—Jan 274 28 96 220 23 70 20 764 Feb 274 28 86 209 23 69 20 448 Ivlar 193 20 End of month S d w e e n - S la w e n r i d - tz s - T k u e r y - 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 vi r o e u s s e rv f e ig s u 1 re n s ot included im 1 1 1 9 9 9 4 4 3 1 0 9 — — — D D D e e e c c c , . . . 2 3 1 2 0 6 3 8 0 5 6 5 0 6 4 2 5 9 2 9 8 2 9 8 1 1 1 9 6 0 0 8 0 4 5 2 1 2 9 » 5 8 8 9 2 3 1 1 7 2 2 1 1 1 6 7 7 6 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 - France g B iu e m l- 1942—Dec 335 824 114 1 89 68 21 185 1943—Dec 387 «965 161 1 121 89 45 229 1938—Dec 80 *759 331 44 1944—Dec 463 1,158 221 1 157 130 37 245 1939—-Aug. 3 876 «460 1945—Dec. . . 482 1,342 241 1 195 202 39 247 Dec 156 17 1946—Dec 381 J A?f\ 237 1 200 215 32 240 1940—-Aug * 293 1947— J A J O A S N M D u u e p c u o e a n l p t r g v c y y e t . . . . . . . . . . . 2 1 1 1 1 1 1 1 1 9 2 6 9 4 0 0 0 7 3 6 8 0 4 1 1 5 1 1 L L 1 1 1 1 L , , , , , , . , , 4 4 3 3 3 3 3 3 3 2 1 8 7 7 8 7 5 5 7 6 6 2 9 O 3 5 6 2 2 1 1 1 1 1 1 1 0 2 9 7 8 6 6 7 7 7 6 1 4 5 9 9 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 8 9 8 7 7 8 2 9 3 4 9 5 7 3 2 2 2 2 2 1 2 2 2 3 3 3 1 1 3 1 1 1 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 3 3 7 7 7 7 6 9 8 0 0 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 1 4 6 2 5 3 — — — — — - - - - - - - D D S D D J S D D D u e e e e e e e e e p n c p c c c c c c e t t . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 4 2 2 4 1 7 1 1 7 1 8 4 5 3 3 7 2 2 1 8 5 5 5 5 5 2 2 2 2 2 , < , , , , 1 3 5 3 5 1 2 9 3 5 4 8 9 5 6 5 4 1 7 2 1 2 4 1 5 4 7 1 1 1 1 1 1 7 7 7 7 7 7 1948—Jan 104 1,352 171 1 215 33 P240 1947--Mar... 163 5 2,345 Feb. , , 101 353 171 1 230 35 P240 June... 151 52,382 Mar.. .. 97 171 1 40 P240 Sept.... 129 *2,341 Dec... 114 52,035 P Preliminary. 1 Estimated dollar values derived by converting gold at home in amounts up to 1224.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 layed basis: U. S.—Exchange Stabilization Fund pesos per U. S. dollar. (Special A/c No. 1); U. K.—Exchange Equali- * On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance, except for Fund and Rentes Fund; Belgium—Treasury. December 1945, December 1946, December_1947 when gold holdings of Foreign Exchange Con- * Figure for end of September. trol Board are included also. « Reported figure for total British gold reserves • Figures relate to last official report dates 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 February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 4 Figure for first of month. 5 Gross official holdings of gold and U. S. » Beginning December 1943, includes gold holdings of Swiss Government. dollars as reported by British Government; total • For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. British holdings (official and private) of U. S. dollars, as reported by banks in the United * Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States are shown in table on p. 597. Exchange Equalization Account during 1939. NOTE.—For gold holdings of International Fund and Bank, see p. 600. For back figures, NOTE.—For details regarding special internal iee Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of gold transfers affecting the British and French figures, including details regarding special internal gold transfers affecting the reported data, institutions, see p. 600, footnote 4, and p. 601, see pp. 524-535 in the same publication. footnote 11. 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. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o ar n t o h r p U r o o . w u S d t o . u s S r i c l . d d t R e io .i n r m e T p o o o n t r t a h te l l d y A So fr u ic th a I R de h s o i A a - fric A a W fr e ic s a t 21 I B C e o l n g g ia o n ' U St n a i t t e e s d 4 1 I C ad a N a n 8 - orth M a ic n e o d x 8 - So iC ut o h b l o ia A m m - I I eri C ca hile I I r N ag ic u a a - 7 Austr O a th l e I r ndla $1 = 156/M grains of told »/w fine; i. e., an ounce of fine gold=$35 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 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 18,296 81,219 107,432 13,406 7,403 24,605 6,055 1947—Mar.. 51,824 28,665 1,574 1,855 5,500 9,235 ,273 856 555 1,820 490 Apr.. , 55,412 31,824 1,537 1,890 6,246 8,921 ,464 540 610 1,820 560 May., 59,738 35,308 1,508 1,820 7,220 9,412 ,130 528 502 1,785 525 June.. 57,215 33,984 1,498 1,680 6,117 9,418 ,065 553 520 1,890 490 July.. 61,314 35,396 1,554 1,855 7,319 9,149 ,112 513 636 3,220 560 Aug.., 59,057 34,875 1,541 1,855 7,033 9,131 ,079 410 684 1,960 490 Sept.. 58,321 34,692 1,516 1,820 6,979 8,668 ,044 530 658 1,925 490 Oct.. . 58,681 35,361 1,540 35 8,185 9,057 915 424 679 2,065 420 Nov.. 56,356 33,888 1,513 1,225 6,243 8,826 945 383 742 2,065 525 Dec. 34,025 1,489 1,750 7,281 9,614 680 672 2,030 490 1948—Jan.. 34,775 1,504 1,890 6,214 9,594 648 1,925 455 Feb.. 32,459 1,820 5,489 682 420 Cold 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. * Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. • 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. 1 Figures for Canada beginning 1946 are subject to official revision. • Beginning April 1942, monthly figures no longer reported. T Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year im T n o p e o t t a r l ts U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- Canada A t r i g n e a n- Mexico c p A O L a u m n a b th t l e R i i e r n c r i e s - - p P p u R i h i p b n e i - l l e - i - c t A ra u l s i - a A So fr u ic th a India c o t o r A t i h u e l e n l s r - 1942 315,678 1,955 208,917 99 40,016 39,581 321 528 4,119 129 20,008 1943 68,938 88 66,920 -10,817 —3,287 24,306 152 307 -8,731 1944 -845,392 -695,483 46,210 -50,268 109,695-58,292 199 3,572 18,365 1945 -106,250 160 53,148 -5 15,094-41,743 103 106 357 1-133,471 1946 311,494 458 -14 344,130-134,002 3,591 -403 -156 41118,550-2,613 -18,083 1947 1,866,348 488,433 162,941 27,990 445,353 335,505 -7,110 10,684-3,508 124410,691-4,423 » -338 1947 Apr. 44,050 26,341 -9,793 2, 122 26,376 1,390 -515 May 129,734 -75 26,442 9,485 262 14,867 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 52,913 94,601 217 1,425 -70 53,228 -334 -638 July 219,201 -449 1 51,820 102,405 282 1,489-1,111 60,081 -551 4 J.233 Aug. 111,657 2 2,220 90,463 330 -94 -1,543 16,042 4 4,221 Sept. 109,600 -5 22,515 13,903 499 23,444 242 1,286 -286 37,760 410,215 Oct. 450,830 245,712 140,568 14,088 -7 552 48,190 152 1,073 -56 21 4 497 Nov. 265,700 142,821 63,697 56,849 103 1,434 -252 29 997 Dec. 178,166 101,541 37,735 35,436 208 2,126 85 1,026 1948 Jan. 234,978 182,808 9,970 31 458 12,009 201 2,418 74 32,991 -5,982 Feb.p 159,388 104,264 31,301 289 211 1,102 -289 227j 23,674 -1,390 Mar? 99,943 20,274 61,931 -19,660 271 2,673-1,279 6 40,888 -5,161 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. MAY 1948 593 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 th J ro a u n g . h 2 — , 1935, Total funds in U. S. f i t n u e n s rn t d i a s tu ti o t o i f o n i n a n s l - b in a f u 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 f u l r o r e w i i g ti n e o s f : b I b r n a o f l l k a o 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 ,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 ,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 ,095.0 88.7 June (July 3) 5,531.3 2,920.7 ,012.9 ,907.8 684.1 785.6 ,042.1 98.9 S^pt. (Oct. 2) 5,831.2 3,175.9 ,195.4 ,980.5 773 .'6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 ,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). 5,607.4 3,229.7 ,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 ,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 ,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 ,068.9 ,752.0 819.7 849.6 624.9 104.3 June 302 5,636.4 3,217.0 ,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 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.1) 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Jan. 31 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 1,308.2 464.4 150.4 Feb. 28 9,959.9 5,047.3 2,006.2 3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr. 30 9,771.5 4,815.4 1,718.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 May 31 9,508.2 4,498.0 1,448.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 June 30 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 1,398.0 393.4 160.8 July 31 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156.3 '1,177.3 385.9 159.8 Aug. 31 9,516.8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 1,193.6 362.6 164.1 Sept. 30 9,008.6 4,456.0 1,298.5 3,157.5 2,645.4 178.3 1,230.3 338.8 159.9 Oct. 31 8,683.0 4,324.1 1,232.9 3,091.2 2,470.9 172.1 1,243.6 310.0 162.2 Nov. 30 8,547.9 4,262.4 1,200.0 3,062.4 2,376.4 211.6 1,254.5 290.0 153.1 Dec. 31 8,316.2 4,120.3 1,121.8 2,998.5 2,237.0 174.6 1,274.9 *367.0 142.4 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 se« BULLETIN for September 1945, pp. 960-974. 594 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 n d i i o n t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th 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 ot A h l e l r2 1939—Dec. (Jan. 3, 1940) 5,112.81,101.3 468.7 470.3 773.0 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 ,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 ,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 7,267.11,257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.41,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.41,193.7 ,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 1,338.4 ,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 1,474.0 ,258.3 269.6 1947—Jan. 31 7,628.4 585.6 369.4 319.1 769.5 342.8 ,259.5 3,645.8 967.1 ,466.3 ,247.1 302.0 Feb. 28 7,254.3 558.2 336.3 295.6 776.8 256.2 ,232.8 3,455.8 933.3 ,431.2 ,185.9 248.1 Mar. 31 7,029.7 489.6 351.4 256.7 786.1 215.8 ,262.9 3,362.5 853.1 ,384.3 ,179.8 250.0 Apr. 30 7,069.0 595.8 332.0 391.7 801.6 221.7 210.0 3,552.8 764.8 ,364.7 1,142.0 244.6 May 31 6,688.9 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 ,318.6 1,072.6 239.6 June 30 6,746.5 441.7 390.2 340.5 799.3 181.2 ,093.2 3,246.2 803.4 ,447.1 1,018.7 231.1 July 31 36,582.5 614.1 306.2 336.0 811.8 161.2 ,112.2 3,341.6 794.7 ,477.0 972.1 s-2.9 Aug. 31 6,758.8 648.5 324.6 329.8 808.0 158.1 ,161.3 3,430.2 830.3 ,531.4 958.0 8.9 Sept. 30 6,363.2 486.7 308.2 311.4 800.8 145.1 1,131.3 3,183.6 780.6 ,470.0 931.6 -2.6 Oct. 31 6,212.1 447.7 359.6 258.7 810.6 139.8 1,135.6 3,152.0 681.0 ,446.4 937.3 -4.6 Nov. 30 6,171.5 464.2 318.8 240.4 820.5 140.4 1,124.7 3,109.0 684.9 ,406.1 981.0 -9.4 Dec. 31 46,079.1 437.0 234.3 213.8 839.3 150.1 1,086.6 2,961.1 688.6 ,383.4 975.8 4 70.2 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 a e n r i - t d z- Italy E O ur th 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 ot A h l e l r2 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2 979.6 328 6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3 465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 . 4 865.2 804 4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—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. 3i 5,300.6 423.0 157.0 195.6 363.6 300.7 701.0 2.141.0 748.01,010.3 1,112.9 288.5 Feb. 28 5 047.3 381 9 129.0 197.8 370.5 227.1 673.1 1,979.3 784.7 981.0 1,043.5 258.7 Mar. 31 4,841.3 312.2 146.2 166.7 378.5 198.2 719.1 1,921.0 670.2 956.1 1,042.5 251.5 Apr. 30 4 815 4 423 1 129 6 205 0 383.6 205.4 689.2 2,035.9 519.6 1,000.0 1,012.7 247.2 May 31 4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.61,009.4 973.1 237.9 June 30 4,591.9 267.2 190.2 192.6 381.5 166.8 589.0 1,787.2 478.81,120.9 966.7 238.2 July 31 ... 4 703 2 438 1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.81,168.9 932.6 245.3 Aug. 31 . .. 4,870.3 471.2 125.6 210.0 385.5 143.1 669.2 2,004.5 484.2 1,221.0 910.8 249.7 Sept. 30 >. 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 1,769.4 420.51,144.6 884.4 237.1 Oct. 31 4 324 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. 30 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 1,749.8 319.3 1,081.3 883.5 228.5 Dec. 31 ... 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 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 i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A h l e l r2 1939—oec< (jaru 3f 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—£)ec# 3i 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 A 468.2 63.1 -298.7 -35.5 —24.9 Nov. 30 211 6 260 2 64.1 —28.6 2.4 3.0 174.1 475.2 66.4 -309.5 1.4 -21.9 Dec. 31 174.6 262.8 55.7 -30.5 1.1 5.5 178.9 473.5 65.4 -346.3 2.0 -20.1 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 See Table 1, footnote 3. 4 See Table 1, footnote 4. MAY 1948 595 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.) From Jan. 2, 1935, through- Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o 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 U er1 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. 31 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Jan. 31. ,308.2 98.1 50.0 24.7 31.5 27.0 261.8 493.0 290.0 453.2 61.0 10.9 Feb. 28. ,229.8 101.3 49.9 23.6 31.8 26.8 264.6 497.9 218.9 457.6 61.1 -5.7 Mar. 31. ,282.6 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6.4 Apr. 30. ,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 May 31 . ,380.7 103.6 49.6 2.2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 June 30. ,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.. ,177 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 -232.2 Aug. 31., ,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. ,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. ,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. 30. ,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. ,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: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h U er1 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. 3i 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 3i . 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. 30 290.0 -205.7 31.5 113.9 353.9 -15.2 42.1 320.5 -147.0 82.9 27.8 5.7 Dec. 31 3367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 385.6 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The NN et EEffffe ct off II ncreases iin FFoi reign BBkr okerage BBla lances ii n UU . SS . andd off DDecreases in Balances Held byBrokers£nd Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asiai ot A h l e l r' 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 .1 4.9 71 6 8.7 1 6 —3 4 2 1 1940—Dec. (Jan. 1 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75 7 14.1 3 9 6 3 8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17 6 3.8 6 0 1 3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19 5 5.9 3 8 1 3 1946—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 g Sept. 30 159.9 18.7 19.5 16.6 43.0 .4 14.3 112 5 20 7 18 7 7 3 g 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. 30 153.1 19.7 19.1 16.6 39.6 .4 14.1 109 5 19 0 17 3 6 5 7 Dec. 31 U42.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 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.) 1 Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. 4 Amounts outstanding Dec. 31 (in millions of dollars): foreign brokerage balances in United States, 92.1; United States brokerage balances abroad, 26.6. 596 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 Interna- 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 Asia' o A th l e l* r and Official tutions 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* 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 655.7 72.5 1940—Dec * 3,938.2 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 Iti 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 2,517.8 926.5 000 31,069.2 174^0 194 c 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 ,046.4 1,549.7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420i7 «93l!8 L,104^81,316.4 232.8 1947—Jan. 31.::. 468.9 6,034.8 3,126.3 484.4 237.2 212.2 377.2 321.0 864.3 2,496.2 855.9 1,131.8 1,293.5 257.3 Feb. 28.;.. 2,725.6 5,781.4 2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 892.7 L,102.6 1,224.2 227.5 Mar. 31.;.. 2,726.9 5,575.4 2,435.7 373.6 226 A 183.3 392.2 218.5 882.4 2,276.3 778.2 1,077.6 1,223.1 220.3 Apr. 30.... 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 1,121.6 1,193.3 216.0 May 31.... 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.6 1,130.9 1,153.7 206.7 June 30.... 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.8 1,242.5 1,147.4 207.0 July 31..;. 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.4 1,113.2 214.1 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 1,342.5 1,091.5 218.5 Sept. 30 2,665.3 5,190.1 2,008.8 369.1 195.0 216.4 395.8 150.0 7,98.3 2,124.6 528.4 1,266.1 1,065.1 205.9 Oct. 31.... 2,490.8 5,058.3 1,943.2 336.8 268.6 172.9 405.8 146.6 800.5 2,131.2 427.1 1,237.9 1,057.7 204.4 Nov. 30.... 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 1,202.8 1,064.2 197.3 Dec. 31.... 2,257.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 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 7.5 39.3 18.3 132 A 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. 30. .. 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. 31. .. 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 ia - Brazil Chile l b C om i o a - - C R o i s c t a a Cuba I W n a d n e i d s e t s M ic e o x- I l W a n n d e d i s e t s s P m an a a- Peru V zu e e n l e a - A L O a m th ti e e n r r - Gui- and ica 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... 1,237.9 245.7 22.4 103.6 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. 31.. . 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. MAY 1948 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other China India, Neth- Egypt Date Asia M c a r h n i a u a d n - - F I C r n e h d n i o c n - h a H Ko o n n g g C B a m lo n e u a n y d r , - - B l M a is r y a i h t a - - Japan l I E a n e n a d r d s - ie t s s l i P a p I h n p s i d - i l n s - eT 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 i a a s - - l N Z a e n e a w d - A S E t a n u i g n a g d y d n l a p o n - -F r r M o e c n o c c - o h A U So f n o r u i i f o c th a n 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 12A 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... 1,316.4 431 9 39.9 44.9 43 5 17.3 16.6 127 1 446.654. 7 93.8232.8 45.5 8.0 20.8 14.9 47 2 96.4 1947—Jan. 31... 1,293.5 428 7 42.1 39.2 42 5 8.8 17.2 117 4 448.360. 8 88.5257.3 40 9 8.2 19.8 16.0 82 5 89.9 Feb. 28. .. 1,224.2 389 7 36.0 40.8 44.2 7.1 17.7 116 6 430.556. 5 85.1227.5 59 4 8.3 18.4 16.9 33 9 90.7 Mar.31. .. 1,223.1 373 2 39.1 38.9 40 7 7 2 18.7 122 9 447.155.8 79.4220.3 40 4 9.6 19.6 16.5 43 7 90.5 Apr. 30... 1,193.3 369 1 38.4 39.0 36 1 8 3 18.9 103 7 438.965.4 75.6216.0 38 7 8.7 19.0 16# 1 47 3 86.2 May 31. . . 1,153.7 354 3 40.5 41.5 33 4 9 6 18.0 95 4 432.257.0 71.8206.7 36 2 8.7 20.5 14.9 50 0 76.5 June 30. .. 1,147.4 339 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. .. 1,065.1 269.7 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. .. 1,057.7 263 3 8.7 43.6 55 0 12 4 25.5 59 7 470.939. 7 78.9204.4 43 8 6.5 25.8 11.4 43 3 73.6 Nov.30. 1,064 ? 250 9.3 41.8" 56 7 16 s 28 9 65.9 476.039 79.7197 3 34 8 6 S 26.9 10 9 46 3 72.7 Dec. 31. .. 1,057.9 229 9 6.5 39.8 62 4 11 0 31.3 69 3 488.637. 6 81.5193.7 30 6 5.9 25.0 10.1 46 4 75.8 Footnotes to table on preceding page. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 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. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asiai ot A he ll r i 1938—Dec# (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 13.5 135.4 274.9 60.4 99.1 144.1 15 5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec (Jan 1 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 ... . 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3 9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec 31 392 8 25 4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9 9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Jan. 31 730.7 50.5 9.9 136.6 11.7 14.9 83.8 307.3 48.8 260.4 94.5 19.8 Feb. 28 .. . . 754.6 39.4 13.0 153.7 12.2 17.7 83.9 319.8 43.0 279.6 85.0 27 1 Mar. 31 798.4 35.8 15.6 155.8 11.4 20.6 92.6 331.8 39.0 308.6 88.9 30.1 Apr 30 801.8 42.4 21.1 51.0 8.3 22.0 106.4 251.3 36.4 381.7 98.1 34 3 May 31 880.2 39.6 18.8 39.3 9.5 23.8 113.1 244.1 36.8 438.0 127.3 34.0 June 30 933.0 39.3 20.1 49.0 7.8 24.1 127.6 268.0 36.4 424.9 173.3 30.5 July 31 979.2 36.9 21.4 47.2 10.2 24.3 138.8 278.9 34.0 444.9 185 0 36 3 Aug. 31 967.3 34.1 20.9 45.9 9.8 23.6 139.7 274.0 32.2 451.8 177.7 31.7 Sept 30 957.2 29 2 22.1 46.8 9.3 23.2 137.9 268.6 29.1 447.7 177 5 34 3 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. 30 923.9 31.8 14.9 47.2 5.7 23.6 135.6 258.9 26.5 477.5 127.7 33.3 Dec. 31 960.9 29.2 23.4 49.1 7.0 21.1 130.9 260.6 27.5 514.3 127.0 31.5 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 598 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 Other Bel- Den- Fin- Ger- Luxem- Nor- Por- Ru- Swe- Yugo- All Date Europe mark land many Greece bourg way tugal mania Spain den USSR slavia other 1942—Dec. 31 56.3 C1) 5.6 34.0 1.1 2.4 0) 3.2 .4 0) 0) 8.4 1943—Dec. 31 52.9 .7 0) 7.6 33.9 .6 .2 1.4 0) 3.2 .2 0) 0) 5.0 1944—Dec. 31 78.3 .7 C1) 0) 33.9 .6 35.1 .8 C1) 1.8 .2 0) C1) 5.1 1945—Dec. 31 74.6 .6 0) 33.9 .7 31.6 .5 1.6 .9 0) C1) 4.7 1946—Dec. 31 82.8 7.5 W 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 C) C1) 9.4 1947—Jan. 31 83.8 7.1 .6 6.4 30.3 12.4 0) 3.7 .9 () 7.3 5.5 C1) 0) 9.5 F A J A S O J N D M M u u e e e u p c o a l n b a p c t g r y v y r . . e . t . . . . . 3 2 3 3 3 3 3 3 3 3 3 1 8 0 0 1 1 0 1 0 1 1 1 1 1 1 1 1 1 1 1 9 8 0 3 3 3 3 3 3 2 1 2 3 6 9 5 8 7 0 5 7 3 . . . . . . . . . . . 6 9 7 4 8 9 9 6 4 6 1 1 1 1 1 1 1 9 8 8 8 7 3 0 1 2 5 0 . . . . . . . . . . . 9 0 0 9 4 2 2 9 1 0 3 2 1 1 . . . . . . . . . . . 2 0 1 4 3 3 4 6 6 4 6 1 1 1 1 1 1 9 8 6 8 7 7 1 7 7 3 1 . . . . . . . . . . . 3 1 0 1 1 9 9 5 8 1 4 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 4 4 4 5 5 3 3 5 3 3 3 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 3 2 2 0 2 2 . . . . . . . . . . . 2 0 5 9 0 8 4 6 6 8 8 0 0 0 0 ) ) ) )' 1 4 4 5 5 9 9 6 7 8 8 0 . . . . . . . . . . . 2 2 9 0 2 4 3 1 0 0 3 1 1 1 1 1 . . . . . . . . . . . 2 0 0 5 3 9 1 2 1 3 3 1 1 1 1 1 1 4 6 6 7 0 1 2 2 2 2 2 . . . . ) . . . . . . 2 9 9 0 9 0 0 0 0 0 3 3 6 3 4 1 1 1 1 . . . . . . . . . . 7 8 2 5 6 2 3 3 3 9 4 6 9 8 9 9 5 7 7 5 7 7 . . . . . . . . . . . 7 0 3 6 3 3 4 4 1 5 6 0 ( C C 0 0 0 0 . . * 1 1 1 1 ) ) ) ) ) ) ) ) 0 ( C C 0 ( C ( 0 C 0 l ) ) 1 1 1 1 ) ) ) ) ) ) ) ) ) 3 3 3 2 2 3 3 3 3 1 1 7 0 5 2 2 6 6 6 0 5 3 . . . . . . . . . . . 5 9 4 2 2 6 3 1 6 8 Latin America Nether- French lands West West Other Latin Co- Indies Indies Latin Date Amer- Argen- Bo- Brazil Chile lom- Costa Cuba and Mexico and Pana- Peru Vene- America tina livia bia Rica Gui- Suri- j ma zuela ica ana nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 C1) 11.2 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 0) 8.6 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 1.1 1.9 6.1 33.4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 25.5 1.3 3.7 8.7 23.1 1947—Jan. 31 260.4 49.1 2.6 54.4 13.1 29.9 3.4 35.5 C1) 27.0 5.4 10.4 27.1 Feb. 28 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 28.8 1.7 6.5 15.6 27.9 Mar. 31. 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 30.7 2.2 7.0 19.6 33.9 Apr. 30 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 33.7 .1 2.2 7.8 15.4 37.3 May 31 438.0 60.7 5.3 150.2 20.3 36.4 3.6 60.1 34.8 .0 2.1 7.6 19.2 36. June 30 424.9 57.6 3.6 160.9 17.4 40.3 3.9 46.0 32.9 .0 2.6 5.6 16.7 36. July 31 444.9 65.8 3.3 164.1 20.5 35.7 3.9 53.3 27.6 .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 31.0 .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 0) 30.2 .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 C1) 39.5 1.2 4.9 6.7 14.6 33.4 Nov. 30 477.5 66.4 2.9 162.0 22.3 31.2 3.6 91.5 0) 38.3 1.2 5.0 6.1 15.1 31.9 Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 0) 52.2 4.7 4.3 15.3 31.0 Asia and All Other India, Egypt China Bur- Brit- Neth- Phil- and Union and French Hong ma, ish er- ippineTur-Other All Aus-New AngloFrench of Date Asia Man- Indo- Kong and Ma- Japan lands Is- key Asia other tra- Zea- Egyp- Mo- South Other chu- China Cey- laya East lands lia land tian rocco Africa ria lon Indies Sudan 1942—Dec. 31 35.3 11.1 C1) .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 ! C1) 1.7 1.2 1943—Dec. 31 26.3 1.7 (1) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 A (i) 2.4 .7 1944—Dec. 31 51.4 1.5 0 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 0) 9.7 1.0 1945—Dec. 31 29.9 1.0 (x) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 .3 .1 4.7 2.5 1946—Dec. 31 99.2 53.9 (1) 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1L.I .4 (i) 10.1 2.2 1947—Jan. 31 94.5 43.8 .1 5.0 12.7 .5 .2 1.1 25.3 1.4 4.5 19.8 4.3 L2 .4 0) 10.5 3.4 Feb. 28 85.0 36.8 0) 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 L.3 .4 C1) 14.7 4.5 Mar. 31 88.9 41.2 0) 4.1 14.6 1.0 .2 1.4 20.3 2.0 3.9 30.1 6.5 :L.5 .5 16.0 5.5 Apr. 30 98.1 47.0 0) 4.0 14.2 1.3 .2 1.9 22.4 2.5 4.5 34.3 7.5 L.3 .4 !i 18.3 6.8 May 31 127.3 76.1 C1) 3.5 13.2 1.1 .2 1.5 23.2 2.7 5.8 34.0 6.6 L.6 .4 .4 18.9 6.0 June 30 173.3 104.8 3.5 32.8 2.2 .2 20.2 3.3 5.8 30.5 9.0 L.O .3 .i 15.2 5.0 Tuly 31 185.0 110.7 !i 3.1 33.7 1.6 .3 !5 25.1 3.2 6.7 36.3 11.3 L.7 .2 18.8 4.2 Aug. 31 177.7 108 2 .3 3.1 27.5 1.6 .3 .5 24.5 3.5 8.4 31.7 9.0 L.5 .2 !3 15.8 4.9 Sept. 30 177.5 103.7 3.2 2.1 27.5 .8 .3 .7 24.5 5.6 9.0 34.3 10.2 L.4 .7 .3 15.0 6.7 Oct. 31 164.6 78.6 3.3 2.2 28.9 1.0 .3 .4 27.7 13.1 9.1 36.3 12.0 2.0 .2 .6 14.5 7.0 Nov. 30 127.7 41.3 3.3 1.9 28.2 .8 .3 .4 29.0 12.9 9.6 33.3 10.2 \2.3 .2 .4 14.2 6.0 Dec. 31 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.4 17.7 6.3 31.5 9.0 L.5 .1 .5 14.4 6.0 1 Less than $50,000. MAY 1948 599 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 1948 1947 International Fund International Bank Feb. Nov. Aug. May Mar. Dec. Sept. Mar, Gold 1,357 1,356 1,345 1,333 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,559 1,626 1,929 2,030 United States 165 267 335 420 Other members 3,869 3,630 3,304 3,155 Other members 914 909 873 624 Unpaid balance of member subscriptions. 1,176 1,309 1,342 1,202 Investment securities (U. S. Govt. obli- Other assets 0) (x) C1) 0) gations) 410 412 407 148 Member subscriptions 7,961 7,922 7,922 7,722 Calls on subscriptions to capital stock3.. 5 5 45 411 Accumulated net income -2 -1 Loans (inch undisbursed portions) 497 497 455 Other assets 7 3 3 Bonds outstanding 250 250 250 1948 1947 Loans—undisbursed 94 197 223 Currency bought 2 Other liabilities 2 4 2 (Cumulative figures) Mar. Feb. Jan. Dec. S C p a e p c i i t a a l l3 reserve 1,653 2 1,645 1 0 ,6 ) 45 1,603 Accumulated net income 1 -1 -2 -1 C B h el i g le ia a n n f p r e a s n o c s s 3 8 3 . . 8 0 33.0 2 8 2 . . 8 0 1 8 1 . . 8 0 c Corrected. Danish kroner 6.8 3.4 3.4 3.4 1 Less than $500,000. French francs 125.0 125.0 125.0 125.0 2 As of Mar. 31, 1948, the Fund has sold 594.1 million U. S. dollars; Indian rupees 28.0 in addition, 1.5 million pounds sterling was sold to the Netherlands Mexican pesos 22.5 22.5 22.5 22.5 in May 1947. Netherlands guilders. 68.5 68.5 52.0 52.0 3 Excludes uncalled portions of capital subscriptions, amounting to Norwegian kroner... . 2.5 6,610 million dollars as of Mar. 31, 1948, of which 2,540 million repre- Turkish liras 5.0 5.0 5.0 5.0 sents the subscription of the United States. Pounds sterling 300.0 240.0 240.0 240.0 Total. 506.2 478.7 CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r io cu n l 3 a- Deposits ti l O e ia s t b h a i e l n i r d Coin Notes vances Bankers' Public Other capital 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29\7 42.0 17.9 1940—Dec. 25 .2 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 2 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 '.2 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 J947—Apr. 30 .2 1,450.0 1.0 62.6 18.0 344.8 1,387.6 303.7 6.9 98.0 17.8 May 28 .2 1,450.0 1.3 56.1 8.7 353.9 1,394.1 301.9 5.0 95.1 18.0 June 25 .2 1,450.0 1.8 55.2 20.6 337.0 1,395.0 290.3 8.0 98.3 18.1 July 30 .2 1,450.0 2.4 30.9 28.6 364.6 1,419.3 301.8 11.3 95.1 18.3 Aug. 27 .2 1,450.0 2.5 56.8 16.6 332.0 1,393.4 282.0 14.0 93.4 18.4 Sept. 24 .2 1,450.0 2.3 73.7 14.6 325.9 1,376.5 289.6 16.2 92.1 18.5 Oct. 29 .2 1,450.0 2.0 89.4 5.9 318.9 1,360.8 288.8 13.8 95.9 17.8 Nov. 26 .2 1,450.0 1.5 109.8 4.5 302.1 1,340.5 292.5 14.0 93.3 18.0 Dec. 31 .2 1,450.0 .3 100.5 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Jan. 28 .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 M,350.0 2 118.6 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 51,300.0 54.4 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 .5 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings ;and 2 t h S r e e c e u p ri e ti n e c s e . and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary issue see BULLETIN for February 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. 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold n S d S t e t U a rl t n i e n i s g ted securities O as t s h e e t r s irc N ul o a t t e ion2 lia O b a t i n h l d i e ti r es dollars S te h r o m r t- i Other Ch b a a r n te k r s ed D g o o m v i e n rn io - n Other capital • 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1 1 9 9 4 4 0 1 — — D D e e c c . . 3 3 1 1 . . (*> 2 3 0 8 0 . . 4 9 4 39 4 1 8 . . 8 4 2 1 1 2 6 7 . . 7 3 3 1 3 2 . . 5 4 3 4 5 9 9 6 . . 9 0 2 2 1 3 7 2 . . 7 0 7 1 3 0 . . 8 9 9 6 . . 5 0 3 2 5 8. . 5 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 ,186.2 565.5 60.5 93.8 42.7 1947—Apr. 30. 1.0 ,186.0 751.2 59.2 ,153.9 542.6 195.7 35.9 May 31. 1.0 ,123.0 731.0 41.3 ,148.1 477.6 179.4 32.6 June 30. 4.0 ,063.7 716.0 40.4 ,152.6 474.4 105.6 54.4 36.9 July 31. .7 ,081.9 722.6 42.0 ,153.7 468.3 124.1 63. 37.3 Aug. 30. 2.4 ,141.5 720.3 39.0 ,158.9 515.0 133.6 58.7 37.1 Sept. 30. 1.9 ,088.0 744.7 49.5 ,172.2 481.1 128.2 62.0 40.5 Oct. 31. .7 ,136.4 799.4 53.1 ,179.4 548.7 143.4 71.2 46.9 Nov. 29. 1.4 ,039.9 820.6 46.2 ,182.3 536.7 84.2 62.0 42.8 Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Jan. 31. 931.3 863.2 48.2 ,157.5 538.3 44.6 60.6 41.7 Feb. 28. . 974.4 825.7 47.2 ,156.3 531.8 60.8 75.0 24.0 Mar. 31. 985.2 806.7 62.7 .180.8 519.2 42.2 86.7 25.9 Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e t n o t Deposits Other (Figures in Foreign Other Note liabilimillions of francs) Gold 6 ex- circula- ties change m O a p r e k n et7 Special' Other c F c u o o p r s a t t o s i c o 8 - n Other » assets• tion G m ov e e n r t n- C.A.R.io 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... "97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... "84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—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—Mar. 27... i«82,817 5 83,613 694 85,221 426,000 79,500 58,083 746,266 767 63,880 5,021 Apr. 30... 82,817 6 85,120 134 80,901 426,000 55,000 a108,758 770,670 770 62,304 4,992 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 iU 03,846 775,053 745 66,745 4,599 June 26... 82,817 6 82,983 84 87,134 426,000 95,000 i»119,662 807,064 834 76,747 9,040 July 31... "64,817 6 99,114 8 85,195 426,000 113,600 «120,046 831,587 792 71,329 5,075 Aug. 28... 64,817 3 97,490 20 98,224 426,000 124,900 18105,639 838,442 750 70,651 7,250 Sept. 25... "52,817 7 107,877 130 101,935 426,000 139,300 131O3,O67 852,195 779 71,299 6,861 Oct. 30... 52,817 10 108,050 250 132,913 426,000 127,800 ^t08,155 867,700 762 81,030 6,502 Nov. 27... "65,225 13 111,368 285 150,065 426,000 116,000 «110,303 879,492 846 87,513 11,408 Dec. 31... 65,225 12 137,397 64 117,826 426,000 147,400 13121,061 920,831 733 82,479 10,942 1948—Jan. 22i5... 65,225 9 145,814 64 125,687 426,000 120,700 iH04,474 891,546 771 82,849 12,808 Mar. 25... 65,225 15 157,997 12 147,841 426,000 155,000 i3108,979 773,199 791 271,034 16,045 I Securities maturing in two years or less. 8 Includes notes held by the chartered banks, which constitute an important part of their reserves. * Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. • From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. 10 Central Administration of the Reichskreditkassen. " 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." II 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. 16 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. MAY 1948 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) date of month) Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 938 999 2,940 Deposits 162,117163,308164,311166,174 Other gold and foreign exchange. 2,799 2,672 2,227 Other liabilities and capital 38,733 40,387 38,835 38,077 Government securities 1,032 1,032 A 939 Temporary advances to Govt... 67National Bank of Costa Rica— Rediscounts and loans to banks1. 14,380 13,833 9,356 Issue dept. (thousands of colones): Other assets 2,575 2,613 2,119 Gold 11,498 11,255 Currency circulation 2 5,379 5,257 4,110 Foreign exchange , 20,593 13,465 Deposits—Member bank 528 458 531 Contributions to Int'l. Fund and Government 1,737 1,629 741 to Int'l. Bank 30,321 30,321 Nationalized x 13,186 12,963 11,530 Loans and discounts 69,675 62,510 Other 119 96 75 Securities 3,943 4,045 Other liabilities and capital.... 774 747 661 Other assets 783 1,352 Note circulation 87,653 74,715 Commonwealth Bank of Aus- Demand deposits 42,438 42,011 tralia (thousands of pounds): Other liabilities and capital 6,723 6,223 Gold and foreign exchange 189,652180,046223,024 Checks and bills of other banks. . 2,511 2,533 2,178 National Bank of Czechoslovakia Securities (incl. Government and (millions of koruny): Treasury bills) 437,539440,237382,956 Gold and foreign exchange 8.... 4,380 5,156 4,999 Other assets 27,804 23,323 11,813 Loans and discounts 12,291 12,793 3,599 Note circulation 192,643193,643198,680 Other assets 54,861 54,917124,525 Deposits of Trading Banks: Note circulation—Old (9) 931 Special 273,110 269,610277,534 New 57,020 56,009 42,904 Other 26,904 23,297 21,063 Deposits—Old (9) 71,665 Other liabilities and capital 164,849159,590122,693 New 2,811 4,998 9,133 Other liabilities and capital 11,702 11,858 8,490 National Bank of Belgium (millions of francs): National Bank of Denmark Gold 25,896 25,348 25,980 27,722 (millions of kroner): Foreign exchange 13,378 12,515 13,307 9,787 Gold 71 71 71 71 Net claim on Int'l. Fund 3 544 544 486 2,464 Foreign exchange 123 103 100 98 Loans to Government 49,791 51,026 50,982 50,088 Contributions to Int'l. Fund and Other loans and discounts 7,166 7,870 7,883 3,828 to Int'l. Bank 65 65 65 Claim against Bank of Issue.. 64,597 64,597 64,597 64,597 Clearing accounts (net) i 3 -14 115 Other assets 1,932 2,240 2,289 2,328 Loans and discounts 17 14 20 21 Note circulation 77,442 79,140 79,736 74,690 Securities 99 102 113 70 Demand deposits 5,241 4,485 5,309 5,328 Govt. compensation account 5,530 5,532 5,571 6,482 Blocked accounts 4 78,565 78,572 78,576 79,248 Other assets 195 188 192 217 Other liabilities and capital 2,056 1,943 1,903 1,549 Note circulation 1,527 1,540 1,571 1,506 Deposits—Government 1,852 1,871, 1,873 1,656 Central Bank of Bolivia—Mone- (Dec. Other 2,573 2,516 2,527 3,760 tary dept. (millions of bolivianos): 1947)5 Other liabilities and capital 148 149 145 152 Gold at home and abroad 951 922 Foreign exchange 177 185 Central Bank of Ecuador Loans and discounts 280 316 (thousands of sucres): Government securities 806 431 Gold 275,243 ,168275,084 273,196 O N t o h t e e r c a ir s c s u e l t a s tion 1,84 3 8 3 1,68 3 6 8 F N o e r t e i c g la n i m ex c o h n a n In ge t' l. ( n F e u t) nd 3 2 1 7 6 , , 1 8 6 8 3 1 , , 0 8 4 7 3 7 2 1 2 6 ,8 87 8 7 4 2 1 5 6 , , 7 8 1 7 1 7 Deposits 168 193 Loans and discounts 199,257 ,063211 871202,767 Other liabilities and capital 231 12 Other assets 102,173 ,234103 744127,365 Note circulation 303,852 ,296313 142331,322 National Bank of Bulgaria 6 Demand deposits 243,752 ,626233 070268,659 Other liabilities and capital..... 73,211 ,463 247 45,934 Central Bank of Chile (millions of pesos): National Bank of Egypt (thou- Gold 7 1,158 1,157 1,164 239 sands of pounds): Foreign exchange (net) 130 161 103 Gold ,376 6,376 6,376 Net claim on Int'l. Fund 3 3 3 3 43 Foreign exchange ,089 13,480 15,089 Discounts for member banks 1,120 1,031 1,031 763 Loans and discounts 263 6,681 3,829 Loans to Government 805 805 805 1,124 British, Egyptian, and other Other loans and discounts 1,374 1,087 1,171 1,014 Government securities 873306,083306,508 Other assets 1,239 1,205 1,214 1,855 Other assets 435 28,701 24,074 Note circulation 4,277 4,012 3,947 3,599 Note circulation 982133,530133,792 Deposits—Bank 847 790 751 729 Deposits—Government ,831 89,684 85,246 Other 301 255 435 242 Other 310120,787123,482 Other liabilities and capital 404 393 358 468 Other liabilities and capital 913 17,321 13,357 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold 150,645149 526 ,494220,250 Gold 36,741 36,786 37,256 Foreign exchange 17,100 43 ,772 22,585 Foreign exchange (net) 46,788 39,969 48,289 Net claim on Int'l. Fund a 21,867 21 867 21,867 Net claim on Int'l. Fund 3 1,564 1,564 1,563 Paid-in capital—Int'l. Bank... 1,225 1 ,225 1,225 Loans and discounts 2,646 4,975 1,468 Loans and discounts 129,595111 ,722 56,348 Government debt and securities. 5,467 5,462 5,575 Government loans and securities.105,907104, 349 84,326 Other assets 1,588 1,707 1,615 Other assets 45,444 46 ,234 32,714 Note circulation 57,402 57,259 56,483 Note circulation 270,933 274,534 517235,064 Deposits 31,907 27,623 30,941 Other liabilities and capital 5,485 5,581 8,343 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 5 Latest month available. 6 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 7 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 8 Gold not reported separately beginning Dec. 31, 1946. 9 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1947 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Ethiopia—Issue (Dec. Bank of Italy (millions of lire): dept. (thousands of dollars): 1947)1 Gold 525 525 523 Gold 1,458 Foreign exchange 13 267 ,712 8,699 Silver 5,685 8,243 Advances—Treasury 608 654 608856 484,450 Foreign exchange 27,464 36,882 Other Govt. agencies 16 16 21,887 Treasury bills 2,832 2,460 Loans and discounts 150 170 ,601 55,921 Other assets 28,331 20,274 Government securities 130 363 ,364105,630 Circulation—Notes 37,433 47,560 Other assets 74 028 ,864 36,411 Coin 27,769 17,932 Bank of Italy notes 715 385 ,714441,133 Other liabilities and capital 567 2,365 Allied military notes 61 372 82,830 Deposits—Government 6,771 Bank of Finland (millions of Demand ,653 69,657 markkaa): Other ,745 94,948 Gold 135 135 91 2 Other liabilities and capital.., ,456 18,182 Foreign assets (net) 1,642 971 560 3,248 Clearings (net) -2,898 -2,712 -2,587 -7,099 Bank of Japan (millions of yen): Loans and discounts 33,855 32,469 31,843 30,580 Cash and bullion 3 265 264 1,444 Securities 406 376 378 452 Advances to Government 59 122 522 16,774 Other assets 1,653 507 779 1,072 Loans and discounts 50 686 749 51,911 Note circulation 26,776 24,448 23,258 20,944 Government securities 93 108 762 65,101 Deposits 1,876 1,167 1,288 1,753 Reconversion Fin. Bk. bonds. . 38 196 955 2,545 Other liabilities and capital 6,141 6,131 6,518 5,558 Other assets 10 969 832 4,388 Note circulation 215 319 049115,726 Bank of Greece (billions of drach- (Nov. Deposits—Government 11 075 008 10,251 mae): 1947)1 Other 17 923 269 11,260 Gold and foreign exchange, (net). 641 772 Other liabilities 11031 758 4,927 Loans and discounts 19 8 Advances—Government 760 670 Bank of Java2 Other 1,079 685 Other assets 135 77Bank of Mexico (millions of pesos): Note circulation 829 559 Monetary reserve 3 609 627 628 688 Deposits—Government 81 77 "Authorized" holdings of securi- Other 229 166 ties, etc ,501 1,458 1,516 1,653 Other liabilities and capital 1,495 1,409 Bills and discounts 660 655 654 535 Other assets 104 148 128 105 Bank of Guatemala (thousands of Note circulation ,678 1,690 1,696 1,697 quetzales): Demand liabilities 759 819 817 1,057 Gold 27,229 27,229 27,228 Other liabilities and capital 437 380 413 228 Foreign exchange 23,625 22,769 23,345 Gold contribution to Int'l. Fund. 1,250 1,250 1,250Netherlands Bank (millions of Rediscounts and advances 3,073 3,182 guilders): Other assets 10,048 9,708 '8,277 Gold 509 551 582 520 Circulation—Notes 30,704 30,236 30,471 Silver (including subsidiary coin) 3 3 3 2 Coin 2,901 2,899 2,777 Foreign bills 380 394 335 109 Deposits—Government 8,138 8,233 5,371 Loans and discounts 175 161 153 174 Banks 14,013 13,112 13,776 Govt. debt and securities 3,500 3,500 ,500 3,600 Other liabilities and capital 9,470 9,659 7,705 Other assets 230 210 195 109 Note circulation—Old 124 124 125 137 National Bank of Hungary (mil- New 2,948 2,897 ,911 2,766 lions of forint): Deposits—Government 921 1,014 857 680 Gold 403 403 403 314 Blocked : 77 80 138 74 Foreign exchange 43 60 104 98 Other 488 464 509 689 Discounts 1,687 1,601 1,624 511 Other liabilities and capital 240 240 227 168 Loans—Treasury 340 340 340 340 Other assets 252 200 184 413 Reserve Bank of New Zealand Note circulation 1,973 1,942 1,962 1,173 (thousands of pounds) : Demand deposits—Government. 184 149 122 45 Gold 2,802 2,802 2,802 Other 176 130 194 65 Sterling exchange reserve 73,164 66,133 84,938 Other liabilities and capital 393 382 376 393 Advances to State or State undertakings 43,756 43,902 31,053 Reserve Bank of India (millions of Investments 7,868 7,868 3,868 rupees): Other assets 2,229 1,558 1,431 Issue department: Note circulation 48,694 49,345 46,968 Gold at home and abroad.. 444 444 444 Demand deposits 76,069 67,932 72,053 Sterling securities 11,353 11,353 11,353 Other liabilities and capital 5,056 4,986 5,072 Indian Govt. Securities. ... 828 578 578 Rupee coin 368 369 205 Bank of Norway (millions of kroner): Note circulation 12,868 12,622 12,420 Gold 320 324 336 Banking department: Foreign assets (net) 497 482 554 Notes of issue department.. 125 123 160 Loans and discounts 34 76 58 Balances abroad 3,848 3,717 4,772 Securities 71 72 76 Treasury bills discounted... 23 34 32 Occupation account (net) 8,094 8,094 8,108 Loans to Government 3 2 Other assets 50 47 52 Other assets 927 1,119 942 Note circulation 1,976 2,008 1,883 Deposits 4,926 4,738 5,620 Deposits—Government | 3,774 3,846 4,925 Other liabilities and capital. 294 256 287 Banks 1,408 1,365 733 Ce o n f tr p a o l u B nd a s n ) k : of Ireland (thousands Other liabil O B it l i t o e h s c e k r a e n d d capital 3 8 6 4 9 7 1 4 2 3 8 7 2 0 4 9 3 4 9 3 3 2 6 5 9 0 4 Gold 2,646 2,646 2,646 2,646 Sterling funds I 41,113 40,312 40,813 37,568 Note circulation 43,759 42,958 43,459 40,214 1 Latest month available. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand MAY 1948 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 721 721 721 1,870 Gold 5,625 ,624 5,605 ,960 Foreign exchange (net) 25,696 24,738 ,736 33,350 Foreign exchange 67 101 131 158 Net claim on Int'l. Fund1 2,709 2,709 ,709 1,545 Loans and discounts 235 185 236 80 Paid-in capital—Int'l. Bank -16 -16 -16 -121 Other assets 104 82 86 84 Loans and discounts 18,249 17,000 ,000 5,400 Note circulation 4,185 ,166 4,150 ,932 Government loans and securities. 8,362 8,776 ,968 9,821 Other sight liabilities 1,148 ,123 1,200 ,109 Other assets 1,262 1,140 ,014 518 Other liabilities and capital 698 703 707 240 Note and coin issue 45,686 44,049 ,591 37,170 Demand deposits 8,366 8,291 ,092 13,019 Central Bank of the Republic of Other liabilities and capital 2,932 2,729 ,449 2,192 Turkey (thousands of pounds): Gold6 478,550 477,961477,932 653,002 Central Reserve Bank of Peru Foreign exchange and foreign (thousands of soles): clearings 197,766228,291 254,807 268,831 Gold and foreign exchange. . . 107 149 78,111 Loans and discounts 602,520 595,790597,580 548,255 Net claim on Int'l. Fund 1.... 20 496 20,491 Securities 191,559 196, 184,704 Contribution to Int'l. Bank. . 2 480 2,480 Other assets 32,953 37 27,451 Loans and discounts to banks . 124 863132,595 Note circulation 867 ,346 873,306 860,840 976,765 Loans to Government 708 129 610,140 Deposits—Gold 151,802 151,802 802182,604 Other assets 87 »-65,589 Other 240,553280,705 981291,405 Note circulation 696 098 619,008 Other liabilities and capital 243,646221,940 238,309 231,470 Deposits 244 201,250 Other liabilities and capital... 110 89,147 Bank of the Republic of Uruguay (Dec. (thousands of pesos): 1947)4 Bank of Portugal (millions of Gold 265,076 298,611 escudos): Silver 12,525 12,940 Gold 618 5,608 Paid-in capital—Int'l. Bank.... 314 318 Foreign exchange (net) 715 12,127 Advances to State and govern- Loans and discounts 397 387 ment bodies 50,783 16,012 Advances to Government 280 1,302 Other loans and discounts 182,378 135,469 Other assets 491 461 Other assets 263,765381,169 Note circulation 454 8,359 Note circulation 240,789 224,268 Demand deposits—Government 699 3,066 Deposits—Government 54,802 37,099 Other 443 7,602 Other 251,207 252,758 Other liabilities and capital 905 857 Other liabilities and capital 228,044330,395 National Bank of Rumania 2 Central Bank of Venezuela (thousands of bolivares): South African Reserve Bank Gold7 684,054603,077 557, 408 617,912 (thousands of pounds): Foreign exchange (net) 63,973 86,089 108, 16,624 F O O D G N O o e t t t o o h h h r p t l e e e e e d o i r r r s g s c i n l a b i t i r s s i a c l b s b l u e i s i l t l l l s a a i s t t n i i e o d s n l a o n an d s capital 2 1 6 8 6 0 1 1 6 2 2 7 3 4 0 , , , , , , , 8 9 3 8 0 1 0 3 1 4 2 5 3 3 9 2 4 0 5 7 5 1 1 5 6 1 9 ( 8 D 6 3 3 7 5 4 7 e , , , , , , , 5 0 0 4 c 5 1 7 . 8 9 9 5 8 7 5 9 4 4 4 8 3 1 , , , , , , , 0 9 4 9 0 1 3 4 2 1 5 9 3 9 1 9 8 2 2 7 8 Na o t f i O D O N o Y n e t t o u h h p a t e e g e o l r r o s c B s i l a i t i l r s s a a a c s b n v u e i k t i l l s a a i t t i 2 o i e o f s n a N — t n h a d C e ti e c o K n a n t p a i r i n l a t l a g b l d B a o n a m k n s k . . 6 1 5 1 7 4 3 6 7 5 5 , , , , , 7 5 6 4 9 1 3 5 5 7 3 2 3 7 8 5 1 8 2 9 4 3 3 9 4 5 , , , , , 8 6 5 2 0 5 3 7 9 9 2 9 0 3 1 5 1 9 1 3 7 0 7 7 1 3 , , , 006 4 1 3 6 9 7 6 6 3 1 0 , , , , , 8 5 4 0 3 6 7 1 7 4 2 6 2 0 0 Bank of Spain (millions of pesetas): 1947)4 Bank for International Settle- Gold 1,215 ,214 ments 8 (thousands of Swiss gold Silver 500 522 francs): Government loans and securities. 15,568 ,773 Gold in bars 122,429108,020 101,510 82,688 Other loans and discounts 10,398 ,952 Cash on hand and on current Other assets 3,666 ,659 account with banks 42,637 20,868 23,486 9,144 Note circulation 26,014 ,390 Sight funds at interest 251 250 496 496 Deposits—Government 658 ,307 Rediscountable bills and accept- Other 3,870 ,954 ances (at cost) 23,846 25,288 27,739 27,589- Other liabilities and capital 805 468 Time funds at interest 15,913 17,662 15,506 12,983 Sundry bills and investments. . . 58,414 59,406 60,509 74,582 Bank of Sweden (millions of kronor): Funds invested in Germany 9. . . 291,160 291,160 291,160 291,160s Gold 213 223 229 585 Other assets 1,161 256 210 496 Foreign assets (net) 308 373 404 453 Demand deposits (gold) 17,650 17,650 17,665 18,128 Swedish Govt. securities and ad- Short-term deposits (various vances to National Debt Office5 ,716 ,867 ,702 ,011 currencies): Other domestic bills and advances 141 111 116 146 Central banks for own ac- Other assets 355 364 335 467 count 48,463 17,139 16,354 8,110* Note circulation ,730 ,736 ,734 ,640 Other 8,970 9,452 9,290 1,501 Demand deposits—Government. 632 633 613 547 Long-term deposits: Special ac- Other 103 297 163 118 counts 228,909 228,909 228,909 228,909* Other liabilities and capital 268 272 276 356 Other liabilities and capital 251,819 249,761248,400 242,490' r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. '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. 8 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Latest month available. 1 Includes small amount of non-Government bonds. • 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. • Before March 1947, included in "Sundry bills and investments." 604 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 o i i n m t g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l z a w e n r i d - t- b C an e k n t o ra f l — R A 3 a p 0 t r e . eff D ec a t t i a ve ba C n e k n t o r f a — l R A 3 a p 0 t r e . eff D ec a t t i e ve In effect Dec. 31, Albania;::?... Mar. 21, 1940 Ireland. 38 Nov. 23, 1943 1937..... Argentina:?!.. Mar. 1, 1936 Italy... Sept. 6, 1947 May 10, 1938.. Austria July 3, 1945 Japan.. Apr. 7, 1936 May 13 Belgium Aug. 27, 1947 Java... 3.29 Jan. 14, 1937 May 30 Bolivia Nov. 8, 1940 Latvia. 3 Feb. 17, 1940 Sept. 28 5 Oct. 27 Nov. 25 Jan. 4,1939.. Bulgaria! Aug. 14, 1946 Lithuania;:: July 15, 1939 Apr. 17 Canada.:!.... Feb. 8, 1944 Mexico..-..., June 4, 1942 May 11 Chile. Dec. 16, 1936 Netherlands June 27, 1941 July 6 Colombia July 18, 1933 NewZealand. July 26, 1941 Aug. 24 Costa Rica::!. Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29. Czechoslovakia Oct. 28, J945 Peru Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 Jan. 25,1940.. Denmark Jan. 15, 1946 Portugal.:::. Jan. 12, 1944 Apr. 9 Ecuador June 8, 1943 Rumania.... May 8, 1944 May 17 El Salvador. Oct. 15, 1946 South Africa. k June 2, 1941 Mar. 17, 1941.. Estonia.:: Oct. 1, 1935 Spain Oct. 27, 1947 May 29 Finland:: Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 Jan. 16, 1945.. Jan. 20 Feb. 9 France .. Oct. 9, 1947 Switzerland.. Nov. 26, 1936 Nov. 7,1946.. Turkey July 1, 1938 Dec. 19 Ge_r.:. any. Apr. 9, 1940 United King- Jan. 10, 1947.. Greece. .. Aug. 16, 1946 dom 2 Oct. 26, 1939 Hungary.: Nov. 1, 1947 U.S.S.R.... 4 July 1, 1936 Aug. 27 India Nov. 28, 1935 Yugoslavia.. 1-4 Jan. 1, 1947 Oct. 9 In effect Apr. 30, NOTE.—Changes since Mar. 31: None. 1948 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—Feb 4.63 4.08 3.84 4-3 .52 1933—Feb .83 .78 .73 .50 1934—Feb .95 .86 .88 .50 1945—Feb .38 .28 .63 .50 1936—Feb 1.06 .55 .53 .75 .37 1937—Feb .78 .55 .53 .75 3.74 .18 1938—Feb .65 .53 .50 .75 2.57 .00 1939—Feb .68 .53 .51 .75 1.50 .00 1940—Feb .75 1.04 1.02 1.00 1.25 .25 1941—Feb .62 1.03 1.02 1.00 2.00 .25 1942—Feb .55 1.03 1.00 1.04 1.58 .25 1943—Feb .51 1.03 1.00 1.10 1.65 .25 1944—Feb .39 1.03 1.00 1.13 1.69 .25 1945—Feb .37 1.03 1.00 1.00 1.60 .25 1946—Feb .36 .53 .51 .63 .36 1.18 1.00 .25 1947—Feb .40 .53 .51 .63 .39 1.72 1.46 .25 1947—Mar.. .40 .53 .51 .63 .41 1.65 1.19 .25 Apr... .41 .53 .51 .63 .41 1.59 1.11 .25 May. .41 .53 .51 .63 .46 1.45 1.08 .25 June. .41 .53 .51 .63 .45 1.46 .86 .25 July.. .41 .53 .51 .63 .51 1.52 1.09 .25 Aug.. .41 .53 .51 .63 .46 1.30 1.00 .25 Sept.. .41 .53 .51 .63 .44 1.08 .75 .25 Oct... .41 .53 .51 .63 1.64 .95 .95 .38 Nov.. .41 .53 .51 .63 2.12 .93 .74 .38 Dec. .41 .53 .51 .63 2.04 1.13 .53 .38 1948—Jan.. .41 .54 .51 .63 2.02 1.28 .57 .50 Feb.. .41 .56 .50 .63 1.38 .78 .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. MAY 1948 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL ]BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n l L l k io o s s . n n t e s d r o F o li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a o s l o n h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- r T d e r e c e p e a i o s p u s t i r t s 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 1941—December 366 141 171 758 999 823 324 3,329 2,168 1.161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December .... 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1945—December.: 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—March 466 444 750 1,317 ,455 1.034 465 5,556 3,606 1,950 374 April 476 435 709 1,346 ,461 1,064 470 5,583 3,628 1,956 376 May . . 460 430 659 1,350 ,470 1,099 489 5,571 3,593 1,978 386 June 464 451 672 1,330 ,479 1,131 518 5,658 3,667 1,992 386 July 475 442 699 1,283 ,488 1,139 504 5,644 3,668 ,975 386 August 479 455 724 1,248 ,492 1,154 473 5,628 3,663 ,965 396 September . . . 465 472 758 1,193 ,493 1,155 476 5,615 3,653 1,962 397 October 468 466 825 1,147 ,500 t ,185 487 5,690 3,713 ,977 387 November 488 476 799 1,196 ,500 1,205 492 5,767 3,781 ,986 389 December 502 480 793 1.288 ,483 1,219 567 5,935 3,962 1,972 396 1943—January 476 460 800 1,217 ,480 1,231 513 5,776 3,821 1,955 401 February 465 442 713 1,157 ,485 1,280 500 5,642 3,670 ,942 400 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o n l r i n e o d t d n h o s l b f l o a i a f g r n u s k ) r s e . s re C se a r s v h E es ntire S l e y lo c i u a n n r i s t C y ana d lo d i a O s a c n t o s h u e a n r n t d s d a f a u b n o l b e o a d r r e a n o f i n r n k g a o s s e n d m t Securities O as t s h e e t r s ci N t r i c o o u n t l e a- e T x o c t lu a d l ing i D n e te m rb an a d nk de T po im si e ts li c a O a b a p t i n h l i d i t e t a i r l es 1941—December 356 32 1.169 168 t,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 1,049 1943—December 471 48 1,156 250 I,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 .1,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1945—December 753 136 1,507 132 4,232 1.039 21 6,252 2,783 3,469 1,525 1947—March 695 121 1,555 195 4,239 993 21 6,188 2,569 3,619 11,590 April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 1,594 May 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 1,563 June 637 106 11,709 126 4,131 1,041 20 6,152 2,508 3,644 1,578 July 645 99 ,761 119 4,110 1,036 20 6,170 2,481 3,690 ,580 August 670 82 .805 116 4,109 1,014 19 6,186 2,412 3,774 ,591 September 663 83 2,027 113 3,963 933 19 6,193 2,387 3,806 ,570 October 702 93 1,931 102 3,882 1,156 19 6,283 2,531 3,753 ,563 November . 695 92 2,065 107 3,850 1,051 18 6,279 2,569 3,710 ,562 December . . 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 1948—January 698 77 1,953 97 3,972 1,029 18 6,281 2,457 3,824 L.526 February 679 70 1,933 108 3,968 1,017 18 6,227 2,346 3,881 .531 Assets Li.ibilities France (4 o f l a m rg o e n t b h a n fi k g s u . r es E in nd Cash Due from Bills dis- Other Deposits Own lia O b t i h li e t r ies millions of francs) reserves banks countecI assets Total Demand Time ances ca a p n i d tal 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 7J,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 ne,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 1945—December 17,943 18,919 195,177 64,933 23,392 291,894 29(1,004 1,890 15,694 12,777 1947—Tanuary 17,267 20,241 195,750 67,084 18,367 295,444 29.1,484 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 30,1,742 1,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 30.1,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68,656 22,377 311,244 308,256 2,988 17,606 10,360 June 27,316 20,419 196,762 73,569 22,866 312,289 30SM37 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 37.1,415 2,978 21,932 12,695 September 20,950 20,451 209,323 85,712 31,391 331,219 37?,438 2,781 23,149 13,459 October 19,696 19,018 211,760 86,269 32,338 330,949 37/ ,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 December 22,551 19,410 219,374 86,344 37,291 342,166 33£5,710 3,457 25,175 17,628 i 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. 3 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 606 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] Ar ( g p e e n so ti ) na A ( u p s o t u r n a d l ) ia Bel- (c B ru r z a e z ir i o l 1) C (d a o n ll a a d r) a C (p h es i o le ) C (y h u i a n n a Year or month Official S E p x e p c o ia rt l Official Free ( g fr i a u n m c) Official Free Official Free Official Export Sh h a a n i) g- 1941 29.773 23.704 322.80 321.27 6.0575 0705 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 1427 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 1469 90.909 89.853 1945 29.773 25.125 2322.80 '321.17 22.2860 6.0602 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—May 29.773 25.125 320.91 2.2831 4406 100.000 91.954 June 29.773 25.125 320.90 2.2832 4406 100.000 91.592 July 29.773 25.125 320.90 2.2818 5.4406 100.000 91.652 August 29.773 25.125 320.92 2.2821 5.4406 100.000 91.998 September 29.773 25.125 321.12 2833 5.4406 100.000 90.362 October 29.773 25.125 321.19 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 2789 5.4406 100.000 89.062 March 29.773 25.125 321.21 2793 5.4406 100.000 89.280 April 29.773 25.125 321.23 2.2796 5.4406 100.000 90.633 Year or month C (p o b e l i s o a o m ) - s C (k lo z o v e ru c a n h k a o ia ) - ( m D kr a e o n r n k e - ) ( l m F a k i a n a n r ) d - k- Offici F a (f l r r a a n nc c ) e Free ( H K do o o ll n n a g g r) ( I r n up d e ia e) I (l t i a ra ly ) ( M p i e c e s o x o - ) e N ( r g l e e a u r t i n ) l h d d - - s 1941. 57.004 22.0101 24.592 30.137 2 5.0703 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 37.933 1946. 57.020 2.0060 '20.876 .8409 30.155 2.4434 20.581 37.813 1947. 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 1947—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 2.0060 20.863 .8404 30.176 20.576 37.768 December.. 56.980 2.0060 20.860 .8403 30.177 20.575 37.699 1948—January 56.991 2.0060 20.860 5.8400 30.172 20.576 37.654 February.. . 57.010 2.0060 20.860 • .4671 «.3270 30.168 20.575 37.714 March 57.010 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 April 57.010 2.0060 20.860 .4671 .3277 30.169 20.578 37.765 United Uruguay Year or month (p l Z N a o e n e u a w n d - d) N (k o r r o w ne a ) y P (e o s g c r a u t l u do - ) ( S A 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 a l t n l l i a t e t r s s - ) (k S d r w o e n n e a - ) e S (f r w r l a a i n n t 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 1941 322.54 2 4.0023 398.00 29.130 47.133 23.829 23.210 403.50 403.18 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 323.46 399.05 403.50 3463! 02 65.830 55.159 1946 322.63 2 20.1762 4.0501 400.50 29.132 25.859 223.363 403.28 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—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 1948—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 April 322.51 20.160 3.9966 400.75 9.132 27.826 23.363 403.15 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. 1 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. MAY 1948 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbersl U S n ta i t t e e s d Canada Mexico K U in n g it d e o d m France Italy Japan N l e a t n h d e s r- Sweden Sw la i n tz d er- Year or month (19 1 2 0 6 0 ) = (19 1 2 0 6 0 ) = (19 1 2 0 9 0 ) = (19 1 3 0 0 0 ) = (19 1 3 0 8 0 ) = (1 1 9 0 3 0 8 ) i = (19 1 3 0 3 0 ) = ( J J u u n ly e 1 1 9 9 3 3 8 9 - (19 1 3 0 5 0 ) = (Ju = l y 1 0 1 0 9 ) 14 = 100) 1926 100 100 2 124 106 132 150 2 126 144 1934 75 72 95 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 P5.158 5,103 271 199 224 1947—April 148 123 300 187 847 »-4,536 3,121 268 197 221 May 147 125 299 189 946 5,203 3,323 268 198 221 June 148 128 297 190 904 5,329 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 '202 224 October 159 139 304 199 1,129 '6,010 7,833 274 '203 230 November 160 143 306 203 1,211 5,647 8,599 277 204 232 December 163 144 303 204 1,217 P5,516 8,863 280 '205 232 1948—January 166 147 302 212 1,463 9,144 P279 207 234 February 161 147 304 217 1,537 P279 208 234 March 161 147 303 217 PI.535 J>235 p Preliminary. ' 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. 2 Approximate figure, derived from old index (1913 == 100). Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926 = 100) (1926 = 100) (1930= 100) (July 1938-June 1939 = 1G0) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p a g c w a o a t r u o n t r d a l u e y s n - d d F f u a c m g l h c l o a t i y e o u n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d r u u a s c w - ts p f I r in n o tr i d d s i u a h u l s e c - d ts 1926... 100 100 100 100 100 100 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 . . .. 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 ••112 106 94 158 175 172 193 184 1946 . . 149 131 110 '118 109 99 158 184 200 282 261 1947 181 169 135 '126 130 117 165 207 214 328 276 1947—April 177 162 132 '123 126 112 163 200 215 316 274 May 176 160 132 '125 128 113 165 203 206 321 275 June 178 162 131 '125 129 116 166 203 205 323 277 July 181 167 133 '126 131 116 168 207 207 337 276 August . 182 172 136 '126 133 117 167 209 204 338 276 September 186 179 138 '127 134 123 165 213 205 339 277 October 190 178 140 129 139 128 167 218 213 339 277 November 188 178 142 '133 143 131 171 221 227 341 279 December 197 178 146 '137 145 132 172 222 236 342 279 1948—January 199 180 148 '141 148 137 174 235 *>235 P340 P279 February 185 172 '148 '139 147 137 181 237 P233 »340 P280 !March 186 174 148 138 147 137 181 239 P Preliminary. ' Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 5 t 0 t e e 0 -3 d s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 - 17 F = ( r 1 a 9 1 n 3 0 c 8 0 e N (1 = l e a 9 t 1 n h 1 1 d e 0 - 0 r s 1 ) - 3 ( l 1 J a e 9 u r n - 1 n d 4 e Y m e o a n r t o h r ( U S 1 = 9 n ta 3 i 1 5 t t 0 e e - 0 3 d s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - 0 -3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 - 17 F = ( r 1 a 9 1 n 3 0 c 8 0 e N (1 = l e a 9 t 1 n 1 h 1 0 d e 0 - s r 1 ) - 3 ( l 1 J a e 9 u r n 1 - n d 4 e = 100) = 100) 1936 101 98 130 120 120 1936 99 98 147 2 132 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945... 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 S101 1,043 222 1947 159 136 3 101 1,030 217 1947-April 188 152 168 830 216 1947-April 156 131 203 837 213 May. 188 155 162 883 220 May 156 133 203 886 216 June 191 158 U61 941 222 June 157 135 1203 935 217 July 193 160 U01 974 221 July 158 136 U01 965 217 August 197 161 99 ,089 222 August 160 137 100 ,068 218 September 204 165 100 ,187 222 September 164 139 101 ,157 218 October. .. 202 171 101 ,309 229 October.. . 164 142 101 ,268 223 November, 203 174 103 ,378 230 November. 165 144 103 ,336 223 December. 207 179 103 ,393 230 December. 167 146 104 ,354 223 1948-January... 210 182 104 ,437 230 1948-January... 169 148 104 ,414 224 February.. 205 186 108 ,541 230 February.. 168 150 106 ,519 224 March 202 186 ,518 P229 March 167 151 1,499 P223 p Preliminary. *The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August 1947, p. 255. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 3 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 203 for retail food prices and 166 for cost of living. Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S ( U d p t n e a r r i i t c i t e v e e s e ) d d i C (1 = a 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 K 1 (D 9 U i 2 e n n 1 c g i e = t d m e 1 o d 0 b m 0 e ) r F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r 3 - ( U 1 S = 9 t n 3 a i 1 5 t t 0 e e - 0 3 s d ) 9 C (1 = a 9 1 n 3 0 a 5 d 0 - ) 3 a 9 4 ( K 1 U 9 in 2 n 6 g i = t d e o 1 d m 00) 1 ( F D 9 r 3 e a 8 ce = n m c 1 e b 0 e 3 0 r ) (1 N l 9 a e 3 n t 8 h d = e s 1 r 6 0 - 0) Number of issues. . . 15 (2) 87 50 13 402 100 278 S295 37 1939.... 113.8 98.2 112.3 114.2 94.2 75.9 112 1940 115.9 95.1 118.3 7114.2 88.1 77.4 70.8 M40 1941 117.8 99.4 123.8 M43.4 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 ' io^o" 139.9 115.7 96.2 875 1947 121.5 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.7 1947—April 122.8 117.9 132.6 138.6 104.3 119.3 104.8 96.6 ,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 L.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 L.265 206.5 September. .. 121.5 119.0 126.4 125.2 106.6 123.1 104.1 88.7 L,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 1,294 212.9 December.... 117.0 117.9 130.1 122.2 103.7 122.4 106.2 92.6 L ,211 215.3 1948—January 117.4 108.6 130.5 118.9 120.1 107.5 93.9 1,301 February.... 117.5 108.6 130.6 119.1 114.2 102.2 91.1 1,229 March 118.0 103.4 130.0 P119.2 116.4 101.5 90.2 p]1,239 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative bond for each group. The average, yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Arerage 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. MAY 1948 609 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 WINFIELD W. RIEFLER, Assistant to the Board to the Board to the Chairman 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 R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Second Vice President ALFRED H. WILLIAMS J. T. BROWN, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JAMES H. PENICK, ST. LOUIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JAMES M. KEMPER, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist JOHN K. LANGUM, Associate Economist J. E. WOODS, DALLAS DISTRICT T. BRUCE ROBB, Associate Economist JOHN H. WILLIAMS, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Mar\et Account HERBERT V. PROCHNOW, Secretary 610 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 rTcsiueuLJS Boston Albert M. Creighton Laurence F. Whittemore Robert B. Harvey2 Alfred C. Neal Harold D. Hodgkinson William Willett E. G. Hult Carl B. Pitman E. 0. Latham 0. A. Schlaikjer 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. Poorman3 Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R. W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers T. A. Lanford J. F. Porter L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. Chicago Clarence W. Avery C. S. Young Allan M. Black2 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson J. H. Dillard Alfred T. Sihler E. C. Harris St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery C. A. Schacht Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead William B. Pollard C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy8 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom* W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City. ... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis William B. Pollard Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager. MAY 1948 611 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. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS BUSINESS LOANS OF MEMBER BANKS. From March, (From Federal Reserve Bulletin except as otherwise indicated) May, June, July, and August 1947 issues of BULLETIN. 80 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert R. THE BRITISH CRISIS. September 1947. 12 pages. Koch. March 1947. 11 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- AND BUSINESSES. September 1947. 2 pages. MENT FINANCING, by Frieda Baird. March 1947. FINANCIAL POSITION OF MANUFACTURING AND TRADE 6 pages. IN RELATION TO SIZE AND PROFITABILITY, 1946, VALUES AND LIMITATIONS OF CONSUMER FINANCIAL by Albert R. Koch and Charles H. Schmidt. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. September 1947. 12 pages. Young and Duncan McC. Holthausen. March REVISION OF NATIONAL INCOME AND PRODUCT STA- 1947. 9 pages. TISTICS. September 1947. 12 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC STERLING IN MULTILATERAL TRADE, by J. Burke DEBT BY BANKS. April 1947. 4 pages. Knapp and F. M. Tamagna. September 1947. 8 NEW GUATEMALAN BANK LAW, by David L. Grove. pages. April 1947 BULLETIN with translation of new Bank Law. 39 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan Smith and Philip T. Allen. October 1947. 13 TERM LENDING TO BUSINESS BY COMMERCIAL BANKS pages. IN 1946, by Duncan McC. Holthausen. May 1947. 20 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1947. October 1947. 4 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 THE CURRENT INFLATION PROBLEM—CAUSES AND pages. CONTROLS, by Marriner S. Eccles. December 1947. 8 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO BUSINESS, by Tynan Smith. June 1947. 17 FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by pages. Philip T. Allen. December 1947. 6 pages. SURVEY OF CONSUMER FINANCES—I. EXPENDITURES FARM PRODUCTION LOANS AT COMMERCIAL BANKS, FOR DURABLE GOODS AND INVESTMENTS. June by Herman Koenig and Tynan Smith. Decem- 1947. 17 pages. ber 1947. 8 pages. SURVEY OF CONSUMER FINANCES—II. CONSUMER IN- THE STRUCTURE OF INTEREST RATES ON COMMER- COMES AND LIQUID ASSET HOLDINGS. July 1947. CIAL BANK LOANS TO FARMERS, by Richard Young- 15 pages. dahl. December 1947. 10 pages. SURVEY OF CONSUMER FINANCES—III. CONSUMER BANK LOANS TO FARMERS. From the October and SAVING IN 1946 AND OWNERSHIP OF SELECTED December 1947 issues of BULLETIN. 36 pages. NONLIQUID ASSETS. August 1947. 12 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE SURVEY OF CONSUMER FINANCES. From the June, 1929, by Morris A. Copeland and Daniel H. Brill. July, and August 1947 issues of BULLETIN. 44 January 1948. 9 pages. pages. RETAIL CREDIT SURVEY—1946. From July 1947 PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT BULLETIN with supplementary information for AGAINST THE DEMAND AND TIME DEPOSITS OF BANKS, by Marriner S. Eccles. January 1948. 10 nine separate trades. 40 pages. (Also, RETAIL pages. CREDIT SURVEY—1942, 1943, 1944, and 1945. From the July 1943, June 1944, May 1945, and THE FEDERAL RESERVE CHART BOOK AS AN AID TO June 1946 BULLETIN, with supplementary infor- BANK MANGEMENT, by Charles H. Schmidt. April mation for separate trades.) 1948. 9 pages. THE STRUCTURE OF INTEREST RATES ON BUSINESS STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS LOANS AT MEMBER BANKS, by Richard Youngdahl. OF THE FEDERAL RESERVE SYSTEM BEFORE THE July 1947. 17 pages. JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Marriner S. Eccles on April 13, 1948. MEMBER BANK LOANS TO SMALL BUSINESS, by Charles H. Schmidt. August 1947. 16 pages. 7 pages. MAY 1948 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 31 1 BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES BOARO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. c P 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis