Federal Reserve Bulletin, 1948-06

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WlNFIELD W. RlEFLER The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Recent Developments in Business Finance. 615-622 Industrial Differences in Large Corporation Financing, by Charles H. Schmidt 623-633 1948 Survey of Consumer Finances: Part I. Expenditures for Durable Goods. 634-648 Part II. The Distribution of Consumer Income in 1947. 649-656 Estimated Liquid Asset Holdings of Individuals and Businesses. 657-658 Annual Report of the Bank of Canada. . 659-665 Law Department: Real Estate Loans—Reconstruction Finance Corporation Participations. 666 Reserves—Central Reserve City Banks; Supplement to Regulation D Amended 666 Current Events and Announcements. . 667-66$ National Summary of Business Conditions. . 669-670 Financial, Industrial, Commercial Statistics, U. S. (See p. 671, for list of tables) . 671-728 International Financial Statistics (See p. 729, for list of tables). 729-747 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 748 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 749 Federal Reserve Publications. . 750-753 Map of Federal Reserve Districts. . 754 Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 34 June 194S NUMBER 6 RECENT DEVELOPMENTS IN BUSINESS FINANCE The business enterprises of the country large volume over the past two years and have now been operating for almost two their cost has been exceptionally low. The years at practically full capacity and under total used by business concerns undoubtedly conditions of rising prices. Over-all business exceeded that of any previous two-year expenditures have been in record volume. In period. Over this period there has been inpart this has reflected the large operating re- creasing reliance on the security markets as quirements for inventories, customer financ- a source of financing, although direct loans ing, and the day-to-day expenses that are to businesses by banks and insurance comnecessitated by an exceptionally large volume panies expanded more, both in dollar of sales. In part it has resulted from business amounts and percentagewise, than in any investment programs undertaken at rising other two-year period on record. costs to provide increased facilities—plant and The financial position of business corporaequipment—to meet large postwar demands. tions as a group today is still strong. This Business expenditures of the past two years is true despite the use since the end of the have been financed in part by the large vol- war of a large volume of liquid assets for tax ume of available internal funds, and in part payments as well as for financing inventories, by substantial acquisitions of funds from ex- accounts receivable, plant, and equipment, ternal sources. Funds obtained from internal and despite a large volume of debt financing. sources averaged more than 15 billion dollars Business holdings of liquid assets in relation a year in 1946 and 1947, or almost three-fifths to sales are still somewhat above the prewar of total corporate uses of funds. The internal levels, and in relation to current liabilities funds were derived primarily from undis- they are substantially above such levels. The tributed profits but also from the use of liquid building up of the shareholders' equity assets—cash and United States Government through the large volume of undistributed securities—accumulated during the war. profits, together with numerous stock issues, The large volume of undistributed profits has resulted in an equity-to-debt ratio for has reflected chiefly the unprecedented vol- business corporations in the aggregate that ume of sales, but it has also been due to some is slightly above that of 1939. extent to the reduction in taxes from high USES OF FUNDS wartime rates. Prices have risen substantially, the dollar volume of business has been The record rate of business operations that higher than ever before, and business profits, has prevailed since the latter part of 1946 has the residual element of the business sales been the principal factor giving rise to the dollar, have also risen sharply. large volume of business expenditures. Op- Funds from external sources have been in erations at approximately full capacity and at JUNE 1948 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE ESTIMATED PRINCIPAL USES AND SOURCES OF CORPORATE mulation is a business use of funds directly FUNDS * affected by the volume of sales. The percentage increase in such accumulation was about In billions As percentof dollar age of total Item half as great in 1947 as it was in 1946, but in 1947 1946 1947 1946 the first quarter of 1948 it again became large. The sharp rise in inventories thus far in 1948 Uses may prove to be an important factor in the Plant and equipment expenditures. 14.7 11.6 56 43 Inventory accumulation 6.7 7.5 25 28 business situation, for it has occurred prin- Increase in customer financing 5.1 5.4 19 20 Federal income tax payments in excess of allowances 0.0 2.5 0 9 cipally in trade as contrasted to manufactur- Total 26.5 27.0 100 100 ing industries. Throughout the past two Sources years, but particularly in 1947, the rise in Internal, total 14.9 16.8 56 62 prices has accounted for a large part of the Funds retained from operations2. 14.4 10.4 54 38 increase in business inventories. Reduction in liquid assets 0.5 6.4 2 24 External, total 11.1 9.0 42 33 Bank loans 3.0 3.3 11 12 MANUFACTURING AND TRADE INVENTORIES Security issues and mortgages. . . . 4.8 2.7 18 10 Trade credit 1.0 3.0 4 11 [In billions of dollars] Federal Government for income taxes due .... ... 2.3 0.0 9 0 Other net sources and statistical Increase discrepancy 0.5 1.2 2 5 On hand in first quarter Total 26.5 27.0 100 100 Industry Mar. Dec. Mar. Dec. 1 Excludes banks and insurance companies. Also, in contrast 31, 31, 31. 31, 1948 1947 to certain figures quoted in later sections of the article, excludes 1948 1947 1947 1946 unincorporated enterprises. 2 Profits, after income taxes and cash dividends, plus depreciation allowances. Manufacturing: SOURCE.—Department of Commerce. Durable goods industries. 13.5 13.3 12.2 11.1 0.2 1.1 Nondurable goods industries 15.4 14.7 13.2 12.3 0.7 0.9 a high and rising price level necessitated a Total 28.9 28.0 25.4 23.4 0.9 2.0 Trade: large volume of working capital. Business Wholesale 8.2 7.5 6.7 5.9 0.7 0.8 Retail 11.7 9.9 10.0 8.7 1.8 1.3 investment in plant and equipment to modernize operations and to expand capacity for NOTE.—Monthly estimates of the Department of Commerce. For manufacturing and trade, figures are not additive since the former are on a revised, and the latter on an unrevised, basis of probable future requirements has also been estimation. These figures, unlike those used in the gross national product tabulations for all businesses, are not adjusted for invenaffected by the exceptional volume of post- tory revaluation. war demand and by the high cost of such The expansion of inventories since the end investment. of the war has resulted in a generally more Aggregate corporate sales in 1947 probably balanced composition of such inventories for exceeded 300 billion dollars, approximately peacetime purposes, even though some cona fourth larger than those in 1946 or 1944, cerns have undoubtedly overextended their the previous peak peacetime and wartime inventory positions. Stocks of durable goods years. Sales last year in all broad industrial have generally increased relative to those of groups were the largest on record. The nondurable goods, and finished goods have largest increases over 1946 occurred in indus- increased relative to raw materials and goods tries manufacturing durable goods. Thus far in process. in 1948 total business sales have continued Business inventories as a whole and in most high, although they are down seasonally lines, though high, are still not excessive in from the level prevailing in the latter part relation to the scale of current operations as of 1947. compared with such relationships in prewar Inventory accumulation. Inventory accu- years. Such relationships, however, accord- 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE ing to experience in past business cycles, are per cent above 1929, the two prewar years not unequivocal gauges of the adequacy or during which expenditures were largest. inadequacy of inventories. Inventory-sales Some increase in expenditures would probratios have not increased substantially re- ably be shown even if allowance were made cently, but this is only because large increases for the rise in construction costs and equipin sales have continued. Generally speaking, ment prices. it is only when sales level off, or actually de- Expenditures for plant, as compared to cline, that total inventories tend to become •those for equipment, have represented a excessive. Moreover, the current inventory larger proportion of the total in the last quarsituation differs greatly among industries. ter of 1947 and thus far in 1948 than pre- In such manufacturing industries as iron and BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT steel, nonferrous metals, and petroleum, for example, current inventories are undoubtedly BILLIONS OF DOLLARS BILLIONS OF DOLLARS low by whatever standard may be used, whereas in some lines of metal products, rubber, and textile manufacturing industries they may already be high. Plant and equipment expenditures. The dollar volume of business expenditures on plant and equipment, which had already reached a record level in the first half of 1946, has grown considerably since then. Plans of businesses in the aggregate, according to Securities and Exchange Commission and Department of Commerce data, indicate expenditures for the year 1948 in excess of those 1937 1939 1947 1948 * Estimates based on anticipated expenditures of business. of 1947; this would not be true for all lines NOTE.—Securities and Exchange Commission and Department of Commerce estimates. "All other" includes primarily railroads of business. The rate of growth during the and other transportation, electric and gas utilities, communications, trade, services, and finance, but excludes agriculture. past twelve months, after taking account of seasonal factors, has slowed up somewhat. viously in the postwar period. For the post- The plans of business enterprises to com- war period as a whole, however, equipment plete their postwar expansion programs as expenditures have constituted a higher prosoon as possible have been facilitated since portion of total expenditures than in the premid-1947 by high volumes of new construc- war period, reflecting the substantial amounts tion and of machinery and other equipment that have been spent to modernize existing production. Such construction and equip- productive facilities and the expansion of ment, however, have been available only at plants in some lines during the war. Almost steadily increasing costs. three-quarters of total expenditures since the The total dollar volume of new plant and end of the war have been for new equipment, equipment expenditures of businesses for the and equipment prices have advanced relayear 1947 as a whole, as shown in the chart, tively less than plant construction costs. totaled 16.2 billion dollars, about twice the Business plans call for a further increase in amount expended in 1941 and more than 75 plant and equipment expenditures in 1948 of 617 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE approximately 15 per cent above the record UNDISTRIBUTED CORPORATE PROFITS 1947 volume. The postwar expansion pro- BILLIONS OF DOLLARS BILLIONS OF DOLLARS 12 12 grams of many companies in such important broad industrial groups as electric light and ALL OTHER power, railroads, petroleum, chemicals, and MANUFACTURING AND MINING food still involve sizable expenditures before they will be completed. In addition, expenditures of commercial and service establishments in 1948 are expected to rise above the 1947 levels reflecting in part the absence of restrictions on construction expenditures in these industries such as were in effect in the first half of 1947. INTERNAL FUNDS 1929 1937 1939 1946 1947 * Undistributed profits were negative for "all other"group Undistributed profits. The very high dol- in these years. NOTE.—Department of Commerce lar volume of sales of the past two years has been accompanied by an unusually large volume of profits since profit margins have generally been maintained. A higher portion of volume of sales discussed earlier and in part these profits than in earlier years has been from continued high profit margins, parretained by business management, and undis- ticularly for manufacturing companies. A tributed profits, as in prior prosperous pe- Federal Reserve compilation of financial data riods, have provided most of the new equity based on the published reports of 200 of the funds for business. In 1947, over 61 per cent largest manufacturing corporations in the of profits after taxes was retained and rein- country indicates that the average (median) vested, as compared to 55 per cent in 1946 and profit after income taxes was 7.8 cents per only 31 per cent in 1929. The ready availa- dollar of sales in 1947 as compared with 6.7 bility of such funds in large volume not only PROFIT MARGINS OF LARGE CORPORATIONS IN SELECTED facilitated business operations during this INDUSTRIES period but also undoubtedly led some con- Ratios of Profits after Income Taxes to Sales or Operating cerns to increase their expansion plans. Revenues Aggregate undistributed corporate profits, [In per cent] as shown in the accompanying chart, totaled Manufacturing approximately 11.0 billion dollars in 1947, as Quarter Rail- Electric Telecompared to 6.9 billion in 1946, the previous D g u o r o a d b s le d N ur o a n b - le roads power phone goods annual high; 5.9 billion in 1943, the wartime peak; and 2.6 billion in 1929. Thus far in 1947—1st 7.4 11.0 4.4 17.8 8.3 2nd 6.8 8.9 5.7 16.1 4.4 3rd 6.7 10.1 5.1 13.2 4.9 1948 undistributed profits on an annual basis 4th 6.8 11.0 6.7 14.3 6.6 appear to have remained close to the high 1948—1st 7.4 11.0 3.2 15.5 7.1 1947 level. NOTE.—The industrial groups are represented as follows: man- The rise in corporate profits in 1947 re- ufacturing—105 durable goods companies and 95 nondurable goods companies; Class I railroads (about 130 companies); Class sulted in part from the increase in the dollar A and B electric utilities (about 218 companies); 30 telephone companies. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE cents in 1946 and 7.2 cents in 1939. Quarterly over 3,100 leading companies shows that the profits data for these same manufacturing ratio of profits after taxes to net worth in companies and for large corporations in other 1947 varied from over 30 per cent in such selected industries, as are shown in the ac- manufacturing industries as cotton goods, companying table, indicate that profit mar- lumber, and household equipment to less gins, for most of these groups of large cor- than 5 per cent in such nonmanufacturing porations at least, reached a high point in the industries as railroads and traction and bus first quarter of 1947, declined during the transportation, and to deficits for the aircraft spring and summer, but have since recovered and parts manufacturing and air transport a good part, if not all, of their mid-1947 de- industries. clines. Estimates for all corporations as a Liquid assets. In addition to the funds regroup indicate an even more favorable com- tained from current operations, businesses parison of current with prewar profit mar- have been able during the postwar period to gins ; this is due primarily to the exceptionally draw on liquid assets as a source of financing. small number of unprofitable companies in These assets had been accumulated during business today as contrasted to prior years. the war years. In 1946 the liquid assets of These data on profit margins, it should be business corporations in the aggregate denoted, relate to profits after all costs and creased 6l/ billion dollars. Since 1946, how- 2 taxes. Since corporate income tax rates are ever, such assets have decreased only slightly, much higher now than they were before the by approximately l/ billion dollars in 1947. 2 war, the relationship between corporate sales Most of the decrease in 1946, it will be reand total costs exclusive of income taxes has called, resulted from the liquidation of tax probably been more favorable recently than notes and other Government securities to in most previous prosperous years. One im- meet the high excess profits taxes payable that portant factor affecting this relationship has year on the previous year's income. The exbeen the smaller relative increase in overhead cess profits tax was no longer levied on 1946 as against direct costs during the period of corporate income. Since early 1947 corporate rising prices. Many concerns may of course holdings of Government securities have debe extremely susceptible to serious difficulties clined less rapidly and holdings of cash have in the event of even moderate declines in the increased somewhat. volume of production because of the lower Changes in liquid asset holdings in these profit margins that accompany such declines. two years, and especially in 1947, have varied For corporations in the aggregate the ratio considerably among different lines of busiof profits after taxes to net worth, which ness. This is illustrated by the data for large measures the book value of the owners' corporations in 14 selected industries shown investment in corporations, rose sharply in in the article "Industrial Differences in Large 1947 to approximately 10.5 per cent, about Corporation Financing," pages 623-33 of V/ 2 times the ratio in 1946 and 1943, the this BULLETIN. previous peacetime and wartime peaks, and No large additional reduction in the liquid more than double the rate in 1929. A com- asset holdings of business enterprises is likely pilation of annual corporate financial data even though current holdings are still large prepared by the National City Bank of New relative to those of prewar years. Business York and based on the published reports of management is keeping a larger dollar vol- JUNE 1948 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE ume of liquid assets on hand either to meet Thus commercial and industrial loans of increased operating requirements for funds banks in various classes of cities, as is shown resulting from higher prices or to meet pos- in the table, experienced approximately the sible future contingencies. In fact, some in- same percentage increases last year, indicatcrease in such holdings may be expected if ing that the business loan demands of a sales and corporate income taxes payable variety of diflferent-sized borrowers were incontinue to increase, thus raising the require- volved. Petroleum, sales finance, and food, ment for liquid funds for operating purposes, and if the disbursements of concerns that BUSINESS LOANS OF MEMBER BANKS have completed their postwar expansion pro- Amount outstanding Percentage grams are substantially less than their re- (In billions of dollars) change Type of bank ceipts. 1 J 9 u 2 4 n , 8 e ! D 1 3 9 e 1 4 c , 7 . J 1 3 u 9 0 n 4 , e 7 D 1 3 9 e 1 4 c , 6 . 1 H 9 1 4 a s l 8 t f 2 H 1 1 9 a s 4 l t 7 f Y 19 e 4 a 7 r EXTERNAL SOURCES OF FUNDS All member, total... . * 17.0 13.8 13.2 * 5 29 As the period of practically capacity opera- Central reserve city 6.4 6.8 5.3 5.2 -5 3 31 Reserve city 6.9 7.1 5.7 5.5 2 3 28 tions and of high prices has lengthened, busi- Country * 3.1 2.7 2.4 # 13 27 ness enterprises have sought a somewhat i Estimated. larger proportion of funds from external « Through June 2. * Figures for country banks not available, but available data for country banks indicate a further increase in total loans during sources, particularly from sales of security the first four months of 1948. NOTE.—Percentage changes computed from data in millions issues. Total external sources provided cor- of dollars. Detailed figures may not add to totals because of rounding. porations as a group with 42 per cent of their total funds in 1947 as compared with 33 per liquor and tobacco companies were important cent in 1946. borrowers from large banks, while many small retailers and service enterprises bor- Ban\ loans. Commercial banks have been rowed from the smaller banks. important sources of business funds since mid-1946. Outstanding total commercial and New term loans to business—loans with a industrial loans of all banks increased over maturity of over one year—continued in large 8 billion dollars during the two-year period, volume in 1947 but were probably less ima much larger increase than had previously portant relative to new short-term loans than occurred in a comparable period of time. in either 1945 or 1946. The lower cost of The major part of the increase took place bank loans, as compared to security issues, during the last half of 1946 and the last half caused some concerns to seek accommodaof 1947. Further increase in the use of bank tions, at least temporarily, through banks credit by business appears likely in 1948 de- rather than through public security issues. spite the decrease, largely of a seasonal nature, Thus far in 1948 the business loan volume in the first half of the year. of the large member banks of the Federal Last year's new bank loans to business, like Reserve System that report on a weekly basis those in the previous year, were extended to has fallen off somewhat from the end-of-1947 concerns of all sizes and in all industries. level. The decline has been greater at New Although comprehensive data are not cur- York City and Chicago banks than at the rently available on the size and industrial banks located in other leading cities. This character of businesses that borrowed from decline has been in part of a seasonal nature; banks, there are some indications available. in part the result of the abrupt commodity 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE price decline in February and the incomplete divided almost equally between telephone price recovery from those lows; in part the companies and those in the electric light and result of some repayment of bank loans of power and gas group. large companies, particularly public utilities, The percentage of new corporate security with the proceeds from private and public issues, excluding refunding issues, repreplacements of security issues; in part the sented by common stock, as is shown in the result of high fourth quarter profits of many accompanying chart, has been larger since concerns; and in part the result of a more the end of the war than it was in prior periods restrained lending policy on the part of of prosperity. Since mid-1945, the annual bankers who were influenced by anti-infla- average ratio of the dollar volume of comtionary fiscal and monetary policies. mon stock to total new issues has been 16 Security issues. Net new money obtained per cent as compared to 14 per cent in both by corporations through issuing securities— the 1935-39 and 1922-27 periods; the years that is, the dollar volume of new issues less 1928 and 1929 cannot be compared because that of refunding issues and less cash retire- of the difficulty of allowing precisely for the ments of securities—was a much more im- numerous financial issues offered then. Durportant source of funds for business corpora- ing the last quarter of 1947 the dollar volume tions in 1947 and early 1948 than in 1946. of new common stock issues totaled over 350 In 1947 this volume totaled 4.5 billion dollars million dollars, the largest quarterly volume as against 2.3 billion in 1946. Thus far in 1948 the volume appears to have been at an CORPORATE SECURITY ISSUES FOR NEW CAPITAL annual rate about equal to 1947. Strictly ANNUAL RATE BILLIONS OF DOLLARS VOLUME BilLIONS OF DOLLARS comparable data on net new financing are 4 4 not available for all prior years, but if a rough allowance is made for the large volume of 3 ;'.;!;! COMMON STOCK w< 3 1 purely financial issues of the late twenties, Y////, PREFERRED STOCK m the 1947 total is probably by far the largest 2 _ 2 annual volume of net new money ever obtained by corporations through security 1 1 issues. B Manufacturing companies and public utility companies other than railroads each re- PER C:NT DISTRBUTION PERCENT ceived roughly one-half of the new money 100 - i 100 obtained through corporate security issues i§ M last year and thus far in 1948. Railroads as 75 75 li a group actually used more money to retire KXXAAQAAS outstanding securities than they obtained - 50 50 from issuing new ones. ggggi E 888 111 • ^K The volume of new money obtained by 25 1 5 § 8 8 s 25 manufacturing companies dropped off 5 S8c slightly after 1946, while that obtained by 1 0 „ 888881 . 0 public utilities increased very sharply. In 2-27 1935- 39 JULY 1945 MARCH 1948 192 the case of the utilities such financing was NOTE.—Commercial and Financial Chronicle compilations. Issues of investment trusts are excluded in 1926 and 1927. JUNE 1948 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCE of such financing since the second quarter erally been acquired only recently, and thus of 1930. The proportion of new issues repre- far has been used almost exclusively to pursented by common stock, however, as is chase stores, offices, and factories from large shown in the table, has been smaller since profitable corporations. During 1947 life inthe decline in stock prices in the late summer surance companies invested in such property of 1946 than it was in the earlier part of the approximately 125 million dollars, bringing postwar period. their total holdings at the year-end to about 200 million. CORPORATE SECURITY ISSUES FOR NEW CAPITAL * CONCLUSION Common Prospects are for sustained large business Stocks stocks Quarter Total Bonds as a percentage investment in factories, machinery, and stocks Preferred Common of total of goods throughout the remainder of 1948 Dollar volume (In millions) on the basis of orders already placed. Business enterprises anticipate spending more on 1946—1st... 311 37 123 150 48 2nd. . 785 320 227 239 30 plant and equipment in 1948 than they did 3rd. . 908 490 159 258 28 4th. . 1,552 1,237 233 82 5 in 1947, and aggregate business holdings of 1947—1st... 740 610 62 68 9 2nd.. 1,102 750 245 106 10 inventories and receivables still do not appear 3rd. . 873 606 175 92 11 4th. . 1,994 1,526 115 352 18 high relative to the volume of current and 1948—1st... 1,470 1,222 89 159 11 prospective sales although such is not the case in all lines of activity. 1 Excludes refunding issues. NOTE.—Commercial and Financial Chronicle data, Detailed Business profits are also likely to be larger figures may not add to totals because of rounding. in 1948 than in 1947. In such a case the Private placements of new corporate se- volume of undistributed profits would concurities, principally debt issues placed with tinue high despite probable higher cash diviinsurance companies, continued in large vol- dends and corporate income taxes. Business ume in 1947; such placements reflected the holdings of liquid assets in the aggregate, availability of substantial amounts of insti- however, will probably not be reduced furtutional funds seeking investment. Privately ther. placed bonds and notes, excluding term loans In view of their large planned expendiof banks but including refunding issues, tures, business concerns may increase their totaled 1.8 billion dollars in 1947, 38 per cent bank loans and make additional private as of total debt issues; this represented the same well as public sales of securities during the proportion of the total as in 1946 when the remaining months of 1948. Public sales of dollar volume was slightly larger. stock issues may be less costly as a result of Life insurance companies have recently the recent rise in the stock market. The provided some funds to business corporations major part of business external financing in by actual acquisitions of business plant and 1948, as in 1946 and 1947, would probably equipment that are subsequently rented to occur during the last half of the year when the seller on long-term lease. The legal business expenditures reach their seasonal power to purchase such property has gen- peak. 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING by CHARLES H. SCHMIDT Reconversion, replacement, and expansion of pro- and gas utility, retail trade, and communication ductive facilities, coupled with generally high levels (telephone) industries; the smallest, among the of business activity and rising prices, have had a rubber and machinery manufacturing companies. marked effect on postwar business financing. These Manufacturers of durable goods, including madevelopments can be observed from the over-all chinery and transportation equipment (other than data on business plant and equipment expenditures, automobiles), whose reconversion expenditures durcomponents of working capital, bond and stock is- ing 1946 were substantial, had relatively smaller sues, profits, and dividends of nonfinancial corpora- increases in their 1947 plant and equipment extions that are discussed in the leading article in this penditures than did manufacturers of such non- BULLETIN. Comparatively little is known, how- durable goods as tobacco, food, petroleum, and ever, about financing developments in the postwar chemicals. period among corporations of different sizes, or the 2. Large corporations in the majority of manuimportance of various sources and uses of funds in facturing and trade industries added more to their different industries. dollar volume of inventory holdings in 1946 than As a basis for studying industrial differences, in 1947. This resulted from the need for replendata were compiled for a sample of 279 large com- ishing war-depleted stocks and the sharp rise in panies in 10 manufacturing and 3 public utility prices during the latter part of 1946. There were, industries, and in retail trade. The sample includes however, a few manufacturing industries, notably a majority, and in several cases all, of the large iron and steel, rubber, and petroleum, in which corporations in industries dominated by large con- increased production and rising prices resulted in cerns. It also includes a number of large retail somewhat greater inventory accumulation during trade companies, which, although they account for 1947. a relatively small proportion of total corporate retail 3. There was some decline in the relative imtrade assets and sales, have been included because portance of internal funds (i.e. funds retained from of a general interest in the postwar financial experi- operations and reduction in holdings of cash and ence of that industry. marketable securities) from 1946 to 1947. How- While comparisons of large with medium and ever, such internal sources accounted for more than small corporations in selected industries would no half of the total funds obtained by large corporadoubt be extremely interesting, published financial tions during 1947 in 8 of 14 industries. In retail statements of smaller companies are not available trade the relative importance of internal funds inin sufficiently detailed form to permit analysis of creased slightly in 1947; in contrast, large tobacco their sources and uses of funds. companies obtained only about one-fifth of their funds from internal sources in both years. SUMMARY 4. Large corporations drew heavily upon their cash and marketable security holdings during 1946 Postwar uses of funds by large corporations difin order to pay accrued Federal income taxes and fered from one industry to another, reflecting disto finance inventory and plant and equipment exsimilar economic characteristics and reconversion penditures. However, as a result of increased earnproblems. Similar differences existed with respect ings and a greater reliance upon external sources to sources of funds, depending upon the profitaof funds, large corporations in 6 of 14 industries bility of postwar operations, availability of liquid were able to increase their liquid asset holdings assets, and access to bank, trade, and other forms of during 1947. In all but one of the remaining incredit, and to equity capital investment. dustries, decreases were much smaller during 1947 1. Plant and equipment expenditures of large than in the preceding year. corporations, except those in the automobile indus- 5. A substantial proportion of the bank credit try, were higher in 1947 than in 1946. The employed by large corporations in the postwar greatest relative increases occurred in the electric period is represented by term loans (i.e. loans with JUNE 1948 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING a maturity at time of making of more than one TABLE 1 year). Such loans were particularly prevalent in TOTAL ASSETS AND SALES COVERAGE OF FEDERAL RESERVE the petroleum, iron and steel, automobile, machin- BOARD SAMPLE OF 279 LARGE CORPORATIONS IN SELECTED ery, rubber, and chemical industries, where long- INDUSTRIES term bank credit has been used to finance in part reconversion, replacement, and expansion of pro- Sample as percentage Number of all corporations ductive facilities. Industry of 6. Large corporations in all but the railroad in- companies Total Net assets sales dustry obtained more funds from the sale of their own bonds and stocks than were used to refund or Food 28 36 37 Tobacco 4 65 67 retire such securities during 1947. In the majority Rubber 4 66 68 of industries analyzed there were substantial in- Petroleum 24 63 62 Chemicals 33 47 36 creases in the amount of such net new money in Iron and steel 18 62 145 1947 as compared with 1946. Nonferrous metals 13 57 2 38 Machinery, incl. elec 47 36 31 Automobile ... . 12 62 67 SCOPE AND COVERAGE OF SAMPLE Other trans, equip 19 51 49 Retail trade 39 20 20 The selection of a sample of large companies was partly dependent upon the availability of published E R l a e i c lr . o a a n d d s gas util 2 1 0 7 3 6 5 6 4 6 4 8 data. Generally speaking, it is only the larger com- Communication 1 95 95 panies that publish financial statements sufficiently 1 Sales missing for one steel company with total assets of 52 detailed to permit analysis of their sources and uses million dollars. 2 Sales missing for one nonferrous metals company with total of funds. Selection of companies to be included assets of 428 million dollars. was limited to manufacturing and trade corpora- NOTE.—Manufacturing and trade include only companies with end-of-year 1947 total assets of 10 million dollars and over; covtions with total assets of 10 million dollars and erage estimates based on 1941 total assets and sales of all corporations submitting balance sheets, as reported in Statistics of Income. over at the end of 1947, and to public utility con- The year 1941 is the most recent one for which Statistics of Income data are available on the standard peacetime industrial classificacerns, whose activities require substantially greater tion of manufacturing companies. Railroads include only companies with end-of-year 1947 total investments in plant and equipment, with end-of- assets of 150 million dollars and over; coverage estimates based 1947 total assets of 150 million dollars and over. on 1945 statistics for all Class I steam railways, as compiled by the Interstate Commerce Commission. Some of these companies were subsequently elimi- Electric and gas utilities include only companies with end-of-year 1947 total assets of 150 million dollars and over; coverage estinated because detailed data were not available or mates based on 1946 statistics for all Class A and B electric and gas utilities, as compiled by the Federal Power Commission. because their fiscal periods did not permit compari- Communication industry represented by consolidated financial statements of the American Telephone and Telegraph Company sons for the end of the calendar year. and principal subsidiaries comprising the Bell System; coverage estimates based on 1946 statistics for Class A and B telephone With the exception of retail trade, industrial companies, as compiled by the Federal Communications Commission. representation was limited to those industries in which large corporations accounted for more than pansion of plant and equipment. Substantial inhalf of the total assets and sales of all corporations, vestments in inventories were also required to as determined from Statistics of Income for 1941. replenish the materials and parts needed for As is shown in Table 1, total asset coverage of civilian goods. In some lines customer financing the sample of 279 large corporations, except for re- increased sharply, reflecting the re-establishment of tail trade, varies from 35 per cent of total corporate normal trade relationships and an increased availassets in the electric and gas utility industry to 95 ability of consumer goods. These three forms of per cent of total assets in the telephone industry. investment, augmented by a pronounced rise in In 7 of the 10 manufacturing industries selected the general price level, accounted for the major for analysis, total asset coverage of the sample part of funds used by large corporations in most represents 50 per cent or more of all corporate industries during 1946 and 1947. However, the assets. proportions of total funds used for these three purposes, and for debt repayment, varied widely from USES OF CORPORATE FUNDS one industry to another. As soon as wartime restrictions on materials and Large corporations in the petroleum, chemical, construction were relaxed, large corporations initi- iron and steel, electric and gas utility, and comated extensive programs for replacement and ex- munication industries, as is shown in Table 2, 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING TABLE 2 USES OF CORPORATE FUNDS, 1946-47 * 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Percentage distribution of uses Industry 1946-47 Total Pl e a q n u t ip a , nd I a n c v c e u n m to u r - y C fi u n s a t n o c m in e g r rep D ay eb m t ent Other2 expend. lation Food $ 923 Tobacco 402 Rubber 653 Petroleum 3,890 Chemicals 1,383 Iron and steel 1,579 Nonferrous metals 646 Machinery, incl. elec 2,159 Automobiles 1,986 Other trans, equip 1,143 Retail trade 1,375 Railroads 1.665 Elec. and gas util 1,106 Communication 2,524 ooooo ooooo o ooo ooooo ooooo o ooo 37 42 14 3 4 11 83 5 1 (0 33 27 10 17 75 11 8 0 12 62 21 7 2 5 66 13 7 2 12 37 22 0 14 27 35 29 4 22 10 36 27 3 11 22 15 24 0 49 11 16 51 8 3 34 4 80 10 2 3 6 74 3 2 8 13 1 Net of cash dividend payments. Gross totals were derived by adding negative amounts in the Sources of Funds and Uses of Funds sections to the Uses of Funds—Totals, as shown in the Composite Sources and Uses of Funds Statement. 2 Includes tax refund and renegotiation payments, additions to other assets, and nonrecurring or extraordinary charges to income. 3 Less than 0.5 per cent. NOTE.—Percentages may not add to 100 because of rounding. concentrated two-thirds or more of their expendi- Postwar uses of funds by the companies pretures during 1946-47 on replacement and expansion viously engaged in the production of planes, tanks, of their productive facilities. In a few industries, guns, and ships differed from those of other large notably nonferrous metals, machinery, and auto- corporations. Plant and equipment expenditures mobiles, in which plant and equipment additions accounted for a smaller proportion of the total funds and replacements might have been expected to used by such former war producers than by other represent a substantial proportion of the funds used large corporations during 1946-1947, but payments by large companies, slightly more than a third of of current and prior year income taxes and retheir postwar funds were devoted to such purposes. negotiation settlements were relatively more im- Inventory accumulation accounted for as much portant. as 83 per cent of the total funds used by tobacco Plant and equipment expenditures. Many corporacompanies, and over 40 per cent of funds used by tions initiated replacement and expansion programs food processing and retail trade companies. as early as mid-1945, but the time required to fill Each of the other major uses of funds was imorders for machinery and equipment and to comportant in only a few of the industries analyzed. plete construction projects was prolonged by short- Large corporations in the retail trade and food processing industries used 16 and 14 per cent, re- ages of steel and other critical materials. Notwithspectively, of total funds for customer financing. standing these delays, plant and equipment ex- Debt repayment, primarily settlement of income penditures of all businesses in 1946, as is shown tax liability, absorbed large proportions (49 to 22 in the leading article of this BULLETIN, were nearly per cent) of total funds used by the other transpor- double those of 1945, while similar expenditures tation equipment, railroad, and machinery groups. in 1947 were approximately 30 per cent above the In the nonferrous metal and automobile industries, 1946 level. large corporations used 27 and 22 per cent, respec- The plant and equipment expenditures of large tively, of their total funds for extraordinary pur- corporations in 1947 were above those of 1946 poses, including payments to the Federal Govern- in most of the industries analyzed, although variament on prior year tax and renegotiation settlements. tion among industries was great. As is shown in JUNE 1948 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING Table 3, the 1947 expenditures of large electric and equipment include nonferrous metals and iron and gas utility companies on productive facilities were steel manufacturing, and electric and gas utilities. more than double the corresponding amount in Both of the basic metal and metal products indus- 1946. A similar comparison for the large auto- tries expanded their capacity during the war and mobile manufacturing companies reveals a decline have had few plant reconversion problems; relaof 25 per cent in plant and equipment expenditures. tive to their total productive capacity on hand at the Between these two extremes, there were some in- end of 1945, postwar expansion and replacement dustries, especially food processing, tobacco, non- has been small. Large electric and gas utility conferrous metals, and retail trade, in which plant and cerns, on the other hand, initiated extensive expanequipment expenditures increased substantially from sion programs during 1945 and 1946, but their 1946 to 1947. In other industries, notably rubber fulfillment has been delayed somewhat by material and machinery, expenditures were only slightly and equipment shortages. higher during 1947 than in the preceding year. In view of the high cost of plant and equipment in recent years, actual additions to productive ca- TABLE 3 pacity in the postwar period have been much smaller than the dollar figures might imply, when PLANT AND EQUIPMENT EXPENDITURES, 1947 AND 1946 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES compared with prewar expenditures. In some in- [Dollar amounts in millions] dustries the current costs of plant and equipment are from two to four times their prewar level. Not Percent- Total expendi- only have such increased costs augmented corporate age in- tures during Industry 1947 crease, 1946-47 as per- expenditures, but they have also introduced an 1947 centage of gross over plant and equip., additional element of rigidity into product costs. 1946 end of 19451 Inventory accumulation. Ranking second among Food $ 211 65 21 Tobacco 27 69 37 postwar uses of corporate funds in many indus- Rubber 108 1 30 Petroleum 1,737 49 28 tries, and first in some, was inventory accumula- Chemicals 493 34 39 tion. With rapid turnover at steadily rising prices, Iron and steel 599 33 18 inventories have constantly been replaced at greater Nonferrous metals 148 61 10 Machinery, incl. elec.. . 394 9 45 cost, which in turn has required heavier invest- Automobiles 310 -25 46 Other trans, equip 96 26 25 ment in this form of working capital. Retail trade 214 91 32 The majority of the selected industries experi- Railroads 509 47 6 enced their greatest relative growth in inventories Elec. and gas util 610 126 13 Communication 1,185 72 32 during 1946, as is shown in Table 4, though inventory expansion was well sustained during 1947, 1 Gross book value of fixed property without deduction of accumulated depreciation. and for some industries was greater in 1947 than in 1946. Generally speaking, total plant and equipment Among manufacturing concerns, the character expenditures in 1946-47 were sizable in comparison and amount of inventory accumulation varied conwith the gross value of plant and equipment at siderably, depending upon the type of material the end of 1945.x Industries in which capital exprocessed and production delays that resulted in penditures of large corporations were greatest relapart from shortages of material and component tive to the gross value of plant and equipment at parts. Industries like food and tobacco manufacthe end of 1945 are automobiles and machinery (46 turing, which are primarily engaged in processing and 45 percent respectively) and chemicals, tobacco, agricultural products, were forced by rapidly rising communication and retail trade (between 30 and prices to invest substantial amounts in inventories. 39 per cent). Industries with the smallest postwar With large accumulated demands for their products capital expenditures relative to gross plant and at the war's end, companies in the automobile 1 As a measure of existing productive capacity, gross plant and railroad transportation equipment industries and equipment is subject to the limitation that some part of the investment may represent obsolete or worn-out machinery and proceeded to purchase quantities of materials and equipment. Thus, any comparison of current plant and equipment expenditures, even after allowance for present higher costs, supplies needed for production. Subsequently, bemay not provide a true indication of the net increase in productive capacity resulting from the expenditure. cause production was delayed by shortage of key 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING TABLE 4 on hand at the end of the war. Additional postwar investment in inventories was relatively small INVENTORY ACCUMULATION, 1947 AND 1946 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES among the large iron and steel and tobacco companies—though the substantial inventory holdings [Dollar amounts in millions] of the latter at the end of 1945 tend to obscure 1947 1946-47 the magnitude of their postwar accumulation. as per- combined, Industry 1947 centage as percentage of of inventories, 1946 end of 19451 SOURCES OF CORPORATE FUNDS The bulk of the funds used by large corporations F T o o o b d acco $1 1 6 5 8 6 8 7 8 6 3 5 5 9 in the years 1946-47 came from internal sources, Rubber 103 136 59 chiefly profits retained from operations and liquida- Petroleum 220 113 46 Chemicals 134 84 54 tion of cash and marketable security holdings. A Iron and steel 128 158 22 number of large corporations were relatively inde- Nonferrous metals 57 70 36 Machinery, incl. elec.. . 317 99 63 pendent of outside financing sources. However, Automobiles 218 67 95 Other trans, equip 92 52 85 the number of large companies that sought outside Retail trade 82 16 69 financing was sufficient to contribute materially to Railroads 80 178 32 the expansion of bank credit during the postwar Elec. and gas util 76 211 110 period and to swell the volume of security financing Communication 42 98 167 to a relatively high level. Some of the large com- 1 End-of-year gross book value of inventories, without deduction panies borrowed directly from banks and insurance of valuation or replacement reserves or reserves for possible future decline in value of inventory. companies, while others sold bonds as well as preferred and common stocks in the market. materials and component parts, their inventories of Relative dependence upon internal sources of available materials and supplies tended to rise above funds varied from one industry to another, during the levels normally required. The result was a 1946 and 1947, as is shown in Table 5. For heavy investment in inventories over longer periods of time than originally anticipated, which tied up TABLE 5 funds and augmented the need for working capital. INTERNAL SOURCES OF CORPORATE FUNDS, 1947 AND 1946 Retail trade inventory accumulation was par- 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] ticularly heavy during 1946, primarily because of the need for restocking war-depleted shelves. Ris- Internal as percentage ing prices also contributed materially to the in- of total sources Industry 1947 creased investment. Uncertainties prevailing dur- 1947 1946 ing the first half of 1947 concerning the future course of consumer demand and prices resulted in Food $ 323 66 85 Tobacco 42 21 21 a sharp curtailment of retail trade inventory ac- Rubber 170 49 84 Petroleum 1,539 63 79 cumulation. Despite some resumption of inventory Chemicals 352 44 70 buying in the latter half of the year, additions Iron and steel 527 60 75 to retail inventories in 1947 were only 16 per cent Nonferrous metals 203 53 78 Machinery, incl. elec 394 42 63 of those in the preceding year. Automobiles 424 45 60 Other trans, equip 207 74 92 Relative to the dollar volume of inventories on Retail trade 442 79 74 hand at the end of 1945, inventory accumulation Railroads 566 72 100 during the two-year period 1946-47 was substantial Elec. and gas util 415 58 72 Communication 257 17 37 in most of the industries analyzed. Electric and gas utility companies and the communication in- NOTE.—Funds from internal sources include funds from operadustry more than doubled their investments in tions (net profit plus current depreciation accruals minus cash dividends), net decreases in cash balances, marketable securities, materials and supplies, though the dollar volume trade notes and accounts receivable, inventories, and other assets. Also included are tax refund and renegotiation receipts and profits of such investment was small. Manufacturers of on the sale of fixed assets and investments. Total sources of funds includes funds derived from internal and automobiles and other transportation equipment external sources. The latter, not shown in the table, consist primarily of credit advanced by banks, trade suppliers, the U. S. added almost as much to the dollar volume of their Government (in the form of accrued income tax liability), and bond and mortgage holders, and of additional equity capital inventories during the postwar period as they had investment resulting from the issuance of capital stock. JUNE 1948 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING example, large railroad corporations obtained all, TABLE 6 other transportation equipment companies 92 per CASH AND MARKETABLE SECURITY HOLDINGS, 1947 AND 1946 cent, and large food and rubber companies roughly 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES 85 per cent of their funds from internal sources [Dollar amounts in millions] in 1946. Other industries in which internal sources Liquid a a a (7 n c n 4 c d d o - 7 u r i 9 n r e o t t p e a n e d i l r a f c t o n r e r a d n d t s ) e u s . t b w e s e e t l a r e n i t n p ia e l t t r h p o e r le o u p m m o a r , n t i n u o o f n a n s c f t e o u r f r r i o n t u o g s t a m l g r f e o u ta n u l d p s s , , Industry A e h m n 1 a o 9 d o n n 4 u d o 7 n , f t ho 19 l C d 4 i h 7 n a g n s g d e 1 u i 9 r n 4 in 6 g c c e h o 1 1 P n a v 9 9 e t n 4 4 e r a g r 7 - 5 g e e a i s d c o a n s o e u f s s t u n c e e t r t p t r t o c a i n e o e r t g a r a e s n e - l l , - The proportion of large corporation funds drawn 1946-471 from internal sources declined from 1946 to 1947 Food $ 501 $-76 $-136 -30 32 in every industry analyzed, except tobacco and re- Tobacco 53 -9 -17 13 Rubber 226 -3 -78 -26 30 tail trade. The decline was sharp in some indus- Petroleum 1,309 +109 -72 +3 4 Chemicals 1,014 +94 -110 14 tries, such as rubber, other transportation equip- Iron and steel 1,567 -23 -38 -4 14 ment, and chemicals, while it was less pronounced Nonferrous metals 769 + 126 -67 +8 17 Machinery, inch elec.. 898 +29 -557 -37 51 in communication, electric and gas utilities, and Automobiles 991 +341 -177 +20 25 Other trans, equip.... 326 -145 -317 -59 47 iron and steel. Retail trade 681 -21 -308 -33 42 Internal sources of funds. The principal source Railroads 1,253 -100 -471 -31 39 Elec. and gas util 438 -144 +59 -16 20 of internal funds in a period of economic prosperity Communication 539 + 170 -91 + 17 15 is retained earnings, that is, net profit after taxes and dividends plus current depreciation accruals. 1 Based on gross sources, as contrasted with net changes shown in preceding three columns. What distinguishes the postwar period 1946-47 from the prewar thirties as far as internal sources of cor- corporations that increased their cash and marketporate funds are concerned are: first, the high level able security holdings during 1947. In some indusof corporate profits in the postwar period; and tries, notably petroleum, nonferrous metals, autosecond, the volume of funds obtained through re- mobiles, and communication, more was added to duction of cash and marketable security holdings, cash and marketable securities during 1947 than especially in 1946. had been withdrawn during 1946. In others, such as chemicals and machinery, increases in liquid Corporate profits were at record levels during assets during 1947 were smaller than the correspond- 1946-47 in most industries, and dividend payments ing withdrawals of the preceding year. While to stockholders were not increased in proportion to larger profits provided a substantial part of the inearnings. As a result, retained earnings provided creased holdings of cash and marketable securities two-thirds or more of the internal funds obtained during 1947, banks loans and proceeds from the by large corporations in 9 of the 14 industries. sale of stocks and bonds and from expansion of Funds retained from operations were suppleother long-term debt contributed to the liquid asset mented by those secured through reduction in holdexpansion of many large corporations. ings of cash and marketable securities—largely Miscellaneous internal sources were relatively in- United States Government securities. Although significant except among some of the industries such funds were used extensively for the settlement that had made war products—the machinery, autoof accrued Federal income tax liabilities, some were mobile, and other transportation equipment manuavailable for the purchase of inventories and the facturers. In these groups, collections of amounts financing of plant and equipment expenditures. due from the Government on uncompleted war Large corporations in all but one of the 14 induscontracts and tax refunds supplied a substantial tries reduced their liquid assets during 1946, as is part of their internal funds during 1946, and a shown in Table 6. In 7 of these industries there much smaller proportion in 1947. was some further reduction of liquid assets during 1947, but in each case the decrease was smaller External sources of corporate funds. External than that of the preceding year. sources accounted for less than 30 per cent of total In contrast to 1946, there were a number of large funds used by large corporations in most industries 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING during 1946, and as much as half of the funds used tion of the loan of renewing it for a period of 5 in 1947. There was considerable variation, in- to 10 years. Other agreements provided for loans dustry by industry, in both years, so far as the with maturities at time of making of more than relative importance of different external sources one year. Such term loans accounted for over 90 was concerned. per cent of the total bank loans outstanding at the Ban\ credit. As is shown in Table 7, large cor- end of 1947 for large companies in the petroleum, porations in 8 of the 14 industry groups increased iron and steel, automobile, and railroad industries. their bank loans during 1947, and a like number Approximately one-third of the bank loans held in 1946. Among the 5 industries that borrowed by food processing, other transportation equipment from banks in both years, the amount of credit manufacturing, and electric and gas utility comobtained was somewhat larger in 1947 than in 1946, panies had original maturities of more than one while 4 industries that decreased their bank loans year. Tobacco companies, which customarily borduring 1946 borrowed from banks in 1947. Great- row substantial amounts on short-term loans for est relative expansion in bank loans during 1947 the purpose of carrying inventories, obtained less occurred among the chemical, electric and gas than one per cent of their bank credit on a termutility, communication, rubber, and food process- loan basis. ing companies, while large iron and steel, automo- Bonds and stocks. Sale of bonds and equity bile, and retail trade concerns reduced their bank capital shares, together with some expansion of loans. mortgages and other long-term debt, provided part of the funds used by large corporations during the TABLE 7 postwar period. During 1946, large corporations OUTSTANDING BANK LOANS OF LARGE CORPORATIONS, 1947-45 in 11 of the 14 industries obtained more funds from 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] such sources than they used for retirement of long- Percentage Long-term as TABLE 8 increase in end- percentage of of-year totals total bank loans Industry E 1 n 9 d 4 7 of NET NEW MONEY ST F O R C O K M , B 19 O 4 N 7 DS, A N M D O RT 1 G 9 A 46 G 1 ES, AND CAPITAL 1947 1946 over over 1947 1946 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES 1946 1945 [Dollar amounts in millions] Food $145 65 31 37 54 Tobacco 270 36 5 1 2 1947 Net new Rubber 25 0) -98 72 0 money as C Pe h t e r m ol i e c u a m ls 3 1 9 2 2 6 1 3 0 2 0 93 8 9 7 8 2 9 8 0 8 Industry Mtgs., b t 1 o o 9 n t 4 a d 6 l s pe a n r n e c d t e , n e i t s q a l u g a i n e p t o . f Iron and steel 15 -27 -45 93 98 bonds. Cap- and expenditure 2 Nonferrous metals 30 53 317 18 63 and ital Total stocks Machinery, incl. elec.. . 190 40 5 88 77 other stock Automobiles 137 -3 370 97 89 liab. 1947 1946 Other trans, equip 84 57 -32 31 19 Retail trade 90 -6 52 66 Food $ 48 $ 24 $ 72 $-17 52 (3) 55 Tobacco 23 50 73 122 (4) (4) Railroads Rubber 140 -28 112 6 181 8 Elec. and gas util 79 248 -8 29 Petroleum 157 192 349 98 30 14 Communication 40 0) 0) 0 61 Chemicals 155 137 292 73 80 28 Iron and steel 62 10 72 35 18 13 1 Little or no volume in preceding year; percentage change has Nonferrous metals. . . 74 -35 39 -57 41 (3) no significance. Machinery incl. elec.. 118 (*) 118 342 40 119 2 Detailed information regarding bank loans not available. Automobiles 60 3 63 211 33 64 3 No outstanding bank loans. Other trans, equip... . 37 -16 21 59 30 109 Retail trade 39 2 41 49 28 80 Foreseeing a need for bank credit to finance reconversion from war to peacetime production, pay- Railroads -77 3 -74 -139 C3) (3) Elec. and gas util.. . . 157 55 212 80 50 86 ment of Federal income tax liability, and expansion Communication 903 250 1,153 550 122 115 of plant and equipment, a number of large com- 1 Proceeds from sale of bonds, mortgages, and capital stock, and panies negotiated lines of credit in 1945 and 1946 increases in other long-term liabilities, net of bond refunding and retirement of bonds and stocks. at very favorable rates of interest. Many of these 2 Net new money obtained from bond and stock sales and increases in other long-term liabilities divided by net plant expendiagreements provided for short-term borrowing up ture (plant and equipment expenditures minus current depreciation accruals). to a stated limit within a specified time period, 3 Decreases in bonds and stocks. 4 Net plant expenditure small and percentages have no signifiwith the borrower having the option at the expira- cance; bulk of net new money used for inventory accumulation. JUNE 1948 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING term debt and repurchase of stock. In 1947 large While funds obtained from the sale of securities companies in all but one of the industries analyzed and increase in other long-term debt are not necesobtained some net new money from these sources. sarily used to finance plant and equipment expendi- Large corporations in 8 of the 14 industries ob- tures, the one is frequently associated with the tained more funds from long-term debt and stock other. If net plant and equipment expenditure during 1947 than in the preceding year, as is shown (plant and equipment expenditures less current dein Table 8. These included large corporations that preciation accruals) is compared with net new had initiated long-run replacement and expansion money obtained from the sale of bonds and stocks, programs in 1945 and 1946 in the petroleum, chem- it appears that the latter exceeded the former in ical, railroad, electric and gas utility, and commu- 3 of the 14 industries during 1947. Industries with nication industries. On the other hand, large cor- large postwar capital expansion programs obtained porations in the automobile and machinery indus- funds from bond and stock sales equaling 30 to tries borrowed heavily to finance reconversion ex- 100 per cent or more of their net plant and equippenditures during 1946 and to a more limited ment expansion in 1947, and relatively smaller extent for other purposes during 1947. amounts in 1946. NOTE.—Composite Sources and Uses of Funds Statements, Balance Sheets, and Selected Income Statement data for the sample of large corporations discussed in this article are shown on the following three pages. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1947-46 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iro s n t e a e n l d No m nf e e t r a r l o s us 1947 1946 1947 1946 1947 1946 1946 1947 1946 Number of companies 28 28 4 24 24 33 33 18 18 13 13 Sources of funds—total. . $477 $399 $196 $199 $227 $193 $2,273 $1,444 $704 $540 $868 $472 $216 $139 Net from operations 1. . . . 235 237 39 31 119 140 1,510 1,070 351 274 503 313 200 98 C A M T O B B O M C r a c a a a t t k t a h h s c n n p g t h d e e r k k i . s u e r r t . a s , e l l l s c e p o d o b o c u a a a s o u u y n i n r t n n r o . r s a s c i c d c , , l b t e i . k s i a s l l s e , e t o b h s a 2 s o n o x t g r e h t - s - e t t r e , e r r l m i m a . . . b . . . . . . . -1 5 8 2 4 2 0 2 6 6 8 6 4 2 2 7 - - 1 2 1 - 3 3 6 1 0 1 8 5 6 0 8 0 3 - - 2 2 2 5 7 1 2 0 3 0 4 0 0 1 12 1 4 5 5 4 0 2 0 1 - - - 1 4 3 2 - 5 4 4 1 1 8 7 8 1 6 0 0 0 8 - - 2 4 - 2 5 7 1 4 3 5 2 5 8 5 -1 - 2 1 1 1 1 2 3 2 3 2 1 9 6 5 4 4 6 7 5 9 2 0 7 4 -1 9 9 5 8 2 1 1 5 6 7 6 8 2 6 2 1 1 - 1 1 9 3 2 4 2 2 5 3 2 6 1 9 8 2 5 7 2 1 - 1 1 - 5 3 2 4 9 0 1 8 1 9 9 4 3 5 7 5 1 -6 6 7 1 1 1 1 2 0 0 4 0 6 0 - - - - 1 8 1 1 2 3 5 8 2 7 3 0 4 4 9 1 4 0 7 - - - 4 7 3 -6 1 7 7 9 7 5 7 3 8 0 9 4 - - ( 1 7 4 6 2 1 2 ) 1 7 5 4 0 4 7 7 Uses of funds—total $477 $399 $196 $199 $227 $193 $2,273 $1,444 $704 $540 $868 $472 $216 $139 Plant and equip, expend.. 211 128 27 16 108 107 1,737 1,163 493 367 599 449 148 92 Inventories 168 220 156 177 103 76 220 194 134 160 128 81 57 82 Receivables 84 41 12 8 15 52 276 51 63 31 104 -88 -j -24 Other assets 14 7 i 2 1 -42 40 36 14 -18 30 -4 12 -14 Other uses 3 0 3 2 0 0 0 0 0 0 0 7 34 2 3 Manufacturing, cont. Utilities Retail Account M e a le c i c h n t c i r n l i . c e a r l y, Automobile O e p t q h o u e r i r t p a m t t r i a o e n n nt s- trade Railroads a E n l d e c g tr a ic s Co c m at m io u ns ni- 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 Number of companies 47 47 12 12 19 19 39 39 20 20 17 17 1 1 Sources of funds—total $864 $639 $567 $426 $185 -$153 $439 $740 $696 $301 $708 $299 $1,354 $805 Net from operations * 343 -49 401 -12 -34 -63 310 296 452 149 271 257 257 258 Cash -69 93 -15 -91 -4 180 -111 64 8 79 57 -35 -16 3 Mkt. securities 40 464 -326 269 148 138 132 243 92 390 87 -24 -153 88 Trade payables 58 11 50 89 -29 -108 23 68 67 -43 32 24 76 67 Bank loans, short-term -8 -85 -12 1 15 -34 -13 29 47 2 40 0 Bank loans, long-term 62 93 8 111 14 9 6 4 () () 9 -3 0 0 Accrued inc. taxes 187 -313 328 -110 6 -210 11 -45 152 -217 -13 6 _g « -20-153 Other cur. liab 122 -64 70 -92 -179 39 29 -16 -75 6 -7 18 -23 Mtgs., bonds, other liab 118 239 60 59 5 39 -27 -77 -139 157 37 903 488 Capital stock (4) 103 3 152 -16 54 2 76 3 (4) 55 43 250 62 Other sources 2 11 145 0 50 47 55 0 3 14 157 13 16 Uses of funds—total $864 $639 $567 $426 $185 -$153 $439 $740 $696 $301 $708 $299 $1,354 $805 Plant and equip, expend 394 363 310 411 96 76 214 112 509 346 610 270 1,185 690 Inventories 317 319 218 327 92 177 82 509 80 45 76 36 42 43 Receivables 75 -68 60 -298 -12 -422 117 103 49 -101 20 2 40 12 Other assets 77 25 -23 -14 9 16 26 16 58 10 2 -9 87 60 Other uses 3 0 0 2 0 0 0 0 0 0 0 0 0 0 1 Net profits after taxes plus current depreciation accruals and minus cash dividends paid; non-fund and non-recurring charges and credits to income have been eliminated from net profit. 2 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 3 Prior year tax and renegotiation payments and extraordinary uses of funds. 4 Less than 0.5 million dollars. 5 Included with other short and long-term liabilities. 6 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs and stock dividends and other non-fund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds. Details may not add to totals because of rounding. JUNE 1948 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1947, 1946, AND 1945 279 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iron and steel Nonferrous metals 1947 1946 1945 1947 1946 1945 1947 1946 1945 1947 1945 1947 1945 1947 1947 1946 1945 Number of companies 28 28 28 24 24 24 33 33 33 18 18 18 13 13 13 Total assets (end of year). .$3,139 $2,839 $2,655 $1,567 $1,382 $1,197 $1,362 $1,186 $1,106 $10,662 $9,045 $8,324 $4,282 $3,632 $3,309 $6,306 $5,712 $5,504 $2,999 $2,723 $2,706 Cash 314 304 309 53 55 59 165 118 120 822 688 704 573 571 578 722 736 649 344 295 295 Marketable securities 187 273 404 0 0 5 61 111 187 487 512 568 441 349 452 845 854 979 425 348 415 Receivables (net) 406 322 281 80 68 60 261 246 194 925 649 597 407 344 313 547 443 531 202 205 228 Inventories 1,044 881 661 1,272 1,116 940 483 380 304 1,316 1,096 894 843 709 549 1,149 1,030 950 525 468 387 Plant and equipment (net of depreciation) 1,020 898 835 79 58 46 365 305 233 6,2291 5,259 4,759 1,465 1,109 856 2,797 2,433 2,179 1,293 1,187 1,147 Other assets l 168 161 166 84 85 87 26 68 883 842 803 552 550 561 246 216 216 210 219 234 27 Total liabilities and equity. $3,139 $2,839 $2,655 $1,567 $1,382 $1,197 $1,186 $1,106 $10,662 $9,045 $8,324 $4,282 $3,632 $3,309 $6,306 $5,712 $5,504 $2,999 $2,723 $2,706 Notes payable to banks $1,362 (short-term) 92 41 28 268 194 189 1 5 31 30 36 17 1 7 24 7 Trade notes and accounts 7 payable 226 201 163 19 21 11 127 116 91 812 586 498 214 193 142 514 426 345 137 128 103 A O c th c e ru r ed c ur in re c n o t m e l ia ta b x il e i s ties2.. 256 240 262 8 1 2 6 7 1 2 5 64 9 5 2 5 1 5 2 9 9 1 4 7 3 2 4 1 7 8 4 5 3 1 1 4 4 8 2 1 1 6 8 4 3 1 5 2 7 6 3 1 1 0 2 3 331 4 20 4 2 5 2 1 7 8 3 8 2 20 4 1 0 212 1 3 3 9 2 128 Notes payable to banks 91 90 72 8 89 43 51 (long-term) 2 4 18 0 24 384 266 243 91 55 14 20 30 12 Mortgages, bonds, and 53 47 39 0 16 5 4 other liabilities 3 414 391 307 167 160 991 823 724 388 234 632 569 508 72 325 265 270 268 207 147 143 Surplus reserves 4 156 122 2 2 2 111 96 63 167 189 192 226 207 203 322 306 343 112 114 104 Capital stock 172 986 974 463 434 434 303 313 315 3,550 3,399 3,252 1,295 1,182 1,147 2,459 2,444 2,469 1,106 1,106 1,120 Surplus 1,020 815 725 302 249 221 344 305 234 4,092 3,290 3,002 1,550 1,337 1,157 1,716 1,485 1,361 1,215 1,113 1,053 I Income statement: 903 Sales $10,731 $7,347 $6,971 $2,170 $1,966 $1,514 $2,300 $2,051 $2,242 $9,132 $6,559 $6,474 $4,445 $3,683 $3,464 $7,030 $5,053 $6,2477 $2,092* $1,3648 $1,5428 Depreciation, depletion, and amortization 73 61 62 6 4 4 46 36 123 555 471 614 129 103 156 207 175 330 54 49 135 Profit before taxes 5 502 441 341 159 135 104 181 239 188 1,544 920 702 770 629 516 768 410 391 523 250 226 Net profit 5 303 261 154 97 82 59 112 138 61 1,195 724 584 488 395 247 474 276 227 326 163 136 S Dividends 147 116 101 62 54 50 41 42 28 430 318 276 271 226 181 196 157 153 172 125 125 w % I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

d Manufacturing, cont. Utilities Retail trade Account Mac e h l i e n c e tr r i y c , a l incl. Automobiles O t t i h o e n r e t q ra u n ip s m po e r n t t a- Railroads Electric and gas Communications 1947 1946 1945 1947 1946 1945 1947 1946 1945 1947 1946 1945 1947 1946 1945 1947 1946 1945 1947 1946 1945 Number of companies 47 47 47 12 12 12 19 19 19 39 39 39 20 20 20 17 17 17 1 1 1 Total assets (end of year). . $4,931 $4,151 $4,156 $3,932 $3,156 $2,981 $1,614 $1,622 $2,110 $3,433 $3,108 $2,742 $16,908 $16,599$17,060 $6 640 $6,340 $6,228 $6,392 $5,156 $4,714 Cash 587 518 611 593 578 486 240 237 416 508 397 462 631 639 718 205 262 227 78 61 64 Marketable securities, 311 351 815 398 72 341 86 234 372 173 305 548 622 714 1,106 233 320 296 461 308 396 Receivables (net) 735 660 728 438 378 676 250 262 672 374 257 154 364 316 417 144 123 121 271 230 218 Inventories 1,644 1,326 1,008 1,115 900 573 578 492 315 1,442 1,360 851 521 441 396 213 138 102 136 94 51 Plant and equipment (net of depreciation) 1,178 891 615 1,103 920 583 373 309 262 769 647 603 11,252 11,028 10,97695,666 95,319 95,294 4,975 4,077 3,658 Other assets l 476 405 380 308 322 87 89 73 168 142 126 3,518 3,461 3,447 179 178 188 472 386 326 285 Total liabilities and equity. $4,931 $4,151 $4,156 $3,156 $2,981 $1,614 $1,622 $2,110 $3,433 $3,108 $2,742 $16,908 $16,599 $17,060$6,640 $6,340 $6,228 $6,392 $5,156 $4,714 Notes payable to banks $3,932 (short-term) 23 31 117 16 15 58 43 77 31 44 14 57 9 40 0 0 Trade notes and accounts 4 payable 361 303 292 415 365 276 118 147 255 325 302 234 549 482 525 103 71 47 297 221 154 A O c th c e ru r e c d u r i r n e c n o t m l e i a t b a i x li e t s ies 2. .. 3 4 3 6 0 1 3 1 3 4 9 4 4 4 5 0 6 3 4 24 0 3 1 73 2 1 7 8 1 3 76 71 3 2 6 7 3 5 2 2 9 3 7 0 2 1 8 9 5 1 3 1 3 6 0 3 2 42 6 5 4 4 1 4 1 0 2 3 52 2 2 9 i° 213 i°22 8 7 3 W2 9 3 1 5 1 13 4 6 5 1 1 1 6 9 5 3 1 1 4 8 1 Notes payable to banks 176 183 185 90 (long-term) 167 105 12 133 15 2 59 53 49 (U) 14 17 0 0 0 Mortgages, bonds, and 125 26 11 23 other liabilities 3 521 399 160 195 76 30 92 51 72 6,053 6,133 6,277 2,561 2,521 2,786 1,882 1,395 135 72 35 2,734 Surplus reserves 4 282 290 348 84 111 64 76 172 99 103 84 1,255 1,227 1,220 80 84 5 65 70 Capital stock 1,513 1,447 1,333 922 62 787 353 356 311 1,002 999 937 5,057 5,054 5,054 62 2,705 2,854 2,269 2,061 2,017 Surplus 1,274 1,094 1,035 1,535 926 1,247 665 699 624 1,300 1,080 860 3,305 3,151 3,134 2,769 589 371 713 643 619 Income statement: 1,279 590 Sales. . ... $5,866 $3,727 $6,145 $7,036 $3,926 $5,683 $1,679 $1,325 $5,195 $9,940 $8,438 $6,397 $5,836 $5,183 $6,079 $1,849 $1,671 $1,595 $2,225 $2,094 $1,931 Depreciation, depletion, and amortization 101 76 132 121 83 100 27 22 75 67 51 51 244 240 818 188 177 171 237 213 205 Profit before income taxes 5. 708 158 636 824 97 356 12 6 378 683 690 512 497 186 667| 383 413 405 236 309 331 Net profit * 431 48 238 458 54 231 -23 -26 131 410 418 187 292 42 202 253 257 211 161 192 177 Dividends 190 169 159 208 144 177 53 59 62 183 186 111 177 158 168 190 185 172 189 184 178 1 Includes relatively small amounts of Other Current Assets and Intangibles. 2 Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc. 3 Includes pension reserves and minority interest in capital stock and surplus. 4 Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories. 6 Excludes nonrecurring charges and credits to income tax refunds and payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves. 6 Less than 0.5 million dollars. 7 Net sales estimated for 1 company. 8 Sales missing for 1 company with 1947 total assets of 430 million dollars. 9 Includes intangibles. 10 Includes State income and property taxes. 11 Included with other short and long-terml iabilities. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around Dec. 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include only companies with end-of-year 1947 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 350 million and over; utilities, Class A and B electric and gas companies with total assets of 140 million and over; communication, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES1 PART I. Expenditures for Durable Goods Incomes increased for a large part of the popula- article presented in this BULLETIN gives more comtion in 1947, and at the beginning of 1948 con- plete information on consumer income, while subsumers expressed intentions to maintain buying of sequent articles in later issues of the BULLETIN will houses, automobiles, and other durable goods at cover liquid and nonliquid asset holdings, saving approximately the high levels of 1947. Although out of income, and housing expenditures and somewhat fewer people had liquid assets at the finance. beginning of 1948, accumulated savings continued Interviewing for the survey began early in Januto be widely held in sizable amounts by people at ary and continued through the first week in low as well as high income levels. These are some March. Approximately 3,500 interviews were taken of the results of the third annual survey of the in 66 sampling points and the results of the survey financial position of consumers undertaken by the are based on this group of interviews. An addi- Board of Governors of the Federal Reserve System. tional 300 interviews, taken after the commodity This survey, conducted again for the Board by the price break during the first week in February, Survey Research Center, University of Michigan, made it possible to build up two representative makes available important information about the cross-section samples, one interviewed before the financial status, buying plans, and general outlook decline in the commodity market and one after it, of consumer spending units. and to ascertain any change in buying intentions A broad summary of survey results and details or consumer expectations between these two samrelating to expenditures for consumer durable goods ples. The interview unit was the consumer spendare presented in this article. Comparisons are made ing unit, defined as all persons living in the same with findings from the two previous surveys which dwelling and related by blood, marriage, or adopwere conducted in early 1947 and early 1946 using tion, who pooled their incomes for their major similar techniques and including similar informa- items of expense.3 Sampling methods permit tabution.2 Some discussion of the nature of the sur- lation of many survey results on a family basis veys, the techniques used, and the limitations of the also,4 and some of the results will be presented on results is given at the end of the article. A second this basis in the following articles. 1 This article was prepared by Duncan McC. Holthausen of SUMMARY OF SURVEY RESULTS the Board's Division of Research and Statistics. It is the first in a series to be issued presenting the results of the Board's Consumer financial status strong but weakening Survey of Consumer^ Finances in 1948. Other articles will somewhat. appear in succeeding issues of the BULLETIN. Rensis Likert, Director, and Angus Campbell, Assistant Director, Survey Research Center, University of Michigan, 1. Of the total number of 48.4 million consumer were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including inter- spending units, about 2.5 million more in 1947 than viewing, editing, tabulation of survey results, and preparation in 1946 had money incomes above $5,000, while of survey studies was carried by George Katona in collaboration with Janet Austrian, both of the Survey Research Center's about 2.5 million fewer consumer units had incomes staff. Charles F. Cannell served as head of the field staff and Roe Goodman as head of the sampling section of the Center. below $3,000. For consumers as a whole there was From the Board of Governors, general supervision of the survey has been under the direction of Woodlief Thomas, a rise of more than 10 per cent in total money Director, and Ralph A. Young, Associate Director, of the Division of Research and Statistics. Mr. Holthausen has been income. in charge of the analysis of the data and the preparation of reports. 2. Almost 50 per cent of all spending units re- 2 The second survey was made for the Board of Governors ported higher money incomes in 1947 than in 1946, early in 1947 by the Survey Research Center and results of that survey were reported in 1947 in the June, July, and August but a considerable number of these consumer units issues of the BULLETIN. The first survey was made for the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department 3 If people contributed more than one-half of their income to of Agriculture. The Survey Research Center staff currently the family it was considered that they pooled their income. In in charge of the survey work was associated with the Division addition, the wife of the head of the family or a family member of Program Surveys at the time of the first survey. Results under 18 years of age or earning less than $10 a week was of that survey were reported in the June, July, and August always considered a member of the main spending unit. issues of the BULLETIN under the general title National Survey 4 Families are defined as all persons living in the same dwellof Liquid Assets. ing unit who are related by blood, marriage, or adoption. 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES felt that because of the higher cost of living they 8. About 7 million spending units bought autowere worse off financially at the end of the year mobiles in 1947 and approximately 17 million than at the beginning. About 30 per cent of all bought other selected durable goods such as furnispending units had substantially the same money ture, refrigerators, radios, washing machines, ranges, income in 1947 as in 1946, and about 20 per cent and other large appliances. experienced income declines. 9. About 9 million spending units used instal- 3. Consumer units at higher income levels held ment credit in purchasing durable goods, including a relatively large share of the liquid assets (i.e., automobiles, nearly twice as many as in 1946. checking accounts, savings accounts, or Govern- Consumer outlook for 1948 optimistic. ment bonds) but, as noted in the first two surveys, 10. Although somewhat less so than in early lower income groups continued to have sizable 1947, most consumers were still optimistic about amounts of liquid resources to draw upon. Actheir income prospects and future business condicording to available Treasury and banking statistics, tions. At the beginning of 1948 many more spendtotal personal holdings of liquid assets increased ing units expected a continuation of prosperous somewhat in 1947, although at a much slower rate times than expected a decline in economic activity, than during the previous years. and many more expected increases in income than 4. In 1947, however, for the first time since the expected decreases. end of the war, there was some decline in the num- 11. The break in commodity prices during the ber of spending units holding liquid assets. About first week in February appears to have had little 3 million fewer spending units had savings influence upon consumers' optimism. As many bonds at the beginning of 1948 than a year earlier. consumers expected their incomes to rise and good This decline extended the tendency noted in 1946 times to prevail after the price break as before. and was the primary factor accounting for the smaller number of people holding liquid assets. Consumer buying intentions remain strong. There was little or no change in the number of 12. At the beginning of 1948 as many consumers people holding checking or savings accounts. planned to buy automobiles and other selected dur- 5. The total amount of net saving by consumers able goods as at the beginning of 1947. There was out of current income continued to decline in 1947, some indication of a drop in the demand for new the result of further heavy dissaving (i.e., expendi- cars on the part of spending units with incomes tures in excess of income) on the part of more than below $3,000 but this was largely offset by an inone-fourth of all spending units and somewhat crease in the number of spending units at higher smaller amounts saved by other spending units. The income levels that planned to buy new cars. There substantial dissaving in 1947 reflected consumer will- was little change in the number of spending units ingness to spend freely. Many consumers were that were prospective buyers of durable goods other willing to draw on their liquid assets or to borrow than cars. for the purpose of purchasing consumer durable 13. No significant differences were noted in purgoods or meeting higher living costs. chasing plans for consumer durable goods before 6. In 1946 dissavers were heavily concentrated and after the commodity price break. Although in income classes up to $3,000. In 1947, however, there was a very substantial shift in consumers' the concentration extended up to the $5,000 income general price expectations after the break, with level. Particularly noteworthy was the significant many more spending units anticipating price derise in the number of dissavers with annual incomes clines, these price expectations referred primarily of $3,000 to $7,500. to food prices. In the case of prices of durable goods, many spending units had anticipated de- Heavy consumer spending for durable goods in 1947. clines as early as July 1947. 7. Roughly two-fifths of all consumer units indi- 14. The number of consumer units planning to cated that they had purchased some consumer dur- buy new houses was larger than the estimated able goods during 1947. Veterans of World War II number of completions of new houses for ownercontinued to be heavy spenders on durable items; occupancy in the year 1948. Somewhat more than in fact, almost three-fifths of the spending units 1 million spending units indicated they would or with veterans bought some type of durable goods. would probably buy such houses in 1948. The JUNE 1948 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES prices that prospective buyers said they would pay ble goods and houses would indicate a continuation for these houses were closely in line with prices of heavy demand in those areas which are strongly paid in 1947. dependent upon availability of credit and liquid 15. As compared to buying intentions expressed assets for effective buying power. a year ago, however, there was a further softening 6. Prospects are for further heavy dissaving on in the prospective demand for both new and existing the part of at least one-fourth of all spending units houses. Approximately 20 per cent fewer spending and no substantial change in the aggregate amounts units in early 1948 as compared to 1947 indicated saved by other spending units. some plan for buying houses. Again this slackening was most noteworthy on the part of spending PURCHASES OF SELECTED CONSUMER DURABLE GOODS units with incomes below $2,000. AND HOUSES IN 1947 Never before in the history of this country was CONCLUSIONS there a greater volume of consumer durable goods 1. The general financial status of consumers produced than in 1947. Production of major apshowed the first signs of weakening in 1947 in that pliances such as radios, washing machines, and fewer spending units held liquid assets at the end kitchen ranges exceeded 1941 production peaks by of the year and there was a substantial increase in substantial margins, while unit production of retotal indebtedness. Most consumers, however, confrigerators and automobiles was close to former tinue to have a strong financial status since (1) peak levels. Housing completions were not far employment and income are at peak levels and behind the record annual volume of completions widely distributed, and (2) well over two-thirds in the middle twenties. of all spending units still have liquid assets in their possession and sizable amounts are held by people Survey results indicate that approximately 20 in all income groups. million out of a total of 48.4 million spending units 2. The outlook is that consumer expenditures bought automobiles or other selected durable goods for durable goods and houses will continue in ex- in 1947, while over 2 million bought houses. The panding volume. Buying intentions for new cars total value of these purchases was roughly 30 billion still exceed expected production, and there is no dollars, of which about half represented house change in prospective demand for other selected purchases. durable goods. It is possible that immediate con- Automobiles. Approximately 7 million new and sumer demand for certain types of durable goods used automobiles were purchased by spending units has increased further since the survey, which was in 1947 at a total value of roughly 9 billion dollars. taken before the proposed increase in military This was a considerably larger number of cars than expenditures. was purchased in 1946 and, as Table 1 indicates, 3. There is a tendency for a greater proportion exceeded buying plans expressed at the beginning of consumer durable goods to be bought on a credit of 1947. More than three-fifths of all automobile basis today than a year ago and for a somewhat buyers had incomes of $3,000 or more (see Table 9). smaller proportion to be bought through use of Veterans of World War II were very heavy buyers accumulated liquid savings. As the volume of con- of cars. According to Table 2, one out of every sumer durable goods purchased continues to rise, four spending units with veterans bought automohowever, substantial amounts of liquid assets are biles as compared to one out of every eight among still being used in buying these goods, and there nonveteran units. has been no slackening in the rate of turnover of New automobiles were available in much greater such assets. quantities in 1947 than in 1946, as their production 4. In order for spending units to satisfy their almost doubled.« Many more spending units sucdemand for houses, particularly new houses, in ceeded in obtaining new cars in 1947 but a sizable 1948, there will need to be a further substantial number of prospective buyers probably went emptyincrease in the volume of mortgage credit. Since handed or purchased late-model used cars. The veterans account for approximately half of the total average price paid for new cars was about onehousing demand, no slackening in requests from fourth higher than prospective buyers anticipated veterans for mortgage loans can be anticipated. paying. Spending units reported buying 2.8 million 5. In general, consumer plans to buy both dura- new automobiles in 1947 and 1.5 million in 1946. 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 1 CONSUMER INTENTIONS TO BUY IN 1948, 1947, AND 1946, AND ACTUAL PURCHASES IN 1947 AND 1946 x Estimated Estimated Type of purchase s P p e e r n c d e i n n t g a g u e n o it f s sp n en u d m in b g er u o n f its exp M en ed d i i a tu n re2 ex A pe v n e d r i a t g u e re* expe t n o d t i a tu l res* (In millions) (In billions) Automobiles: New and used cars—total: Purchases planned, 1948 9.0-13.5 4.4-6.5 $1,570 $1,540 $6.8-10.0 Actual purchases, 1947 14.9 37.2 1,150 1,250 9.2 Purchases planned, 1947 10.0-13.4 4.6-6.2 1,310 1,300 6.0-8.1 Actual purchases, 1946 10.6 85.0 790 920 4.6 Purchases planned, 1946 9.6-12.2 4.4-5.6 1,150 1,100 4.8-6.2 New cars: Purchases planned, 1948 6.5-9.4 3.1-4.5 1,750 1,860 5.8-8.4 Actual purchases, 1947 5.8 2.8 1,780 1,950 5.7 Purchases planned, 1947 7.3-9.7 3.4-4.5 1,500 1,540 5.2-7.0 Actual purchases, 1946 3.3 1.5 1,500 1,620 2.3 Purchases planned, 1946 7.4-9.3 3.4-4.3 (4) (4) (4) Used cars: Purchases planned, 1948 2.5-4.1 1.2-1.9 540 710 0.9-1.4 Actual purchases, 1947 9.1 4.4 660 780 3.5 Purchases planned, 1947 2.7-3.7 1.2-1.7 500 650 0.8-1.1 Actual purchases, 1946 7.4 3.5 500 630 2.3 Purchases planned, 1946 2.2-2.9 1.0-1.3 (4) (4) 0) Other selected durable goods: Purchases planned, 1948 19.0-24.6 9.2-11.9 240 340 3.1-4.0 Actual purchases, 1947 35.1 17.0 200 310 5.3 Purchases planned, 1947 18.1-23.8 8.4-11.0 200 310 2.6-3.4 Actual purchases, 1946 28.3 13.1 180 310 4.1 Purchases planned, 1946 25.7-31.3 11.8-14.4 200 320 3.8-4.6 Houses:5 Purchases planned, 1948 4.0-6.0 1.7-2.6 6,580 7,430 12.6-19.3 Actual purchases, 1947 5.0 2.2 6,010 7,090 15.5 Purchases planned, 1947 5.0-7.5 2.1-3.2 5,110 6,310 13.3-20.2 Actual purchases, 1946 6 6.5 2.7 (4) 5,390 14.5 Purchases planned, 1946 7.5-9.3 3.1-3.9 5,020 15.6-19.3 (4) 1 Intended purchases for the year 1948 and actual purchases during 1947 were ascertained in the third survey made early in 1948. Intended purchases for 1947 and actual purchases during 1946 were ascertained early in 1947, while intended purchases for the year 1946 were ascertained early in 1946. In each case where a range is presented the bottom of the range includes all those who said definitely they would buy and one-half of those who said they would probably buy but might not. The top of the range includes all those who said they definitely or probably would buy, and one-half of those who said they were undecided. The distribution of spending units by intentions to buy, 1948, 1947, and 1946, is shown in supplementary Table 8 following the text of this article. 2 Refers to total expenditure before deduction of the value of trade-ins or existing assets sold. 8 This figure represents the number of cars bought, not the number of spending units that bought cars. Since only cars owners at the time of the early 1948 survey were asked about 1947 purchases, no cars were counted twice in the 1947 data. 4 Data not available. 5 Farmers are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 6 These are rough estimates which probably overstate purchases in 1946 because some buyers of lots or summer cottages are included among house buyers. Estimates of 1947 purchases exclude such transactions. These figures, after allowance for new cars sold to TABLE 2 Government and business organizations, check VETERAN STATUS OF ACTUAL AND PROSPECTIVE BUYERS closely with domestic registrations of new cars as reported by R. L. Polk and Company. Buyers as a percentage of spending units among: The greater sales of new cars meant greater turnover of used cars. Before the war, roughly two Type of purchase All Sp u e n n i d ts ing Sp u e n n i d ts ing used cars were sold to every one new car. In spending with without units veterans veterans 1947 about one and two-thirds used cars were sold to every one new car and there were about 1 mil- Prospective purchases in 194811 lion more actual used-car buyers than in the pre- Automobiles 11 18 9 Other durable goods 22 28 20 ceding year. As was noted in the 1947 survey, Houses^ 5 7 4 used-car purchases are not planned very fully in Actual purchases in 1947: Automobiles 15 23 12 advance. In the past two years the number of Other durable goods 35 48 32 spending units buying used cars has exceeded by Houses2 5 9 4 three times the number of spending units planning 1 Spending units who said they would or probably would buy to buy used cars at the beginning of the year. durable goods in 1948. 2 Information on houses refers to nonfafm spending units only. 637 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES As the rather low average price paid for used cars ning of radio purchases on the part of spending might indicate, there was a sizable turnover of cars units, many radio buyers reported the purchase of 10 years or older in the used-car market. The small table models, which are seldom mentioned by 1948 survey results show that almost one-third of prospective buyers. all used cars bought were models of 1936 or older Houses. About 2.2 million spending units recars. About the same proportion were 1941 or ported buying new or existing houses in 1947. The later models. total amount spent for these houses was roughly Other selected durable goods. Over one-third of 15 billion dollars as the average price per house was all spending units bought other selected durable somewhat more than $7,000. As Table 1 shows, goods in 1947 such as furniture, refrigerators, radios, the dollar volume of house purchases in 1947 exwashing machines, ranges, or other large appliances. ceeded 1946 purchases somewhat, although a smaller The total value of these goods was a little over 5 number of spending units indicated that they purbillion dollars, about one-fourth larger than the total chased houses in 1947. It is believed that the 1946 value of other selected durable goods bought in estimates include some real estate purchases other 1946. The median or middlemost expenditure for than houses for year-round owner-occupancy so these goods was $200 per spending unit. that both the number and amount of house pur- The market for these other selected durable goods chases may be overstated in that year. About 40 is more evenly distributed over the spending units per cent of the house buyers in 1947 were veterans at various income levels than is the automobile mar- of World War II; 9 per cent of veteran spending ket. Almost half of the 1947 buyers of these goods units bought houses compared to 4 per cent of nonhad incomes below $3,000. Of course, amounts veteran spending units. spent by buyers in low income groups were smaller According to the survey, approximately 700,000 than amounts spent by other groups (see Table 10). of the houses bought for owner-occupany in 1947 Actual purchases of these selected durable goods were new dwellings. This figure is in reasonable in 1947 substantially exceeded the volume of pur- agreement with estimated new house completions in chases planned at the beginning of the year. The 1947 after allowance for newly built rental houses. possibility that such might be the case was noted The number of existing houses purchased was 1.5 in the 1947 survey. Examination of the prospective million. The median price paid for new houses demand and actual purchases of selected durable fell between $7,500 and $8,500 and that of old goods in 1946 showed that plans to buy furniture houses between $5,000 and $6,000. were substantially understated, but in the case of Total purchases of houses in 1947 were within some major household appliances plans to buy the lower limits of the buying plans expressed at exceeded actual purchases. Yet it seemed possible the beginning of the year. Spending units with inthat once the most urgent backlog demands had comes of $3,000 or more accounted for three-fifths been filled and production was at peak levels, plans of total house purchases and appeared to be more to buy major household appliances might also tend successful than other spending units in completing to be understated. In 1947, as is shown by their buying plans. supplementary Table 12 at the end of this article, INTENTIONS TO BUY IN 1948 the total number of actual buyers of furniture and of each type of major appliance exceeded the num- The derived estimates of intentions to buy in the ber of spending units that planned to buy at the Survey of Consumer Finances represent experibeginning of the year. In the case of furniture, mental data and must be interpreted with caution. double the number of those who expressed inten- The volume of purchases in any given year is a tions to buy actually bought in both 1946 and 1947. function of many factors not known to buyers at In the case of refrigerators and washing machines, the beginning of the year. As observed when little more than half the prospective buyers were presenting the results of the previous two surveys, able to make purchases in 1946, while in 1947 there consumer plans to buy in any particular year are were half again as many actual buyers as prospec- not to be construed as an indication of the exact tive buyers. In the case of radios, there were three measure of total demand or of the quantities of times as many actual buyers as prospective buyers goods to be purchased during the year. In some in 1947. In addition to the lack of full-year plan- cases backlog demands make for a total of inten- 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES tions that is larger than expected supplies; in other units at higher income levels that planned to buy cases consumers do not fully plan ahead their en- new cars. In any event, the range of planned purtire year's purchases; and, finally, considerable shifts chases exceeded probable domestic sales of new in buying intentions may possibly occur within a automobiles by a substantial margin. year as a result of changed economic conditions. Car owners, of course, account for the greatest A better basis for estimating approximate quanti- share of the number of prospective buyers of new ties of any durable item that may be purchased should be provided by a comparison of intentions TABLE 3 data and actual purchases over a period of several CAR-OWNERSHIP STATUS OF PROSPECTIVE BUYERS years when supplies of goods are plentiful and OF NEW AND USED CARS IN 1948 backlog demands are small. Intentions data for the [Per cent] year 1948 should be compared carefully with similar data for the years 1947 and 1946 and with the Prospective buyers of:* Car-ownership status actual volume of purchases in these same years to All cars New cars Used cars understand their meaning and limitations more fully. Own no car 29 25 41 Information on intentions to buy consumer dura- Own car: Pre-1940 model 29 21 45 ble goods and houses during 1948 was obtained 1940-42 model 20 23 13 during the first 10 weeks of the year. The buying Postwar model 22 31 1 plans were expressed at a time when consumer All cases 100 100 100 units were rather optimistic about their own income 1 Spending units who said they would or probably would buy prospects and the general economic outlook. Any cars in 1948. substantial changes in consumers' income expectacars. Some three-fourths of these prospective buytions or general economic outlook could affect their ers already own cars and as many as one-third own buying plans. Many other factors, including such postwar cars. Table 3 classifies prospective buyers things as prices, availability, and style also have an by ownership and age of cars. important bearing upon the total prospective demand. Trade reports indicate that there was a A comparison of intentions to buy used cars substantial rise in buying orders for certain selected over the three-year period—1946, 1947, and 1948— durable goods at the end of March after the first indicates that there were no sizable differences from public discussion of increased defense expenditures. one year to the next in the total buying plans of Thus, there may have been some increase in imme- spending units for used cars. diate demand for consumer durable goods since the There was some increase in the number of prossurvey was taken. pective buyers of selected durable goods other than At the beginning of 1948 as many consumers cars for the year 1948. No particular significance planned to buy automobiles and other selected is to be attributed to this slight shift. The greater durable goods as at the beginning of 1947. The availability of most major household appliances in total of prospective buyers in 1948 was consider- 1948 as compared to 1947 may occasion a someably below the number of actual buyers in 1947 what larger immediate demand for such goods. In (see Table 1), but as already indicated, intentions any event, no general weakness was apparent in to buy certain items have often been incomplete. the market for furniture or major household ap- Because of this tendency for consumer buying plans pliances. Of persons at lower income levels, fewer to be only partially complete at the beginning of the intended to buy in 1948 than in 1947, while of year, it is more relevant to compare 1948 intentions those with incomes of $5,000 or more, the prowith 1947 intentions rather than with the actual portion intending to buy increased, as is shown by volume of purchases in 1947. Table 4. From 3.1 million to 4.5 million spending units Total prospective demand for houses was someindicated some plan to purchase new cars in 1948. what lower in early 1948 than in the previous year Spending units with incomes below $3,000 planned and still lower than intentions to buy in 1946. The to buy less frequently than they had planned in decline in buying intentions during this period the preceding year, but there were more spending was most marked in the case of spending units JUNE 1948 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 4 ACTUAL AND PROSPECTIVE BUYERS AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS1 Type of purchase Al g l r i o n u c p om s e Le $ s 1 s , 0 t 0 h 0 an $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - an $ d 5 , o 0 v 0 e 0 r Automobiles: Plan to buy in 1948 11 10 15 26 Bought in 1947 15 15 19 30 Expected to buy in 1947... 12 12 18 24 Bought in 1946 11 13 11 20 Expected to buy in 1946.. . 11 11 16 26 Other selected durable goods: Plan to buy in 1948 22 7 16 21 29 34 Bought in 1947 35 14 29 39 39 48 Expected to buy in 1947... 21 9 17 24 28 26 Bought in 1946 28 14 25 32 36 35 Expected to buy in 1946.. . 28 14 25 32 34 38 Houses:2 Plan to buy in 1948 10 Bought in 1947 6 Expected to buy in 1947... 9 Bought in 1946 13 Expected to buy in 1946... 11 1 Intended purchases for the year 1948 and actual purchases during 1947 were ascertained early in 1948. Intended purchases for 1947 and actual purchases during 1946 were ascertained early in 1947, while intended purchases for the year 1946 were ascertained early in 1946. In every case, the percentage of people expecting to buy includes those who said definitely they would buy and those who said they probably would do so. Intended purchases for 1948 and actual purchases during 1947 are related to 1947 income, intended purchases for 1947 and actual purchases during 1946 to 1946 income, and intended purchases in 1946 to 1945 income. 2 Information on houses refers to nonfarm spending units only. 3 Less than one-half of 1 per cent. with incomes below $2,000. As construction costs Roughly three-fourths of the prospective demand continued to rise in these years, it is likely that for total houses in 1948 came from spending units spending units within this income range were that did not own homes. Not quite one-fourth of priced out of the market. prospective house buyers were present home owners. Buying plans for new houses, however, were Veterans of World War II continued to be imlarger than the estimated number of completions portant prospective buyers, although there were of new houses for owner-occupancy in the year indications that the difference between veteran and 1948. Somewhat more than 1 million spending nonveteran spending units in total intentions was units said they would or would probably buy new narrowing. houses. Almost one-half of all prospective buyers Examination of the prospective demand for said they would pay more than $7,500 for a new durable goods by income level of buyer indicates the house and as many as one-seventh indicated they very substantial increase in the percentage of buyers would pay more than $12,500. These prices were as the level of income increases. As the chart on closely in line with prices paid in 1947. page 641 shows, less than one-tenth of all spending The continuance of a strong demand for houses units with incomes below $1,000 were prospective at steadily increasing prices is indicative of the buyers of selected durable goods other than autoover-all shortage of dwelling units plus the chang- mobiles as compared to one-fifth of all spending ing income status of many consumer units. As the units with incomes of $2,000 to $3,000 and more total income of a consumer unit moves upward, than one-third of all spending units with incomes roughly two and one-half times the increment in of $5,000 or more. The same upward shifting apincome is added to the basic price that the unit pears in the case of automobile and house purpresumably can pay for a house under standard chasers although the frequency of prospective buyprice-of-house-to-income relationships. ers is considerably smaller (see Table 4). The The number of persons intending to buy used maintenance of continued high levels of consumer houses was somewhat smaller in early 1948 than expenditures during the past year, despite the large in early 1947 (see Table 8). This same tendency increases in prices of consumer goods, reflects the was noted between 1946 and 1947, and was borne very sizable shifts toward middle and upper income out by lessened activity in existing residential prop- levels since the prewar period and the resulting erties during 1947. heavy buying demands of these groups. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES Consumer plans to buy durable goods apparently of consumer units do not appear to have been a were not affected by the break in commodity prices significant factor in determining buying plans. during the first two weeks of February 1948. Most consumer units anticipated only slight shifts in prices, either upward or downward, and no difference has been noted between the buying plans PROSPECTIVE BUYERS OF CONSUMER DURABLE GOODS AND HOUSES IN 1948, BY INCOME GROUPS of consumer units expecting prices to rise or to PER CENT OF fall. SPENDING UNITS 40 METHOD OF PAYMENT FOR DURABLE GOODS An increasing proportion of durable goods was bought on a credit basis during 1947, according to survey results. As is shown in Table 5, roughly onethird of all automobile purchasers made use of instalment credit in 1947 as compared to onefifth in 1946. In the case of other selected durable goods, buyers reported using instalment credit for 35 per cent of their purchases in 1946 and 42 per cent in 1947. There was a marked increase in the physical volume of durable goods sold during 1947, and about 9 million spending units used instalment credit in purchasing cars and other durable goods during this year. In 1946 only about 5 mil- INCOME GROUPS lion spending units used instalment credit for such Further, the price break appeared to have little purchases. effect upon consumer expectations of durable goods Due to the increasing use of credit there was, prices, on which many spending units anticipated of course, some decrease in the relative frequency declines as early as July 1947. of use of cash in payment for goods. Cash pay- For the past several years the price expectations ments as shown in Table 5 include amounts ob- TABLE 5 METHOD OF PAYMENT FOR CONSUMER DURABLE GOODS AND HOUSES BY PROSPECTIVE AND ACTUAL BUYERS Percentage distribution of buyers: Type of purchase and method of payment Plans for Actual Plans for Actual Plans for financing financing financing financing financing in 1948 in 1947 in 1947 in 1946 in 1946 Automobiles: Full cash (including trade-in allowances) 53 66 54 77 Instalment credit (together with down payments—cash and trade-in allowances). 37 34 37 21 0) Uncertain as to method 10 9 2 0) All buyers... 100 100 100 100 100 Other selected durable goods: Full cash (including trade-in allowances) 49 58 56 65 0) Instalment credit (together with down payments—cash and trade-in allowances). 42 42 38 35 (j) Uncertain as to method 9 0 6 0 All buyers. . 100 100 100 100 100 Houses:3 Full cash. 20 16 13 16 17 Mortgage 67 84 74 82 71 Uncertain as to method 13 0 13 2 12 All buyers . . 100 100 100 100 100 1 Data not available. 2 Less than one-half of 1 per cent. • Information on houses refers to nonfarm spending units only. JUNE 1948 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES tained from current income during the year, with- the general economic outlook was voiced by more drawals of previously accumulated liquid asset hold- of the spending units with high incomes than of ings, proceeds from the sale of other assets, and trade-in allowances. Despite this decrease in the TABLE 6 relative use of cash, there was a slight increase CONSUMER ATTITUDES TOWARD PRESENT FINANCIAL SITUAin the turnover of liquid assets for purchase of TION, PERSONAL INCOME PROSPECTS, AND GENERAL ECONOMIC durable goods because of the substantial rise in the OUTLOOK volume of goods sold. Percentage distribution According to the financing plans of prospective of all spending units Attitudes buyers in 1948, there will be a further rise in the 19481 19472 19463 proportion of consumer goods sold on an instalment basis during the coming year. This reflects the Financial situation4 huge quantities of goods to be bought that are S B a e m tt e er off 2 2 9 8 3 3 1 0 4 2 2 0 typically sold on a credit basis plus the fact that Worse off 39 34 31 Uncertain 2 2 2 somewhat fewer spending units held liquid assets Not ascertained 2 3 5 at the beginning of 1948. All cases 100 100 100 For houses, over four-fifths of the actual buyers Own incomes5 Income will be larger a year from now 27 23 25 used mortgage credit in 1947 and 1946. As Table 5 Income will be about the same 38 42 34 Income will be smaller a year from now. . 10 14 23 shows, a smaller proportion of prospective buyers Uncertain, "it depends" 23 19 13 Not ascertained . . . 2 2 5 of houses in 1948 planned to use mortage credit than in 1947. Prospective buyers who were home All cases 100 100 100 General economic outlook6 owners less frequently indicated a need for credit Good times ahead 47 55 35 than nonhome owners did. Uncertain, no change 19 21 23 Bad times ahead ... ... 26 22 36 It is estimated that the total amount of mortgage Not ascertained 8 2 6 credit used by purchasers of houses in 1947 was All cases 100 100 100 almost 9 billion dollars, or about three-fifths of 1 Based on interviews in January-March 1948 (third survey). the total value of houses sold. In the case of auto- 2 Based on interviews in January-March 1947 (second survey). 3 Based on interviews in January-March 1946 (first survey). mobiles and other selected goods, less than one- 4 Thf» nupsMnn wnc:* "WnnM vmi snv that vnn rip-nnip arp HP> fourth of the aggregate purchase price was on a credit basis. question was asked ot nontarm spending units only. Data tor CONSUMER ATTITUDES AND EXPECTATIONS 1946 are not strictly comparable with data for other years because they are based on a comparison of expected annual income for 1946 with actual income in 1945. Consumer attitudes and expectations regarding 6 The question was: "Now considering the country as a whole, do you think we will have good times or bad times or what during general economic conditions and their own personal the next 12 months or so?" financial status were for the most part little different in early 1948 than they were in early 1947. those with low incomes. Professional and white- This was in contrast to the significant differences collar persons were most optimistic about future noted between early 1946 and 1947 when their ex- income prospects, and showed little shift in such pectations shifted in an optimistic direction. expectations from early 1947. Consumers were still optimistic at the beginning About one-third of the consumer units believed of 1948 about their future income prospects and that they were better off financially at the beginning about the general economic outlook. As Table 6 of 1948. Some two-fifths believed they were worse indicates, more than one-fourth of all spending off. Spending units that indicated they were "betunits expected to be making more money 12 months ter off" predominately referred to higher incomes hence, about one-tenth expected to be making less and some to lower expenses. A worsened financial money, and almost two-fifths expected to be mak- status in 1948 was associated with lower incomes ing about the same. Almost one-half of all spend- and high prices. Almost one-fourth of those whose ing units thought we would have good times in income increased in 1947 said that they were worse the year 1948 as compared to one-fourth expecting off because of the higher cost of living. bad times. Most occupational groups agreed closely Unlike previously discussed consumer attitudes on the general economic outlook. Optimism about and expectations, which shifted in an optimistic 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES direction in 1946 and then stabilized, consumer price pared very closely with expectations noted in early expectations fluctuated greatly during the three 1946. As is shown by Table 7, however, only oneyears. In early 1946 more than one-half of all seventh expected price increases after the commodity spending units expected prices to rise while less price break. than one-tenth expected prices to drop. The situa- The change in consumers' price expectations durtion was entirely reversed in early 1947. By July ing the decline in commodity market prices of mid- 1947 more consumers anticipated price increases February 1948, provides further evidence of the again, and in January 1948 price expectations com- responsiveness of price expectations to changing economic conditions. During the same period in TABLE 7 1948 neither general economic outlook nor income CONSUMER PRICE EXPECTATIONS FOR THE YEAR AHEAD, AS expectations reacted to the commodity price decline. REPORTED AT INTERVALS IN 1948, 1947, AND 1946 Expectations about the general price level seem to Percentage distribution of all spending reflect expectations about the price of food rather units reporting price expectations as of: than clothing or durable goods. This finding was Price expectations1 noted both in July 1947 and in early 1948. F M e 1 b 9 a 4 . r 8 . 1 2 4 5 - 1 u J 9 a a 4 n ry 8 - 2 1 J 9 u 4 l 7 y 3 E 1 a 9 r 4 l 7 y E 1 a 9 r 4 l 6 y Despite the obvious shifts in people's price expectations for the year, no changes have occurred Will go up 15 50 32 13 53 in consumer expectations of prices three years Will remain the same.. 29 22 29 22 21 Will go down 39 16 29 46 8 hence. The great majority definitely expect a lower Conditional answers. . . 15 10 9 17 13 Not ascertained 2 2 1 2 5 level of prices three years hence, and there was no All cases 100 100 100 100 100 significant difference in the three-year price expectations of the spending units interviewed before and 1 The question was: "What do you think will happen to the prices of the things you buy during the next 12 months or year— after the price break. do you think they will go up, or down, or stay about where they are now?" Supplementary information concerning the buy- 2 Based on interviews taken in 1948 Survey of Consumer ing intentions and actual purchases of spending Finances. 3 Based on a small survey (Interim Survey) taken in last two units is given in Tables 8-13, pages 646-48. weeks of July 1947. APPENDIX METHODS OF THE SURVEY OF CONSUMER FINANCES x The interviewing for the third annual Survey of the purchase of automobiles, etc.) and psychologi- Consumer Finances was conducted between January cal factors underlying consumer behavior (motives, 5 and March 5, 1948. The two preceding annual attitudes, expectations) are ascertained in one operasurveys were made during the same period tion. This combination facilitates interviewing of 1947 and 1946, respectively. In addition, a much and opens up new possibilities for analysis. smaller survey was conducted during July 1947. 2. The universe from which the sample is drawn Each of these surveys was a separate undertaking; consists of all consumers in the Continental United different respondents, representing each time a States living in private households. Members of cross-section of American consumers, were inter- the armed forces living at military reservations, viewed in each survey. Certain minor objectives residents in hospitals and other institutions, and differed from survey to survey, and some methods the floating population (residents in hotels, large were improved in the later surveys as compared to boarding houses) are excluded. As an approximathe earlier ones. But, fundamentally, the survey tion it can be stated that 4 per cent of the 144 milmethods were alike in the following respects: lion population was not included in the universe of the 1948 survey. The proportion of people not 1. Facts of consumer budget (income, liquid included in the surveys was somewhat larger in asset holdings, amounts saved, amounts spent for 1947 and 1946. 1 Prepared by the staff of the Survey Research Center, Uni- 3. Area sampling is used to select a representaversity of Michigan. JUNE 1948 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES tive cross-section of dwelling units. No latitude duce the interview by explaining the purposes and is given to the interviewers in selecting the dwelling importance of the survey as well as how the reunits. First counties, then urban blocks and open spondent was selected. The interviewers also use country areas within the counties, and finally suitable introductions to sections of the survey and dwelling units are designated in the central office nonsuggestive probes to the questions to elicit by means of random methods (coupled with additional information. The average time of an stratification).2 interview is about one hour. 4. In order to obtain more reliable information 10. The interviewers record the answers received concerning consumers with relatively high incomes as nearly verbatim as possible. By using this or liquid assets, areas in which such people are method, in contrast to a check-list type of interview, assumed to be more numerous are considerably decisions as to the meaning of answers are made on over-sampled. Weights are used to compensate a uniform basis in the central office. for the over-sampling. 11. The interviews are edited in the central 5. All inhabitants of the designated dwelling office. In certain cases the editing process reveals units are enumerated and grouped into spending the necessity of a second interview. This is the units. A spending unit is defined as all persons case especially if tabulation of all money received living in the same dwelling and related by blood, during the year (income, plus amounts borrowed, marriage, or adoption, who pool their incomes for plus sale of assets, etc.) and money spent and saved their major items of expense. The head of each shows incongruous results. In these cases the spending unit is interviewed. interviewers are instructed to ask specified addi- 6. The method of small-sample surveys is used tional questions. Letters are written to respondents because of its advantages with respect to cost, who refused to be interviewed or refused to give speed of field work and analysis, and reduction of certain information. Some missing information is reporting errors. Careful training of interviewers obtained by mail. and checking and editing of the interviews, as 12. All information, financial facts as well as well as application of uniform procedures, are opinions, is transcribed to punch cards by means facilitated with small samples. On the other hand, of a coding process. An elaborate list of catethe sampling error would be reduced somewhat gories is set up to determine the frequencies of if larger samples were used. Moreover, small different shades of opinion. A check-coding process samples make it impossible to calculate information provides a measure of coding reliability. concerning certain subgroups of the population. 13. The findings are published as obtained in the 7. At least three calls are made at different times survey without any adjustment or correction made on each spending unit so as to reduce the fre- on the basis of outside information.3 quency of "not-at-home" cases. No substitutions In spite of making use of the same methodologiare made even if no one is found at home after cal principles, the more recent surveys were by no repeated calls, or in case of refusal to be inter- means repetitions of the earlier ones. The method viewed. was developed continuously and some of the prin- 8. A questionnaire is prepared and is pretested ciples listed above were applied more thoroughly in the field. Some questions are "direct," usually in the third than in the first two surveys. Furtherrequiring short answers (e.g., "Do you own a more, the number of interviews was increased car?"), and some are "open-ended" introducing somewhat, from 2,890 in the 1946 survey and 3,058 the discussion of topics and requesting information in the 1947 survey to 3,562 in the 1948 survey. about reasons for opinions held. (The 12 largest metropolitan areas and 54 other 9. Interviewers are trained personally, both in counties made up the sampling points in each surgeneral interviewing procedures and in the specific vey.) While these changes hardly aflect the comproblems of the survey. To stimulate interest and 3 This applies strictly to the percentage figures published. build rapport, interviewers are instructed to intro- In determining the number of spending units in the nation, Census information is also used, the same as in the sampling process. The reports also contain a few adjustments made on the basis of data from the survey. In presenting the size dis- 2 For a detailed description of the sampling method, including tributions of income, saving, and liquid assets, estimates are the principles of over-sampling mentioned under point 4, see made for a number of spending units from whom complete appendix to the article on the survey in the June 1947 BUL- financial data were not obtained. Adjustments have been LETIN. made for from 1 per cent to 4 per cent of spending units. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES parability of results, changes in the approach to subject to greater chance variation and the sampling certain issues—different forms of questions which errors may be too large to permit valid compariare assumed to yield more reliable results—make sons. Income distributions of spending units within comparisons impractical in a few instances. In one geographic region of the country, for instance, addition, several subjects were included for the first may not be reliable values for comparison with a time in the 1948 survey so that comparable earlier similar distribution of another region. information is not available. In presenting dollar figures in the Survey, fre- On the basis of sampling principles and survey quent use is made of medians. Most of the distrifindings, it is estimated that the universe from butions here studied are highly skewed, and for which the sample was drawn consisted of 48.4 mil- such data the sampling errors of medians are lion spending units or 42.0 million families4 at smaller than those of means. For items like the the beginning of 1948. These estimates are some- price of new automobiles, however, for which the what higher than those made at the time of the distribution is more nearly symmetrical, the mean 1947 survey. The difference is probably larger has a smaller sampling error. The sampling erthan the actual growth in the number of families rors of both medians and means tend to be larger and spending units since it reflects certain im- when estimates are based on a subgroup rather provements in basic data and survey methods, and than all of the sample. also fluctuations in sampling. The sampling errors of differences between two Sample interview surveys, if properly conducted, estimated quantities, such as estimated year-to-year yield information on the order of magnitude of differences, tend to be larger than those for the data but do not yield exact values. All information estimates themselves. But since the samples are derived from the Survey of Consumer Finances is comparable in all years, the increase in sampling subject to reporting errors and to sampling errors. errors for estimated year-to-year differences is not For the latter, in contrast to the former, numerical large. For example, the sampling error of the measures are available. difference in the proportion of spending units that had incomes of $4,000 or more in 1946 and 1947 Reporting errors and errors due to nonreporting is about 3 percentage points. This compares with are not generally measurable and their presence an error of about 2.5 percentage points in the must be considered in the interpretation of survey figure for the year 1947. results. Some of these errors may be expected to be relatively constant from year to year and there- The sampling error measures the range on either fore the changes noted in certain data from one side of the sample estimate within which a corresponding figure based on a complete enumeration survey to the next may not be affected by such errors.5 could be expected to fall 95 times out of 100. That is, a complete enumeration of all spending units The magnitude of sampling errors varies with would be expected to yield a median income within the item under consideration and the type of estithe range of $2,380 to $2,680, that is, within $150 mate. In general, distributions of the entire sample, above or below the $2,530 median income estimated such as the income distribution of all spending units from the sample.6 The chances that this result in the Consumer Finances Survey, have relatively would be obtained are 95 in 100. There are about small sampling errors. Distributions based on a 67 chances in 100 that the median would lie within subgroup of the sample, on the other hand, are a range only one-half as great, that is between $2,455 4 Families are defined here as all persons related by blood, and $2,605. A few examples will serve to show the marriage or adoption who live at the same dwelling unit. In approximate magnitudes of some of the sampling some dwellings there is more than one family (for instance, in dwellings in which there is a boarder who is not related to the errors: head of the household). 5 Some approximate indications of the total effect of reporting and sampling errors can be derived from a comparison of Survey findings with outside estimates. These comparisons often refer 6 For the purposes of this statement it has been assumed that a to dollar aggregates, in which data both reporting and sampling complete enumeration would be subject to at least as large errors are larger than for percentage distributions. In many errors of reporting and nonreporting as the sample, and hence, instances, however, outside data are not available for comparison that the departure of the sample from a hypothetically comwith Survey findings. plete enumeration would be due to sampling fluctuations. 645 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES SAMPLING ERROR FOR SELECTED SURVEY DATA SUPPLEMENTARY TABLES TABLE 8 Item e S s u ti r m v a e t y e sam Es p t l i i m ng a t e e r d ror CONSUMER ATTITUDES TOWARD SELECTED PURCHASES IN 1948, 1947, AND 1946 Percentage of all spending units with money incomes of $4,000 or more in 1947 24 percent 2.5 percentage Percentage distribution of points Type of product and attitude all spending units toward purchase Median income of all spending units $2,530 $150 1948 1947 1946 Percentage of all spending units reporting the purchase of automobiles in 1947 15 percent 2.0 percentage Automobiles: points Will buy 7.3 8.0 8 Will probably buy 3.4 3.7 3 Mean price of new cars purchased New cars 7.4 8.2 8 in 1947 $1,950 $45 Used cars 3.0 3.1 2 Uncertain, new or used 0.3 0.4 1 Percentage of spending units classi- Undecided, "it depends" 5.5 3.1 2 fied as managerial and self-employed Will not buy 83.6 84.3 84 with money incomes of $4,000 or Not ascertained 0.2 0.9 3 more in 1947 56 percent 7.0 percentage points All cases 100.0 100.0 100 Median income of spending units Other selected durable goods: classified as managerial and self- Will buy 16.3 14.5 22 employed $4,330 $580 Will probably buy 5.5 6.6 6 Undecided, "it depends" 5.6 4.7 5 Will not buy 72.3 72.5 63 Not ascertained 0.3 1.7 4 Even a very brief and, by necessity, superficial All cases. 100.0 100.0 discussion of survey methodology would be in- Houses:1 Will buy 3.4 3.8 complete without calling attention to the fact that Will probably buy 1.2 2.2 New houses 2.1 2.7 surveys intended to determine both the composi- Old houses 1.6 2.3 tion of household budgets and psychological fac- Uncertain, new or old 0.9 0.9 () tors influencing consumer behavior represent a U W N n o il d t l e a n c s o i c d t e e r b d t u a , i y " n i e t d depends" 9 0 2 . . . 3 2 9 8 2 9 1. . . 8 7 5 83 2 relatively new development in the field of eco- All cases 100.0 100.0 100 nomic research. Considerable experience derived from the analysis and interpretation of results 2 1 D In a fo ta r m n a o t t i o a n y a o il n a b h le o . uses refers to nonfarm spending units only. of a number of surveys repeated under varying NOTE.—Decimal points are shown in this table because most of the percentages are under 10. Rounding to the nearest full conditions is needed before this type of research percentage point might result in sizable overstatements or understatements of the actual changes shown by the reported can be of maximum value. data. Decimals are not shown in tables where percentages are for the most part greater than 10 per cent. Presentation of data with decimal points may imply a precision of information beyond that which is justified. TABLE 9 PERCENTAGE DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS, BY INCOME GROUP 1 Type of purchase bu A y l e l rs $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - an $ d 5 ,0 o 0 v 0 er Automobiles: Plan to buy in 1948.... 100 7 19 20 17 34 Bought in 1947 100 12 23 20 13 29 Expected to buy in 1947. 100 12 25 25 14 19 Bought in 1946 100 22 30 19 8 18 Expected to buy in 1946. 100 20 24 21 12 18 Other selected durable goods: Plan to buy in 1948.... 100 4 15 23 22 14 22 Bought in 1947 100 5 19 25 19 13 19 Expected to buy in 1947 100 7 20 29 22 11 11 Bought in 1946 100 8 21 28 21 11 11 Expected to buy in 1946 100 11 25 28 17 9 10 Houses:2 Plan to buy in 1948. . . . 100 10 22 24 15 28 Bought in 1947 100 13 22 24 19 18 Expected to buy in 1947 100 23 24 25 10 15 Bought in 1946 100 18 25 23 19 Expected to buy in 1946 100 23 29 22 11 1 Prospective buyers include spending units who said definitely they would buy and those who said they probably would do so. Intended purchases for 1948 and actual purchases in 1947 are related to the spending unit's 1947 money income, intended purchases for 1947 and actual purchases in 1946 to 1946 money income, and intended purchases in 1946 to 1945 money income. 2 Information on houses refers to nonfarm spending units only. NOTE.—Part of the upward shift in the distribution of buyers may be attributed to the substantial shifts in the distribution of income of spending units between 1945 and 1947, with fewer spending units having incomes below and more having incomes above $4,000. See Table 4 for the percentage of spending units in each income group that are buyers. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 10 ACTUAL BUYERS IN 1947, BY PRICE OF PURCHASE AND INCOME GROUP Buyers as a percentage of all spending units within income group Type and price of purchase All income Under $1,000- $2,000- $3,000- $5,000 groups $1,000 $1,999 $2,999 $4,999 and over Automobiles^ Under $1,000 3 5 4 $l,000-$l,499 0 1 6 $l,500-$l,999 1 1 11 $2,000 and over C1) C1) 9 All cases 15 30 Other selected durable goods:2 Under $100 6 12 10 7 $100-$199 4 7 9 7 $200-$299 1 4 7 8 $300-$499 2 3 6 10 $500-$749 1 1 3 5 $750-$999 C1) 0) 1 2 $1,000 and over o 7 All cases 35 14 29 39 Houses:3 Under $5,000 1 2 3 0) $5,000-$9,999 1 0) 2 $10,000 and over C1) () 0) 3 All cases 1 Less than one-half of 1 per cent. 2 Prices refer to the total value of all "other selected durable goods" bought by a spending unit. 3 Information on houses refers to nonfarm spending units only. NOTE.—Details may not add to totals because of rounding. TABLE 11 DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS OF NEW AUTOMOBILES AND OTHER DURABLE GOODS, BY PRICE CLASS [Per cent] 1948 1947 1946 Price class Prospective Actual Prospective Actual Prospective New automobiles: Under $1 000 2 0) 2 3 5 $l,000-$l,349 4 3 33 27 62 $l,350-$l,999 64 65 43 52 22 $2 000 or over 18 32 12 16 2 Uncertain 12 0) 10 2 9 All cases 100 100 100 100 100 Other durable goods: Under $100 . 15 24 12 24 19 $100-$199 18 22 21 24 24 $200-$299 19 18 26 17 17 $300-$499 20 17 14 13 14 $500-$999 10 11 11 11 10 $1,000 or more 5 5 5 6 5 Uncertain 13 3 11 5 11 All cases 100 100 100 100 100 1 Less than one-half of 1 per cent. JUNE 1948 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 12 TABLE 13 ACTUAL AND PROSPECTIVE PURCHASES OF SELECTED DISTRIBUTION OF PROSPECTIVE BUYERS OF HOUSES DURABLE GOODS1 BY PRICE CLASS1 [Per cent] Pur- Actual Pur- Actual chases pur- chases pur- Type of durable good planned chases planned chases Price class 1948 1947 1946 1948 1947 2 1947 1946 Under $2,000.. 5 10 18 Furniture: Percentage of spending $ 2,000-$3,999. 14 13 16 Es u ti n m it a s ted number of 8.6 14.0 7.7 13.5 $ 4,000-$5,999. 14 18 19 spending units (in millions) 4.2 6.8 3.7 6.3 $ 6,000-$7,999. 18 13 15 Median expenditure $250 $200 $200 $200 $ 8,000-$9,999. 12 11 9 Radios: Percentage of spending $10,000 or over 24 18 7 Es u ti n m it a s ted number of 4.8 10.3 3.6 6.6 Uncertain 13 17 16 spending units (in millions) 2.3 5.0 1.7 3.1 All cases.. 100 100 100 Median expenditure. . . $120 $60 $100 $50 Refrigerators: 1 Information refers to nonfarm spending units only. Percentage of spending units 6.2 9.7 6.8 5.2 Estimated number of spending units (in millions) 3.0 4.7 3.3 2.4 Median expenditure $240 $240 $200 $190 Footnotes for Table 12, Cont. 2 The fact that the number of spending units who reported Washing machines: buying refrigerators in 1947 was in excess of the number of Percentage of spending refrigerators produced is indicative of the active market for units 3.0 5.1 2.8 2.8 used refrigerators. In the case of washing machines and radios, Estimated number of indicated purchases were less than production figures. This spending units (in may be because a large number of purchases were made by millions) 1.5 2.5 1.4 1.3 buyers other than consumer spending units; it is also possible Median expenditure (3) (3) $120 $120 that some purchases of small washing machines and portable and table radios were not reported. 3 Data not available. 1 Intended purchases for the year 1948 and actual purchases during 1947 were ascertained in the third survey made early in 1948. Intended purchases for 1947 and actual purchases during 1946 were ascertained early in 1947, while intended purchases for the year 1946 were ascertained early in 1946. In every case, the percentage of people expecting to buy includes those who said definitely they would buy and those who said they probably would do so. See opposite column for footnotes 2 and 3. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES1 PART II. The Distribution of Consumer Income in 1947 Personal money incomes increased by approxi- finances the present one covers, on a sample basis, mately 20 billion dollars in 1947. This sizable in- the entire population of the United States residing crease was widely distributed throughout the in private households during the January-March population and a substantial number of spending interview period. The following groups were units had higher money incomes in 1947 than in omitted: (1) members of the armed forces living 1946. This article supplies new statistical informa- at military reservations; (2) residents in hospitals tion about the extent to which various groups in and in religious, educational, and penal instituthe population participated in the increase in money tions; and (3) the floating population, that is, incomes in 1947 and in the distribution of total people living in hotels, large boarding houses, and money income for the year. tourist camps. The findings presented in this article are based The interview unit of the Surveys of Consumer Finances is the spending unit, defined as all perupon the 1948 Survey of Consumer Finances, consons living in the same dwelling and belonging ducted for the Board of Governors of the Federal to the same family who pooled their incomes to Reserve System by the University of Michigan Surmeet major expenses. vey Research Center. Comparison of these findings is made with two previous surveys, which were conducted in early 1947 and early 1946 using similar SUMMARY OF FINDINGS ON CONSUMER INCOME techniques and including similar information.2 An- 1. The 20 billion dollar increase in civilian money other article on the 1948 survey, also presented in income during 1947 was accompanied by increases this BULLETIN, gives a broad summary of survey in the money incomes of about half of the spending results and details relating to expenditures for units. Approximately 24 million of the total of durable goods, while subsequent articles in later about 48 million spending units had larger money issues of the BULLETIN will cover liquid and non- incomes in 1947 than in 1946. It is estimated that liquid asset holdings, saving out of income, and some 9 million spending units had lower incomes housing expenditures and finance. in 1947, primarily because of less steady work, As in the case of previous surveys of consumer lower profits, retirement, or sickness. 2. The increase in incomes of half the spending 1 This article was prepared by Duncan McC. Holthausen of the Board's Division of Research and Statistics. It is the second units during 1947 was accompanied by the shifting in a series to be issued presenting the results of the Board's 1948 Survey of Consumer Finances. The first article also ap- of many of these units to higher income groups. pears in this BULLETIN and other articles will appear in succeeding issues. About two-fifths of all spending units reported From the Survey Research Center, University of Michigan, money incomes of $3,000 and above in 1947 as Rensis Likert, Director, and Angus Campbell, Assistant Director, were in general charge of the survey. Responsibility for compared with slightly more than one-third in detailed planning and supervision of the survey, including interviewing, editing, tabulaton of survey results, and prepara- 1946 and less than one-third in 1945. tion of survey studies was carried by George Katona in collaboration with Miss Janet Austrian. Charles F. Cannell served 3. About three-fifths of the skilled and semias head of the field staff and Roe Goodman as head of the sampling section of the Center. skilled workers and about the same proportion of From the Board of Governors, general supervision of the professional persons and clerical and sales personnel survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Associate Director, of the Division said that their 1947 incomes were larger than 1946 of Research and Statistics. Mr. Holthausen has been in charge of the analysis of the data and the preparation of reports. incomes. Fewer self-employed persons, farm oper- 2 The second survey was made for the Board of Governors early in 1947 by the Survey Research Center and results of ators, and unskilled workers than persons in other that survey were reported in 1947 in the June, July, and August issues of the BULLETIN. The first survey was made for occupational groups reported increases in income the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. De- and more reported decreases in income. partment of Agriculture. The Survey Research Center staff 4. There appears to have been no significant currently in charge of the survey work was associated with the Division of Program Surveys at the time of the first survey. change between 1946 and 1947 in the proportion Results of that survey were reported in the June, July, and August issues of the BULLETIN under the general title Na- of income received by the various occupational tional Survey of Liquid Assets. _ See the appendix to Part I of this 1948 Survey for information about survey methods. groups in relation to their number in the total popu- JUNE 1948 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES lation. The managerial and self-employed and Increases in money incomes placed many spendprofessional groups received a proportion of total ing units in higher income groups in 1947 than money income equal to roughly twice their re- they had been in during 1946 or 1945. As the spective proportions of the total population in accompanying chart shows, the upward movement both years. Skilled and semiskilled workers and occurred throughout the entire income distribution. clerical and sales personnel received a proportion Almost one-fourth of all spending units had money of income roughly equal to their proportions in incomes of $4,000 or above in 1947 and about onethe total population, while farm operators, un- third had money incomes below $2,000. skilled workers, and other miscellaneous groups such as retired persons, housewives, and students DISTRIBUTION OF SPENDING UNITS BY INCOME GROUPS, 1947, 1946, AND 1945 received proportions somewhat smaller than their PER CENT OF PER CENT OF SPENDING UNITS SPENDING UNITS population weight. 30 30 5. No increase or decrease occurred in the percentage of total income accounted for by the spending units who were the highest income recipients in 1947 and those who were the highest income recipients in 1946. In both years the tenth of the spending units with highest incomes received roughly one-third of total money income. 6. Consumers continued to be optimistic about future income prospects. Substantially more spending units expected their incomes to be higher rather than lower in early 1949. CHANGES IN INCOME FROM 1946 TO 1947 Total money income before taxes, as reported in this survey, is the sum of the net money earnings $ 1 . 2 2 , , 9 0 9 0 9 0 | * 3 3 , , 9 0 9 0 9 0 4 f7 5 , , 4 0 9 0 9 0 from civilian employment (including wages and INCOME GROUPS NOTE.—Covers money income before taxes. salaries and net incomes or losses from farm and nonfarm business and professional self-employ- The median income figure, i.e., the income of the ment), armed forces pay of civilians not in the middlemost spending unit when all spending units services at the time of interview and of members were ranked by size of income, shown in Table 1, of the services living in private households, and was approximately $2,500. This represented an net money income other than earnings. It does increase of some 10 per cent above the 1946 level not include income received in kind, such as the and 25 per cent above the 1945 level. These sizable value of home-produced food, free meals, or rent- advances in median income are indicative of the free living quarters. Nor does it include the value increases in money income received by many milof farm inventory changes or farm depreciation lions of spending units between 1946 and 1947 as charges. Furthermore, it does not include capital well as between 1945 and 1946. gains or losses. There have, of course, been substantial increases Heads of spending units (in some cases other in the cost of living during this three-year period, members) were asked by interviewers to report and so these increases in money incomes have not separately the amount of money income received necessarily been gains in real income. Many by each member of the spending unit from each spending units that were receiving larger money of a number of specified types of income such as incomes in 1947 than in 1946 or 1945 found that wages and salaries; interest, dividends, rents, or the effective purchasing power of their incomes royalties; income from professional practice or un- had not advanced correspondingly. As has been incorporated business; various types of allotments, pointed out in Part I of the survey report, a conpensions, retirement pay, contributions, and other siderable number of the spending units with higher income of this type; and income from work other money incomes in 1947 than in 1946 felt that bethan regular employment. cause of the higher cost of living they were worse 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 1 DISTRIBUTION OF SPENDING UNITS AND MONEY INCOME RE- CEIVED, BY INCOME GROUPS, 1947, 1946, AND 1945 x [Per cent] 1947 1946 1945 Annual money income Spend- Total Spend- Total Spend- Total before taxes ing money ing money ing money units income units income units income Under $1,000. . . . 14 2 17 3 20 $1,000-$ 1,999 22 10 23 12 27 $2,000-$2,999.... 23 17 25 21 23 $3,000-$3,999 17 18 17 20 15 $4,000-$4,999 10 13 8 13 7 $5,000-$7,499.... 9 16 6 11 5 $7,500 and over. . 5 24 4 20 3 All income groups 100 100 100 100 100 Median income2. . $2,530 $2,300 $2,020 l/C ing units in these categories reported increases. With each of these groups, decreases in income were reported by less than one-fifth of their number. For spending units in all occupational groupings declines in income were much more frequent between 1945 and 1946, when many people transferred from wartime to peacetime employment. In the case of skilled and semiskilled workers, the large number of spending units reporting higher money incomes was in sharp contrast with the 16 23 much smaller number reporting higher 1946 than 20 12 1945 incomes at the time of the second Survey of 11 13 Consumer Finances. Although a substantial number of the heads of spending units in these groups 100 received increases in basic hourly wage rates in both 1947 and 1946, many of these increases were offset 1 Income data for 1947 are based on intei views in January- in 1946 by a reduction in hours worked plus loss March 1948 (third survey); for 1946 on interviews in January- March 1947 (second survey); and for 1945 on interviews in Jan- of overtime premiums formerly received in war inua 2 r y T - h M e a m rc e h d i 1 a 9 n 4 6 a m (f o ir u s n t t s i u s r v th ey at ) . of the middle spending unit when dustries, and also by changes to lower-paying jobs. all units are ranked by size of income. In fact, spending units in the skilled and semiskilled group reported decreases in annual money off financially at the end of 1947 than at the beginincomes from 1945 to 1946 almost as frequently ning of the year. as they did increases. More units in the unskilled Roughly one-half of all spending units reported an annual income in 1947 that was greater than group reported increases in incomes from 1946 to their 1946 income. As Table 2 indicates, spending 1947 than reported increases from 1945 to 1946, units in which the head of the unit was a profes- and considerably fewer spending units in this group sional person, a skilled or semiskilled worker, or reported decreases in incomes from 1946 to 1947 a clerical or sales person most frequently said than had done so in the earlier period. that their 1947 incomes were greater than their The proportion of spending units reporting no 1946 incomes. Approximately three-fifths of spend- substantial changes in income or reporting decreases TABLE 2 INCOME CHANGES FROM 1946 TO 1947 AND 1945 TO 1946 AS REPORTED BY SPENDING UNITS IN VARIOUS OCCUPATIONAL GROUPS3 Percentage distribution of spending units within occupational groups All Managerial Skilled Clerical Farm spending Professional and self- and semi- and sales Unskilled operators Change in annual money units employed skilled personnel income before taxes 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 to tc to to to to to to to to to to to to 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 Income larger 49 42 62 46 41 42 58 41 62 59 44 35 38 40 Larger by 25 per cent or more.. 18 17 18 14 17 17 20 17 24 24 15 15 14 16 Somewhat larger 31 25 44 32 24 25 38 24 38 35 29 20 24 24 No substantial change in income 30 27 19 29 35 29 24 21 22 21 35 27 36 32 Income smaller 19 28 18 24 22 27 16 36 14 17 19 33 21 24 Somewhat smaller 11 16 11 14 13 15 9 21 9 8 13 20 13 18 Smaller by 25 per cent or more. 8 12 7 10 9 12 7 15 5 9 6 13 8 6 Not ascertained 2 3 1 1 2 2 2 2 2 3 2 5 5 4 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Based on changes in amount of annual income received as reported by spending units early in 1948 (third survey) and early in 1947 ( second survey). JUNE 1948 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES in income from 1946 to 1947 was highest in the Estimates of the percentage of total money inmanagerial and self-employed group and among come received by the various occupational groups farm operators. No more than about one-fifth of show that the managerial and self-employed and the the spending units in these groups, however, re- professional persons received somewhat over oneported income decreases. third of total money income—a proportion of in- For spending units in most occupational groups, come equal to roughly twice their proportion of median income increased between 1946 and 1947. the total population in 1947. Skilled and semi- Spending units in which the head of the unit skilled workers and clerical and sales personnel rewas a managerial or self-employed person had ceived about one-fourth and one-sixth of total inthe highest median income in 1947 with $4,500. come, respectively, proportions that were comparable Professional persons followed with $4,000; then to their population weight; unskilled workers, farm skilled and semiskilled workers with $3,000; operators, and others received somewhat less of clerical and sales personnel with $2,900; and un- total money income than their numerical proporskilled workers with $1,800. Farm operators had a tion. Unskilled workers received almost one-tenth median income of $1,500 but since their money of total money income and farm operators someincomes are substantially supplemented by non- what less. As in the case of the income distribumoney income, such as food produced on the farm, tions by occupational groups, these data should be their reported incomes are not closely comparable considered rough approximations only. with those of other occupational groups. Median While the percentage of all spending units shiftincome figures as well as income distributions of ing to higher income groups in 1947 was small, spending units within the different occupational as is shown in Table 1, this is not inconsistent with groupings for the years 1947 and 1946 are shown the finding that as many as half of all spending in Table 7 following this article. Because of the units received increases in income. Since each insmall number of sample cases on which data for the come grouping used in the survey has a range of separate occupations are based, particularly that for $1,000 or more, very substantial increases in income the professional group, these income distributions are needed before most spending units shift into a by occupation should be considered as approxima- higher income grouping. Table 3 shows income tions only and as very rough guides to shifts changes by income groups. Three-fifths or more of occurring between 1946 and 1947. It is noteworthy all spending units with incomes of $3,000 and that the same sort of general upward shift in level of above in 1947 reported their annual incomes to be money income observed for the sample as a whole larger than in 1946. About one-fourth of the was also apparent for most occupational groups. spending units with incomes below $1,000 in TABLE 3 INCOME CHANGES FROM 1946 TO 1947 AS REPORTED BY SPENDING UNITS IN VARIOUS INCOME GROUPS1 Percentage distribution of all spending units within income groups Change in annual money income 1947 annual money income before taxes before taxes, 1946 to 1947 All spending units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1947 incomel arger than 1946 49 27 40 50 57 63 60 60 Larger by 25 -per cent or more 18 14 16 15 18 23 26 18 Somewhat larger 31 13 24 35 39 40 34 42 No substantial change in income 30 45 33 30 24 19 28 24 1947 income smaller than 1946 19 24 24 18 17 16 12 14 Somewhat smaller 11 12 12 11 9 8 10 Smaller by 25 per cent or more 8 13 12 6 6 7 4 4 Not ascertained 2 4 3 2 2 2 (2) 2 All units 100 100 100 100 100 100 100 100 1 Based on changes in amount of annual income received as reported by spending units in early 1948 (third survey). 2 Less than one-half of 1 per cent. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES 1947 reported increases; a similar proportion of The incomes of the top tenth of spending units this group reported decreases and the remainder, in 1947 ranged upwards beginning with $5,700. or roughly one-half, said there was little change in The incomes of the next highest tenth of spending their money incomes between the two years. It is units, ranging from $4,200 to $5,700, accounted not surprising that the number in this group report- for almost one-sixth of total income in that year. ing income increases was comparatively small and The bottom of the income range in 1947 for most the number reporting income decreases was com- of the tenths was often as large as or larger than paratively large. This is the lowest income cate- that of the next highest tenth in 1945. gory. Thus it included a considerable number of Income distributions of spending units according spending units that experienced substantial declines to other basic characteristics such as size, number of in income during 1947. It also included many per- members employed, and place of residence, show sons living on fixed incomes, such as retired people the same relative pattern for the year 1947 as in and widows. 1946. For example, one-person spending units gen- The income information already presented has erally received lower incomes than larger spending stressed the fact that increases in money income units; the more employed people in a spending unit, were frequent between 1946 and 1947 and that these the higher was its income. Spending units in metroincreases were not confined to one or two par- politan areas as a rule had higher incomes than ticular groups but appeared to be distributed units in other urban areas and rural areas. Inthroughout many segments of the population. come distributions of spending units having these Table 4 shows the share of money income received various characteristics are presented in Table 8 at by each tenth of the nation's spending units when the end of the article. ranked by size of income. The tenth of the nation's spending units with the highest incomes in 1947 COMPOSITION OF THE VARIOUS INCOME GROUPS and the tenth with the highest incomes in 1946 In the following sections information is presented received approximately one-third of total money in- about the size and other characteristics of spending come. There was no shift of any significance in units in the various income groups, and about the the distribution of income among each tenth of occupation, age, etc., of members of these spendspending units. In other words, the increment ing units. For example, who were the spending in money income between 1946 and 1947 appears units that made less than $1,000 in 1947? Were to have been distributed among various spending they families of two or more persons or were they units in proportions quite similar to the distribution single individuals? Were they gainfully employed of income in 1946. or unemployed? What was their occupation? TABLE 4 SHARE OF TOTAL MONEY INCOME RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF INCOME, 1947, 1946, AND 1945 x Pei centage of total money income before taxes: Income of smallest income Spending units ranked according receiver in group to size of income By each tenth Cumulative 1947 1946 1945 1947 1946 1945 1947 1946 1945 Highest tenth 33 32 29 33 32 29 $5,700 $4,850 $4,450 Second 15 15 16 48 47 45 4,200 3,750 3,500 Third 12 12 13 60 58 58 3,500 3,100 2,950 Fourth 10 10 11 70 69 69 3,000 2,700 2,450 Fifth 9 9 9 79 78 78 2,550 2,300 2,050 Sixth 7 7 7 86 85 85 2,100 2,000 1,700 Seventh 6 6 6 92 91 91 1,700 1,500 1,350 Eighth 4 5 5 96 95 96 1,200 1,150 1,000 Ninth 3 3 3 99 99 99 750 700 550 Lowest tenth ... 1 1 1 100 100 100 0 0 0 1 Income data for 1947 are based on interviews in January-March 1948 (third survey); for 1946 on interviews in January-March 1947 (second survey); and for 1945 on interviews in January-March 1946 ^first survey). It is possible that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years. Samples of approximately 3,000- 3,500 spending units having been used in these three surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained. NOTE.—Detailed figures may not add to cumulative figures because of rounding. JUNE 1948 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES Available data indicate that more than two-fifths it was in the early part of 1948. About one-tenth of the spending units with money incomes under anticipated that they would be making less money $1,000 were single-person spending units. Farm a year from the date of the survey, and about twooperators, retired people, housewives (widows, etc.), fifths expected to be making about the same amount and unemployed persons accounted for about two- of money. thirds of all the spending units in this low income By occupational groups, as Table 5 shows, it was grouping; and unskilled workers for about one- the professional persons and clerical and sales persixth. There was very slight representation of the sonnel who were the most optimistic about their remaining occupational categories. In terms of age, future incomes, and the unskilled workers who roughly half the heads of all the spending units were the least optimistic. The pattern of these inin this income group were 55 years of age or more. come expectations was quite comparable to that ex- The composition of the $5,000 and over income pressed in early 1947. At that time also the profesgrouping makes a striking contrast to the composi- sional and clerical and sales groups were the most tion of the under $1,000 grouping. Less than one- optimistic. Other wage-earning groups, however, twentieth are single-person units and almost three- were not quite as optimistic in early 1947 as they fifths are three or more person units. Over half the appeared to be in early 1948. spending units are headed by professional or man- In all income groups, many more spending units agerial and self-employed persons; another one- expected larger or smaller incomes a year hence. third by skilled and semiskilled and clerical and Spending units with incomes of $5,000 or above sales personnel; and only one-tenth by farm opera- more frequently expected increases or decreases in tors and other groups so frequent in the lowest income than did the spending units in lower income income category. Four-fifths of the spending units groups. Income expectations expressed in the had people as their heads who were between the previous year's survey by spending units in the ages of 25 and 54. various income groupings showed this same In the intervening income groups ($l,000-$4,999), tendency. there were sizable numbers of two or more person spending units, and the skilled, semiskilled, and un- FAMILY INCOME IN 1947 skilled workers, together with clerical and sales The income data reported by spending units in personnel, accounted for about three out of every the Survey of Consumer Finances is tabulated by five spending units. family units (as defined by the Bureau of the Census, United States Department of Commerce) as INCOME EXPECTATIONS FOR 1948 well as by spending units. The Census defines Consumers continued to be optimistic about a family as all persons living in the same dwelling their income prospects. More than a quarter of all who are related by blood, marriage, or adoption. spending units expected that their rate of income Table 6 presents income distributions by family would be greater in the early part of 1949 than units for 1947, 1946, and 1945 as derived from the TABLE 5 EXPECTED INCOME CHANGE DURING 1948, BY OCCUPATION OF HEAD OF SPENDING UNIT1 Percentage distribution of spending units within each occupational group Expected change of income during coming year All Managerial Skilled Clerical spending Professional and self- and semi- and sales Unskilled units employed skilled personnel Income will be larger a year from now 27 41 27 27 43 15 Income will be about the same 38 34 34 37 31 44 Income will be smaller a year from now 10 10 15 11 6 10 Uncertain "it depends" 23 14 22 23 18 29 Not ascertained .. 2 1 2 2 2 2 All units ... 100 100 100 100 100 100 1 The question was: "Do you think a year from now you will be making more money or less money than you are now, or will you be making about the same?" The results are based on interviews in January-March 1948. This question was asked of nonfarm spending units only. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES three surveys. It is estimated that at the beginning did not pool them with the head of the household. of 1948 there were approximately 48.4 million With the same total amount of money income spending units3 and 42.0 million family units. distributed among family units instead of spend- Since the spending unit is defined as all persons ing units, it is to be expected that there will be living in the same dwelling and belonging to the a larger proportion of all units in higher income same family who pool their incomes to meet their groups. As Table 6 shows, about 20 per cent of major expenses, there may be more than one spend- all family units had incomes of $5,000 or above in ing unit in any family. Early in 1948 there were approximately 39.9 million dwelling units, of which TABLE 6 about 35 million were occupied by families (including only persons related to the head of the house- DISTRIBUTION OF FAMILY UNITS AND MONEY INCOME RE- CEIVED, BY INCOME GROUPS, 1947, 1946, AND 1945 1 hold) which represented only one spending unit. In approximately 5 million dwelling units, how- [Per cent] ever, the families consisted of two or more spending 1947 1946 1945 units and this accounted for the entire difference Annual money in the number of family units as against spending income Fam- Total Fam- Total Fam- Total before taxes units. In these families there were married sons un il i y ts2 i m nc o o n m ey e un il i y ts2 i m nc o o n m ey e un il i y ts2 i m nc o o n m ey e or daughters (many of them veterans) who did not pool their incomes with the head of the family and Under $1,000. . . 13 2 15 2 18 3 $1 000-$ 1,999... 18 7 20 9 22 11 therefore were considered separate spending units; $2,000-82,999... 20 13 22 17 22 19 $3,000-$3,999... 17 15 18 19 17 21 there were also employed single sons and daughters, $4,000-$4,909.. . 11 13 10 14 9 14 $5,000-$7,499... 13 20 9 16 8 16 or in some cases elderly parents or other relatives $7,500 and over. 8 30 6 23 4 16 who had separate incomes of more than $500, and All income groups. . . 100 100 100 100 100 100 3 In the publication of the results of the 1947 survey it was Median income3. $2,920 $2,600 $2,400 estimated that there were 46.3 million spending units in early 1947. In the light of other information now available for making such an estimate, it is probable that this figure is somewhat 1 Income data for 1947 are based on interviews in Januaryof an underestimate and that the true figure is closer to 47 March 1948 (third survey): for 1946 on interviews in Januarymillion. March 1947 (second survey); and for 1945 on interviews in Jan- At the beginning of 1948, there were an estimated 39.9 mil- uary-March 1946 (first survey). Family units are denned as all lion dwelling units in the United States. A breakdown of the persons living in the same dwelling who are related by blood, occupants of these dwelling units by families is shown below: marriage, or adoption. 2 Includes single-person family units. Families 3 The median amount is that ol the middle family unit when all and single Spending units are ranked by size of income. individuals units (Estimated number, in millions) 1947 and approximately 30 per cent of all family Dwelling units where the family and the units had incomes below $2,000. This compares spending unit are identical 35.2 35.2 Dwelling units where the family consists with 14 per cent of all spending units having inof two or more spending units 4.7 11.1 comes of $5,000 or above and 36 per cent having Additional spending and family units in dwellings, i. e., roomers and servants, incomes below $2,000. not related to the head of the household (living in 1.3 million of the 39.9 Tables 7 and 8 following contain supplementary million dwelling units) 2.1 2.1 information relating to results presented in the text. Total. 42.0 48.4 JUNE 1948 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 7 DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1947 AND 1946 1 [Per cent] Annual money income Professional M e a m a n n d p a l g o se e y l r e f i d - al an S s d k k i i l s l l l e e e m d d i- p a C e n r d l s e o r s i n a c n l a e e l s l Unskilled op F er a a r t m ors2 before taxes 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 Under $1,000 5 8 4 3 3 5 6 8 18 26 34 36 $l,000-$l,999 7 10 12 16 17 17 21 22 39 42 27 29 $2.000-$2,999 15 19 14 15 30 36 25 30 29 23 18 18 $3,000-$3,999 23 13 13 19 26 27 22 20 10 7 7 9 $4,000-$4,999 10 16 12 13 15 10 11 11 4 1 6 5 $5,000-17,499 21 19 23 14 9 5 11 6 1 6 2 $7,500 and over 19 15 22 20 J ( 4 3 0 2 100 100 100 100 100 100 100 100 100 100 100 100 All income groups $4,000 $4,000$4,500 $3,700 $3,000j'$2,700 $2,900'$2,500 $1, 750 $1,600 $1,500 •$1,500 Median income 'Revised 1 Income data for 1947 are based on interviews in January-March 1948 (third survey); for 1946 on interviews in January-March 1947 (second survey). Because of the small number of cases in the various occupational groups and also because of some differences in the coding by occupations between the two years, these distributions should be considered as approximations only and as very rough guides to general shifts in the distribution of income between 1946 and 1947. All the occupational groupings are in terms of the occupation of the head of the spending unit. For comparable 1945 income data, see July 1947 Federal Reserve BULLETIN, Table 2, p. 792. * As explained in the text, the income distribution for farm operators is not closely comparable with the distributions for other groups because of the large amount of non-money income that farmers produce for their own consumption. 3 Less than one-half of 1 per cent. TABLE 8 DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF INCOME, 1947 x [Per cent] Number of persons in Employed persons in Residence of spending unit spending unit spending unit Annual money income before taxes One Two Three Four m F o i o v r r e e None2 One m T o w o r r o e p M a o r e l e i t t r a a o 3 n - u O a r t r b h e a e a n r R ar u e r a a 4 l Under $1 000 . 28 13 8 6 13 47 11 5 5 11 27 $l,000-$l,999 33 20 20 15 19 32 22 12 18 23 25 $2 000-$2,999 22 22 23 21 24 9 25 20 20 25 21 $3 000-$3 999 10 17 21 22 20 6 19 19 23 17 12 $4,000-$4,999 4 11 10 14 11 3 9 18 13 11 6 $5 000-$7,499 2 12 11 14 9 1 8 21 13 9 6 $7,500 and over 1 5 7 8 4 2 6 5 8 4 3 All income groups 100 100 100 100 100 100 100 100 100 100 100 1 For comparable 1946 data, see July 1947 Federal Reserve BULLETIN, p. 793; for comparable 1945 data, see Tables 18, 19, and 20 in Part Two of National Survey of Liquid Asset Holdings, Spending, and Saving, Division of Program Surveys, U. S. Department of Agriculture. * Members of spending unit were unemployed, retired, housewives, students, etc. 1 The 12 largest cities in the nation and their suburbs. * Towns with less than 2,500 population and open country. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Individuals increased their liquid assets during of armed forces leave bonds made cashable in 1947, 1947 by an estimated 6.8 billion dollars while busi- as well as the addition of from 0.3 to 0.4 billion nesses decreased their holdings of liquid assets by dollars in accrued discounts to the value of discount 1.5 billion. This compares with an increase in savings bonds owned by individuals, there was an individuals' holdings of 10.7 billion dollars and a increase of only 0.2 billion dollars in their holdings decrease of 6.7 billion dollars in the liquid assets of United States Government securities. This was of businesses during 1946. because nontrust Government security holdings of Estimates of liquid asset holdings of individuals individuals were being drawn down on a net cash and businesses as of December 31, 1947, and for basis during 1947. This decline was considerably end-of-year and mid-year dates from December smaller than the corresponding decline of approxi- 1939 to December 1946, are presented in the table mately 3.5 billion dollars that took place during on page 658. These estimates cover the principal 1946. It is noteworthy in this connection that the assets which are most readily convertible for use third Survey of Consumer Finances, conducted and for which there are representative statistics of early this year, found that several million fewer ownership. Currency and demand deposits are the spending units held United States Government basic forms of cash ordinarily used, and under exist- securities at the end of 1947 than a year earlier.1 ing practices time deposits, shares of savings and The estimates presented in the accompanying loan associations, and United States Government table include liquid assets held by individuals (insecurities are readily convertible into cash. Savings cluding farmers), unincorporated businesses, and and loan shares, which have become increasingly corporations other than insurance companies. They important in recent years as a form of liquid saving, do not include holdings of Federal, State, or local are included for the first time in these estimates. governments, Government agencies, foreigners, Other assets that may be commonly considered as banks, savings and loan associations, insurance comliquid, such as corporate and municipal securities panies, or nonprofit associations. The estimates are and insurance and pension reserves, are not in- approximations of amounts shown or implied in cluded in the series. accounting records of the holders rather than those The shift in liquid assets from businesses to in- reported by banking and Treasury records, although dividuals reflected in part extremely large business they are derived from bank and Treasury reports. expenditures for expansion of plant, equipment, and The deposit estimates, therefore, differ somewhat inventories, as well as substantial net increases in from the figures reported by banks and regularly credit granted to individuals. The decline in liquid published among banking statistics.2 assets of businesses during 1947, however, was The basic classifications used and method of estimuch smaller than the decline in 1946, despite the mate are the same as those employed previously, fact that business capital expenditures were sub- except that savings and loan shares are now instantially larger. This was possible because of con- cluded in the series, as was stated above. Estimates siderable increases in funds available to businesses for dates prior to December 1947 include some during 1947 from certain sources, chiefly undis- small revisions in the ownership distribution of tributed profits, increases in tax liabilities, and the United States Government securities.3 sale of corporate securities. These developments for 1 This survey, conducted for the Board by the Survey incorporated businesses are discussed in the leading Research Center, University of Michigan, provides information on the distribution of holdings of liquid assets by individuals article of this BULLETIN. at the beginning of 1948 and their attitudes toward spending these assets. Some of the results are published in this issue Administrators of trust accounts of individuals of the BULLETIN (pp. 634-56) and others will appear in the July and August issues. continued to channel almost all increases in these 2 A detailed description of the methods by which these estifunds into United States Government securities. mates are made, together with the basic worksheets, may be secured from the Division of Research and Statistics, Board Other individuals increased their liquid assets by of Governors of the Federal Reserve System, Washington 25, D. C. adding to savings and checking accounts. Notwith- 3 See Federal Reserve BULLETINS for June 1945, February 1946, November 1946, and September 1947 for previously pubstanding the inclusion of almost 0.8 billion dollars lished estimates. 657 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 Type of holder Dec. June Dec, June Dec. June Dec, June Dec. June Dec June Dec. June Dec. Dec.p Total1. '69.0 '71.7 -74.7'78.4 '85.4 '94.6 116.2 135.9 156.4 175.5 195.9 '212.9 '227.5 '228.5 '231.5 236.8 Currency 5.8 6.1 6.6 7.5 8.9 10.2 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 Demand deposits2 20.9 22.9 24.6 26.5 27.9 30.9 36.8 42 47.1 47.9 53.1 56.0 60.2 62.5 64.6 66.0 Time deposits 26.3 26.7 26.9 27.1 26.9 26.5 27.7 29.6 32.0 35.0 39.0 43.5 47.7 50.9 53.0 55.3 Savings & loan shares3. . . . 4.0 4.1 4.2 4.4 4.5 4.6 4.8 5.1 5.4 5.8 6.2 6.7 7.2 7.8 8.4 9.5 U. S. Govt. securities4 '12.0 11.9 '12.4 12.9 '17.2 '22.4 '43.5 '53.9 '66.8 '75.0 '82.5 '86.9 '81.8 '79.8 80.6 Business holdings—total 19.4 20.6 22.3 23.6 25.9 29.5 39.4 49.5 55.9 62.9 67.5 72.3 73.0 69.6 '66.3 64.8 Currency 1.6 1.6 1.7 1.9 2.1 2.3 2.8 3.1 3 3.9 4.3 4.5 4.7 4.8 4.9 4.8 Demand deposits 12.5 13.8 15.5 16.5 16.6 18.6 21.7 27.5 28.9 29.4 31.3 33.7 33.7 34.7 33.5 33.7 Time deposits 2.0 2.0 2.0 2.1 2.0 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.1 3.2 3.4 3.5 Savings & loan shares 0.1 0.1 0. 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 U. S. Govt. securities 3.2 3.1 3.0 3.0 5.1 6.5 12.7 16.5 20.9 26.9 29.0 31.0 31.3 '24.2 22.5 Corporations—total , 13.0 13.9 15.0 15.7 17.4 19.6 27.1 34.2 38.6 43.1 44.7 47.2 45.1 41.9 '38.9 38.4 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 Demand deposits 9.5 10.5 11.7 12.3 12.4 13.8 16.0 20.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 22.1 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities 2.1 2.6 3.5 12.6 16.0 20.0 20.9 21.5 21.3 17.2 '15.3 14.5 Financial corporations— total5 1.7 1.8 1.9 2.2 2.4 2.5 2.8 3.4 3.8 4.1 4.8 4.7 4.4 4.1 Demand deposits 1.1 1.2 1.2 1.3 1.3 1.3 1.2 1.3 1.3 1.3 1.5 1.6 2.0 2.1 2.1 2.0 Time deposits. 0.1 0.1 0.1 0.1 0. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . 0.5 0.5 0.5 0.5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.5 2.2 2.0 Nonfinancial corporations —total 12.1 13.2 13.8 15.2 17.2 24.6 31.4 35.5 39.7 40.9 43.1 40.3 37.2 '34.5 34.3 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 Demand deposits 8.4 9.3 10.5 11.0 11.1 12.5 14.8 18.7 19.6 20.1 20.6 22.4 20.1 20.8 19.7 20.1 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Savings & loan shares... 0.1 0.1 0. 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. .. 1.6 1.5 1.4 1.4 2.7 3.3 8.4 11.2 14.3 18.0 18.7 19.1 18.6 14.7 12.5 Unincorporated business—total 6.4 6.7 7.3 7.9 8.5 9.9 12.3 15.3 17.3 19.8 22.8 25.1 27.9 27.7 27.4 26.4 Currency 0.9 0.9 1.0 1.1 1.3 1.5 2.0 2.3 2.7 3.0 3.4 3.6 3.8 3.8 3.9 3.8 Demand deposits 3.0 3.3 3.8 4.2 4.2 4.8 5.7 7.5 8.0 8.0 9.2 9.7 11.6 11.8 11.7 11.6 Time deposits 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.6 1.8 2.0 2.2 2.4 2.5 2.7 2.8 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 U. S. Govt. securities 1.1 1.1 1.1 1.1 1.6 2.2 3.1 3.9 4.9 6.9 8.1 9.5 10.0 9.4 8.9 8.0 Personal holdings—total '49.6 51.1 ••52.4 '54.8 '59.5 '65.1 '76.8 '86.4 100.5 '112.6 '128.4 140.6 154.5 '158.9 165.2 172.0 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 Demand deposits 8.4 9.1 9.1 10.0 11.3 12.3 15.1 15.2 18.2 18.5 21.8 22.3 26.5 27.8 31.1 32.3 Time deposits 24.3 24.7 24.9 25.0 24.9 24.5 25.6 27.4 29.7 32.5 36.3 40.6 44.6 47.7 49.6 51.8 Savings & loan shares. . 3.9 4.0 4.1 4.3 4.4 4.5 4.7 4.9 5.2 5.6 6.0 6.5 7.0 7.5 8.1 9.2 U. S. Govt. securities. . '8.8 '9.4 '9.9 '12.1 '15.9 '21.1 '27.0 '33.0 '39.9 '46.0 '51.5 '55.6 '55.2 '55.6 58.1 Trust funds—total6 4.5 4.7 4.7 4.8 5.6 6.2 6.9 8.4 10.0 11.7 13.4 14.7 15.9 17.8 19.4 21.6 Demand deposits 1.2 1.3 1.3 1.4 1.4 1.3 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 1.6 Time depposits 0.2 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 SSai vings && lloan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 U. S. Govt. securities 3.1 3.1 3.1 3.1 3.9 4.6 5.4 6.9 8.4 10.1 11.7 12.9 14.0 15.6 17.2 19.5 Other personal—total7 '45.1 '46.4 r47.7 '50.0 '53.9 '58.9 r69.9 '78.0 r90.5 '100.9 '115.0 '125.9 '138.6 '141.1 '145.8 150.4 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 Demand deposits 7.2 7.8 7.8 8.6 9.9 11.0 13.9 14.0 16.9 17.2 20.4 20.8 24.9 26.0 29.4 30.7 Time deposits 24.1 24.4 24.6 24.7 24.6 24.3 25.4 27.2 29.5 32.3 36.1 40.4 44.4 47.4 49.3 51.5 Savings & loan shares 3.9 4.0 4.1 4.3 4.4 4.4 4.6 4.8 5.1 5.5 5.9 6.4 6.9 7.4 7.9 9.Q U. S. Govt. securities '5.7 '5.7 '6.3 '6.8 '8.2 '11.3 '15.7 '20.1 '24.6 '29.8 '34.3 '38.6 '41.6 '39.6 '38.4 38.6 ' Revised. p Preliminary. 1 Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1947 on a holder-record basis (see table) amounted to 66.0 billion dollars while on a bank-record basis these deposits amount to 80.2 billion. This is because checks are constantly in the mail, i. e., deducted on payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. 4 Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows: December 1945, 1,128 million dollars; June 1946, 58 million dollars; December 1946, 29 million dollars; December 1947, 12 million dollars. Armed forces leave bonds are included beginning December 1947. The amount outstanding at that time was 767 million dollars. 5 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6 Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Ban\ of Canada for was largely accounted for by the Government paythe year 1947 was submitted to the Minister of ing off certain maturities, as mentioned in the pre- Finance, the Honorable D. C. Abbott, by Mr. ceding paragraph, rather than by net sales in the Graham Ford Towers, Governor of the Ban\, on market. However, there were certain times during the year when banks were sellers of short- and February 11, 194S. Portions of the text of the medium-term Government bonds in order to mainreport are given herewith} tain their cash position. MONETARY CONDITIONS The increase of 461 million dollars in chartered banks' Canadian loans during 1947 was the largest Dominion Government securities held by the annual increase on record. There was no increase chartered banks declined 669 million dollars during in financial loans for the purpose of carrying bonds 1947, largely as a result of Government debt reand shares and more than half of the loan expantirement. This reduction of security holdings sion during the year was accounted for by loans to would, in itself, have been accompanied by a remerchandisers and manufacturers. We estimate duction in the total of the banks' Canadian deposits that loans to wholesale and retail merchandisers by a corresponding amount. However, there was rose about 120 million dollars in 1947 and loans a more than offsetting increase during the year of to manufacturers another 160 million. Higher 777 million dollars in the banks' Canadian loans commodity prices, some increase in the volume and investments other than Dominion Government of inventories and an upward trend in the amount securities, and, including the effect of changes in of outstanding consumer credit, all contributed other items, the total of their Canadian deposits towards the sharp increase in banks' current loans rose by 178 million. during the year. In addition, there were undoubt- The daily average amount of chartered banks' edly cases where bank borrowers obtained addicash reserves in 1947 was 2 million dollars less than tional credit against their current assets such as in 1946. Nevertheless total Canadian dollar de- inventory and receivables, for the purpose of obposits increased, as referred to above. For both of taining funds to meet capital expenditures. these reasons, therefore, the cash ratio of the banks Chartered banks' holdings of provincial and declined, and averaged 10.8 per cent in 1947 as municipal securities increased by 169 million dollars compared with 11.4 per cent in 1946. during 1947, and their portfolio of other non-Gov- During 1947 the Dominion Government retired ernment securities—largely corporate debentures— the balance of the deposit certificates which had by 147 million. In the case of provincial, municbeen issued to chartered banks in previous years ipal and corporate investments, most of the increase and of which 490 million dollars were outstanding in banks' holdings has been due to acquisitions at as at December 31st, 1946. These certificates were time of issue rather than to market purchases. the chief means by which the Government's direct It is clear that the present rate of capital developborrowing needs from the banks were met during ment is straining Canada's manpower and material the war years, and at one time in the fall of 1945 resources, and is pushing up prices. At the same reached a peak issue of 1,340 million dollars. In time business, which in general entered the post- 1947 the Government also paid off in cash certain war period with unusually large liquid reserves, has maturities of other securities of which the banking been looking increasingly to banks for financing. system held a substantial portion. In my last annual report covering the year 1946, During 1947 there was a net decline of 170 mil- I referred to the fact that Canadians, like people lion dollars in chartered bank holdings of Dominion in most other countries, had in recent years chosen Government bonds (excluding special banking seto hold an increasing amount of their accumulated curities such as deposit certificates). This decline savings in the form of interest-bearing savings de- 1 Sections of the report not given here include discussions of posits. It was pointed out that the banks had economic developments abroad, the progress of the economy of found it necessary to invest in Dominion Governthe United States in 1947, the major changes shown in the Bank of Canada's accounts during the year, and notes on per- ment bonds in view of the fact that their scope for sonnel matters. Appendix A records the estimated net new issues or retirements of Canadian securities, 1936-47, and Ap- employing such funds in making commercial loans pendix C shows the ownership of Dominion Government direct had been relatively limited. and guaranteed funded debt, 1938-47. Numerous charts illustrate the text. During 1947 there was a marked change in this For previous reports, see BULLETIN for April 1947, April 1945, etc. situation. A large increase took place in banks' JUNE 1948 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA loans and non-Dominion Government investments, debt since 1940, the first increase in corporate debt to which reference has already been made, and in since 1936 and the first appreciable increase in comparison with previous years the public chose to municipal debt since 1932. New issues of common transfer a somewhat smaller amount of its accumu- and preferred stock were greater in amount than in lated savings into the form of interest-bearing 1946 and the largest for many years. Taking all deposits. Banks were not in the position, as in non-Dominion Government securities as a group, earlier years, of seeking to invest in Government the net increase in the amount outstanding was 263 bonds, and during 1947 the ratio of such securities million dollars in 1947 as compared with 59 million to personal savings deposits declined appreciably in 1946 and a net reduction of 48 million in 1945. below the maximum of 90 per cent which was Towards the end of 1947 signs of congestion aprecognized in the agreement between banks and peared in the new issue market and flotations of Government early in 1946. common and preferred stock fell to a low level. SECURITY MARKETS EMPLOYMENT AND PRODUCTION IN CANADA Prices for Dominion Government bonds were Against a world-wide background of heavy desteady in Canada during 1947, the yield on the mand for goods and rising prices, economic aclongest dated issue approximating 2.60 per cent tivity in Canada rose during 1947 to a new peacethroughout the year. Early in January 1948 the time peak. A year ago unemployment was already Bank discontinued its practice of furnishing daily at the very low level of less than 3 per cent of the quotations for Dominion Government securities to working force, and only a small net addition to the investment dealers and chartered banks, but con- number at work could be expected from this source tinued to buy and sell in the market. Market prices during 1947. In point of fact the slight further declined at this time to a level where a yield of reduction of 30,000 in the number of unemployed about 2.80 per cent could be obtained on the longest was about offset by voluntary withdrawals from the Victory Loan issue. working force over the year. Consequently most Provincial, municipal and corporation bond prices of the 100,000 or 2 per cent increase in over-all in Canada declined during the last quarter, result- employment is attributable to natural growth of the ing in a widening of the spread in yield between working force, which accounted for about 60,000, such issues and those of the Dominion Government. and to immigration. Dominion Government domestic bonds outstand- Increases in industrial productivity, which noring declined 239 million dollars during 1947 as mally occur rather slowly in any case, were limited compared with an increase of 201 million in 1946. in 1947 by continuing bottlenecks in the supply of There was also a net reduction of 346 million dol- certain basic materials such as steel. The available lars during 1947 in the amount of Dominion de- information suggests that industrial output rose posit certificates, Treasury bills and short-term notes by about 10 per cent during the year, while the outstanding. volume of agricultural production was reduced by The first series of Canada savings bonds which about 7 per cent owing to unfavourable crop conwas introduced in October 1946 remained on sale ditions. The output of services, which account for until the end of August 1947. Sales during 1947 about one-third of total employment and a sometotaled 48 million dollars, making total sales for what higher proportion of the total value of prothe issue 535 million; the amount outstanding at duction, is difficult to estimate. However, the prothe end of 1947 was 417 million. In October a duction of services was probably very little higher second series was ofTered and by the end of in 1947 than in 1946, and it seems likely that the December about 900,000 individuals had subscribed over-all physical volume of production of goods and for a total of 267 million dollars. There is one services combined showed only a slight increase major change in the terms of the second series, in for the year. that holdings are limited to $1,000 per person; the limit on the first series was $2,000 per person. EXPENDITURE AND PRICES Many reports have testified to the value of the spe- While the physical volume of Canadian procial features of the Canada savings bond, and par- duction of goods and services increased only slightly ticularly of the payroll savings plan, in meeting the from 1946 to 1947, over-all dollar expenditure on needs of those who wish to save on a systematic Canadian goods and services rose substantially. basis. Foreign expenditure in Canada increased by about During 1947 the totals of provincial, municipal 10 per cent from the extraordinarily high peaceand corporate bonds outstanding all increased. This time level of the previous year. Private capital exmarked the first increase in outstanding provincial penditure on plant, equipment and housing in- 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA creased by more than 50 per cent, and the book ever, where there was only a small percentage invalue of inventories rose by about 30 per cent over crease in physical volume, higher prices and inthe year. Consumers spent a larger proportion of creased dollar expenditure were largely the result their income than in any year since 1939, and this of rising costs of imported goods or materials, and together with a considerable increase in their in- increased prices in export markets. come brought total dollar expenditure on con- The combined effect of upward pressure on our sumers' goods and services about 13 per cent above price level from foreign and domestic sources was the 1946 level. A substantial reduction in Dominion to increase the general wholesale price index by 28 Government expenditure on goods and services per cent, and the cost of living index by 15 per more than offset increased provincial and municipal cent during 1947. Although the situation with outlays. Moderating the effect of the over-all in- respect to wage rates varied considerably among crease in expenditures in Canada was the large ex- different groups of wage earners, average hourly pansion in imports of goods, which rose by more earnings of hourly rated employees in manufacthan 700 million dollars or by nearly 40 per cent turing industry rose by about 15 per cent over the from 1946 to 1947. In physical terms the increase in year, and their average weekly earnings increased commodity imports was only some 15 per cent, but by nearly 16 per cent. this addition to the volume of raw materials, capital equipment and other goods available in our market CANADIAN PRICE AND EARNINGS INDEXES1 was clearly a counter-inflationary influence. Aug. Aug. Dec. Dec. 1939 1945 1946 1947 ESTIMATED EXPENDITURE ON CANADIAN GOODS AND SERVICES * General wholesale prices2 100 144 155 198 [ Calendar years, in billions of dollars ] Cost of living3 100 120 126 145 Average hourly earnings4 100 157 168 193 Prelim. Average weekly earnings4 100 154 161 186 1938 1944 1946 1947 1 Official Dominion Bureau of Statistics figures converted to Exports of goods and services2. 1.4 4.5 3.4 3.7 the base Aug. 1939 = 100, or in the case of earnings data to 1939 average — 100. Investment in inventories .1 .5 .8 2 Midmonth. Other private capital invest- 3 First of month. ment 6 .7 1.3 2.0 4 Covers hourly rated wage-earners in manufacturing estab- All governments' expenditure lishments with 15 or more employees. Figures are for last pay period in previous month. Actual average earnings for Dec. on goods and services .7 4.1 1.7 1.5 1947 were 85^tf (hourly) and $37.19 (weekly). Personal expenditure on consumers' goods and services.. 3.7 6.1 7.7 8.7 In my last annual report I referred to the fact that Canadian prices had risen considerably less Sub-total 6.4 15.3 14.6 16.7 than United States prices since the end of the war. Less—Cost of imported goods In the intervening year the gap has narrowed to and services included above... 1.3 3.5 2.9 3.6 some extent but the general level of prices and costs Gross national expenditure (= in Canada is still lower than in the United States Gross National Product)... 5.1 11.8 11.7 13.1 and most other countries, in relation to any normal base period. 1 Based on National Accounts: Income and Expenditure; 1938-46 and 1946-47, published by the Dominion Bureau of Statistics. Minor adjustments have been made in the Bureau UNITED STATES PRICE AND EARNINGS INDEXES1 figures in the process of rounding off, in order to eliminate the residuals arising from errors and omissions. Aug. Aug. Dec. Dec. 2 Dominion Government expenditure on mutual aid, UNRRA 1939 1945 1946 1947 and other relief is excluded from Government expenditure and included in Exports. General wholesale prices2 100 141 188 217 Consumer prices3 100 131 155 169 After allowing for the offset of increased imports, Average hourly earnings4 100 162 181 202 total expenditure on Canadian goods and services, Average weekly earnings4 100 175 197 220 i.e., gross national expenditure rose, by roughly 1 Official Bureau of Labor Statistics figures converted to the 1,400 million dollars or about 12 per cent from base Aug. 1939 = 100, or in case of earnings data to 1939 average = 100. 1946 to 1947. Since physical production of goods 2 Average of Wednesdays. and services was only slightly greater than in 1946, 3 Midmonth. 4 Relates to manufacturing industry, for pay period nearest to increased expenditure of this magnitude obviously midmonth. Actual average earnings for December 1947 were $1,277 (hourly) and $52.51 (weekly). involved higher prices. In the case of private capital investment, where the increase in expenditure was The fact that we exported nearly 2,800 million large even in terms of physical volume, the increase dollars' worth of goods in 1947, that we import was clearly an important factor in pushing up goods on almost as great a scale, and that the prices prices. In the case of consumers' expenditure, how- of these goods are directly and immediately affected JUNE 1948 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA by external price movements, shows how difficult together with payment of 74 million dollars on our it is to prevent Canadian prices from being affected subscription to the International Monetary Fund, by price changes abroad. Short of substantially redemptions of Canadian bonds held abroad, and appreciating its exchange rate and increasing its other net capital payments abroad, accounts for the taxation, no country could have insulated itself com- over-all reduction of 743 million dollars in our gold pletely from the world-wide rise in prices. Theo- and foreign exchange reserves during 1947. retically it might be contended that this could be When Canada's export credit program of some done by means of direct controls, but these would 1,850 million dollars was undertaken, it was realized have to be very much more rigorous and complete that it would involve a considerable drain on our than those of wartime, to say the least. exchange reserves, even if—as was then expected— drawings were spread over a period running to 1950. Owing to the unfavourable developments in Europe, EXCHANGE SITUATION the need for goods from Canada has been greater, Reduction in Canada's gold and foreign exchange supplies available for export to Canada have been reserves during 1947 has tended to obscure the fact less, and drawings on the credits have been more we still exported in that year more goods and serv- rapid than contemplated. In point of fact, more ices, in total, than we imported. It is evidence of than three-quarters of the total credits had been Canada's growing productive capacity that in this drawn by the end of 1947. period of extraordinary capital development and Having in mind the present level of our gold and heavy imports of capital goods we have not, by foreign exchange holdings, and the magnitude of contrast with 1929 and other earlier periods of boom, our trade with other countries, there is clearly need had a deficit in our current transactions with the to increase these holdings. In such circumstances, rest of the world as a whole. we need to have an over-all balance of payments Our present foreign exchange problem therefore surplus greater than the value of any export sales arose not from inadequate productivity, nor indeed which are financed out of the credits and for which, from the character of our production. It has arisen therefore, no immediate payment is received. The rather from the traditional direction of our exports development of a larger balance of payments surplus and imports, and the difficulties which beset our involves increasing our exports, or reducing our customers in Western Europe. Under present con- imports, or both. In the last analysis (and apart ditions of scarcity, a large part of our surpluses from an improvement in average export prices relawhich are normally exported to Europe are of a tive to average import prices) these can only be kind for which there is a strong cash demand out- achieved by increasing productivity and production, side Europe, but exports have in fact been main- or by reducing or postponing domestic spending, tained to our traditional customers even though particularly for nonessential capital purposes. they were unable to pay cash in full, or to supply Proposals with regard to a European Recovery Canada with an increased volume of imports. Program by the United States are, of course, of great In my last annual report I referred to the export interest to Canada. Implementation of such a procredits which Canada, along with the United States gram would not remove the need for Canada to and other countries, had extended to her war- increase the present small current account surplus ravaged allies as part of a broadly based program in her over-all balance of payments. We need to to rehabilitate their economies and re-establish their increase this surplus if we are to be able to build ability to trade. During 1947 some 560 million up our exchange reserves to a more normal level and dollars of our sales to other countries were financed extend aid to other countries even on a much smaller out of drawings on Canadian export credits, and scale than in recent years. What a European Reroughly 40 million out of Canadian relief appro- covery Program could do, in the short run, is to priations. For approximately 600 million of our facilitate the continuance of Canadian shipments to sales, therefore, we received no immediate cash re- Western European countries where they are badly turn. At the same time, we had to pay cash for all needed; and without such a program the exchange our purchases from other countries, and our total problem of Canada, and indeed of practically all sales to other countries did not exceed oiir total other Western Hemisphere countries, would be purchases from them by more than a comparatively greatly aggravated. But we have an even greater small amount, perhaps of the order of 70 million interest in the long-run implications of a European dollars. Consequently we had a cash deficiency on Recovery Program. When the present unusually our current transactions with other countries of heavy demand for goods has declined, Canadian some 530 million dollars, and a drain on our foreign exports and employment will be influenced to an exchange reserves of an equivalent amount. This, important degree by the extent of recovery in 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA Europe. We are, therefore, vitally concerned with APPENDIX B any program which will help to strengthen the European economy and re-establish it as a substan- MONEY SUPPLY AND RELATED BANK ASSETS tial factor in normal international trade. During 1947 the Bank's Research Department I turn now to the major changes which took developed a presentation of statistics concerning place in the Bank of Canada's accounts during 1947, money supply and related bank assets which differs on which it is customary to comment in this report. in several important respects from the table which has been presented in previous annual reports. It FORM OF STATEMENT OF ASSETS AND LIABILITIES is believed that the new series provide a better approach to the problem of measuring changes in In accordance with the provisions of Section 33, the volume of money under present-day conditions. Subsection 6, of the Bank of Canada Act Amend- In the belief that these statistics will be of interest ment Act, certain changes have been made in the to those who follow changes in monetary conditions, form of the Bank's Statement of Assets and Lia- we are publishing them in this Appendix and also bilities. In the previous form of this Statement, expect to publish them each month in the Bank's Bank of Canada's holding of the capital stock of Statistical Summary. the Industrial Development Bank of necessity was In measuring the volume of money one must included under the heading "Other investments." decide which categories of bank deposits should be A separate heading for this particular item of our classed as "money" and which, by their nature, assets has now been established. should be regarded more appropriately as part of As provided by Section 21 (1) (n) of the Bank of the public's other liquid asset holdings such as Canada Act Amendment Act, the Bank has main- Government bonds. Generally, it has been satistained working balances with central banks in factory to classify bank deposits as "money" if various other countries. If a country's currency was cheques may be drawn against them. In other not Sterling, U.S.A. dollars or convertible into gold, countries this criterion has seemed to work fairly the previous form of the Bank's statement of assets well because cheques may not be drawn against and liabilities did not permit such a balance being savings deposits. In Canada, however, cheques are, shown as part of our holdings of foreign currency in practice, drawn freely against savings deposits and it was therefore included under the heading and this has always posed an awkward problem "All other assets." In view of this situation and the when trying to assemble volume of money statistics. fact that the heading "Reserve," under which the To omit all savings deposits of chartered banks first four asset items on our statement have been would ignore the obvious fact that for many people grouped, does not serve any particular purpose at a savings account is an active chequing account the present time when Canada's gold and foreign which is very similar to a current deposit. On the exchange reserves are almost entirely held by the other hand we know from available information Foreign Exchange Control Board, it has been de- that of the total amount on deposit in savings accided to omit the heading "Reserve" and change counts in Canada, much the larger part is, in prac- "Other currencies of countries on a gold standard" tice, inactive. Chartered banks pay interest on the to "Other currencies." At the same time the word- minimum quarterly balances in personal savings ing of Liability item 5 on our statement has been accounts, i.e. on the sum which has been left unrevised along the same lines becoming "Liabilities disturbed for the quarterly period; from the amount payable in Sterling, U.S.A. and other foreign cur- of interest which is actually paid on this basis as rencies" instead of "Liabilities payable in Sterling, compared with the nominal rate of interest, it is U.S.A. and foreign gold currencies." apparent that the aggregate minimum quarterly balances in personal savings accounts are about fivesixths of the total of such deposits at the present NOTES IN CIRCULATION time. The Bank of Canada note issue at the end of De- It is therefore felt that a more realistic picture of cember 1947 was $1,211,350,386, up $25,148,705 monetary developments in Canada—and one more from the same date a year before. Of the total comparable with the usual presentation of similar amount of our notes outstanding, 1,027.4 million statistics in other countries—is obtained by omitting dollars were held by the public and 183.9 million the minimum quarterly balances in personal savings by the chartered banks. The increase in notes held deposits and nonpersonal notice deposits, from volby the public was 18.1 million dollars as compared ume of money statistics. It has seemed preferable with 43.1 million in 1946 and was the smallest in- to exclude these deposits from the volume of money crease for any year since 1938. on the basis that they are inactive in practice rather JUNE 1948 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA MONEY SUPPLY AND RELATED BANK ASSETS [As of December 31, in millions of dollars] MONEY SUPPLY 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 Currency outside banks: Notes1 207 247 341 450 633 794 930 992 1,031 1,046 Coin2 31 34 38 42 49 55 60 63 65 66 Total currency 238 281 379 492 682 849 990 1,055 1,096 1,112 Bank deposits: Chartered banks— Demand3 734 853 1,031 1,268 1,499 1,697 1,862 2,063 2,291 2,296 Active notice4 187 197 203 236 238 294 363 474 614 597 Other (excl. Dominion Govt.)5 42 157 112 97 121 134 153 172 229 233 Total 9631,207 1,346 1,601 1,8582,1252,378 2,7093,1343,126 Deduct float*.... 116 136 172 198 210 266 243 280 328 362 Net total 8471,071 1,174 1,403 1,648 1,8592,135 2,4292,8062,764 Bank of Canada "Other'! deposits7. . . 3 18 10 6 19 18 28 30 94 68 Total bank deposits.... . 850 1,089 1,184 1,409 1,667 1,877 2,163 2,459 2,900 2,832 Money supply . . 1,088 1,370 1,563 1,901 2,349 2,726 3,153 3,514 3,996 3,944 BELATED BANK OF CANADA AND CHAKTERED BANK ASSETS Dominion Government securities, gold and exchange: Bank of Canada, gold and exchange8 214 290 38 210 1 Banking securities9 196 425 743 973 1,614 2,093 2,321 1,696 1,476 811 Other Dominion Government securities— Bonds10 753 752 737 798 1,014 1,410 2,006 3,241 3,745 3,718 Victory Loan advances11 166 261 271 411 Total 753 752 737 798 1,180 1,671 2,277 3,652 3,745 3,718 Total Dom. Govt. securities, gold and exch 1,163 1,467 1,518 1,972 2,794 3,765 4,598 5,348 5,221 4,529 Deduct Dom. Govt. deposits12 79 145 32 148 366 597 720 1,002 366 272 Net total .. 1,084 1,322 1,486 1,824 2,428 3,168 3,878 4,346 4,855 4,257 All other loans and investments13 1,628 1,767 1,720 1,719 1,570 1,459 1,593 1,827 2,297 3,084 Deduct inactive notice depositsu 1,4-72 1,544 1,438 1,433 1,436 1,654 2,060 2,391 2,856 3,143 Total related bank assets 1,240 1,545 1,768 2,110 2,562 2,973 3,411 3,782 4,296 4,198 1 Note circulation of Bank of Canada and chartered banks, excluding notes held by chartered banks. 2 Subsidiary coin issued by the Mint less coin held by Bank of Canada and chartered banks in Canada. 3 Chartered banks' public demand deposits in Canada. 4 Chartered banks' public notice deposits in Canada other than estimated aggregate quarterly minimum balances in personal savings accounts and nonpersonal notice deposits. 5 Chartered banks' Canadian dollar deposits of provincial governments, Canadian, United Kingdom, and foreign banks. 6 Cheques on banks as shown in chartered bank month-end returns to the Minister of Finance. 7 Bank of Canada Other Deposits as shown on published month-end statements—i.e. excluding Dominion Government, chartered banks and foreign deposits. 8 Bank of Canada gold and foreign exchange holdings less the amount of foreign currency deposit liabilities. 9 Bank of Canada and chartered bank holdings of Dominion Government Treasury bills, deposit certificates, Treasury notes and any other short-term issues sold direct to Bank of Canada and chartered banks. 10 Bank of Canada and chartered bank holdings of Dominion Government direct and guaranteed securities other than those shown as banking issues and exclusive of any temporary advances in connection with purchase of Victory Loan issues. 11 Chartered banks' temporary advances to the public in connection with the purchase of Victory Loan bonds at time of issue. 12 Canadian dollar deposits of the Dominion Government at chartered banks and Bank of Canada. 13 All loans in Canada of the chartered banks other than temporary advances in connection with Victory Loan issues, plus chartered banks' holdings of provincial, municipal and "other" securities, and Bank of Canada holdings of Industrial Development Bank capital stock. 14 Estimated aggregate minimum quarterly balances in chartered banks' personal savings deposits in Canada plus nonpersonal notimce deposits in Canada. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA than to include them on the grounds that they are deposits. On the whole it appears preferable to potentially active because cheques may be issued exclude Dominion Government deposits from the against them. volume of money. The published returns of Canadian chartered In view of the foregoing items not having been banks include among Assets "Cheques on other included in the figure of "Money supply" it has been banks" which represents the amount of cheques necessary to make similar offsetting adjustments in which have been credited to the deposit account of the figures of related bank assets. Dominion Govthe payee but not yet cleared against the deposit ernment Canadian dollar deposits at chartered banks account of the drawer. To the extent of such items and the Government account at Bank of Canada in "float" there is therefore duplication in the figures have been deducted from the total of Government of bank deposits. In the table contained in this investments held by Bank of Canada and chartered Appendix we have deducted "Cheques on other banks. The result of this deduction is a net figure banks" from the figure of chartered bank deposits, of Government investments held by the banking in order to eliminate this duplication. A similar system similar to that which would have existed deduction is made in the United States in calcuhad Government applied cash balances to redeem lating their commercial banks' "Demand deposits adjusted." securities held by banks. Government deposits are given different treat- Aggregate minimum quarterly balances in perment in different countries so far as volume of sonal savings deposits and nonpersonal notice demoney statistics are concerned. In various coun- posits have also been shown as a deduction from tries including the United States the most commonly related bank assets since the same items have been used figure of bank deposits excludes Government excluded from "Money supply." JUNE 1948 665 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 Real Estate Loans banks in central reserve cities. This change became effective as to each member bank at the Reconstruction Finance Corporation Participations opening of business on June 11, 1948. There is The Act of Congress approved May 25, 1948, set forth below the text of the Supplement as thus (Public Law 548, 80th Congress) which amended amended: the Reconstruction Finance Corporation Act, also amended the third paragraph of Section 24 of the SUPPLEMENT TO REGULATION D Federal Reserve Act so as to make it clear that the Effective as to each member bank at the opening of restrictions or limitations of that section upon business on June 11, 1948 real estate loans by national banks do not apply to loans made to established industrial or com- RESERVES REQUIRED TO BE MAINTAINED mercial businesses in which the Reconstruction BY MEMBER BANKS WITH FEDERAL Finance Corporation cooperates- or purchases a RESERVE BANKS participation. The purpose of this amendment is Pursuant to the provisions of section 19 of the to continue in effect a similar exception previously Federal Reserve Act and section 2(a) of its Regulaprovided in the law. The text of the amended tion D, the Board of Governors of the Federal paragraph is as follows: Reserve System hereby prescribes the following Loans made to established industrial or reserve balances which each member bank of the commercial businesses (a) which are in whole Federal Reserve System is required to maintain on or in part discounted or. purchased or loaned deposit with the Federal Reserve Bank of its against as security by a Federal Reserve Bank district: under the provisions of section 13b of this 6 per cent of its time deposits plus— Act, (b) for any part of which a commitment 14 per cent of its net demand deposits if not shall have been made by a Federal Reserve in a reserve or central reserve city; Bank under the provisions of said section, 20 per cent of its net demand deposits if in (c) in the making of which a Federal Reserve Bank participates under the provisions of said a reserve city, except as to any bank located section, or (d) in which the Reconstruction in an outlying district of a reserve city or in Finance Corporation cooperates or purchases territory added to such city by the extension a participation under the provisions of the of the city's corporate limits, which, by the Reconstruction Finance Corporation Act, as affirmative vote of five members of the Board amended, shall not be subject to the restric- of Governors of the Federal Reserve System, tions or limitations of this section upon loans is permitted to maintain 14 per cent reserves secured by real estate. against its net demand deposits; 24 per cent of its net demand deposits if located in a central reserve city, except as to Reserves any bank located in an outlying district of a Central Reserve City Banks central reserve city or in territory added to The Board of Governors has amended the Sup- such city by the extension of the city's corpoplement to Regulation D, relating to reserves re- rate limits, which, by the affirmative vote of five quired to be maintained by member banks with members of the Board of Governors of the Federal Reserve Banks, so as to increase from 22 Federal Reserve System, is permitted to mainto 24 per cent the reserves required to be main- tain 14 per cent or 20 per cent reserves against tained against net demand deposits by member its net demand deposits. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Governor Eccles transmitted the following letter In accordance with the requirement of the law to the President on May 26, 1948: that the Federal Open Market Committee meet at least four times each year, the third meeting of the May 26, 1948. Committee during 1948 was held in Washington My dear Mr. President: on May 20. On April 16, immediately following the Board A meeting of the Chairmen of the Federal Re- Members' call on you at the White House, I serve Banks, which was also attended by members tendered to you the following letter, which you read of the Board of Governors, was held on May 29-31, and then stated you did not wish to accept it as you 1948. still desired and intended to designate me as Vice Change in Board's Staff Chairman: Mr. J. Burke Knapp resigned as an Assistant Director of the Board's Division of Research and "In your letter of January 27, four days prior to the expiration of my term as Chair- Statistics effective May 23, 1948, to accept a position man of the Board of Governors, you requested with the Department of State. Mr. Knapp was asme to remain as a member of the Board and sociated with the Board's Division of Research and to accept the Vice Chairmanship. In my reply Statistics from February 1940, to August 1944, when of the same day, I stated that after careful he resigned to accept a position with the Departconsideration of your request I had decided to ment of State. He returned to the Board in Octoremain with the Board in the capacity which ber 1945, and served as Special Assistant to the you suggested. Chairman until June 1, 1946, when he was appointed an Assistant Director of the Division of "Two and one-half months have elapsed since that time. The formal order designating Research and Statistics. the Chairman of the Board has been issued, Appointment of Class C Director but none designating a Vice Chairman. In The Board of Governors, on May 19, 1948, anview of the circumstances, I shall continue to nounced the appointment of Mr. Robert T. Stevens - serve as a member of the Board of Governors, of Plainfield, New Jersey as a Class C director of but I wish to withdraw my name in case you the Federal Reserve Bank of New York for the unare still considering designating me as Vice expired portion of the term ending December 31, Chairman." 1950, and his designation as Chairman and Federal Reserve Agent of the Bank for the balance of Four months have now elapsed since you first the year 1948. Mr. Stevens is Chairman of the requested me to accept the Vice Chairmanship and Board of J. P. Stevens and Co., Inc., New York, nearly a month and a half since you reiterated that request. New York. He also served as a Class B director of the Federal Reserve Bank of New York from Under these circumstances and in view of other developments, I wish to withdraw my name from January 1, 1934, to January 8, 1942, when he was any further consideration for designation as Vice called to active service with the United States Army. Chairman. I shall continue to serve as a member Publication of a Distribution of Deposits, by Counties of the Board. A geographical distribution of bank deposits of Respectifully yours, individuals, partnerships, and corporations in the (Signed) M. S. ECCLES. United States, by counties, States, and Federal Re- The President, serve districts is being compiled and will be avail- The White House. able for distribution in pamphlet form in a few weeks. It will show separately the demand and the Federal Reserve Meetings time deposits of individuals, partnerships, and cor- A meeting of the Presidents of all of the Federal porations in all banks in the United States on De- Reserve Banks was held in Washington on May 18, cember 31, 1947. Corresponding data for Decem- 1948. The Board of Governors met with the ber 31, 1941-1944 are contained in pamphlets pub- Presidents on May 21. lished by the Treasury Department. JUNE 1948 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Data for national banks and banks in the Dis- Equipment, and Corporate Profits (two pages). trict of Columbia were obtained by the Comptroller The May issue also includes a new chart on Short of the Currency, for State member banks by the Term Open-Market Money Rates and three addi- Board of Governors of the Federal Reserve System, tional price charts showing the major component and for nonmember banks by the Federal Deposit groups of the index of commodity prices of the Insurance Corporation. Data for noninsured banks Bureau of Labor Statistics (two pages) and wholewere obtained with the cooperation of the State bank sale prices of selected farm products. supervisory authorities. The Federal Deposit In- Admissions of State Banks to Membership in the surance Corporation and the Board of Governors Federal Reserve System compiled the basic statistics for the pamphlet. The following State banks were admitted to Copies of the pamphlet may be obtained upon membership in the Federal Reserve System during request from the Board's Division of Administrathe period April 16, 1948 to May 15, 1948: tive Services, Washington 25, D. C. Florida Additions to Federal Reserve Charts on Bank Credit, Tampa—Columbia Bank of Ybor City Money Rates, and Business The May issue of the Federal Reserve Chart Mississippi Book on Bank Credit, Money Rates, and Business Forest—Farmers and Merchants Bank includes a new section on Business Finance. This Montana section comprises revised charts (two pages) on Poison—The Security State Bank Corporate Security Issues and the following new Wyoming charts: Current Assets and Liabilities of Corporations, Business Expenditures on New Plant and Jackson—The Jackson State Bank FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 24 and released for publication May 26~\ Industrial production decreased in April and in- owing in large part to work stoppages on the West creased in May owing chiefly to changes in coal Coast. production and supplies. Department store sales Output of nondurable goods showed a further were at exceptionally high levels following the slight decline in April. According to preliminary Easter shopping period. Wholesale and retail indications textile production was below the March price levels were higher, reflecting chiefly increases level. Coke production was sharply curtailed bein meat prices. cause of reduced coal supplies. Activity in the rubber products industry and in some chemical indus- INDUSTRIAL PRODUCTION tries declined. On the other hand, production of gasoline increased, and newsprint consumption The Board's seasonally adjusted index of indus- showed somewhat more than the usual seasonal trial production declined 5 points in April to 187 rise. per cent of the 1935-39 average, reflecting chiefly Coal production for the month of April was in lower output of iron and steel resulting from the about the same small volume as in March. Output labor dispute at coal mines, which began in the of crude petroleum was maintained at a record level, middle of March. Following settlement of the and there was an exceptionally large increase in dispute around the middle of April, output of coal output of iron ore. and steel increased and the total index in May is expected to be around 190. CONSTRUCTION Steel production reached a low point of 71 per cent of capacity in the third week of April, Value of construction contracts awarded expanded as compared with a March average of 95 per cent, sharply in April, according to the F. W. Dodge then advanced rapidly to a rate of 97 per cent in Corporation, reflecting chiefly large increases in the fourth week of May. Automobile output was awards for private residential construction and for substantially curtailed in the first 3 weeks of May, religious and other institutional buildings. Awards as pig iron and steel supplies continued short and for manufacturing plants and public works and a work stoppage began at the plants of a major utilities showed little change from the levels preautomobile company. Lumber output, adjusted vailing in recent months. for seasonal variation, declined 9 per cent in April, CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935 - 39 - 100 1941 1942 1943 1944 1945 1946 1947 1948 1943 1944 1945 F. W. Dodge Corporation data for 37 Eastern States. Other Federal Reserve indexes. Monthly figures, latest shown are includes nonresidential buildings and public works and utilities. for April. Monthly figures, latest shown are for April. JUNE 1948 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION fresh vegetables, and further rises in prices for various consumer services. Department store sales, which usually decline after the Easter shopping season, were maintained BANK CREDIT this year and the Board's seasonally adjusted index rose from 284 in March to 299 in April, with some Little change occurred in member bank reserve further rise indicated for May. positions in the last half of April and the first two Railroad shipments of coal and coke showed a weeks of May. Treasury operations were largely sharp increase in the latter part of April following neutral in their effect on total bank reserves. A the end of the coal strike. Shipments of perish- further moderate gold inflow permitted a small able goods were curtailed temporarily in the middle reduction in Reserve Bank credit. In the third of May in anticipation of a rail strike which was week of May member bank reserve balances were subsequently called off. Carloadings of most classes reduced considerably, in part as a result of a transof manufactured goods continued to show little fer by the Treasury of funds from war loan acchange in April and the first half of May. counts to its balances at Reserve Banks. In addition, member banks used reserve funds to purchase COMMODITY PRICES in the market Treasury bills held by the Reserve Banks, with the result that the reserves of many Wholesale prices of meats, livestock, and vegelarge city banks fell temporarily below requiretable oils advanced from the middle of April to ments. the third week of May, while most other farm products and foods showed little change or declined Real estate and consumer loans continued to exsomewhat. pand at banks in leading cities during April and the first half of May. Commercial and industrial Price changes were also mixed for industrial loans increased somewhat during May following materials. Wool tops, coal, coke, and building a decline in earlier months of the year. materials were higher in this period, reflecting in part freight rate increases while prices of steel, SECURITY MARKETS cotton grey goods, and certain other materials were reduced somewhat. Price reductions were an- Prices of common stocks showed a marked nounced for various electrical products. further rise in the middle of May to a level 14 Consumer prices in mid-April were 1.4 per cent per cent below the high of May 1946, according higher than in March and exceeded slightly the to Standard and Poor's index of 90 stocks. Volume previous peak reached in January. The advance of trading was unusually large. in April reflected higher retail prices for foods, Following the Treasury announcement on May owing chiefly to reduced supplies of meats and 13 that June and July certificate maturities would be refunded at \% per cent, prices of Treasury EMPLOYMENT IN NONAGR(CULTURAL ESTABLISHMENTS bonds advanced sharply. MILLIONS OF PERSONS MILLIONS OF PER MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS TREASURY DEPOSITS 1 . . Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants are excluded. Midmonth figures, latest shown are for 1941 1942 1943 1944 1945 1946 1947 1948 April. Wednesday figures, latest shown are for May 26. 670 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 673 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 674 Federal Reserve Bank statistics 675-678 Guaranteed war production loans 679 Deposits and reserves of member banks 679-680 Money in circulation 681-682 Gold stock; bank debits and deposit turnover 682 Deposits and currency; Postal Savings System; bank suspensions. . 683 All banks in the United States, by classes 684-685 All banks in the United States and possessions, by States, December 31, 1947 686-687 All insured commercial banks in the United States, by classes... 688-689 Weekly reporting member banks 690-693 Commercial paper, bankers' acceptances, and brokers' balances.. 694 Money rates and bond yields - 695 Security prices and new issues 696-697 Corporate earnings and dividends. . 698 Treasury finance 699-701 Government corporations and credit agencies.... 702 Business indexes 703-712 Department store statistics.. 713-716 Cost of living 716 Wholesale prices ... 717 Gross national product, national income, and income payments. . 718-719 Consumer credit statistics. .... 720-722 Current statistics for Federal Reserve chart books 723-727 Number of banking offices on Federal Reserve par list and not on par list 728 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 671 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 TREASURY CASH AND DEPOSITS I 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for May 26. See p. 673. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date c v o D a a a u n n i d s n c d - - e ts s T U ot . a l S. s e T G c b u a u r o i e n r r l v i y a d l t s e s ie r - n s m o e A t n h l t e l r ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u n n e u r n a g y r c t d - - y s - - 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 u T B p s w r e r R o e y a d e r i s n e e t v a i - d h k t r s e e s s a - - l b p N m e o r o e s m d n it - e s - - O c s F o e R e t a e u r h r c e a d v n - e - l - e r ts Total Excertificates Monthly averages of daily figures: 1947—Feb 339» 23,824 22,690 1,135 438 24,60120,726 4,558 28,300 2,214 1,895 846 62316,006 805 Mar 307' 22,978 21,831 1,147 436 23,72120,406 4,557 28,273 ,332 1,344 1,097 63316,006 871 Apr 208\ 22,104 20,998 1,105 411 22,72220,586 4,558 28,185 ,329 723 1,060 63915,931 833 1948—Feb 379> 20,738 13,676 7,062 473 21,58922,967 4,559 28,096 ,317 1,323 987 55916,834 804 Mar 410 20,582 13,097 7,484 45421,446 23,103 4,558 27,941 ,326 1,089 1,069 57517,106 822 Apr 262 20,440 12,645 7,796 401 21,10323,154 4,558 27,766 ,325 1,225 986 58716,926 811 End-of-month figures: 1947—Feb. 28... 356 24,117 22,919 1,198 373 24,84620,330 4,558 28,304 ,317 2,491 1,103 62415,895 847 Mar. 31... 538 22,593 21,488 1,105 30023,43120,463 4,559 28,230 ,336 2,014 971 63815,264 344 Apr. 30... 12521,857 20,752 1,105 223 22,205 20,774 4,561 28,114 ,329 619 1,025 62715,826 654 1948—Feb. 28... 43121,024 13,601 7,422 655 22,10923,036 4,561 28,019 ,325 1,591 1,154 55617,062 762 Mar. 31... 430 20,887 13,332 7,555 291 21,60723,137 4,559 27,781 ,325 1,972 999 58816,639 655 Apr. 30... 249 20,340 •12,210 8,130 269 20,858 23,169 4,562 27,716 ,319 1,236 826 54616,944 737 Wednesday figures: 1947—July 2... 110 21,629 20,532 ,097 406 22,14521,284 4,559 28,409 ,325 658 977 63115,988 526 July 9... 120 21,611 20,515 ,097 304 22,03521,336 ,551 28,363 ,329 566 844 63116,190 670 July 16... 99 21,758 20,663 ,095 391 22,248 21,434 ,550 28,225 ,331 756 952 63116,336 759 July 23... 118 21,700 20,605 ,095 275 22,09321,467 ,550 28,145 ,330 939 818 63316,244 630 July 30... 11122,012 20,917 ,095 18722,31021,537 ,551 28,129 ,341 705 1,236 63316,354 742 Aug. 6... 123 21,869 20,777 ,092 219 22,211 21,602 ,552 28,206 ,330 728 1,071 62116,409 741 Aug. 13... 183 22,030 20,939 ,091 282 22,494 21,611 ,551 28,223 ,329 1,053 1,000 62216,428 779 Aug. 20... 23922,097 21,008 ,089 30022,636 21,666 ,551 28,239 ,330 1,265 987 62416,407 721 Aug. 27... 13422,107 21,018 ,089 23722,478 21,766 ,550 28,302 ,335 915 1,123 626 16,493 775 Sept. 3 125 22,224 21,135 ,089 274 22,623 21,765 ,552 28,749 ,323 459 1,149 63216,628 841 Sept. 10... 120 22,042 20,848 ,194 309 22,472 21,815 ,551 28,742 ,329 243 960 63216,932 1,015 Sept. 17... 130 21,756 20,562 ,194 50922,394 21,935 ,551 28,633 ,306 240 930 64217,128 1,055 Sept. 24... 119 22,118 20,927 ,191 336 22,573 21,950 ,552 28,556 ,319 800 924 64516,831 875 Oct. 1... 156 22,392 21,195 ,196 383 22,93121,955 ,551 28,559 ,316 1,053 832 64317,034 985 Oct. 8... 11122,355 21,148 ,207 385 22,85222,092 ,551 28,632 ,328 909 837 64617,142 1,069 Oct. 15... 14622,218 21,013 ,205 44322,80722,153 ,551 28,656 ,324 836 817 64817,229 1,154 Oct. 22... 12521,772 20,564 ,208 451 22,348 22,225 4,552 28,569 ,337 608 924 65017,037 857 Oct. 29... 37322,129 20,689 ,440 287 22,78922,294 4,552 28,519 ,338 1,355 917 64916,859 721 Nov. 5... 204 22,119 20,552 ,567 317 22,640 22,336 4,551 28,635 ,324 926 922 63217,088 952 Nov. 12... 429 22,052 20,343 ,708 20822,68922,442 4,550 28,709 ,328 1,224 950 63216,839 766 Nov. 19... 199 22,222 20,117 2,105 620 23,04122,513 4,552 28,595 ,327 1,560 926 63117,068 883 Nov. 26... 370 22,239 19,913 2,327 325 22,93422,597 4,554 28,725 ,330 1,314 969 62617,121 954 Dec. 3... 262 22,120 19,587 2,533 448 22,83022,680 4,553 28,817 ,342 1,256 986 62417,038 854 Dec. 10... 250 21,985 19,273 2,713 382 22,61722,708 4,556 28,874 ,331 934 992 61817,132 935 Dec. 17... 16821,657 18,772 2,886 913 22,738 22,723 4,557 28,923 ,332 616 951 61517,581 ,165 Dec. 24... 28321,900 18,659 3,241 827 23,01122,743 4,556 29,111 ,318 929 967 60917,377 ,073 Dec. 31... 22,559 18,230 4,329 536 23,18122,754 4,562 28,868 ,336 870 961 56317,899 ,499 1948—Jan. 7... 164 21,683 17,148 4,536 473 22,320 22,762 4,560 28,658 ,340 562 1,009 56917,503 ,166 Jan. 14... 16521,896 17,018 4,878 507 22,568 22,790 4,559 28,374 ,333 819 959 56817,863 ,537 Jan. 21... 16821,540 16,311 5,229 518 22,22722,829 4,559 28,211 ,323 1,268 913 56517,334 993 Jan. 28... 28121,987 15,904 6,082 391 22,65822,894 4,558 28,086 ,332 1,945 888 55517,305 1,040 Feb. 4... 240 20,523 13,882 6,641 413 21,17522,934 4,560 28,124 ,309 616 974 17,084 913 Feb. 11... 57820,817 13,815 7,002 337 21,73222,933 4,559 28,189 ,308 1,187 944 55917,037 1001 Feb. 18... 295 21,782 13,704 7,240 543 21,78222,981 4,557 28,053 ,335 1,725 899 55816,750 765 Feb. 25... 279 21,034 13,645 7,389 39421,70723,028 4,557 28,054 ,326 1,656 901 16,799 964 55: Mar. 3... 257 21,071 13,575 7,496 523 21,85123,036 4,559 28,024 ,333 954 1,027 17,552 1,157 Mar. 10... 298 20,678 13,145 7,532 35021,326 23,083 4,559 28,006 ,331 751 955 55: 17,366 977 M M M a a a r r r . . . 3 2 1 1 4 7 . . . . . . . . . 3 4 6 3 3 0 2 2 2 0 0 0 , , , 3 8 6 7 8 0 3 7 7 1 1 1 3 2 3 , , , 3 9 1 3 5 6 2 6 8 7 7 7 , , , 4 4 5 1 3 5 7 9 5 4 3 2 7 9 5 . 1 2 2 1 1 , , 4 6 2 0 9 7 2 2 2 3 3 3 , , , 1 1 1 3 1 3 5 9 7 4 4 4 , , , 5 5 5 5 5 5 7 9 9 2 2 2 7 7 7 , , , 8 7 9 5 8 2 1 1 0 , , , 3 3 3 3 2 2 6 5 5 , , 6 9 4 7 7 5 7 2 8 1 1 , , 9 0 0 9 0 1 9 6 8 5 5 5 5 8 8 < 6 9 1 1 1 6 7 6 , , , 3 6 8 5 3 7 1 9 0 6 6 9 5 8 0 5 4 4 Apr. 7... 260 20,477 12,816 7,662 347 21,085 23,147 4,558 27,833 ,329 ,140 994 5 5 8 9 8 016,905 822 Apr. 14... 22120,593 12,832 7,762 315 21,130 23,152 4,558 27,774 ,320 ,177 929 59017,050 894 Apr. 21... 234 20,394 12,537 7,857 338 20,966 23,159 4,557 27,718 ,336 ,283 911 59016,845 701 Apr. 28... 259 20,440 12,400 8,040 253 20,952 23,167 4,561 27,682 ,326 ,185 856 17,043 879 58' May 5... 230 20,251 12,085 8,166 374 20,856 23,176 4,561 27,762 1,329 ,114 810 54517,033 817 May 12... 250 20,348 12,110 8,238 44021,038 23,225 4,560 27,762 1,319 ,319 792 54417,087 884 May 19... 225 20,098 11,823 8,275 351 20,674 23,245 4,559 27,690 1,329 1,612 795 54616,506 P334 May 26... 321 20,592 12,323 8,270 28721,201 23,295 4,561 27,700 1,333 1,788 788 54716,901 P713 v Preliminary. i Includes industrial loans and acceptances purchased shown separately in subsequent tables. * End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JUNE 1948 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and Other secured advances banks secured by direct Federal Reserve Bank d s i e s c c u o ( r S u e e n d e t s s . b y o 1 f 3 e a a li n n g d d i b l a 1 e d 3 v a p ) a a 1 n p c e e r s [Sec. 10(b)] obli ( g l a a t s i t o n p s a r. o f S e t c h . e 1 U 3) . S. Rate Effective Rate Effective Rate Effective Boston IX Jan. 14, 1948 Jan. 14, 1948 Jan. 14, 1948 New York Jan. 12, 1948 Jan. 12, 1948 Apr. 6, 1946 Philadelphia Jan. 12, 1948 Jan. 12, 1948 Mar. 23, 1946 Cleveland IS Jan. 12, 1948 Jan. 12, 1948 Mar. 9, 1946 Richmond Jan. 12, 1948 1M Jan. 12, 1948 Mar. 16, 1946 Atlanta Jan. 12, 1948 IK Jan. 12, 1948 Jan. 24, 1948 Chicago j| Jan. 12, 1948 \K Jan. 12, 1948 Jan. 12, 1948 St. Louis Jan. 12, 1948 \K Jan. 12, 1948 Jan. 12, 1948 Minneapolis. . . . Jan. 12, 1948 IK Jan. 12, 1948 Jan. 15, 1948 Kansas City... . Jan. 19, 1948 IK Jan. 19, 1948 Jan. 19, 1948 Dallas Jan. 12, 1948 IK Jan. 12, 1948 Feb. 14, 1948 San Francisco. . Jan. 15, 1948 IK 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 naturity 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 Maturity R M a a t y e o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous [In effect May 31. Per cent per annum] To industrial or 1- 90 days ii i Jan. 12, 1948 IK commercial To financing institutions 91-120 days i Jan. 12, 1948 businesses 121-180 days ijan. 12, 1948 1 Date on which rate became effective at the Federal Reserve Bank Federal On discounts or of New York. The same rates generally apply to any purchases made Reserve purchases by the other Federal Reserve Banks. Bank Back figures.—See Banking and Monetary Statistics, Table 117, Portion pp. 443-445. for which Re- MEMBER BANK RESERVE REQUIREMENTS institu- maining [Per cent of deposits] ob ti l o ig n a t i e s d portion Net demand deposits1 Time Boston deposits New York. . . Period in effect C re e s n e t r r v a e l Reserve Country me ( m al b l er P C h le il v a e d l e a l n p d h . ia . . . city city banks banks) Richmond banks banks Atlanta Chicago June 21, 1917-Aug. 15, 1936.. 13 10 7 3 S M t. i n L ne o a u p i o s l . i . s . . . A M u a g r . . 1 / 6 , , 1 1 9 9 3 3 7 6 - - A F p e r b . . 3 2 0 8 , , 1 1 9 9 3 3 7 7 . . . . 2 19 2 3 M ^2 1 1 5 7J^s 1 io 2 y M 2 4^ D K a a l n l s a a s s City. A M p ay r. 16 1 , , 1 1 9 9 3 3 8 7 - - O A c p t r . . 3 1 1 5 , ,1 19 9 4 3 1 8 . . . . 2 2 6 2M 2 1 0 7/^ 1 1 4 2 6 5 San Francisco Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 Oct. 3, 1942-Feb. 26, 1948.. 20 20 14 6 Feb. 27, 1948-June 10, 1948.. 22 20 14 6 4 Rate charged borrower but not to exceed 1 per cent above June 11, 1948 and after 24 20 14 6 scount rate. 5 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 pp3.. 446-447. balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935) MARGIN REQUIREMENTS ] MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1,1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936 Regulation T: Savings deposits For extensions of credit by brokers Postal savings deposits and dealers on listed securities 75 100 75 Other deposits payable: For short sales 75 100 75 In 6 months or more 2H Regulation U: In 90 days to 6 months For loans 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; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1945, p. 235. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1948 1947 May 26 May 19 May 12 May 5 Apr. 28 Apr. 21 Apr. 14 May Apr. May Assets Gold certificates 21,405,170 21,355,170 21 342,170 21,292,170 21,279,170 21,259,170 21,259,170 21,415,170 21,277,17018,974,678 Redemption fund for F. R. notes 620,723 624,221 623,016 626,973 630,395 633,528 633,694 620,724 632,396 714,053 Total gold certificate reserves. . . . 22,025,893 21,979,391 21,965,186 21,919,143 21,909,56521,892,69871,892,864 22,035,894 21,909,56619,688,731 Other cash 280,321 288,907 286,656 297,596 323,672 325,756 343,087 268,262 324,057 238,842 Discounts and advances: For member banks. . . 163,757 68,250 93,183 82,485 110,725 85,390 68,260 148,604 100,514 155,485 For nonmember banks etc 157,000 157,000 157,000 148,000 148,000 148,000 153,000 157,000 148,000 23,500 Total discounts and advances 320,757 225,250 250,183 230,485 258,725 233,390 221,260 305,604 248,514 178,985 Industrial loans 887 878 1,688 2,146 4,384 2,491 916 1,394 1,618 U. S. Govt. securities: Bills: Under repurchase option 5,687,731 Other 8,196,591 7,703,801 7,944,701 7,858,751 8,140,201 8,282,151 8,488,951 8,245,319 7,973,501 9,284,187 Certificates: Special Other 4,125,993 4,118,993 4,165,743 4,226,743 4,259,543 4,254,693 4,342,793 4,140,493 4,236,243 6,011,718 Notes 1,946,800 1,936,800 1,956,800 1,972,700 1,955,700 1,933,800 1,926,550 1,957,800 1,962,700 369,300 Bonds 6,323,000 6,338,650 6,281,220 6,193,118 6,084,467 5,923,655 5,835,069 6,318,500 6,167,215 735,390 Total U. S. Govt. securities 20,592,384 20 098,244 20348,464 20,251,31220,439,91120,394,299 20,593,36320,662,184 20,339,659 22,088,326 Other Reserve Bank credit outstanding. . . 286,499 350,067 438,898 372,418 251,188 333,935 313,137 606,841 268.498 469,227 Total Reserve Bank credit outstanding 21,200,527 20,674,459 21,038,423 20,855,90320,951,97020,966,008 21,130,25121,575,54520,858,065 22,738,156 Liabilities Federal Reserve notes. . 23,587,925 23,596,13623,654,348 23 ,666,920 23 ,624,055 23 ,666,49123,724,19523,675,13223,647,992 24,120,146 Deposits: Member bank — reserve account 16,901,067 16,505,54817,086,745 17,033,31117,043,29416,845,32317,050,35417,020,73116,944,223 16,237,764 U. S. Treasurer—general account 1,787,560 1,612,086 1,319,494 1,113,886 1,185,346 1,282,982 1,177,026 1,683,699 1,236,405 727,801 Foreign 372,298 368,728 374,276 370,032 386,766 422,475 448,482 375,814 392,819 373,122 Other 415,807 426,451 417,898 439,935 469,270 488,687 480,288 681,251 433,258 670,700 Total deposits 19,476,732 18,912,813 19,198,413 18,957,16419,084,67619,039,46719,156,150 19,761,49519,006,705 18,009,387 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . , 51.1 51.7 51.3 51.4 51.3 51.3 51.1 50.7 51.4 46.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d t a o y s 60 61 d a to ys 90 9 6 1 m d o ay n s th t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances: Apr. 28 258,725 119,515 15,854 43,302 80,012 19 23 May 5 230,485 81,448 5,914 61,160 81,922 20 21 May 12 250,183 92,073 25,125 51,903 81,059 3 20 May 19 225,250 67,642 26,415 69,565 61,605 4! 19 May 26 320,757 167,197 30,575 61,264 61,697 6 18 Industrial loans: Apr. 28 2,146 1,931 21 21 137 4 May 5 1,688 1,336 28 71 164 55 4 May 12 878 527 33 65 168 51 4 May 19 898 531 53 38 171 71 4 May 26 887 545 44 41 155 68 4 U. S. Government securities: 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 5 20,251,312 1,608,646 ,758,713 5,186,076 2,092,156 2,226,917 1,304,700 992,119 5,081,985 May 12 20,348,464 1,914,014 ,647.301 5,155,421 1,898,9052,196,617 1,374,000 1,080,2215,081,985 May 19 20,098,244 2,291,857 ,432,,786 4,752,996 1,849,102 2,165,867 1,386,000 1,138,6515,080,985 May 26 20,592,384 2.305,259 ,390,441 4,926,694 2,197,137 2,175,867 1,393,000 1,138,6515,065,335 JUNE 1948 675 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 ve d - 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 sc n n o - Assets Gold certificates: 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 May 5 21,292,170 810,303 6,686,4991,045,0811,413,2571,019,8591,057,4274,225,001 587,565 432,696 761,148 511,3562,741,978 May 12 21,342,170 820,252 6,685,1091,032,2531,389,0661,009,3261,084,4454,255,832 583,872 430,465 774,406 521,9042,755,240 May 19 21,355,170 848,295 6,572,0531,065,4251,454,3461,015,9181,050,7344,291,588 593,221 448,455 747,435 514,2122,753,488 May 26 21,405,170 805,900 6,739,9801,095,5221,432,2071,002,6991,035,1864,301,296 569,455 423,040 758,011 511,5062,730,368 Redemption fund for F. R. notes: 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 May 5 626,973 55,151 69,120 57,973 73,689 56,310 38,514 97,739 46,058 22,613 35,080 25,639 49,087 May 12 623,016 54,917 68,199 57,602 73,422 54,710 38,297 97,739 45,979 22,583 35,026 25,639 48,903 May 19 624,221 54,909 68,027 57,591 73,374 56,661 38,274 97,427 45,969 22,576 35,003 25,565 48,845 May 26 620,723 54,731 67,269 57,277 73,151 55,374 38,092 97,197 45,904 22,554 34,959 25,514 48,701 Total gold certificate reserves: 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 May 5 21,919,143 865,454 6,755,6191,103,0541,486,9461,076,1691,095,9414,322,740 633,623 455,309 796,228 536,9952,791,065 May 12 21,965,186 875,169 6,753,3081,089,8551,462,4881,064,0361,122,7424,353,571 629,851 453,048 809,432 547,5432,804,143 May 19. 21,979,391 903,204 6,640,0801,123,0161,527,7201,072,5791,089,0084,389,015 639,190 471,031 782 438 539 7772 802 333 May 26 22,025,893 860,631 6,807,2491,152,7991,505,3581,058,0731,073,2784,398,493 615,359 445,594 792,970 537,0202,779,069 Ovytthifi*crr Croa-cSihi •• 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 May 5 297,596 38,710 54,838 16,100 30,476 18,120 22,778 37,537 10,570 7,591 8,478 10,793 41,605 May 12 286,656 38,048 58,443 12,774 29,841 18,160 19,582 33,586 10,302 6,543 8,869 10,692 39,816 May 19 288,907 37,562 52,725 15,728 26,722 18,462 22,545 35,011 11,976 6,733 10,022 10,829 40,592 May 26 280,321 35,705 51,941 13,722 28,210 17,112 22,996 35,816 12,299 6,120 9,863 10,662 35,875 Discounts & advances: Secured by U. S. Govt. securities: Apr. 28.. 109,882 12,585 38,299 6,170 12,568 8,605 2,285 6,125 9,040 100 6,930 1,475 5,700 May 5.. 81,652 10,210 11,918 5,240 11,500 3,995 4,074 20,000 2,465 75 5,830 595 5,750 May 12.. 92,310 12,975 36,148 4,123 18,120 4,930 734 1,100 4,440 375 4,780 695 3,890 May 19. . 67,177 12,030 9,933 5,241 4,750 6,575 1,284 550 5,840 2,475 14,164 1,495 2,840 May 26. . 162,687 12,099 42,303 6,323 10,225 13,920 5,569 37,850 16,140 125 13,423 620 4,090 Other: Apr. 28.. 148,743 9,324 47,360 11,988 13,986 7,252 6,168 20,178 5,628 3,700 5,203 5,032 13,024 May 5. . 148,833 9,324 47,360 11,988 13,976 7,252 6,168 20,178 5,628 3,700 5,203 5,032 13,024 May 12.. 157,873 9,891 50,240 12,717 14,644 7,693 6,537 21,402 6,152 3,925 5,518 5,338 13,816 May 19. . 158,073 9,891 50,240 12,717 14,644 7,893 6,537 21,402 6,152 3,925 5,518 5,338 13,816 May 26. . 158,070 9,891 50,240 12,717 14,744 7,893 6,622 21,402 5,952 3,925 5,518 5,350 13,816 Industrial loans: Apr. 28 . 2,146 471 214 46 1,415 May 5 1,688 585 254 49 800 May 12 878 575 254 49 May 19 898 572 257 69 May 26 887 560 261 66 U. S. Govt. securities: Bills: 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 May 5 7,858,751 528,297 1,884,387 561,351 753,418 510,379 393,9831,116,634 433,905 240,548 366,304 356,151 713,394 May 12.... 7,944,701 534,075 1,904,996 567,490 761,658 515,961 398,2921,128,847 438,651 243,179 370,310 360,046 721,196 May 19 7,703,801 517,880 1,847,233 550,282 738,563 500,316 386 2151,094,618 425,350 235,806 359,082 349,128 699,328 May 26 8,196,591 551,008 1,965,395 585,483 785,807 532,319 410,9201,164,637 452,558 250,890 382,051 371,461 744,062 Certificates: 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 May 5 4,226,743 284,139 1,013,497 301,917 405,218 274,501 211,899 600,569 233,370 129,377 197,014 191,551 383,691 May 12 4,165,743 280,037 998,871 297,560 399,370 270,539 208,842 591,902 230,003 127,509 194,170 188,787 378,153 May 19 4,118,993 276,895 987,660 294,220 394,888 267,504 206,497 585,260 227,422 126,080 191,989 186,668 373,910 May 26 4,125,993 277,367 989,338 294,720 395,560 267,957 206,847 586,254 227,809 126,293 192,317 186,986 374,545 Notes: 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 May 5 1,972,700 132,613 473,018 140,910 189,123 128,115 98,897 280,297 108,919 60,382 91,949 89,401 179,076 May 12 1,956,800 131,544 469,205 139,774 187,598 127,083 98,100 278,038 108,041 59,896 91,208 88,680 177,633 May 19 1,936,800 130,199 464,410 138,346 185,681 125,784 97,098 275,196 106,936 59,283 90,276 87,774 175,817 May 26 1,946,800 130,871 466,808 139,060 186,639 126,434 97,600 276,617 107,488 59,589 90,742 88,227 176,725 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 May 5 6,193,118 416,326 1,484,998 442,374 593,734 402,206 310,480 879,968 341,941 189,565 288,667 280,666 562,193 May 12 6,281,220 422,249 1,506,123 448,667 602,181 407,928 314,896 892,486 346,805 192,262 292,774 284,659 570,190 May 19 6,338,650 426,110 1,519,894 452,769 607,686 411,657 317,776 900,646 349,976 194,019 295,452 287,262 575,403 May 26 6,323,000 425,057 1,516,142 451,652 606,186 410,641 316,991 898,422 349,112 193,541 294,721 286,552 573,983 Total U. S. Govt. securities: Apr. 28 20,439,9111,374,053 4,901,1231,460,0221,959,5741,327,4491,024,7142,904,2661,128,549 625,645 952,725 926,3171,855,474 May 5 20,251,3121,361,375 4,855,9001,446,5521,941,4931,315,2011,015,2592,877,4681,118,135 619,872 943,934 917,7691,838,354 May 12 20,348,4641,367,905 4,879,1951,453,4911,950,8071,321,5111,020,1302,891,2731,123,500 622,846 948,462 922,1721,847,172 May 19 20,098,2441,351,084 4,819,1971,435,6171,926,8181,305,2611,007,5862.855,7201,109,684 615,188 936,799 910,8321,824,458 May 26 20,592,3841,384,303 4,937,6831,470,9151,974,1921,337,3511,032,3582,925,9301,136,967 630,313 959,831 933,2261,869,315 securities: Apr. 28 20,700,7821,395,962 4,986,7821,478,6511,986,3421,343,3521,034,5822,930,5691,143,217 629,445 964,858 932,8241,874,198 May 5 20,483,4851,380,909 4,915,1781,464,3651,967,2231,326,4971,026,3012,917,6461,126,228 623,647 954,967 923,3961,857,128 May 12 20,599,5251,390,771 4,965,5831,470,9061,983,8251,334,1831,027,4012,913,7751,134,092 627,146 958,760 928,2051,864,878 May 19 20,324,3921,373,005 4,879,3701,454,1471,946,4691,319,7981,015,4072,877,6721,121,676 621,588 956,481 917,6651,841,114 May 26 20,914,0281,406,293 5,030,2261,490,5151,999,4221,359,2301,044,5492,985,1821,159,059 634,363 978,772 939,1961,887,221 Due from foreign banks: Apr. 28 94 6 130 8 9 5 4 13 3 2 3 3 8 May 5 49 3 1 16 4 4 2 2 7 2 1 2 2 4 May 12 49 3 1 16 4 4 2 2 7 2 1 2 2 4 May 19 49 3 M6 4 4 2 2 7 2 1 2 2 4 May 26 49 3 1 16 4 4 2 2 7 2 1 2 2 4 1 After deducting $64,000 participations of other Federal Reserve Banks on Apr. 28; $33,000 on May 5; May 12; May 19; and May 26. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars! Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes of other Banks: 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 May 5 96,329 4,432 11,260 4,894, 4,829 13,205 11,189 14,110 6,459 3,133 6,157 4,821 11,840 May 12 106,386 4,228 16,915 4,948! 5,996 11,488 11,680 15,047 8,374 4,022 6,284 4,619 12,785 May 19 112,062 4,830 18,095 5,774 6,512 11,443 10,782 14,813 8,115 3,914 5,631 4,987 17,166 May 26 104,385 4,961 17,408 5,111 5,702 12,319 10,216 14,323 8,933 3,801 6,476 4,090 11,045 Uncqllected items: 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 May 5 2,525,111 202,057 477,317 177,451 249,466 204,078 171,084 390,632 114,334 60,444 132,637 110,753 234,858 May 12 2,814,406 241,219 548,233 187,478 285,363 237,753 182,771 420,389 129,331 68,616 136,493 129,663 247,097 May 19 2,970,716 238,633 606,683 200,252 289,057 250,377 191,888 426,415 125,799 68,597 158,821 152,259 261,935 May 26 2,509,034 231,470 487,926 169,519 274,509 199,805 151,906 371,583 107,770 61,528 132,880 116,200 203,938 Bank premises: 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 May 5 32,655 1,222 8,171 3,132 4,887 2,610 1,546 3,035 1,958 1,198 2,427 781 1,688 May 12 32,652 1,222 8,1*3 3,132 4,883 2,610 1,546 3,035 1,957 1,198 2,427 781 1,688 May 19 32,657 1,222 8,173 3,132 4,883 2,610 1,546 3,036 1,958 1,198 2,427 784 1,688 May 26 32,617 1,218 8,173 3,119 4,876 2,603 1,542 3,039 1,956 1,198 2,427 784 1,682 Other assets: 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 May 5 158,939 10,739 37,245 11,047 15,521 10,584 8,049 22,310 9,045 4,888 7,431 7,390 14,690 May 12 164,172 11,053 38,811 11,347 15,659 10,970 8,258 22,957 9,335 4,930 7,527 8,186 15,139 May 19 167,182 11,408 39,558 11,579 16,188 10,886 8,492 23,655 9,554 5,064 7,708 7,581 15,509 May 26 170,509 11,611 40,535 11,792 16,505 11,116 8,641 24,093 9,740 5,132 7,805 7,749 15,790 Total assets: Apr. 28 45,744,157 ,525,62412,395,7592,749,0013,774,6262,653,344 2,364,2977,727,2301,915,5401,153,9491,919,7341,599,4214,965,632 May 5 45,513,307 ,503,52612,259,6442,780,0473,759,3522,651,2652,336,890 7,708,0171,902,2191,156,2111,908,3271,594,9314,952,878 May 12 45,969,032 ,561,71312,389,4822,780,4443,788,059 2,679,2022,373,9827,762,3671,923,2441,165,5041,929,7941,629,6914,985,550 May 19 45,875,356 ,569,867 12,244,7002,813,6323,817,5552,686,1572,339,670 7.,769,6241,918,2701,178,1261,923,5301,633,884 4,980,341 May 26 46,036,836 ,551,892 12,443,4742,846,5813,834,5862,660,2602,313,1307,832,5361,915,1181,157,7371,931,1951,615,703 4,934,624 Federal Reserve notes: Apr. 28 23,624,055 1,420,898 5,421,1021,620,726 2,058,1791,610,9431,316,266 4,508,670 1,079,607 608,833 913,868 587,602 2,477,361 May 5 23,666,9201,422,194 5,427,8371,620,4902,060,4511,613,0521,320,838 4,511[,183 1,083,811 612,183 918,756 591,019 2,485,106 May 12 23,654,3481,422,948 5,410,4521,617,9312,066,950 1,318,449 4,506,5761,082,475 612,063 917,230 590,259 2,494,696 May 19 23,596,1361,418,852 5,407,9451,617,4612,063,2721,605,6341,314,270 4,499,8121,078,884 609,225 914,943 587,8342,478,004 May 26 23,587,925 1,422,295 5,412,7551,617,2882,065,6551,604,5141,309,994 4,493,9281,075,487 609,339 911,275 588,4562,476,939 Deposits: Member bank reserve account: 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 May 5... 17,033,311 726,299 5,488,620 839,0841,268,837 736,065 750,9322,553,957 621,171 403,404 782,666 813,4272,048,849 May 12. .. 17,086,74. 736,051 5,531,716 790,5701,269,133 724,025 756,2412,573,841 615,703 411,633 796,597 825,780 2,055,455 May 19. .. 16,505,548 714,880 5,268,705 776,0601,225,287 706,482 712,2042,476,071 600,393 407,239 769,089 809,506 2,039,632 May 26. .. 16,901,067 705,083 5,447,212 822,5141,249,985 713,534 723,686 2,579,894 610,981 400,063 791,696 800,5022,055,917 U. S. Treasurer-general account: 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 May 5. 1,113,886 106,400 226,899 77,934 123,860 64,760 56,009 181,215 47,895 56,797 50,458 49,801 71,858 May 12. 1,319,494 109,580 315,449 124,291 123,827 80,287 73,301 182,634 63,871 54,900 58,924 56,023 76,407 May 19. 1,612,086 143,521 358,579 157,753 168,391 90,297 74,185 255,523 72,622 70,882 63,988 57,073 99,272 May 26. 1,787,560 158,498 458,473 168,344 186,615 97,777 75,163 271,104 81,219 62,854 71,880 77,838 77,795 Apr. 28. 386,766 22,862 H40,639 29,306 33,286 17,728 14,834 49,205 13,025 9,045 12,663 12,301 31,872 May 5. 370,032 22,030 1132,881 28,237 32,071 17,081 14,293 47,410 12,550 8,715 12,201 11,852 30,711 May 12. 374,276 21,785 H39.762 27,921 31,712 16.890 14,133 46,879 12,409 8,618 12,064 11,720 30,383 May 19. 368,728 21,382 27,402 31,124 16,577 13,870 46,009 12,179 8,458 11,840 11,502 29,835 May 26. 372,298 22,327 1131,921 28,617 32,503 17,312 14,485 48,049 12,719 8,833 12,365 12,012 31,155 Other: 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 May 5. 439,935 1,963 374,481 2,036 7,242 3,113 373 2,227 4,846 2,448 1,471 2,690 37,045 May 12. 417,898 1,825 358,66: 1,522 6,017 2,669 983 2,037 4,794 1,649 1,459 1,383 34,895 May 19. 426,451 1,658 367,513 1,843 6,319 2,240 576 2,176 5,174 1,588 1,742 563 35,059 Total d M ep a o y s it 2 s 6 : . 415,807 1,471 359,269 1,577 5,998 2,592 861 2,559 5,104 1,445 428 518 33,985 Apr. 28 19,084,676 854,172 6,317,249 929,627 ,435,071 820,826 830,7442,776,744 702,584 472,100 854,596 873,865 2,217,098 May 5 18,957,164 856,692 6,222,881 947,2911,432,010 821,019 821,6072,784,809 686,462 471,364 846,796 877,770 2,188,463 May 12 19,198,413 869,241 6,345,592 944,3041,430,689 823,871 844,6582,805,391 696,777 476,800 869,044 894,906 2,197,140 May 19 18,912,813 881,441 6,133,347 963,0581,431,121 815,596 800,8352,779,779 690,368 488,167 846,659 878,6442,203,798 May 26 19,476,732 887,379 6,396,8751,021,0521,475,101 831,215 814,1952,901,606 710,023 473,195 876,369 890,8702,198,852 bility items: 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 May 5 2,152,742 177,641 381,72: 153,167 198,699 179,762 162,972 312,391 104,328 53,145 115,316 99,574 214,025 May 12 2,375,557 222,314 405,109 158,781 222,099 203.308 179,201 350,108 116,074 56,987 115,793 117,869 227,914 May 19 2,620,698 222,065 472,569 173,493 254,406 227,055 192,755 389,329 120,993 60,843 134,117 140,543 232,530 May 26 2,222,584 194,447 403,007 148,236 224,527 186,277 156,840 335,619 101,253 55,322 115,466 109,257 192,333 Other liab. incl. accrued div. Apr. 28 17,453 1,017 4,621 1,087 1,870 944 794 2,866 775 549 667 788 1,475 May 5 15,892 985 4,259 1,004 1,879 860 698 2,321 709 521 626 734 1,296 May 12 16,393 962 4,542 1,069 1,652 897 722 2,470 746 545 619 663 1,506 May 19 17,810 967 6,190 990 1,744 821 679 2,376 673 675 618 700 1,377 May 26 17,883 1,058 5,296 1,099 1,893 951 770 2,527 771 549 663 777 1,529 Total liabilities: Apr. 28 44,987,27 2,477,22812,164,2942,688,330 3,704,7922,614,4422,331,7497,624,6661,886,6251,133,7871,891,1451,571,915 4,898,301 May 5 44,792,718 2,457,51212,036,6992,721,952 3,693,0392,614,6932,306,1157,610,7041,875,3101,137,2131,881,4941,569,097 4,888,890 May 12 45,244,711 2,515,46512,165,6952,722,085 3,721,,,390 2,642,3952,343,030 7,664,545 1,896,0721,146,39 1,902,6861,603,697 4<,921,256 May 19 45,147,457 2,523,32512,020,0512,755,002 3,,775500,,5432,649,1062,308,5397,671,2961,890,9181,158,9101,896,3371,607,7214,915,709 May 26 45,305,124 2,505,17912,217,9332,787,675 3,767,176 2,622,9572,281,7997,733,6801,887,5341,138,4051,903,7731,589,360 4,869,653 1 After deducting $246,024,000 participations of other Federal Reserve Banks on Apr, 28; $237,048,000 on May 5; $234,396,000 on May 12; $230,044,000 on May 19; and $240,244,000 on May 26. JUNE 1948 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Accts.: Capital paid in: 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 May 5.... 198,025 11,308 69,132 14,543 18,968 8,438 7,730 24,093 6,503 4,364 6,775 7,613 18,558 May 12. ... 198,055 11,311 69,133 14,543 18,974 8,438 7,731 24,096 6,509 4,364 6,775 7,618 18,563 May 19. ... 198,088 11,311 69,137 14,546 18,974 8,440 7,734 24,098 6,509 4,364 6,776 7,621 18,578 May 26 198,120 11,311 69,128 14,546 18,976 8,443 7,747 24,102 6,517 4,364 6,777 7,631 18,578 Surplus: (section 7): 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 May 5.... 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 May 12 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 May 19 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 May 26. .. . 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 (section 13b): 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 May 5.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 12 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 19. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 26 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.: 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 May 5 46,832 3,578 7,898 3,713 4,166 3,575 3,173 5,574 2,913 2,328 2,773 2,803 4,338 May 12 50,534 3,809 8,739 3,977 4,516 3,810 3,349 6,080 3,170 2,439 3,048 2,958 4,639 May 19 54,079 4,103 9,597 4,245 4,859 4,052 3,525 6,584 3,350 2,546 3,132 3,124 4,962 May 26. ... 57,860 4,274 10,498 4,521 5,255 4,301 3,712 7,108 3,574 2,662 3,360 3,294 5,301 Total liabilities and cap. accts.: 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 May 5 45,513,307 2,503,52612,259,6442,780,0473,759,352 2,651,2652,336,8907,708,017 1,902,2191,156,2111,908,3271,594,9314,952,878 May 12 45,969,032 2,561,713 12,389,4822,780,4443,788,0592,679,2022,373,982 7,762,367 1,923,2441,165,5041,929,7941,629,6914,985,550 May 19 45,875,356 2,569,867 12,244,7002,813,6323,817,5552,686,157 2,339,6707,769,624 1,918,2701,178,1261,923,5301,633,8844,980,341 May 26 46,036,836 2,551,892 12,443,4742,846,5813,834,5862,660,2602,313,1307,832,536 1,915,1181,157,7371,931,1951,615,7034,934,624 Contingent liability on bills purchased for foreign correspondents: Apr. 28.... 3,384 213 1 1,083 274 311 166 139 460 122 85 118 115 298 May 5 3,363 212 1 1,076 272 310 165 138 457 121 84 118 114 296 May 12. .. . 3,275 206 1 1,048 265 301 161 134 445 118 82 115 112 288 May 19 3,299 208 11,056 267 304 162 135 449 119 82 115 112 290 May 26 3,300 208 1 1,056 267 304 162 135 449 119 83 115 112 290 Commit, to make indus. loans: Apr. 28.... 7,726 75 1,398 1,310 126 16 341 580 3,750 130 May 5 6,607 75 292 1,290 133 16 341 580 3,750 130 May 12. ... 6,616 75 302 1,286 139 16 341 580 3,750 127 May 19 6,623 75 303 1,286 133 16 353 580 3,750 127 May 26 6,634 75 316 1,286 131 16 353 580 3,750 127 1 After deducting $2,301,000 participations of other Federal Reserve Banks on Apr. 28; $2,287,000 on May 5; $2,227,000 on May 12; $2,243,000 on May 19; and $2,244,000 on May 26. 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 la le n v d e- m Ri o c n h d - la A n t t - a 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 s a c n n o - F.R.notes outstanding (issued to Bank): Apr. 28 24,473,201 1,477,0055,657,023 1,662,260 2,143,677 1,675,2381,363,176 45,84,,519 125,112 632,393 942,614 619,4642,590,720 May 5 24,450,021 1,476,4525,647,423 1,662,3562,142,099 1,676,7321,359,352 4,558800,6,46422 120,971 632,005 944,167619,866 2,587,956 May 12 24,469,151 1,474,0835,645,226 1,667,456 2,143,1411,681,6571,363,390 4,578,114 124,690 632,679 943,283621,485 2,593,947 May 19 24,463,539 1,474,7715,671,643 1,659,703 2,143,8141,673,756 ,, ,, 54 119,985 631,031 940,610 618,400 2,594,930 May 26 24,459,891 1,471,9075,681,630 1,664,9772,141,410 1,664,2281,358,542 4,576,354 117,408 630,686 941,481 620,486 2,589,500 Collateral held against 1,359,950 4,576,228 notes outstanding: Gold certificates: Apr. 28 13,159,000 460,000 4,470,000 550,000 735,000 625,000 675,000 2:,630,000 315,000 200,000 280,000169,000 2,050,000 May 5 13,229,000 460,000 4,470,000 550,000 735,000 625,000 675,000 2:,700,000 315,000200,000 280,000169,000 2,050,000 May 12 13,279,000 460,000 4,470,000 550,000 735,000 625,000 675,000 2:,700,000 331155,,000000 220000,,000000 280,000169,000 2,.100,000 May 19 13,279,000 460,000 4,470,000 550,000 735,000 625,000 675,000 22,,7:00,000 315,000200,000 280,000169,000 2,100,000 May 26 13,229,000 460,000 4,470,000 550,000 735,000 625,000 675,000 2,700,000 315,000 200,000 280,000169,000 2,050,000 Eligible paper: Apr. 28 85,094 12,585 35,764 6,170 8,505 9,340 100 6,930 5,700 May 5 45,685 10,210 11,918 5,240 3,895 2,765 75 5,832 5,750 May 12 71,779 12,975 35,863 4,123 4,830 4,940 375 4,783 3,890 May 19 59,392 12,030 9,823 5,241 6,475 6,340 2,475 14,168 2,840 May 26 105,528 12,099 39,903 6,323 13,120 16,440 125 13,428 4,090 U. S. Gov. sec: Apr. 28 12,750,000 1,100,0001,500,0001,200,0001,500,0001,100,000 750,0002,000,000 950,000 450,000 700,000 500,0001,000,000 May 5 12,625,000 1,100,0001,500,0001,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000 500,0001,000,000 May 12 12,425,000 1,100,0001,300,0001,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000 500,0001,000,000 May 19 12,225,000 1,100,0001,300,0001,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000 500,000 800,000 May 26 12,225,000 1,100,0001,300,0001,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Apr. 28 25,994,094 1,572,585 6,005,7641,756,170 2,235,0001,733,505 ,425,000 4,630,000 1,274,340 650,100 986,930 669,000 3,055,700 May 5 25,899,685 1,570,210 5,981,9181,755,240 2,235,0001,703,895 ,425,0004,600,0001,267,765 650,075 985,832 669,000 3,055,750 May 12 25,775,779 1,572,9755,805,863 1,754,123 2,235,0001,704,830 425,000 4,600,0001,269,940 650,375 984,783 669,000 3,103,890 May 19 25,563,392 1,572,030 5779,8231,755,2412,235,000 1,706,475 425,000 4,600,0001,271,340 6522,475 994,168 669,000 2,902,840 May 26 25,559,528 1,572,099 5,809,9031,756,3232,235,000 1,713,120 425,000 4,600,0001,281,440 6500,125 993,428 669,0002,854,090 678 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 banks1 New Chi- banks banksl to date outstanding available to York Date borrowers under guar- N b u e m r - Amount am To o t u a n l t g P u o a r r ti a o n n - ante m e e n a t g s ree- To 1 t 9 a 4 l 7 r — es M er a v r e c s h held: 16,006 4,129 877 6,308 4,693 teed outstanding April 15,931 4,125 879 6,294 4,633 1948—March 17,106 4,602 1,063 6,514 4,927 1942 April 16,926 4,552 1,017 6,473 4,884 J D u e n c e . 3 3 1 0 2.6 5 6 6 5 5 2,6 3 8 1 8 0 , , 3 6 9 8 7 0 8 8 0 1 3 , , 1 7 0 2 8 0 6 6 3 9 2 , , 6 4 7 7 4 4 1,4 1 3 3 0 7 , , 1 8 2 88 1 A A p p r r . . 8 1. 1 1 6 6 , , 6 9 9 0 9 9 4 4 , , 5 5 0 6 5 3 9 97 8 1 3 6 6 , ,4 3 7 8 1 2 4 4 , , 8 9 2 0 9 3 J D u e n c e . 1 3 3 9 0 1 43 5 4, , 2 3 1 4 7 7 4 6 , , 7 5 1 6 8 3 , , 8 0 1 4 8 8 1 1 , . 4 9 2 1 8 4 , , 2 0 5 4 3 0 1 1 , , 1 6 5 0 3 1 , , 7 5 5 1 6 8 3 2 , , 1 2 4 1 6 6 , , 2 0 8 5 6 3 A A A M p p a r r y . . 2 2 1 6 9 2 5 , 1 1 1 16 6 6 6 , , , , 9 9 9 9 7 0 3 6 1 9 7 0 4 4 4 4 , , , , 5 5 5 5 4 3 5 2 5 7 8 4 1 1 1 1 , , , , 0 0 0 0 4 3 5 4 1 6 2 0 6 6 6 6 , , , , 4 4 5 4 6 0 7 8 1 9 8 2 4, , , , 9 8 8 8 0 9 8 3 5 2 6 2 June 1 3 9 0 44 6,433 8,046,6722,064,318 1,735,777 3,810,797 M M a a y y 2 1 0 3 1 1 6 6 , , 9 9 3 6 4 0 4 4 , , 4 4 8 9 4 8 1 1 , , 0 0 5 5 5 0 6 6 , , 5 5 3 0 2 0 4, , 8 8 9 8 4 0 Dec. 30 7.434 9,310,582 1,735,9701,482,038 4,453,586 Excess reserves: J D u e n c e . 1 3 3 9 0 1 4 5 . . . 8 8 , , 4 7 2 5 2 7 1 10 0 , , 3 1 3 4 9 9 , , 4 3 0 5 0 1 1,3 5 8 1 6 0 , . 8 2 5 70 11,1 4 9 3 0 5 , , 9 3 4 45 4 3,6 9 9 6 4 6 , , 6 5 1 9 8 5 1 1 9 9 4 4 7 8 — — A A M M p p a a r r r r i i c c l l h h 8 8 8 8 7 3 2 1 1 3 2 1 3 2 4 1 9 1 5 3 2 2 2 23 0 2 1 1 5 6 7 6 5 5 5 8 6 3 3 3 3 0 4 J D u e n c e . 1 3 2 9 1 9 46 8 8 , , 7 7 7 7 1 1 1 10 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 7 1 0 8 , , 2 9 6 9 7 6 6 1 0 7 . , 2 4 1 5 4 4 1 2 4 8 2 , , 7 61 9 7 1 A A A p p p r r r . . . 1 8 1 5 6 8 8 8 6 2 9 7 2 5 5 3 3 1 2 2 2 1 2 5 5 9 2 2 4 5 55 7 5 3 8 0 June 1 3 9 0 47 8,771 10,344,018 3,589 3,218 6,726 A A M p p a r r y . . 2 2 6 9 2 7 7 7 7 5 8 7 6 2 2 4 1 3 1 3 2 2 2 1 2 1 6 5 8 5 4 53 3 8 9 7 6 Dec. 31 8,771 10,344,018 2,412 2,183 May 13 758 10 210 535 1948 May 20 P731 10 172 Jan. 31 8,771 10,344,018 2,357 2,133 Borrowings at Federal Feb. 28 8,771 10,344,018 1,959 1,777 Reserve Banks: A M p a r r . . 3 3 1 0 8 8 . , 7 7 7 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 1 1, , 7 8 8 3 7 5 1 1 , , 6 6 6 2 6 3 1947— A M p a r r i c l h 1 1 7 2 3 6 3 1 3 6 6 5 6 1 5 5 4 5 1948—March 270 103 84 40 NOTE.—The difference between guaranteed loans authorized and sum April 111 14 48 42 of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid Apr. 1 467 218 121 55 and authorizations expired or withdrawn. Apr. 8 147 49 51 41 Apr. 15 93 1 36 40 Apr. 22 83 1 45 34 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Apr. 29 107 1 59 45 May 6 82 40 40 [Amounts in thousands of dollars] May 13 131 42 32 May 20 83 32 36 Applications Ap- Commit- Partici- W o D o r f e a l d t a p e n s e t e r ( i s d l o d a a d s a y ) t y N b u e m r a t p - o p r d o A a v t m e e d ount ( b a p p m u c l r e o o t t o m v e n u e d - o n d t t » ) s (a t L a m o n o u o d a t u i n - n n s g t) 2 ( s a m t m a o n e u o n d t u - t i n s n t g ) ( s a p t m a a o t n u o io d t u - n i n n s t g ) 1934.. . 984 49,634 20 966 13,589 8,225 1,296 1935. . . 1,993 124,493 11 548 32,493 27,649 8,778 1936. . . 2,280 139,829 8 226 25,526 20,959 7,208 1937. . . 2,406 150,987 3 369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938. . . 2,653 175,013 1 946 17,345 14,161 12,722 SMALL CENTERS * 1939. . . 2,781 188,222 2 659 13,683 9,220 10,981 1940. . . 2,908 212,510 13 954 9,152 5,226 6,386 [Averages of daily figures. In millions of dollars] 1941. . . 3,202 279,860 8 294 10,337 14,597 19,600 1 1 1 9 9 9 4 4 4 2 3 4 . . . . . . . . . 3 3 3 , , , 4 4 4 7 8 2 1 9 3 4 4 5 9 0 2 1 8 5 , , , 3 7 5 4 3 3 2 7 2 4 1 9 2 2 2 4 9 6 8 5 1 1 3 4 0 , , , 5 1 8 3 2 9 2 6 4 1 9 4 0 , , , 1 2 6 6 7 6 5 0 1 1 1 2 7 7 , , , 7 3 9 0 0 3 5 0 6 a I n n d p o la v c e e r s p o o f p u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 00 la 0 c e p s o o p f u l u a n ti d o e n r 1945 Demand Demand D J e u c n . e 3 3 0 1 3 3, , 5 5 1 0 1 2 5 5 3 4 7 4 , , 3 9 3 6 1 1 32 7 0 0 3 1 , , 2 9 5 9 2 5 5 1 , ,6 2 4 2 4 4 2 1 , ,0 5 8 0 6 1 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 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 1946 bank bank 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 April 1947 15,154 8,385 11,671 5,939 1947 March 1948 16,055 8,787 11,979 6,071 Mar. 31 3,548 569,825 4,595 1,081 8,160 2,727 June 30 3,555 572,836 195 1,778 7,018 4,043 April 1948 16,032 8,807 11,856 6,057 Sept. 30 3,566 577,614 1,229 1,892 7,395 5,019 Dec. 31 3,574 586,726 945 1,387 7,434 4.869 Boston 1,847 873 327 232 New York 2,912 2,214 996 1,155 1948 Philadelphia 1,117 767 900 899 Jan. 31 3,576 589,986 1,025 1,972 7,077 5,213 Cleveland 1,317 916 1,042 822 Feb. 28. 3,582 596,048 145 4,906 7,918 6,770 Mar. 31. 3,587 600,322 45 3,785 7,700 5,109 Richmond 1,077 398 859 472 Apr. 30 3,593 604,623 70 1,394 6,646 4,234 Atlanta 1,569 491 685 218 Chicago 2,135 1,588 1,674 959 St. Louis 637 338 968 276 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Minneapolis 563 297 753 451 2 Includes industrial loans past due 3 months or more, which are not Kansas City 543 104 1,580 204 included in industrial loans outstanding in weekly statement of con- Dallas 995 146 1,528 66 dition of Federal Reserve Banks. San Francisco. . . 1,319 676 544 303 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or 1 Includes any banks in outlying sections of reserve cities that have expired. been given permission to carry the same reserves as country banks. 679 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- II 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 i - ts 2 posits 3 m fr d e o o s m - tic Total qu R i e re - d c E e x s - s s e R e r r e a v - l e banks Banks First half of April 1948 All member banks 87,219 10,497 76,722 76,762 28,623 5,153 16,927 16,074 854 128 Central reserve city banks: New York 21,726 3,893 17,833 20,057 1,538 72 4,555 4,505 50 11 Chicago 4,682 1,073 3,609 4,229 918 102 994 985 9 28 Reserve city banks 32,052 4,673 27,379 27,779 11,299 1,717 6,474 6,234 241 47 Boston 1,867 247 1,620 1,699 194 35 365 351 13 3 New York 545 25 520 478 300 25 116 114 3 Philadelphia 2,214 333 1,881 1,949 260 83 414 405 9 Cleveland 3,863 450 3,413 3,426 1,407 159 801 770 31 Richmond 2,058 301 1,757 1,789 436 101 400 384 16 7 Atlanta 1,989 419 1,569 1,676 408 133 391 360 32 2 Chicago 3,769 403 3,367 3,239 1,991 266 805 767 38 12 St. Louis 1,910 555 1,355 1,620 335 96 356 344 12 5 Minneapolis 954 240 714 798 181 59 175 170 4 1 Kansas City 2,635 724 1,911 2,162 364 253 478 454 24 5 Dallas 2,323 486 1,837 1,932 360 227 440 408 32 1 San Francisco 7,925 489 7,435 7,011 5,064 281 1,734 1,706 27 1 Country banks 28,759 858 27,901 24,697 14,868 3,261 4,903 4,350 554 42 Boston 2,251 83 2,168 1,968 1,105 165 370 342 28 11 New York 3,973 90 3,884 3,497 3,369 290 768 692 76 15 Philadelphia 2,030 16 2,014 1,772 1,665 201 391 348 43 4 Cleveland 2,385 24 2,361 2,065 1,739 265 455 393 62 3 Richmond 2,060 113 1,947 1,725 870 262 337 294 43 3 Atlanta 2,436 171 2,265 2,039 708 331 372 328 44 1 Chicago 3,875 60 3,815 3,354 2,547 445 703 622 81 1 St. Louis 1,655 45 1,609 1,424 614 203 264 236 28 1 Minneapolis 1,382 57 1,324 1,197 749 153 240 213 27 Kansas City 2,183 57 2,125 1,843 308 321 318 277 41 Dallas 2,633 112 2,521 2,159 212 434 364 315 49 San Francisco 1,897 31 1,866 1,654 981 191 321 290 31 Second half of April 1948 All member banks 87,772 10,425 77,347 77,150 28,618 5,131 16,924 16,157 767 95 Central reserve city banks: New York 21,808 3,936 17,872 20,132 1,536 43 4,549 4,521 28 2 Chicago 4,952 1,017 3,935 4,457 922 140 1,040 1,036 4 1 Reserve city banks 32,308 4,643 27,664 27,861 11,300 1,749 6,471 6,250 221 49 Boston 1,874 252 1,622 1,692 194 31 357 350 7 3 New York 555 27 528 484 300 24 117 115 2 1 Philadelphia 2,201 329 1,872 1,937 270 76 410 404 6 1 Cleveland 3,946 446 3,499 3,463 1,407 171 816 777 39 10 Richmond 044 289 1,755 1,781 433 95 396 382 14 6 Atlanta 004 407 1,597 1,677 408 136 390 360 30 5 Chicago 3,804 400 3,404 3,254 1,995 283 798 770 28 10 St. Louis 1,914 539 1,376 1,625 335 88 353 345 8 5 Minneapolis 943 229 714 791 180 57 173 169 4 1 Kansas City 2,680 733 1,947 2,186 363 253 480 459 21 6 Dallas 2,386 493 1,893 1,940 365 257 441 410 31 1 San Francisco 7,956 499 7,457 7,032 5,050 278 1,741 1,709 31 1 Country banks 28,703 828 27,875 24,700 14,859 3,199 4,864 4,350 515 43 Boston 2,259 78 2,181 1,969 1,104 166 369 342 27 9 New York 4,018 86 3,932 3,543 3,368 290 766 698 68 14 Philadelphia ,034 15 019 1,770 1,666 203 391 348 43 5 Cleveland 2,380 23 2,356 2,066 1,737 256 452 393 59 3 Richmond 2,034 108 1,926 1,715 869 247 327 292 35 5 Atlanta 2,407 163 2,243 2,030 710 313 359 327 32 1 Chicago 3,863 60 3,803 3,341 2,547 445 695 621 75 2 St. Louis 1,646 46 1,600 1,422 613 197 263 236 27 2 Minneapolis 1,362 54 1,309 1,191 747 142 238 212 27 Kansas City 2,178 57 2,121 1,838 308 321 317 276 41 Dallas 2,634 fO9 2,525 2,159 212 435 363 315 48 San Francisco 1,889 29 1,860 1,656 977 185 322 290 32 1 Averages of daily dosing 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. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 69,200 million dollars in the first half and 69.600 million in the second half of April. 680 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 1 Total Coin 3 $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 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 1,576 048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 834 2,327 4,220 454 801 7 24 2 1946 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 2,460 4,757 434 774 23 3 February. . 28,304 19,873 1,337 967 64 2,090 6,336 9,079 8,434 2,456 4,755 433 769 14 3 March.... 28,230 19,807 1,344 969 63 2,085 6,309 9,036 424 2,447 4,754 432 771 14 1 April 28,114 19,684 1,351 972 63 2,065 6,253 8,979 8,432 2,442 4,769 431 773 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 8,982 8,489 2,449 4,789 430 804 11 2 June 28,297 19,769 1,355 986 64 2,078 6,289 8,996 8,530 466 4,808 430 810 12 2 July 28,149 19,622 1,356 980 63 2,058 6,230 8,935 529 453 4,824 428 806 12 2 August 28,434 19,837 1,362 990 64 2,092 6,308 9,020 600 477 2,874 428 804 12 2 September. 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 689 503 4,941 428 800 12 2 October. . . 28,552 19,833 1,385 1,011 63 2,078 6,233 9,064 8,721 499 4,986 427 793 11 3 November. 28,766 20,008 1,396 1,020 64 2,102 6,303 9,123 8,760 513 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 ,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 11 1 April 27,716 19,144 1,399 976 61 ,991 6,017 8,700 8,574 2,456 4,951 412 739 10 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federalil Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations report:ed by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Ap 1 r 9 . 4 3 8 0, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F a e n e d k se e s r r v a a n e l d B R a a n e g s k e e s n r t v a s n e d Ap 1 r 9 . 4 3 8 0, Ma 1 r 9 . 4 3 8 1, Ap 1 r 9 . 4 7 30, certificates agents Gold 23 169 21 955 21,214 Gold certificates 21 955 19,094 2 815 46 46 48 Federal Reserve notes 24,447 50 907 23,489 23,592 23,853 Treasury currency—total 4,562 s2,256 56 324 4,182 4,143 4,213 Standard silver dollars 493 307 30 3 154 154 147 1,949 1,949 Silver certificates and Treasury notes of 1890. 2,256 245 2,011 1,974 2,023 Subsidiary silver coin 948 15 30 903 899 873 Minor coin 358 8 8 342 341 331 United Sta es notes 347 2 34 310 308 318 Federal Reserve Bank notes 366 (5) 4 361 365 414 National Bank notes 101 (5) 1 100 101 108 Total—Apr 30 1948 (4) 24 211 1 319 19 094 4 047 27,716 Mar 31, 1948 C4) 24 177 1,325 19,063 4,200 27,781 Apr 30 1947 w 21,811 1,329 16,721 3,861 28,114 is not included in total Treasury currency outstanding. < Because some of the types of money shown are held as collateral or reserves atggaaiinnsstt ootthheerr ttyyppees, a grand total of all types has no special significance and is not shown. See note of explanation ot these duplications. 6 Less than $500,000. Reserve Bank notes and national bank notes are in process of retirement JUNE 1948 681 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— Change in Ear- Doadjusted for seasonally Gold Net marked mestic Date seasonal adjusted stock Increase gold gold: de- gold variation series l Period at end in gold import of stock or export er Base dueperiod (-) cre o a r s e i n (— - ) tion1 End of year figures: 1939 7,598 + 742 1940 8,732 + 1,134 1937 M2,760 1,502.5 1 ,585.5 -200.4 143.9 1941 11,160 +2,428 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1942 15,410 +4,250 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1943 20,449 +5,039 1940 21,995 4 351 2 4 744 5 -644.7 170.2 1944 25,307 +4,858 1941 22,737 741.8 982.4 -407.7 169.1 1945 28,515 +3,208 1942 22,726 -10.3 315.7 -458.4 125.4 1946 28,952 +437 1943 21,938 -788.5 68.9 -803.6 48.3 1947 28,868 -84 1944 ?0 619 -1,319.0 -845.4 -459.8 35.8 1945 20,065 —553.9 —106.3 -356.7 32.0 Monthly averages of daily 1946 20,529 464.0 311.5 465.4 51.2 figures: 1947 22,754 32,224.9 1,866.3 210.0 81.2 1947—April 28,185 28,412 +54 1947—May 20,933 159.0 129.7 13.1 7.2 May 28,158 28,356 -56 Tune 21,266 333 4 200.2 119.0 6.1 June 28,236 28,378 +22 July 21,537 270.6 219.2 26.7 7.3 July 28,259 28,316 -62 August 21,766 228.8 111.7 42.3 7.0 August 28,252 28,394 + 78 September.. 21,955 189.4 109.6 153.1 7.0 September.. . . 28,654 28,711 +317 October 22,294 339.0 450.8 -4.0 8.2 October 28,598 28,598 -113 November.. 22,614 320.1 265.7 -82.8 6.2 November. . . . 28,648 28,562 -36 December. . 22,754 139.5 178.2 -44.6 7.3 December.... 28,937 28,650 +88 1948—January 22,935 180.7 235.0 -14.9 6.0 February.. . 23,036 101.5 159.4 -72.2 5.5 1948—January 28,394 28,309 -341 March 23,137 100.4 99.9 -63.4 6.4 February 28,096 28,096 -213 April 23,169 32 2 P234 2 -111.5 5.7 March 27,941 28,025 -71 May P23,304 P135.2 (4) s -2.8 (4) April 27,766 27,990 -35 May 27,749 27,945 -45 p Preliminary. 1 Annual figures are estimates of the United States Mint. For am 1 o F u o n r t s e i n n d fi o r f s t y c e o a l r u m fig n u . res, represents change computed on absolute ex 2 p l I a n n c a lu ti d o e n s o g f o l m d o i n n t h t l h y e fi I g n u a r c e t s iv s e e e A t c a c b o l u e n o t n a m p. o 7 u 3 n 1 t . ing to 1,228 million fig N ur O e T s E on .— c F o o m r p d a i r s a c b u l s e s i b o a n s is o f s e s e e a S s e o p n t a e l m a b d e j r u s 1 t 9 m 43 e n B t U f L a L c E to T r IN s , a p n p d . 8 fo 2 r 2 - b 8 a 2 c 6 k . on 3 D C e h c a . n 3 g 1 e , 1 in 9 c 3 l 7 u . des transfer of 687.5 million dollars gold subscripa t B h f e f e e c c a y t u e e s a d e r , e o b n f e d g a , n i a n d n a j i p u n p s g a t m r w e e n i n t t h t r f e D a c c e e t c n o e t r m s c b h h e a a r n v g e 1 e b 9 e 4 in e 2 n ; t h s re e e v a s i s s e o e a n d s a o l s n l o y a m l a e p d w a ju t h t s a e t t e r n d f o r a f r i d g o a u u t r n e e d s s tio 4 5 n N G to o o t l d I y n h e te t e r l a d n v a u a ti n i o l d a n e b a r l l e e . M ar o m n a e r t k a r a y t F th u e n d F . ederal Reserve Banks for foreign for money in circulation, as shown in Banking and Monetary Statistics, account, including gold held for the account of international institutions, Table 111, p. 414, and described on p. 405, are based on an older series amounted to 3,883.2 million dollars on May 31, 1948. Gold under earof adjustment factors. mark is not included in the gold stock of the United States. NOTE.—For back figures, see Banking and Monetary Statistics, Table 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 re c p e o n r te ti r n s g C Y i o t r y k 1 other reporting Y C o it r y k re c p e o n r te ti r n s g Y Ci o t r y k 3 l c e i a ti d e i s n g 3 C Y i o ty rk 3 le c a it d i i e n s g 3 1942 4 641,778 226,865 347,837 67,074 16.1 13.1 200,337 308,913 18.0 13.4 1943 792,937 296,368 419,413 77,155 16.5 It.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 1 1 1 9 9 9 4 4 4 6 5 6 — — o n l e d w s s e e ri r e ie s s 5 5 Jl, 9 0 7 5 4 0 ,1 ,0 0 2 2 1 4 41 0 7 4 , , 4 5 7 4 5 3 4 5 7 2 9 7 , , 7 3 6 3 0 6 . 10 8 5 9 , , 2 7 1 9 0 9 1 1 9 8. . 3 0 1 9 0 . . 7 0 | 3 3 4 7 5 0 4 1 7 , , , 6 3 9 0 6 4 2 5 6 4 4 5 1 4 2 2 9 2 , , , 8 4 9 0 1 4 0 4 4 2 2 2 5 5 4 . . . 2 2 5 1 1 1 6 6 6 . . . 9 5 1 1947 1 .125,074 405.929 599,639 119.506 21.0 12.0 400,468 598,445 24.1 18.0 1947—April 87,771 31,391 46,904 9,475 19.2 11.3 29,997 46,403 21.5 17.0 May 87,840 30,895 47,464 9,482 19.0 11.3 31,695 48,023 22.7 17.3 June 94,447 35,632 49,267 9,548 22.7 12.1 35,092 48,595 25.6 17.9 July 93,740 34,779 49,178 9,783 21.2 11.6 33,026 48,525 22.9 17.2 August 84,427 28,331 46,720 9,377 17.5 11.0 29,025 47,026 20.6 16.6 September 91,903 31,837 49,962 10,104 20.2 12.1 31,605 49,978 23.1 18.0 October 105,290 37,504 56,554 11,232 21.8 12.4 35,162 55,025 23.9 18.2 November 92,910 31,738 51,002 10,169 21.6 13.1 33,531 51,621 26.5 19.8 December 118,382 46,225 60,295 11,862 27.2 ' 13.5 44,131 59,878 29.9 20.0 1948—January '•105,193 37,615 r56,355 11 ,223 22.3 12.7 38,286 55,902 26.2 18.7 February ^90,2 70 32,271 r48,505 9,495 2?.l 12.6 32,298 47,890 25.6 18.6 March >-107,636 39,587 '•56.900 11,148 23.4 12.7 38,648 56,372 26.4 19.1 April 102,349 37,955 53,685 10,708 23.7 12.5 36.880 52,740 26.5 18.6 r Revised 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Weekly reporting member bank series. 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 slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Time deposits a d d e T j p u o o s t s a te i 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 Total Demand U S n ta i t t e e s d Currency End of month cur a r n e d ncy and a d d e j p u o s s te it d s a d d e j p u o st s e it d s 1 G m ov e e n r t n- Total m C e o r m cia - l M sav u i t n u g a s l S P a o v s in ta g l s o b u a t n si k d s e outside currency deposits 2 banks 2 4 banks 4 5 System 6 banks outside banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—june 41,680 19 172 36,919 14 411 852 21,656 10,849 9,621 1,186 4, 761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1Q40—june 66,952 38,661 60,253 31,962 8?8 27 463 15,540 10,631 1,292 6 699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7! 325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9 615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10 ,'936 December 99,701 62,868 85,755 48,922 8,402 28.431 16,352 10,664 1,415 13,946 1943— D juenceember 1 12 1 2 0 , , 8 1 1 6 2 1 7 7 1 9 ,6 8 4 5 0 3 1 9 0 4 3 , , 3 9 4 7 7 5 5 6 6 0 , , 0 8 3 0 9 3 1 8 0 , , 0 4 4 24 8 3 3 0 2 , , 2 7 6 4 0 8 1 19 7 , , 2 5 2 4 4 3 1 11 1 , , 7 1 3 4 8 1 1 1 , , 5 7 7 8 6 6 1 1 5 8 !8 8 3 1 7 4 1944— D juenceember 1 1 3 5 6 0 , , 1 9 7 8 2 8 9 8 0 0 , , 4 9 3 4 5 6 1 1 1 2 5 7 , , 2 4 9 8 1 3 6 6 6 0 , , 9 0 3 6 0 5 2 1 0 9 , , 7 5 6 0 3 6 3 3 5 9 , , 7 7 2 9 0 0 2 2 1 4 , , 2 0 1 7 7 4 1 13 2 , , 3 4 7 7 6 1 2 2 , , 3 0 4 3 0 2 2 2 0 3! ,8 5 8 0 1 5 1945—Tune 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—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) 166,200 109,000 140,200 83,000 L,400 55,800 34,900 17,500 3,400 26,000 August (Aug. 27).. . 166,900 109,400 140,800 83,300 L,700 55,800 34,900 17,500 3,400 26,100 September (Sept.24) 168,400 110,400 142,100 84,100 1,900 56,100 35,100 17,600 3,400 26,300 October (Oct. 29)... 169,700 111,600 143,500 85,400 1,800 56,300 35,200 17,700 3,400 26,200 November (Nov. 26) 170,200 112,300 143,800 85,900 1,900 56,000 35,000 17,600 3,400 26,400 December (Dec. 31). 171,346 113,499 144,970 87,123 1,452 56,395 35,233 17,746 3,416 26,376 1948—January (Jan. 28)P.. '170,100 112,300 144,400 86,600 1,300 56,500 35,200 17,900 3,400 '25,700 February (Feb. 25) P. 168,800 110,200 143,200 84,600 1,800 56,800 35,500 17,900 3,400 '25,600 March (Mar. 31)P.. 166,400 107,100 140,900 81,600 2,400 56,900 35,500 18,000 3,400 '25,500 Acril (Apr. 28) P 167,700 108,300 142,400 83,000 2,500 56,900 35,500 18,000 3,400 25,300 P Preliminary. r Revised. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S.Government banks ti N on a- al State su In re - d in N s o u n re - d End of month itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n ry ks Total r D e i c - t G t a e u n e a - d r- f e u t n c d .* s, 1 19 9 4 3 1 4-40 313 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 1,345 1,220 126 102 1947 1 1 1943—Dec. . 1,788 1,843 10 1,716 1,716 118 194g—jan -May 1944—Dec. . 2,342 2,411 8 2,252 2,252 152 1945—Dec. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec. . 3,284 3,387 6 3,182 3,182 200 (in thousands of dollars) :2 1934-40 131,934 14,872 26,54849,689 40,825 I947—June. . 3,393 3,523 6 3,302 3,302 216 July. . 3,398 3,548 6 3,351 3,351 191 1941 3,726 3,144 503 79 Aug... 3,396 3.553 6 3,360 3,360 188 1942 1,702 1,375 327 Sept.. 3,407 3,542 6 3,325 3,325 212 1943 6,223 4^982 1,241 Oct. . . 3,412 3,524 6 3,314 3,314 205 1944 405 405 Nov... 3,413 3,527 6 3,314 3,314 207 1945 0 Dec. . 3,417 3,525 6 3,308 3,308 212 1946 0 1947 167 "l67 1948—Jan.. . 3,432 3,541 6 3,332 3,332 204 1948—jan -May Feb.. . 3,441 3,551 6 3,336 3,336 209 Mar. . 3,435 3,546 6 3,346 3,346 194 1 Represents banks which, during the periods shown, closed tem- Apr.. . P3,428 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks P Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund* 2 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. JUNE 1948 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s t h s x Total 1 b In an te k r ^ - a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total ment secu- m D a e n - d Time obliga- rities 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 ll!679 89,295 52,375 11,721 14,716 Sept. 24' '133,840 '40,290 93,550 82,990 10,560 '34,020 156,210 12,450 90,910 52,850 11,800 14,722 Oct. 29* '135,060 '41,680 93,380 82,750 10,630 '34,590 157,970 12,430 92,520 53,020 11,880 14,729 Nov. 26 • '135,250 '42,430 92,820 82,220 10,600 '35,360 158,730 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 Apr. 28" 133,340 43,860 89,480 78,330 11,150 33,720 155,220 10,900 90,670 53,650 12,110 14,731 All commercial banks: 1939—Dec. 30 ... 40,668 17,238 23,430 16,316 7,114 22,474 57, 718 9 874 32,513 15,331 6,885 14,484 1940— Dec. 31. . 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50 746 21,714 29,032 21,808 7,225 26 551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61, 431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 . . 105,530 21,644 83\886 77^557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97 936 90,606 7,331 34,806 150,227 14 065 105,921 30,241 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 Sept. 24« '115,230 '35,510 79,720 70,800 8,920 '33,240 138,580 12,450 90,900 35,230 9,940 14,189 Oct. 29* '116,340 '36,840 79,500 70,540 8,960 '33,920 140,300 12,430 92,510 35,360 1C,010 14,196 Nov. 26 • '116,590 '37,550 79,040 70,120 8,920 '34,680 141,120 12,290 93, 750 35,080 1C,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 1C,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 1C>, 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 1C,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 1C,170 14,197 Apr. 28 • 114,250 38,760 75,490 66,270 9,220 32,970 137,160 10,900 90,650 35,610 1C,200 14,198 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 ,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 £,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 t,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 t,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 ,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 f.,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 5,315 6,928 Sept. 24* 97,004 30,297 66,707 59,436 7,271 29,013 117,623 11,822 77,563 28,238 i5,372 6,928 Oct. 29 • 97,983 31,530 66,453 59,171 7,282 29,596 119,122 11,874 78,913 28,335 5,422 6,931 Nov. 26 • 98,199 32,205 65,994 58,749 7,245 30,306 119 891 11,710 80,044 28,137 5,436 6,928 Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122 528 12,403 81, 785 28,340 5,464 6,923 1948—Jan. 28• 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 5,525 6,926 Mar. 31 • 95,129 33,179 61,950 54,463 7,487 28,744 115 190 10,364 76,270 28,556 5.545 6,932 Apr. 28 • 95,847 33,018 62,829 55,383 7,446 28,858 116,213 10,332 77,315 28,566 8,573 6,935 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10 524 3 10,521 J,309 551 1940—Dec. 31. 10,248 4,956 5,292 3,215 2,078 966 10 659 4 10,655 :,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10 533 6 10,527 ,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10 668 6 10,662 L.236 546 1943—Dec. 31. 11,871 4,484 7,387 6,090 1,297 797 11 738 8 11,730 L,276 545 I944—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 2 18,339 4,686 13,653 12,140 1,513 839 17 442 1 14 17,428 1,842 533 Sept. 24 « 18,610 4,780 13,830 12,190 1,640 780 17 630 1 10 17,620 L,860 533 Oct. 29 » 18,720 4,840 13,880 12,210 1,670 670 17 670 1 10 17,660 L.870 533 Nov. 26 « 18,660 4,880 13,780 12,100 1,680 680 17 610 1 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 L.889 533 1948—Jan. 28" 18,770 4,960 13,810 12,040 1,770 850 17 880 1 10 17,870 L.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 Apr. 28 « 19,090 5,100 13,990 12,060 1,930 750 18 060 1 20 18,040 1,910 533 'All commercial banks" comprise "all nonmember com- ~" became members in 1941. Stock savings banks and udes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, wrhhiich on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following page. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank U. S. as C s a e s t h s ] Inter- a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total Loans Govern- Other Total i bank i De- Total ment secu- mand Time obliga- rities tions All insured commercial banks: 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 27,586 87,803 11,144 60,504 16,154 7,055 13,343 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 04,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 03,382 21,352 82,030 75,875 6,155 29,733 25,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 .21,809 25,765 96,043 88,912 7,131 34,292 47,775 13,883 04,015 29,876 8,671 13,297 1946—Dec. 31 .12,178 30,733 81,445 73,554 7,891 33,694 36,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 ^10,682 33,250 77,433 69,136 8,297 32,190 33,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 L14.274 37,583 76,691 67,941 8,750 36,926 41,851 12,670 94,300 34,882 9,734 13,398 National member banks: 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 16,184 50,468 7,400 34,499 8,570 3,729 5,081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 State member banks: 1942—Dec. 31 21,687 5,905 15,782 13,802 1,980 8,096 27,808 3,600 20,024 4,184 2,371 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 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 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 1,230 460 1943—Dec. 31 10,847 2,832 8,014 6,899 1,115 3,889 13,671 448 9,131 4,092 1,245 299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 147 1947—June 30 2 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 258 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 <05 130 2,048 2,044 201 56 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 1,218 191 Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 Noninsured mutual savings banks: 1942—Dec. 31 8,747 3,954 4,792 3,711 1,082 533 8,620 8,618 1,035 490 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1.260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 ,833 705 206 5,442 5,439 611 350 1947—June 30 2 5,964 1,316 4,649 ,924 724 181 5,541 5,539 624 342 Dec. 31 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 2 June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Back figures.—See Banking and Monetary Statistics, Taoles 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. JUNE 1948 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1947 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Loans Investments Cash, Total i T n o v t e a a s l n t m d lo e a n n t s s Total o C p i o n e m n p c l m a u m p d e e a r i r c n rk i g a e l t , Rea lo l a e n s s tate l O o t a h n e s r Total U o . b l S ig . a G tio o n v s 't o s O f u p b S b o l d t i a l g i i t v t a e i i t c s s i a i o a o l n n n s d s se O cu th ri e t r ies b c d a a r u s n e h e k s e s, r f i v r t o e e a m m s n , d s e a R s s t s e a e a t t l e s O as t s h e e t r s a l n a i d a s t b s o c e i t l a t a i s p t l — i i e t s al United States and possessions. 135,612 235 43,228,562 18,299,481 14,300,825 10,628,256 92,383,673 81,623,382 5,361,993 5,398,298 38,559,197 1,160,807 674,672 176,006,911 United States. 134,908,158 42,999,308 18,190,853 14,248,586 10,559,869 91,908,850 81,185,650 5,340,950 5,382,250 38,387,485 1,152,818 624,923 175,073,384 Possessions 704,077 229,254 108,628 52,239 68,387 474,823 437,732 21,043 16,048 171,712 7,989 49,749 933,527 State Alabama. 954,437 319,433 134,257 76,377 108,799 635,004 527,513 86,275 21,216 376,309 9,030 3,707 1,343,483 Arizona. . . . 335,752 153,084 59,611 43,660 49,813 182,668 162,055 13,520 7,093 92,388 4,075 1,813 434,028 Arkansas. . 572,278 151,860 42,108 42,469 67,283 420,418 357,454 49,343 13,621 263,535 3,450 806 840,069 California. . 11,015,310 4,467,349 1,605,629 2,053,600 808,120 6,547,961 5,834,934 551,758 161,269 2,792,993 109,532 52,045 13,969,880 Colorado... 847,400 241,325 81,858 50,915 108,552 606,075 556,053 28,394 21,628 341,559 3,157 2,674 1,194,790 Connecticut 2,546,828 666,853 129,723 423,464 113,666 1,879,975 1,606,662 64,981 208,332 435,675 23,394 15,812 3,021,709 Delaware 466,985 131,950 47,380 53,565 31,005 335,035 247,225 14,157 73,653 106,082 4,084 1,521 578,672 District of Columbia. 789,879 242,774 89,150 79,757 73,867 547,105 505,881 2,233 38,991 288,541 15,712 2,495 1,096,627 Florida 1,329,533 335,735 154,521 63,628 117,586 993,798 891,673 77,455 24,670 477,245 15,546 4,075 1,826,399 Georgia 1,302,506 565,160 252,813 119,830 192,517 737,346 668,771 46,123 22,452 512,285 13,573 3,710 1,832,074 Idaho 359,574 97,672 33,110 29,880 34,682 261,902 252,004 8,264 1,634 103,028 2,560 225 465,387 Illinois 9,531,224 2,686,022 1,671,075 375,017 639,930 6,845,202 6,062,689 448,848 333,665 3,030,971 46,725 36,448 12,645,368 Indiana 2,454,523 629,397 186,768 265,522 177,107 1,825,126 1,657,813 96,168 71,145 759,139 16,448 5,344 3,235,454 Iowa 1,952,792 505,160 127,427 171,081 206,652 1,447,632 1,278,440 129,344 39,848 565,359 10,286 1,963 2,530,400 Kansas 1,245,947 338,111 95,483 67,860 174,768 907,836 801,977 71,437 34,422 444,327 6,204 1,807 1,698,285 Kentucky 1,226,090 419,555 150,260 122,637 146,658 806,535 734,221 35,428 36,886 473,084 7,269 1,776 1,708,219 Louisiana 1,191,233 349,672 178,910 68,367 102,395 841,561 696,465 125,582 19,514 525,417 11,948 8,277 1,736,875 Maine 652,450 178,794 52,361 80,174 46,259 473,656 408,817 11,636 53,203 103,525 4,424 1,669 762,068 Maryland 1,700,604 401,520 109,457 165,752 126,311 1,299,084 1,187,144 25,956 85,984 420,810 13,780 11,525 2,146,719 Massachusetts. . . 6,798,757 2,155,808 746,094 1,078,028 331,686 4,642,949 4,140,536 53,712 448,701 1,138,787 51,384 41,376 8,030,304 Michigan 4,095,104 1184,446 327,326 551,687 305,433 2,910,658 2,578,252 213,554 118,852 1,123,780 27,468 11,790 5,258,142 Minnesota 2,430,051 731,958 282,467 227,156 222,335 1,698,093 1,504,801 91,248 102,044 766,512 14,187 6,772 3,217,522 Mississippi 599,429 167,637 62,857 42,722 62,058 431,792 321,272 103,288 7,232 239,035 4,987 882 844,333 Missouri 3,139,219 1,230,670 567,510 323,335 339,825 1,908,549 1,682,727 120,120 105,702 1,294,269 21,204 9,673 4,464,365 Montana 431,644 83,101 23,250 22,387 37,464 348,543 327,001 12,177 9,365 150,105 2,222 945 584,916 Nebraska 1,009,946 248,232 74,613 37,315 136,304 761,714 685,613 48,892 27,209 381,082 5,202 1,808 1,398,038 Nevada 143,588 48,917 10,591 24,891 13,435 94,671 85,859 8,241 571 30,275 994 656 175,513 New Hampshire. 528,305 174,963 34,540 115,896 24,527 353,342 282,127 15,919 55,296 66,913 3,836 324 599,378 New Jersey 4,375,865 1,095,492 272,801 561,369 261,322 3,280,373 2,759,499 236,584 284,290 843,072 53,996 16,172 5,289,105 New Mexico 206,389 80,210 26,931 24,205 29,074 126,179 114,864 9,640 1,675 91,799 1,651 216 300,055 New York 36,079,402 12,019,717 6,009,214 3,727,905 2,282,598 24,059,685 21,929,222 897,408 1,233,055 9,132,833 292,950 257,129 45,762,314 North Carolina. 1,434,253 482,105 204,625 104,402 173,078 952,148 815,649 78,237 58,262 553,667 10,056 8,998 2,006,974 North Dakota. . 497,144 51,313 11,309 12,518 27,486 445,831 414,607 19,511 11,713 113,742 1,614 864 613,364 Ohio 5,873,689 1,869,712 621,772 686,022 561,918 4,003,977 3,502,325 299,514 202,138 1,722,653 51,726 15,375 7,663,443 Oklahoma 1,118,572 326,952 151,205 50,892 124,855 791,620 678,419 98,763 14,438 507,769 8,529 2,748 1,637,618 Oregon 1,112,892 319,474 146,965 81,611 90,898 793,418 686,213 96,571 10,634 341,415 11,816 7,417 1,473,540 Pennsylvania. . . 9,517,494 2,658,936 1,239,310 773,466 646,160 6,858,558 5,534,151 318,700 1,005,707 2,449,887 120,431 44,311 12,132,123 Rhode Island. . . 949,001 228,294 73,525 113,631 41,138 720,707 624,045 6,438 90,224 143,765 12,385 3,603 1,108,754 South Carolina. 510,952 143,284 57,819 38,164 47,301 367,668 322,180 29,669 15,819 211,356 2,954 2,272 727,534 South Dakota. . 429,806 84,832 17,329 20,738 46,765 344,974 315,260 18,782 10,932 119,651 1,960 927 552,344 Tennessee 1,477,772 591,051 276,924 109,664 204,463 886,721 751,703 109,693 25,325 569,338 16,054 3,669 2,066,833 Texas 4,336,614 1,677,694 938,679 187,770 551,245 2,658,920 2,359,452 235,861 63,607 2,145,581 52,560 11,674 6,546,429 Utah 442,651 179,742 55,361 70,440 53,941 262,909 244,929 14,615 3,365 146,827 3,274 213 592,965 Vermont 319,100 170,387 19,668 114,153 36,566 148,713 117,514 11,985 19,214 42,821 3,729 492 366,142 td Virginia 1,456,797 604,465 177,320 214,466 212,679 852,332 769,658 43,732 38,942 468,012 17,733 4,242 1,946,784 Washington. . . 1,745,003 598,902 271,509 198,174 129,219 1,146,101 990,163 119,431 36,507 535,197 10,496 4,284 2,294,980 West Virginia. 737,002 230,548 51,449 106,069 73,030 506,454 462,543 24,453 19,458 240,298 8,201 1,821 987,322 Wisconsin 2,459,140 630,784 223,811 261,511 145,462 1,828,356 1,629,203 109,421 89,732 629,411 16,965 6,359 3,111,875 Digitized for FRASE W R y oming 177,232 48,256 12,178 14,444 21,634 128,976 118,072 7,889 3,015 75,361 1,057 219 253,869 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1947—Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits Total Interbank U. S. S p ta o t l e i s ti c a a n l d an C d er o ti f f f i i e c d ers' Indiv a i n d d u a c l o s, r p p o a r r a t t n io e n rs s hips de T m ot a a n l d T ti o m ta e l B a l o i n a r d b r o i o l w i t t h i i n e e s g r s a c c T a c o p o i t u t a n a l l ts N ba u n o m f k b s e l i subdivisions checks, etc. Demand Time deposits deposits United States and possessions. . 162,712,856 13,044,914 1,539.100 7,787,973 2,601,053 85,301,818 52,437,998 108,991,147 53,721,709 1,298,029 11,996,026 14,767 United States. . 161,849,516 13,032,744 1,457,106 7,667,013 2,583,705 84,997,749 52,111,199 108,519,906 53,329,610 1,277,481 11,946,387 14,714 Possessions 863,340 12,170 81,994 120,960 17,348 304,069 326,799 471,241 392,099 20,548 49,639 53 State Alabama. . .. . . 1,261,590 77,693 10,163 128,987 9,410 779,839 255,498 1,004,028 257,562 5,911 75,982 222 Arizona 413,240 3,423 2,155 47,227 5,841 258,336 96,258 316,502 96,738 3,207 17,581 U Arkansas. . .. 793,586 57,399 6,461 57,65 6,438 570,274 95,364 696,935 96,651 1,210 45,273 228 California 13,157,669 426,203 94,373 732,039 244,201 6,270,740 5,390,113 7,582,495 5,575,174 132,578 679,633 202 Colorado 1,131,085 90,031 8,307 42,336 9,254 755,137 226,020 902 ,130 228,955 3,500 60,205 146 Connecticut.... 2,737,710 41,194 14,100 58,962 25,835 907,183 1,690,436 1,045 ,406 1,692,304 15,682 268,317 188 Delaware 515,866 3,915 21,888 19,702 4,809 321,184 144,368 362,845 153,021 2,773 60,033 41 District of Columbia 1,023,900 47,570 14,116 146 18,013 722,073 221,982 800,393 223,507 5,741 66,986 19 Florida 1,720,160 125,648 13,967 195,161 15,938 1,052,088 317,358 1,369,718 350,442 5,973 100,266 185 Georgia 1,713,498 189,364 15,848 119,751 15,790 1,052,976 319,769 1,391,035 322,463 12,987 105,589 379 Idaho . .. 445,541 6,515 4,414 46,466 3,940 289,562 94,644 350,142 95,399 1,073 18,773 48 Illinois 11,851,787 1,336,714 127,053 623,143 111,740 6,940,503 2,712,634 8,968,333 2,883,454 79,098 714,483 883 Indiana 3,053,867 127,613 30,491 242,771 30,889 1,734,748 887,355 2 160,839 893,028 8,876 172,711 492 Iowa 2,401,051 139,401 49,046 159,129 26,196 1,482,241 545,038 l'852,660 548,391 2,874 126,475 664 Kansas 1,608,230 88,585 15,895 213,054 13,302 1,119,492 157,902 f447,399 160,831 3,041 87,014 610 Kentucky 1,597,977 165,228 13,038 93,580 12,213 1,098,042 215,876 1 379,178 218,799 6,858 103,384 388 Louisiana 1,646,706 211,308 8,356 190,341 15,849 944,924 275,928 1 363,160 283,546 10,130 80,039 160 Maine . ... 687,942 9,331 3,776 20,866 4,864 211,433 437,672 247,680 440,262 3,598 70,528 96 Maryland. 1,979,042 115,928 11,080 92,715 10,013 921,004 828,302 1,142,558 836,484 8,238 159,439 175 Massachusetts 7,237,134 350,276 37,395 179,969 69,677 2,639,887 3,959,930 3,272,141 3,964,993 70,350 722,820 378 Michigan 4,956,679 169,302 61 ,577 234,894 51,488 2,289,746 2,149,672 2,794,729 2,161,950 22,735 278,728 448 Minnesota. . 3,023.426 335,558 28,992 167,005 32,791 1,446,539 1,012,541 2,002,382 1,021,044 12,219 181,877 680 Mississippi 799,418 57,639 6,873 97,052 3,577 500,274 134,003 664,644 134,774 1,772 43,143 206 Missouri . 4,201,798 771,658 35,409 248,401 27,134 2,471,051 648,145 3,545,819 655,979 14,917 247,650 597 Montana 560,234 28,589 4,932 56,474 6,077 368,591 95,571 463,857 96,377 1,067 23,615 112 Nebraska 1,324,849 166,863 11,318 54,898 9,484 940,480 141,806 1,182,841 142,008 3,204 69,985 418 Nevada 166,557 910 1 ,542 20,062 2,995 86,625 54,423 109,600 56,957 1,160 7,796 8 New Hampshire 536,980 6,536 2,603 13,597 4,794 122,797 386,653 149,731 387,249 1,869 60,529 108 New Jersey. 4,895 171 44,528 35,298 270,653 48,798 2,001,189 2,494,705 2,387,175 2,507 ,996 23,944 369,990 367 New Mexico 286,643 10,120 3,082 39,308 3,456 190,265 40,412 245,691 40,952 395 13,017 47 New York 41 312 979 4,864,324 342 31 733 782 1,197 092 20,615,995 13,559,472 27,478,925 13,834,014 596,465 3,852,870 792 North Carolina 1,886,657 227,281 25,95 195,672 19,591 1,070,458 347,697 1,531,435 355,222 15,707 104,610 226 North Dakota 584,936 15,788 6,499 70,242 3,516 377,625 111,266 437,192 147,744 923 27,505 152 Ohio 7,178,404 305,182 72,961 383,199 88,063 3,642,687 2,686,312 4,362,007 2,816,397 33,327 451,712 671 Oklahoma 1,534,141 153,027 16,140 178,658 23,803 1,053,875 108,638 1,418,032 116,109 5,848 97,629 386 Oregon 1 395 931 38,548 10 200 99 117 20 352 823,507 404,207 985,199 410,732 6,860 70,749 71 Pennsylvania 10,930,934 628,039 75,343 330,518 98,966 5,861,773 3,936,295 6,881,530 4,049,404 67,904 1,133,285 1,002 Rhode Island 1 002 504 11,642 6 987 25 283 9 635 375,607 573,350 428,417 574,087 11,886 94,364 29 South Carolina 691,597 21,939 .9,379 64,883 5,024 502,944 87,428 602,347 89,250 1,868 34,069 150 South Dakota 527,544 13,078 7,822 39,793 3,235 381,098 82,518 442,556 84,988 995 23,805 170 Tennessee 1,945,265 287,230 18,039 143,365 15,523 1,067,536 413,572 1,521,569 423,696 8,014 113,554 297 Texas 6,182,920 807,489 56,258 471,534 141,658 4,219,367 486,614 5,627,486 555,434 23,461 340,048 892 Utah 559,415 44,851 2,535 47,545 3,668 296,914 163,902 394,776 164,639 2,001 31,549 60 Vermont 329,287 1,186 1,576 7,493 2,663 80,392 235,977 91,293 237,994 2,549 34,306 78 Virginia . . 1,802,414 150,109 32,925 96,837 32,111 945,633 544,799 1,227,887 574,527 12,224 132,146 314 Washington 2,176,220 86,028 17,007 125,839 22,552 1,179,954 744,840 1,429,328 746,892 8,302 110,458 125 West Virginia 909,887 37,114 19,914 60,662 15,682 515,258 261,257 645,127 264,760 5,855 71,580 182 Wisconsin 2,928,879 122,590 38,975 105,961 32,896 1,341,681 1,286,776 1,618,848 1,310,031 5,841 177,155 556 Wyoming 240,266 12,257 2,726 20,291 2,869 156,222 45,901 193,906 46,360 471 13,132 55 Digitized for FRASER 1 Includes 12 banks for which asset and liability data are not available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities Real Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total o c p i k p p l n u e e a e g r d - t n 1 - - t c a u u H r l - - b d a e e T r e n r o r o a s d s k l - - o e T t r o h s - l t o e a s a t - e ns s l u C o m a o n n e s r -O lo th an e s r Total Total Bills C o d c n e f e e a e r d b t t i s e i - n t s f s - i - - Notes Bonds G t a e u n e a - d r- S p s d s a o t i u i a o n l v b t i n d i t e - - - s s O s ri e t t h c ie u e s r - All insured commercial banks: 1941 Dec. 31 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974,102 3 6513 333 1942—Dec. 31! '. 66', 240 7,757 950 597 4,646 2,269 1,042 47,336 40,705 4,462 6,727 5,79920,9992,7183', 5333] 098 1943—Dec. 31. . 83,507 18[841 7,777 1J5O5 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,5013,287 2,696 1944—Dec. 30. . 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,422 2,733 1945—Dec. 31. .121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Dec. 31. .112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,298 3,592 1947—June 30.. 110,682 33,250 14,765 1,549 1,517 1,278 8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505 144,826 3,471 Dec. 31. . 114,274 37,583 18,012 1,610 823 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 18,021 8 671 972 594 598 3,494 3, 592 25,500 19 539 971 3,007 11,7293,8323,090 2,871 1942—Dec. 31. . 59'.263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18,9482,540 2,965 2,664 1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,90627,2652,345 2,729 2,294 1944—Dec. 30. . 91,569 18,676 7.531 1,198 2,249 2,1083,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,857 2,350 1945—Dec. 31. .107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—Dec. 31. . 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 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 46,502 103,9822,966 Dec. 31. . 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—Apr. 12. . 95,896 33,062 62,834 55,364 4,452 3,018 New York City:* 1941—Dec 31 12 896 4 072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 X1 -9* J4£ X2 —A—D* Ve-*—c • . \J3 -l-1 • . •. 17J957 4416 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 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 1948—Apr. 12 .. 19,547 7,169 12,378 11,129 721 528 Chicago:2 1941 Dec 31 2,760 954 732 6 48 52 22 9 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 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 1948—Apr. 12. . 4^681 1,663 3,018 2,620 223 174 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31. . 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13.038 1 441 2 253 1.723 6,810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30. . 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 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 1948—Apr. 12. . 34,969 13,352 21,617 19,234 1,343 1,039 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31. . 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 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—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—June 30. . 35,057 9,102 2,744 774 26 244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696 5 1,813 1,250 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 1948—Apr. 12. . 36,699 10,877 25,822 22,381 2,165 1,277 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 "*442 390 2,053 179 569 435 1943—Dec. 31. . 9.258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944_Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—June 30. . 15,896 4,597 945 576 11 125 1,963 895 82 11,299 9,949 62 1,897 972 7,013 4 845 505 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 of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 2 Central reserve city banks. 688 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 d f a t b e ank F s B s e w e a R e d i r n e r e t v v - k e r h e s s a v C a a i u s n l h t b m a w e a B n d i s a n c o l t t k - e - i h s s c 3 j p m u o D a d s a s e d e t n i - - e - t d d s 4 me D s I o t d n i - e t c p e o 3 r s b i F e a t o i n s r g k - n m U G e e . o rn n v - S t - . p v o s S i l u t a s i b a n i t d t d o i i e n c - s s a c C h a c O e e f e f e n t r i c f r c d t i k e s . i s - ' d - , a p v a n s i p t I r h d d o i n t i u o r d n p c a n a i e s o l s - - r r , s - - I b n a t n er k - P U m G S e a o e . o a r s n n n v v t d S - - a t - l . v s S p i a o i u t s c l b n a i a i d t o d t l i n e - - s s a p v a n i s p t I r d h d o i n t u i r o d n a p c n a i e l s o s - - r s r , - , -r B i o o n w r g - - s c C o a a t u c p a n - i l t - s ings All insured commercial banks: 1941—Dec.31. . 12,396 1,358 8,570 37845 9,823 673 1,761 3,677 1,077 36544 158 59 492 15,146 10 6,844 1942—Dec.31. . 13,072 1,305 9,080 4822110,234 813 8,167 3,996 1,219 47122 97 61 397 15,697 10 7,055 1943—Dec.31. . 12,834 1,445 8,445 59921 9,743 893 9,950 4,352 1,669 58338 68 124 395 18,561 46 7,453 1944—Dec.30.. 14,260 1,622 9,787 6596011,063 94819,754 4,518 1,354 64133 64 109 423 23,347 122 7,989 1945—Dec.31. . 15,810 1,829 11,075 7472212,566 1,24823,740 5,098 2,585 72593 70 103 496 29,277 215 8,671 1946—Dec.31.. 16,013 2,012 9,481 8208510,888 1,364 2,930 5,967 2,361 79887 68 119 664 32,742 39 9,286 1947—June30. . 16,039 1,804 8,498 80869 9,807 1,372 1,247 6,495 2,111 78077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 2,145 9,736 8575111,236 1,379 1,325 6,692 2,559 83723 54 111 826 33,946 61 9,734 Member banks total: 1941—Dec.31. . 12,396 1,087 6246 33754 9,714 671 1,709 3,066 1,009 33061 140 50 418 11,878 4 5.886 1942—Dec.31.. 13,072 1,019 6,147 4257010,101 811 7,923 3,318 1,142 42139 87 56 332 12,366 5 6,101 1943—Dec.31. . 12,835 1,132 5450 52642 9,603 891 9,444 3,602 1573 51820 62 120 327 14,822 39 6,475 1944—Dec.30.. 14,261 1,271 6,354 5730810,881 94518,509 3,744 1251 56270 58 105 347 18,807 111 6,968 1945—Dec.31. . 15,811 1,438 7 117 6418412,333 1,24322,179 4,240 2450 62950 64 99 399 23,712 208 7,589 1946—Dec.31. . 16,015 1,576 5936 7024310,644 1,353 2,672 4,915 2207 69127 62 114 551 26,525 30 8,095 1947—June 30. . 16,040 1,409 5521 69595 9,612 1,369 1,095 5376 1976 67933 60 106 649 27,259 50 8,315 Dec. 31. . 17,797 1,672 6270 7352810,978 1,375 1,176 5,504 2401 72704 50 105 693 27,542 54 8,464 1948—Apr. 12. . 16,750 1,563 5375 69,781 9,133 1,375 2,115 5570 1755 68093 42 102 872 27,616 235 8,610 New York City:"1 1941—Dec.31. . 5 105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec.31. . 4388 72 82 11899 3,209 733 4 186 263 448 12,501 3 23 711 1,727 1943—Dec.31. . 3 596 92 61 13,899 2,867 810 3395 252 710 14,373 4 5 26 816" 29 1,862 1944—Dec.30. . 3 766 102 76 14,042 3,179 851 6 722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec.31. . 4015 111 78 15,065 3,535 1,105 6,940 237 1338 15,712 17 10 20 1,206 195 2,120 1946—Dec.31. . 4046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—June 30. . 4 166 123 50 16,494 2,898 1,228 179 260 915 17,202 22 14 17 1,407 i2,234 Dec. 31. . 4639 151 70 16,653 3,236 1,217 267 290 1105 17,646 12 12 14 1418 30 2,259 1948—Apr. 12. . 4481 141 46 15,701 2,776 1,220 375 232 725 16,345 10 14 54 1460 119 2,268 Chicago:"1 1941—Dec.31. . 1021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec.31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec.31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Dec.30. . 899 4,3 177 3,041 ,132 16 1400 167 33 3,100 1 619 354 1945—Dec.31. . 942 36 200 3,153 ,292 20 1552 237 66 3,160 719 377 1946—Dec.31. . 928 29 172 3,356 ,130 24 152 228 47 3,495 2 4 823 404 1947—June30. . 973 36 162 3,427 ,056 24 181 304 55 3,417 2 6 864 416 Dec. 31. . 1070 30 175 3,737 ,196 21 72 285 63 3,853 2 9 902.... . 426 1948—Apr. 12. . 1051 26 146 3,432 1,004 24 102 251 37 3,489 1 10 908 426 Reserve city banks: 1941—Dec.31. . 4060 425 2590 11,117 4,302 54 491 144 286 11,127 104 20 243 4542 1,967 1942—Dec.31. . 4940 365 2202 14,849 4,831 63 1982 1319 385 15,061 63 22 169 4805""l 2,028 1943—Dec.31. . 5 116 391 1758 18,654 4,770 63 3373 448 475 18,790 41 56 151 5902 2,135 1944—Dec.30. . 5687 441 2005 20,267 5,421 70 6 157 509 488 20,371 33 40 154 7561 2,327 1945—Dec.31. . 6326 494 2 174 22,372 6,307 110 8221 763 611 22,281 30 38 160 9563 2 2,566 1946—Dec.31. . 6337 532 1923 24,221 5,417 127 991 2077 693 24,288 25 43 235 10580 4 2,729 1947—June30. . 6274 470 1864 24,166 4,773 109 311 2301 554 23,934 21 41 319 10888 11 2,796 Dec. 31. . 7095 562 2 125 25,714 5,497 131 405 2282 705 26,003 22 45 332 11045 1 2,844 1948—Apr. 12. . 6403 511 1791 24,182 4,539 124 793 2314 524 24,123 17 40 455 10792 60 2,869 Country banks: 1941—Dec.31. . 2210 526 3 216 9,661 790 2 225 1370 239 8,500 30 31 146 6082 4 1,982 1942—Dec.31. . 2842 542 3 699 13,265 957 4 1090 1558 272 11,989 20 32 140 6397 3 2,042 1943—Dee.31. . 3303 611 3474 17,039 994 5 1962 1727 344 15,561 17 56 149 7599 10 2,153 1944—Dec.30. . 3909 684 4097 19,958 1.149 8 4230 1868 369 18,350 14 57 175 9650 16 2,321 1945—Dec.31. . 4 527 796 4665 23,595 1,199 8 5465 2004 435 21,797 17 52 219 12224 11 2,525 1946—Dec.31. . 4 703 883 3 753 26,237 1,067 8 877 2391 524 24,128 17 55 272 13727 26 2,757 1947—June 30. . 4628 780 3444 25,508 885 8 424 2511 451 23,380 17 49 308 14101 38 2,869 Dec. 31. . 4993 929 3900 27,424 1,049 7 432 2647 528 25,203 17 45 337 14177 23 2,934 1948—Apr. 12. . 4815 884 3391 26,466 814 8 844 2 772 468 24,136 15 46 354 14456 55 3,048 Insured nonmember commercial banks: 1941—Dec.31. . 271 2325 4,092 108 2 53 611 68 3,483 18 8 74 3 276 6 959 1942—Dec.31. . 287 2934 5,651 133 2 243 678 76 4,983 10 5 65 3339 5 955 1943—Dec.31. . 313 2996 7,279 141 2 506 750 96 6,518 6 4 68 3 750 6 979 1944—Dec.30. . 352 3 434 8,652 182 3 1245 775 103 7,863 6 4 76 4553 10 1,022 1945—Dec.31. . 391 3959 10,537 233 5 1560 858 135 9,643 6 4 97 5579 7 ,083 1946—Dec! 437 3,547 11,842 244 11 258 1052 154 10,761 6 5 113 6232 9 1,193 1947—June30'. '. 395 2979 11,274 194 3 152 1119 135 10,144 4 5 122 6361 10 1,245 Dec. 31. . 473 3466 12,223 258 4 149 1188 158 11,019 4 6 132 6420 7 1,271 3 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. JUNE 1948 689 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. Ia millions of dollars Loans Investments For purchasing Com- or carrying securities U. S. Government obligations Total mer- To brokers Date or month lo an an d s c n i d a u l, s- and dealers To others Real ^oans Cer- O se th c e u r invest- Total trial, state to Dtner Total tifi- rities ments a a c g u n r l d - i- G U o o . b v - S t . . O s t e h - er G U o o b . v - S t. . O s t e h - er loans janks loans Total Bills o d c f e a t b i e n t s - - Notes Bonds1 tural liga- curi- liga- curi- edtions ties tions ties ness Total- Leading Cities 1Q47 Aoril . • 63,284 19,864 12,162 406 414 548 496 2,785 155 2,898 43,420 39,311 889 5, 192 2,843 30,387 4,109 December. . . 65, 135 23,428 14,569 387 527 407 5033,427 199 3,40941 ,707 37,474 ,251 3,291 2,832 30, 100 4,233 1948—lanuary .... 6S 178 23,315 14.704 219 432 333 5023,497 163 3,46541,863 37,610 2,164 3,390 2,790 29,266 4,253 February.... 64,405 23,460 14.636 378 389 302 4853,546 235 3,48940,945 36, 754 2,262 3 250 2,666 28,576 4,191 ]VEarch 63,366 23,472 14,522 437 415 282 4793,595 232 3,51039,894 35,600 ,995 3 918 2,496 27, 191 4,294 April • • • 63,030 23,311 14,258 398 435 277 477 3,649 250 3, 567 39, 719 35,398 2,096 3 825 2,401 27,076 4,321 Mar. 3 63,494 23,439 14,540 476 355 285 4793,569 233 3 50240,055 35,845 2,048 3 972 2,559 27,266 4,210 Mar 10 64, 128 23,654 14,592 436 524 281 4863,583 265 3 48740 474 36, 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 364 36,061 2,379 3 938 2,572 27, 172 4,303 Mar. 24 63,232 23,421 14,484 431 375 279 4753,610 254 3 51339 811 35 469 1,930 3 907 2,467 27, 165 4,342 Mar. 31 62,220 23 452 14,417 494 411 286 4753,615 215 3 53938 768 34 433 1,272 3 745 2,305 27, 111 4,335 Apr. 7 62,870 23 334 14,337 403 428 281 4763,627 239 3 54339 536 35 215 1,853 3 831 2,403 27 128 4,321 Apr. 14 62 855 23 269 14 333 379 407 272 4753,643 191 3 56939 586 35 260 2,006 3 778 2,386 27 090 4,326 Apr 21 63 454 23 480 14 205 423 482 274 4893,656 380 3 57139 974 35 643 2,307 3 851 2,394 27 091 4,331 Apr. 28 62 940 23 160 14 159 387 422 280 469 3,669 190 3 584 39 780 35 475 2,219 3 839 2,420 26 997 4,305 May 5 63 132 23 246 14 205 422 404 277 4743,694 197 3 57339 886 35 640 2,448 3 770 2,441 26 981 4,246 May 12 63 174 23 447 14 255 480 417 279 4743,717 232 3 59339 727 35 499 2,296 3 809 2,436 26 958 4,228 May 19 63 456 23 356 14 208 422 388 280 4843,732 234 3 60840 10035 866 2,571 3 882 2,405 27 008 4,234 May 26 63 070 23 634 14 206 682 394 281 4833,745 244 3 59939 436 35 237 1,945 3 879 2,379 27 034 4,199 New York City 1947—April 19 944 6 204 4 439 313 279 105 208 99 132 629 13 740 12 533 315 1,229 800 10 189 1,207 December. . . 20 056 7 286 5 343 299 3*77 64 202 104 160 737 12 770 11576 661 536 481 9 898 1,194 1948—January 20 001 7 045 5 329 162 308 51 199 106 129 76112 956 11 747 1,157 626 512 9 452 1,209 February... 19 776 135 5 245 309 275 47 189 109 192 76912 641 11 476 1,149 615 541 9 171 1,165 March 19 238 7 108 5 164 376 304 45 188 113 150 76812 130 10 918 923 975 501 8 519 1,212 April 19 182 7 074 5 087 350 324 49 189 119 180 77612,108 10 891 1,029 890 495 8 477 1,217 Mar. 3 19 285 7 087 5 164 407 249 45 186 110 159 76712,198 11039 971 1,025 513 8 530 1,159 Mar. 10 19 639 7 245 5 181 378 393 43 195 111 183 76112,394 11,180 1,141 995 518 8,526 1,214 Mar. 17 19 29 7 023 5 174 293 296 42 188 114 143 77312,275 11 073 1«, 100 936 533 8 504 1,202 Mar. 24 19 08 7 047 5 160 370 270 46 186 114 133 76812,040 10.795 839 962 482 8,512 1,245 Mar. 31 18 879 7,137 5 14 432 312 47 185 114 132 77411,742 10,501 560 958 460 8,523 1,241 Apr. 7.... 19 19 7,072 5 120 346 326 49 186 116 155 77412,120 10,889 946 954 481 8,508 1,231 Apr. 14 19,01 7,048 5,139 332 304 49 185 118 145 77611,962 10,731 920 842 475 8,494 1,231 Apr. 21.... 19,50 7,219 5,059 381 354 49 202 118 280 77612,285 11,068 1,193 884 497 8,494 1,217 Apr. 28 19,02 6,956 5,030 341 311 49 183 123 141 77812,067 10 ,878 1,058 880 528 8,412 1,189 May 5.... 19,03 6,983 5,04 369 295 47 183 124 154 76412,050 10,953 1,18( 861 554 8,358 1,097 May 12 18,95 7,099 5,08 419 304 47 183 128 166 76711,859 10,765 1,036 836 553 8,340 1,094 May 19 19,23 7,046 5,06 376 284 47 184 132 194 76712,184 11,091 1,278 891 564 8,358 1,093 May 26 19,05 7,311 5,07 615 279 47 186 132 206 77111,740 10 ,677 844 915 553 8,365 1,063 Qutside New York City 1947—April 43,34 13,660 7,72 93 135 443 288 2,686 23 2,26929,680 26,778 574 3,963 >,043 20,198 2,902 December. . 45,07 16,142 9,22 88 150 343 30 3,323 39 2,672 28,937 25,898 59C 2,755 2,351 20,202 3,039 1948—January.... 45,17 16,270 9,37 57 124 282 3033,391 34 2,70428,907 25,863 1,007 2,764 2,278 19,814 3,044 February... 44,62 16,325 9,39 69 114 255 2963,437 43 2,72028,304 25,278 1,113 2,635 2,125 19,405 3,026 March 44,12 16,364 9,35 6 11 237 2913,482 82 2,742 27,764 24,682 1,072 2,943 1,995 18,672 3,082 April 43,84 16,237 g, 17 48 11 228 2883,530 70 2,791 27 fil 124,507 1,067 2,935 1,905 18,600 3,104 Mar. 3 44,20 16,352 9,37 69 106 240 2933,459 74 2,73527,857 24,806 1,077 2,947 2,046 18,736 3,051 Mar. 10 44,48 16,409 9,41 58 131 238 29 3,472 82 2,72628,080 25,013 1,206 3,033 2,061 18,713 3,067 Mar. 17 44,45 16,369 9,40 56 115 234 29 3,484 47 2,73828,089 24,988 1,279 3,002 2,039 18,668 3,101 Mar. 24 44.14 16,374 9.32 6 10- 233 2893,496 121 2,745 27,771 24,674 1,091 2,945 1.985 18.653 3,097 Mar. 31 43,34 16,315 9,27 62 99 239 2903,501 83 2,76527,026 23,932 712 2,787 1,845 18,588 3,094 Apr. 7 43,67 16,262 9,21 5 102 232 2903,511 84 2,76927,416 24,326 907 2,877 1,922 18,620 3,090 Apr. 14 43,84 16,221 9,19 4 103 223 2903,525 46 2,79327,624 24,529 1,086 2,936 1,911 18,596 3,095 Apr. 21.... 43,95 16,261 9,14 4 128 225 2873,538 100 2,79527,689 24,575 1,114 2,967 1,897 18,597 3,114 Apr. 28 43,91 16,204 9,12 46 11 23 2863,546 49 2,80627,713 24,597 1,161 2,959 L,892 18,585 3,116 May 5.... 44,09 16,263 9,15 5 109 230 29 3,570 43 2,80927,836 24,687 1,268 2,909 1,887 18,623 3,149 May 12 44,21 16,348 9,17 6 113 232 29 3,589 66 2,82627,868 24,734 1,260 2,973 1,883 18,618 3,134 May 19 44,22 16,310 9,14 4 104 233 3003,600 40 2,84127,916 24,775 1,293 2,991 1,841 18,650 3,141 May 26 44,01 16,323 9,13 6 11. 234 29 3,613 38 2,82827,696 24,560 1,101 2,964 1,826 18,669 3,136 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 .127-227 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month s B w F e R e a e r i r e a t n d v h - l k - e s C va a i u n sh lt m b a w a n d e n i c o s t e k - h ti s s c j m p u o a d s a d s t e n e i - - t d d s 1 s p p u v n h c a o a a o i e n i d r r l p r r d s a t - - - s - , - S p s d s a t i i o u a i c o n v l t a b d n i e i l t - - s s - c C c h o a f e e e i f e n t e f r r c c d i d t s - . k i ' - s, U m G e . r o e n n v S - t - . s p p u v n h c a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - P U G m S e i a o n r . a n o e g s n v d v n S t s - - a - t . l m D t D i e o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i e t a s b n 2 - k tions tions Total- Leading Cities 1947—April 11,455 735 2,326 45,428 45,235 3,118 1,381 1,73613,946 307 9,180 1,356 191 5,691 76,400 December. 12,719 848 2,462 48,708 49',,363 3,148 1,700 65114,093 335 9,922 1,370 228 5,831 104,009 1948—January . . 12,753 815 2,445 48,843 4<9,073 3,251 1,465 59214,159 370 9,955 1,344 138 5,830 94,188 February . 12,328 778 2,247 47,709 47,,873 3.204 1,430 87214,184 457 9,052 1,350 320 5,852 80,188 March.. . . 12,576 758 2,297 46,724 46,737 3,318 1,523 1,14114,236 475 8,848 1,358 320 5,871 95,020 April 12,441 780 2,256 46,394 46,416 3,425 1,382 1,30014,232 491 8,594 1,343 197 5,892 89,620 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 18,503 Mar. 17... 12,675 757 2,442 47,01147,508 3,255 1,371 1,098 14,227 468 9,238 1,367 311 23,059 Mar. 24... 12,366 779 2,191 46.39146,266 3,291 1 ,580 1,154 14,233 482 8,563 1,366 422 21,254 Mar. 31... 12,146 752 2,237 45,340 45,445 3,363 1,473 1,297 14,221 478 8,375 1,341 360 5,884 20,769 Apr. 7... 12,374 753 2,219 45,978 45,608 3,311 1,257 1,376 14,238 490 8,612 1,363 199 5,890 20,660 Apr. 14... 12,490 799 2,354 46,210 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 2,27146,718 46,636 3,609 1,531 1,199 14,239 487 8,578 1,347 325 5,889 21,643 Apr. 28... 12,548 799 2,18146,67146,418 3,484 1,376 1,309 14,222 492 8,364 1,310 141 5,902 20,547 May 5... 12,511 743 2,246 46,529 46,032 ,534 1,328 1,367 14,245 491 8,666 1,291 138 5,912 21,075 May 12. . 12,555 828 2,28646,37346,888 ,414 1,400 1,597 14,239 512 8,699 1,318 181 5,906 19,975 May 19. .. 12,034 777 2,28,46,440 46,673 3,424 1,425 1,452 14,230 505 8,5231,340 153 5,902 22,530 May 26... 12,490 805 2,13246,85746,628 3,451 1,349 1,272 14,229 504 8,171 1,311 225 5,910 20,561 New York City 1947—April 4,001 55 15,71216,171 225 720 525 1,346 2,914 1,210 72 2,170 29,997 December. 4.424 16,33617,055 264 931 209 1.341 3,072 ,220 102 2,202 44,131 1948—January . . 4,439 132 16,39916,844 339 732 172 1,350 3,108 ,192 29 2,207 38,286 February . 4.277 129 16,00316,562 228 736 240 ,364 2,868 ,199 112 2,212 32,298 March.. . . 4,586 117 15,73316,290 277 835 308 ,385 2,803 ,200 93 2.208 38,648 April 4,535 124 15,57416,067 325 725 347 ,397 2,777 ,188 91 2,211 36,880 Mar. 3... 4.752 114 3215,95216,426 211 708 273 ,383 2,851 ,203 63 2,212 9,519 Mar. 10... 4,721 125 3316,22416,504 492 1,149 322 ,385 2,851 ,199 87 2,207 7,184 Mar. 17... 4.532 115 3415,50616,252 190 630 289 ,387 2,975 ,210 133 2,207 9,860 Mar. 24... 4.538 117 3615,45716,012 253 919 308 ,385 2.760 ,205 155 2,202 8,739 Mar. 31... 4,387 116 17415,52516,256 239 768 349 ,386 2,578 ,185 26 2,210 8,105 Apr. 7... 4,506 119 15,53315,949 227 622 376 ,398 2,769 1,209 50 2,211 8,857 Apr. 14... 4,556 128 15,39216,144 242 723 347 ,394 2,829 1,198 65 2,211 7,905 Apr. 21... 4,475 118 15,76316,135 488 832 318 ,398 2,803 1,190 169 2,211 8,670 Apr. 28. .. 4,604 129 15,60816,041 341 722 347 ,398 2,706 1,156 81 2,210 8,545 May 5... 4,513 118 15,50415,869 312 660 360 ,403 2,781 1,135 62 2,209 8,710 May 12... 4,552 128 15,33015,969 274 756 426 ,401 2,111 1,164 116 2,210 8,290 May 19. . . 4,314 115 15,45216,028 287 774 382 ,403 2,769 1,178 69 2,20 9,171 May 26. .. 4,498 130 16,111 242 712 338 1,411 2,640 1,152 119 2,206 8,821 Outside New York City 1947—April. 7,454 619 2,27129,716 29,064 2,893 661 12,600 291 6,266 119 3,521 46,403 December. 8,295 2,42032,37232,308 2,884 769 442 12,752 316 6,850 150 126 3,629 59,878 1948—January 8,314 683 2,40532,44432,229 2,912 733 42012,809 357 6,847 152 109 3,623 55,902 February . 8,051 649 2,21131,70631,311 2,976 694 63212,820 404 6,184 151 208 3,640 47,890 March.. . . 7,990 641 2, 99130,447 3,041 688 83312,851 419 6,045 158 227 3,663 56,372 April 7,905 656 2,223 30,82030,348 3,101 658 12,835 443 5,817 154 106 3,682 52,740 Mar. 3... 8,205 607 2,269 31 ,34430,708 3,008 681 73612,873 411 6,175 158 157 3,659 13,350 Mar. 10... 8,015 657 2,283 31,35730,828 2,968 652 82612,861 415 6,189 154 201 3,658 11,319 Mar. 17... 8,143 642 2,408 31,50531,256 3,065 741 80912,840 416 6,263 157 178 3,659 13,199 Mar. 24... 7,828 662 2,155 30.93430,254 3,038 661 12,848 429 5,803 161 267 3,667 12,515 Mar. 31... 7,759 636 2,063 29,81529,189 3,124 705 948 12,835 425 5,797 156 334 3,674 12,664 Apr. 7... 7,868 634 2,18830,445 29,659 3,084 635 12,840 437 5,843 154 149 3,679 11,803 Apr. 14... 7,934 671 319 30,818 30,856 3,055 643 96712,835 444 5,992 153 58 3,678 11,840 Apr. 21... 7,875 649 237 30,955 30,501 3,121 699 88112,841 443 5,775 157 156 ,678 12,973 Apr. 28... 7,944 670 2,148 31,063 30,377 3,143 654 96212,824 447 5,658 154 60 ,692 12,002 May 5... 7,998 62 2,217 31,025 30 163 3,222 668 ,00712,842 448 5,885 156 76 ,703 12,365 May 12... 8,003 700 2,253 31,043 30,919 3,140 644 ,17112,838 469 5,922 154 65 ,696 11,685 May 19... 7,720 662 2,254 30,988 30,645 3,137 651 ,07012,827 462 5,754 162 84 ,695 13,359 May 26... 7,992 675 2,102 31,26430,517 3,209 637 93412,818 460 5,531 159 106 3,704 11,740 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. JUNE 1948 691 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 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 nd es e d r a v t e e i m n lo a v e n a e n n d s t t s s - Total i a t c c n t a u g r u i d n r i a r l a u d a - l i , - l l s- G a U t T l i o i n o o g o . b d n v a - S - s t b . . d r e o O a c k t l s u t i e e e h e r r r - s e i s s - r G l U t T o i i o g o b . o v S a - n - t . s o . t O h c t s u e t i e h e r r - s s e i- r l e R o s a t e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t e a e f i e d e f i t b s i n e r - - t s - s - - Notes Bonds O r s it e t i h c e e u s r - Boston Apr. 28 ,799 1,082 729 6 7 16 120 4 186 1,717 1,60 103 146 128 1,225 115 May 5 ,814 1,096 728 10 8 16 120 1 18 1,718 1,603 110 146 12 1,220 115 May 12 ,799 1,088 727 12 7 16 121 3 188 1,711 1,595 101 150 12 1,21 116 May 19 ,810 1,09: 723 10 8 15 121 10 191 1,718 1,602 108 148 127 1,219 116 May 26 ,795 1,09. 727 11 8 14 121 10 190 1,700 1,584 94 147 12 1,216 116 New York* Apr. 28 ,196 7,670 5,368 344 316 202 300 141 94113,52612,13 1,123 931 595 9,4881,389 May 5 ,208 7,701 5,386 375 299 20 301 154 92813,50712,211 1,245 91 619 9,43. 1,296 May 12 ,135 7,815 5,423 42: 308 202 307 166 93113,32012,0271,100 889 620 9,418 1,293 May 19 ,420 7,763 5,400 378 288 203 312 194 93 13,65712,3651,355 945 631 9,4341,292 May 26 ,239 8,033 5,419 618 283 205 312 206 93413,20611,950 925 968 624 9,4331,256 Philadelphia Apr. 28 ,500 852 496 14 8 72 251 ,648 1,392 94 125 64 1,109 256 May 5 ,54. 868 499 19 8 74 251 ,676 1,415 11 123 65 1,110 261 May 12 ,553 87^ 501 17 8 75 251 ,679 1,416 110 13: 64 1,110 263 May 19 ,520 869 500 16 8 76 25: ,651 1,387 14: 64 1,094 264 May 26 ,506 864 496 16 8 76 252 ,642 1,372 129 64 1,094 270 Cleveland Apr. 28 ,329 1,46 866 20 53 14 242 224 2,865 2,53 95 211 167 2,059 333 May 5 ,347 1,432 875 14 53 14 24, 220 2,915 2,583 146 18. 168 2,084 332 May 12 ,348 1,444 878 16 54 14 245 223 2,904 2,572 134 181 172 2,085 332 May 19 ,362 1,458 879 12 53 23 245 233 2,904 2,565 135 183 162 2,085 339 May 26 ,319 1,456 883 13 53 23 247 224 2,863 2,52: 99 181 2,090 341 Richmond Apr. 28 ,524 821 397 5 24 22 182 187 1,703 1,578 48 173 77 1,280 125 May 5 , 53. 818 392 5 23 24 182 188 1,714 1,590 60 175 86 1,269 124 May 12 531 819 389 5 24 25 184 188 1,712 1,588 54 182 76 1,276 124 May 19 529 823 387 5 24 26 188 187 1,706 1,582 55 178 74 1,275 124 May 26 533 821 387 5 24 24 188 188 1,712 1,589 65 177 73 1,274 123 Atlanta Apr. 28 834 516 6 25 36 74 171 1,451 1,265 25 205 138 897 186 May 5 280 832 517 6 23 36 74 170 1,448 1,262 22 207 137 896 186 May 12 293 832 513 7 22 36 76 172 1,461 1,275 24 219 137 895 186 May 19 301 830 513 7 23 35 75 171 1,471 1,284 22 229 128 905 187 May 26 286 826 509 6 25 35 76 170 1,460 1,274 18 222 132 902 186 Chicago* Apr. 28 ,574 2,625 1,802 29 28 69 317 365 5,949 5,310 352 442 389 4,127 639 May 5 ,643 2,653 1,820 28 28 69 317 369 5,990 5,336 376 453 386 4,121 654 May 12 ,653 2,690 1,828 32 27 68 318 371 5,963 5,319 348 466 387 4,118 644 May 19 ,668 2,658 1,830 27 27 68 319 370 6,010 5,369 407 464 358 4,140 641 May 26 ,630 2,672 1,817 35 27 69 320 370 5,958 5,321 341 465 360 4,155 637 St. Louis Apr. 28 030 914 539 4 16 14 146 191 ,116 969 41 116 82 730 147 May 5 026 904 528 4 17 14 146 192 ,122 974 44 115 86 729 148 May 12 040 906 526 4 17 14 147 195 ,134 987 50 122 85 730 147 May 19 ,043 900 520 4 17 14 147 196 ,143 996 48 125 86 737 147 May 26 029 899 519 4 17 13 148 194 130 984 33 123 87 741 146 Minneapolis Apr. 28 114 417 255 2 7 2 55 96 697 618 17 67 48 486 79 May 5 116 416 252 2 7 5 55 95 700 621 17 69 49 486 79 May 12 129 412 249 2 7 5 55 94 717 637 28 78 48 483 80 May 19 121 410 247 2 6 5 55 95 711 631 17 80 49 485 80 May 26 ,131 416 249 3 6 5 56 94 715 635 15 84 51 485 80 Kansas City Apr. 28 330 800 512 3 10 12 120 143 1,530 1,331 118 262 122 829 199 May 5 326 802 514 3 10 12 121 142 1,524 1,326 107 265 121 833 198 May 12 333 803 515 3 10 12 121 142 1,530 1,331 112 265 121 833 199 May 19 353 806 515 3 10 11 122 145 1,547 1,346 120 267 120 839 201 May 26 348 808 514 4 10 11 123 146 1,540 1,338 119 260 121 838 202 Dallas Apr. 28 188 1,018 706 6 18 40 81 167 1,170 1,056 20 165 91 780 114 May 5 183 1,016 704 6 18 40 82 166 1,167 1,053 24 159 92 778 114 May 12 187 1,021 705 6 19 40 82 169 1,166 1,051 20 164 93 774 115 May 19 196 1,015 699 6 21 42 82 165 1,181 1,067 35 164 91 777 114 May 26 180 1,010 693 6 20 42 83 166 1,170 1,057 20 166 91 780 113 San Francisco Apr. 28 071 4,663 1,973 10 21 341,960 662 6,408 183 996 3,987 723 May 5 113 4,708 1,990 10 22 341,979 665 6,405 180 961 505 4,020 739 May 12 173 4,743 2,001 10 22 341,986 669 6,430 215 961 506 4,019 729 May 19 133 4,732 1,995 10 22 341,990 671 6,401 5,672 182 957 515 4,018 729 May 26. 074 4,734 1,993 11 22 341,995 671 6,340 5,611 131 957 497 4,026 729 City of Chicago* Apr. 28 331 1,761 1,382 25 20 60 69 190 3,570 3,139 241 266 256 2,376 431 May 5 380 1,789 1,401 25 20 60 69 192 3,591 3,146 243 272 254 2,377 445 May 12 346 1,811 1,405 28 20 59 69 194 3,535 3,104 192 283 255 2,374 431 May 19 385 1,787 1,408 23 20 59 69 192 3,59 3,169 269 278 234 2,388 429 May 26 334 1,802 1,397 31 20 59 70 191 3,532 3,107 192 280 236 2,399 425 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. 692 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 d n e n o s i c t t - e k h i s c s p m u a o d s a d e s t n e - i - t d d s 1 s p p u c n a v h o a a o n e i i r r d 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 l b t a n i d e i - l t s - s - c C h c o e a f e e e i t f n e c f c r r d i d s . k t - i ' s - , m U G er . o e n v n S - - t . s u p p v n a c h a o o a i n e i d l r p r r r d s a - - - t s , - - , S p s d s t a i i o a u i c o n v l t b a n d i e i - l t s - s - P U m G S i e a o n a . r n o e s g n v d v n S t s - - a - t . l Do- For- 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 b s n ' - k tions tions Boston Apr. 28 488 58 99 2,322 2,303 161 42 494 257 20 4 318 861 May 5 495 57 100 2,322 2,301 161 43 493 269 20 9 319 836 May 12 501 59 96 2,292 2,310 154 46 492 276 21 8 319 813 May 19. 492 57 97 2,299 2,324 142 44 492 267 23 16 319 892 May 26 486 58 96 2,308 2,313 130 40 491 255 23 6 319 826 New York* Apr. 28 175 11717,04917,297 593 763 ,235 2,774 1,159 98 2,401 9,057 May 5 ,797 161 12416,95917,125 565 704 405 ,241 2,855 1,138 69 2,401 9,295 May 12 ,831 177 13016,78617,256 538 797 481 ,239 2,847 1,167 123 2,401 8.803 May 19 ,588 160 12016,91617,305 549 819 433 ,241 2,835 1,180 72 2,399 9,777 May 26 ,786 175 17,07617,366 539 753 3812,248 2,703 1,155 122 2,398 9,338 Philadelphia Apr. 28 47 42 10 = 2,011 2,072 103 27 60 421 328 13 2 301 791 May 5 498 41 9/ 2,055 2,064 144 27 59 418 348 14 2 302 787 May 12 460 4: 98 1,995 2,084 99 25 73 418 352 12 3 302 782 May 19 445 43 108 1,977 2,074 9 28 6. 415 335 12 10 302 810 May 26 496 44 97 2,040 2,097 94 36 57 414 311 12 7 302 697 Cleveland Apr. 28 800 149 3,042 3,103 182 54 1151,266 431 5 7 466 1,110 May 5 788 76 151 3,024 3,028 19 57 1211,267 436 5 10 469 1,149 May 12 780 84 155 3,009 3,099 198 50 1391,270 431 4 15 470 1,029 May 19 733 8 159 2,988 3,06! 18 53 1,268 429 5 21 470 1,224 May 26 769 86 155 3,024 3,07: 196 54 1,268 416 5 6 471 1,104 Richmond Apr. 28 47 65 152 2,033 1,945 22 46 66 587 329 4 4 214 649 May 5 491 6 153 1,955 223 49 66 587 357 5 2 214 692 May 12 480 68 16 = 1,99 21 49 7: 587 361 5 2 215 669 May 19 470 65 158 1,969 220 49 6 587 353 5 3 214 748 May 26 480 65 151 2,045 1,988 206 39 59 586 331 6 10 215 675 Atlanta Apr. 28 442 43 187 1,733 1,615 307 27 40 536 460 10 2 182 605 May 5 451 40 200 1,738 1,60 310 25 41 537 466 10 4 183 673 May 12 453 44 194 1,750 1,657 307 24 46 536 467 10 183 620 May 19 422 41 204 1,761 1,648 302 26 43 536 445 10 183 698 May 26 432 43 171 1,748 1,611 309 22 38 535 424 9 183 661 Chicago* Apr. 28 ,680 100 361 5,985 5,937 556 9 2412,396 1,336 27 676 2,668 M ay 5 ,693 96 372 5,952 5,84 552 111 2602,397 1,416 27 679 2,798 May 12 ,727 105 358 5,94 5,978 557 101 3132,396 1,421 27 679 2,608 May 19 ,637 99 354 5,956 5,915 566 109 2812,397 1,371 28 679 3,007 May 26 ,738 100 335 6,053 5,926 596 114 24: 2,398 1,328 27 679 2,622 St. Louis Apr. 28 38' 29 105 1,31 1,389 105 17 44 462 538 2 172 541 May 5 389 28 108 1,305 1,38' 104 19 50 463 556 2 172 584 May 12 384 30 11 1,320 1,433 106 19 57 463 550 1 171 532 May 19 36( 29 109 1,330 1,423 104 18 51 463 523 2 173 637 May 26 381 30 102 1,326 1,401 105 18 48 463 510 2 172 564 Minneapolis Apr. 28 205 13 76 78: 720 15 14 29 249 249 2 98 337 May 5 202 12 95 785 724 14 1 29 250 261 2 98 367 May 12 20' 1 795 755 14 1 33 249 264 2 98 345 May 19 20' 12 788 736 152 12 32 249 253 2 98 401 May 26 200 13 80. 742 158 14 26 248 247 3 99 245 Kansas City Apr. 28 474 31 273 1,734 1,699 241 25 60 378 4 743 187 705 May 5 475 2. 269 1,715 1,682 242 26 59 378 4 753 187 710 May 12 493 31 28' 1,762 1,765 236 25 64 378 4 751 188 666 May 19 462 30 294 1,756 1,756 236 26 59 377 4 746 188 848 May 26 32 255 1,773 1,746 241 24 5: 377 4 722 189 757 Dallas Apr. 28 468 35 278 1,857 1,823 178 36 37 341 51 499 194 751 May 5 485 31 288 1,858 1,810 188 35 38 341 51 525 194 621 May 12 492 3 316 1,894 1, 185 34 42 341 51 527 195 599 May 19 470 32 30. 1,878 1,876 18 3 40 342 42 525 194 780 May 26 471 34 285 1,880 1,842 182 33 36 341 42 502 195 661 San Francisco Apr. 28 ,77. 126 27' 6,796 6,51. 677 228 1734,857 233 420 693 2,472 May 5 ,74<] 111 289 6,783 6,51 70 215 18:4,873 233 424 6)4 2,563 May 12 ,747 137 282 6,803 6,67, 672 213 4,87) 239 452 685 2,509 May 19 ,739 126 29 6,778 6,58. 693 204 188 4,863 239 441 683 2,708 May 26 ,762 125 283 6,779 6,52' 695 20 1664,860 239 422 2,411 City of Chicago* Apr. 28 ,106 36 173 3,814 3,90 256 48 1,203 39 994 455 1,651 May 5 ,120 35 18 3,821 3,869 250 5 1301 ,202 39 1,048 1,782 May 12 ,163 39 17' 3,795 3,942 261 51 1551,202 39 1,048 1,677 May 19 ,092 37 176 3,82. 3,921 271 52 1391,203 39 1,010 458 1,899 May 26 ,182 37 162 3,865 3,902 29' 61 1,204 39 1,665 i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. a Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. JUNE 1948 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Accepting banks R F B e e a d s n e e k r r v s a e l Others I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts D e o x l - lar G s o h o i d p s p p o e s d i t n a b f r c e e s d t w in i e n e n or Total Own Bills (For own States States change bills bought account) United Foreign States countries 1947—March 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 (2) 20 6 July 244 187 148 75 74 39 115 45 (2) 21 7 August 244 206 158 71 87 48 133 47 l 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 13 301 253 174 79 94 79 168 43 2 24 17 March 311 241 162 70 92 79 151 48 2 23 17 April 275 242 151 71 80 91 143 54 4 19 22 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 balancesl Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Other investment investment In capital accounts accounts Free (net) an a d c c t o ra u d n i t n s g an a d c c t o ra u d n i t n s g ac ( c n o e u t) nts 1939—June 834 25 73 178 570 230 70 21 6 280 December. . . 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December.. . 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December. .. 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December. .. 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December. . . 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December. .. 1,138 12 413 313 795 654 112 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—May 353O 32O1 3 652 June 552 6 333 395 222 650 24 271 July 3 564 3 251 3677 iVugust 355O 3 241 3 656 162 September. . 3 570 3280 3 630 October 3 606 3257 3 616 November. . 3 593 3 247 '617 December... 578 7 315 3 ' 240 612 ' 23' is' '273" 1948—January.... 3 568 3217 3 622 176" February. . . 3 537 3208 3 596 March 3 550 3 229 3592 April 3 572 3241 3614 nge and other national securities exchanges and (2 3 own partners. 2 Includes money borrowed from bank 694 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 e o 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 0 s m e e k ' s p s e - 1 , t- ch n l c a e o r a e a e l x a w n s - l - n l g 2 - e m bi o 3 ll n - s t 3 h 9 d c m o - c e e t f a o b r o t t n i t i e e n f 1 t s i h d 2 - - - - 3 t i a - s y x t s e o u a a e b r 5 s l - e 1 T 9 o c t i a ti l es Y N C o e i r t w y k e E 7 N r c n a o i o s t r i t t e h e a th r n s e n - r d 1 e W 1 r c n e i S t s i o t e a e u s n r t n d hness 1938 average1. . .. 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1945 average. . . . .75 .44 1.00 .375 .81 1.18 1941 average 2.54 1.97 2.55 3.19 1946 average. .. . .81 .61 1.16 .375 .82 L.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 1944 average 2.59 2.11 2.68 1947—May . . 1.00 .81 1.38 .376 .85 1.27 1945 average 2.39 1.99 2.51 2.73 June 1.00 81 1.38 .376 185 L .29 1946 average 2.34 1.82 2.43 2.85 July 1.00 .81 1.38 .703 .85 L .33 1947 average 2.28 1.81 2.33 2.76 August.... 1.00 .88 1.38 .748 .85 t .31 September. 1.06 .94 1.38 .804 .87 L .28 1944—March 2.63 2.10 2.75 3.12 October. . . 1.06 .94 1.38 .857 .97 L .35 June 2.63 2.23 2.55 3.18 November. .06 .94 1.38 .932 .99 L.47 September. 2.69 2.18 2.82 3.14 December.. L.19 1.03 1.38 .950 1.04 1.54 December. 2.39 1.93 2.61 2.65 1948—January. . . 1.31 1.06 1.50 .977 .09 1.63 1945—March 2.53 1.99 2.73 2.91 February.. 1.38 1.06 1.50 .996 .10 1.63 June 2.50 2.20 2.55 2.80 March 1.38 1.06 1.50 .996 .09 1.60 September. 2.45 2.05 2.53 2.81 April 1.38 1.06 1 50 .997 .10 1 58 December. 2.09 1.71 2.23 2.38 May 1.38 1.06 1.50 .997 .09 1.51 1946—March 2.31 1.75 2.34 2.93 Week ending: June 2.41 .84 2.51 2.97 May 1 .... 1 /is 11/16 1H .998 1.10 1.58 September. 2.32 .83 2.43 2.75 May 8.... 1% 11/16 .998 [. 10 1.57 December. 2.33 .85 2.43 2.76 May 15 1 H 11/16 1 L^ .997 L.09 1.54 May 22 .... 1 % 11/16 l^ii .997 1.07 1.47 1947—March 2.31 .82 2.37 2.80 May 29 11/16 .997 1.08 1.47 June 2.38 .83 2.44 2.95 September. 2.21 .77 2.25 2.69 December. 2.22 .82 2.27 2.61 JIS was 1.50 1948—March 2.46 2.09 2.52 2.83 >er cent uegiiimiig .n.ug. z, iv^o. rrior to cuac uaie n was 1.25 per cent. 8 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) 3 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 40 40 40 1945 average 1.60 2.37 .67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average 1.45 2.19 .64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average 1.59 2.25 .01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1947—May 1.53 2.19 .95 2.49 2.79 2.53 2.63 2.82 3.17 2.60 3.05 2.71 June 1.56 2.22 .92 2.50 2.81 2.55 2.64 2.83 3.21 2.60 3.10 2.72 July 1.57 2.25 .91 2.51 .80 2.55 2.64 2.82 3.18 2.62 2.72 August 1.54 2.24 .93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 2.72 September 1.53 2.24 .92 2.57 2.85 2.61 2.69 2.86 3.23 2.67 2.78 October 1.58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 2.87 November 1.72 2.36 2.18 2.75 3.02 2.77 2.85 3.01 3.44 2.84 3.30 2.93 December 1.86 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 May 1.89 2.42 2.31 2.74 3.02 2.76 2.86 3.06 3.38 2.82 3.27 2.95 Week ending: May 1 1.98 2.44 2.33 2.76 3.04 2.87 3.07 3.44 2.84 3.32 2.96 May 8 1.97 2.44 2.32 2.75 3.04 2.77 2.87 3.07 3.42 2.84 3.31 2.96 May 15 1.93 2.43 2.32 2.74 3.03 2.77 2.86 3.06 3.40 2.83 3.29 2.96 May 22 1.85 2.40 2.30 2.73 3.01 2.85 3.05 3.36 2.81 3.26 2.95 May 29 1.84 2.39 2.28 2.72 3.00 2.75 2.85 3.04 3.34 2.81 3.24 2.95 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 9 issueg, 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. JUNE 1948 695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bondprices Stock prices5 Corporate * Common (index, 1935-39 = 100) o V f o t lu ra m d e ing7 (in Year, month, or week U G . o v S - . M ip u a n l ic- Medium- and lower-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 8 H gr i a g d h e - Indus- Rail- Public fa D ul e te - d ferred6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) l Total trial road utility Number of issues . 1-8 15 15 50 10 20 20 15 15 402 354 20 28 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 123.4 118.5 123.6 117.0 114.9 76.7 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 121.5 115.2 122.4 109.9 113.3 8 67.1 184.7 123 128 105 103 953 1947—May 104.48 133.9 122.9 115.0 123.2 109.2 112.5 61.9 186.2 115 119 95 102 912 June 104 08 134.4 122.8 114.3 122.6 107.3 113.0 63.4 186.2 119 124 98 101 833 July 103.75 134.7 122.5 115.7 122.8 110.5 113.8 69.6 188.4 126 132 108 102 1,158 August 103 89 134 3 122 3 116.1 123 9 110.4 113 9 69 6 188.7 125 130 105 101 674 September 103 95 134 4 121.5 115.1 121.9 109.3 114.1 68.6 188.3 123 128 104 102 763 October 103.44 132.5 120.0 114.0 120.8 106.9 114.3 69.4 181.2 125 131 104 101 1,136 November 102.11 129.4 118.8 113.3 120.0 105.1 114.7 68.1 174.5 124 130 100 97 862 December 101 59 126 2 117.0 112.5 119.1 104.6 113.9 (8) 172.1 122 129 104 94 1,170 194g—January 100 70 124 5 117 4 112 4 118.9 104 6 113 7 169.5 120 126 107 95 895 February 100.70 122.6 117.5 112.4 119.3 103.8 114.1 167.5 114 119 102 93 857 March 100.78 123.1 118.0 112.1 119.1 103.7 113.5 170.1 116 122 105 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 May 101 20 127 1 118 7 115.6 120.4 107.4 118.9 171.1 130 137 123 99 1,980 Week ending: May 1 100.84 126.6 118.6 115.1 119.9 106.9 118.4 168.7 126 132 119 97 1,415 May 8 100 85 126 8 118.7 115.4 120.3 106.9 118.8 171.2 126 132 117 97 1,382 May 15 100.99 126.8 118.7 115.6 120.3 107.1 119.3 170.7 128 135 121 99 2,440 May 22 101.42 127.1 118.7 115.6 120.4 107.6 118.8 171.2 132 139 126 101 2,476 May 29 101.53 127.5 118.7 115.7 120.6 108.0 118.7 171.2 134 142 127 101 1,657 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 8 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i a u n n r n n e e g d d - w ) - m T e ( a f i o e d o g n s t o r n d a - t - ) i l c Total S n m a p t i n a a c u d l t i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 T m e a ( f o i d e o g n t s r o n d a - t - ) i l c Total S n m a p t i n a c a u d l t i - e - a F c e g i e r e e a d s n l - 1 - Total Co n B r a o p o n t o n d e r d s a s te Stocks ei o g r n - 2 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 "l 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 89,608 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—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 8 1.033 «863 619 124 12 483 311 172 170 170 11 40 118 107 11 August. . . 517 326 326 185 8 132 121 11 191 191 3 40 147 140 7 September 785 621 621 277 85 258 175 84 165 165 42 122 113 9 October. . 813 713 713 114 599 410 189 101 101 5 20 76 51 25 November 705 571 571 101 470 336 134 134 134 2 48 84 78 6 December 1,160 1,029 1,024 99 925 780 144 130 130 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 April 951 784 783 171 50 562 432 131 2 166 166 1 114 50 50 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 1 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure* subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds2 proceeds* Repayment Other of Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 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—April 449 441 254 101 153 85 80 5 98 3 May 446 437 180 109 71 232 198 34 19 7 June 738 727 498 426 72 207 164 43 15 6 July... 601 588 435 370 64 112 103 9 17 24 August 248 245 118 99 19 104 102 3 16 6 September 441 434 244 179 65 154 154 1 9 26 October •. 622 612 510 388 122 33 15 18 45 24 November 561 547 425 354 71 81 74 7 22 18 December 1,078 1,063 932 800 132 93 91 2 12 26 1948—January 346 340 294 193 101 6 6 26 14 February 613 594 546 309 237 26 14 12 22 1 March 688 679 560 343 217 84 83 1 30 6 April 636 626 434 334 100 62 62 104 25 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934.: 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935.: 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 . 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 L 246 43 1 157 47 584 188 353 43 102 9 88 5 1940 . 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946.. 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,121 2,122 923 76 2,429 1,740 364 325 279 169 56 54 3947—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 Oct ober 35 31 4 303 280 8 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 April 51 32 19 265 233 14 17 269 154 24 91 41 15 5 21 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. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and >txpenses. 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 Duplication of the Board of Governors. JUNE 1948 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e a s p t r - - - f m p e N u a r r e r o c n o t o t d n a d s u l - - s s O g d o b u t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e i o i O n f n n d i i g g d n l u - c- c In h t c r e d a i m u l a s l s i - - g O 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 o e l r l v s u a 2 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 . . .. 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1 925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 1946 32,545 283 s 171 130 127 136 » 165 356 281 27* 302 321 »1 .139 82 657 1947 r3,670 '437 '334 '417 '205 r198 '238 '354 '480 345 '370 r293 1,786 89 837 Quarterly 1946—i 323 22 -19 -34 * -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 <51 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 «38 41 41 93 77 67 77 93 310 20 149 4 . . «853 97 « 61 102 •44 50 8 57 124 85 77 91 66 •415 21 209 1947—i '871 126 '70 94 449 47 '51 98 '89 '88 96 63 '421 20 177 2 '867 M00 83 105 '4 53 46 '58 64 '110 87 92 71 432 23 192 3 '900 MOO '77 103 '4 57 45 59 85 '121 81 93 '80 432 22 190 4 rl,033 '112 '105 115 '4 46 '59 '71 '108 '160 88 '90 '80 '501 23 278 1948—1 1,030 121 87 130 <61 49 62 83 196 90 93 57 527 22 207 PUBLIC UTILITY CORPORATIONS fin millions of dollars] Railroad * Electric power • Telephone7 Year or quarter r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i- s r O ev p i e n e n r g u a e t- I i b n n t e c c a f o o x o m m 8 re e e inc N o e m t e1 d D e i n v d i s - r O ev p i e n e n r g u a e t- 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 L 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 .803 396 177 173 f 046 7,627 273 289 235 3,814 970 647 456 1,992 277 200 171 1947 8,685 778 480 236 '4,244 961 652 470 2,149 192 131 133 Quarterly 1946—1 . . 1,869 39 14 56 967 303 196 107 475 84 54 43 2 1,703 -57 -45 52 919 225 151 109 497 75 53 43 3 2,047 161 128 41 931 212 143 109 502 56 44 43 4 2,008 130 191 85 998 229 157 130 519 62 49 42 1947—1 2,039 166 89 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 '1,118 228 160 129 589 58 39 30 1948—1 2,243 132 72 1,202 284 186 131 607 64 43 39 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 1 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. 6 Class I line-haul railroads, covering about 95 per cent of all railroad operations. • Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 1 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 telephoned 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). 698 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 b in d T e d t i a o e r e r e t r b i a c e n t l t s g t- Total 2 Tre b a il s ls ury c i C n a e t d e r e t s i b f o t i - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a e x v a i s a n u n g r d s y S is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t s t g e b t e c u e e e u a r a d e r r r i i s a i t n t n n i - g e - - s edness notes 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—May. 258,343 254,975 169,926 16,002 26,294 8,142 119,323 58,863 51,240 5,525 26,186 3,368 171 June. 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51.367 5,560 27,366 3,173 83 July.. 259,448 256,321 168,509 15,756 25,122 8,142 119,323 59,296 51,552 ,592 28,516 3,127 74 Aug.. 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 ,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 May. 252,236 249,958 160,888 13,761 20,065 11,375 115,524 59,747 53,143 4,741 29,323 2,278 70 nd trust funds, which aggregated 5,476 million on Apr. 30, 1948. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1948 [In millions of dollars] On basis of daily statements o o f f d U o n ll i a te r d s] States Treasury. In millions Am ou o t u - nt Funds receive p d e f r r i o o m d sales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills » Treasury bonds—Cont. June 3 1948 1,101 Dec. 15, 1949-52 2.. 3 H 491 Fiscal year June 10, 1948 . . 1,101 Dec 15, 1949-53 2..2K 1,786 ending: June 17 1948 1,107 Mar. 15, 1950-52 2 1,963 June—1940. . 2,905 1.109 114 June 24 1948 1,009 Sept.15, 1950-52 2..23^ 1,186 1941.. 4,314 1,492 203 "67' 395 148 July 1, 1948 1,200 Sept.15, 1950-52 2 4,939 1942.. 10,188 5,994 3,526 435 2 032 207 July 8 1948 1,205 Dec. 15, 1950 1)4 2,635 1943.. 21,256 11,789 8,271 758 2 759 848 July 15 1948 1,007 June 15, 1951-54 2,. 2 % 1,627 1944.. 34,606 15,498 11,820 802 2 876 2,371 July 22, 1948. . . 1,002 Sept. 15, 1951-53 2 7,986 1945.. 45,586 14,891 11,553 679 2 658 4,298 July 29, 1948. . . 1,006 Sept. 15, 1951-552... .3 755 1946.. 49,035 9,612 6,739 407 2 465 6,717 Aug. 5, 1948 905 Dec 15, 1951-53 2..2M 1,118 1947.. 51,367 7,208 4,287 360 2 561 5,545 A A u u g g . . 1 1 9 2 , , 1 1 9 9 4 4 8 8 . . . . 1 1 . . 0 0 0 0 4 6 M De a c r . . 1 1 5 5 , , 1 1 9 9 5 5 1 2 -5 -5 5 4 ...2)4 2 1,0 5 2 1 4 0 1947—May. . . 51,240 488 305 25 158 421 Aug. 26, 1948. . 1.108 J J J D u u u e n n n c e e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 2 2 2 - - - - 5 5 5 5 5 4 4 5 . 2 . ... . 2 . \ 2 2 2 i 8 5 1 , , , 6 5 8 7 0 6 2 2 1 2 5 5 S A J J u u e u n l p g y e t . . . . . . . . . . . . . . 5 5 5 5 1 1 1 1 , , , , 5 6 3 7 5 6 6 5 2 4 7 9 4 4 5 4 8 6 5 6 2 6 9 0 3 3 3 2 0 0 3 9 1 4 9 4 2 2 2 2 7 1 1 4 1 1 1 1 4 5 4 9 2 7 4 3 4 4 4 4 0 3 5 3 4 1 7 3 C J J J e u u u r l l n t y y , e o I I 1 f , , , 1 1 1 i 9 9 n 9 4 4 4 d 8 8 8 e . S b S . e e t . r e r . . . d • • n F G e * ', s • s 7 H /i 2 1 1 , , , 1 7 7 2 7 4 7 7 2 S J M M u e a a n p r r t e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 4 5 6 - - - 5 5 6 -5 9 6 0 8 2 2 2 . . . . . . . . . 2 2 2 2 ) M H % 4 2 1 , ,4 6 9 6 4 1 8 8 9 2 1 1 1948— O D N Ja c e o n t c v . . . . . . . . . . 5 5 5 5 2 1 2 2 , , , , 4 8 0 0 9 7 0 5 7 9 8 3 4 4 4 7 1 8 8 7 2 8 7 0 3 4 3 2 0 7 2 6 4 9 5 3 2 2 4 1 2 4 4 7 2 1 1 1 4 6 3 3 8 2 1 7 4 3 4 4 0 5 5 3 4 4 7 4 July L, 1948 Ser.'H'' Vs 2,209 Sept.15, 1956-59.. .2% 3,823 Feb.. . . 52,793 607 367 40 201 364 Oct. L, 1948 Ser.T* 1,354 June 15, 1958-63 J..2M 919 Mar.... 52,988 588 383 30 175 462 Oct. L, 1948 Ser.'K** i 1,467 June 15, 1959-62 3..2)4 5,284 Apr.. . . 53,065 468 320 20 128 452 Jan. , 1949 \Vs 2,592 Dec 15, 1959-62 3..2M 3,470 May. .. 53,143 432 305 17 110 428 Feb. 1, 1949 2,189 Dec 15. 1960-65 2 2% 1,485 A M p a r r . . 1 L , , 1 1 9 9 4 4 9 9 I 1 V H 3 1 , ,0 5 5 5 5 3 J D u e n c e 1 15 5 , , 1 1 9 96 6 2 3 - - 6 6 7 8 3 3 . . . . 2 2 H V2 2 2 , , 8 11 3 8 1 Maturities and amounts outstanding May 31, 1948 J D M u e a n c r e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 5 4 - - - 6 7 6 9 0 9 3 3 3 . . . . . . 2 2 2 ) ) ) 4 4 4 3 3 5 , , , 7 1 8 9 6 3 7 1 8 m Y a e t a u r r i o t f y se A ri l e l s S C e - ri D es Se E ries Se F ries Se G ries Treasury notes Mar. 15, 1966-71 3..2)4 3,481 Sept. 15, 1948... 1)4 3,748 June 15, 1967-72 K.2)4 7,967 J O a c n t . . 1 1, , 1 1 9 9 4 4 9 8 . . . . . . m 1 3 4 , , 5 0 3 92 5 S D e e p c t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 -7 -7 2 2.. \ . . 2 2 ) ) 4 4 1 2 1 , , 7 6 1 8 6 9 1 1 1 9 9 9 5 4 4 0 9 8 3 9 8 8 3 2 9 0 0 3 9 8 8 3 2 9 0 0 Postal Savings 1951 1,553 431 1,122 1952 4,168 4 168 T S T r e e u p n a t e s . u 1 1 r 5 5 y , 1 1 B 9 9 o 4 4 8 n 8 d 2. s . 2 i Y % 2 3 '4 0 5 6 1 2 Pa b n T o a n o m t d a a s l C di a re n c a t l i L ss o u a e n s 2 . . ) . 3 4 .. 160,8 1 8 5 1 8 0 4 1 1 1 1 9 9 9 9 5 5 5 5 3 5 4 6 .... 9 6 7 8 , , , , 6 1 3 3 0 5 9 7 3 7 4 5 6 6 5 2 , , , 0 5 9 9 8 9 5 6 1 3 5 0 2 5 5 6 2 0 7 5 9 4 4 3 2 2 2 1 , , , 1 1 2 5 0 2 0 4 8 5 7 1 J D u e n c e 1 1 5 5 , 1 19 9 4 4 8 9 -5 5 1 0 Y. 2 2 1,0 5 1 7 4 1 Guaranteed securities 1957 6,103 3,274 523 2,306 Sept. 15, 1949-51 ..2 1,292 Federal Housing Admin. 1 1 9 9 5 5 9 8 4 2 , , 2 51 6 8 6 1,473 3 32 0 9 1 2 2 , , 4 18 9 9 2 Dec. 15, 1949-51 ..2 2,098 Various 27 I960 908 133 775 Unclassified. . -42 1 Sold on discount basis. See table on Open-Market Money Rates, p. 695. 2 Partially tax exempt, Total 53,143 2,599 31,625 3 245 15,744 s Restricted. JUNE 1948 699 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] Gross debt Held by banks Held oy nonbank investors E m n o d n t o h f i b n T e te a o r r t e i a n s l g t- Total Com- Federal Indi- I a n n s c u e r- Mutual r c O a o t t r i h p o e o n r - s S l a o t n c a d a te l a m U nd . e n S t t r . u a G s g t o e v n f e c u r i n n e d s - s securities Total mercial Reserve Total viduals com- savings and govbanks 2 Banks panies banks associa- ern- Special Public tions ments issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2 400 600 6,120 2,375 Dec.... 63,768 64,262 23,654 21,400 2,254 40,608 14,100 8,200 3,700 4 400 700 6,982 2,558 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 Dec... 111,591 112,471 47,289 41,100 6,189 65,182 24,500 11,300 4,500 11 600 1 000 9,032 3,218 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15 500 1 500 10,871 3,451 Dec.... 168,732 170,108 71,443 59,900 11,543 98,665 38,400 15,100 6,100 20 000 2 100 12,703 4,242 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25,900 3 200 14,287 4,810 Dec... 230,361 232,144 96,546 77,700 18,846 135,598 53,500 19,600 8,300 28,100 4 300 16,326 5,348 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30,900 5 300 18,812 6,128 Dec.... 276,246 278,682 115,062 90,800 24,262 163,620 64,800 24,400 10,700 30,200 6 500 20,000 7,048 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25,300 6 500 22,332 6,798 Dec... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22,400 6 300 24.585 6,338 1947—June... 255.197 258,358 91,872 70,000 21,872 166,486 67,100 25,000 12,100 22,300 7 100 27,366 5,445 1947—Oct.. .. 256,348 259,155 92,168 70,000 22,168 166,987 66,800 24,900 12,200 22,000 7,200 29,447 4,488 Nov... 255,674 258,301 91,709 69,500 22,209 166,592 66,700 24,700 12,100 21,700 7,300 29,517 4,675 Dec.... 254,281 256,981 91,259 68,700 22,559 165,722 66,600 24,300 12,000 21,200 7,300 28,955 5,397 1948—Jan.. . . 254,030 256,651 90,925 69,000 21,925 165,726 66,600 24,100 12,000 21,200 7,200 29,148 5,452 Feb.... 252,174 254,683 88,524 67,500 21,024 166,159 66,700 23,900 12,000 21 4.00 7,200 29,246 5,637 Mar... 250.707 253,068 86,287 65,400 20,887 166,781 66,800 23,800 12,100 21!800 7,500 29,272 5,701 1 Revised to include non-interest bearing debt. 2 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 400 million om Feb. 29, 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 a - l Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ancc 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 (x) banks panies trust trust funds funds Type of Treasury bonds security: and notes, due or callable: Total:1 Within 1 year: 1945—Dec 198,820 7,00924,26282,830 10 491 23 183 51,046 1945—Dec 15,222 185 2.017 9,956 63 235 2,76t 1946—June 189,649 6,768 23,78376,578 11 220 24 285 47,015 1946—June.... 10,119 4 1,431 5,655 116 495 2,41& Dec 176,658 6,302 23,35066,962 11 521 24 346 44,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,961 11 845 23 969 42,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165.791 5,261 22,55961,370 11 552 22 895 42,154 Dec 14,263 69 1.693 8,244 266 316 3,675 1948—Feb '162,787 5,50021,02460,149 11 590 22 449 42,075 1948—Feb 17,798 69 2,028 9,102 326 407 5,866, Mar.... 161,367 5,56420,88758,087 11 624 22 310 42,895 Mar.... 15,459 23 2,002 7,247 245 338 5,604 Treasury bills: 1-5 years: 1945—Dec 17,037 5 12,831 2,476 1 1,723 1945—Dec 35,376 408 693 25.165 701 1,742 6,673 1946—June 17,039 3 14,466 1,142 "3 1 1,424 1946—June.... 35.055 443 797 25,285 709 1,506 6,319 Dec 17,033 2 14,745 1 187 11 1 088 Dec 39,570 576 831 28,470 1,047 2,101 6 550 1947—June 15,775 11 14,496 787 1 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 7^193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,377 33,415 1,876 3,046 9,89a 1948—Feb 14,438 81 9,211 2,830 60 341 1,915 1948—Feb 46,413 344 1,999 31,155 1,954 2,907 8,054 Mar.... 13,945 89 8,851 1,984 78 273 2,670 Mar 46,413 344 2,058 31,050 1,982 2,877 8,102' Certificates: 5-10 years: 1945—Dec 38,155 38 8,36418,091 91 360 11,211 1945—Dec 33, 025 787 210 21,007 2,058 2,902 6,063 1946—June.... 34,804 58 6,813 16,676 243 576 10,439 1946—June.... 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,496 11,221 257 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18,932 423 40 11,577 1,245 2,002 3.645 Dec 21,220 30 6,797 6,538 200 269 7,386 Dec 10,270 370 426 6,090 576 880 1,928 1948—Feb 18,920 36 4,391 6,306 308 365 7,514 1948—Feb 10 270 370 503 6,072 571 857 1,897' Mar 20,331 36 4,481 7,128 356 410 7,920 Mar.... 10 270 367 503 6,047 565 867 1,921 Treasury notes: 10-20 years: 1945—Dec 22,967 8 2,120 15,701 179 576 4,383 1945—Dec 34,985 2,779 90 3.691 5,52310,99611,905 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June.... 37. 18Q 3,400 83 3,308 6.026 12,54711,829- Dec 10,090 6 355 6,120 211 603 2,796 Dec 32,384 2,975 78 2.433 5,30311,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40 352 3,374 78 2,587 6,75115,13712,425 Dec 11,3 75 4 1,477 5,327 98 245 4,224 Dec... 54 757 4.393 834 5,003 8,60618,211 17,710 1948—Feb 11,375 4 1,734 4,945 134 260 4,298 1948—Feb 54 757 4,564 2,893 4,658 8,36917,55916,714 Mar.. .. 11,375 4 1,883 4,556 133 244 4,555 Mar.... 54 757 4,669 2,991 4,607 8,39417,53016,566v Treasury bonds: After 20 years: 1945—Dec 120,423 6,915 947 46,535 10 217 22 230 33,579 1945—Dec 24 781 2,764 57 2,418 2,051 6,93310,559 1946—June... 119.323 6,655 755 47,335 10 743 23 073 30,764 1946—June.... 22 372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,186 753 48,408 11 049 23 226 29,700 Dec 22 372 2,084 55 2,632 2,687 6,602 8,313 1947—June.... 119,323 5,306 727 48.756 11 407 23 305 29,822 1947—June.... 14 405 964 29 2,593 1,649 3,358 5,812 Dec... 117.86^ 5,1 73 2,85347,424 11 226 22,2H 28.974 Dec 1948—Feb 117.863 5,343 5,68846,042 11 087 21 468 28,235 1948—Feb Mar.. .. 115,524 5,400 5,67144,394 11,05421,369 27,636 Mar 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 c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n 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 c O e 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 I e o e e n s n r b t - - t a f W i a e c d t n n t i e a e i 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 s t 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 c g l o u i e t r s t c T e o a r t u c c u n - . s 4 t t s G ba f e d d u l n u e a n e c n r d i r r c n a e e l g as e 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 17,76646,4573,617 90,501 1,646 4,633 100,397 -53,941 +791 +4,529 +57,679 June 1946 9,392 21,493 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—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 2,806 154 907 70 1,978 3,109 -302 +312 -741 -750 May 1,358 428 401 673 223 3,083 2,707 124 P935 1 1,544 2,604 + 103 +235 +334 -3 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets penditure 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 a G n i o n g m o u g e c v n n h e e t c n e a s r i c t c 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 B p e e D o a d s i s n n e e e i r k - r t v a s s e l d s p t p e a D o p e i r s n c o e i i e i - s t a s 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 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—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 8749 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. . . 433 230 134 111 149 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 May 577 106 142 148 101 10 39 5,327 1,714 2,007 1,606 381 4,946 P Preliminary. 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 ( —). 5 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 OF THE UNITED STATES TREASURY * [On basis of reports of collections. In millions of dollars] [In millions of dollars] Individual Corporation income Excess in- Period W h in e it l c h d o - me t O ax t e h s er N su o a r r n t m d a a x a n l d p E p r r x o o c f f i e i t t s s s taxe p O s t r a o t x h f e i e t s r s E t a a s g n x t if a d e t t s e o c E e t x h l t c l e a a i r x s n e e e m s o a i u n s s - d Period in C c a o s m h e o C u a t s g h o co o g m r o e 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—i94i 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 1 1 1 1 9 9 9 9 4 4 4 4 5 7 6 4 1 9 9 7 0 , , , , 8 8 8 2 4 5 6 2 2 8 4 3 1 9 8 8 0 , , , , 5 8 7 4 0 4 7 3 1 7 0 8 4 5 4 6 , , , , 6 8 0 2 4 8 5 8 0 0 5 4 1 9 3 7 1 , , , , 3 5 8 0 2 4 6 0 2 5 6 4 1 1 9 5 3 4 1 5 7 4 6 5 6 7 7 1 4 7 7 1 3 9 4 6 7 7 , , , , 8 3 0 2 1 4 3 8 7 2 6 5 1947— J J M A u u p a l n y r y e il 3 2 5 2 , , , , 3 8 2 5 1 1 6 9 5 9 4 5 3 3 3 5 , , , , 3 6 1 3 9 5 9 5 3 4 0 0 + - -8 8 - 1 3 2 3 0 5 7 5 2 1947— J A J M A u u u p a l n y g r y e i u l st 1 1 1 1 , , , , 5 1 4 0 2 9 3 1 3 8 5 3 4 3 1,0 6 2 1 6 6 9 4 5 8 2 7 8 8 1,3 3 2 2 1 8 7 7 2 7 6 0 6 8 0 4 4 6 6 6 9 3 3 1 6 3 2 2 2 1 6 5 6 6 7 2 5 6 8 9 5 5 6 5 5 7 7 1 3 6 2 2 8 9 0 A S O N D e u c o e p t g c v o t e u e e b m s m m e t b r b b . e e e r r . r . . . . 3 4 3 2 4 , , , , , 1 7 6 0 3 9 1 3 3 4 3 1 0 0 8 3 3 2 3 2 , , , , , 1 9 6 5 5 5 1 5 3 2 2 2 3 9 0 + + + + + 5 7 8 4 1 5 1 1 1 0 3 6 8 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 April 2,960 2,956 +4 1948— F Ja e n b u r a u r a y ry... 2,2 6 5 4 0 5 2 1 , ,0 3 0 3 4 8 3 4 2 7 6 3 2 1 2 7 4 1 5 7 6 2 5 5 6 8 2 6 1 Difference between these figures and changes March 279 2,034 2,276 20 1 125 603 April 1,165 602 376 13 1 118 578 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES * [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Li i a n b t i e l r i a ti g e e s, n c o y th e it r e m th s an Corporation or agency Total Cash L c a r e o b e i a - l v e n - s m m C p s r 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 S u m n t s - . . v e e n O r s s t 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 e u n u e d n i d c s p t - , , - c u h f u t 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 - s er 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 l O i 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 n S v t r - t - - . o v in w P a e t r t s e n i e t - r e l - y d All agencies: Dec. 31, 1946 30,409 1,398 6,649 1,265 1,873 54716,924 3391,414 261 1,252 3,58824,810 498 Mar. 31, 1947 32,337 1,588 7,294 1,003 1,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 June 30, 1947 429,666 1,792 7,662 851 1,777 3,56512,691 1651,163 83 506 2,04526,763 269 Sept. 30, 1947 5 31,037 1,556 9,212 1,093 1,725 3,55312,662 283 953 84 667 2,14428,005 138 Dec. 31, 1947 30,966 1,481 9,714 822 1,685 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 C6) 109 Regional Agricultural Credit Corp. 2 1 (6) 2 Agricultural Marketing Act Revolving Fund 3 2 3 Federal Farm Mortgage Corp 126 94 122 Rural Electrification Administration 759 19 733 () 759 Commodity Credit Corp 1,296 413 261 448 172 44 578 675 Farmers' Home Administration.... 395 55 278 54 15 380 Federal Crop Insurance Corp 43 25 14 8 35 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 613 37 436 139 262 100 124 127 Federal Savings and Loan Insurance Corp 189 184 185 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 25 132 1 33 5 168 Federal National Mortgage Association 4 4 4 Reconstruction Finance Corp.7 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 1,026 Federal Works Agency 219 2 140 2 4 219 Tennessee Valley Authority 788 17 754 5 776 U. S. Maritime Commission: 12 Maritime Commission functions 8... 4,192 560 1 3,305 29 212 3,799 War Shipping Adm. functions 9 7,003 163 6,507 115 191 393 6,670 All other w 8,659 40 3,506 21 3,386 1,634 10 47 333 8,597 61 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1947 Purpose of loan M F C F a o e o r r d m r p . t . . 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 p i a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u d l o i e r c m n c a a - l . - F A H e a d r o r s m m ' m . e - H O C L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e d l . s i C - . 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 - a S g e 1 e p 9 a n 4 t l c 7 . l , i 3 e 0 s , To aid agriculture 109 336 276 280 734 556 (6) 8 2,299 2,200 To aid home owners ... 486 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 ('•) 1 18 278 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. 5 Detailed figures published in BULLETINS for January, February, and March, 1948, pp. 82, 214, and 320, respectively, should be corrected as follows (in millions of dollars): Federal Housing Administration—Bonds, notes and debentures (1) Fully guaranteed, 33, and (2) Other, 0; Reconstruction Finance Corporation—U. S. Government interest, 1.503. 6 Less than $500,000. 7 Includes U. S. Commercial Co. and War Damage Corp. 8 Figures are for Mar. 31, 1947. 9 Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 10 Figures for three small agencies included herein are for dates other than 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. 702 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] In (p d h 1 u y 9 s s 3 tr i 5 c ia - a 3 l l 9 v p o r = o lu d 1 m u 0 c e 0 t ) i * o 1 n aw 1 C 9 a 2 o c r 3 d n o - e s n 2 t d t r 5 r u a ( c c v = t t a i s o l 1 u n 0 e 0 )2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 ta Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year and month Total Du f M r a - c a tu n r u N e - s on- M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l a n i - - l - Factory 1 r 9 o p 1 3 l a 0 9 l y s 0 = « c 1 a 9 i = n r 3 l g 1 5 o s 0 - a * 3 0 d 9 - 19 u s ( 3 v a e = 5 ) l a * e 1 - l s * 3 - 0 9 0 1 s p 9 u = r 3 m i 1 5 c 0 e - e 3 r 0 s s 9 p m c = 1 r o i o 9 1 c m d 2 e 0 6 i s - 0 t 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 1919. 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920. 75 93 60 83 63 30 90 104.2 124.2 129 99 143.3 154.4 1921. 58 53 57 66 56 44 65 79.7 80.2 110 92 127.7 97.6 1922. 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923. 88 103 72 98 84 81 86 101.0 109.1 142 105 121.9 100.6 1924. 82 95 69 89 94 95 94 93.8 101.7 139 105 122.2 98.1 1925. 90 107 76 92 12 124 120 97.0 107.2 146 110 125.4 103.5 1926. 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927. 95 107 83 100 129 117 139 96.8 108.5 147 114 124.0 95.4 1928. 99 117 85 99 135 126 142 96.9 109.7 148 115 122.6 96.7 1929. 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 95.3 1930. 91 98 84 93 92 50 125 96.2 89.8 94.7 131 108 119.4 86.4 1931. 75 67 79 80 63 37 84 87.1 75.8 71.8 105 97 108.7 73.0 1932. 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64.8 1933. 69 54 79 76 2. 11 37 77.5 71.3 53.1 82 73 92.4 65.9 1934. 75 65 81 80 32 12 48 84.9 83.1 68.3 89 82 95.7 74.9 1935. 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936. 103 108 100 99 55 37 70 95.1 96.4 91.2 107 100 99.1 80.8 1937. 113 122 106 112 59 41 74 101.4 105.8 108.8 111 107 102.7 86.3 1938. 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100.8 78.6 1939. 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99.4 77.1 1940. 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941. 162 201 142 125 122 89 149 119.4 132.1 167.5 130 133 105.2 87.3 1942. 199 279 158 129 166 82 235 131.1 154.0 245.2 138 150 116.5 98.8 1943. 239 360 176 132 68 40 92 138.8 177.7 334.4 137 168 123.6 103.1 1944. 235 353 171 140 41 16 61 137.0 172.4 345.7 140 187 125.5 104.0 1945. 203 274 166 137 68 26 102 132.0 151.8 293.4 135 207 128.4 105.8 1946. 170 192 165 134 153 143 161 134.4 142.0 266.4 132 264 139.3 121.1 1947. 187 220 172 149 157 142 169 140.5 154.1 324.3 143 285 159.2 151.8 1946 May 159 159 175 161 115 169 179 161 133.4 140.7 139.6 253.5 106 258 131.7 111.0 June 170 171 193 162 139 174 177 172 134.3 142.2 141.9 262.8 133 '275 133.3 112.9 July 172 174 202 157 146 165 161 168 134.7 143.0 143.6 267.1 139 272 141.2 124.7 August 178 180 208 164 144 158 157 158 136.4 146.3 147.7 284.4 141 292 144.1 129.1 September 180 184 212 165 146 151 147 155 137.6 148.6 149.5 290.3 138 271 145.9 124.0 October 182 184 214 168 145 145 140 148 138.1 149.1 149.6 292.8 139 '259 148.6 134.1 November 183 183 214 173 136 139 122 152 139.1 151.5 152.0 298.2 137 271 152.2 139.7 December 182 180 211 174 137 154 143 163 139.4 152.4 152.8 306.2 140 276 153.3 140.9 1947 January.... 189 184 221 176 146 146 144 148 139.5 153.4 152.7 307.3 150 265 153.3 141.5 February. . . 189 185 222 176 146 151 152 149 139.8 154.4 153.7 310.6 142 '267 153.2 144.5 March 190 187 225 175 148 132 129 134 140.0 154.6 154.0 314.1 146 272 156.3 149.5 April 187 185 222 172 143 133 123 142 138.9 153.8 152.9 310.7 137 277 156.2 147.7 May 185 185 218 170 151 127 110 140 138.9 151.9 150.6 312.2 142 '289 156.0 147.1 June 184 185 219 168 148 136 116 152 139.8 151.7 151.4 319.6 137 '288 157.1 147.6 July 176 178 207 163 140 155 136 170 139.0 149.4 150.1 314.2 134 286 158.4 150.6 August 182 185 210 169 150 166 150 179 140.2 152.7 154.3 323.3 143 283 160.3 153.6 September. . 187 191 217 172 153 183 168 195 141.5 155.7 156.6 336.9 142 292 163.8 157.4 October 190 194 223 176 155 184 170 196 142.2 156.4 156.9 341.6 145 '278 163.8 158.5 November. . 192 193 224 179 155 193 163 217 142.4 156.8 157.3 345.0 147 302 164.9 159.7 December... 192 189 229 173 156 197 161 227 143.1 157.8 158.2 356.3 149 '302 167.0 163.2 1948 January. . .. 193 189 229 '178 154 191 152 223 143.5 157.5 156.8 349.2 145 284 168.8 165.7 February... 194 190 226 180 155 187 152 215 142.6 156.4 155.7 344.7 139 '285 167.5 160.8 March 191 188 229 177 142 181 148 208 142.8 157.3 156.6 348.9 130 284 166.9 161.4 April P187 P216 P176 P147 P179 P156 P197 '142.1 '153.5P152.6 130 304 169.3 162.7 * Average per working day. P Prelimin 1 For indexes by groups or industries, see pp. JUNE 1948 703 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 Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. Industrial Production—Total . 187 183 184 176 182 187 190 192 192 193 194 191 P187 Manufactures—Total 194 191 191 183 188 192 197 199 198 200 201 200 P194 222 218 219 207 210 217 223 224 229 229 226 229 P216 Iron and Steel . .. 195 197 193 181 188 195 204 202 205 203 203 207 P177 Pig iron 189 193 189 174 187 188 198 197 196 197 196 190 151 Steel 213 215 211 198 205 214 224 222 226 224 226 234 207 Open hearth . 178 179 176 166 170 177 184 182 185 182 180 184 154 Electric 461 469 458 429 454 477 509 503 516 526 551 587 Machinery 276 273 275 266 267 276 280 281 288 r285 283 P275 Transportation Equipment 237 225 233 217 213 227 232 234 244 244 231 242 P236 193 179 191 185 180 197 198 200 206 206 192 203 P198 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 197 187 179 171 170 174 179 185 189 194 198 200 P197 Smelting and refining.. 203 198 188 181 180 182 176 177 183 187 189 192 P201 (Copper smelting; Lead refining; Zinc smelting; Fabricating 195 183 176 167 167 171 180 188 192 197 201 203 P196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 144 142 142 133 142 140 143 150 153 Till 150 151 P141 Lumber . . 135 134 133 121 133 128 128 137 139 143 135 137 P125 Furniture 161 158 160 155 160 164 172 176 181 178 177 P173 Stone Clay and Glass Products 211 200 207 195 199 202 201 201 205 '202 207 210 P211 Glass products 234 229 230 207 211 219 210 207 199 187 197 '205 212 Plate glass 151 163 154 124 151 151 156 143 141 149 166 160 165 Glass containers 263 251 257 235 231 243 229 229 218 200 208 '219 228 Cement 175 141 171 164 171 171 174 178 196 199 208 196 193 Clay products 164 162 164 160 162 160 161 162 166 179 168 176 P176 Gypsum and plaster products 218 210 216 224 225 221 230 236 236 '246 246 248 P241 Abrasive and asbestos products 249 247 239 220 216 226 224 226 244 '215 '242 247 P242 172 170 168 163 169 172 176 179 173 178 180 177 P176 Textiles and Products 166 164 155 142 154 160 164 172 163 178 179 175 P172 Textile fabrics 154 152 143 129 142 147 152 159 149 165 161 P158 Cotton consumption .. 154 148 133 118 130 130 139 149 131 153 153 147 147 Rayon deliveries 270 271 263 263 267 278 280 290 287 300 302 297 Wool textiles 159 161 155 130 156" 168 167 172 166 181 185 178 Carpet wool consumption. 170 191 175 141 184 192 194 196 183 212 212 219 Apparel wool consumption 195 186 175 149 176 184 185 182 171 192 '202 188 ^Vool and worsted yarn 149 147 144 121 147 162 160 164 161 172 '176 166 Woolen yarn 128 126 124 108 134 144 140 142 141 152 154 145 ^^orsted yarn 178 177 174 139 165 188 188 194 189 200 r2O6 196 Woolen and worsted cloth 158 156 152 132 148 159 159 167 164 175 '181 171 Leather and Products 116 113 107 101 116 122 126 124 114 120 123 115 P108 Leather tanning 119 119 114 106 115 120 121 122 113 116 116 102 Cattle hide leathers 137 138 130 121 130 131 136 141 129 132 »-133 115 Calf and kip leathers . 102 96 94 78 93 103 94 88 83 85 80 69 Goat and kid leathers 79 88 92 90 87 94 100 93 89 96 95 91 Sheep and lamb leathers 95 83 84 84 101 118 112 108 101 101 '100 95 Shoes 113 109 103 97 117 123 128 126 114 122 127 123 P113 Manufactured Food Products 158 155 154 155 157 158 156 158 158 rl58 T160 158 P158 Wheat flour 149 144 152 143 148 136 136 143 133 140 134 122 P132 Cane sucrar meltings* Manufactured dairy products P154 P152 P155 P157 P147 P148 P147 PI 40 P138 P139 P139 P145 P149 Butter 82 79 82 85 74 76 75 66 66 67 65 69 71 Cheese 206 191 196 197 174 167 163 151 148 156 150 '159 170 Canned and dried milk . . 173 173 184 188 158 160 157 137 130 127 134 158 175 p Preliminary. r Revised. i Series included in total and group indexes but not available for publication separately. 704 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 o Governors. 1935-39 average= 100] 1947 1948 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Produtcs—Continued Meat packing , 150 151 152 156 145 146 142 170 160 150 147 131 125 Pork and lard 153 154 157 171 155 144 141 185 173 156 161 140 136 Beef 159 159 154 149 140 153 146 159 154 154 141 131 122 Veal 121 119 141 154 158 174 171 190 149 128 115 98 102 Lamb and mutton 105 102 104 93 91 99 109 114 107 98 102 91 83 Other manufactured foods 161 158 154 156 160 163 161 160 164 r165 167 Processed fruits and vegetables 145 138 132 133 138 149 134 129 138 M45 155 P145 Confectionery ... 149 153 135 119 118 125 134 144 150 144 149 143 Other food products 168 164 163 168 173 174 172 171 173 174 177 174 P177 Alcoholic Beverages . . 189 162 159 164 176 198 229 219 167 167 198 191 182 M^alt liquor * 154 149 150 157 168 196 204 203 165 169 171 157 153 Whiskey 131 106 79 55 56 78 71 1 5 37 115 152 160 Other distilled spirits . . . . 503 350 319 329 385 277 323 119 94 220 431 526 383 Rectified liquors ... 276 194 215 231 238 297 468 562 376 264 310 239 255 Industrial Alcohol from Beverage Plants ^ Tobacco Products 160 142 159 156 160 163 175 169 149 153 155 164 184 Cigars 94 106 101 98 107 113 126 124 100 104 113 102 101 Cigarettes . . 221 187 216 210 211 213 229 224 201 204 203 225 257 Other tobacco products 68 55 66 72 80 83 80 68 61 69 70 67 75 Paper and Paper Products . . . ... 156 161 160 146 158 159 163 165 158 163 163 166 168 Paper and pulp . . 150 155 155 140 153 153 157 160 153 157 160 162 Pulp 169 173 178 160 178 171 177 182 168 174 r\ 77 178 180 Groundwood pulp 97 97 105 108 113 110 105 97 96 88 94 90 97 Soda pulp . . 112 112 116 98 105 104 107 112 107 109 "•110 103 108 Sulphate pulp 254 265 277 253 278 259 275 281 255 276 '269 285 293 Sulphite pulp 150 151 151 131 151 149 154 159 148 151 161 153 151 Paper . 147 152 151 137 149 150 154 156 150 155 157 159 Paperboard 178 184 179 166 178 182 184 186 177 187 179 192 192 Fine paper 87 88 88 75 86 87 89 89 86 86 88 '85 87 Printing paper . . . 158 160 162 147 157 157 167 168 162 162 rl70 ••162 165 Tissue and absorbent paper 144 148 147 136 148 151 152 158 158 163 161 •"162 169 Wrapping paper 132 141 144 124 138 135 141 146 139 145 150 ••147 150 Newsprint . . 93 92 91 91 94 97 91 90 88 82 83 82 89 Printing and Publishing 141 142 146 139 145 144 152 152 146 148 157 r150 154 i Newsprint consumption . 124 125 131 131 133 131 138 137 131 134 144 139 143 Printing paper (same as shown under Paper) Petroleum and Coal Products Pi 7 9 P184 vl9l P195 P201 P203 P204 P205 P208 P214 P215 P212 v210 Petroleum refining 2 Gasoline 139 145 154 157 163 162 162 159 160 159 155 154 P161 Fuel oil . 163 171 173 178 180 183 187 186 193 201 206 200 P196 Lubricating oil 156 163 168 157 164 154 160 162 170 163 164 164 170 175 182 186 177 169 177 178 187 199 213 210 Other petroleum products * Coke . 166 168 165 161 171 170 177 177 179 178 179 166 137 By-product coke 162 161 160 156 164 162 169 170 171 171 171 164 135 Beehive coke 324 428 340 307 415 439 449 414 440 442 421 »-237 186 Chemical Products 251 253 250 251 249 248 248 251 254 255 251 249 P248 Paints 155 153 151 152 152 153 152 155 155 158 158 154 P149 Soap 138 137 142 135 135 137 138 148 150 151 147 140 P121 Rayon 289 292 251 291 294 295 294 297 299 298 301 303 P303 Industrial chemicals .... 433 435 439 438 431 425 427 431 438 437 434 432 P436 Other chemical products1 . Rubber Products . . 234 220 216 207 210 217 223 225 230 223 r?rt 207 P201 Minerals—Total. . 143 151 148 140 150 153 155 155 156 154 155 142 P147 Fuels 144 156 153 144 155 160 162 163 162 160 161 146 P147 Coal 122 153 140 113 143 153 156 159 153 152 148 99 P103 Bituminous coal . . 127 165 147 117 151 161 163 169 164 161 155 97 P102 Anthracite 102 104 110 93 114 122 126 119 111 112 118 108 P105 Crude petroleum 155 157 159 160 161 164 166 165 166 165 167 169 P169 Metals 136 124 122 117 117 HI 107 109 117 117 120 P118 Metals other than gold and silver 189 169 166 160 163 153 145 146 159 159 163 P161 Gold 60 64 63 60 56 55 53 55 55 59 59 Silver 68 66 61 51 47 55 63 73 78 67 64 p Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1948 705 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] 1948 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr, Industrial Production—Total. 185 185 185 178 185 191 194 193 189 189 190 188 P185 Manufactures—Total 193 191 191 184 191 197 200 200 196 197 197 197 P192 Durable Manufactures 222 219 220 208 212 219 224 224 227 226 223 228 P216 Iron and Steel 195 197 193 181 188 195 204 202 205 203 203 207 177 Pig iron 189 193 189 174 187 188 198 197 196 197 196 190 151 Steel 213 215 211 198 205 214 224 222 226 224 226 234 207 Open hearth. 178 179 176 166 170 177 184 182 185 182 180 184 154 Electric 461 469 458 429 454 477 509 503 516 526 551 r587 587 Machinery 276 273 275 266 267 276 280 281 288 '285 '284 283 P275 Manufacturing Arsenals and Depots1. Transportation Equipment 237 225 233 217 213 227 232 234 244 244 231 242 P236 Automobiles (including parts) 193 179 191 185 180 197 198 200 206 206 192 203 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 197 187 179 171 170 174 179 185 189 194 198 200 P197 Smelting and refining 203 198 187 180 180 182 176 178 183 187 189 192 P201 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 195 183 176 167 167 171 180 188 192 197 201 203 P196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 143 145 149 141 151 150 150 148 140 138 137 143 >140 Lumber.. . 134 138 143 133 147 143 138 133 119 117 116 P123 Furniture. 161 158 160 155 160 164 172 176 181 '179 178 177 P173 Stone, Clay, and Glass Products. 208 206 209 196 207 210 210 206 200 190 193 201 P208 Glass products 234 242 229 200 218 223 215 209 187 184 193 '205 212 Plate glass 151 163 154 124 151 151 156 143 141 149 166 160 165 Glass containers 263 269 254 225 241 248 236 231 203 196 201 '219 228 Cement 166 148 183 181 193 198 202 192 178 161 158 160 183 Clay products 160 162 163 160 166 166 169 169 172 166 160 169 P171 Gypsum and plaster products.... 215 213 221 224 226 225 236 240 242 236 235 238 P238 Abrasive and asbestos products. . 249 247 239 220 216 226 224 226 244 -215 "242 247 P242 Other stone and clay products1... Nondurable Manufactures 169 169 168 164 173 178 181 180 171 173 175 173 P173 Textiles and Products. 166 164 155 142 154 160 164 172 163 178 179 175 Textile fabrics 154 152 143 129 142 147 152 159 149 165 166 161 Cotton consumption 154 148 133 118 130 130 139 149 131 153 153 147 147 Rayon deliveries 270 271 263 263 267 278 280 290 287 300 296 302 297 Nylon and silk consumption x... Wool textiles 159 161 155 130 156 168 167 172 166 181 185 178 Carpet wool consumption. . 170 191 175 141 184 192 194 196 183 212 212 219 Apparel wool consumption. 195 186 175 149 176 184 185 182 171 192 '202 188 Woolen and worsted yarn. . 149 147 144 121 147 162 160 164 161 172 '176 166 Woolen yarn 128 126 124 108 134 144 140 142 141 152 154 145 Worsted yarn 178 177 174 139 165 188 188 194 189 200 "206 196 Woolen and worsted cloth.. 158 156 152 132 148 159 159 167 164 175 181 171 Leather and Products. 115 113 106 99 116 121 126 126 113 120 126 115 '108 Leather tanning 118 119 112 100 114 118 123 126 112 117 124 102 Cattle hide leathers 137 138 125 114 126 129 137 146 129 135 144 115 Calf and kip leathers 98 92 96 77 97 101 96 91 82 83 84 68 Goat and kid leathers 82 86 92 89 84 95 100 90 90 96 99 91 Sheep and lamb leathers. 93 89 83 78 105 115 112 114 96 94 110 92 Shoes 113 103 97 117 123 128 126 114 122 127 123 109 Manufactured Food Products. 144 154 166 178 182 167 161 154 146 144 P144 149 W Ca h n e e a t s u fl g o a u r r meltings l 143 138 146 141 147 148 144 144 132 140 136 120 P126 Manufactured dairy products.. P161 P202 P229 P229 P192 P156 P121 P91 P87 P99 P119 Pi 55 Butter 84 102 113 104 81 73 64 50 52 55 58 63 72 Cheese 214 256 279 242 195 170 147 113 106 116 123 143 177 Canned and dried milk 196 240 254 218 163 147 127 99 100 103 120 155 197 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 706 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] Industry Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr Mannfactured Food Products—Continued Meat packing 139 151 150 146 127 136 144 189 187 175 141 121 116 Pork and lard , 139 154 157 150 119 114 133 216 229 204 158 130 124 Beef 149 159 151 151 141 165 159 165 154 157 130 119 115 Veal 118 124 141 154 155 191 195 203 140 119 101 92 100 Lamb and mutton. 102 104 96 90 89 106 113 114 104 103 103 89 80 Other manufactured foods 143 143 146 163 186 196 179 167 161 151 152 149 P149 Processed fruits and vegetables. 88 90 101 173 263 290 173 118 108 '92 85 *>89 Confectionery 123 118 100 97 128 162 176 170 152 148 151 133 Other food products 161 160 165 171 176 177 181 180 176 167 168 P170" Alcoholic Beverages 182 167 178 182 181 206 252 196 146 142 176 172 178 Malt liquor 162 170 189 196 192 197 190 157 132 139 154 146 160 Whiskey 131 106 79 55 56 78 71 1 5 37 115 152 160 Other distilled spirits. . 302 210 198 191 208 379 837 251 103 143 259 342 230 Rectified liquors 276 194 215 231 238 297 468 562 376 264 310 239 255 Industrial Alcohol from Beverage Plants 1 Tobacco Products 151 142 165 162 165 172 181 172 139 153 147 155 173 Cigars 94 106 101 98 107 113 126 124 100 104 113 102 101 Cigarettes 205 187 227 221 222 228 238 228 185 204 190 209 239 Other tobacco products. 68 55 67 72 78 89 85 70 54 67 68 67 75 Paper and Paper Products. 156 161 160 145 158 159 163 165 157 163 163 167 169 Paper and pulp 150 155 155 140 152 153 157 160 152 157 159 160 163 Pulp 171 174 178 159 176 170 177 182 168 174 '178 179 182 Groundwood pulp , 106 105 106 96 100 98 97 103 97 91 '98 96 107 Soda pulp 112 112 116 98 105 104 107 112 107 109 110 103 108 Sulphate pulp 254 265 277 253 278 259 275 281 255 276 •269 285 293 Sulphite pulp 150 151 151 131 151 149 154 159 148 151 161 153 151 Paper 147 152 152 137 149 150 154 156 150 155 156 157 160 Paper board 178 184 179 166 178 182 184 186 177 187 179 192 192 Fine paper 87 88 88 75 86 87 89 89 86 86 88 85 87 Printing paper 158 160 162 147- 157 157 167 168 162 162 170 162 165 Tissue and absorbent paper 146 148 150 131 148 151 154 158 153 161 167 162 171 Wrapping paper 132 141 144 124 138 135 141 146 139 145 150 147 150 Newsprint 95 93 92 89 93 97 91 91 87 82 83 82 91 Paperboard containers (same as Paperboard). Printing and Publishing 144 145 146 130 139 145 156 158 150 144 '155 153 158 Newsprint consumption , 131 129 129 113 120 132 145 149 138 125 141 145 151 Printing paper (same as shown under Paper). Petroleum and Coal Products. . . vl79 I 84 vl95 P201 v203 '204 P205 P208 P214 v215 Petroleum refining 2 G Fu a e s l o l o in il e 1 1 3 6 9 3 1 1 4 7 5 1 1 1 5 7 4 3 1 1 5 7 7 8 1 1 6 8 3 0 1 1 6 8 2 3 1 1 6 8 2 7 1 1 5 8 9 6 1 19 6 3 0 2 1 0 5 1 9 2 1 0 5 6 5 2 1 0 5 0 4 p196 Lubricating oil 162 170 168 156 162 154 160 162 168 158 163 162 Kerosene 174 176 171 173 170 168 177 183 192 203 224 214 Other petroleum products x Coke 166 168 165 161 171 170 177 177 179 178 179 166 137 By-product coke 162 161 160 156 164 162 169 170 171 171 171 164 135 Beehive coke 324 428 340 415 439 449 414 440 442 421 •237 186 Chemical Products 253 252 247 247 245 248 251 252 255 253 252 251 P249 Paints 157 157 156 150 151 151 152 153 155 155 157 154 P151 Soap , 135 133 140 136 143 145 149 150 148 146 140 P119 Rayon 289 292 251 291 294 295 294 297 299 298 301 303 P303 I E n x d p u lo st s r i i v a e l s c a h n e d m a ic m al m s unition l. . . , 433 435 439 438 431 425 427 431 438 437 434 P436 Other chemical products * Rubber Products 234 220 216 207 210 217 223 225 230 223 '215 207 P201 Minerals—Total 139 153 152 145 155 158 158 155 151 149 149 137 P146 Fuels 144 156 153 144 155 160 162 163 162 160 161 146 PJ47 Coal 122 153 140 113 143 153 156 159 153 152 148 99 P103 Bituminous coal. 127 165 147 117 151 161 163 169 164 161 155 97 P102 Anthracite 102 104 110 93 114 122 126 119 111 112 118 108 P105 Crude petroleum 155 157 159 160 161 164 166 165 166 165 167 169 P169 Metals. . . 112 140 148 151 151 145 132 106 85 81 83 v82 Metals other than gold and silver; 153 200 213 220 219 206 183 136 101 103 P103 ( I C ro o n p p o e re r; Lead; Zinc)1 173 279 306 334 326 298 257 159 76 73 77 P263 Gold Silver p Preliminary. r Revised. i Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1948 707 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Total 154.0 152.9 158.2 156.8 155.7 156.6 152.6 310.6 314.1 310.7 356.3 349.2 344. 348.9 Durable goods 180.9 180.8 183.9 183.2 180.7 183.2 180.6 344.6 349.9 349.9 398 7 390.4 380. 389.5 Nondurable goods 132.8 130.9 138.0 136.0 136.0 135.7 130.6 277.4 279.2 272.3 314.8 308.9 309.6 309.1 Iron and Steel and Products 158.1 158.0 161.3 161A 160.8 161.3 158.9 287.9 294.2 297.5 338.7 334.8 330.5 333.5 Blast furnaces, steel works, etc 125 126 130 131 131 133 210 214 221 258 261 258 261 Steel castings 207 207 209 211 214 216 368 383 389 443 442 432 457 Tin cans and other tinware 130 133 150 149 144 140 239 244 250 337 320 302 290 Hardware 143 142 148 149 152 153 299 301 303 346 353 354 355 Stoves and heating equipment 175 171 185 180 176 169 344 354 348 423 396 387 369 Steam, hot-water heating apparatus 218 210 194 194 196 194 416 422 411 431 404 425 417 Stamped and enameled ware 195 192 198 195 195 193 394 409 407 473 456 447 Structural and ornamental metal 447 work 166 167 171 170 169 294 307 309 360 340 335 343 Electrical Machinery 231.3 218.7 225. 222.7 221.1 218.5 210.7 422.9 429.6 396.6 472.1 462.0 456.2 Electrical equipment 208 205 209 207 206 204 373 382 376 434 431 424 450.1 Radios and phonographs 250 243 238 228 226 223 492 498 486 543 507 493 420 Machinery except Electrical 225.1 226.6 229.0 228.3 229.2 228.3 223.5 409.6 416.6 423.0 470.2 464.1 462.2 487 Machinery and machine-shop 465.3 products 243 244 240 241 242 241 448 452 456 501 495 496 496 Engines and turbines 300 296 292 293 292 293 574 580 578 607 626 622 632 Tractors 176 177 193 196 198 199 274 278 290 347 354 352 354 Agricultural, excluding tractors 215 227 249 254 262 266 393 398 425 523 535 551 577 Machine tools 159 157 140 138 138 134 280 277 271 262 250 254 249 Machine-tool accessories 248 242 218 219 218 217 423 416 409 398 399 398 389 Pumps 314 314 293 294 294 287 618 624 619 628 622 627 618 Refrigerators 202 209 232 235 232 231 326 361 390 466 479 434 457 Transportation Equipment, except Autos. 296.7 300. 285.8 291.2 286.6 286.6 283.9 558.2 556.9 565.3 588.1 598.8 579.1 585.9 Aircraft, except aircraft engines. . . 356 358 336 340 341 343 668 662 657 669 657 667 676 Aircraft engines 315 316 291 284 280 277 507 480 488 504 483 469 474 Shipbuilding and boatbuilding 203 208 182 192 185 182 378 386 399 379 417 382 380 Automobiles 198.2 200.5 203.1 203.7 185.6 205.3 202.7 337.3 347.7 343.4 419.5 397.1 350.0 390.3 Nonferrous Metals and Products 187.5 184.8 177.2 175.3 175.3 176.7 173.3 360.0 359.0 354.0 371.2 366.1 366., 370.3 Primary smelting and refining 149 148 145 145 145 148 280 283 284 300 303 304 307 Alloying and rolling, except aluminum 161 160 138 138 137 141 308 301 296 272 273 273 284 Aluminum manufactures 216 209 190 192 192 192 376 385 371 365 371 367 362 Lumber and Timber Basic Products 145.4 149.1 161.3 158.3 157.3 159.8 162.3 310.7 310.1 323.4 390.2 372.7 375.1 383.4 Sawmills and logging camps 156 160 174 169 168 171 333 335 351 422 400 401 412 Planing and plywood mills 155 158 169 170 170 171 319 323 334 404 399 403 404 Furniture and Lumber Products 134.2 131.8 139.2 139.8 139.8 138.3 134.7 292.0 292.0 286.8 333.9 330.3 328.1 326.9 Furniture 131 129 139 140 140 139 289 289 282 334 333 334 331 Stone, Clay, and Glass Products 145.3 146.0 147. 144.6 143.9 146.7 146.8 278.4 285.7 288.8 320.4 308.1 306.4 320.8 Glass and glassware 171 111 168 164 161 165 313 329 335 357 343 340 358 Cement 143 146 151 149 150 149 238 240 248 291 285 286 291 Brick, tile, and terra cotta 123 125 131 131 127 130 247 253 257 302 297 279 297 Pottery and related products 166 166 170 166 167 170 304 315 317 354 338 337 353 Textile-Mill and Fiber Products 108.6 106.9 109.8 110.0 111.2 111.6 110.2 262.0 265.0 255.4 294.1 295.0 302.3 307.1 Cotton goods except small wares. . 124 124 125 125 126 127 323 337 329 376 379 377 385 Silk and rayon goods 84 83 86 85 88 88 219 222 213 248 253 262 268 Woolen and worsted manufactures. 111 108 112 113 114 113 288 275 261 294 292 321 322 Hosiery 82 80 82 83 84 84 172 173 160 194 189 191 198 Dyeing and finishing textiles 122 121 124 124 126 125 267 269 265 298 304 310 308 Apparel and Other Finished Textiles. . . . 141.9 135.0 151.9 152.4 154.9 154.6 144.6 314.1 317.7 279.8 343.3 353:4 362.0 359.7 Men's clothing, n.e.c 125 124 135 134 136 137 281 281 267 310 313 316 325 Shirts, collars, and nightwear 100 99 111 110 110 111 234 234 227 281 273 270 281 Women's clothing, n.e.c 155 142 164 166 170 168 345 340 278 356 375 387 376 Millinery 103 86 92 103 109 108 202 197 138 157 204 239 214 Leather and Leather Products 104.7 103.0 107.4 106.9 107.7 105.9 98.0 223.0 222.2 214.6 241.8 240.7 244.0 233.7 Leather 92 93 94 94 94 92 186 185 184 203 200 202 192 Boots and shoes 97 96 100 100 101 99 214 214 205 232 234 236 226 Food and Kindred Products 123.5 125.0 136.4 129.3 125.7 124.5 115.1 242.5 239.3 243.1 298.9 275.1 267.3 264.5 Slaughtering and meat packing 128 124 151 146 139 134 254 233 227 339 304 263 277 Flour 140 139 142 141 138 136 294 299 289 319 306 298 276 Baking 110 111 116 113 114 115 202 201 203 229 222 234 227 Confectionery 114 115 141 134 126 118 229 234 233 327 295 303 260 Malt liquors 157 161 172 168 166 167 249 256 270 308 289 290 293 Canning and preserving 86 90 99 86 82 81 207 197 212 250 216 217 205 Tobacco Manufactures 92.2 87.5 94. 93.7 94.0 93.5 92.4 201.0 193.1 181.6 219.8 210.8 196.7 205.5 Cigarettes 120 120 125 123 122 121 234 227 218 268 260 219 246 Cigars 79 72 79 79 80 80 186 176 160 190 182 184 182 NOTE.—All indexes shown, except those for individual industries in the Transportation Equipment and Tobacco 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 April 1948 are preliminary. 708 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 =1001 Factory employment Factory pay rolls Industry group or industry 1948 1947 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Paper and Allied Products 145.9 145.0 146.9 145.7 144.8 145.0 288.1 290.9 290.9 327.5 321.5 322.3 324.0 Paper and Pulp 140 140 145 145 145 146 280 281 284 327 325 328 330 Paper goods, n.e.c 154 154 157 154 152 152 298 302 302 336 329 327 328 Paper boxes 148 147 144 141 139 137 289 295 290 322 309 307 305 Printing and Publishing 128.2 128.5 133.0 131.3 130.1 130.1 129.6 221.8 227.7 230.7 258.0 250.2 249.6 253.3 Newspaper periodicals 117 118 123 121 121 122 191 197 202 230 219 225 229 Book and job 138 138 144 142 141 139 248 254 255 285 283 279 280 Chemicals and Allied Products 197.5 196.2 201.0 199.6 199.6 199.0 195. 372.6 377.5 378.3 414.9 417.3 416.2 415.5 Drugs, medicines, and insecticides 254 253 239 239 238 237 464 465 462 489 491 489 488 Rayon and allied products 126 126 131 131 132 132 245 246 249 266 269 270 272 Chemicals, n.e.c 278 280 283 283 281 281 501 506 512 556 561 559 559 Explosives and safety fuses 289 291 301 301 303 307 465 477 471 565 580 588 581 Ammunition, small arms 156 158 173 144 149 149 334 334 338 412 334 342 344 Cottonseed oil 117 101 160 142 127 114 331 301 248 448 397 336 315 Fertilizers 177 169 149 161 172 185 415 444 440 393 433 440 497 Products of Petroleum and Coal 145.9 145.4 152.9 152.4 151.3 152.8 154.1 256.8 262.1 265.2 308.2 312.8 310.2 314.6 Petroleum refining 146 144 150 150 150 151 246 253 255 293 297 295 299 Coke and by-products 128 129 138 141 140 141 248 247 252 295 320 316 321 Rubber Products 196.5 193.5 186.1 184.2 182.7 179.6 175.6 385.0 374.3 383.9 396.5 376.8 358.3 340.8 Rubber tires and inner tubes 231 227 212 209 206 201 413 397 414 412 388 356 330 Rubber goods, other 170 168 169 167 167 165 354 349 348 380 368 366 356 Miscellaneous industries 182.1 179.8 182.7 176.1 177.0 177.5 173.7 360.0 367.6 361.0 394.7 377.9 383.2 383.0 Instruments, scientific 250 250 248 245 245 245 449 452 454 499 508 487 489 Photographic apparatus 203 205 222 220 221 220 343 375 376 421 418 424 422 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 1948 Group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total . . . 154.6 153.8 151.9 151.7 149.4 152.7 155.7 156.4 156.8 157.8 157.5 156.4 157.3 P153.5 Durable 181.5 181.2 178.2 179.5 174.0 176.2 178.8 180.4 181.9 183.9 183.9 181.4 183.8 P181.0 Nondurable 133.4 132.2 131.1 129.8 130.0 134.2 137.4 137.5 136.9 137.3 136.7 136.7 136.3 P131.9 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. All manufacturing 40.4 40.4 40.4 41.2 40.3 117.0 118.0 126., 127., 128.5 129.0 Durable goods 40.5 40.7 41.7 40.9 40.5 40.8 122.9 123.6 134.6 135.4 135.5 135.6 135.7 Iron and steel and products 40.0 41.2 40.6 40.4 40.5 125.8 126.9 140.4 141.2 141.4 140.9 141.2 Electrical machinery 40.0 40.5 40.6 41.1 40.5 40.4 40.2 120.3 121.2 133.9 134.6 135.2 134.8 135.1 Machinery except electrical 41.3 41.5 41.2 42.2 41.8 41.4 41.6 129.0 129.8 140.4 141.3 141.5 141.7 142.2 Transportation equipment, except autos. . . 39.7 39. 38.6 40.8 40.3 39.4 40.2 136.7 136.2 146.2 146.5 147.9 148.3 147.2 Automobiles 38.8 39.7 39.8 41.4 39.6 38.1 38.7 139.9 139.6 154.0 156.3 153.8 154.9 153.7 Nonferrous metals and products 41.0 41.0 41.1 41.8 41.2 41.2 41.1 122.2 122.6 132.0 132.7 133.6 133.8 134.4 Lumber and timber basic products 42.1 41.0 42.2 43.2 42.4 41.7 42.3 97.9 98.3 107.4 105.6 105.0 108.0 107.0 Furniture and finished lumber products.... 41.9 41.7 41.8 42.7 41.9 41.4 41.7 102.2 103.1 110.8 111.7 112.2 112.7 112.7 Stone, clay, and glass products 40.1 40.5 40.5 41.0 40.0 39.9 40.9 113.3 114.4 124.7 124.5 125.3 125.4 125.9 Nondurable goods 40.4 40.1 40.1 40. < 40.0 39.i 39.1 110.7 111.9 118.5 119.6 121.0 121.9 121.9 Textiles—mill and fiber products 40.4 40.0 40.1 41.0 40.5 40.2 40.6 99.7 102. 109.0 110.0 111.5 113.8 114.0 Apparel and other finished products 36.9 36.7 36.4 37 36.6 36.7 36.7 104.9 104.5 101.9 105.2 109.4 109. 109.1 Leather and manufactures 39.5 39.0 38.3 39 39.0 39.0 37.8 102.1 102. 109 109.2 109.5 110.2 110.7 Food and kindred products 42.7 42 42.5 43.3 42.0 41.7 41.6 108.8 108.8 117 117.5 117 118.1 118.7 Tobacco manufactures 37.8 37.5 39.4 39.9 38.6 36.3 37.9 93.3 93.9 95 98.3 98.4 96.7 97.5 Paper and allied products 43.2 43.2 43.2 43 43.1 43.1 43.1 109.8 110.9 122.2 122.6 123.5 124.5 124.9 Printing, publishing and allied industries. .. 40.1 40 40.0 40 39.5 39.1 39.4 141.5 144.3 155 156.8 157.9 160.6 162.4 Chemicals and allied products 41.4 41.3 41.3 41 41.4 41.1 41.2 116.5 117.7 128 129.3 131.1 131.7 131.6 Products of petroleum and coal 40.1 40 41.2 40 40.7 40.7 40.7 138.2 140. 151 155.1 158.6 158.2 158.8 Rubber products 40.6 39 39.9 40.9 39.7 38.5 37.8 133.1 133.0 145.4 145.4 144.4 142.1 140.2 Miscellaneous industries 41.0 41.0 40.7 41.2 40.4 40.8 40.6 112.3 113.9 120.7 121.9 122.7 122.7 122.6 NOTE.—Preliminary April 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 129.0; Durable 40.4 and 135.7; Nondurable 39.5 and 121.6, respectively. Back figures are available from the Bureau of Labor Statistics. JUNE 1948 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Tota M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government1 1939... 30,287 10,078 845 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- -March 42,395 15,564 879 1,632 4,040 8,695 555 4,588 5,442 April 42,065 15,513 856 1,652 3,855 8,638 546 4,552 5,453 May 42,079 15,359 884 1,668 3,970 8,631 553 4,567 5,447 June 42,340 15,358 893 1,700 4,074 8,669 551 4,641 5,454 July 42,103 15,180 866 1,742 4,079 8,688 574 4,640 5,334 August 42,449 15,457 896 1,770 « 4,083 8,761 594 4,573 5,315 September 42,849 15,715 894 1,796 4,110 8,776 599 4,588 5,371 October 43,077 15,784 895 1,806 4,070 8,801 1,594 4,685 5,442 November 43,142 15,833 897 ,813 4,049 8,811 1,596 4,693 5,450 December 43,350 15,925 899 ,882 4,062 8,835 1,599 4,712 5,436 1948- -January.., 43,473 15,931 896 ,858 4,053 8,865 1,603 4,795 5,472 February. 43,197 15,840 889 ,719 4,033 8,860 1,613 4,802 5,441 March.. . . 43,254 15,930 897 ,731 4,029 8,850 1,611 4,753 5,453 April 43,048 15,616 769 ,827 4,044 8,950 1,609 4,755 5,478 UNADJUSTED 1947—March 42,043 15,510 879 ,534 4,020 8,565 1,555 4,565 5,415 April 41,824 15,429 856 ,619 3,836 8,552 1,554 4,552 5,426 May 41,919 15,237 884 ,685 3,970 8,545 1,561 4,590 5,447 June 42,363 15,328 893 ,768 4,115 8,582 1,567 4,711 5,399 July 42,201 15,233 866 ,847 4,140 8,558 1,590 4,686 5,281 August 42,624 15,595 896 ,894 4,144 8,586 1,602 4,619 5,288 September. . 43,039 15,801 894 ,904 4,110 8,688 1,583 4,634 5,425 October 43,298 15,831 895 ,896 4,070 8,889 1,586 4,662 5,469 November... 43,450 15,872 897 ,849 4,049 9,075 1,588 ,670 5,450 December.. . 44,078 15,964 899 ,788 4,042 9,453 1,591 4,688 5,653 1948—January.. 43,011 15,876 896 ,691 3,992 8,821 1,595 4,723 5,417 February. 42,680 15,785 889 ,564 3,993 8,727 1,605 4,730 5,387 March.. .. 42,980 15,875 897 ,627 4,009 8,806 1,611 4,729 5,426 April 42,708 15,531 769 1,790 4,024 8,771 1,617 4,755 5,451 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. April 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 [Bureauof the Census estimates without seasonaladjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed x Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Total t I u n r a n l o i n n a d g u r s ic tr u ie l- s agric I u n lture U pl n o e y m ed - labor force 19402 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 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 June 3 107,407 64,007 62,609 60,055 49,678 10,377 2,555 43,399 July .... 107,504 64,035 62,664 60,079 50,013 10,066 2,584 43,469 August 107,590 63,017 61,665 59,569 50,594 8,975 2,096 44,573 September 107,675 62,130 60,784 58,872 50,145 8,727 1,912 45,544 October 107,755 62,219 60,892 59,204 50,583 8,622 1,687 45,535 November 107,839 61,510 60,216 58,595 50,609 7,985 1,621 46,330 December 107,918 60,870 59,590 57,947 50,985 6,962 1,643 47,047 1948—January 107 979 60 455 59 214 57,149 50,089 7,060 2,065 47,524 February 108,050 61 004 59,778 57,139 50,368 6,771 2,639 47,046 108,124 61,005 59,769 57,329 50,482 6,847 2,440 47,119 April 108,173 61,760 60,524 58,330 50,883 7,448 2,193 46,414 1 Includes self-employed, unpaid family, and domestic service workers. 2 Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. 8 Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 January 571.6 615.2 257.4 238.1 86.5 54.1 38.3 74.5 19.7 58.7 55.9 53.3 113.9 136.6 February 442.2 682.0 208.4 232.3 73.9 71.9 46.4 75.5 13.5 37.8 9.4 87.2 90.5 177.3 March . . . 596.8 689.8 282.9 276.5 82.1 55.3 52.6 78.5 21.4 50.3 35.8 65.0 122.0 164.3 April 602.3 873.9 256.7 351.6 65.6 82.2 66.3 88.8 22.7 55.4 29.6 111.2 161.4 184.7 May 674.7 254.1 71.3 59.2 47.7 57.7 184.7 June 605.1 209.5 66.8 58.4 40.1 44.7 185.7 July 660.3 240.9 82.3 81.6 38.5 51.2 165.9 August 823.2 308.9 88.0 77.2 45.6 80.0 223.5 September 650.0 268.5 73.8 75 9 42.8 47.4 141.5 October 793.3 349.5 95.5 80.0 41.1 61.3 165.9 November 715 1 290.2 72.1 84.3 27.2 59.8 181.5 December 625.4 226.8 83.5 65.3 31.5 64.1 154.1 Year 7,759.9 3,153.8 941.4 785.5 391.9 596.9 1,890.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1947 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district Apr. Mar. Apr. January.... 358 572 615 47 167 197 311 405 419 February... 387 442 682 56 96 248 331 346 434 March 698 597 690 146 143 181 551 453 509 Boston .. 53,912 43,704 56,689 April 735 602 127 177 608 425 New York 133,291 86,204 76,340 J J M u u a n ly y e 9 8 7 5 0 1 2 8 8 6 6 6 7 0 6 5 5 0 2 2 1 0 1 9 2 5 7 2 2 2 2 3 0 6 4 3 5 5 7 9 1 5 3 6 6 3 4 4 7 4 5 9 1 8 C R Ph l i e c il v h a e m d la e o n l n p d d hia 6 9 8 0 3 6 , , , 2 3 7 0 9 1 2 4 4 4 5 8 9 8 8 , , , 6 6 6 0 8 2 6 4 0 4 5 8 0 5 5 , , , 1 3 0 8 7 4 7 7 6 August 680 823 205 218 475 605 Atlanta . . 122,971 73,037 62,261 September.. 620 650 187 193 433 457 Chicago 142,586 130,869 92,346 October.... 573 793 134 209 439 584 St Louis 63,845 47,525 35,683 November. . 504 715 130 224 373 492 Minneapolis 27,907 23,719 23,393 December .. 457 625 109 207 348 418 Kansas City 34,296 31,194 31,200 Dallas 54,764 56,601 43,816 Year 7,4907,760 1,754 2,296 5,7355,464 Total (11 districts) 873,882 689,763 602,338 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Prop- Small 1- to 4- Rental War and PORTFOLIO, BY CLASS OF INSTITUTION Year or month Total p m e r i o m r e t v n y - e t - 1 s h c t t o r i o o m u n n c - e - f h ( a o T m I u I i s t i ) l l e y e s h g ( o a T r I u o n I i s ) t d u i l p n e g h e ( o V V T r u a e I i s n t ) t i l 2 - s n e ' g [In C m om ill - ions M o u f - doll S i a n a r g v s s ] - Insur- Fed- 1 1 1 9 9 9 3 3 3 7 8 9 4 9 6 8 5 8 9 0 4 2 1 0 5 5 4 4 1 2 1 5 3 4 4 6 2 6 7 4 9 3 4 5 1 8 1 1 End of month Total b m c a i n e a r k l - s b s t i a n u a n g v a k l s - s a a l s a o t s n i a o o d n c n i s - p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - 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 1 1 9 9 4 4 3 4 9 8 3 7 5 5 1 8 1 7 4 1 2 2 4 1 5 6 «7 6 5 0 3 3 7 1 1 9 9 3 3 8 7 — — D D e e c c 1,1 7 9 7 9 1 4 63 3 4 0 2 3 7 8 1 1 1 4 0 9 2 1 1 1 2 8 3 7 2 7 5 9 3 0 1945 666 171 219 4 272 1939—Dec 1,793 902 71 192 342 153 133 1946 755 321 8 347 3 85 1940—Dec 2,409 1,162 130 224 542 201 150 1947 1,787 534 446 808 1947— J M A u p a n r y e il 1 1 1 4 0 1 6 7 0 3 4 4 7 5 4 ( ( 3 3) ) 3 3 3 3 6 9 3 3 6 3 4 3 1941— D Ju e n c e 3 2 , , 1 7 0 5 7 5 1 1, , 4 3 6 1 5 8 1 1 5 8 7 6 2 2 3 5 7 4 6 7 6 8 8 9 2 2 3 2 4 0 1 1 5 7 4 9 A Ju u ly gust 1 1 7 6 5 3 4 5 3 0 (3) 3 3 7 9 9 7 5 4 1942— D Ju e n c e 3 3 , , 4 6 9 2 1 0 1 1, , 6 6 6 2 9 3 2 23 1 6 9 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 9 6 5 3 September.. 183 46 41 96 N O D c e o t c v o e e b m m er b b e e r r . .. . 2 2 1 2 9 4 8 2 4 4 4 6 7 8 6 ( ( ( 3 3 3 ) ) ) 4 3 4 9 8 8 1 1 11 0 5 2 6 0 1 1 9 9 4 4 3 4 — — D J J u u e n n c e e 3 3 3 , , , 7 5 6 5 2 0 4 6 0 1 1 1 , , , 7 6 7 0 6 0 5 9 0 2 2 2 5 5 5 2 6 8 2 2 2 8 9 8 4 2 4 1 1 1 , , , 0 1 1 7 3 1 1 4 9 23 7 7 5 9 3 1 1 1 5 5 5 9 0 8 1948— F Ja e n b u r a u r a y ry... 2 2 2 2 4 8 5 4 6 5 ( ( 8 3 ) ) 4 4 8 5 1 1 2 3 0 7 Dec 3,399 1,590 260 269 1,072 68 140 March 272 49 (3) 53 170 1945—June 3,324 1,570 265 264 1,047 43 134 April 292 63 (3) 51 177 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—June 2,860 1,386 245 229 889 8 102 originally written under the War Housing Title VI. Beginning with Dec 2,871 1,379 244 232 899 7 110 December 1947 figures include mortgages insured in connection with 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 »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. JUNE 1948 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports 2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January 1,124 903 798 1,114 P1,091 301 334 394 531 P546 823 569 405 583 P545 February;..:.. ,107 887 670 ,146Pi,086 314 325 318 437 P582 793 561 352 '709 P504 March ,197 1,030 815 ,326 358 365 385 445 J>666 839 665 431 882 J>475 April ,231 1,005 757 ,295 361 366 406 P512 870 639 351 P782 May ,455 1,135 851 ,414 386 372 393 P474 1,069 763 457 P940 June ,296 870 878 ,235 332 360 382 P463 965 511 496 P772 July ,197 893 826 ,155 294 356 431 P450 903 537 395 P7O5 August ,191 737 883 ,145 304 360 422 P400 887 378 461 P745 September.... ,194 514 643 ,112 282 335 377 P473 912 180 266 P639 October 1,144 455 537 ,235 329 344 394 P492 815 111 142 P744 November..... 1,185 639 986 .138 323 322 478 P455 862 317 508 P684 December 938 736 1,097 1,114 336 297 529 P603 602 439 567 P511 Jan.-Mar 3,428 2,820 2,284 3,586^3,318 973 1,024 1,096 1,412 P1,794 2,455 1,795 1,188 2,174 PI.524 P Preliminary. r Revised. 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 75.4 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 u e r c s o t t d s - Ore l c o a e u l n s e - - c l d h . i c a s . n 1 e - . r o r e p a T v i e e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n N e i c l r o w e a m t t a i y e ng in N co e m t e , 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..:.... 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 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 7,695 '1,360 '873 1 1 9 9 4 4 6 7 . . 1 1 3 4 2 3 1 14 30 7 1 18 46 2 1 1 3 5 8 0 1 10 29 7 1 1 5 43 3 1 1 8 36 1 1 1 3 4 9 8 7 7 8 5 1 1 9 9 4 4 5 4 ' 9 8 , , 4 9 3 02 7 8 8, , 3 0 3 4 1 7 '1, ' 1 85 0 2 6 ' ' 6 4 6 5 7 0 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 S3 50 February.... 139 150 178 103 76 140 195 146 71 IMarch . . .130 98 162 109 79 146 195 150 72 1948—January 767 707 60 28 April 130 105 137 123 105 141 200 145 70 February.. 781 710 71 38 March. 761 705 55 P24 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 March . .. 137 147 182 146 95 159 50 143 79 February.. 636 592 44 '17 April 134 119 169 133 98 148 157 145 80 March.... '719 645 '74 '46 M[ay 144 155 183 121 94 154 267 146 76 April 689 631 58 33 June 142 141 170 143 87 151 286 146 73 May..::.. 724 649 76 46 July 140 115 165 202 87 153 311 145 71 June 697 637 60 38 August 148 146 177 175 87 160 284 150 73 July 705 644 61 37 September... 153 153 178 153 139 161 272 157 77 August 745 664 81 51 October 156 156 188 152 161 155 235 163 78 September. 727 679 48 20 November... 150 160 195 142 133 147 163 158 77 October 794 718 76 49 December. . . 139 155 201 130 92 141 60 147 71 November. 755 690 66 43 December. 807 727 80 60 1948—January 133 155 192 132 81 137 45 139 65 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 18 April 128 105 134 108 94 141 212 143 70 March.... 777 716 61 P33 p Revised. P Preliminary. ' 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. 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100) Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k de P l h p i h l i a a - * C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M ap i o 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 - SALES* 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 '235 257 290 345 250 292 247 287 352 308 1947 285 235 239 261 281 303 360 275 314 274 311 374 331 SEASONALLY ADJUSTED 1947—Aoril 277 227 235 '257 272 299 353 261 306 '256 299 377 320 May . r289 244 253 '258 298 303 367 276 321 270 306 379 325 June r288 249 249 '256 284 317 365 278 299 278 305 361 330 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 '266 290 303 361 290 337 287 323 368 336 October '278 211 225 '265 271 297 348 266 308 276 320 360 333 November . 302 248 248 '280 296 310 383 298 339 281 335 415 339 December "•302 243 241 '277 309 322 394 293 337 277 334 389 352 1948—Tanuary 284 216 240 '272 284 286 355 271 291 286 306 390 340 February ••285 223 241 '280 284 306 359 281 307 267 292 368 319 March 284 '235 229 '263 270 317 '368 274 318 278 307 384 '331 April 304 232 255 278 295 321 395 289 343 283 337 448 354 UNADJUSTED 1947—\prn '268 227 223 '247 2(6 290 350 258 297 '263 290 347 302 May 280 241 237 261 283 301 349 276 315 269 2V7 356 302 June . . 266 232 231 238 267 278 307 270 269 264 281 307 299 July 219 164 171 185 220 215 269 219 249 217 250 288 278 August 236 176 179 193 237 233 310 224 264 242 277 327 308 September 299 248 244 '266 293 322 368 296 340 311 336 387 336 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 194g—Tanuarv 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 '228 234 284 284 317 387 266 318 263 301 384 '319 April 287 230 237 261 280 295 366 283 326 285 320 399 325 STOCKS 2 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 114 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 190 1943 155 142 143 141 144 175 161 160 152 151 152 159 173 1944 162 147 150 148 151 190 185 161 159 169 157 177 178 1945 166 153 160 150 156 198 188 159 166 165 158 190 182 1946 213 182 195 191 205 250 258 205 225 211 210 250 236 1947 255 202 225 220 243 289 306 246 274 266 259 321 295 SEASONALLY ADJUSTED 1947—April 264 211 230 221 246 302 320 257 281 287 282 326 307 May 252 198 221 215 238 292 309 243 272 268 267 333 285 242 188 215 212 231 270 280 232 267 256 248 308 282 July 231 188 204 205 217 265 270 226 247 254 212 276 270 227 184 206 206 219 261 273 221 250 241 214 282 248 September 231 189 210 210 222 252 282 225 246 246 224 285 257 251 213 224 231 238 281 300 245 274 251 239 306 287 November 273 221 234 238 268 310 337 259 290 281 266 357 319 December 283 221 236 245 272 323 344 264 297 306 300 397 342 1948—January 288 219 233 243 277 332 345 274 309 310 3^6 385 352 February 303 227 250 253 286 339 378 290 331 324 '329 424 366 March 312 238 255 '261 298 334 370 304 329 343 353 420 380 April 308 243 249 260 286 340 379 293 331 362 325 411 377 UNADJUSTED 1947—April 262 202 '232 225 253 304 317 252 281 273 273 316 304 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 August 245 195 215 214 236 294 295 236 273 255 240 318 273 September 256 206 227 231 246 283 311 250 273 265 251 319 290 October 283 239 253 263 274 320 336 275 307 279 272 345 318 November 295 249 263 262 283 329 354 285 310 303 284 382 338 December 243 201 211 208 225 269 289 238 250 268 246 333 280 1943—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 '296 377 321 M^arch • 302 233 254 '261 287 333 370 294 319 '345 317 399 353 April . • 307 233 251 266 295 342 376 293 331 346 316 409 372 r Revised. i Sales index revised beginning 1940; back figures available from Philadelphia Federal Reserve Bank. »Figures for sales are the average per trading day, while those for stocks are as of the end of tne 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. JUNE 1948 713 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 from a year ago (value) Num- ber of Sales during Department stores period reporting Three mos. 1948 1948 GRAND TOTAL—entire store3... 358 +6 +6 MAIN STORE—total 358 +5 +5 Piece goods and household textiles . . 315 -6 +3 Piece goods 293 -1 +3 Silks velvets and synthetics 187 0 +4 Woolen dress goods 161 -13 -2 Cotton wash goods 177 +5 +3 Household textiles .- 307 -12 +2 Linens and towels 273 -6 +5 Domestics—muslins sheetings 240 -14 +3 Blankets comforters and soreads 244 -17 -4 Small wares 347 +1 +1 Laces, trimmings, embroideries, and ribbons 207 +11 Notions 238 +13 Toilet articles, drug sundries 327 +1 Silverware and jewelry 324 -3 204 o Costume iewelrv4 257 -5 Fine jewelry and watches4 78 -4 Art needlework 244 -7 Books and stationery 275 -5 Books and magazines 140 c Stationery . 231 -3 Women's and misses' apparel and accessories. 354 +9 Women's and misses' ready-to-wear accessories. . 354 +11 Neckwear and scarfs 310 +22 Handkerchiefs • 285 +7 Millinery .... 188 +15 Woincn's and children's gloves 335 +10 W Co o r m se e ts n ' a s n a d n d b r c a h ss il i d er r e e s n 's h . osiery 3 3 5 3 1 9 ++320 Underwear slips and negligees 345 +5 Knit underwear 249 +4 Silk and muslin underwear, and slips 284 +9 Negligees, robes, and lounging apparel 243 Infants' wear 330 +2 Handbags and small leather goods 336 + 16 Women's and children's shoes 2 2 5 0 6 1 ++ 2112 Women's shoes4 217 +9 Women's and misses' ready-to-wear apparel 354 +7 Women's and misses' coats and suits .... 344 +4 Women's and misses' coats4 217 +10 211 Juniors* and girls' wear 313 +7 Juniors' coats, suits, and dresses 288 +6 Girls' wear 311 +9 Women's and misses' dresses 343 + 10 Women's and misses' inexpensive dresses4... 256 + 16 Bl W ou o se m s, e n sk 's i r a t n s, d a m nd is s s e p s o * r b ts e w tt e e a r r d . r esse . s .. 4 3 2 3 6 2 7 ++ 146 Aprons, housedresses, and uniforms 290 +5 Furs 290 -30 Men's and boys* wear ... . 330 +3 IVIen's clothing 251 -1 Men's furnishings and hats 312 +2 Boys' wear 300 +9 Men's and boys' shoes and slippers 190 +9 Housef urnishings 319 +5 Furniture and bedding 241 +3 ]Vlattresses SDrinsrs and studio beds4 151 +7 Upholstered and other furniture4 156 +2 Domestic floor coverings 273 +8 Rugs and carpets4 148 + 14 Linoleum4 98 Draperies, curtains, and upholstery 299 2 Lamps and shades 242 +4 China and glassware... 250 +9 Major household appliances 242 + 18 Housewares . . 254 +4 Gift shop4 154 + 13 Radios, phonographs, records, and instruments4.. 227 -10 Radios and phonographs4 173 -12 Records, sheet music, and instruments4 142 -4 Miscellaneous merchandise departments 313 +4 Toys, games, sporting goods, and cameras 288 +4 Toys and games 223 +7 Sporting goods and cameras 137 +1 Luggage 2S3 —9 Candy4 189 +13 ++ OOO Ratio of Index numbers stocks to without seasonal adjustment sales 1 1941 average monthly sales=100 2 ( S e m t n o o d c . ) k o s i March Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd Mar. 1948 1947 1948 1947 1948 1948 1947 Mar. Feb. Mar. Mar. Feb. Mar. +9 2.8 2.8 +9 3.0 2.9 223 166 212 669 618 615 +5 3.4 3.0 214 193 227 727 663 691 +11 2.3 2.0 363 312 367 830 793 752 +13 2.2 1.9 435 294 436 952 706 759 -10 1.8 1.8 391 360 446 711 731 839 +21 2.6 2.3 339 271 324 886 773 687 +2 4.9 4.2 142 134 161 693 602 674 -9 5.4 5.6 134 128 143 725 647 769 +41 3.9 2.4 176 155 204 680 518 455 -8 5.5 5.0 120 119 145 666 597 696 0 3.8 3.8 170 149 168 641 598 640 0 2.5 2.8 326 203 293 817 684 776 +7 3.2 3.3 242 190 214 761 670 699 +1 4.1 4.3 133 120 132 547 523 570 +5 4.6 4.2 173 145 178 791 718 759 +3 +15 4 9 4 3 7 -5 3.4 3 4 -1 +7 8.0 7.2 -1 +2 4.1 3.8 163 174 174 664 595 676 -4 -5 3.4 3.4 165 159 172 572 538 588 -7 -5 2.9 2 9 168 146 176 491 424 588 -3 -5 3.7 3.8 158 157 163 588 569 520 +7 +8 2.1 2.1 257 170 236 544 523 502 +5 +11 2.4 2.4 246 160 221 597 569 537 +19 +15 2.0 2.2 318 231 261 649 617 553 +1 -15 3.8 4 8 146 137 137 557 532 649 +8 -11 0.7 0.9 303 135 264 218 262 245 +1 -11 2.7 3.3 221 113 202 588 601 659 +18 + - 1 3 6 2 1. . 7 8 2 2 . . 4 3 2 1 7 8 4 2 2 1 1 3 3 2 2 1 6 4 9 0 3 7 1 6 2 8 2 7 7 3 8 9 6 32 6 2 3 +2 +23 3.0 2.5 202 163 193 601 518 491 +1 +32 3.0 2.4 214 163 206 648 517 492 +4 +21 2.8 2.6 219 168 201 623 526 492 +13 3.2 2.7 166 146 174 528 457 439 -1 +12 2.6 2.3 313 205 307 804 761 718 + 11 +6 1.8 2.0 242 123 208 448 441 418 + + 1 5 0 + + 2 2 2 0 3 2 . . 2 5 2 2. . 5 9 284 164 254 908 904 736 ++84 ++252 3 4 3 1 .8 0 268 181 252 485 474 466 +8 +9 l!3 1.3 342 215 329 451 466 418 +16 + 10 .3 1.3 +11 1 1 +10 +5 1.4 1.5 369 195 344 550 576 530 +9 +5 3 1.4 358 208 339 480 490 484 +11 +5 6 1 7 397 190 365 652 714 628 +6 +6 7 1 8 249 174 226 430 405 407 + 10 -4 4 1.7 ++129 + - 1 1 4 2 2. . 1 4 2 1 . 8 9 263 206 226 629 574 627 +2 -1 2.6 2.7 186 156 177 478 415 472 -14 +8 4.6 3.0 80 92 114 367 387 334 +2 +15 3.6 3 2 199 130 193 721 643 625 +4 +52 3.6 2.4 210 145 213 761 681 491 +5 4.0 3.9 162 123 159 650 552 620 +6 -8 2.7 3 2 284 123 261 778 750 836 +6 +20 4.8 4.4 188 122 172 908 845 743 +7 +15 4.2 3.8 214 185 204 901 803 781 +9 +12 4.8 4.3 179 180 174 848 754 754 + 10 + 11 2.6 2.5 + 10 +11 5.2 4.8 + 14 +33 4.3 3.4 216 192 199 924 803 685 +18 +31 4.3 3.8 —4 +62 3 9 2 4 — 1 +5 4.6 4.3 191 151 195 886 776 834 +7 +1 4.3 4.4 175 159 167 754 648 744 +7 +19 6.4 5.9 142 132 130 919 851 768 +8 +81 2.2 1.4 381 262 323 832 789 452 +5 +4 4.1 4.1 258 212 247 1,048 903 1,010 + 10 —5 5 7 6 8 + 19 4.4 3.4 -11 +20 4.4 3.2 +3 +19 5.0 4.0 + 1 -5 3.0 3.2 199 150 192 588 537 622 +2 +3 5.3 5.3 127 83 122 670 581 648 0 -9 4.6 5.4 107 57 100 491 404 545 +3 +12 5.8 5.3 136 99 134 792 661 749 0 +17 5.4 4.2 150 137 164 817 736 709 -4 -28 0.8 1.2 For footnotes see following page. 714 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 i 1941 average monthly sales=100 2 Department r b N s e t e p o u r o r m e o r 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 March Sale p s e r d io u d ring Sto of c k m s o a n t e th nd ing M 19 a 4 r 8 . T m 1 h 9 o r 4 s e 8 . e M 19 a 4 r 8 . 1948 1947 Mar. 1948 Feb. M 19 a 4 r 7 . Mar. 1948 Feb. M 19 a 4 r 7 . — BASEMENT STORE—total. . 201 +14 +14 +6 2.1 2.2 225 151 198 474 454 443 Domestics and blankets4 134 -11 -2 +13 3.6 2.9 Women's and misses' ready-to-wear 199 +18 + 17 +4 1.5 1.7 251 157 214 379 381 367 Intimate apparel4 171 +21 + 18 + 10 2.2 2.4 Coats and suits4 180 + 11 + 16 +4 0.9 1.0 Dresses4 169 +21 +16 -5 1.3 1.7 Blouses, skirts, and sportswear4 153 +27 +28 0 1.9 2.4 Girls' wear4 121 + 14 + 16 +4 1.3 1.4 Infants' wear4 113 +17 + 13 +4 2.1 2.3 Men's and boys' wear 164 +15 +18 + 10 2.7 2.8 217 144 189 586 556 533 Men's wear4 150 + 11 + 18 + 18 3.1 2.9 Men's clothing4 94 + 13 +26 +25 2.7 2.4 Men's furnishings4 115 +9 + 11 + 14 3.4 3.2 Boys' wear4 118 +26 +22 -11 1.7 2.4 Housefurnishings. . . 103 +2 +5 + 1 3.3 3.3 170 148 168 567 512 534 Shoes 132 +21 +18 +12 2.9 3.1 196 108 162 565 533 508 NONMERGHANDISE—total4 189 + 10 +8 (5) (5) (5) Barber and beauty shop4 111 + 11 +3 (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. 1 For movements of total department store sales and stocks see the indexes for the United States on p. 713. 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. 8 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 * [Weeks ending on dates shown. 1935-39 average = 100] Amount Without seasonal adjustment (In millions of dollars) 1946 1947 1947 1948 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e o t n n o d c t k h o s ) f s m ( t o e a O n r o n d d n u d e t t i r - h n o s ) g f July 1 2 2 3 6 7 0 . . . . . . : . . . . . . . . . 2 1 2 2 0 9 0 1 4 2 1 0 July 2 1 1 5 6 9 2 . . . . . . . . : . . . . . . . . . . 2 2 2 2 1 0 1 2 7 8 3 8 Jan. 2 1 1 4 5 8 1 . . . . : . . . . . : . . . . . . . . . 2 2 1 2 2 3 8 2 0 2 8 3 Jan. 2 1 1 3 4 7 0 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 5 3 0 6 1 2 4 Aug. 3 .217Aug. 2 .220 Feb. 1... ..217 31... ..233 10.... .228 9.... .223 8... . .219Feb. 7... . .240 1939 average..:.. 128 344 17.... .239 16.... .225 15... . .246 14... . .238 1940 average 136 353 108 24.... .255 23.... .243 22... . .216 21... . .249 1941 average 156 419 194 31.... .281 30.... .277 Mar. 1... ..238 28... ..248 1942 average..:.. 179 599 263 Sept. 7.... .264Sept. 6.... .265 8... ..254 Mar. 6... . .266 1943 average 204 508 530 14 .293 13.... .291 15... ..267 13... . .279 1944 average 227 534 560 21.... .280 20 .301 22... ..286 20... . .313 1945 average..:. . 255 563 729 28.... .257 27.... .316 29... ..283 27... . .331 1946 average 318 714 909 Oct. 5.... .277Oct. 4..:. .326 Apr. 5..: ..319 Apr. 3... ..280 1947 average 336 823 553 12 .281 11.... .304 12... .. 265 10... . .298 19.... .295 18..:. .299 19... ..271 17... . .294 1947—April..::.. 321 849 388 26.... .287 25.... .306 26..; ..267 24. .. . .296 May 337 817 351 Nov. 2.... .277Nov. 1.... .313 May 3... ..279 May 1... . '300 June 304 768 470 9 .314 8.... .347 10... ..311 8... . .330 July 253 732 603 16.... .342 15.... .380 17... ..273 15... . . 293 August 274 789 622 23.... .363 22.... .395 24... ..277 22... . . 295 September. 341 823 676 30..;. .334 29 .367 31... ..250 29... . . 296 October. .. 367 912 663 Dec. 7.... .475 Dec. 6..:. .508 June 7.:: . .293June 5.. November. 416 941 605 14.... .519 13...: .570 14... ..300 12.. December. 584 770 544 21.... .532 20.... .576 21... ..256 19, . 28.:.. .281 27.... .358 28... ..245 26... 1948—January... 271 789 633 February.. 263 '878 ••575 March.... 355 941 420 r Revised. April P332 P936 P358 NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. P Preliminary. r Revised. i These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. JUNE 1948 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] A 19 p 4 r 8 . 1 M 94 ar 8 . F m 19 o o 4 u s 8 r . A 19 p 4 r 8 . 1 M 94 a 8 r. F m 19 o o 4 u s 8 r . A 19 p 4 r 8 . 1 M 94 a 8 r. F m 19 o o 4 u s 8 . r A 19 p 4 r 8 . 1 M 94 ar 8 .F m 19 o o 4 u s 8 r . United States.. v+7 +10 +8 Cleveland-cont, Chicago p+10 +9 +10 Kansas City— B N S W P B D o p o e o o o s r r w s w i B t t r n t o l o c o n g a H n n e s n f to s i t a d e o t A w v l e n d e r n r n e .: a - . : : . . . . [ | + + + + + -1 2 3 5 1 t + + + + + 3 3 3 3 3 l + + + + + + -1 3 2 2 2 7 3 R W W P E B R i i c a r a h t a l i h t l s e e e s t m h e i 1 i b g l . i m i u n o . h n . r g , n o . g g t r N d o J h e n 1 . . : 1 C : . . . . . . . + + + + + + - 1 3 2 7 5 9 2 2 + + + + + + + 1 1 2 1 9 3 3 0 7 2 0 + + + + + + 1 7 8 5 5 3 5 0 F T F C P I D D n o e l e h e e d i r o r i s t n i r t c r r a e t a o i M n W 1 a g i a H 1 o t o p 1 a a l i o y n u l n i e t s e e s 1 1 1 . . . . . . . . . . . . . P P + + + + + + + 1 2 1 1 3 6 7 5 4 • + + + + + + + + 1 1 1 1 6 9 5 9 7 0 2 5 + + + + + + + + 1 1 9 3 9 4 6 6 7 2 D S O T C D a c h u o k a l o l l r r l l s a a n p e l a a h s u v t s . o s e 1 m p C a o h r C r t i . s i . t t . y i . . . . . + + + + + - 2 2 1 1 1 3 5 0 5 2 6 + + + + + + 3 1 2 1 1 3 1 8 0 5 3 + + + + + - 1 1 1 1 1 7 2 8 9 2 N P B e r w r o i v d Y i g d o e e r n p k c o e r t1.... j J I + -2 6 0 + + 5 6 0 + + 6 0 1 L W C G y h r i e n n a e c r s n h l t e v o b s i n u l t - l r o e S g n , a ^ S le . . m C C . + + — 2 1 4 + + + + 2 1 1 8 5 6 0 + + + + 1 7 3 2 1 L G G M a r r i n e a l e n s w n i d n a g u B R k a a e p y e i 1 1 ds. . + + + + 2 1 1 9 4 7 8 | + + + + 1 1 1 2 2 5 0 3 + + + + 1 1 1 9 9 5 6 F H Sa o o n r u t s A W to n n o t o r l t n h io.... + + + 3 1 1 1 3 0 + + + 3 2 1 2 0 0 + + + 1 2 1 1 5 0 Newark l -1 +5 +5 Norfolk + 13 +20 + 13 Madison + 141 +14 + 13SanFrancisco.. P+8 +9 +8 A B l i b n a g n h y amton... .1 + + 1 1 1 5 + + 21 5 + + 1 3 2 R R i o c a h n m ok o e nd -1 0 + + 1 1 2 3 + + 6 6St. Louis + +13 +9 T Ph u o cs e o n n ix 1 + 11 + + 1 9 0 ! +1 + 0 4 P S S N N U P R T L Y E W B P R h y c o a l r h u o e i t e o i m i e h r a i u n f w l c i a l r a c f a n g l e g k c h i d a k a c a d a r t n a Y h e e l u 1 i d o a . o e r e s s n s k : s a n o e l t r t c - e g e p e e l i r B t x e p 1 k F r h r a p a h a i d * C a s r i l y r i . a l l l i e . . e . s . 1 t : . . . 1 . . y . : . . . . . . . : . 1 . . . . . ! i+ + + + + + + + + + + + + + + 1 1 1 1 1 3 4 8 7 7 6 4 5 5 1 0 1 5 7 7 0 + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 8 4 3 9 5 1 4 6 7 7 5 0 0 4 0 8 + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 7 5 9 8 7 8 9 1 1 3 1 2 0 4 3 0 A H J O A A C M T M C M B M R a t a h o i o r u u l t c o a o i W r a l m l l a m a g n k m a c b n a u n r m u n t s o . p i t n m e l i i l o t g s d e n n n a e i V t a t n o s * b o a g g a l 1 t v a m u 1 h o t i o s a n l e n l m , r e y l x . l . . . . . . + + + - - + + + + + + + 1 1 - 1 1 8 1 3 1 2 4 6 5 5 4 8 2 0 6 c 1 + + + + + + + + + + + + + + + 1 2 2 2 2 4 1 1 1 2 1 1 1 6 5 5 2 9 6 4 0 1 5 6 8 4 5 3 + + + + + + + + + + + + + - 2 1 1 1 1 1 4 8 5 8 8 5 8 7 2 4 5 9 6 M K L L F Q S S S E S M E M D a i o o t t p t i v a u u n . . . n t i e S u r s r a n i t n l L m s t L n i l t u P i u n n e a e n s c o p o S t p s a e v S a s g y h u e v a h R u u m i p t f - r i l i p i . i s l o l i i C l o s i 1 e s o o e l L l t 1 A c e i i h x r l l s t o i d . . k y s r . u l . . 1 1 . e . . . i . . . a . . l . s . . . . . . • . . . . . . . * + + + + + + + + + + + + + + + 2 1 1 1 1 1 7 2 7 7 9 7 1 7 8 0 1 3 1 6 8 + + + + + + + + + + + + + + + 4 1 2 1 1 1 1 1 1 1 9 5 6 6 9 9 9 3 9 0 1 9 0 7 9 j + + + + + + + + + + + + + + + 2 2 1 1 5 8 5 8 9 9 5 8 9 6 7 8 3 4 5 F L L O B S S S S S V R S B S r a a a o a o t a i a a a o o a e v B N n n n c n n s k l i k n s c l s e r g t l e e n a e F a k e a J D A r a j r p o r s m B o t n r o B k a s i o i n a a R d e s d 2 e n e f e e n n a g g e 1 i o r e l n d a c n a e n e 1 e o s c t i a l n d y l a a o s h 1 d e n r d 1 c . x 1 l d s d * . o . . 1 . i . . . n . . . l . . . . . . . o . . . + + ( + + + + + + - - ) 1 1 1 5 5 5 1 2 4 6 0 0 0 + + + + + '+ + + + + + + + 1 1 1 1 1 3 5 2 7 2 9 3 0 8 3 2 1 6 3 3 + + + + + + + + + + - - 1 1 1 1 2 1 6 1 5 8 8 2 6 0 2 2 C A C C C le k i l a n e v r n o e v c t l n i e o a n l 1 n n n a 1 d n a .: t d . i 1 J. . . . . . . . . . + + + + — 5 8 2 6 6 + + + + + 1 1 1 1 1 2 2 7 4 5 + + + + + 1 1 9 8 7 0 1 J S N M B a a a e c e v t w k r o a i s n n d o O i n n a R r a n l x h e o a u n g s e l 1 . .. . + + + + 1 1 2 0 1 1 4 + + + + + 2 2 2 1 9 2 4 1 5 + + + + - 2 1 7 6 7 3 T H W D Pu o e u i e p n c t b c e h v l h k i e o t a i r a nson. . . + + + + + 1 1 4 7 5 3 2 + + + + + 1 1 1 1 4 0 8 4 8 + + + + + 1 1 4 6 9 5 1 P S E B a o v e N l r l e t l t i a l r L n a e m g n a t h p k t d 1 a a e m C 1 it . y . V . P + + + - 1 12 3 1 1 + + + + 1 7 2 3 1 8 + + + - 1 5 6 2 0 Columbu* 1. . . +8 +11 + 11 Bristol, Tenn.. . + 12 -2 Kansas City... + 13 + 13 + 11 Seattle1 +3 +5 +3 S T Y p o o r l u i e n n d g g o s f 1 t i o e w ld n 1 . x . . . + + - 1 1 1 1 0 + + + 1 1 8 6 0 + + + 1 1 6 0 1 C N K h n a a s o h t x t v v a i i n l l o l l e e o 1 l ga J.. + - 3 3 3 2 + + + 1 1 7 6 1 + + - 1 1 2 2 0 J S O o t m . p l a J in h o a seph.... + + -1 8 7 ± +3 i 1 + + + 8 5 1 S T Y p a a c o k o k i m m an a a e 1 1 1 P P + + + 9 7 5 + + 1 5 0 0 + + + 3 2 4 . P Preliminary. r Revised. 1 Indtxet for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. * Three months 1948. 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] Year or month All items Food Apparel Rent ele F ct u r e ic l, ity, House Miscellane oui and ice furnishings 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 December 167.0 206.9 191.2 115.4 127.8 191.4 144.4 1948—January 168.8 209.7 192.1 115.9 129.5 192.3 146.4 167.5 204.7 195.1 116.0 130.0 193.0 146.4 March ....... ....... 166 9 202 3 196.3 116.3 130.3 194.9 146.2 April 169.3 207.9 196.4 116.3 130.7 194.7 147.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 716 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 ofLabor Statistics. 1926 = 100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i n c o t d h t d d e s e - s r- T p e u r x c o t t d i s l - e li m g F r a i h u a n a t t e l d i e s n l - g M m p u a r e e c n o t t t d d a a s l - l s m B r i i u a n a i t g l l e s d - - c C a a p u l h l r s l c o e i t a e d m s d n - i d - H g n f o o i i u n s o u r g h d s - - e s - n c M e e o l i l s u a - s - m R ri a a a t l w e s - t p u u f r a c r o c e t d - s d - 1929 . . . 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94. 94 3 82.6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100.0 80. 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. 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. 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. 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.f) 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. 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.[) 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 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.f) 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. S 10? 4 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. 10? 7 92.2 112.1 100 1 1944 104.0 123.3 104.9 98.5 116.7 98. 4 83.0 103.8 115.5 95. 7 104 3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95. 2 104 5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101. 4 111.6 100.3 134.7 116.1 1947 . . 151.8 181.3 168.7 134.8 181.9 140.9 108.7 145.0 179.5 127. 179 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. 1 173,3 110.3 152.1 136.7 February . 144.5 170.4 162.0 128.5 173.8 138.0 97.9 137.9 174.8 129. 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 147.7 177.0 162.4 131.8 171.5 139.7 103.4 141.3 178.8 133. 7 177 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. 1 178,8 116.1 158.6 141.7 June 147.6 177.9 161.8 131.4 173.2 138.9 103.9 142.6 174.4 120. 2 179.7 112.7 160.2 141.7 July 150.6 181.4 167.1 133.4 178.4 139.5 108.9 143.8 175.7 118. 8 179 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. S 179 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 n? 117.1 175.1 151 1 November . . 159.7 187.9 178.0 142.4 202.4 1447 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 194g—January 165.7 199.2 179.9 148.2 200 3 1476 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 4 130.7 155.3 192.6 134. 6 141 8 119 9 174 9 154 5 March 161.4 186.0 173.8 147.7 185.6 149 7 130.9 155.9 193.1 136. 1 142 1 120.8 174.7 155 8 April 162.7 186.7 176.8 148.5 186.1 1496 131.6 156.7 195.2 135.9 142.4 121.8 175.5 157.5 Week ending :i 1948—Mar. 6 160.4 187.1 172.2 147.3 187.9 1459 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 1459 131.7 155.9 192.5 136. S 143-7 119.5 174 9 1S4 3 Mar. 20 161 5 187.6 176.4 147.3 185.9 145 6 131.7 156.0 192.6 135.8 144 119.9 176 5 156 3 Mar. 27 161.1 186.2 174.8 147.4 186.2 1452 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 0 145 131.7 156.6 193.2 135. 5 144 121.0 174 8 154 9 Apr 10 160.6 183.1 174.5 147.9 186.2 145 131.8 157.1 193.4 136. 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 0 187.1 148 132.6 157.2 195.3 136. S 144 4 122.2 177 8 158 9 May 1 162.6 186.9 177.5 148.7 188.0 148 1 132.6 157.2 195.2 133. 7 144.4 121.3 176.8 157.9 May 8 .... 161.9 184.0 174.8 148.9 188.2 148 133.0 156.8 195.9 133.4 144 6 121.3 175.1 157.6 May 15 163.5 187.9 178.9 149.0 189.0 148 1 133.4 156.5 195.9 134.4 144 7 121.2 177.7 159.0 May 22 163.5 189.2 177.2 149.2 188.6 1486 133.7 156.6 196.6 135. 6 144.7 121.4 178.6 158.7 May 29 164.4 193.0 178.0 149.3 187.6 1495 133.8 156.6 196.9 134. 8 144.7 121.0 180.8 159.1 1947 1948 1947 1948 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb Mar. Apr. Farm Products: Metals and Metal Products: Grains 199. 8 256.3 220.0 218.0 217 9 Agricultural imnlements 119.1 128.4 9 129.: 129.7 Livestock and poutry.... 199. 2 232.9 210.0 209.4 204.4 Farm machinery 120 5 130.1 130.4 130.J\ 131.3 Other farm products 156.4 162.4 159.9 162.2 166.4 Iron and steel. 129.8 145.5 146.3 147/1 148.5 Foods: Motor vehicles 148.8 161.6 161.6 161.(> 161.6 Dairy products 148 8 183.9 184.8 179.8 181.0 Nonferrous meials 141.0 145.5 146.8 146. f? 149.8 Cereal products 154. 1 170.1 160.2 158.6 158.0 Plumbing and '.leating.. 118.2 137.9 138.7 138/1 138.7 Fruits and vegetables 142 2 141.1 144.8 146.3 149.3 Building Materials: Meats 196 7 222.3 206.2 217.1 226.0 Brick and tile. 134.5 150.9 151.1 151.C> 152.5 Other foods 147 155 0 146 7144 3 144 4 rpmpTit 114 0 126 4 127 127 L\ 127 5 Hides and Leather Products: 273 5 307.3 303 304 () 310 4 Shoes 172 1 194.3 194.7 193.6 191.7 Paint and paini materiaIs.... 175.5 163.2 159.6 156/1 157.9 Hides and skins. . 178 1 238.9 207.2 186.2 199.3 Plumbing and leating,. 118.2 137.9 138.7 138/I 138.7 Leather 179 7 209.2 199.9 186.9 183.6 Structural steel 127.7 143.0 149.4 155.?I 155.8 Texti O le t h P e r r o d le u a c t t h s: er products ... 137 7 143.8 143.8 143.8 143.3 Chem O ic t a h l e s r a b n u d i l A d l i l n ie g ci m P a r te o r d i u a c l3 s: 143.7 157.2 159.6 161.(5 162.1 Clothing 1330 140.4 143.0 144.6 145.8 Chemirals . . . 119.5 125.8 176 5 126J3 126.8 Cotton goods 194 7 214.8 214.9 218.3 216.7 Drugs and Pharmaceuticals. . 181.0 154.4 154 3 154.<I 153.8 Hosiery and underwear 100 8 104.4 105.0 105.4 105.4 Fertilizer matei-ials 101.2 115.6 114.8 114. <P 115.2 Silk 69 4 46.4 46.4 46 4 46.4 Mixed fertilizers 96.7 102.4 10? 8 103.I 103.1 Rayon 37 0 40.7 40.7 40.7 40.7 Oils and fats. . 220.1 236.7 701 5 211.<1 210.3 Woolen and worsted goods 129 1 141.6 142.8 145.2 147.5 House furnishing Goods: Other textile products 175 8 181.2 180.2 174 7 170.0 Furnishings 135.2 143.9 144 4 144. <) 145.3 Fuel and Lighting Materials: Furniture' 120.0 139.1 139.4 139.I 139.7 Anthracite . 113 9 124.2 124.4 124 6 124 6 M Bituminous coal. . 145 0 176.8 177.8 177.9 178.9 Auto tires andtubes... 73.0 63.4 63.4 63. 1 63.4 Coke 155 4 190.6 190 6190 6 197 5 Cattle feed 208.9 336.0 76? 0 284.I 296.9 Electricity 64 1 66.4 66 6 Paper and pulf 152.5 168.1 167 1 167.3 167.5 Gas 84 0 84.5 85.8 88 7 Rubber, crude. 52.0 44.7 4?, 7 42. 3 46.7 Petroleum product 86 3 120.7 121.7 121.8 121.8 Other miscellaneous 123.3 130.4 130.4 130.2 130.2 r Revised. 1 Weekly figures not directly comparable with monthly data. 2 Revised figures for the period May-October 1947 will be shown in future issues of the BULLETIN. Back figures.—Bureau of Labor Statistics, Department of Labor. 717 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 1947 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 229.6218.6 221.0 226.9 229.4 240.9 244.3 Less: Capital consumption allowances 7.2 8.1 9.3 11.8 11.0 12.4 11.5 12.1 12.3 12.4 12.7 12.7 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.0 16.9 17.9 17.7 17.2 17.4 17.8 19.1 18.7 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .6 .5 .5 .5 .5 Statistical discrepancy -.1 1.2 .5 .5 2.6 -2.1 '-4.4 -2.1 -3.6 -3.0 -4.9 n.a. Plus: Subsidies less current surplus of government enterprises -.1 C1) .5 .1 .7 -.1 -.1 -.2 .1 -.3 -.2 -.4 Equals: National income 87.4 39.6 72.5 103.8 182.3 178.2 203.1 191.0 194.6 199.8 203.3 214.3 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 '23.6 18.8 20.4 23.9 23.9 26.1 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 5.7 5.3 6.1 6.0 5.4 5.2j 5.3 Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 .0 .0 .0 .01 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 9.8 10.3 10.1 13.7 10.5 10.9 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 4.6 4.4 4.5 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.8 5.9 6.3 6.5 6.8 7.3 7.5 Business transfer payments .6 .7 .5 .5 .5 .5 .5 .5 .6 .5 .5 .5 .5 Equals: Personal income 85.1 46.6 72.6 95.3 164.9 177.2 196.8187.5 189.8 191.4 199.6 205.8 209.2 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 19.5 21.0 21.2 21.6 22.1 23.0 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 17.9 19.3 19.4 19.8 20.2 21.1 State and local 1.4 1.0 1.2 1.3 1.4 1.6 1.8 1.6 1.7 1.8 1.9 1.9 2.0 Equals: Disposal personal income 82.5 45.2 70.2 92.0 146.0 158.4 175.3168.0 168.8 170.1 177.9 183.7 186.1 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 164.4 154.9 156.9 162.3 165.8 172.5 173.2 Equals: Personal saving 3.7 -1.2 2.7 9.8 35.6 14.8 10.9 13.1 11.9 7.8 12.1 11.2 12.9 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1948P 1929 1933 1939 1941 1944 1946 1947 4 1 2 3 4 1 National income ... 87.4 39.6 72.5 103.8 182.3 178.2 '203.1 191.0 194.6 199.8 203.3 r214.3 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.2 116.8 128.1122.2 124.7 125.6 128.7 132.9 134.6 V^ages and salaries ^ . . . 50.2 28.8 45.7 61.7 116.9 111.1 122.8 117.1 119.1 120.0 123.6 127.8 129.5 Private 45.2 23.7 37.5 51.5 83.3 90.2 105.2 98.0 101.2 102.7 106.2 110.3 111 9 ]VIilitary .3 .3 .4 1.9 20.8 8.0 4.1 5.6 4.6 4.1 3.9 3.8 3.8 Government civilian 4.6 4 9 7.8 8.3 12.8 12.9 13.4 13.5 13.3 13.2 13.5 13.7 13 8 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.4 5.1 5.6 5.6 5.1 5.1 5.1 Proprietors' and rental income 3. ... 19.7 7.2 14 7 20.8 34.4 41.8 47.8 46.7 46.2 46.7 47.0 51.5 52.6 Business and orofessional 8.3 2.9 6.8 9.6 15.3 19.7 23.5 22.0 22.4 22.9 23.5 25.4 25.5 Farm . • . 5 7 2 3 4.5 6.9 12.4 15.2 17.0 17.8 16.8 16.6 16.2 18.5 19.3 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.9 7.3 7.0 7.0 7.2 7.3 7.6 7.8 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 23.5 16.5 »-23.6 18.8 20.4 23.9 23.9 26.1 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.8 21.1 r29.2 27.1 28.9 27.8 28.2 32.2 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.9 8.6 '11.5 11.0 11.5 10.9 11.1 12.6 n.a. Corporate profits after tax . ... 8.4 -.4 5.0 9.4 9.9 12.5 f-17.8 16.1 17.4 16.9 17.1 19.7 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.4 -4.7 -5.7 -8.3 -8.6 -3.8 -4.3 —6.1 -5.9 Net interest . 6.5 5.0 4.2 4.1 3.2 3.2 3.6 3.2 3.3 3.5 3.7 3.8 3.8 n.a. Not available. P Preliminary. r Revised on basis of corporate profits data for fourth quarter of 1947. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 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. 718 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 [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1946 1947 1929 1933 1939 1941 1944 1946 1947 Gross national product 103.8 55.8 90.4 125.3 210.6 203.7 229.6 218.6 221.0 226.9 229.4 240.9 244.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 143.7 164.4 154.9 156.9 162.3 165.8 172.5 173 Durable goods 9.4 3.5 6.7 9.8 6.8 14.9 19.8 18.2 18.2 19.3 20.2 21.3 20. Nondurable goods 37.7 22.3 35.3 44.0 67.2 87.1 99.3 93.6 94.7 98.4 99.9 104.2 104.3 Services 31.7 20.6 25.5 28.5 36.5 41.7 45.3 43.1 44.0 44.6 45.7 47.0 48.2 Gross private domestic investment 15.8 1.3 9.0 17.2 5.7 24.6 27.8 30.4 28.2 26.1 27.0 29.9 36.0 New construction 1 7.8 1.1 4.0 5.7 2.3 8.5 10.7 9.3 10.3 9.6 10.4 12.4 13.1 Producers' durable equipment 6.4 1.8 4.6 7.7 5.3 12.4 17.9 15.7 16.4 17.9 18.4 18.8 18.8 Change in business inventories 1.6 -1.6 .4 3.9 -2.0 3.7 -.7 5.4 1.6 -1.4 -1.7 -1.3 4.1 Net foreign investment .8 .2 .9 1.1 -2.1 4.8 8.7 5.2 8.3 10.4 7.8 8.2 4.2 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.6 30.7 28.7 28.2 27.6 28.2 28.7 30.3 31.0 Federal 1.3 2.0 5.2 16.9 89.0 20.7 16.4 16.9 16.2 16.3 16.2 16.9 17.7 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 [17.7 1 3 5 . . 3 8 [18.3 17.7 17.2 17.7 19.0 Less: Government sales 2 () (3) (*) (3) 1.2 3.0 1.3 2.2 2.1 1.4 1.0 1.3 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 11.2 11.4 11.9 12.5 13.3 13.3 PERSONAL INCOMB [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Ywr 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 d u o e i r n t s s a - t e l s - W d p m i a n C u r g o o g s o e d t d m r i u a i n i t - e n c y - s - d s D a i u l n i t a s r t d r t i i u r v y e i s s e b d - - isbu S in r e tr s r d e i v u e 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 n a o l s f o n t n s o c s i u y t c i o r e a r e r e n m i l e - - s - in O la c t o b h m o e r r e8 i p n r r P c e a i o n e r n m t o t d o a - r e l s 8 ' i i n d n s p t a o e c e e n o n n r r m d a d e - l s s e t m T p r e f a a e n y r n 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 8 - 1929.: 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1930.: 76 2 45.7 45.9 18.5 14.4 7.7 5.2 .1 .5 15 7 12 6 1.5 70.0 1931:: 64 8 38.7 38.9 14.3 12.5 6.8 5.3 .2 .5 11 8 11 1 2.7 60.1 1932.: 49.3 30.1 30.3 9.9 9.8 5.7 5.0 .2 .4 7.4 9.1 2.2 46.2 1933:: 46 6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7 2 8 2 2.1 43.0 1934r: 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 .0 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 34 4 10 7 3 6 149.0 1945.: 171.6 115.2 117.5 45.8 24.8 11.5 35.5 2.3 s 37 1 11.6 6.2 154.4 1946.: 177.2 109.2 111.1 45.7 30.9 13.6 20.9 1.9 6 41 8 13 3 11 3 157 9 1947 196.8 120.7 122.8 55.3 34.9 15.0 17.6 2.1 1.8 47.8 14.8 11.6 174.9 1947—March 190.6 117.0 119.1 53.4 33.5 14.6 17.6 2.1 L.7 46.8 14.2 10.9 168.8 April 189.4 116.0 118.2 52.8 33.1 14.8 17.5 2.2 L.7 46.5 14.3 10.9 168.3 May 190.5 117.3 119.4 53.5 33.8 14.9 17.2 2.1 L.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 L.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 L.8 47.4 14.7 11.1 173.0 August.... 193.8 121.2 123.3 55.5 35.2 15.2 17.4 2.1 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 L.8 48.1 15.6 21.2 188.7 October. . . 203.2 123.7 125.7 57.2 35.8 15.1 17.6 2.0 1.9 50.4 15.4 11.8 180 6 November 204.2 126.4 128.4 58.8 36.8 15.2 17.6 2.0 1.9 49.9 15.5 10.5 182 3 December. 210.4 128.1 130.1 60.3 37.1 15.2 17.5 2.0 1.9 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 February.. 207.7 127.1 129.2 58.3 37.7 15.5 17.7 2.1 1.9 51.6 15.8 11.3 184.1 March P. . . 208.5 127.1 129.2 58.2 37.7 15.5 17.8 2.1 1.8 51.5 16.0 12.1 185.6 v Preliminary. x Includes construction expenditures for crude petroleum and natural gas drilling. * Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars, * Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 1 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. JUNE 1948 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m o o f n y t e h ar co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2 125 1 749 596 1933 . . 3,919 1,595 1,122 459 663 473 776 1,081 467 1937 7,491 3,971 2,752 1,384 1,368 1.219 1.504 1.450 557 1938 7,064 3,612 2,313 970 1,343 1,299 1 442 I 487 523 1939 7,994 4,449 2,792 1,267 1,525 1,657 1,468 1,544 533 1940 9,146 5,448 3,450 1,729 1,721 1,998 1,488 1,650 560 1941 9,895 5,920 3,744 1,942 1,802 J.176 I 601 L 764 610 1942 6,478 2,948 1,491 482 1,009 1,457 1,369 513 648 1943 5,334 1,957 814 175 639 1,143 1,192 ,498 687 1944 5,776 2,034 835 200 635 L199 L 255 758 729 1945 6,638 2,365 903 227 676 1,462 .520 9ft 1 772 1946 10,166 3,976 1,558 544 1,014 2,418 2,262 3,054 874 1947 13,385 6,156 2,839 1,151 1,688 3,317 2,697 3 612 920 1947—March 10,379 4,329 1,695 691 1,004 2,634 2,403 2,768 879 April . . 10,631 4,536 1,812 753 1,059 2,724 2 423 2 782 890 May 10,934 4,739 1,928 816 1,112 2,811 2,460 2,835 900 June 11,230 4,919 2,036 880 1,156 2,883 2,508 2,887 916 July . . 11,302 5,045 2,092 922 1,170 2,953 2,548 2 786 923 August 11,433 5,179 2,167 965 L,2O2 3,012 2,579 2,755 920 September 11,682 5,290 2,257 1,004 1,253 3,033 2,607 2,864 921 October .. . 12,055 5,463 2,370 1,047 1,323 3,093 2,645 3 029 918 November 12,636 5,733 2,551 1,099 1,452 3,182 2,677 3 309 917 December 13,385 6,156 2,839 1,151 1,688 3,317 2,697 3,612 920 1948—January 13,058 6,186 2,818 1,202 1,616 3,368 2,708 3,240 924 February 12,945 6,249 2,835 1,254 1,581 3,414 2,701 3,067 928 March? .... 13,377 6,495 2,985 1,367 ,618 3,510 2,686 3 269 927 April? 13,596 6,736 3,141 1,476 1,665 3,595 2,673 3,259 928 ^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 i s a - » l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e o d n it s l M l a e n n is e d c o e e u r l s s - m i r l z o e o a a a p n d t n i a d e o s i r * n r n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n 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 a n t l n o o r d i i m a e a u s n l s - * - 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 If37 1,219 258 374 221 93 125 148 368 662 409 148 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 1 19 9 4 4 2 1 2 1 , ,4 1 5 7 7 6 4 7 2 8 6 4 4 5 1 3 7 1 1 8 3 9 4 1 7 0 2 7 2 1 1 4 7 7 1 9 0 1 2 3 2 0 1 1 5 1?1 7 9 9 8 2 9 7 7 8 5 4 2 1 5 8 5 2 2 1 0 4 3 6 3 2 7 4 2 7 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—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 ,255 643 154 125 245 114 497 206 107 27 24 41 October. . . 3,093 ,281 647 157 127 250 114 517 218 121 28 23 45 November.. 3,182 ,309 670 162 130 257 116 538 221 142 27 25 44 December . . 3,317 ,358 712 166 134 269 120 558 254 191 33 30 53 1948—January 3,368 ,385 717 165 137 271 121 572 235 110 27 26 44 February. . . 3.414 ,403 721 167 140 275 121 587 209 107 25 25 44 M^archp 3 510 1.448 733 173 143 287 125 601 272 140 33 29 56 April? 3,595 1,488 739 181 146 300 123 618 255 121 31 27 56 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of April amounted to 110 million dollars, and loans made during April were 14 million. 8 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. 720 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 n e m T g x o o c a t b lu a u i d l l t e , o - - s o m m t a r o n e a d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - J s e t w o e r l e r s y s o r t e A t o h t r a l e l e i r l s Year or month Total ch P a u s r e - r d eta D i l l o i a r n ec s t c r d h e p a i a t r u n a e s r d i e c - l d t , l e o m r t a n a i n o o n iz d d n s a - 12 - i l s m c n o o e a s n a t s n a n a h t l l s houses Outstanding at end of 1929 .. 1,197 160 583 265 56 133 p 1 e 9 r 4 i 5 od: 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 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 27 8 3 6 5 7 7 1 2 8 1937 1,368 314 469 307 68 210 1947—March 1,821 215 373 317 296 62|0 1938 1,343 302 485 266 70 220 April 1,922 237 397 337 314 63'7 1939 1,525 377 536 273 93 246 May 2,027 254 423 364 334 652 1940 1,721 439 599 302 110 271 June 2,125 276 439 388 358 664 1941 l,S02 466 619 313 120 284 July 2,200 288 456 405 379 672 1942 1,009 252 391 130 77 159 August 2,271 301 470 416 401 683 1943 639 172 271 29 66 101 September... 2,332 314 478 429 430 681 1944 635 183 269 13 70 100 October 2,409 324 492 449 454 690 1945 676 198 283 14 74 107 November... 2,493 339 513 475 471 695 1946 1,014 337 366 28 123 160 December... 2,602 348 537 513 486 718 1947 1.688 650 528 52 192 266 1948—Januaiy 2,690 360 558 560 490 722 February.... 2,725 373 571 561 495 725 1947 MarchP 2,831 404 603 582 506 736 March. . .. 1,004 358 354 29 105 158 AprilP 2,956 431 630 619 528 748 April ; 1 ,059 386 366 32 108 167 Volume extended dur- May 1,112 409 382 32 114 175 ing month: June...... 1,156 423 395 37 119 182 1947—March 343 81 59 31 118 July 1,170 429 398 39 120 184 April 364 84 69 36 115 August.... 1,202 440 408 41 124 189 May 375 83 77 42 114 September. 1,253 462 423 43 128 197 June 392 80 92 44 117 October. .. 1,323 495 443 46 131 208 July 384 84 75 42 120 November. 1,452 555 474 49 145 229 August 363 79 70 45 111 December. 1,688 650 528 52 192 266 September... 387 80 76 54 111 October 412 86 87 54 117 1948 N D o ec v e e m m b b e e r r . . . . . . 4 4 0 6 6 7 1 9 0 4 3 1 8 1 9 2 4 4 2 7 1 1 1 3 2 5 M J F A a e p a n b r r u i r c l u h a ? a v r r y y . . . . . . . . 1 1 1 1 , , , , 5 6 6 6 8 1 6 1 1 8 5 6 6 6 6 6 5 3 2 8 3 2 4 1 5 4 4 5 9 0 9 1 2 2 7 1 5 5 5 5 4 2 2 8 1 1 1 1 6 5 5 7 4 9 3 6 2 2 2 2 6 5 5 4 2 5 4 9 1948— A F M Ja e p a n b r r u i r r l a h u ? r P a y ry... . 4 4 3 5 8 4 8 0 7 2 2 5 1 1 8 9 1 1 9 8 2 6 1 1 1 8 0 2 1 8 1 1 7 4 3 3 5 3 6 4 1 1 1 1 1 2 3 0 2 9 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 Repair Personal ment paper 2 and instal- 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—March 177.4 33.5 19.4 30.3 94.2 1947—March 118 7 17.1 8.9 2 6 90.1 April 184.2 36.4 20.5 31.4 95.9 April 124.6 18.7 9.9 2.7 93 May 191.4 38.6 21.8 33.1 97.9 May...... 128.5 20.6 10.8 3.0 94.1 June 199.2 40.6 23.1 35.0 100.5 June 131.3 21.7 11.8 3.2 94.6 July 206.7 42.8 24.3 36.9 102 7 July 134.0 22.4 12.8 3.4 95.4 August 212.6 44.9 25.3 38.4 104.0 August ... 137.8 23.6 13.4 3.6 97.2 September. 215.5 46.3 26.0 39.4 103.8 September 138.4 24.3 14.1 3.8 96.2 October. .. 221.0 48.1 27 0 41 2 104.7 October... 141.1 25.3 14.7 4.0 97.1 November., 227.9 49.6 28 5 42 5 107.3 November. 144.8 26.3 15.9 4.2 98.4 December.. 233.5 50.0 30.2 43 3 110 0 December. 148.2 27.1 17.1 4.2 99.8 1948—January . . ••231.8 49.0 "•31.0 '43 5 '108.3 1948—January . . 151.7 28 0 17.7 4.2 101.8 February.. 234 6 50 3 31.4 44 0 108.9 February.. 154.6 28 7 18 0 4.2 103.7 March?... . 242.3 53.4 32.8 44.8 111.3 March?... . 158.2 29.9 19 0 4.3 105.0 April? 253.1 57.5 35.8 46.6 113.2 April? 161.4 30.9 19.9 4.4 106.2 Volume extended Volume extended during month: during month: 1947—March.... 31.3 7.1 3.5 2.7 18.0 1947—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 IS.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. . ••33.7 8.6 4.6 2 7 '17.8 1948- -January . . 28.3 5 7 2.8 0 3 19.5 February... 31.5 8.0 4.4 2.8 16.3 February.. 26.6 5.3 2.8 0 3 18.2 March?. ... 41.9 11.2 6.0 3.7 21.0 March?... 32.1 6.9 3.4 0.4 21.4 April?. . . . 42.2 11.9 6.6 4.2 19.5 April?. 29.6 6.4 3.4 0.4 19.4 P Preliminary. r Revised. l Includes not only loans insured by Federal Housing Administration but also noninsured loans. 1 Includes both direct loans and paper purchased. JUNE 1948 721 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 * Item 1 A P 9 p 4 e f r 8 r r . o c ? m en m t M 1 p a o 9 g r a n 4 e e r 8 t c . h e c d h i a F n 1 n g 9 e g 4 b e 8 . 1 A m f 9 P ro p 4 o e m 8 r r n . c ? t e h c n o o t M 1 y a r f 9 e r g a e 4 a p e r s r 8 r . p e c o c h n e a F 1 d d n 9 e i i g n n 4 b e g g . 8 Year and month D s m e to p e r a n e r t s t- In F s s t t t u u o a r l r r n m e e i s - ent h p H a o s l c t o l i o c d a u o r n a s e u c e p s e n - - ts J s e t w or e e lr s y a D C s c m e t c h o p o e a r a n u r e r g t n s t e t - s Net sales: 1947 Total, r?: +7 +22 -3 + 12 +8 +2 March 33 25 44 27 56 Cash sales +5 +16 -12 -8 c-ll -14 April........ 30 23 44 25 54 Credit sales: May 30 24 44 26 56 Instalment.: +7 +31 0 +25 +20 +11 June 28 23 45 24 54 Charge account:::.. +9 +13 -8 +6 -8 July 28 22 41 23 53 August 28 22 39 23 51 Accounts receivable, end September .. 31 24 39 25 53 of month: October 31 23 40 23 57 Total +3 + 1 -3 +45 +45 +46 November.. . 30 23 39 24 55 Instalment + 1 + 1 -2 +48 +51 +51 December... 29 20 39 31 54 Collections during 1948 month: January 24 18 36 19 53 Total +3 +6 -10 + 16 +13 +16 February... . 23 17 32 '18 49 Instalment +8 + 11 -6 +21 +16 +20 March 27 19 33 19 53 April? 25 19 31 19 52 Inventories, end of month, at retail value. + 1 +3 +6 + 18 + 19 + 15 v Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. c Corrected. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year and month Total Sa C le a s s h during I m m ns e o t n a n t l t - h a C c h co a u rg n e t I a m n t s e t e n a n t l- d of a C m c h c o o a n u r t g n h e t I m ns e t n a t l m - ont a h C c h c a o r u g n e t C sa a l s e h s I m s n a s e l t e n a s t l- C ac s h c a a o l r e u g s n e t - 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 66 111 38 84 70 112 64 4 32 1945 averagt.... . 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—March.:: 210 235 146 193 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 38 217 236 157 207 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—January 173 188 140 163 127 206 174 299 54 7 39 February . . 168 177 144 161 124 181 160 217 53 7 40 March 227 235 196 223 129 189 178 207 51 8 41 April? 214 222 191 209 132 191 171 211 51 8 41 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 713. 722 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1948 1948 Chart Chart book book page Apr. May May May May page Apr. May May May May 26 i 28 12 19 26 i WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES2—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.-—Cont. Reserve Bank credit, total 2 20.95 20.86 21.04 20.67 21.20 Stock prices (1935-39=100): U.S. Govt. securities, total.. 3 20.44 20.25 20.35 20.10 20.59 Total 40 126 126 128 132 134 Bills 3 8.14 7.86 7.94 7.70 8.20 Industrial 40 132 132 135 139 142 Certificates 3 4.26 4.23 4.17 4.12 4.13 Railroad 40 119 117 121 126 127 Notes 3 1.96 1.97 1.96 1.94 1.95 Public utility 40 97 97 99 101 101 Bonds 3 6.08 6.19 6.28 6.34 6.32 Volume of trading (mill, shares) 40 1.42 1.38 2.44 2.48 1.66 Gold stock 2 23.17 23.18 23.23 23.25 23.30 Money in circulation 2 27.68 27.76 27.76 27.69 27.70 Treasury cash and deposits... 2 2.51 2.44 2.64 2.94 3.12 BUSINESS CONDITIONS Member bank reserves 2, 4 17.04 17.03 17.09 16.51 16.90 Required reserves 4 16.16 16.22 16.20P16.17P16.19 Wholesale prices: Excess reserves* 4 .88 .82 .88 p.33 P.71 Indexes (1926=100): Excess reserves (weekly avg.): Total 73 162.6 161.9 163.5 163.5 164.4 Total* 5 .76 .78 .76 p. 73 P.65 Farm products 73 186.9 184.0 187.9 189.2 193.0 New York City 5 .04 .01 .01 .01 .01 Other than farm and foods. 73 148.7 148.9 149.0 149.2 149.3 Chicago 5 (3) .01 (3) .01 Selected farm products: Reserve city banks 5 .22 .22 .21 .17 .16 Wheat (cents per bushel). 78 235.4 237.0 237.3 235.4 231.8 Country banks* 5 .49 .54 .54 P. 54 P.47 Corn (cents per bushel).. 78 226.7 228.9 231.5 232.6 232.2 Cotton (cents per pound). 78 37.6 36.9 37.9 37.9 37.6 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 78 21.28 20.74 21.13 22.78 24.73 All reporting banks: Butter (cents per pound). 78 77.6 81.3 79.2 77.8 79.9 Loans and investments 16 62.94 63.13 63.17 63.46 63.13 Eggs (cents per dozen)... 78 41.2 39.7 40.8 41.5 41.7 U. S. Govt. securities, total. 16 35.48 35.64 35.50 35.87 35.30 Production: Bonds 18 27.00 26.98 26.96 27.01 27.03 Steel (% of capacity) 80 86.6 91.0 94.3 95.4 96.8 Certificates 18 3.84 3.77 3.81 3.88 3. Automobile (thous. cars).... 80 103 85 83 '91 92 Notes 18 2.42 2.44 2.44 2.40 2.40 Paperboard (thous. tons).. . 81 193 192 189 189 192 Bills 18 2.22 2.44 2.30 2.57 2.00 Crude petroleum (thous. Other securities 20 4.31 4.24 4.23 4.23 4.20 bbls.) 81 5,413 5,413 5,423 5,439 5,452 Demand deposits adjusted. . 16 46.67 46.53 46.37 46.44 46.86 Electric power (mill. kw. U. S. Govt. deposits 16 1.39 1.44 1.67 1.53 1.37 hrs.) 82 5,042 5,087 5,109 5,085 5,076 Loans, total 16 23.16 23.24 23.44 23.36 23.63 Basic commodity prices Commercial 20 14.16 14.21 14.26 14.21 14.21 (Aug. 1939 = 100) 82 317.7 319.8 319.9 324.1 322.4 Real estate 20 3.67 3.69 3.72 3.73 3.74 Total freight carloadings For purchasing securities: (thous. cars) 83 892 881 847 879 905 Total 20 1.56 1.58 1.65 1.57 1.84 Department store sales U.S. Govt. securities... 20 .67 .70 .76 .70 .96 (1935-39 = 100) 83 r300 330 293 295 296 Other securities 20 .89 .88 .89 .87 .88 Other 20 3.77 3.77 3.83 3.84 3. New York City banks: 1948 Loans and investments 17 19.02 19.03 18.96 19.23 19.05 U.S. Govt. securities, total.. 17 10.88 10.95 10.77 11.09 10.68 Bonds 19 8.41 8.36 8.34 8.36 8.37 Feb. Mar. Apr.* Certificates 19 .88 .86 .84 .89 .92 Notes 19 .53 .55 .55 .56 55 Bills 19 1.06 1.18 1.04 1.28 .84 MONTHLY FIGURES In billions of dollars Demand deposits adjusted.. 17 15.61 15.50 15.33 15.45 15.59 U. S. Govt. deposits 17 .36 .37 .44 .40 .35 RESERVES AND CURRENCY Interbank deposits 1" 3.86 3.92 3.94 3.94 3.79 Time deposits 1 1.45 1.45 1.45 1.45 1.46 Reserve Bank credit 7 21.59 21.46 21.10 Loans, total 1 6.96 6.98 7.10 7.04 7.31 Gold stock 7 22.97 23.10 23.15 Commercial 21 5.03 5.04 5.09 5.06 5.08 Money in circulation 7 28.10 27.94 27.77 For purchasing securities: Treasury cash 7 1.32 1.33 1.32 To brokers: Treasury deposits 7 1.32 1.09 1.22 OnU. S. Govts 21 .34 .37 .42 .38 .62 Member bank reserves: On other securities... 21 .31 .30 .30 .28 .28 Total 4, 7, 14 16.83 17.11 16.93 To others 21 .23 .23 .23 .23 .23 Central reserve city banks... 14 5.29 5.67 5.57 All other 21 1.04 1.04 1.06 1.09 1.11 Reserve city banks 15 6.65 6.51 6.47 Banks outside New York City: Country banks 15 4.89 4.93 4.88 Loans and investments 17 43.92 44.10 44.22 44.23 44.08 Required reserves: U.S. Govt. securities, total.. 17 24.60 24.69 24.73 24.78 24.62 Total 4 16.03 16.28 16.12 Bonds 19 18.59 18.62 18.62 18.65 18.66 Country banks 15 4.34 4.36 4.35 Certificates 19 2.96 2.91 2.97 2.99 2.96 Excess reserves: Notes 19 1.89 1.89 1.88 1.84 1.84 Total 4,5 .80 .82 .81 Bills 19 1.16 1.27 1.26 1.29 1.15 New York City 5 .04 .05 .04 Demand deposits adj usted. . 1 31.06 31.03 31.04 30.99 31.26 Chicago 5 .01 .01 .01 U. S. Govt. deposits 1 1.02 1.07 1.23 1.13 1.02 Reserve city banks 5 .20 .20 .23 Interbank deposits 1 5.81 6.04 6.08 5.92 5.71 Country banks 5 .56 .56 .53 Time deposits 1 13.29 13.31 13.33 13.31 13.30 Money in circulation, total... 9 28.02 27.78 Loans, total 1 16.20 16.26 16.34 16.31 16.32 Bills of $50 and over 9 8.69 8.61 Commercial 21 9.13 9.16 9.17 9.14 9.13 $10 and $20 bills 9 14.91 14.75 Real estate 21 3.54 3.57 3.59 3.60 3.61 Coins, $ 1, $2, and $5 bills 9 4.43 4.42 For purchasing securities. 21 .67 .68 .70 .68 .71 All other 21 2.86 2.85 2.89 2.88 2.87 ALL BANKS IN THE UNITED STATES Deposits and currency:' MONEY RATES, ETC. Per cent per annum Total* 10 Pi68.80 P166.40 P167.70 Excluding U. S. Govt. U. S. Govt. securities: deposits" 10 P167.00 P164.00 P165.20 Bills (new issues) 34, 35 .998 .998 .997 .997 .997 Demand deposits adjusted*... 10 P84.60 P81.60 P83.00 Certificates 34, 35 1.10 1.10 1.09 1.07 1.08 Time deposits adjusted* 10 P56.80 P56.90 P56.90 3-5 years 34 1.58 1.57 1.54 1.47 1.4 Currency outside banks* 10 P25.60 P25.50 P25.30 7-9 years 34 1.98 1.97 1.93 1.85 1.84 U. S. Govt. deposits* 10 Pl.80 P2.40 P2.5O 15 years or more 34, 36 2.44 2.44 2.43 2.40 2.39 F. R. Bank discount rate 35 1.25 1.25 1.25 1.25 1.25 ALL COMMERCIAL BANKS Commercial paper 35 1.38 1.38 1.38 1.38 1.38 Bankers' acceptances 35 1.06 1.06 1.06 1.06 1.06 Cash assets* 11 P33.70 P32.80 P33.00 Corporate bonds: Loans and investments, total* 11 P115.60 P113.7O M14.30 Aaa 36 2.78 2.77 2.77 2.76 2.75 Loans* 11 P38.70 P38.90 P38.80 Baa 36 3.44 3.42 3.40 3.36 3.34 U. S. Govt. securities* 11 P67.90 P65.50 *66.30 High-grade (Treas. series)... 36 2.76 2.75 2.74 2.73 2.72 Other securities* 11 P9.00 P9.30 P9.20 For footnotes see p. 726. JUNE 1948 723 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 page Feb. Mar. Apr.i page Feb. Mar. Apr.i MONTHLY FIGURES—Cont. In billions of dollars In billions of dollars MONTHLY FIGURES—Cont. MEMBER BANKS All member banks: TREASURY FINANCE Cont. Loans and investments, total 14 97.05 95.13 95.85 Loans 14 33.12 33.18 33.02 Ownership of U. S. Govt. securities— U. S. Govt. securities 14 56.71 54.46 55.38 Cont. Other securities 14 7.23 7.49 7.45 By earliest callable or due date: Demand deposits adjusted* 14 71.42 68.72 70.04 Within 1 year-Total outstanding 31 51.27 49.90 49.39 Time deposits 14 28.59 28.61 28.62 Commercial bank and F. R. Balances due to banks 14 10.97 10.78 10.46 Bank 31 33.88 31.71 «31.84 Balances due from banks 14 5.28 5.25 5.14 F. R. Bank 31 15.63 15.33 14.29 Central reserve city banks: 1-5 years—Total outstanding. 31 46.41 46.41 46.41 Loans and investments, total 14 25.07 23.63 24.16 Commercial bank and F. R. Loans 14 9.14 8.93 8.73 Bank 31 33.15 33.11 *33.40 U. S. Govt. securities 14 14.38 13.04 13.82 F. R. Bank 31 2.00 2.06 2.55 Other securities 14 1.55 1.66 1.61 5-10 years—Total outstanding 31 10.27 10.27 10.27 Demand deposits adjusted* 14 20.00 18.36 19.41 Commercial bank and F. R. Time deposits 14 2.44 2.45 2.46 Bank 31 6.58 6.55 *6.51 Balances due to banks 14 5.10 5.04 4.96 F. R. Bank 31 .50 .50 .50 Reserve city banks:4 Over 10 years-Total outstanding 31 54.81 54.81 54.81 Loans and investments, total 15 35.69 34.89 35.04 Nonbank (unrestricted Loans 15 13.57 13.44 13.34 issues only), commercial U. S. Govt. securities 15 19.74 19.06 19.29 bank, and F. R. Bank 31 8.89 8.95 *8.94 Other securities 15 2.38 2.40 2.41 Commercial bank and F. R. Demand deposits adjusted* 15 24.96 24.12 24.41 Bank 31 7.55 7.60 *7.57 Time deposits 15 11.54 11.31 11.30 F. R. Bank 31 2.89 2.99 2.99 Balances due to banks 15 4.90 4.86 4.66 Balances due from banks 15 1.72 1.74 1.73 Country banks:4 Loans and investments, total 15 36.29 36.60 36.65 Per cent per annum Loans '.- 15 10.41 10.81 10.95 MONEY RATES, ETC. U. S. Govt. securities 15 22.59 22.36 22.28 Other securities 15 3.30 3.43 3.43 Demand deposits adjusted* 15 26.46 26.24 26.22 U. S. Govt. securities: Time deposits 15 14.62 14.84 14.86 Bills (new issues) 33, 35 .996 .996 .997 Balances due from banks 15 3.37 3.33 3.23 Certificates 35 1.10 1.09 1.10 Bonds, 15 years or more 36 2.45 2.45 2.44 CONSUMER CREDIT* F. R. Bank discount rate 33, 35 1.25 1.25 1.25 Consumer credit, total 22 12.95 J>13.38 P13.60 C B o a m nk m er e s r ' c i a a c l c e p p a t p a e n r c es 3 3 5 5 1 1. . 0 3 6 8 1 1. . 0 3 6 8 1 1. . 0 3 6 8 Single-payment loans 22 2.70 P2.69 P2.67 Corporate bonds: Charge accounts 22 3.07 P3.27 P3. 26 Aaa 33,36 2.85 2.83 2.78 Service credit 22 .93 P. 93 P. 93 Baa 36 3.53 3.53 3.47 Ins I t n a s l t m al e m n e t n c t r e lo d a it n , s t otal 22, 2 2 3 3 3 6 . . 4 2 1 5 P P 6 3 . . 5 5 0 1 P P 3 6 . . 6 7 0 4 High-grade (Treas. series) 36 2.84 2.81 2.77 Instalment sale credit, total 23 2.84 P2.99 P3.14 Automobile 23 1.25 Pi.37 Pl.48 Other 23 1.58 Pi.62 Pi.67 In unit indicated TREASURY FINANCE Ca C sh a s i h n c i o n m co e m a e n d outgo: 27 4.72 6.47 2.96 Sto T c o k t a p l rices (1935-39=100): 39 114 116 125 Cash outgo 27 2.90 3.87 2.96 Industrial 39 119 122 131 Excess of cash income and outgo... 27 + 1.82 +2.60 0 Railroad 39 102 105 115 U. S. Govt. securities outstanding, 252.17 250.71 249.99 Public utility 39 93 93 96 total interest-bearing 28 117.86 115.52 115.52Volume of trading (mill, shares) 39 .86 .97 1.47 Bonds (marketable issues) 28 44.73 45.65 45.19 Brokers' balances (mill, dollars): Notes, certificates, and bills 28 60.09 60.02 59.84 Credit extended to customers 41 537 550 572 Savings bonds, savings notes, etc. 28 29.25 29.27 29.20 Money borrowed 41 208 229 241 Special issues 28 Customers' free credit balances.... 41 596 592 614 Ownership of U. S. Govt. securities: Total interest-bearing: 67.50 65.40 66.40 Commercial bankse 29 34.88 34.97 34.81 Fed. agencies and trust funds... 29 21.02 20.89 20.34 BUSINESS CONDITIONS F. R. Banks 29 65.70 65.70 65.50 Individuals* 29 19.90 20.50 20.10 Corporations* 29 23.90 23.80 23.50 Personal income (annual rate, bill, Insurance companies* 29 12.00 12.10 12.00 dollars):«5 Mutual savings banks* 29 7.20 7.50 7.50 Total 52 207.7 208.5 State and local govts.* 29 Total salaries and wages 52 127.1 127.1 Marketable public issues: Proprietors' income, dividends, and By class of security: interest 52 67.4 67.5 Bills—Total outstanding 30 14.44 13.95 13.75 All other 52 13.2 13.9 Commercial bank and F. R. Labor force (mill, persons): * Bank 30 12.04 10.84 «10.99 Total 53 61.0 61.0 61.8 F. R. Bank 30 9.21 8.85 7.97 Civilian 53 59.8 59.8 60.5 Certificates—Total ou tstanding 30 18.92 20.33 20.06 Unemployment 53 2.6 2.4 2.2 Commercial bank and F. R. Employment 53 57.1 57.3 58.3 Bank 30 10.70 11.61 *11.45 Nonagricultural 53 50.4 50.5 50.9 F. R. Bank 30 4.39 4.48 4.24 Employment in nonagricultural estab- Notes—Total outstanding.... 30 11.37 11.37 11.37 lishments (mill, persons):*5 Commercial bank and F. R. Total 54 43.2 43.3 P43.0 Bank 30 6.68 6.44 «6.59 Manufacturing and mining 54 16.7 16.8 P16.4 F. R. Bank 30 1.73 1.88 1.96 Trade 54 8.9 8.9 P9.0 Bonds—Total outstanding 30 118.03 115.69 115.69 Government _ 54 5.4 5.5 P5.5 Nonbank (unrestricted Transportation and utilities 54 4.0 4.0 P4.0 issues only). commercial Construction 54 1.7 1.7 Pi.8 bank, and F. R. Bank.... 30 72.11 69.83 «69.83 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 55 51.79 52.07 P51.56 Bank 30 51.74 50.08 «50.29 Hourly earnings (cents) 55 129.0 129.1 P129.0 F. R. Bank 30 5.69 5.67 6.17 Hours worked Cper week) 55 MO.l 40.3 P40.0 For footnotes see p. 726. 724 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 page6 Feb. Mar. Apr.1 page Feb. Mar. Apr.1 MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS'—Cont. BUSINESS CONDITIONS —Cont. Industrial production:5 Prices paid and received by farmers Total (1935-39 =100) 57, 58 194 191 P187 (1910-14 = 100): Groups (points in total index): Paid 77 248 247 249 Durable manufactures 57 '85.7 86.9 P82.0 Received 77 279 283 291 Machinery and trans, equip.. . 58 '45.1 45.6 P44.4Cash farm income (mill, dollars): Iron and steel 58 22.3 22.8 P19.5 Total 79 1,866 2,001 P2,096 Nonferrous metals, lumber, and Livestock and products 79 1,120 1,263 PI.377 other durables 58 18.4 18.6 P18.1 Crops 79 717 698 P670 Nondurable manufactures 57 84.4 82.9 PS2.6 Govt. payments 79 29 40 P49 Textiles and leather 58 22.9 22.3 P21. Food, liquor, and tobacco 58 23.0 22.8 P22.8 Chemicals, petroleum, etc 58 23.3 23.0 P22. Paper and printing 58 15.2 14.9 P15.2 INTERNATIONAL TRADE AND FINANCE Minerals 57,58 ••23.5 21.5 P22.3 Selected durable manufactures Exports and imports .(mill, dollars): (1935-39 = 100): Exports 85 1,086 Nonferrous metals 59 189 192 P201 Excluding Lend-Lease exports. .. 85 1,086 Pl.141 Steel 59 226 234 207 Imports 85 P582 P666 Cement 59 208 196 193 Excess of exports or imports ex- Lumber 59 135 137 P125 cluding Lend-Lease exports 85 P504 Transportation equipment 59 231 242 P236 Foreign exchange rates: Machinery 59 '284 283 P275 See p. 745 of this BULLETIN 86-87 Selected nondurable manufactures Short-term foreign liabilities and assets (1935-39 = 100): reported by banks (bill, dollars): Apparel wool consumption 60 '202 188 Total liabilities 74.82 Cotton consumption 60 153 147 147 Official 7 1.85 Manufactured food products.... 60 ••160 158 P158 Invested in U. S. Treasury bills Paperboard 60 179 192 192 and certificates 7 .22 Leather 60 116 102 Private 72.97 Industrial chemicals 60 434 432 P436 Total assets 7 1.03 Rayon 60 301 303 P303 Sales and inventories (bill, dollars) :6 Sales: Manufacturing—Durable 61 6.4 7.5 P6.9 1947 1948 —Nondurable.... 61 9.8 10. PIO.4 W Re h t o a l i e l— — sal D N e u o r n a d b u l r e a ble 6 6 6 1 1 1 1 2 6 2 . . .6 1 8 1 2 8 3 . . . 8 7 0 P P P 1 2 7 3 . . 8 8 .6 QUARTERLY FIGURES J S u e l p y t - . O De c c t . .- J M an a . r - . Inventories: Manufacturing—Durable 61 13.5 13.5 P!3.5 Wholesale —Nondurable.... 6 6 1 1 15 7. .2 1 8 5 . .4 2 P P I S S A .5 TREASURY FINANCE In billions of dollars Construction contracts (3 mo. moving avg., mill, dollars), total5 63 766 744 P734 Residential 63 280 273 P287 Budget receipts and expenditures: Other 63 486 471 P447 Total expenditures 26 9.66 7.86 8.83 Residential contracts (mill, dollars):5 National defense 26 2.90 3.09 2.77 Total 64 316 244 290 Net receipts 26 9.81 9.38 14.95 Public 64 6 4 -8 Internal revenue collections, total 26 8.46 7.85 13.69 Private, total 64 310 241 298 Individual income taxes 26 4.14 3.44 8.55 1- and 2-family dwellings 64 196 186 235 Corporate income taxes 26 2.29 2.17 3.14 Other 64 114 55 63 Misc. internal revenue 26 2.02 2.24 2.00 Value of construction activity (mill. dollars), total" 65 1,009 1,166 1,302 Nonresidential:« Public 65 166 221 281 MONEY RATES Per cent per annum Private 65 437 465 490 Residential:* Public 65 6 5 6 Bank rates on customer loans: Fre T G i o g r M P o t h a u r t i l i p s v c c s ( a a e 1 t l r ( 9 e l p l a 3 o o n 5 a i e - d n 3 o i t 9 u s n s g = i s n = : 5 t 1 o 0 t 0 a ) l . index): 6 6 6 5 7 7 4 1 0 8 3 0 0 9 .0 47 82 5 .1 5 13 2 0 5 O S T N o o t e h u w ta e t h l r , Y e N r 1 o n o r 9 k r a c t n h i C t e d i i e r t s W n y a es n t d er E n a c s i t t e ie rn s cities. 3 3 3 3 3 7 7 7 2 2 2 1 . . . . 2 2 6 7 1 5 9 7 2 2 2 1 . . . . 6 2 2 8 1 7 2 2 2 2 2 2. . . . 8 0 5 4 3 9 2 6 Coal 67 32.0 20.8 All other 67 26.6 27.3 De I p n a d r e t x m es e n ( t 1 9 s 3 to 5 r - e 3 s 9 : =100):5 BUSINESS FINANCE In unit indicated Sales 68 "285 284 304 Stocks 68 303 312 308 296 stores: Corporate security issues: Sales (mill, dollars) 69 263 355 P332 Total (bill, dollars) • 42 1.27 2.22 1.61 Stocks (mill, dollars) 69 '878 941 P936 New money, total (bill, dollars) • . . 42 .80 1.87 1.40 Outstanding orders (mill, dollars) 69 '575 420 P358 Type of security (bill, dollars): Stocks-sales ratio(months' supply) 69 3.3 2.7 P2.8 Bonds 42 .55 1.45 1.13 Consumers' prices (1935-39=100): Preferred stock 42 .16 .12 .09 All items 71 167.5 166.9 169.3 Common stock 42 .09 .30 .18 Food 71 204.7 202.3 207.9 Use of proceeds (mill, dollars): Apparel 71 195.1 196.3 196.4 Plant and equipment: Rent 71 116.0 116.3 116.3 All issuers 43 649 1,543 844 Wholesale prices (1926 = 100), total... 73 160.8 161.4 162.7 Public utility 43 414 981 531 Farm products 73 185.3 186.0 186. Railroad 43 49 87 97 Foods 74 172.4 173.8 176.8 Industrial 43 186 472 212 Other than farm and foods, total... 73 147.5 147.7 148.5 Working capital: Textile products 74 '148.4 149.7 149.6 All issuers 43 148 325 555 Hides and leather products 74 192.8 185.6 186.1 Public utility 43 6 24 5 Chemicals and allied products... 75 134.6 «136.1 135.9 Railroad 43 3 Fuel and lighting materials 75 130.7 130.9 131.6 Industrial 43 99 272 331 Building materials 75 '192.6 '193.1 195.2 Bonds (bill, dollars) :• Metals and metal products 75 '155.3 '155.9 156 Public 42 .57 .91 .61 Miscellaneous 74 119.9 120.8 121.8 Private 42 .41 .82 .72 For footnotes see p. 726. JUNE 1948 725 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 book book page July- Oct.- Jan.- page Dec. June Dec. Sept. Dec. Mar. 31 30 31 QUARTERLY FIGURES—Cont. In unit indicated GALL DATE FIGURES 9 In billions of dollars BUSINESS FINANCE—Cont. ALL MEMBER BANKS Corporate assets and liabilities (bill, dollars) :e Holdings of U. S. Govt. securities: Current assets, total 44 110.7 116.0 Bonds 12 46.23 46.51 45.29 Cash 44 22.3 22.9 Notes. 12 5.60 4.37 4.82 U. S. Goyt. securities 44 12.9 13.7 Certificates. 12 10.04 7.54 5.82 Inventories 44 39.9 42.0 Bills 12 1.17 .77 1.99 Receivables 44 33.8 35.7 Loans: Current liabilities, total 44 50.3 54.2 Commercial. 13 13.15 13.82 16.96 Notes and accounts payable. ... 44 31.3 34.2 Agricultural 13 .88 .97 1.05 Federal income tax liabilities.... 44 9.1 10.0 Real estate 13 5.36 6.24 7.13 Net working capital 44 60.4 61.8 Consumer 13 3.31 4.00 4.66 Plant and equipment expenditures For purchasing securities: (bill, dollars) :«8 To brokers and dealers. . . 13 j.51 1.51 .81 All business 45 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):« Profits before taxes 46 28.2 32.2 Profits after taxes (dividends and undistributed profits) 46 17.1 19.7 FIGURES FOR SELECTED DATES Dec. Dec? Undistributed profits 46 10.3 12.4 Corporate profits after taxes (quarterly totals): LIQUID ASSET HOLDINGS' In billions of dollars All corporations (bill, dollars) •. . . . 47 4.3 4.9 Large corporations, total (bill, dol- Individuals and business: lars) 47 1.1 1.3 1.3 Total holdings 24 231.5 236.8 Durable manufacturing (mill, dol- Deposits and currency 24 143.3 146.7 lars) 47 440 508 510 Savings and loan shares 24 8.4 9.5 Nondurable manufacturing (mill. U. S. Govt. securities 24 79.8 80.6 dollars) 47 380 446 462 Individuals: Electric power and telephone Total holdings 24 165.2 172.0 (mill, dollars) 47 162 199 229 Deposits and currency 24 101.5 104.7 Railroads (mill, dollars) 47 112 157 72 U Sa . v S in . g G s o a v n t d . s l e o c a u n r i s ti h e a s r es 2 2 4 4 5 8 5 . . 1 6 5 9 8 . . 2 1 Corporations: 1948 Total holdings 24 38.9 38.4 Deposits and currency 24 23.5 23.8 J S u e l p y- t. O D c ec t . .. J M an a . r - . Un T U in o . c t S a o . l r p G h o o o r l v a d t t i . e n d g s e s b c u u r s i i t n ie e s s ses: 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 producte5 48 229.4 240.9 244.3 Govt. purchases of goods and serv- OWNERSHIP OF DEMAND DEPOSITS* ices 48 28.7 30.3 31.0 Feb. 26 Jan. 30P Personal consumption expenditures 48 165.8 172.5 173 Durable goods 49 20.2 21.3 20. Individuals, partnerships, and corpora- Nondurable goods 49 99.9 104.2 104. tions, total 25 77.8 82.4 Services 49 45.7 47-0 Nonfinancial: Private domestic and foreign invest- Total 25 37.2 39.8 ment 48 34.8 38.1 40.2 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 18.4 18.8 18.8 Other 25 4.5 4.9 New construction 50 10.4 12.4 13.1 Financial: Change in business i nventories. 50 -1.7 -1.3 +4.1 Total 25 6.5 7.4 Net foreign investment 50 7.8 8.2 4.2 Insurance companies 25 2.1 2.7 Personal income, consumption, and Other 25 4.5 4.7 saving:65 Individuals: Personal income 51 199.6 205.8 209.2 Total 25 28.9 30.1 Disposable income 51 177.9 183.7 186.1 Individuals excl. farmers 25 22.0 22.9 Consumption expenditures 51 165.8 172.5 173.2 Farmers 25 6.9 7.2 Net personal saving 51 12.1 11.2 12.9 Nonprofit assns. and others 25 5.2 5.1 •Estimated. P Preliminary. r Revised. c Corrected. 1 For charts on pp. 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Less than 5 million dollars. 4 Beginning Mar. 1, 1948, data are not strictly comparable with earlier figures due to a redesignation of reserve cities on that date. 5 Adjusted for seasonal variation. 6 The chart on "New orders, shipments, and inventories" previously shown on p. 61 is replaced in the June Chart Book by a chart on "Sales and inventories of manufacturers, wholesalers, and retailers." 7 As of Jan. 31, 1948. 8 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. 9 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. 726 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 book page1 Feb. Mar.p Apr.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 12,945 13,377 13,596 "onsumer instalment sale credit Instalment credit, total 3,5 6,249 6,495 6,736 granted, cumulative totals:2 Instalment loans 5 3,414 3,510 3,595 By automobile dealers 414 581 576 Instalment sale credit 5 2,835 2,985 3,141 By furniture and household appli- Charge accounts 3 3,067 3,269 3,259 ance stores 223 310 311 Single-payment loans 3 2,701 2,686 2,673 By department stores and mail- Service credit 3 928 927 928 order houses 155 218 207 Consumer credit outstanding, cumu- By all other retailers 67 86 81 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 12,945 13,377 13,596 standing, cumulative totals:2 Charge accounts 4 6,696 6,882 6,860 Commercial and industrial banks. 3,414 3,510 3,595 Single-payment loans 4 3,629 3,613 3,601 Small loan companies 1,844 1,889 1,926 Service credit 4 928 927 928 Credit unions 1,123 1,156 1,187 Consumer instalment sale credit out- Miscellaneous lenders 848 869 887 standing, cumulative totals:2 Insured repair and modernization Automobile dealers 6 2,835 2,985 3,14 loans 587 601 618 Furniture and household appliance stores 6 1,581 1,618 1,66. Department stores and mailorder houses 6 1,037 1,067 1,096 All other 6 413 414 415 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. JUNE 1948 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list and offices on which Not on par list Federal Reserve checks are drawn Total Member Nonmember (Nonmember) district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec. 31 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Apr 30 1948?. . 14,097 4,202 12,077 3,879 6,929 3,093 5,148 786 2,020 323 By districts and bv States Apr. 30, 1948P District Boston 495 294 495 294 336 216 159 78 New York 922 840 922 840 794 778 128 62 Philadelphia . .. 844 135 844 135 647 100 197 35 Cleveland 1,144 255 1,144 255 711 219 433 36 Richmond . .. 1,014 438 798 314 477 207 321 107 216 124 Atlanta 1,173 164 552 118 344 112 208 16 621 36 Chicago 2,488 573 2,432 547 1,000 223 1,432 324 56 26 St Louis . ... 1,469 131 1,125 71 495 39 630 32 344 60 Minneapolis • 1,279 111 619 42 476 26 143 16 660 69 Kansas City . . 1,750 9 1,741 9 760 6 981 3 9 Dallas 1,010 38 900 30 615 19 285 11 110 8 San Francisco 509 1 214 505 1,214 274 1 148 231 66 4 State Alabama 222 22 113 22 88 22 25 109 Arizona . . 10 40 10 40 5 30 5 10 Arkansas 229 19 104 5 66 1 38 4 125 14 California 193 902 193 902 115 859 78 43 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 39 19 39 16 36 3 3 Florida 179 2 117 2 72 2 45 62 Georgia 385 31 99 27 65 26 34 1 286 4 Idaho 48 45 48 45 26 43 22 2 Illinois . . . 881 3 879 3 502 3 377 2 Indiana 487 94 487 94 237 38 250 56 Iowa 664 163 664 163 163 501 163 Kansas .. 608 606 214 392 2 Kentucky . 384 38 384 38 113 25 271 13 Louisiana 161 63 58 41 46 36 12 5 103 22 Maine 63 69 63 69 38 37 25 32 Maryland 166 102 166 102 78 68 88 34 Massachusetts 184 156 184 156 147 142 37 14 442 211 442 211 230 162 212 49 678 6 264 6 2t>6 58 414 Mississippi 206 55 40 7 32 1 8 6 166 48 Missouri .... 595 528 180 34 8 67 112 112 84 28 Nebraska 410 2 410 2 145 2 265 g 18 8 18 6 17 2 1 New Hampshire * r 73 2 73 2 52 1 21 1 New Jersey 339 137 339 137 291 123 48 14 New IVIexico 48 11 48 11 33 2 15 9 New York 655 718 655 718 573 666 82 52 North Carolina 208 176 91 55 54 34 37 21 117 121 North Dakota 151 24 58 5 42 16 5 93 19 Ohio 668 195 668 195 425 169 243 26 Oklahoma 384 1 376 1 225 1 151 8 Oregon 70 84 70 84 33 79 37 5 Pennsylvania 990 151 990 151 758 127 232 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 1C0 25 Tennessee 295 74 200 58 81 46 119 12 95 16 Texas 891 4 832 4 565 4 267 59 Utah 60 15 60 15 36 13 24 2 69 11 69 11 40 2 29 9 Virginia . 315 89 308 88 202 43 1C6 45 7 1 122 121 118 121 54 114 64 7 4 West Virginia . . 182 180 108 72 2 Wisconsin 553 151 444 100 163 21 281 79 109 51 Wyoming 55 55 40 15 P Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 1 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. 728 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. . 730 Gold production . 731 Gold movements 731 International capital transactions of the United States. . 732-737 International Monetary Fund and Bank. . 738 Central banks 738-742 Money rates in foreign countries. . 743 Commercial banks 744 Foreign exchange rates. 745 Price movements: Wholesale prices 746 Retail food prices and cost of living. . 747 Security prices . 747 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. JUNE 1948 729 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 el m - Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k c o h - ia o- m D a e r n k - Egypt France m G a e n r y - - Greece H ga u r n y - 1939—Dec... 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec... 21,995 416 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 5 6 4 3 2 1 — — — — — — D D D D D D e e e e e e c c c c c c . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 0 0 2 1 2 0 , , , , , , 0 6 7 9 7 5 6 1 2 3 3 2 5 9 6 8 7 9 1 1 , , 9 4 6 8 1 0 9 9 3 1 7 9 2 7 8 4 2 7 7 7 7 7 7 3 1 3 3 3 5 6 5 4 4 3 3 3 2 1 5 2 5 5 1 7 4 9 4 4 5 0 2 2 3 5 6 4 5 6 5 6 1 3 8 6 3 3 5 7 2 5 1 6 4 9 1 1 9 2 5 2 4 1 2 5 9 7 5 6 2 1 1 2 4 9 1 1 6 6 1 1 6 1 6 6 6 6 6 6 1 1 1 1 1 1 3 4 4 4 3 4 8 4 4 4 8 4 5 5 5 5 5 5 2 2 3 2 2 2 2 2 2 1 1 , , , , , 0 7 0 7 0 0 9 0 7 0 0 9 6 0 0 7 0 0 2 2 2 2 9 9 9 9 2 2 2 2 8 8 8 8 2 2 2 2 2 4 4 4 4 4 1947—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,$55 451 650 354 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.. 23,137 266 591 354 7 45 86 32 53 548 34 Apr. . 23,169 606 7 81 32 548 34 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ruma- 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—May.. 274 132 28 141 196 23 77 20 P268 788 111 June.. 274 133 28 131 190 23 77 20 ^267 757 111 July.. 274 28 98 190 23 77 20 P265 752 111 Aug... 274 127 28 99 190 23 77 20 775 111 Sept.. 274 127 28 100 190 23 73 805 in 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... 274 127 28 96 220 23 70 20 P215 764 111 Feb... 274 127 28 86 209 23 69 20 P215 448 111 Mar.. 274 28 87 193 23 66 20 P215 438 Apr. . 86 182 66 446 End of month S d w e e n - S la w e n r i d - tz * - T k u ey r- U K n d i i o n t m g e - d Uru- V z e ue n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e r - e Government ^o p l r d e vi r o e u s s e rv f e ig s u 1 re n s ot included in 1939—Dec.. 308 549 29 68 52 59 7 178 End of month United U K n i i n t g e - d Fran ce Bel- 1940—Dec.. 160 502 88 90 29 82 12 170 States dom gium 1941—Dec. 223 665 92 100 41 •83 12 166 1942—Dec. 335 824 114 89 68 21 185 1943—Dec. 387 «965 161 121 89 45 229 1938—Dec 80 2 759 331 44 1944—Dec. 463 1,158 221 157 130 37 245 1939_AUg •876 <460 1945—Dec.. 482 1,342 241 195 202 39 247 Dec 156 17 1946—Dec. 381 1,430 237 200 215 32 240 1940—Aug <293 1947—May. 190 1,416 207 192 235 27 240 1941— D S e e c pt.... 4 2 8 4 * 2 1 9 5 2 1 17 June. 168 1,355 191 189 235 27 240 Dec 25 17 July.. 144 1,370 185 189 235 27 240 1942—Dec 12 17 Aug.. 126 1,373 174 183 215 26 240 1943—Dec 43 17 Sept.. 93 1,386 169 183 215 29 240 1944—Dec 12 5 2,354 214 17 O N c o t v . . . . . 1 10 0 1 1 1 1 , , 3 3 8 7 9 2 1 1 6 7 9 0 1 17 7 5 7 2 2 1 1 5 5 2 3 8 0 2 24 4 0 0 1 1 9 9 4 4 5 6 — — D Ju e n c e 7 1 1 8 5 5 2 2 , ,1 3 9 4 6 1 457 17 Dec. 105 1,356 170 175 215 30 240 Sept.... 113 52,535 1948—Jan... 104 1,352 171 189 215 33 P240 Dec 177 52,587 Feb... 101 1,353 171 230 35 P240 1947—Mar.... 163 5 2,345 Mar.. 97 1,353 171 240 40 P240 June 151 52,382 Apr. . 96 168 243 39 P240 Sept 129 «2,341 Dec 114 82,035 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 pes 2 o O s n p e M r a U y . 1 S , . 1 d 9 o 4 l 0 la , r g . old belonging to Bank of Canada transferred to Foreign Exchange Con- z (S at p i e o c n i a A l c A co /c u n N t; o . F r 1 a ) n ; c e U — . E K x .— ch E an x g c e h a S n t g a e b il E iz q a u t a io li n 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- 2 Figure for end of September. trol Board are included also. 1 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. rately. 1 Gross official holdings of gold and U. S, dollars as reported by British Government; total British holdings (official and private) of U. S. dollars, as reported by banks in the United Exchange Equalization Account during 1939. States are shown in table on p. 735. NOTE.—For gold holdings of International Fund and Bank, see p. 738. For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of NOTE.—For details regarding special internal figures, including details regarding special internal gold transfers affecting the reported data, gold transfers affecting the British and French see pp. 524-535 in the same publication. institutions, see p. 738, footnote 4, and p. 739, footnote 6. 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. 730 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 i e o .i n m re T o p n o o t t r a h te l l d y 11 S A ou fr t i h c a I |d R e h s o i - A a fric A a W fr e ic s a t 2 I | B C e o l n g g ia o n ' U St n a i t t e e s d 4 I | C a a d N n a - orth M a ic n e o d x 6 - So I I C ut o h b l o i A m a m - I er I i C ca hile I [ r N ag ic u a a - 6 Au li s a tr O '' a t - he I r ndia8 $1 =/55/M grains of gold 9/iofine; «., an ounce of fine gold = $35 1938.... 1,142,400 968,320 425,649 28,532 24,670 '16 ,564 178,143 165 379 32,306 18,225 10,290 1,557 55,721 11,284 1939 1,219,400 ,031,214 448,753 28,009 28 ,564 '18 ,258 196,391 178 303 29,426 19,951 11,376 3,506 57,599 11,078 1940... 1,311,450 ,106,447 491,628 29,155 32 ,163 rig ,413210,109 185 890 30,878 22,117 11,999 5,429 57,540 -10,126 1941 1,265,600 ,110,379 504,268 27,765 32 ,414 19,571209,175 187 081 27,969 22,961 9,259 7,525 52,384 10,008 1942.... 1,130,115 982,130 494,439 26,641 29 ,225 17,992 130,963 169 446 '28,018 20,882 6,409 8,623 40,383 '9,111 1943.... 880,495 773,817 448,153 23,009 19,740 15,522 48,808 127 796 '22,081 19,789 6,081 7,715 26,295 '8,828 1944.... 794,080 701,259 429,787 20,746 18,445 12,471 35,778 102 302 '17,793 19,374 7,131 7,865 22,990 '6,577 1945.... 745,430 682,888 427,862 19,888 18,865 12,021 32,511 94 385 17,458 17,734 6,282 6,985 23,002 '5,893 1946.. .. 762,195 696,602 417,647 19,061 20,475 11,200 51,182 rQQ 139 14,703 15,301 8,068 6,357 28,857 '4,612 1947... 710,880 392,004 18,296 19,320 10,780 81,219 107 432 1166,,225500 1133,,440066 5,908 7,403 32,808 6,055 1947—Apr.. . 57,892 31,824 1,537 1,890 945 6,246 8,921 1,015 1,464 540 610 2,340 560 May.. 63,133 35,308 1,508 1,820 945 7,220 9,412 1,703 1,130 528 502 2,533 5,25 June.. 60,108 33,984 1,498 1,680 980 6,117 9,418 973 1,065 553 520 2,830 490 July.. 64,601 35,396 1,554 1,855 980 7,319 9,149 1,525 1,112 513 636 4,003 560 Aug.. 62,069 34,875 1,541 1,855 910 7,033 9,131 1,360 1,079 410 684 ,701 490 Sept.. 61,286 34,692 1,516 1,820 805 6,979 8,668 1,389 1,044 530 658 2,696 490 Oct.. . 61,095 35,361 1,540 35 840 8,185 9,057 922 915 424 679 2,718 420 Nov.. 60,188 33,888 1,513 1,225 770 6,243 8,826 2,491 945 383 742 2,636 525 Dec. 60,891 34,025 1,489 1,750 770 7,281 9,614 778 680 529 672 2,813 490 1948—Tan.. , 34,775 1,504 1,890 910 6,214 '9,568 648 2,625 455 Feb.. 32,459 1,442 1,820 840 5,489 9,177 682 420 Mar.. 34,384 1,820 910 6,372 634 525 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. r Revised. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Geld Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are reported by American Bureau of Metal Statistics. 5 Figures reported by the Secretaria de la Economia Nacional. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 7 Total Australia reported by Commonwealth Bureau of Census and Statistics. Beginning 1946, subject to revision. 8 Since May 1940, monthly figures are from the American Bureau of Metal Statistics. Annual figures for years 1940-1946 are from the ' Report on Currency and Finance," published by the Reserve Bank of India. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o o a r . r im T n o p e t o t a r l ts U K d n i o i n t m g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- Canada A t r i g n e a n- Mexico c p A O L a u m n a t b h t e l 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 th i u e l e n l s r - 1942 315,678 1,955 5 208,917 99 40,016 39,581 321 528 4,119 129 20,008 1943 68,938 88 66,920 -10,817 -3,287 24,306 152 307 -8,731 1944 -845,392 -695,483 46,210 -50,268-109,695-58,292 199 3,572 18,365 1945 -106,250 160 53,148 —5 15,094-41,743 "163 106 357 1-133,471 1946 311,494 458 -14 -6 344,130-134,002 3,591 -403 -156 41118,550-2.613 2-18,083 1947 1,866,348 488,433162,941 3 27,990 1 445,353 335,505 -7,110 10,684-3,508 124410,691-4,423 « -338 1947 May 129,734 -75 26,442 9,485 262 14,867 -87 80,446 -78 -1,529 June 200,233 -1,002 -108 1 52,913 94,601 217 1,425 -70 53,228 -334 -638 July 219,201 -449 1 51,820 102,405 282 1,489-1,111 60,081 -551 4 5,233 Aug. 111,657 2 2,220 90,463 330 -94 -1,543 17 16,042 44,221 Sept. 109,600 -5 22,515 13,903 499 23,444 242 1,286 -286 28 37,760 M0,215 Oct. 450,830 245,712140,568 14,088 -7 552 48,190 152 1,073 -56 40 21 4 497 Nov. 265,700 142,821 63,697 56,849 103 1,434 -252 19 29 997 Dec. 178,166 101,541 37,735 35,436 208 2,126 85 9 1,026 1948 Jan. 234,978 182,808 9,970 31 458 12,009 201 2,418 74 32,991 -5,982 Feb. 159,388 104,264 31,301 289 211 1,102 -289 227 23,674 -1,390 Mar. 99,943 20,274 61,931 -19,660 271 2,673-1,279 6 40,888 -5,161 Apr.? 234,156 167,906 20,023 6] 132 -10,693 ' 29^998 242 4,872 -208 22,756 5-6,936 p Preliminary. 1 Includes $133,980,000 to China and $509,000 from other countries. » Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 'Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. «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. «Includes $4,491,000 to U.S.S.R., and $2,445,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. JUNE 1948 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From Jan. 2, 1935, Total funds in U. S. f t u er n n d a s t o io f n i a n l - b in a n U k . i n S g . se R cu et r u it r i n es: s I e n c fl u o r w iti e o s f : b In ro fl k o e w ra g in e institutions funds of U. S. foreign balances Total Official i Other in U. S. abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40 1 90 3 29 8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114 4 427 6 4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524 1 16 5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667 4 989.5 140.1 849.4 431.5 316 2 917 4 12 9 1937—Mar. 31 2,998 4 1,188.6 129.8 1,058.8 411.0 319.1 J.075 7 4 1 June 30 3 639 6 1,690.1 293 0 1 397 1 466 4 395 2 L 069 5 18 3 Sept. 29 3 995 5 1,827.2 448 2 1,379 0 518 1 493 3 L 125 1 31 9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 L.150.4 54.2 June 29 3,140 5 880.9 220.6 660.4 403.3 643.1 1,155 3 57 8 Sept. 28 3 567 2 1,275 4 282 2 993 2 477 2 625 0 L 125 4 64 1 Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279 4 1,829.4 393.2 1,436 2 550 5 646 7 L.188 9 63 9 June 28 4,742 0 2,194.6 508.1 1,686.5 607 5 664 5 1,201.4 74 0 Sept. 27 5 118 2 2,562 4 635 0 1 927 3 618 4 676 9 L 177 3 83 l Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 L, 133.7 80.6 1940—Mar. v Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 L,095.0 88.7 June (July 3) 5,531 3 2,920.7 1,012.9 1,907.8 684.1 785 6 1.042.1 98 9 Sept. (Oct. 2) 5,831 2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612 6 3,241.8 1,424.0 1,817.7 805.3 841 1 623.5 100.9 Dec 31 5 354 1 2,979 6 1,177 1 1 802 6 791 3 855 5 626 7 100 9 1942—Mar. (Apr. 1) 5,219 3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5 636 4 3,217 0 1,352 8 1 864 2 842 3 838 8 632 0 106 2 Sept. 30 5,798 0 3,355 7 1,482 2 1,873 5 858 2 830 5 646.1 107.5 Dec. 31 5,980 2 3,465.5 1,557.2 1,908.3 888.8 848 2 673.3 104.4 1943—Mar. 31 6,292 6 3,788.9 1,868.6 1,920.3 898.7 810 5 685.9 108.6 June 30 6 652 1 4,148 3 2,217 1 1 931 2 896 9 806 8 687 9 112 1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267 1 4,644.8 2,610 0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611 9 5,034.4 3,005 0 2,029.4 868.0 904 1 685.8 119.6 June 30 7 610 4 5,002 5 2,812 2 2 190 3 856 6 929 8 702.4 119 1 Sept. 30 7,576 9 4,807 2 2,644 8 2,162 3 883 5 1,026 2 737.8 122.2 Dec. 31 7,728 4 4,865.2 2,624 9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002 6 5,219.4 2,865 1 2,354.3 848.5 983.7 820.6 130.5 8,422 8 5,671 0 3,313 2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8 858 6 6,042 2 3,554 9 2 487 2 865 3 998 2 818.4 134.6 Dec. 31 8,802 8 6,144 5 3,469 0 2,675 5 742.7 972.8 798.7 144.1 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 J.103 0 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 ,170.7 478.3 150.4 Dec 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 ,237.9 464.5 153.7 1947—jan. 3i 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 ,308.2 464.4 150.4 Feb. 28 9 959 9 5,047 3 2-00fi 2 3,041 1 2,705 6 380 9 ,229 8 439.7 156.6 Mar. 31 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 ,282.6 414.3 154.5 Apr. 30 9 771 5 4,815 4 1,718 8 3 096 7 2 702 5 333 6 341 6 416.7 161.6 May 31 9,508.2 4,498.0 1,448.7 3,049.3 2,819.4 255.3 ,380.7 398.5 156.4 June 30 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 L,398.0 393.4 160.8 July 31 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156.3 t ,177.3 385.9 159.8 Aug. 31 9,516.8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 ,193.6 362.6 164.1 Sept. 30 9,008.6 4,456.0 L,298.5 3,157.5 2,645.4 178.3 L.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 L,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 L 121 8 2,998.5 2,237.0 174.6 L 274 9 * 367.0 142.4 1948—Jan 31 8,156.4 4,082.0 1,135.4 2,946.6 2,182.0 106.5 1,285.7 359.6 140.6 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 Reconstructio n 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.—S tatistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total1 U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur 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 Asia* ot A h l e l r8 1939—Dec. (Jan. 3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 ,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 . 269.6 1947—Feb. 28 ,254.3 558.2 336.3 295.6 776.8 256.2 1,232.8 3,455.8 933.3 ,431.2 1,185.9 248.1 Mar. 31 ,029.7 489.6 351.4 256.7 786.1 215.8 1,262.9 3,362.5 853.1 ,384.3 1,179.8 250.0 Apr. 30 ,069.0 595.8 332.0 391.7 801.6 221.7 1,210.0 3,552.8 764.8 ,364.7 1,142.0 244.6 May 31 ,688.9 453.5 319.8 356.8 804.6 198.7 1,161.5 3,294.9 763.1 ,318.6 1,072.6 239.6 June 30 ,746.5 441.7 390.2 340.5 799.3 181.2 1,093.2 3,246.2 803.4 ,447.1 1,018.7 231.1 July 31 ,582.5 614.1 306.2 336.0 811.8 161.2 1,112.2 3,341.6 794.7 ,477.0 972.1 «-2.9 Aug. 31 ,758.8 648.5 324.6 329.8 808.0 158.1 1,161.3 3,430.2 830.3 ,531.4 958.0 8.9 Sept. 30 ,363.2 486.7 308.2 311.4 800.8 145.1 1,131.3 3,183.6 780.6 ,470.0 931.6 -2.6 Oct. 31 ,212.1 447.7 359.6 258.7 810.6 139.8 1,135.6 3,152.0 681.0 ,446.4 937.3 -4.6 Nov. 30 ,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 ,079.1 437.0 234.3 213.8 839.3 150.1 1,086.6 2,961.1 688.6 ,383.4 975.8 <70.2 1948—Jan. 31 974.4 451.4 153.0 189.2 836.2 160.1 1,096.2 2,885.9 727.8 ,328.9 946.0 85.8 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES United Neth- Switz- Total Can- Latin All 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 ur th o e p r e Europe ada America Asia* other* 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 ,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 ,135.7 263.9 1947—Feb. 28 5,047.3 381.9 129.0 197.8 370.5 227.1 673.1 1,979.3 784.7 981.0 ,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 ,042.5 251.5 Apr. 30 4,815.4 423.1 129.6 205.0 383.6 205.4 689.2 2,035.9 519.6 ,000.0 ,012.7 247.2 May 31 4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.6 ,009.4 973.1 237.9 June 30 4,591.9 267.2 190.2 192.6 381.5 166.8 589.0 1,787.2 478. ,120.9 966.7 238.2 July 31 4,703.2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.8 ,168.9 932.6 245.3 Aug. 31 4,870.3 471.2 125.6 210.0 385.5 143.1 669 2,004.5 484.2 ,221.0 910.8 249.7 Sept. 30 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 1,769.4 420.5 ,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 ,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. 319.3 ,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 ,095.0 877.3 224.9 1948—Jan. 31 4,082.0 274.9 88.5 107.5 435.6 143.0 583.0 1,632.6 327.0 ,038.5 846.0 237.9 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 he ll r2 1939—Dec. (jan# 3( 1940) . . 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1 1941) . 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791 3 271 2 76 9 17 6 5 4 25 8 250 5 647 4 62.7 17.7 64.7 — 1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272 1 77 9 18 3 5 1 26 2 256 8 656 5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266 6 78.0 — 17.7 5 2 26 2 235 1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Feb. 28 380 9 252 6 66.1 — 135 1 —4 1 8 9 225 9 414 3 49.9 — 111.6 44.0 -15.7 Mar. 31 337.1 256.2 63.4 -137.1 -3.3 6.0 217.1 402.4 53.9 -140.6 40.2 -18.7 Apr. 30 333.6 249.6 57.9 -32.4 -.2 4.5 203.4 482.8 56.5 -213.7 31.0 -23.0 May 31 255.3 252.4 60.2 —20 6 — 1 4 2 7 196 7 490.0 56.1 -270.0 1.8 -22.6 * June 30 202.5 252.7 59.0 -30.4 .3 2.5 182.2 466.2 56.5 -256.9 -44.3 -19.1 July 31 156.3 255.1 57.6 -28.6 -2.1 2.3 170.9 455.3 58.8 -276.9 -56.0 -24.9 Aug. 31 168.2 257.9 58.1 —27.3 — 1 7 3 0 170 1 460.1 60.7 -283.8 —48.6 -20.3 Sept 30 178.3 262.8 57.0 -28.2 -1.2 3.3 171.9 465.5 63.8 -279.7 -48.4 -22.9 Oct. 31 172.1 258.9 61.5 -30.0 1.7 1.6 174.4 468.2 63.1 -298.7 -35.5 -24.9 Nov. 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 l 5.5 178.9 473.5 65.4 -346.3 2.0 —20.1 1948—jan 3i 106.5 269.5 -18.7 -32.5 1.8 5.4 180.5 406.0 67.7 -351.3 2.4 -18.3 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. 8 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 8 See Table 1, footnote 3. * See Table 1, footnote 4. JUNE 1948 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued N ET C A P I T AL M O V E M E NT TO U N I T ED S T A T ES S I N CE J A N U A RY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] T A B LE 5 . — F O R E I GN SECURITIES: R E T U RN OF U. S. F U N D S, BY C O U N T R I ES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i i om n t g- ed France N la e e n t r- d h s - S l w e a i r- n t d z- Italy E O u t r h o er pe E T u o r t o al pe C a a da n- Am La e t r i i n ca Asia1 ot A h ll 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. 3i 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—Feb. 28..:: 1.229 8 101.3 49.9 23 6 31.8 26.8 264 6 497.9 218.9 457 6 61 1 —5 7 Mar 31 . .. L,282.f 101.4 50.1 22.8 30.9 26.8 265.1 497.1 253.7 464.4 61.1 6.4 Apr. 30 1,341.6 102.9 50.0 22.5 31.9 26.9 257.7 491.8 309.5 468.2 61.0 11.1 M ay 31 1,380.7 103.6 49.6 2 2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 June 30 L,398.0 105.7 49.5 1.7 31.2 26.8 265.4 480.4 374.7 478.8 61.1 3.0 July 31 21,177.3 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 2-232.2 Aug. 31 1,193.6 104.3 47.9 .2 30.1 26.7 267.3 476.5 397.0 488.0 61.4 -229.3 Sept. 30 1,230.3 101 5 47.9 -1 1 26.5 26.7 267 9 469 4 417 3 507.9 61 3 —225.6 Oct. 31. ?;: 1,243.6 99.1 47.5 - 2 .6 22.7 26.6 267.8 461.1 421.9 523.3 61.3 -224.0 Nov. 30 1,254.5 96.9 47.2 -3.3 18.8 26.5 267.9 453.9 427.2 534.0 61.6 —222.3 Dec. 31 1,274.9 94.9 47.1 -3.9 16.3 26.5 273.8 454.7 441.8 537.6 61.6 —220.9 1948—jan 3i ?««; 7 93.2 46.8 -4.4 13.7 26.4 274.7 450.5 451.3 542.1 61.7 -219.8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Secuiities) From Jan. 2, 1935, through— Total U K d n i i o 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 er pe E T u o r t o al pe C a a d n a - Am La e t r i i n ca Asia1 ot A h l e l r1 1939—Dec. (Jan. 3 1940) 1,133.7 328.1 76.6 227.7 344.7 -4.9 32.2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 — .1 37.1 615.0 -44.7 28.1 17.5 10 9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 —28.1 54.9 240.5 10.7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—jre M fo ar. 28 31 - 4 4 3 1 9 4. . 3 7 - - 1 1 9 9 7 7 . . 5 9 7 71 1 . . 2 4 1 1 9 8 4 8 . . 4 0 3 3 3 3 8 8 . . 7 4 -1 -7 5 . . 0 5 5 47 5 . . 8 3 4 4 5 3 5 2 . . 2 0 - — 1 4 1 1 44 .9 .6 8 88 6 .2 2 3 30 2 .1 6 8 8 . . 1 0 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 M ay 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 28.3 885.6 1948—Jan 31 . 359.6 -203.7 17.3 106.2 347.2 -15.3 44.1 295.7 -137.8 87.8 28.5 85.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia1 ot A h l e l r1 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—Fet> 28 "• . 156.6 19.8 20.0 14.9 39.9 .4 14.0 109.0 21.7 18.0 5.2 2.8 Mar 31 154.5 17.7 20.4 16.3 41.5 .4 13.8 110.0 20.0 16.3 5.5 2.8 Apr. 30 161.6 18.6 20.5 17.3 42.1 .5 13.7 112 7 21 2 19 5 7 0 1 2 May 31 156.4 18.4 19.9 16.9 40.4 .4 13.5 109.5 19 6 18.5 8.0 .9 June 30 160.8 18.9 19.7 18.2 43.2 .5 14.0 114.5 19.7 19.0 6.7 1.0 July 31 159.8 20.2 19.5 17.0 42.6 .5 14.3 114.0 19.1 19.0 6.9 .8 Aug. 31 164.1 18.3 19.4 17.0 43.4 .4 14.2 112.8 20.0 23.5 7.1 .8 Sept. 30 159 9 18 7 19.5 16.6 43.0 .4 14.3 112 5 20 7 18 7 7 3 8 Oct. 31:..-. 162 2 19.3 19.2 16.9 42.0 .4 14.4 112.2 19 5 20 9 6 8 * 2.8 Nov. 30 . .. 153.1 19.7 19.1 16.6 39.6 .4 14.1 109.5 19.0 17.3 6.5 .7 Dec. 31 142.4 18 2 19.1 12.7 38.2 .3 14.2 102.7 19 6 12 9 6 6 .7 1948—Jan 31 4140.6 17.5 19.1 12.4 37.8 .5 13.7 101.1 19.6 11.8 7.4 . 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 Jan. 31 (in millions of dollars): foreign brokerage balances in United States, 90.9; United States brokerage balance? abroad, 27.2. 734 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- countriesl United Neth- Switz- Date t i i n o s n t a i- l Official K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia* o A th 1 e P r tutions and Official private 193g—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 1 19 9 4 3 0 9 — — D D e e c c . t 1 3 3 , , 2 93 2 8 1 . . 2 3 1,4 7 1 8 8 1. . 0 9 4 3 4 6 8 5 . . 2 5 4 28 9 8 0 . . 2 1 2 1 0 7 4 4 . . 9 3 3 50 7 8 6 . . 4 3 3 1 8 7 . . 5 9 6 52 5 6 7 .3 4 2 1 , , 2 8 1 8 3 2 . . 5 6 2 4 7 3 4 4 . . 6 3 3 4 3 4 6 7 . . 0 3 6 7 5 6 5 9 . . 7 9 7 7 3 2 3 5 1941—Dec. 31 •" 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31... 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650 9 2,020.7 507.4 597.7 930.0 149 6 1943—Dec. 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909 1 2,583.01,522.2 1,046.41,549.7 181.8 1946—Dec. 31.... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 •931.8 1,104.81,316.4 232.8 i947—Feb. 28.::. 2,725.6 5,781.4 2,716.5 443.3 209.1 214.4 384.1 247.4 836.3 2,334.6 892.7 1,102.61,224.2 227.5 Mar. 31:::. 2,726.9 5,575.4 2,435.7 373.6 226.4 183.3 392.2 218.5 882.4 2,276.3 778.2 1,077.61,223.1 220.3 Apr. 30.;:. 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 L.121.61,193.3 216.0 May 31.::. 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.6 1,130.91,153.7 206.7 June 30 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.8 1,242.51,147.4 207.0 July 31..s. 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.41,113.2 214.1 Aug. 31.. . 2,777.9 5,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 832.4 2,359.8 592.2 1,342.51,091.5 218.5 Sept. 30 2,665.3 5,190.1 2,008.8 369.1 195.0 216.4 395.8 150.0 798.3 2,124.6 528.4 1,266.11,065.1 205.9 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 1,237.91,057.7 204.4 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 1,202.81,064.2 197.3 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 1,216.61,057.9 193.7 1948—Jan. 31 2,202.0 4,816.2 1,845.7 336.2 168.7 124.1 449.3 163.3 746.3 1,987.9 434.9 1,160.01,026.6 206.8 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - 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.;> 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31... 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31.. . 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. -31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Dec. 31. .. 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 1947—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 1948—Jan. 31. . . 746.3 124.2 52.9 31.1 95.1 38.7 22.0 54.7 45.9 8.9 16.2 56.8 74.8 10.6 114.4 Latin America Neth- French er- Data A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l b C o i m o a - - C R o i s c t a a Cuba I W n a d n e i d s e t s M ic e o x- I l W n a d n e i d s e s t 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—Feb. 28... 1,102.6 180.0 13.7 157.8 45.2 55.9 9.0 145.9 3.9 142.1 11.8 75.2 34.3 45.5 182.4 Mar. 31. .. 1,077.6 181.4 12.8 127.6 51.0 51.9 8.5 150.8 4.0 139.1 10.5 73.2 34.0 46.7 186.1 Apr. 30... 1,121.6 223.0 11.7 115.3 53.4 56.2 9.3 168.0 3.2 127.6 10.6 71.0 35.9 49.4 186.6 May 31. .. ,130.9 252.0 10.3 96.7 45.3 57.8 8.5 162.0 3.6 128.8 9.0 68.9 38.9 46.3 202.9 June 30... 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... ,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. .. L.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.. . L.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 1948—Jan. 31. .. L,160.0 187.1 16.1 110.4 43.1 49.2 9.2 217.3 2.7 132.7 17.2 71.6 39.2 89.1 175.1 For footnotes see following page. JUNE 1948 735 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 K o o n n g g C B a m n e u a y d r , - - B l M a is r y h a it a - - Japan l I E a n e n a d r s d - i t e s s l i P a p I h n p s i d i - l n s - eT k u ey r- O A t s h i e a r o A th ll er A t l r u i a a s - -N l Z a e e n a w d - A E t a n i g n a g y d n l p o - -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 lon Sudan 1942—Dec. 31... 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.7 29.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31. . . 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.1 35.4 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 4.0 110.5 365.8 23.7 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 4.1 113.7 629.1 52.5 78.0 181.8 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 16.6 127.1 446.6 54.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Feb. 28... 1,224.2 389.7 36.0 40.8 44.2 7.1 17.7 116.6 430.5 56.5 85.1 227.5 59.4 8.3 18.4 16.9 33.9 90.7 Mar. 31. . . 1,223.1 373.2 39.1 38.9 40.7 7.2 18.7 122.9 447.1 55.8 79.4 220.3 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 18.9 103.7 438.9 65.4 75.6 216.0 38.7 8.7 19.0 16.1 47.3 86.2 May 31... 1,153.7 354.3 40.5 41.5 33.4 9.6 18.0 95.4 432.2 57.0 71.8 206.7 36.2 8.7 20.5 14.9 50.0 76.5 June 30... 1,147.4 339.1 37.2 41.1 41.2 8.8 16.7 94.9 448.8 51.0 68.5 207.0 47.8 8.6 22.6 13.9 39.5 74.5 July 31... 1,113.2 309.6 36.2 47.2 43.3 11.8 17.6 85.8 452.6 40.4 68.7 214.1 42.4 9.4 19.4 13.7 49.5 79.7 Aug. 31. .. 1,091.5 286.1 35.3 44.7 53.6 14.6 17.6 82.8 440.341.7 74.9 218.5 46.2 9.5 21.1 13.3 55.5 72.9 Sept 30... 1,065 1 269.7 8.2 45.5 54.4 13.8 17.8 70.8 464.341 7 79.1 70S 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 59.7 470.9 39.7 78.9 204.4 43.8 6.5 25.8 11.4 43.3 73.6 Nov. 30... 1,064.2 250.2 9.3 41.8 56.7 16.5 28.9 65.9 476.0 39.2 79.7 197.3 34.8 6.5 26.9 10.2 46.3 72.7 Dec. 31... 1,057.9 229 9 6.5 39.8 62.4 11.0 31.3 69.3 488.6 M 6 81.5 193.7 30.6 5.9 25 0 10 1 46.4 75.8 1948—Jan. 31... 1,026.6 213.5 6.2 41.1 67.7 11.8 37.1 65.7 466.834.2 82.5 206.8 26.2 5.4 37.6 9.4 55.1 73.1 Footnotes to table on preceding page. 1 Country breakdown is for "Official and private." 8 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." > Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. * 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 n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia* 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.* .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—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 1948—Jan. 31 1,029.0 22.5 97.8 51.1 6.3 21.2 129.2 328.2 25.2 519.3 126.6 29.7 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other. :tions took place in the reporting practice * -- 589 and 591.) On June 30, 1942 September 1945, pp. 971-974. 736 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 gium mark land Greece bourg way tugal mania Spain den USSR slavia other 1942—Dec. 31 56.3 0) 5.6 34.0 1.1 .2 2.4 0) 3.2 0) 8.4 1943—Dec. 31 52.9 .7 0) 7.6 33.9 .6 .2 1.4 0) 3.2 .2 0) 5.0 1944—Dec. 31 78.3 .7 0) 0) 33.9 .6 35.1 .8 0) 1.8 .2 0) 5.1 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 8 7 2 4 . . 8 6 7. . 5 6 0) 6 0 . ) 2 3 3 3 0 . . 9 4 12. . 4 7 3 3 1 . . 3 6 1. . 0 5 ! 7 1. . 6 2 4. . 9 9 0 C1 ) ) 9 4 . . 4 7 1947—Feb. 28 83.9 7.4 .4 6.1 30.4 12.5 4.0 .9 0) 6.2 5.6 () 10.2 Mar. 31 92.6 8.0 .3 8.3 30.4 13.2 4.2 1.0 4.2 3.8 6.0 0) 13.2 Apr. 30 106.4 8.9 .3 7.1 30.4 12.8 5.2 1.0 6.9 3.7 7.1 0) 22.9 May 31 113.1 8.9 .4 9.1 30.3 13.0 5.9 1.2 7.0 3.5 7.4 C1) 26.3 June 30 127.6 10.1 .6 11.4 30.3 12.9 6.3 1.5 6.9 4.3 7.5 0) 35.4 July 31 138.8 9.0 .6 17.8 30.3 13.0 7.0 1.3 11.9 1.6 8.7 0) 37.5 Aug. 31 139.7 10.3 .4 17.9 30.3 12.6 8.0 1.3 12.0 1.3 9.3 C1) 36.2 Sept. 30 137.9 11.2 .6 17.5 30.3 12.4 9.4 1.2 12.0 1.2 9.3 32.6 Oct. 31 135.4 13.2 1.0 13.1 30.5 12.8 10.3 1.3 12.0 1.3 9.3 30.6 Nov. 30 135.6 12.9 1.1 11.9 30.5 12.8 8.1 1.1 12.0 1.4 7.6 ! 36.1 Dec. 31 130.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 12.0 .9 5.4 .1 35.8 1948—Jan. 31 129.2 12.7 1.5 8.3 30.6 10.1 11.3 1.2 12.0 1.5 4.0 .1 35.8 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- ma zuela ica ana nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 C1) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 0) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16 8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Feb. 28 279.6 45.5 2.6 63.1 15.3 30.2 3.7 37.9 .1 28.8 .8 1.7 6.5 15.6 27.9 Mar. 31 308.6 49.9 3.0 69.6 16.0 26.8 4.0 45.2 C1) 30.7 .8 2.2 7.0 19.6 33.9 Apr. 30. 381.7 57.8 4.8 115 4 18 6 30 4 3.4 53.8 (1) 33.7 1.1 2.2 7.8 15.4 37.3 May 31 438.0 60.7 5.3 150.2 20.3 36.4 3.6 60.1 .1 34.8 1.0 2.1 7.6 19.2 36.7 June 30 424.9 57.6 3.6 160.9 17.4 40.3 3.9 46.0 .3 32.9 1.0 2.6 5.6 16.7 36.3 July 31 444.9 65.8 3.3 164.1 20.5 35 7 3.9 53.3 .6 27.6 1.0 2.7 5.9 18.2 42.3 Aug 31 451.8 71.8 3.2 163.6 22.7 35.2 3.8 54.5 .1 31.0 1.1 3.8 6.3 18.5 36.2 Sept. 30 447.7 65.5 3.4 161.4 21.7 35.9 3.6 59.7 0) 30.2 1.1 4.9 6.5 15.3 38.3 O N c o t v . . 3 3 0 1 4 4 6 7 6 7 . . 7 5 6 6 7 6 . . 4 4 4 2 . . 2 9 1 1 6 6 2 2 . . 3 0 2 2 2 2 . . 8 3 3 3 2 1 .2 0 4 3. . 6 0 9 7 1 3 . . 5 8 (01)) 3 3 9 8 . . 5 3 1 1 . . 2 2 4 5. . 0 9 6 6 . . 7 1 1 1 5 4 . . 1 6 3 31 3 . . 9 4 Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 52.2 1.1 4.7 4.3 15.3 31.0 1948—Jan. 31 519.3 60.0 2.4 169.8 29.3 35.7 3.3 113.4 51.8 .8 4.8 4.1 14.2 29.6 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 0) .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 0) 1.7 1.2 1943—Dec. 31 26.3 1.7 0) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 0) 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 0) 9.7 1.0 1945—Dec. 31 29.9 1.0 0) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7 2.5 1946—Dec. 31 99.2 53.9 () 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1.1 0)' 10.1 2.2 1947—Feb. 28 85.0 36.8 0) 5.1 12.9 .5 .2 .9 23.0 1.5 4.0 27.1 6.2 3 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 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 3 18.3 6.8 May 31 127.3 76.1 3.5 13.2 1.1 .2 1.5 23 2.7 5.8 34.0 6.6 6 18.9 6.0 June 30 173.3 104.8 3.5 32.8 2.2 .2 .5 20.2 3.3 5.8 30.5 9.0 0 15.2 5.0 July 31 185.0 110.7 .1 3. 33 1.6 .3 .5 25.1 3.2 6.7 36.3 11.3 7 18.8 4.2 Aug. 31 177.7 108.2 .3 3.1 27.5 1.6 .3 .5 24.5 3.5 8.4 31.7 9.0 5 15.8 4.9 Sept. 30 177.5 103.7 3.2 2.1 27.5 .8 .3 .7 24.5 5.6 9.0 34.3 10.2 4 15.0 6.7 Oct. 31 164.6 78.6 3.3 2.2 28.9 1.0 .3 .4 27.7 13.1 9.1 36.3 12.0 2.0 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 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 1.5 14.4 6.0 1948—Jan. 31 126.6 37.1 .2 2.9 27.0 .7 4.0 .4 29.317.6 7.4 29.7 8.5 1.4 14.3 5.0 i Less than $50,000. JUNE 1948 737 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) C1) C1) 0) gations) 410 412 407 148 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 7,961 7,922 7,9 - 2 2 2 7,722 L C o al a l n s s o n (i n s c u l b . s u c n ri d p i t s i b o u n r s s e to d c p a o p r i ti t o al n s s ) tock3. 497 5 49 5 7 45 4 5 5 411 -1 Other assets 7 3 3 Bonds outstanding 250 250 250 1947 Loans—undisbursed 94 197 223 Currency bought2 Other liabilities 2 4 2 (Cumulative figures) Apr. Mar. Feb. Dec. S C p a e p c i i t a a l l3 reserve 1,653 2 1,645 1 1 0 ,6 ) 45 1,603 Accumulated net income 1 -1 -2 -1 Belgian francs 33.0 33.0 33.0 11.0 C D h a i n l i e s a h n k p r e o s n o e s r 1 8 0 . . 8 2 8 6 . . 8 8 3.4 3.4 1 2 A L s e s o s f t h A a p n r . $ 5 3 0 0 0 , , 1 0 9 00 48 . , the Fund has sold 600.0 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, 1.5 million pounds sterling was sold to the Netherlands N N I M n o e d e t r x i h w a i e c n e r a g l n r a i u a n p p n d e e s s e k o s r g s o u n i e ld r ers. 2 2 6 5 8 2 8 . . . . 0 0 5 5 2 6 2 2 8 8 2 . . . . 5 5 0 5 6 2 8 2 . . 5 5 2 5 2 2 . . 5 0 i 6 s n e ,6 n 3 1 M t E s 0 a x t m y c h l e i u 1 l l d 9 s i e o u 4 s n b 7 s . u d c n o r c i l p l a a t l i r l o e s d n a s o p f o o f r t t h i M e o n a U s r . n o i 3 t f e 1 d , c a 1 S p 9 i t 4 t a 8 a t l e , s o s . f u b w s h c i r c ip h t i 2 o , n 54 s, 0 a m m i o ll u io n n t in r g e pr t e o - Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 240.0 240.0 Total. 606.0 600.1 506.2 467.7 CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o ur u e n s d i s n s m ter il l l i i n o g n ) s of Other Cash reserves c D ou is n - ts Securi- ci t r i c o u n l 3 a- Deposits l O ia t b h i e li r - Gold* assets 2 and ad- ties ties and Coin Notes vances Bankers' Public Other capital 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 .9 26.8 3.5 267.9 923 A 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 1L,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1 1 9 9 4 4 5 6 — — D D e e c c . . 2 2 6 5 . . 2 2 ] ] L L , , 4 4 0 5 0 0 . . 0 0 1. . 3 4 2 2 0 2 . . 3 1 1 8 3 . . 4 6 3 32 2 7 7 . . 6 0 1 1, , 4 3 2 7 8 9 . . 2 9 2 27 7 8 4 . . 9 5 1 5 0 . . 3 3 5 5 8 7 . . 5 3 1 18 7 . . 1 8 1947—May 28 .2 1L,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 L,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 L,450.0 2.3 73.7 14.6 325.9 1,376.5 289.6 16.2 92.1 18.5 Oct. 29 .2 L,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 L,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 5L,35O.O .2 118.6 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 S1,300.0 .5 54.4 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr. 28 .2 1,300.0 .7 62.4 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds 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. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d t e U rli n n i g ted securities Other Note lia O b t i h li e ti r es States assets circulation '• and dollars Short- Chartered Dominion capital term 1 Other banks g m ov e e n r t n- Other 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944— Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—May 31. 1.0 ,123.0 731.0 41.3 1,148.1 477.6 179.4 58.5 32.6 June 30. 4.0 ,063.7 716.0 40.4 1,152.6 474.4 105.6 54.4 36.9 July 31. .7 ,081.9 722.6 42.0 1,153.7 468.3 124.1 63.7 37.3 Aug. 30. 2.4 ,141.5 720.3 39.0 1,158.9 515.0 133.6 58.7 37.1 Sept. 30. 1.9 ,088.0 744.7 49.5 1,172.2 481.1 128.2 62.0 40.5 Oct. 31. .7 ,136.4 799.4 53.1 1,179.4 548'. 7 143.4 71.2 46.9 Nov. 29. 1.4 ,039.9 820.6 46.2 1,182. 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 48.2 1,157.5 538.3 44.6 60.6 41.7 Feb. 28., 974.4 825 47.2 1,156.3 531.8 60.8 75.0 24.0 Mar. 31. 985.2 806 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30. 1,124.1 767.8 60.5 1,183.0 558.9 57.9 126.0 26.9 Assets Liabilities Bank of France Domestic bills Advances to Deposits Government Other mill ( io F n ig s u o r f e s f r in ancs) Gold' Fo e r x e - ign Other ci N rc o u t l e a- lia ti b e i s lichange Open For oc- M8tt8 » tion Govern- and market7 Special* Other c c u o p s a t t s io 8 n Other' ment C.A.R.w Other capital 1938—Dec. 29... 87,265 821 7,*22 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—Dtc. 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—Apr. 30... 82,817 6 85,120 134 80,901 426,000 55,000 "108,758 770,670 770 62,304 4,992 May 29... 82,817 6 82,221 125 88,429 426,000 63,700 iH03,846 775,053 745 66,745 4,599 June 26... 82,817 6 82,983 84 87,134 426,000 95,000 11119,662 807,064 834 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 niO5,639 838,442 750 70,651 7,250 Sept. 25... 52,817 7 107,877 130 101,935 426,000 139,300 ni03,067 852,195 779 71,299 6,861 Oct. 30... 52,817 10 108,050 250 132,913 426,000 127,800 1*108,155 867,700 762 81,030 6,502 Nov. 27... 65,225 13 111,368 285 150,065 426,000 116,000 nil0,303 879,492 846 87,513 11,408 Dec. 31... 65,225 12 137,397 64 117,826 426,000 147,400 i1121,061 920,831 733 82,479 10,942 1948—Jan. 22^.. 65,225 9 145,814 64 125,687 426,000 120,700 "104,474 891,546 771 82,849 12,808 Mar. 25... 65,225 15 157,997 12 147,841 426,000 155,000 "108,979 773,199 791 271,034 16,045 Apr. 29... 65,225 17 156,424 55 149,341 426,000 129,500 "113,590 759,054 790 265,123 15,186 »Securities maturing in two years or less. 2 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. • On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). • Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; 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. i° Central Administration of the Reichskreditkassen. 11 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. 12 Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948. 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. JUNE 1948 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb, Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 717 832 938 2,654 Deposits 158,027162,117163,308169,537 Other gold and foreign exchange. 2,203 2,250 2,799 2,270 Other liabilities and capital 41,714 38,733 40,387 41,007 Government securities 881 1,032 1,032 958 Temporary advances to Govt.. . 76National Bank of Costa Rica- Rediscounts and loans to banks1. 16,168 15,361 14,380 10,001 Issue dept. (thousands of colones): (Jan.) Other assets 2,673 2,635 2,575 2,265 Gold 11,498 11,276 Currency circulation 2 5,686 5,522 5,379 4,210 Foreign exchange 20,593 16,136 Deposits—Member bank 515 313 528 604 Contributions to Int'l. Fund and Government 1,578 1,797 1,737 793 to Int'l. Bank 30,321 30,321 Nationalized * 13,816 13,529 13,186 11,850 Loans and discounts 69,675 59,548 Other 206 139 119 74 Securities 3,943 4,041 Other liabilities and capital 842 809 774 692 Other assets 783 1,338 Note circulation 87,653 74,759 Commonwealth Bank of Aus- Demand deposits 42,438 41,396 tralia (thousands of pounds): Other liabilities and capital 6,723 6,506 Gold and foreign exchange 244,695215,231189,652 222,969 Checks and bills of other banks. . 4,466 5,264 2,511 2,959 National Bank of Czechoslovakia Securities (incl. Government and (millions of koruny): Treasury bills) 400,258 419,556 437,539 396,367 Gold and foreign exchange 8.... 3,385 3,899 4,380 4,627 Other assets 24,499 31,209 27,804 13,238 Loans and discounts 16,591 14,268 12,291 3,520 Note circulation 196,893 198,643 192,643 201,430 Other assets « 50,795 55,123 54,861124,203 Nati O D on t e O S h a p p e t l o h e r s c B e i l i r i t a a a s l n b o i k l f i t o T ie f r s a B d a i e n n l d g g i c B u a m p an it k a s l : 2 1 3 8 5 0 7 8 , , , 9 5 5 7 1 4 3 0 3 2 1 3 7 5 4 9 8 , , , 6 0 9 3 1 7 2 0 6 2 1 2 7 6 6 3 4 , , , 9 1 8 0 1 4 4 0 9 2 1 2 8 2 2 4 7 , , , 6 0 4 0 8 1 2 4 6 O D N t e o h p t e e o r s c i l t i i s r a c — b u i l l O N a it t l e i i d e o w s n — an O N d l e c d w apital 5 9 2 8 , , , 3 8 5 6 3 6 8 6 7 5 1 8 2 1 , , , 7 6 8 9 8 0 7 6 6 5 1 7 2 1 ( ( , , , 9 9 8 0 7 ) ) 1 0 2 1 2 0 4 7 2 9 8 0 , , , , 9 7 9 2 4 3 4 7 3 6 1 1 9 5 3 (millions of francs): National Bank of Denmark Gold 26,577 25,896 25,348 27,792 (millions of kroner): F N o e r t e i c g la n i m ex c o h n a n In g t e 'l. Fund 8 12,2 5 8 4 1 4 13,3 5 7 4 8 4 12,5 5 1 4 5 4 1 2 0 , , 2 5 1 1 4 6 G Fo o r l e d ign exchange 1 7 3 0 6 12 7 3 1 10 7 3 1 8 7 7 1 Loans to Government 51,021 49,791 51,026 49,253 Contributions to Int'l. Fund and O D O O C N Bl l t e t t o o a h h h m t i c e e e e m k r a r r e c n l l a d i a i o d r s a g c a s b a a d u n e c i i e t l s l n c a s i p t s o t a o i i t u e n o s s n B n i d t t s a a s d n n 4 i s k d c c o o a u f p n I i t t s s a s l ue.. * . 6 7 7 5 2 7 4 8 1 7 , , , , , , , 8 6 1 1 5 5 8 9 9 0 9 3 5 0 3 1 4 7 7 7 5 6 7 7 2 5 4 7 8 1 7 , , , , , , , 9 2 0 5 1 5 4 3 4 9 6 5 4 6 2 1 7 6 2 5 6 6 7 7 4 2 4 7 1 8 9 , , , , , , , 9 4 5 2 5 8 1 4 9 8 7 4 4 7 3 7 2 5 0 0 0 6 7 7 4 4 2 4 1 9 5 , , , , , , , 5 5 6 5 2 3 9 9 6 9 1 8 2 9 7 7 7 2 0 6 0 S L G O N C e o l t o o e c h t a t v o a u e e n t r r r . s i I i c n t n c a i a i g r o e s t n c ' s s m l a u d e . c t l p s d a B c e t i o n a i s o u n c s n n a o k t t u i s o n n t ( s n a e c t) count.... 5 1 , ,5 4 1 1 9 6 8 2 8 1 2 5 5 2 0 3 5 5 1 , ,5 5 1 - 2 9 6 3 9 1 1 7 9 5 5 0 7 5 1 , , 5 5 1 1 4 3 6 8 0 1 3 0 5 2 8 2 4 6 1 , , 2 5 3 0 6 0 7 7 1 6 0 8 2 6 5 Deposits—Government 1,882 1,852 1,871 2,053 CentralBank of Bolivia—Mone- Other 2,522 2,573 2,516 3,177 tary dept. (millions of bolivianos): Other liabilities and capital 149 148 149 153 Gold at home and abroad 952 922 Foreign exchange 181 165Central Bank of Ecuador Loans and discounts 332 337 (thousands of sucres): Government securities 769 430 Gold 276,292275, 275 273,199 Other assets 13 14 Foreign exchange (net) 19,393 27! 9,451 Note circulation 1,828 ,671 Net claim on Int'l. Fund » 16,881 16 16,877 Deposits 188 185 Loans and discounts 204,555199, 198,424 Other liabilities and capital 230 12 Other assets 101,598102, 132,024 Note circulation 305,894303, 314,851 National Bank of Bulgaria * Demand deposits 238,622243, 245,626 269,529 Other liabilities and capital 74,205 73, 73,463 45,595 Central Bank of Chile (millions of pesos): National Bank of Egypt (thou- Gold" 1,138 1,158 1,157 239 sands of pounds): Foreign exchange (net) 77 130 161 Gold. 6,376 6,376 6,376 6,376 Net claim on Int'l. Fund 3 3 3 3 43 Foreign exchange 17,332 16,649 15,089 15,187 Discounts for member banks.... 1,125 1,120 1,031 674 Loans and discounts 2,707 4,807 5,263 3,809 Loans to Government 787 805 805 1,268 British, Egyptian, and other Other loans and discounts 1,499 1,374 1,087 985 Government securities 307,015304,709 302,873 307,979 Other assets 1,249 1,239 1,205 1,860 Other assets 21,869 28,632 29,435 23,370 Note circulation 4,327 4,277 4,012 3,787 Note circulation 135,256132,447132,982133,696 Deposits—Bank 858 847 790 641 Deposits—Government 79,290 82,563 88,831 88,354 Other 289 301 255 156 Other 132,312129,883121,310120,181 Other liabilities and capital 405 404 393 487 Other liabilities and capital 8,440 16,279 15,913 14,491 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold 140,98515O:645 526170,929 Gold 36,695 36,741 37,212 Foreign exchange 23,836 17,100 173 54,368 Foreign exchange (net) 49,816 46,788 48,781 Net claim on Int'l. Fund » 21,867 21 867 867 21,867 Net claim on Int'l. Fund3 1,564 1,564 1,563 Paid-in capital—Int'l. Bank... 1,225 225 225 1,22. Loans and discounts 321 2,646 695 Loans and discounts 144,063129!595 294 70,856 Government debt and securities. 5,310 5,467 5,546 Government loans and securities. 110,701105,907 932 84,082 Other assets 1,527 1,588 1,546 Other assets 46,200 45,444 212 38,880 Note circulation 55,687 57,402 53,806 Note circulation 289,136270,933 534231,663 Deposits 33,983 31,907 33,106 Other liabilities and capital 5,563 5,485 8,431 time 8 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 7 Latest month available. 8 Gold not reported separately beginning Dec. 31, 1946. 1 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1947 1948 1947 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. 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 10,351 ,267 6,538 Silver 5,685 8,618 Advances—Treasury 633,950 608,654486,715 Foreign exchange 27,464 36,927 Other Govt. agencies 16 16 21,454 Treasury bills 2,832 2,460 Loans and discounts 145,236 150 170 68,648 Other assets 28,331 21,868 Government securities 134,673 130 363 105,629 Circulation—Notes 37,433 47,960 Other assets 82,454 74 028 31,605 Coin 27,769 19,562 Bank of Italy notes 737,447 715 385460,404 Other liabilities and capital 567 2,350 Allied military notes 60,474 61 291 81,015 Deposits—Government 7,816 Bank of Finland (millions of Demand 72,054 55,417 markkaa): Other 112,723 98,942 Gold 224 135 135 2 Other liabilities and capital 24,506 17,518 Foreign assets (net) -407 1,642 971 1,994 Clearings (net) -3,307 -2,898 -2,712 -6,594 Bank of Japan (millions of yen): Loans and discounts 37,617 33,855 32,469 32,174 Cash and bullion 3,265 1,456 Securities 370 406 376 419 Advances to Government 59,122 17,102 Other assets 1,372 1,653 507 786 Loans and discounts 50,686 55,975 Note circulation 27,850 26,776 24,448 21,566 Government securities 93,108 58,848 Deposits 1,653 1,876 1,167 1,430 Reconversion Fin. Bk. bonds. . . 38,196 3,925 Other liabilities and capital 6,367 6,141 6,131 5,784 Other assets 10,969 4,438 Note circulation 215,319 122,400 Bank of Greece (billions of drach- (Nov. Deposits—Government 11,075 4,397 mae) : 1947)1 Other 17,923 11,121 Gold and foreign exchange (net) 641 802 Other liabilities 11,031 3,825 Loans and discounts 19 17 Advances—Government 760 627 Bank of Java2 Other 1,079 779 Other assets 135 82Bank of Mexico (millions of pesos): Note circulation 829 657 Monetary reserve 3 600 609 627 680 Deposits—Government 81 74 "Authorized" holdings of securi- Other 229 159 ties, etc ,469 1,501 ,458 1,620 Other liabilities and capital 1,495 1,416 Bills and discounts 674 660 655 556 Other assets 98 104 148 97 Bank of Guatemala (thousands of Note circulation ,667 1,678 ,690 1,674 quetzales): Demand liabilities 731 759 819 1,047 Gold 27,228^ 27,229 27,228 Other liabilities and capital 442 437 380 231 Foreign exchange 22,244 23,625 23,c Gold contribution to Int'l. Fund. 1,250 1,250 1,250Netherlands Bank (millions of Rediscounts and advances 2,142 3,073 guilders): Other assets 11,626 10,048 '8,062 Gold 481 509 551 520 C D O i t e r h p c e o u r s la i l t i t s a i — o b n il G — B it o i a e N C n v s k e o o s a r i t n e n n s m d e c n a t pital 3 1 0 2 6 9 4 , , , , , 9 8 5 9 2 1 0 8 3 5 2 5 7 3 3 3 1 2 9 0 8 4 , , , , , 1 9 7 4 0 3 0 0 7 1 8 1 4 0 3 2 1 9 2 6 8 3 , , , , , 9 7 2 0 4 3 6 8 9 5 7 1 4 6 0 S F L G O i o o t o l h r v a v e e e n t i r r . s g n d ( a a i s e n n b s b c d e i t l l t u l d s s a d i n s i c n d o g s u e s n c u t u s b r s i i t d ie i s ary coin) 3,5 4 2 1 1 0 7 9 2 5 0 7 0 3 3 1 3,5 3 2 1 1 0 8 3 2 7 0 0 0 3 4 5 3,5 3 2 1 1 0 9 1 6 2 0 4 0 3 1 4 3,6 2 1 1 1 0 6 5 3 0 0 9 5 7 4 2 National Bank of Hungary (mil- Note circulation—Old 2,881 2,948 2,897 2,737 lions of forint): New 1,040 921 1,014 790 G D F L o o o is r a l e c d n i o s g u — n n t e T s x r c e h a a su ng ry e 1,6 3 4 8 0 4 6 1 0 3 0 1,6 3 4 8 4 0 4 7 0 3 3 1,6 3 4 0 0 4 6 1 3 0 0 3 3 5 1 1 4 7 3 4 0 7 3 D O e th p e o r s i l t i s a — bil G O B it l o t i o e h v s c e e k r a r e n n d m d e c n a t pital 3 4 1 8 6 5 3 0 4 2 8 4 7 8 0 7 4 2 6 4 8 4 0 0 7 1 1 2 0 6 4 3 1 Other assets 339 252 200 370Reserve Bank of New Zealand Note circulation 1,995 1,973 1,942 1,258 (thousands of pounds): Demand deposits—Government. 177 184 149 27 Gold 2,802 2,802 2,802 Other 214 176 130 85 Sterling exchange reserve 69,442 73,164 90,660 Other liabilities and capital 436 393 382 364 Advances to State or State undertakings 41,742 43,756 27,000 Re r s u e p I r s e v s e e u s e ) B G S I : n t a d o e d n l e r i d l p k a i n a n a o g r t G t f m h s o I o e e n v c m n d t u . e t r i : a i S t a i e n e (m s c d u i a l r l b i io t r i o n e s a s d o . . . f . . . 1 1 1 , , 0 3 4 2 5 4 8 3 4 11, 4 8 3 2 4 5 8 4 3 11, 4 5 3 7 4 5 8 4 3 O D I N O n t e o t v h h m t e e e e s r r a t c n m a l i d i r s a e c s b d u n e i e t l t l s s a i p t t o i i e o s s n i ts and capital 4 7 3 8 7 5 0 , , , , , 8 3 5 7 8 6 0 5 7 3 8 8 4 2 8 4 7 2 8 7 5 6 , , , , , 6 2 8 0 0 9 2 6 6 5 4 9 9 8 6 4 7 3 4 6 3 , , , , 8 6 9 5 8 6 7 2 7 4 2 7 8 5 4 Bank N R in u o g p t e e d e c e i c r p o c a i u r n l t a m ti e o n n t: 13,0 3 4 69 4 12, 3 8 6 6 8 8 12, 2 3 5 9 7 8 Bank G o o l f d Norway (millions of kroner): 3 5 0 0 3 3 3 49 2 7 0 3 5 3 5 9 0 D T O O L N B r o e a t t o e h h a p l t a a e e e n o n s r r s s s u c i l a o t e r t i o s s y a s f s b i G e a b i s t l b i s s o i l u r t l v i s o e e e a s r d d d n i a e s m n p c d e a o n r u c t t a n m p te e it d n a . t l . . . . . 3 4, , * 9 5 2 1 7 2 7 9 5 1 4 6 7 4 1 8 1 3 4, , 9 9 8 2 1 2 2 4 9 2 2 3 7 4 3 6 8 5 4 5, , 5 7 2 2 7 1 3 8 6 3 4 1 3 4 0 5 5 9 1 S O D F O L N e o o t e c o c h r a c p t e u e e n u o i r r s p g s i c t n i a a i a i t t r s e s n i c a s s — o d u e s n s t l d G s a B e a i t t o a s i s c o n c v c n o ( k e o n u s r u n e n n m t t t s ) e ( n n t et) , , , , 9 0 9 2 8 1 6 8 9 9 3 5 6 0 7 2 3 4 7 8 7 3 8 1 1 , , , , 9 4 7 0 8 7 0 7 9 3 4 5 7 6 8 4 4 4 1 0 1 8 4 1 , , , 1 8 3 9 8 7 0 1 2 7 4 6 7 4 8 8 7 6 2 9 5 Central Bank of Ireland (thousands Blocked 380 394 341 of pounds): Other 664 672 848 Gold 2,646 2,646 2,646 2,646 Other liabilities and capital Sterling funds 40,587 41,113 40,312 37,580 Note circulation 43,233 43,759 42,958 40,226 1 Latest month available. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. JUNE 1948 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) date of month) Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold. 715 721 721 1,870 Gold 5,662 5,625 5,624 5,039 Foreign exchange (net) 23,877 25,696 24,738 30,815 Foreign exchange 86 67 101 147 Net claim on Int'l. Fund1 2,709 2,709 2,709 1,546 Loans and discounts 329 235 185 72 Paid-in capital—Int'l. Bank... . -16 -16 -16 -240 Other assets 95 104 82 91 Loans and discounts 20,000 18,249 17,000 8,309 Note circulation 4,179 4,185 4,166 3,918 Government loans and securities. 7,958 8,362 8,776 9,799 Other sight liabilities 1,329 1,148 1,123 1,185 Other assets 1,575 1,262 1,140 642 Other liabilities and capital 663 698 703 246 Note and coin issue 46,218 45,686 44,049 40,685 Demand deposits 6,972 8,366 8,291 9,658Central Bank of the Republic of Other liabilities and capital 3,628 2,932 2,729 2,398 Turkey (thousands of pounds): Golds 470,296478,550 477,961632,096 Central Reserve Bank of Peru Foreign exchange and foreign (thousands of soles): clearings 184,501 ,766 228,291294,249 Gold and foreign exchange 110,996 87,237 Loans and discounts 594,412 ,520 595,790 560,065 Net claim on Int'l. Fund * 20,496 20,491 Securities 184,326 559 181,177 Contribution to Int'l. Bank.... 2,356 2,480 Other assets 19,340 953 24,030 Loans and discounts to banks .. . 133,101116,237 Note circulation 879,530 346 873,306 986,157 Loans to Government 699,480 608,934 Deposits—Gold 153,021 802181,347 Other assets 85,468 65,772 Other 205,307 280,705 299,322 Note circulation 697,058629,970 Other liabilities and capital 215.017 646 221^940224,792 Deposits 246,62718Z.704 Other liabilities and capital 108,212 ,477Bank of the Republic of Uruguay (thousands of pesos): (Jan.) Bank of Portugal (millions of Gold 287,803294,043 escudos): Silver 12,628 13,064 Gold 4,483 4,555 5,627 Paid-in capital—Int'l. Bank 314 318 Foreign exchange (net) 10,381 10,620 11,900 Advances to State and govern- Loans and discounts 399 395 446 ment bodies 54,737 27,721 Advances to Government 1,280 1,280 1,301 Other loans and discounts 183,113133,315 Other assets. 519 492 523 Other assets 261,358385,342 Note circulation 8,436 8,358 8,368 Note circulation 237,099218,805 Demand deposits—Government 1,314 1,474 3,072 Deposits—Government 64,224 43,188 Other 6,382 6,597 7,466 Other 267,290 250,758 Other liabilities and capital.... 930 911 892 Other liabilities and capital 231 339 341,052 National Bank of Rumania 2 Central Bank of Venezuela (thousands of bolivares): South African Reserve Bank Gold ^ 643,347684,054 603,077617,912 (thousands of pounds): Foreign exchange (net) 136,620 63,973 86,089 40,133 Gold3 109,541107 110,137196,142 Other assets 75,192 75,653 83,639 58,250 Foreign bills 75,063 74, 62,344 8,788 Note circulation—Central Bank.632,557617,532594,270 491,791 Other bills and loans 86,287 86, 87,055 4,505 National banks. 3,574 3,713 3,852 6,350 Other assets 7,474 15, 14,035 13,601 Deposits 165,664145,978145,091181,124 Note circulation 63,844 63. 62,820 63,241 Other liabilities and capital 53,363 56,457 29,593 37,029 Deposits 207,632213, 203,912153,955 Other liabilities and capital 6,889 6, 6,839 5,839Na o t f i o Y n u a g l o B sl a a n vi k a 2 of the Kingdom Bank of Spain (millions of pesetas): Bank for International Settle- Gold 1,215 1,214 ments 8 (thousands of Swiss gold Silver 500 522 francs): Government loans and securities. 15,908 15,931 Gold in bars 120,673122,429108,020 81,725 Other loans and discounts 10,476 8,041 Cash on hand and on current Other assets 3,448 3,012 account with banks 40,781 42,637 20,8 14,650 Note circulation 25,781 22,482 Sight funds at interest 497 251 250 496 Deposits—Government 1,102 2,801 Rediscountable bills and accept- Other 3,898 2,883 ances (at cost) 30,006 23,846 25,288 26,781 Other liabilities and capital 766 554 Time funds at interest 7,695 15,913 17,662 10,170 Sundry bills and investments. . . 70,431 58,414 59,406 73,016 Bank of Sweden (millions of kronor): Funds invested in Germany . . .!91,160291,160291,160291,160 Gold 213 213 223 478 Other assets 1,164 1,161 256 2,534 Foreign assets (net) 205 308 373 384 Demand deposits (gold) 17,592 17,650 17,650 18,107 Swedish Govt. securities and ad- Short-term deposits (various vances to National Debt Office4 ,977 2,716 2,867 2,087 currencies): Other domestic bills and advances 111 141 111 106 Central banks for own ac- Other assets 361 355 364 567 count 57,783 48,463 17,139 6,699 Note circulation ,791 2,730 2,736 2,608 Other 5,918 8,970 9,452 1,414 Demand deposits—Government. 634 632 633 526 Long-term deposits: Special ac- Other 172 103 297 137 counts 228,909228,909228,909228,909 Other liabilities and capital 269 268 272 351 Other liabilities and capital 252,205251,819249,761245,405 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 5 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Latest month available. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern* ment. 8 See BULLETIN for December 1936, p. 1025. 742 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 fec a t t i e ve U K d n i o n i m t g e - d France Ger- g B i e u l m - N la e e n r t - d h s - S d w en e- S l z a w e n r i d - t- b C an e k n tr o a f l - R M 3 a a 1 t y e eff D ec a t t i e ve ba C n e k n tr o a f— l R M 3 a a 1 t y e eff D ec a t t i e ve In effect Dec. 31. Albania..: Mar.21, 1940 Ireland.. . 2; Nov. 23, 1943 1937 Argentina. Mar. 1 1936 Italy Sept. 6, 1947 May 10, 1938.. Austria Aug. 3, 1945 Japan... . 3.29 Apr. 7, 1936 May 13 Belgium. Aug 27, 1947 Java 3 Jan. 14, 1937 May 30 Bolivia . Nov. 8, 1940 Latvia. . . . 5 Feb. 17, 1940 Sept. 28 Oct. 27 Nov. 25 Jan. 4,1939.. Bulgaria Aug 14 1946 Lithuania, . July 15, 1939 Apr. 17 4 Canada Feb 8, 1944 Mexico... . June 4, 1942 May 11 3 Chile Dec 16, 1936 Netherlands June 27, 1941 July 6 2X Colombia July 18 1933 NewZealand. July 26, 1941 Aug. 24 Costa Rics Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 Czechoslovakia Oct 28, 1945 Pei u Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 3 J A a p n r . . 2 9 5, 1940.. D Ec e u n a m d a o r r k 7 V2 J J u an ne 1 8 5 , , 1 1 9 9 4 4 3 6 P R o u r m tu a g n a i l a . . . . . . . 2H J M a a n r . . 2 1 5 2 , . 1 1 9 9 4 4 8 4 May 17 "3X El Salvadoi. 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941. . Es 41/2 Oct. 1, 1935 Spain *X Oct. 27, 1947 May 29 Finland 7M Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 2X Jan. 16, 1945.. Jan. 20 "iH Feb. 9 France Oct. 9, 1947 Switzerland. Nov. 26, 1936 Nov. 7,1946.. Turkey July 1, 1938 Dec. 19 Germany 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. 2X &3 In effect May 31, 2X NOTE.—Changes since Apr. 30: None. 1948 &3 3X 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 -Mar 2.59 2.28 2.40 3-\X 5-7 1 50 1933—Mai .62 .46 .64 lA 3 34-5 X 1.50 1934—Ma .95 .84 .88 2X-$ 1.50 1935—Mai .57 .50 .72 1.50 1936—Mai 1.00 .56 .52 .75 % 2X-*X 2.26 1 19 9 3 3 8 7 — — M M a a i i . .5 8 2 1 . .5 5 3 5 . .5 5 0 1 . . 7 7 5 5 Y2 3 2 . . 0 2 4 9 2 23 ^ ^ - - 5 5 1 1 . . 0 0 0 0 1 1 9 9 3 4 9 0 — — M M a a i i . . 6 7 6 5 1. . 0 6 3 3 1. . 0 7 2 0 . . 7 9 5 9 Y2 1 1 . .6 3 2 8 2 2H y 2- s 5 1 1. . 2 0 5 0 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 1 2 3 5 4 6 — — — — — — M M M M M M a a a a a a i i i i . . . . . . 6 3 3 5 5 3 1 7 9 5 0 6 1 1 1 1 1 . . . . . . 0 0 0 0 0 5 3 3 3 3 3 3 1 1 1 1 1 . . . . . . 0 0 0 0 0 5 0 1 0 0 0 1 1 1 1 1 . . . . . . 0 0 0 1 9 6 0 3 0 3 0 3 Y X Y 2 2 1 1 1 1 1 1 . . . . . . 5 7 6 5 3 6 9 5 0 8 4 5 '""i!6s"* ' i! 66 3 2 x ^ A 3 3 3 3 - - - - - - 5 5 5 5 5 5 y 3 X X 2 ^ 1 1 1 1 1 1 . . . . . . 2 2 2 2 2 2 5 5 5 5 5 5 1947—Mai .40 53 51 63 y* 1.41 1.65 1.19 2K-4K 1.25 1947—Apr 41 53 51 63 1.41 1 59 1 11 1.25 May 41 53 51 63 \/ 1 46 1 .45 1 08 2 V«i-4 V£ 1 25 June . • .41 .53 51 63 i/ 1.45 1 46 .86 2X-4X 1 25 July . ... 41 .53 .51 63 1.51 1.52 1 09 2X-$X 1.25 Aug .41 .53 .51 63 X 1.46 1.30 1 00 2X-4X 1.25 Sept .41 .53 .51 63 1.44 1 .08 ,75 2X-*X 1.25 Oct 41 .53 .51 63 X 1 .64 .95 .95 2X-4X 1.38 Nov. 41 .53 .51 .63 y 2.12 ,93 74 1 38 Dec. .41 .53 .51 .63 X2 2.04 1.13 .53 2\ti-WA 1.38 1948 Tan 41 54 51 .63 XA 2 02 1 28 .57 1.50 Feb .41 .56 .50 .63 XA 2.00 1.38 .78 1.50 Mar .41 .56 .51 .63 XA 1.45 .99 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JUNE 1948 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r F o li f i n g g p u ) o re u s n d in s re C se a r s v h es M c n o a s l o n h l t e o i a y c r n t e a d t B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s 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 d i t e t a i r l es 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 ,307 ,154 761 349 4,032 2,712 ,319 245 1944—December. 500 199 147 ,667 ,165 772 347 4,545 3,045 ,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 ,588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 ,862 342 1947—April 476 435 709 ,346 ,461 1,064 470 5,583 3,628 ,956 376 May 460 430 659 ,350 ,470 1,099 489 5,571 3,593 ,978 386 June 464 451 672 ,330 ,479 1,131 518 5,658 3,667 ,992 386 July 475 442 699 ,283 ,488 1,139 504 5,644 3,668 ,975 386 August ... 479 455 724 ,248 ,492 1,154 473 5,628 3,663 ,965 396 September 465 472 758 ,193 ,493 1,155 476 5,615 3,653 ,962 397 October... 468 466 825 ,147 ,500 1,185 487 5,690 3,713 ,977 387 November. 488 476 799 ,196 ,500 1,205 492 5,767 3,781 ,986 389 December. 502 480 793 ,288 ,483 1,219 567 5,935 3,962 ,972 396 1948—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 C3,700 1,942 400 March 472 468 804 1,153 ,486 1,308 507 5,794 3,686 2,108 404 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s End of month figures abroad Note Other in millions of and net Securities Other circula- liabilities Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty d lo i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i r k g o s n m assets tion Total Demand Time ca a p n i d tal 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525 1947—April 719 97 1,628 142 4,349 1,035 21 6,356 2,719 3,637 ,594 May 631 81 1,664 113 4,162 998 20 6,066 2,383 3,682 ,563 June 637 106 1,709 126 4,131 1,041 20 6,152 2,508 3,644 ,578 July 645 99 1,761 119 4,110 1,036 20 6,170 2,481 3,690 ,580 August .".. 670 82 1,805 116 4,109 1,014 19 6,186 2,412 3,774 ,591 September 663 83 2,027 113 3,963 933 19 6,193 2,387 3,806 ,570 October... 702 93 1,931 102 3,882 1,156 19 6,283 2,531 3,753 ,563 November. 695 92 2,065 107 3,850 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 1,526 February . 679 70 1,933 108 3,968 1,017 18 6,227 2,346 3,881 1,531 March... . 698 65 1,922 106 4,036 1,123 18 6,399 2,472 3,927 1,532 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o n f f i k g f s u r . r a e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b a t i n h l d i e ti r es Total Demand Time capital 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—March 19,471 20,677 203,451 66,744 20,724 305,583 303,742 1,841 16,380 9,103 April 18,578 20,877 202,425 69,670 21,081 306,356 303,857 2,499 16,772 9,503 May 17,516 20,684 209,977 68,656 22,377 311,244 308,256 2,988 17,606 10,360 June 27,316 20,419 196,762 73,569 22,866 312,289 309,137 3,152 17,679 10,964 July 21,428 20,388 208,792 79,789 24,928 324,665 321,678 2,987 18,589 12,072 August 21,585 19,464 210,551 80,220 29,200 326,393 323,415 2,978 21,932 12,695 September 20,950 20,451 209,323 85,712 31,391 331,219 328,438 2,781 23,149 13,459 October 19,696 19,018 211,760 86,269 32,338 330,949 327,997 2,952 23,304 14,830 November 21,597 20,691 205,314 92,010 33,482 333,858 331,059 2,799 23,632 15,603 December 22,551 19,410 219,374 86,344 37,291 342,166 338,710 3,457 25,175 17,628 1948—January 31,004 28,345 230,986 100,960 28,604 384,403 379,194 5,210 25,218 10,278 February 29,111 30,800 250,402 98,196 29,248 401,930 396,683 5,247 25,123 10,704 c Corrected. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u r n a d l ) ia g B iu e m l- (c B ru r z a e z ir i o l 1) C (d a o n ll a a d r) a C (p h es i o le ) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (franc) Official Free Official Free Official Export Sh h a a n i) g- 1941 29.773 23.704 322.80 321.27 6.0575 5.0705 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 1943 29.773 24.732 322.80 2321.5O 6.0586 5.1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 3321.17 22.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6.0602 (*) 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1947—June 29.773 25.125 320.90 2832 5.4406 100.000 91.592 July 29.773 25.125 320.90 2818 5.4406 100.000 91.652 August 29.773 25.125 320.92 2.2821 5.4406 100.000 91.998 September. 29.773 25.125 321.12 2.2833 100.000 90.362 October. . . 29.773 25.125 321.19 2.2830 4406 100.000 89.989 November. 29.773 25.125 321.15 2.2812 4406 100.000 89.589 December. 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 1948—January... 29.773 25.125 321.16 2.2784 5.4406 100.000 90.455 February. . 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 March 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 April 29.773 25.125 321.23 2.2796 5.4406 100.000 90.633 May 29.773 25.125 321.21 2.2798 5.4406 100.000 92.273 Year or month C (p o b e l i s o a o m ) - s ( C l k o z o v e r a u ch n k a o ia ) - ( m D kr a e o n r n k - e) ( l m F a k i a n a n r ) d - k- Offici F a (f l r r a an n c c ) e Free ( H K do o o l n l n a g g r) ( I r n up d e i e a ) I (l t i a ra ly ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s 1941. 57.004 2.0101 24.592 30.137 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 n.9711 30.122 20.581 37.933 1946. 57.020 22.0060 220.876 .8409 30.155 2 .4434 20.581 37.813 1947. 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 1947—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 0060 20.860 5.8400 30.172 20.576 37.654 February. 57.010 0060 20.860 3 .4671 6 .3270 30.168 20.575 37.714 March.... 57.010 0060 20.860 .4671 .3270 30.168 20.575 37.750 April 57.010 0060 20.860 .4671 .3277 30.169 20.578 37.765 May 57.010 2.0060 20.860 .4671 .3272 30.169 20.574 37.755 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 - ) ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i e t t r s - ) s (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - Offi K ci ( a i p n l o g u d n o d F m ) ree (peso) N c o on n - trolled 1941 322.54 24.0023 398.00 29.130 47.133 23.829 223.210 403.50 403.18 43.380 1942 322.78 398.00 246.919 403.50 403.50 52.723 1943 324.20 398.00 403.50 2 403.50 52.855 1944 324.42 398.00 403.50 53.506 1945 323.46 399.05 2 403.50 3 403'. 02 55.159 1946 322.63 220.176 24.0501 400.50 29.132 225.859 223.363 403.28 56.280 1947 322.29 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 56.239 1947—June 322.18 20.160 4.0275 400.75 9.132 27.826 23.363 402.72 56.262 July 322.18 20.160 4.0161 400.75 9.132 27.827 23.363 402.71 56.259 August 322.20 20.159 4.0257 400.75 9.132 27.826 23.363 402.73 56.203 September 322.41 20.158 4.0203 400.75 9.132 27.822 23.363 403.00 56.204 October 322.48 20.159 4.0240 400.75 9.132 27.823 23.363 403.10 56.204 November 322.44 20.159 3.9985 400.75 9.132 27.825 23.363 403.05 56.204 December 322.50 20.159 4.0088 400.75 9.132 27.826 23.363 403.13 56.204 1948—January 322.45 20.159 4.0043 400.75 9.132 27.825 23.363 403.07 56.198 February 322.49 20.160 3.9700 400.75 9.132 27.826 23.363 403.11 56.180 March 322.50 20.160 3.9856 400.75 9.132 27.826 23.363 403.13 56.180 April 322.51 20.160 3.9966 400.75 9.132 27.826 23.363 403.15 56.180 May 322.49 20.160 4 0334 400.75 9.132 27.825 23.363 403.12 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. * 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. fBased 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, JUNE 1948 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether- U S n ta it te e s d Canada Mexico K U in n g it d e o d m France Italy Japan lands Sweden Sw la it n z 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 88 58 65 99 90 2 96 90 1935 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 1943 103 100 182 163 234 209 160 196 218 1944 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 308 181 194 221 1946 121 109 286 175 648 1,599 251 186 215 1947 152 129 302 192 989 5^161 5,103 271 199 224 1947—May 147 '126 299 189 946 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 L.004 5,889 6,503 271 199 223 September 157 134 298 195 L.096 6,202 6,960 272 202 224 October 159 139 304 199 L.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 5,544 8,863 280 205 232 1948—January 166 147 302 212 1,463 P5,391 9,144 279 207 234 February 161 147 304 217 1,537 P5.343 9,288 279 208 234 March 161 147 303 217 1,535 P5.318 279 2?5 April 163 149 303 219 p1,555 P234 p Preliminary. r Revised. 1 The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1934-1942 are derived from old index. 2 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926 = 100) (1926 = 100) (1930= 100) (July 1938-June 1939 = 100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d . fa c m h c a t ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods p tr I r i n o a d d l u u ra s c - w ts p f I r i n n o tr d i d i s u a u h l s c e - t d s goods goods 1926 100 100 100 100 100 100 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 112 106 94 158 175 172 193 184 1946 149 131 110 118 99 158 184 200 282 261 1947 181 169 135 126 '131 117 165 207 214 328 276 1947—May 176 160 132 125 128 165 203 206 321 275 June 178 162 131 125 '130 116 166 203 205 323 277 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 199 180 148 141 148 137 174 235 235 340 279 February 185 172 148 139 147 137 181 237 233 340 280 March 186 174 148 138 147 137 181 239 232 339 280 April 187 177 149 141 150 137 182 241 •• Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 746 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 numbersj 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 t 0 e e - 0 s d 3 ) 9 (1 = C 9 a 3 a d 1 5 n 0 a - - 0 3 ) 9 ( K J d 1 u i o 9 n n 4 m e g 7 1 - 7 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) N (1 = l e 9 a t 1 n 1 h 1 0 d e - 0 s r 1 ) - 3 ( l 1 J a e 9 u n r 1 - n d 4 e Y m e o a n r th or ( U S 1 = 9 n ta 3 1 i 5 t t 0 e e - 0 s d 3 ) 9 (1 = C 9 a 3 a 1 d 5 n 0 a - 0 - 3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 1 - 7 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) N (1 = l e 9 a t 1 n 1 h 1 0 d e - 0 s r 1 ) - 3 ( l 1 J a e 9 u n r 1 n - d 4 e = 100)i = 100) = 100)i = 100) 1936 101 98 130 120 120 1936 99 98 147 U32 130 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 ioo 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 . 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 '101 1.043 222 1947 159 136 MOl 1.030 217 1947-May 188 155 162 883 220 1947-May. 156 133 203 886 216 June 191 158 1161 941 222 June 157 135 1203 935 217 July 193 160 1101 974 221 July 158 136 UOl 965 217 August.... 197 161 99 1,089 222 August 160 137 100 L,068 218 September 204 165 100 1,187 222 September 164 139 101 1,157 218 October. .. 202 171 101 1,309 229 October. . . 164 142 101 L.268 223 November. 203 174 103 1,378 230 November. 165 144 103 1,336 223 December. 207 179 103 1,393 230 December. 167 146 104 1,354 223 1948-January... 210 182 104 1,437 230 1948-January... 169 148 104 1,414 224 February.. 205 186 108 L ,541 230 February.. 168 150 106 1,519 224 March.... 202 186 109 ,518 229 March.... 167 151 106 L,499 223 April 208 187 V .524 P229 April 169 152 P108 V1,499 P223 P Preliminary. i 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 stock:s Year or month S ( U d p t e n 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 « - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 = a 9 1 n 3 0 a 5 0 d -3 ) a 9 4 ( K 1 U 9 in 2 n 6 g i = t d e o 1 d m 00) 1 (D F 93 r e a 8 c n = em c 1 e b 0 8 0 er ) (1 N l 9 a e 3 n t 8 h d = e s 1 r 6 - 00) Number of issues. . . 15 (2) 87 50 13 402 100. 278 *295 37 1939 113 8 98.2 112 3 114 2 94 2 75.9 112 1940 115.9 95.1 118.3 7114.2 88.1 77.4 70.8 M40 1941 117 8 99 4 123 8 8 143 4 80 0 67.5 72.5 8 308 1942 118 3 100.7 127 3 146.4 69 4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120 9 103.0 127 5 150 5 99 8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123 4 117.2 132 1 144 6 109 0 139 9 115.7 96.2 875 155 9 1947 121.5 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1 .149 202.7 1947—May 122.9 118.2 132.9 136.9 104.6 115.2 104.4 97.9 ,003 203.0 June 122.8 118.6 132.1 135.4 105.0 119.1 105.3 97.5 ,124 201.4 July. . . . 122 5 119.3 131 1 131.1 105 3 126 0 107.4 98.2 ,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 [,298 218.7 October 120.0 118.8 128.0 122.0 105.9 125.1 105.5 89.3 L.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 1,211 215.3 1948—January 117.4 108.6 130.5 118.9 120.1 107.5 93.9 1,301 P225.4 February. . . . 117.5 108.6 130.6 119.1 114.2 102.2 91.1 1,229 P239.8 March 118.0 103.4 130.0 119.0 116.4 101.5 90.2 939 April 118.6 103.6 129.1 P119.1 124.6 109.1 93.2 Pi,190 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 perpetual government, 2 government^ municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative bond for each group. The average yield in the base period (January-March 1937) was 3.39 per cent. "This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. £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 Generale," September-November 1946, p. 424. 8 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 'Average based on figures for 5 months; no data available June-December. 8Average 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. JUNE 1948 747 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 EDWARD L. SMEAD, Director LEGAL DIVISION J. R. VAN FOSSEN, Assistant Director GEORGE B. VEST, General Counsel J. E. HORBETT, Assistant Director J. LEONARD TOWNSEND, Associate General Counsel LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Associate Director LISTON P. BETHEA, Director BONNAR BROWN, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT LAWRENCE CLAYTON First Vice President ERNEST G. DRAPER W. RANDOLPH BURGESS, NEW YORK DISTRICT MARRINER S. ECCLES DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY 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 CHESTER MORRILL, Secretary President S. R. CARPENTER, Assistant Secretary JAMES H. PENICK, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel HENRY E. AT WOOD, 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 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMErsJ, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Presiuenis 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 Robert T. Stevens 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 P. M. Poorman3 E. C. Hill 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. Sillier 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 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. Sandy* D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle 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 O. 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 Seattle C. R. Shaw 1 Also Federal Reserve Agent. 1 Cashier. s Also Cashier. 4 General Manager. JUNE 1948 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from POSTWAR ECONOMIC STUDIES. (8 pamphlets) the Division of Administrative Services, Board of No. 1. Jobs, Production, and Living Standards. Governors of the Federal Reserve System, Wash- No. 2. Agricultural Adjustment and Income. ington 25, D. C. Remittance should be made pay- No. 3. Public Finance and Full Employment. able to the order of the Board of Governors of the No. 4. Prices, Wages, and Employment. Federal Reserve System. No. 5. Private Capital Requirements. No. 6. Housing, Social Security, and Public BOOKS Works. No. 7. International Monetary Policies. DIGEST OF RULINGS to October 1, 1937. Digests of No. 8. Federal Reserve Policy. Board rulings, opinions of the Attorney General and court decisions construing the Federal Re- The price for the set of eight pamphlets is $1.25; serve Act, with compilation showing textual 25 cents per pamphlet, or, in quantities of 10 or changes in the Act. 683 pages. $1.25 per copy. more for single shipment, 15 cents per pamphlet. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Board's staff. August 1941; reprinted March FUNCTIONS. November 1947. 125 pages. 75 1948. 496 pages. Paper cover. $1.00 per copy; cents per cloth-bound copy; in quantities of 10 in quantities of 10 or more copies for single ship- or more copies for single shipment, 50 cents each. ment, 75 cents each. Paper-bound copies available without charge. BANKING AND MONETARY STATISTICS. Statistics of DEBITS AND CLEARINGS STATISTICS, THEIR BACKbanking, monetary, and other financial develop- GROUND AND INTERPRETATION. October 1947. 50 pages. 25 cents per copy; in quantities of 10 or ments. November 1943. 979 pages. $1.50 per more copies for single shipment, 15 cents each. copy. No charge for individual sections (unbound). REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations PROVISIONS OF STATE LAWS RELATING TO BANK REwith amendments. SERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying re- PERIODICAL RELEASES ports, and introduction reviewing the monetary WEEKLY history of Paraguay. July 1946. 170 pages. $1.00 per copy. CONDITION OF THE FEDERAL RESERVE BANKS RWLES OF ORGANIZATION AND RULES OF PROCEDURE CONDITION OF WEEKLY REPORTING MEMBER BANKS (Board of Governors of the Federal Reserve Sys- IN CENTRAL RESERVE CITIES tem). September 1946. 31 pages. CONDITION OF WEEKLY REPORTING MEMBER BANKS THE FEDERAL RESERVE ACT, as amended to Novem- IN LEADING CITIES ber 1, 1946, with an Appendix containing pro- DEPARTMENT STORE SALES, BY CITIES visions of certain other statutes affecting the WEEKLY DEPARTMENT STORE SALES Federal Reserve System. 372 pages. 50 cents per WEEKLY FOREIGN EXCHANGE RATES paper-bound copy; $1.00 per cloth-bound copy. WEEKLY REVIEW OF PERIODICALS FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. Space for plotting through 1948. April 1947 SEMIMONTHLY edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment, DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER 35 cents each. BANKS 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MONTHLY STATE BANK MEMBERS AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL FEDERAL RESERVE BULLETIN. Subscription price in RESERVE BANKS (Also annual list) the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Do- SEMIANNUAL minican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland ALL BANKS IN THE UNITED STATES AND POSSESSIONS (including Laborador), Nicaragua, Panama, Par- —PRINCIPAL ASSETS AND LIABILITIES aguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; ANNUAL elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 ANNUAL REPORT OF THE BOARD OF GOVERNORS OF or more copies to one address, 15 cents per copy THE FEDERAL RESERVE SYSTEM per month, or $1.50 for 12 months. BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY CEPT INTERBANK ACCOUNTS RATES, AND BUSINESS. $9.00 per annum, or $1.00 per copy. In quantities of 10 or more copies of IRREGULAR a particular issue for single shipment, 75 cents each. ASSETS AND LIABILITIES OF MEMBER BANKS (Condensed) ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK CALL REPORT (Detailed) UNITED STATES AND RELATED DEPOSIT AND CUR- RENCY ITEMS REPRINTS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- (From Federal Reserve Bulletin except as othcrzvise indicated) CEPT INTERBANK ACCOUNTS BUSINESS INDEXES MEMBER BANK STATISTICS. November 1935. 28 pages. CONSUMER CREDIT THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS CONSUMER INSTALMENT CREDITS OF COMMERCIAL IN THE UNITED STATES. November 1938. 20 BANKS pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL PROBLEMS OF BANKING AND BANK SUPERVISION. Ex- BANKS cerpts from the Board's 1938 Annual Report. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL 33 pages. LOAN COMPANIES MONETARY MEASURES AND OBJECTIVES. From Sep- CONSUMER INSTALMENT LOANS tember 1937, April 1939, and May 1939 issues DEPARTMENT STORE CREDIT of BULLETIN. 8 pages. DEPARTMENT STORE SALES (Indexes and Compari- THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. sons with Previous Year) January 1940. 4 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- DEPARTMENTS SERVE BANKS, by George B. Vest. February 1940. DEPARTMENT STORE STOCKS 8 pages. FOREIGN EXCHANGE RATES HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- INTERDISTRICT SETTLEMENT FUND SERVE POLICY, by Arthur Hersey. April 1940. NATIONAL SUMMARY OF BUSINESS CONDITIONS 11 pages. OPEN-MARKET MONEY RATES IN NEW YORK CITY CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, RETAIL FURNITURE REPORT by E. A. Goldenweiser. May 1940. 5 pages. RETAIL INSTALMENT CREDIT GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank SALES FINANCE COMPANIES R. Garneld. June 1940. 7 pages. SELECTED LIST OF ADDITIONS TO THE RESEARCH GOLD RESERVES OF CENTRAL BANKS AND GOVERN- MENTS. September 1940. 18 pages. LIBRARY 751 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MEASUREMENT OF PRODUCTION, by Woodlief Thomas MAJOR DEPARTMENTS. August 1946. 4 pages. and Maxwell R. Conklin. September 1940. 16 ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, pages. by Doris P. Warner and Albert R. Koch. Sep- FEDERAL RESERVE BANK LENDING POWER NOT DE- tember 1946. 8 pages. PENDENT ON MEMBER BANK RESERVE BALANCES. LIQUID ASSETS AND EXPENDITURE PLANS OF FARM February 1941. 2 pages. OPERATORS. September 1946. 2 pages. ADJUSTMENT FOR SEASONAL VARIATION, by H. C. FINANCIAL DEVELOPMENTS AMONG LARGE MANU- Barton, Jr. Description of method used by Board FACTURING CORPORATIONS, 1945, by Doris P. in adjusting economic data for seasonal variation. Warner and Albert R. Koch. October 1946. June 1941. 11 pages. 9 pages. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER ECONOMIC CONDITIONS AND PUBLIC POLICY, by BANKS, April 16-May 15, 1942. August, Septem- Marriner S. Eccles. November 1946. 6 pages. ber, and November 1942. 32 pages. INTERNATIONAL TRANSACTIONS OF THE UNITED POSTWAR INTERNATIONAL MONETARY STABILIZATION. STATES IN THE FIRST POSTWAR YEAR. December June 1943. 21 pages. 1946. 14 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. THE POSTWAR FINANCIAL POSITION OF BUSINESS, by From August 1940, September 1941, and October Albert R. Koch and Eleanor J. Stockwell. Decem- 1943 issues of BULLETIN with supplementary data. ber 1946. 10 pages. October 1943. 120 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert R. REVISED INDEX OF DEPARTMENT STORE SALES. June Koch. March 1947. 11 pages. 1944. 20 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- BRETTON WOODS AGREEMENTS, by E. A. Golden- MENT FINANCING, by Frieda Baird. March 1947. weiser and Alice Bourneuf. September 1944. 6 pages. 21 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. SALES. September 1944. 2 pages. Young and Duncan McC. Holthausen. March MONETARY AND CREDIT AGREEMENTS ENTERED INTO 1947. 9 pages. AT BRETTON WOODS, by M. S. Szymczak. April METHODS OF RESTRICTING MONETIZATION OF PUBLIC 1945. 7 pages. DEBT BY BANKS. April 1947. 4 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, NEW GUATEMALAN BANK LAW, by David L. Grove. by Mary S. Painter. September 1945. 2 pages. April 1947 BULLETIN with translation of new SURVEYS OF LIQUID ASSET HOLDINGS. September Bank Law. 39 pages. 1945. 7 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS FINANCIAL DEVELOPMENTS IN MANUFACTURING AND IN 1946, by Duncan McC. Holthausen. May TRADE IN 1944, by Doris P. Warner. December 1947. 20 pages. 1945. 6 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. BANKS IN LEADING CITIES. June-July 1947. 9 April 1946. 12 pages. pages. REVISED INDEX OF DEPARTMENT STORE STOCKS, by SECURITY PLEDGED ON MEMBER BANK LOANS TO Richard Youngdahl and John O. Bergelin. June BUSINESS, by Tynan Smith. June 1947. 17 pages. 1946. 25 pages. SURVEY OF CONSUMER FINANCES—I. EXPENDITURES A NATIONAL SURVEY OF LIQUID ASSETS. June 1946. FOR DURABLE GOODS AND INVESTMENTS. June 7 pages. 1947. 17 pages. A NATIONAL SURVEY OF LIQUID ASSETS—DISTRIBU- SURVEY OF CONSUMER FINANCES—II. CONSUMER IN- TION ACCORDING TO INCOME. July 1946. 7 pages. COMES AND LIQUID ASSET HOLDINGS. July 1947. A NATIONAL SURVEY OF LIQUID ASSETS—PROSPEC- 15 pages. TIVE SPENDING AND SAVING AND SUMMARY OF SUR- SURVEY OF CONSUMER FINANCES—III. CONSUMER VEY FINDINGS. August 1946. 12 pages. SAVING IN 1946 AND OWNERSHIP OF SELECTED INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY NONLIQUID ASSETS. August 1947. 12 pages. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS SURVEY OF CONSUMER FINANCES. From the June, FARM PRODUCTION LOANS AT COMMERCIAL BANKS, July, and August 1947 issues of BULLETIN. 44 by Herman Koenig and Tynan Smith. Decempages. ber 1947. 8 pages. RETAIL CREDIT SURVEY—1946. From July 1947 THE STRUCTURE OF INTEREST RATES ON COMMER- BULLETIN with supplementary information for CIAL BANK LOANS TO FARMERS, by Richard Youngnine separate trades. 40 pages. (Also, RETAIL dahl. December 1947. 10 pages. CREDIT SURVEY—1943, 1944, and 1945 from the BANK LOANS TO FARMERS. From the October and June 1944, May 1945, and June 1946 BULLETIN, December 1947 issues of BULLETIN. 36 pages. with supplementary information for separate BANKING ASSETS AND THE MONEY SUPPLY SINCE trades. Survey for 1947 will be available in sum- 1929, by Morris A. Copeland and Daniel H. mer of 1948.) Brill. January 1948. 9 pages. THE STRUCTURE OF INTEREST RATES ON BUSINESS PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT LOANS AT MEMBER BANKS, by Richard Youngdahl. AGAINST THE DEMAND AND TIME DEPOSITS OF July 1947. 17 pages. BANKS, by Marriner S. Eccles. January 1948. MEMBER BANK LOANS TO SMALL BUSINESS, by 10 pages. Charles H. Schmidt. August 1947. 16 pages. THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT, by Charles H. Schmidt. BUSINESS LOANS OF MEMBER BANKS. From March, April 1948. 9 pages. May, June, July, and August 1947 issues of BULLETIN. 80 pages. STATEMENT ON BEHALF OF THE BOARD OF GOVER- NORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE BRITISH CRISIS. September 1947, 12 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. FINANCIAL POSITION OF MANUFACTURING AND TRADE Presented by Marriner S. Eccles on April 13, IN RELATION TO SIZE AND PROFITABILITY, 1946, 1948. 7 pages. by Albert R. Koch and Charles H. Schmidt. WHAT ABOUT MONEY AND CREDIT? Address by September 1947. 12 pages. M. S. Szymczak on May 7, 1948 at the 55th REVISION OF NATIONAL INCOME AND PRODUCT STA- Annual Convention of the Alabama Bankers TISTICS. September 1947. 12 pages. Association. 7 pages. STERLING IN MULTILATERAL TRADE, by J. Burke NEW COMMERCIAL BANKING OFFICES, 1936-1947, Knapp and F. M. Tamagna. September 1947. by Caroline H. Cagle and Raymond C. Kolb. 8 pages. May 1948. 12 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS Smith and Philip T. Allen. October 1947. 13 AND BUSINESSES. June 1948. 2 pages. pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCIAL POSITION AND BUYING PLANS OF CON- FINANCING, by Charles H. Schmidt. June 1948. SUMERS, July 1947. October 1947. 4 pages. 11 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND 1948 SURVEY OF CONSUMER FINANCES—I. EXPENDI- CONTROLS, by Marriner S. Eccles. December TURES FOR DURABLE GOODS. June 1948. 15 pages. 1947. 8 pages. 1948 SURVEY OF CONSUMER FINANCES—II. THE DIS- FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by TRIBUTION OF CONSUMER INCOME IN 1947. June Philip T. Allen. December 1947. 6 pages. 1948. 8 pages. 753 JUNE 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 21 T== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES it BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w 0 FEDERAL RESERVE BANK CITIES W • FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1*48 BOARD OF GOVERNORS OF THE FEDERAL RESERVf SYSTEM W t-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis