Federal Reserve Bulletin, 1948-08

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER 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 Consumer Credit Trends. 89/- 903 Statement Before the House Banking and Currency Committee. 904- 911 Regulation of Consumer Instalment Credit. 912- 913 1948 Survey of Consumer Finances—Part IV. Consumer Saving and the Allocation of Disposable Income. 914- 932 Revised Consumer Credit Series 933- 937 The Philippine Central Bank Act, by David L. Grove and John Exter 938- 949 Second Annual Report of the National Credit Council of France 950- 960 Current Events and Announcements. 960 National Summary of Business Conditions. 961- 962 Financial, Industrial, Commercial Statistics, U. S. (See p. 963, for list of tables) 963-1022 International Financial Statistics (See p. 1023, for list of tables) 1023-1041 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1042 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1043 Federal Reserve Publications. 1044-1045 Map of Federal Reserve Districts. 1046 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 August 1948 NUMBER 8 CONSUMER CREDIT TRENDS During the three years that have elapsed ket after the wartime curtailment of producsince V-J Day, the American public has gone tion. In the July issue of the BULLETIN, curinto debt more rapidly than in any other rent developments in the construction and period in our history. At the same time con- real estate markets were discussed. The sumers in general have been fully employed, present article reviews the recent changes in have received a record amount of income, short-term consumer credit and certain facand have continued to increase their excep- tors affecting the future outlook for this important sector of personal debt. tionally large holdings of liquid assets. The large volume of consumer spending from During the war there was a rapid liquicurrent incomes, rapid turnover of accumu- dation of consumer credit from a level of approximately 10 billion dollars in 1941, the lated savings, and increased borrowing, highest point ever reached up to that time, accompanied by limits on output of goods to just under 5 billion at the low point and services, have contributed to the upward reached in 1944. The absorption of current spiral of prices. income in reduction of debt and the restraint The unprecedented volume of home buyexercised in the incurring of new obligations ing during this three-year period has added contributed materially to the efforts during approximately 10 billion dollars to the outthis period to hold inflation in check. At standing mortgage debt on one- to fourfamily nonfarm homes, bringing the ag- CONSUMER CREDIT gregate of such long-term obligations to [End of month estimates. Amounts in millions of dollars] more than 32 billion. In the same period Amount Percentage out- Change from change from short-term credit extended to consumers has stand- Type of credit ing risen more than 8 billion dollars to a new June June Aug. Sept. June Aug. Sept. 1948P 1947 1945 1941 1947 1941 high of just over 14 billion at the end of June. Total consumer The movement of these two types of credit credit 14,149 2,905 8,573 4,059 154 thus far in 1948 indicates that their combined Instalment credit. . 7,192 2,259 5,229 961 266 15 Sale credit 3,399 1,363 2,693 -608 381 -15 total will have passed the 50 billion dollar Loan credit 3,793 896 2,5361,569 202 71 mark by the end of this year. Noninstalment credit 6,957 646 3,344 3,098 93 80 Charge accounts.. 3,364 4771,923 1,652 133 96 Expansion in debt may be explained Single-payment loans 2,662 1541,244 1,113 72 largely in terms of the return of housing and Service credit. . . . 931 15 177 333 23 56 major consumers' durable goods to the mar- Preliminary. AUGUST 1948 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS the same time a record volume of savings, POSTWAR DEVELOPMENTS IN CONSUMER distributed widely among American families, CREDIT was accumulated. The reduction in debt to- Wide fluctuations in the total volume of gether with the much higher level of pershort-term consumer credit over the years sonal incomes put consumers in a strong have reflected principally changes in instalfinancial position. ment credit. For special reasons growing When consumers' durable goods began to out of the war, the period since 1941 has return in quantity, demand was supported witnessed, first, a rapid decline in outstandnot only by the high level of income and ing volume from the 10 billion dollar level the large accumulations of savings of conof September 1941, and later, an even more sumers but also by their ability to obtain rapid rise to a new high of 14 billion dolcredit on the basis of their strong financial lars. As shown in the chart, consumer credit position. As the savings of some buyers was cut in half over the two years 1942 and were reduced and as terms for credit were 1943 and then nearly tripled. In the short relaxed, more recourse was made to credit, space of three years since V-J Day the aggreparticularly instalment credit, which has gate amount outstanding has increased more shown a continued expansion. than 8 billion dollars, or about 2 billion From September 1941 until last year con- more than in the eight years between the sumer instalment credit, and for a while depression low of the thirties and the preother forms of consumer credit, were subject war peak. to regulation by the Board of Governors of the Federal Reserve System under Executive COMPOSITION OF CONSUMER CREDIT OUTSTANDING Order. This regulation was terminated as B 1 I 6 LL IO | NS 1 OF D 1 O — LLAR 1 S 1 1 CU MU 1 LA T 1 IVE T 1 OT AL 1 S , E | N D O | F MO | N TH 1 FI GU 1 RE S i 1 B IL | L IONS 1 O F 1 D — OLL I A R 1 S 6 of November 1, 1947, by Congressional resolution. A bill to authorize regulation of instalment credit for a temporary period was introduced in the Senate during the special session of the Congress that met in November 1947. This measure was passed by the Senate, but it was not voted upon in the House of Representatives prior to adjournment in June of this year. In the special session convening on July 26, identical bills (S. 2910 and H. R. 7062 entitled the "Anti- Inflation Act of 1948") contained among 1930 1932 1934 1936 1938 J94O 1942 1944 1946 1948 other things substantially the same provisions Estimates. Latest figures shown are for June. as were embodied in the bill passed by the Senate. The original Senate bill, with the The importance of changes in instalment termination date changed from March 15, credit is indicated by the chart. The 1942-43 1949, to June 30,1949, was eventually adopted decline in this type of credit accounted for by both Houses and was approved by the more than 85 per cent of the decline in total President on August 16. consumer credit, while the postwar rise in FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS instalment credit accounted for 60 per cent charge-account balances dropped from 38 of the total rise. Other forms of consumer per cent of the net gain the first year followcredit fell very little in the early war period ing V-J Day, to only 16 per cent in the past and began to increase earlier than instalment 12 months. The shares of single-payment credit. Their greatest growth occurred in loans and of service credit have also declined. 1946, and in recent months a tendency to These developments point to instalment level out has appeared. Instalment credit, credit as the principal source of future inon the other hand, has continued upward. creases in total consumer credit. All major segments of consumer credit are above their prewar highs. Reflecting the COMPOSITION OF CONSUMER CREDIT INCREASES moderate decrease during the war and the [Dollar amounts in millions] earlier start of the expansion, noninstalment June 1947 June 1946 August 1945 forms show the greatest gains as compared Type of credit to to to June 1948 June 1947 June 1946 with the 1941 totals. Charge accounts have Total increase...... $2.905 $3,360 $2,308 nearly doubled; single-payment loans are up Percentage distribution of about 70 per cent; and service credit is esti- of increase: Instalment credit. 78 61 40 mated to be about 55 per cent higher. In Sale credit 47 30 14 Loan credit 31 31 26 contrast, instalment credit has increased only Noninstalment credit 22 39 60 Charge accounts 16 17 38 15 per cent over prewar levels. Single-payment loans.. . . 5 19 19 Service credit. ... 1 3 3 Total.. 100 100 100 CONSUMER CREDIT IN RECENT MONTHS In the 12 months ending June 1948, total Instalment credit. Instalment credit outconsumer credit rose 2.9 billion dollars as standing rose about 2.3 billion dollars from compared with 3.4 billion in the previous June 1947 to June 1948, about 10 per cent 12-month period. The recent increase, how- more than the 2.1 billion dollar increase of ever, has been quite different in character the previous 12 months. The rate of advance and significance from the earlier one. As appeared to be falling off in the first quarter mentioned previously, noninstalment credit of 1948, but in the second quarter there was has been leveling off while instalment credit a pick-up in activity and the net gain in outhas continued to rise. standing credit was again about 10 per cent The changing importance of the various above that of the corresponding period of types of credit is evident from the table the previous year. which shows for each type its proportionate In statistical compilations instalment credit share of the net increase in consumer credit is divided into instalment sale credit and induring various periods since the end of the stalment loan credit, primarily because of war. Instalment credit, for example, ac- the sources from which the data are obcounted for only 40 per cent of the increase tained. Instalment sale credit is originated in total credit from the end of the war to by retailers in connection with the sale of June 1946, but increased its share to 61 per goods, although much of the paper is later cent of the net gain from June 1946 to June sold to sales finance companies or banks. 1947, and further to 78 per cent in the 12 Instalment loan credit is originated by finanmonths ending June 30, 1948. By way of cial institutions through the making of direct contrast, the contribution of the increase in loans to consumers. The purposes of credit AUGUST 1948 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS of the first type are ascertainable by reason crease to more rapid output of automobiles. of the character of the transaction involved, On the other hand, it is to be noted that and a very large part of it goes for the pur- changes in methods of financing motor vechase of consumers' durable goods. The pur- hicles have taken place since before the war. poses underlying the second type of credit At the end of 1940, for example, loan credit are not so easily determined, but some of the extended by commercial banks for the purbreakdowns available permit identification chase of automobiles was only one-eighth as of a substantial portion. Directly and in- large as automobile sale credit. Today it is directly, loan credit is widely used in the about two-fifths, although at one time durpurchase of consumers' durable goods, al- ing the early postwar period it was threethough in some lesser degree than sale credit. fifths as large. As indicated by the chart, instalment sale Noninstalment credit. Noninstalment credit before the war frequently was nearly credit increased by about 650 million dollars double instalment loan credit and had a in the 12-month period ended June 1948 as somewhat wider range of fluctuation. In the contrasted with 1,300 million for the previearlier part of the war period sale credit fell ous 12 months, or 50 per cent less. The rate more rapidly, and at the beginning of 1943 of advance, which at first was very rapid it dropped below loan credit. Loan credit after the war, has been gradually declining, leveled out sooner and began to rise again and in recent months a distinct leveling off before sale credit. About the middle of 1946, of outstandings has been evident. however, the movements became parallel and To a considerable extent noninstalment more recently the spread between the two credit is convenience credit and is payable types has narrowed. in fairly short periods of from 30 to 90 days. It is divided into charge accounts, loans pay- CONSUMER INSTALMENT CREDIT OUTSTANDING able in a lump sum, and service credit. MILLIONS OF DOLLARS END OF MONTH FIGURES. NONCUMULATIVE BILLIONS OF DOLLARS 8 6 Charge-account credit is particularly subject to seasonal influences, reaching a high point at the end of each year, falling off sharply in January, and recovering somewhat in the first half of the year. This year the January decline was larger than that in 1947, and the net result for the first half of 1948 was a decline half again as large as occurred in the corresponding period a year ago. Singlepayment loans have little seasonal variation, and the total outstanding now is slightly smaller than in early 1948. Service credit 1930 1932 1934 1936 1938 1940 (942 1944 1946 1948 represents credit such as is extended to con- Estimates. Latest figures shown are for June. sumers by professional people and by utility companies for services rendered. Service Some of the delay in the upturn of sale credit is estimated to have remained nearly credit can be attributed to the slow recovery constant throughout the 12-month period. in automobile production, and the recent in- 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS CREDIT BUYING INSTALMENT BUYING TERMS Notwithstanding the rapid expansion dur- Reports on instalment buying terms ing the past two years in both instalment and throughout the country indicate that when charge-account transactions, neither has re- Regulation W was terminated many credit gained the relative position it held in con- grantors adopted credit policies that were sumer purchasing before the war. Instal- considerably less restrictive than those rement transactions, which totaled 8.5 billion quired by the regulation but somewhat more dollars in 1947, were larger than in any previ- restrictive than those prevailing before the ous period, but they accounted for only 7 war. In recent months there has been a further relaxation in the down payment per cent of all retail sales as compared with and maturity requirements in instalment 13 per cent in 1940 and 1941. credits for practically all categories of dur- Charge-account sales have increased less able goods. Competition has been the prirapidly than those made on an instalment mary factor influencing the granting of more basis, but amounted to 19 per cent of the liberal contracts; when one important retail record volume of retail sales in 1947 as comoutlet in a community relaxed terms, other pared with 23 per cent of the retail volume stores soon felt that it was necessary to folin 1941. The course of retail trade in the low. first half of 1948 points to a further gain in An important element in limiting the rethe proportion of instalment sales this year laxation of terms has been the policy of and also to a moderate increase in chargemany financial institutions to set terms less account business. liberal than those prevailing elsewhere. An indication of the increasing frequency Terms offered by certain groups of credit of the use of instalment credit is given in grantors, principally the smaller furniture the Consumer Finances Survey made for the and household appliance firms as well as Board of Governors. Data from the survey automobile dealers, have not varied mateshow that one out of every four spending rially from the requirements of these finanunits, or approximately 12 million spending cial institutions. Such stores are largely deunits, bought on the instalment plan (instal- pendent on the discounting of instalment ment sale credit) in 1947 as compared with obligations for the financing of additional a ratio of one out of every seven or eight business, since only a limited proportion of spending units in 1946. Instalment loans at capital can be tied up in instalment credit. banks, loan companies, credit unions, and More liberal contracts are frequently offered other such agencies were obtained by 15 per by those outlets that are able to retain the cent of all spending units in 1947 (7 million bulk of their own receivables. Stores that spending units) as compared with 13 per have been forced to ease terms in order to cent in the preceding year. There was some meet this latter competition have accordevidence to indicate that the new users of ingly been exerting pressure on financial insuch credit were concentrated in the middle stitutions to grant more lenient terms. and upper income classes, principally those It is difficult to generalize about current with incomes of above $3,000 a year. instalment terms, first, because there is a AUGUST 1948 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS wide range of terms available for each com- on the more expensive items, 24 to 36 months modity and, second, because there are no to pay. tabulations of actual sales contracts available Radios, radio-phonographs, and television that would lend themselves to statistical sets. In general the instalment contracts bemeasurement. Reports received recently, ing written for these products recognize the however, give some indication of the terms elements of rapid depreciation and obsolesnow available to prospective purchasers of cence, and therefore somewhat larger down consumers' durable goods and provide a payments and shorter maturities are required rough basis for estimating the extent to which than for household appliances. While many terms offered have shifted since the termina- stores are holding to down payment requiretion of Regulation W. ments of 25 per cent and a one-year term, For purposes of comparison it should be another substantial group is offering terms noted that the minimum down payment re- of 10 per cent down and 18 months to pay. quired on the major consumers' durable There is also a fringe of exceptions—stores goods at the time the regulation was termi- that will make the sale without any down nated was one-third (furniture, 20 per cent) ; payment and allow 24 to 36 months to pay and the maximum length of contract per- out the contract. mitted was 15 months. Furniture. Current down payment re- Automobiles. Instalment contracts for quirements on furniture appear to cluster automobiles appear to show more uniformity around either 10 or 20 per cent. Some outthan those for any other type of durable lets offering 10 per cent down allow the congoods. Initial cash payments of one-third tract to extend for a period of 24 months, are generally required, although a higher while those requiring larger down payments proportion may be necessary in the case of tend to restrict the repayment period to 12 older-model, used cars. A softening of down to 18 months. payment requirements is apparent in the fact that payments of one-fourth or less in SIGNIFICANCE OF PRESENT TRENDS cash are occasionally allowed. The length The prospect without regulation would be of automobile contracts is closely related to increased use of consumer instalment credit the age of the car, with the longest periods in buying, some further reduction in down (usually up to two years) being available payments, and some lengthening of maturifor new and "new used" cars. On prewar model cars the period is ordinarily held to ties. Together with the seasonal rise in the one year. use of instalment credit during the late Major household appliances. Credit terms months of the year, these factors would result available for the purchase of refrigerators, in a growth exceeding that which occurred washing machines, stoves, and other major in the first six months. household appliances fall into two almost The increase in instalment credit this year distinct classifications: 10 per cent down and is of special significance because it is taking 18 months to pay; and 20 per cent down and place notwithstanding the fact that the out- 12 to 18 months to pay. The exceptions to put of consumers' durable goods is no longer these patterns are in the direction of no growing. With a rise of 85 per cent in durdown payment requirement and, especially able goods production in 1946, there was an 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT TRENDS increase of 65 per cent in instalment credit. centage was at its peak, average unemploy- In 1947 the percentage increase in credit of ment was 14.5 per cent of the total labor 55 per cent accompanied a growth of only force, according to the Bureau of Census estione-third in durable goods. Gradually the mates, as compared with 3.5 per cent in 1947. increases in credit have outstripped the ex- Furthermore, the financial position of conpansions in output of goods. By the middle sumers was much less strong in 1940 than of 1947, durable goods production had stabil- at the present time. At the beginning of ized at a level that has been maintained up 1948, spending units with incomes of $5,000 to the present time. Yet instalment credit and less held about 65 billion dollars of continued to rise—one billion dollars for the liquid assets widely distributed. first six months of 1948 and more in prospect. On the basis of the current financial posi- In view of the current tight situation in tion and incomes of consumers, many credit supplies of labor and materials, further ex- grantors no doubt feel safe in permitting pansion of instalment credit can neither in- debt to grow to much larger totals. There crease output nor put more people to work. is a natural tendency, also, on the part of It can only add more purchasing power to consumers to go into debt most heavily at the already swollen spending stream and re- times of high employment, large incomes, inforce inflationary pressures. International and substantial accumulated savings. These developments, moreover, inevitably cause are just the factors, however, that create the added pressures in the markets for consum- danger of the present situation. They provide ers' durable goods. At the same time that a stimulus to further expansion of credit men are withdrawn from civilian production which at this time can only add further by the draft and that such materials as steel impetus to the rise in prices. are made more scarce by the armament pro- Since the end of Regulation W a number gram, domestic demand for durable goods, of trade associations of credit grantors have already strong, is augmented by the desire of urged their members to exercise caution in consumers to anticipate more acute shortages. liberalizing terms and expanding portfolios. Because more purchasing power is being Such efforts have undoubtedly had some added to a supply of funds already excessive effect in moderating the increase in instalin relation to available goods, expansion of ment debt. These voluntary efforts, howinstalment credit under present conditions ever, have not prevented a gradual reduction is of an inflationary character irrespective of in the down payments and lengthening of its relative level as compared, for example, the maturities advertised by credit grantors with national income. While credit out- until they are now rapidly approaching standing now amounts to no more than 3.9 those which were being offered before the per cent of annual disposable income in the war. Regulation of instalment credit, which United States, as compared with a range of the Board has recommended on a number of 5.5 per cent to 7.1 per cent in the years just occasions and which the President requested preceding the war—the highest levels on in his recent message to Congress, can make record—conditions today are much different. a worthwhile contribution to economic sta- In the year 1940, for example, when the per- bility at maximum employment. AUGUST 1948 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE AUGUST 2, 1948 * Chairman Wolcott and Members of the Committee: serves that may be necessary to combat this inflationary situation. As an emergency measure, I deeply appreciate the consideration your Chairhowever, the bill would be adequate to meet the man has extended to me in making the time of my immediate need for additional authority to deal appearance here as convenient as possible. Although with reserves. Congressman Wolcott had asked me to come be- In thus stating the views of the Board on these fore you earlier, he kindly consented in deference to two titles of direct concern to the System, I do my request to wait until this morning. I therefore not want to create the impression that action acceded to the urgent request of Senator Tobey to in the credit field alone will solve our inflationary appear before the Senate Banking and Currency problems. Other areas, particularly a budgetary surplus, are more important. Committee last Thursday morning. Since your Committee has been fully occupied with the testi- Since I presented that statement to the Senate mony of Mr. Porter, I trust that the postponement Committee, the Board has this morning had an until this morning has not caused you inconopportunity to meet and to discuss the proposed venience. legislation at length. The Board is agreed that On the evening before going to the Senate Comthe inclusion of the nonmember banks is essential mittee, I canvassed the members of the Board by to make the proposed legislation fully effective. I telephone to ascertain their views on the two titles have also been in touch with several of the Presiof the proposed anti-inflation bill which relate to dents of the Federal Reserve Banks, and others. consumer credit and bank reserves. The members There is strong concurrence with the statement that of the Board agreed unanimously to the following it would be very unfair to single out member banks statement: to carry the additional reserves to combat this ANTI-INFLATION ACT OF 1948 inflationary situation. This is particularly true of the Presidents from those districts where there are The proposed "Anti-Inflation Act of 1948" inlarge numbers of nonmember banks, which would cludes two titles relating to credit controls. Both be given a competitive advantage as against memare, in substance, part of the comprehensive antiinflationary program which the Board of Gov- ber banks. It might result in a serious loss of ernors has previously recommended to Congress. membership in the System and weaken the effective- Title One relates to regulation of consumer credit ness of its policies. As you know, the effective and Title Two relates to bank reserves. As you reserve requirements in most states are substangentlemen know, the proposed regulation of con- tially below those carried by member banks, and sumer credit is identical, except for the date, with thus nonmember banks have greater latitude and the bill passed by the Senate, and acceptable to earning power. the Board of Governors as one part of an overall The question of the inclusion of nonmember program. The proposal with respect to bank reserves is banks is very important and we would appreciate similar to that advanced by the Board in April, it greatly if the Committee would give this probexcept that the increased requirements would be lem serious consideration. Unquestionably from applicable only to member banks, whereas the the point of view of effectiveness as well as equity Board had recommended that they be made the proposed legislation should apply to all comapplicable to all commercial banks. This is a mercial banks. significant difference. We feel deeply that it Now, I would like to give you some of my peris not fair to member banks in their competitive sonal observations concerning the impact of the relations to nonmember banks to require that they be singled out to carry the additional re- inflationary forces on our credit control mechanism. These remarks are substantially the same as those * Presented by Thomas B. McCabe, Chairman, Board of I made last week before the Senate Banking and Governors of the Federal Reserve System. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE Currency Committee, except for elaborations on a these forms of money and potential money is now few points on which questions were asked by the more than three times the prewar total. Senators. The productive capacity of the nation was largely Consideration of the pressures now at work in devoted to war purposes for almost five years. At our economy must be based on an understanding of the peak more than 50 per cent of our record prothe fact that the financial forces generated in a duction was for war use. While millions of people great war are among the most disrupting factors were coming into possession of more money than that can afTect the economic system. We are now any people had ever had to spend and save, there dealing, and for years shall be forced to deal, with was a scarcity of things to spend it for. Consethe monetary backwash of the greatest and most quently two great backlogs rapidly accumulated—a costly war of all time. We are faced with the backlog of unfilled wants and a backlog of money problems of liquidating the effects of that war upon savings. With removal of controls this pent-up our own economy, and indeed upon the economy spending power, plus an unprecedented volume of of the world. If history is a guide, we must realize current income were turned loose in a market that these problems will not be solved in a day. characterized by scarcities and shortages. Prices, They will extend over a number of years—how wages, and profits rose rapidly, and the spiral of many depends upon how wisely and how coura- inflation was on its way. geously we devote ourselves to the task. At present, with a supply of money or potential The financial cost of the last war, if all con- money readily available to buy the current output ceivable items of cost were included, perhaps of goods and services about three times the prewar could never be accurately summed up. Suffice it to level, the overall physical volume of production say that our national debt rose to approximately of goods and services, so far as it can be measured, 280 billion dollars and is still above 250 billion. is probably little over a half larger than the prewar The solution of our present problems does not maximum. Production, it is important to empharequire us to determine whether the debt should size, is practically at capacity; there has been little have risen so high, whether we should have spent increase in its physical volume during the past so much, whether we should have taxed ourselves year and a half, notwithstanding the great pressure more and borrowed less, or whether the pattern of of unsatisfied demands, expanding credit, and our borrowing was well conceived. What has been rising prices. done is in the realm of fact and the consequences Prices on the average have risen by nearly threemust be dealt with accordingly. One of the im- fourths since before the war and two-thirds of this portant facts is that the creation of our national increase has occurred in the past two years. The debt resulted in a tremendous expansion of the dollar value of the total national product, at nearly money supply. While the Government borrowed 250 billion dollars a year, is over two and half vast sums from nonbank lenders, other vast sums times the prewar maximum. On the basis of the were supplied by the commercial banking system. present volume of money, the turnover of which is And let me say right here that this nation owes low relative to past periods of high activity and a debt of gratitude to commercial bankers generally could be greatly increased, prices could rise even for their service in the task of financing the war. further. Further expansion of bank credit, the The rapid expansion of the money supply which capacity for which is tremendous, would add to the resulted from their contributions must not be per- already excessive money supply and could do little mitted to rise and plague them as if they had to increase output. cunningly contrived it for their own selfish ends. Nevertheless, as a net result of war financing, PUBLIC DEBT HOLDINGS PROVIDE BASIS FOR there were increases in the public's holdings of POSTWAR CREDIT EXPANSION demand deposits and currency from less than 40 Capacity for still further credit expansion also billion in 1940 to 110 billion at present; of time grew out of war finance. In helping to finance the deposits from less than 30 billion to nearly 60 Government's large war expenditures and to probillion; of United States Government securities, vide the money supply demanded by the expanding which are readily convertible into money, from a and abnormal war economy, the commercial banks few billion to over 90 billion. The total supply of of the country and also the Federal Reserve Banks AUGUST 1948 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE greatly expanded their holdings of Government regulate the supply of money and credit to the securities. Commercial bank holdings of Govern- justifiable needs of a stable, full-employment ment securities of all types increased from about 16 economy. As long as various holders of Governbillion in 1940 to a peak of 90 billion at the end of ment securities endeavor to sell more of their hold- 1945 and then were reduced during 1946 to 70 ings than other investors are willing to buy, the billion, largely by Treasury use of its excess bank Federal Reserve Banks must purchase the balance deposits to retire debt". Subsequently, to meet the and these purchases create bank reserves. demands of rapidly expanding private economy in It is my view that the System is obligated to the postwar period, banks have further reduced maintain a market for Government securities and their holdings of Government securities, but they to assure orderly conditions in that market, not still hold 65 billion dollars of them. Other in- primarily because of an implied commitment to vestors have also sold or redeemed some of the wartime investors that their savings would be holdings of Government securities in order to obtain protected, nor to aid the Treasury in refunding funds for other uses. maturing debt, but because of the widespread Sales of U. S. Government securities in the mar- repercussions that would ensue throughout the ket by banks and others have not been absorbed by economy if the vast holdings of the public debt purchases on the part of other investors. In order were felt to be of unstable value. to keep the prices of Government securities from declining, the Federal Reserve System has con- POLICIES ADOPTED TO RESTRAIN INFLATIONARY tinued to carry out its wartime responsibility of sup- CREDIT EXPANSION porting the market by buying at relatively stable The Federal Reserve System and the Treasury prices securities offered for sale and not purchased have, nevertheless, been able to adopt some policies by others. The result of these purchases by the designed to offset the expansive effect on bank Federal Reserve Banks is to supply additional re- reserves of market purchases of Government seserve funds to banks. Because of the fractional curities by the Federal Reserve System. The first system of reserve requirements, these new reserves and quantitatively more effective of these measures in turn provide the basis for an increase in bank has been the use of the Treasury surplus to retire credit that may be many times the amount of new maturing securities, particularly triose held by the reserves obtained. Federal Reserve Banks. The debt retirement pro- In the postwar period these reserves supplied the gram was made possible first by a large cash balbasis for an increase in bank credit in response to ance built up by the Treasury in the Victory Loan an active demand for loans to finance the operations drive in 1945 and later by a substantial surplus of and expansion of the business system in an era of cash receipts over expenditures. In paying out a high demand, accelerated activity, rising costs, and large part of the excess cash collected from the pubrising prices. There is ample evidence that bank lic to the Federal Reserve for retirement of debt, credit is also being used for purposes ordinarily that amount of money was eliminated from the served by the capital market. As a result, despite a money supply and also from bank reserves. reduction of 25 billion dollars in the volume of Gov- As a second measure of restraint, about a year ernment securities held by commercial banks, de- ago the Federal Reserve and the Treasury emposits and currency held by the public have in- barked upon a program of permitting yield rates creased by an additional 15 billion since the end of on short-term Government securities to rise from 1945. This has been largely the result of an in- the very low levels at which they had been pegged crease of 15 billion in bank loans. during the war. The purpose of this action was to The Board of Governors has kept the Congress encourage banks and others to invest available funds and the public informed concerning these results in short-term securities. This enabled the Federal of supporting the market for Government securities. Reserve to reduce its holdings of short-term secu- It has repeatedly pointed out that the effect has been rities and thus offset the effect on reserves of its to increase significantly, and it may be dangerously, purchases of longer term bonds. The rate on 90the money supply. The need for market support day Treasury bills rose from % of one per cent to of Government securities has greatly increased the about 1 per cent, and that on one-year Treasury problem faced by the System in adopting policies to certificates from % to V/s per cent. The Federal 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE Reserve Banks early in 1948 raised their discount mortgages and investments other than U. S. Govrates from 1 per cent to 1 lA per cent. ernment securities during the past year. In the Late in 1947, market yields on Government bonds aggregate, these assets of selected groups of financial also rose, that is, prices of bonds, which had been institutions increased by 8.6 billion dollars in the selling at large premiums, declined in the market. period, of which 6.4 billion was met by receipts of This adjustment was in large part inaugurated by new savings from the public and 2.2 billion by a sales by financial institutions to obtain funds to reduction in their holdings of Government secuinvest in corporate securities and mortgages, but it rities. Nonbank investors, as a group, sold and rewas accelerated by sales made in fear of further de- deemed bonds, but purchased certificates and bills, clines in prices of bonds from their high levels. In reflecting increased popularity of these issues with order to check this decline, the Federal Reserve the rise in rates. Life insurance companies sub- System adopted a policy of freely purchasing bonds stantially increased their holdings of Government at an established series of prices, which maintained securities during the war and then in the postwar yields in accordance with a pattern ranging from period reduced these holdings while increasing 1/4 per cent for one-year issues to 2^ per cent for their mortgages and other investments. the longest-term bonds. This pattern kept the Sales of Treasury bonds by nonbank investors prices of all except a few very short issues of secu- and by banks in the past year have been largely rities at par or higher. purchased by the Federal Reserve System. The It may be of interest to review credit develop- System purchased 5.7 billion dollars of Treasury ments and the effects of these policies during the bonds in the market and also purchased in the marpast twelve months. In the year ending June 30, ket a net amount of about 2.6 billion dollars of notes 1948, commercial banks showed a small increase and certificates, but sold on balance nearly 4 billion in their deposits and their total loans and invest- dollars of bills to banks and other investors. In the ments, although there were some wide fluctuations same period the Treasury redeemed for cash about during the period. In the twelve months, com- 5 billion dollars of maturing issues of various kinds mercial banks increased their total loans and their held by the Federal Reserve Banks. With all of holdings of corporate and State and local Govern- these wide shifts in holdings of different types of ment securities by a total of 7 billion dollars. Most securities, there was only a small net decline in the of this growth occurred in the latter half of 1947 System's aggregate holdings of Government secuand was accompanied by an expansion in bank de- rities, although the total fluctuated considerably posits and reserves. In the early months of 1948, from time to time. however, deposits were withdrawn to make seasonal The purpose of this detailed survey of figures is heavy tax payments, which were not offset by Treas- to illustrate how shifts in holdings of the public ury expenditures. Banks met these needs largely by debt are being used to finance inflationary spendreducing their holdings of Treasury bonds. Some ing, and how Federal Reserve and Treasury policies maturing bonds were exchanged for certificates and endeavor to offset these tendencies. Treasury use of a part of these issues were sold. At the same time surplus funds to retire securities held by the Fedbanks in general purchased added amounts of eral Reserve drains reserves from banks and makes Treasury bills, an indication of the effect of the it necessary for them to sell securities if they wish higher short-term rates in attracting available funds. to maintain their loans, and even more so if they Banks also continued to increase their loans in the want to expand credit. The higher rate on Treasfirst half of 1948 by about 1.7 billion dollars—a ury bills encourages banks and other holders of somewhat slower rate of growth than in 1947. liquid funds to buy bills rather than invest in other Most of the dollar increase in bank loans during assets. Since most of the bills have been held by 1947, particularly in the last half, was in commercial the Federal Reserve, a reduction in System holdings and industrial loans, but the increases in consumer is made possible and bank reserves are thereby loans and real estate loans showed larger percentage absorbed. Nevertheless, sales of bonds to the Fedincreases in 1947 and have continued to expand in eral Reserve, primarily by nonbank investors, have 1948. been so large that the restrictive effect of the other Savings institutions, particularly insurance com- policies has been fully offset. panies, also considerably expanded their holdings of A third method of restraint used by the Federal 907 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE Reserve authorities during the past year was to in- by flotation of new securities. Overall demands crease reserve requirements at central reserve city for funds may continue in excess of the current banks in New York and Chicago by 2 per cent of volume of savings readily available for lending for demand deposits in February and again in June. such purposes. To help meet the demands for This added about a billion dollars to member bank credit and capital, corporations, individuals, and required reserves and immobilized that amount of financial institutions will sell some of their holdings bank assets. The effects of these changes, however, of Government securities and also increase their were concentrated on New York City and Chicago borrowings from banks. banks, where loan expansion has been less than If these tendencies continue, sales of Government at other banks. Under existing law there is no securities by nonbank investors may exceed 1.5 bilfurther power to increase requirements except in lion in the last half of 1948 and perhaps be much central reserve cities. greater early in 1949. These sales will keep the It should be mentioned that bank reserves have Government bond market under pressure and rebeen supplied in the past year by an inflow of gold quire support purchases by the Federal Reserve, if amounting to 2.2 billion dollars and also by a de- the policy of maintaining the 2l/ per cent yield 2 cline of about half a billion in currency in circu- level on long-term Treasury bonds is continued. lation. A temporary increase of 1.3 billion in Treas- Thus additional reserve funds would be made availury deposits at the Federal Reserve offset in part able to banks which, unless otherwise offset, could these factors. The total growth in reserves was 1.4 sustain a further very large inflationary expansion billion, sufficient to cover the increases in reserve of bank credit. Additional reserves supplied requirements at central reserve city banks and through the gold inflow may be approximately offalso increased requirements resulting from deposit set by the drain resulting from seasonal currency growth. The Federal Reserve System was not able demands. through its policies to prevent some continued ex- To avoid an abundance of reserves, an easy shortpansion of bank credit. term money market, and continued inflationary credit expansion, positive measures to absorb re- PROSPECTIVE DEMANDS FOR CREDIT serves will be needed. In view of the pressure of Economic prospects indicate a continuation of current demands, the continued shortages of many strong inflationary pressures during the next sev- goods, the limited capacity for increased output, and eral months and perhaps for a much longer period. the available accumulations of liquid assets, further Individual incomes have continued at a high level, credit expansion will add to the pressure for rising with a tendency to increase as prices and wages prices. Continued credit expansion will store up have risen and employment has grown with the trouble for the future and make the inevitable adlabor force. Consumer spending, based on current justment more dangerous for the stability of the incomes, the use of past savings, and borrowing, economy. also has continued to expand. Construction vol- This course of economic and monetary developumes seem likely to remain for a while at capacity ments has been the source of increasing concern to levels, with possible further rises in prices. Business th Federal Reserve authorities. We are convinced expenditures are also expected to continue in large that, so long as the present situation lasts, it is imvolume. Government expenditures are increasing, portant to restrict further credit expansion and to while the recent income tax reduction will lower promote a psychology of restraint on the part of receipts, thereby sharply reducing the Treasury both borrowers and lenders. To keep the reserve surplus. position of banks under pressure and discourage Continuation of these tendencies will call forth further inflationary credit expansion will require further credit expansion. Borrowing by consumers carefully coordinated operating measures on the and home-owners will no doubt continue to expand part of both the Treasury and the Federal Reserve and thereby add to consumer spending and to de- System. mands for housing, which are already excessive. Of the three sets of measures used to restrain the Prospective large outlays by business for expansion growth of bank reserves during the past year— of inventories and plants will probably exceed in- namely (1) use of the Treasury cash surplus to reternal funds available and also amounts obtained tire Federal Reserve-held securities, (2) reduction 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE in Federal Reserve holdings of Treasury bills may merely enable the borrower to secure parts that through a rise in short-term rates, and (3) increases otherwise would have been bought by another firm. in reserve requirements at central reserve city banks From the point of view of the economy as a whole, —the first and most important has been greatly the loan has increased the demand for goods but it reduced in its potency and the third has been almost may not have increased total supply at all, with a wholly exhausted. bidding up of prices as the only result. Basically, Whereas the Treasury showed an excess of cash that is why I believe that self restraint, though imincome over cash outgo of 9 billion dollars in the portant, is inadequate to check a strong inflationary fiscal year 1947-48, the prospects for the current development. year, on the basis of very tentative and unofficial Another reason is the force of competition not estimates, are for a cash surplus of only about 3 only among banks but among all lenders. We have billion, most of which will be concentrated in the in the United States 14,000 commercial banks and first quarter of 1949. This difference in the sur- many thousands of other lending agencies. If, beplus reduces considerably the most important anti- cause of concern for the general interest, a bank inflationary influence in the situation during the should refuse to lend even to a good customer, this past year. The Treasury cash surplus was a par- does not mean that the customer will not secure the ticularly effective device because it exercised a drain funds. It may merely result in a permanent loss of on bank reserves. As a result the banks losing the customer to some other lender. And unfortureserves had to sell securities in order to maintain nately the new lender may secure the funds from their reserve positions. While under these pres- sale of Government securities, with the result that sures they are less likely to be seeking new loans the loan may be just as inflationary as if the bank and in some cases less willing to meet loan appli- had made it in the first instance. cations. I want to emphasize that I support strongly the POSSIBLE MEASURES OF RESTRAINT self-restraint program developed by the American This brings us to the various ways in which re- Bankers Association and would like to see it straint may be exercised over credit expansion. pursued aggressively, not only by banks but by all The first means is voluntary self restraint on the lenders. It is an important step in the right direcpart of borrowers and lenders. I am convinced that tion. Primarily for the reasons I have mentioned, the voluntary program originated and actively de-. however, I do not think it can do the job alone. veloped by the American Bankers Association has Another approach to the problem is through conhad a significant effect in developing a more trol over member bank reserves. Bank credit cancautious and critical attitude on the part of bankers not expand unless banks acquire or have reserves toward so-called unproductive or speculative loans. on which to expand. One way in which the System If inflationary pressures were mild, voluntary re- has supplied reserves has been through purchases straint might be adequate to hold them in check. of long-term Government securities. A means of Continued and intensified voluntary restraint will restraint would be for the System to limit its purmake our joint task easier. chases of such securities either by refusal to buy or There are a number of reasons, however, why by reducing its prices sufficiently to attract other voluntary restraint cannot be relied upon to do the purchasers. As you know, the System has made a whole job alone when inflationary pressures are as public commitment to support the 21/ per cent yield 2 strong as they are at the present time. Perhaps the level on long-term Government bonds for the foremost important reason is that a loan which may ap- seeable future. I gave my reasons for subscribing to pear productive when viewed by itself may not add that commitment when my confirmation was under to the total output of the economy as a whole. For consideration by the Senate Committee on Banking example, a customer may increase his production by and Currency. Although that commitment subborrowing funds to purchase needed parts that are stantially limits our freedom of action, I believe in short supply. Such a loan would appear to be there is a better way to operate against credit exproductive from the individual point of view of pansion than now to abandon that commitment. both the borrower and the lender. But will the Our basic problem is to absorb reserves. Inloan increase the supply of the parts or total output ? creases in reserves may be anticipated from three If all resources are being used to capacity, the loan principal sources: (1) imports of gold, (2) return AUGUST 1948 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE of currency from circulation, and (3) purchases of that had been withdrawn through the disposal by Government bonds by the Federal Reserve Banks the Reserve System of short-term Governments. to support the long-term yield level. The principal An increase in the discount rate has great psyproblem before the System is to absorb or offset chological effect. Each increase repeats the warnreserves arising from these sources. The only way ing that credit is in need of continued restraint. it could do this effectively under present authority is Changes in the Federal 'Reserve discount rate and to liquidate part of its holdings of Government secu- open market operations supplement each other as rities. It would be necessary, of course, to sell them necessary parts of an overall credit policy. at prices the market would pay. These two related instruments influence the total The System has a large portfolio of bills, cer- volume of reserves of member banks. The third tificates, and other short maturities that it could general instrument—reserve requirements—is deuse. If the inflationary demand for bank credit is signed to influence the amount of bank credit that strong, sale of these holdings to absorb reserves can be based on a given volume of reserves. An inwould result in a further stiffening of short-term crease in requirements immobilizes reserves and interest rates. The Open Market Committee of the makes them unavailable for further lending and Federal Reserve System feel that a policy of en- investing. As you know, the Board of Governors deavoring to sell short-term securities in order to has on previous occasions presented various ways absorb any additions to reserves is a necessary and of dealing with the problem of reserves or immodesirable step. If an increase in the short rate bilizing certain bank assets. should result, it would tend to attract funds from The method proposed in the bill before you is other uses to investment in short-term Government simple and direct, and involves no departures from securities. As I have pointed out, the policy of existing principles. The bill would authorize the allowing short-term rates to rise was begun about Board of Governors to increase by 10 and 4 pera year ago and has had some success. centage points the reserves that member banks may At this point the necessity for teamwork between be required to maintain against their demand and the Treasury and the Federal Reserve becomes ap- time deposits, respectively. The authorization parent. I am keenly sensitive to the necessities of would be granted for a period of two years. As I the Treasury in its task of managing the public have already explained, we feel deeply that it is debt. I thoroughly understand the Treasury's re- not fair to member banks in their competitive responsibility to keep the interest cost of the debt as lations with nonmember banks to require that they low as possible consistent with all relevant factors. be singled out to carry the additional reserves that I know that the Treasury Department is equally may be necessary to combat this inflationary situsensitive to the responsibilities of the Federal Re- ation. I earnestly hope that Congress will, during serve in the field of monetary and credit policy. this interval, reconsider the whole structure of The problems of mutual concern to the Treasury reserve requirements, possibly along the lines deand the Reserve System in their respective fields are veloped recently before the Joint Committee on the being approached in a continued spirit of coop- Economic Report. eration. I should like to indicate briefly what can and The rediscount rate is another instrument of cannot be accomplished through increases in reserve policy in the short-term market. It should not be requirements. Changes in requirements cannot, of written off. Although its effectiveness is dimin- course, be considered in isolation. They must be ished in times like these when the volume of mem- related to other instruments of policy. In practice ber bank borrowings is small, and when banks can they are closely related to open market operations. readily obtain needed funds by selling some of their One method that banks use to adjust their positions, large holdings of Governmnt securities, higher dis- to the pressure exerted by an increase in requirecount rates would have some restrictive effect. If, ments is to sell Government securities. To the exfor example, the yield on short-term Government tent that these are purchased by the Federal Reserve,, rises, it would become appropriate under these cir- new reserves are created which meet the higher recumstances to increase the discount rate. This quirements. This is not the whole story, nor does action would discourage the market from re- it happen invariably, but it does illustrate the comacquiring through the discount window any funds plexity of our problem. An increase in require- 910 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE merits immobilizes a larger portion of the assets of of restraint over credit expansion. The proper member banks and makes them unavailable for sale handling of this problem requires the most careful in order to obtain funds to increase loans. It, there- management. It can be facilitated by the extension fore, reduces the liquidity of banks and lowers the of the System's powers, as proposed in the bill beratio of multiple credit expansion that can occur fore you, which extension is thoroughly consistent on the basis of any increase in available reserves. with existing powers and traditional methods. The purpose of increasing authority over reserve As I have pointed out, there are possibilities and requirements is not to obviate the possible need for prospects for a continuation of inflationary presopen market operations and a rise in short-term sures which will call forth additional demands for rates. That problem would still be with us. credit. I feel confident that the Federal Reserve authorities will use their existing powers to the CONCLUSION fullest extent possible to restrain these tendencies In conclusion, I should like to state emphatically without depriving the economy of the credit needed the Board's view that the use of its powers over the to maintain production and employment at the supply of reserves under present conditions should highest sustainable levels. We would endeavor to be directed toward restraining further credit exuse the additional powers proposed in the same way.. pansion and not toward forcing liquidation of the Finally, it should be emphasized as strongly as outstanding volume of credit. The Federal Reserve possible that action in the monetary field alone System was established to provide for flexibility in cannot readjust the unbalanced relationships within our monetary system. It was not designed to make available any amount of money that borrowers the economic structure which have already been might demand without regard to the productive created by inflationary forces, and cannot check, capacity of the economy and the speculative nature further inflationary pressures arising from nonof the commitments. The System would be derelict monetary causes. in its duty if it did not exercise a proper measure The additional powers sought would enable the of restraint. Reserve System to exert a very necessary degree of Expansion of the public debt because of war and restraint upon the now unrestrained expansion of the necessity of maintaining a degree of stability in credit. For that reason they are urgently needed,, the value of the vast holdings of that debt by finan- even though they are not and should not be recial institutions and individuals has confronted the garded by the Congress or by the public generally System with formidable difficulties in the exercise as a cure-all. AUGUST 1948 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT* The Board of Governors of the Federal Reserve provided in legislation dealing with similar matters. System on several occasions in the past has recom- The case for this legislation seems to the Board to mended to the Congress legislation which would be particularly strong in the light of the general authorize the regulation of consumer instalment conditions which now exist. During the three credit. This is the sector of consumer credit which years that have elapsed since V-J Day, the Amerihas been subject to wide fluctuations in the past, can public has gone into debt more rapidly than in thereby contributing to instability and unemploy- any other period in our history. At the same time ment. The Board believes that measures permitting consumers in general have been fully employed, the moderation of these fluctuations, which are tend- have received a record amount of income, and have ing to increase in size and influence, are an essential continued to increase their exceptionally large holdpart of a program to achieve stable production and ings of liquid assets. The large volume of conemployment at maximum levels, a declared national sumer spending from current incomes, rapid turngoal of this country. over of accumulated savings, and increased borrow- The Congress has before it at this time a reso- ing, accompanied by limits on output of goods and lution which would restore, in so far as instalment services, have contributed to the upward spiral of credit is concerned, the authority that was exercised prices. from 1941 to 1947 through Regulation W. This Consumer credit consists of both instalment credit would be a temporary measure designed to help and single-payment credit. Wide fluctuations in the meet the special inflationary pressures which exist total volume of consumer credit over the years have today. The Board's opinion is that, while perma- reflected principally changes in instalment credit. nent legislation would be preferable, conditions are The 1942-43 decline in this type of credit accounted such as most urgently to require action and a tem- for more than 85 per cent of the decline in total conporary measure is better than none. To have any sumer credit, while the postwar rise in instalment real usefulness, however, the authority should be credit accounted for 60 per cent of the total rise. provided for a sufficiently long period so that per- Other forms of consumer credit fell very little in the sons subject to regulation will realize their responsi- early war period and began to increase earlier than bility and adhere to its provisions. For this reason, instalment credit. Their greatest growth occurred we believe that any legislation on this subject should in 1946, and in recent months a tendency to level extend at least until June 30, 1950. During this out has appeared. Instalment credit, on the other period, of course, the Board would be able to hand, has continued upward. modify the regulation to meet changing conditions. Instalment credit outstanding rose 2.3 billion dol- Regulation under the proposed legislation would lars from June 1947 to June 1948, about 15 per cent be in much the same form as it was under the more than the 2 billion increase of the previous 12 Board's Regulation W when that was last in force. months. The rate of advance appeared to be falling It would cover instalment credit, not only instal- off in the first quarter of 1948, but in the second ment credit for financing the purchase of con- quarter there was a pick-up in activity and the net sumers' durable goods but also instalment credit gain in outstanding credit was again 15 per cent for other consumer purposes, both of which are in- above that of the corresponding period of the preflationary under present conditions. It would pre- vious year. scribe maximum maturities and minimum down An indication of the increasing frequency of the payments as did Regulation W, but not necessarily use of instalment credit is given in the Consumer at the same levels. The proposed legislation in- Finances Survey made for the Board of Governors. cludes provision for more appropriate enforce- The information was obtained by interview of a ment machinery than was available under Ex- selected sample of consumer spending units in the ecutive Order No. 8843 which authorized Regu- country, each unit being a group of persons in the lation W. Courts of equity would be empowered same family and dwelling who pool incomes to to aid enforcement by enjoining violations, as meet major expenses. Data from the survey show * Statement by R. M. Evans, member of the Board of Gov- that one out of every four consumer spending units, ernors of the Federal Reserve System, before the House Banking or approximately 12 million spending units, bought and Currency Committee, Aug. 2, 1948. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT on the instalment plan (instalment sale credit) in pressures in the markets for consumers' durable 1947 as compared with a ratio of one out of every goods. seven or eight in 1946. Instalment loans at banks, Because more purchasing power is being added loan companies, credit unions, and other such agen- to a supply of funds already excessive in relation cies were obtained by 15 per cent of all consumer to available goods, expansion of instalment credit spending units in 1947 (7 million spending units) under present conditions is of an inflationary charas compared with 13 per cent in the preceding year. acter irrespective of its relative level as compared, There was some evidence to indicate that the new for example, with national income. While credit users of such credit were concentrated in the middle outstanding now amounts to no more than 3.9 per and upper income classes, principally those with cent of annual disposable income in the United incomes of above $3,000 a year. States, as compared with a range of 5.5 per cent Reports on instalment buying terms throughout to 7.1 per cent in the years just preceding the war— the country indicate that when Regulation W was the highest levels on record—conditions today are much different. In the year 1940, for example, terminated many credit grantors adopted credit when the percentage was at its peak, average unempolicies that were considerably less restrictive than ployment was 14.5 per cent of the total labor force,, those required by the regulation but somewhat more according to the Bureau of Census estimates, as restrictive than those prevailing before the war. In compared with 3.5 per cent in 1947. In otherrecent months there has been a further relaxation in words, there is no slack today. More credit cannot the down payment and maturity requirements in incall forth more goods—it can only add to the upstalment credits for practically all categories of durward pressure on prices. able goods. Competition has been the primary factor leading to lower down payments and longer It should be noted that the Board's position on maturities; when one important retail outlet in a regulation of instalment credit is not to be taken community relaxed terms, other stores soon felt that as in any way indicating a feeling that all instalment credit is undesirable. The problem is to prevent it was necessary to follow. the abuse—not the use—of credit. A damping of The prospect for the balance of this year is for disruptive fluctuation is what we are interested in> increased use of consumer instalment credit, further and more stability at levels related to the conditions reduction in down payments, and lengthening of of the time. maturities. Together with the seasonal rise in the Since the end of Regulation W a number of trade use of instalment credit during the late months of associations of credit grantors have urged their the year, these factors suggest a growth exceeding members to exercise caution in liberalizing terms that which occurred in the first six months. and expanding portfolios. Such efforts have un- The increase in instalment credit this year is of doubtedly had some effect in moderating the inspecial significance because it is taking place notcrease in instalment debt. These voluntary efforts, withstanding the fact that the output of consumers' however, have not succeeded in preventing gradual durable goods is no longer growing. With a rise of reduction in the down payments and lengthening 85 per cent in durable goods in 1946, there was an of the maturities advertised by credit grantors. increase of 65 per cent in instalment credit. In 1947 Easy terms are rapidly approaching those which the percentage increase in instalment credit of 55 per were offered before the war. cent accompanied a growth of but one-third in dur- Now is the time when it is in the best interest of able goods. Gradually, the increases in credit have all consumers to save more and spend less. This outstripped the expansions in output of goods. By is the time to reduce—not to increase—debt. This the middle of 1947, durable goods production had is a time for restraint—voluntary, yes, but reinstabilized at a level that has been maintained up to forced, much as we all dislike compulsions, so far as; the present time. Yet instalment credit continued to necessary to protect the real interests of all of us. rise—one billion dollars for the first six months of Finally the Board has asked me to reiterate as 1948 and more in prospect. strongly as possible that regulation of instalment In view of the current tight situation in supplies credit is a tool—but only a supplementary tool—for of labor and materials, further expansion of instal- dealing with the problem of inflationary credit. By ment credit can neither increase output nor put itself it cannot do the job. To be adequately more people to work. It can only add more pur- effective, it must be buttressed by the basic bank chasing power to the already swollen spending credit controls which the Board has advocated restream and reinforce inflationary pressures. Inter- peatedly, beginning with its 1945 annual report to national developments, moreover, inevitably add Congress. AUGUST 1948 9B Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES1 PART IV. Consumer Saving and the Allocation of Disposable Income During 1947 the rate and volume of consumer The information here presented from the 1948 saving out of income continued to decline. A Survey of Consumer Finances is based upon the majority of the nation's consumer units saved in results of about 3,500 interviews taken in 66 sam- 1947, some saving substantial amounts and others pling points throughout the nation. The sample is saving small amounts. At the same time, expendi- representative of the entire population of the United tures of many other consumer units exceeded in- States residing in private households.3 The intercomes and resulted in a large volume of dis- view unit of the surveys is the spending unit, saving. The declining saving rate was indicative defined as all persons living in the same dwelling of a widespread consumer willingness to spend cur- and belonging to the same family who pooled their rent income or accumulated savings or to borrow incomes to meet major expenses. in order to purchase a record quantity of consumers goods and services at inflated prices. SUMMARY OF FINDINGS ON CONSUMER SAVING The 1948 Survey of Consumer Finances, con- AND DISPOSABLE INCOME ducted for the Board by the Survey Research 1. It is estimated that 31 million spending units Center of the University of Michigan, obtained in- saved roughly 25 billion dollars in 1947, 13.5 million formation about the principal types of saving of spending units dissaved or spent about 11 billion a cross-section of the nation's consumer units. The dollars in excess of their incomes, and the remainsurvey data provide insights about the 1947 saving ing 4 million spending units neither saved nor patterns of consumers in all walks of life and indi- dissaved. cate some of the important factors affecting indi- 2. The percentage of aggregate consumer income vidual saving such as durable goods expenditures, saved, as well as the total volume of individual net income changes, retirement status, and unusual saving, declined further during 1947, primarily expenses. In addition to a discussion of saving, reflecting an increased volume of dissaving, i.e., this article includes information about consumer expenditures in excess of income, on the part of income after Federal taxes, and spending unit some consumer units. expenditures for selected durable goods and other 3. As compared to 1946, there was a substantial consumers goods and services. Where relevant increase in 1947 in the proportion of dissavers with and valid, comparisons with the results of two incomes of $3,000 and above. More than 25 out of previously conducted surveys are included in the every 100 consumer units with incomes of $3,000 analysis.2 and above dissaved in the past year as compared to ijhis article was prepared by Duncan McC. Holthausen and less than 20 out of every 100 consumer units with Irving Schweiger of the Board's Division of Research and Statistics. It is the fourth in a series to be issued presenting the similar incomes in 1946. This change may have results of the Board's 1948 Survey of Consumer Finances. The first three articles appeared in the June and July BULLETINS been partly due to the upward shift in incomes that and one other article will appear in a succeeding issue. From the Survey Research Center, University of Michigan, brought many consumer units above the $3,000 •* _ • T M A. T\! J 3 A /*^«^^1 11 A -_J.^ — J. "H.'-rtrt. level in 1947 from levels of below $3,000 in 1946, where dissaving wras more frequent. There was of survey studies was carried by George Katona in collaboration virtually no change in the proportion of dissavers with Miss Janet Austrian. Charles F. Cannell served as head of the field staff and Roe Goodman as head of the sampling at lower income levels. section of the Center. 4. Most dissavers, consumer units that spent more than their incomes, were not in adverse circum- ;tor, ana .Kaipn J\. i oung, /associate director, oi tne division of Research and Statistics. Mr. Holthausen has been in stances during 1947 and did not have unbalanced charge of the anaylsis of the data and the preparation of reports. 2 The second survey was made for the Board of Governors budgets solely because of higher living expenses. early in 1947 by the Survey Research Center and the results of that survey were reported in 1947 in the June, July, and Almost three-fifths of the dissavers purchased auto- August issues of the BULLETIN. The first survey was made for the Board of Governors early in 1946 by the Division of Pro- mobiles, furniture, radios, or household appliances gram Surveys, Bureau of Agricultural Economics, U. S. De- during 1947. The ability to dissave presumes a partment of Agriculture. The Survey Research Center staff currently in charge of the survey work was associated with the certain degree of financial well-being, for to spend Division of Program Surveys at the time of the first survey. Results of that survey were reported in 1946 in the June, July, and August issues of the BULLETIN under the general title 3 For additional information on survey techniques and design, National Survey of Liquid Assets. see the June 1948 BULLETIN, pp. 643-46. 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES more than one's income, a person must either have Amounts saved or dissaved by individual spending sufficient income or collateral to be an acceptable units were obtained in this survey by requesting risk for credit or have past savings to draw upon. detailed information on changes in the various 5. The spending units that neither saved nor asset and liability items that make up the consumer dissaved were most likely to be in adverse financial balance sheet. Frequent forms of "additions to" circumstances in 1947. These spending units, saving were payment of life insurance premiums, largely with less than $1,000 in income, had incomes increases in liquid asset holdings, decreases in too low to qualify as good credit risks and most had debt, payments for home improvements, and payno savings to draw upon. ments to retirement funds. The primary forms of 6. As in 1946 the most frequently reported forms "withdrawals from" saving were decreases in liquid of saving were life insurance premiums, followed assets and increases in debt. For each individual by additions to liquid assets (Government bonds spending unit, the total of "additions" minus the and checking and savings accounts), payments of total of "withdrawals" represented its net saving. home mortgages, home improvements, and retire- If the figure was plus, the spending unit was a ment funds. saver (positive saver) in 1947; if minus, the spend- 7. Top income units accounted for increased ing unit was a dissaver (negative saver).4 proportions of positive and net saving in 1947, By the definition of saving, consumer nondurable notwithstanding a substantial increase in the propor- and durable goods are not considered assets, and tion of negative saving accounted for by them. thus monies spent for such goods are termed ex- Middle and lower income units, on the other hand, penditures and do not add to the saving of a were represented by smaller proportions of these spending unit. If durable goods expenditures were various types of saving, and the lower income units, considered a form of positive saving, the saving those with incomes of less than $2,000, were net shown for 1947 would have been much higher dissavers as a group. in amount. In addition, there would have been 8. It is estimated that more than two-thirds of many more positive savers and fewer dissavers. all spending units incurred Federal income tax The rate of consumer saving out of income liabilities for the year 1947. Median income after declined further in 1947, reflecting the continued Federal tax for all spending units was roughly heavy use of liquid assets and credit to buy an $2,380 compared with a median income before increasing supply of durable goods and to purchase tax of $2,530. other consumers goods and services. According to 9. The proportion of income saved by spending survey data, spending units as a whole reported units in the upper income groups was considerably net saving amounting to approximately 9 per cent larger than the proportions saved in either lower of their money incomes as compared to almost 12 or middle income groups. Almost the same aver- per cent in 1946. In both 1947 and 1946 more age proportion of income after Federal taxes was than six in every ten spending units reported savspent by consumer units in lower income groups ing out of current income, almost three in every for automobiles and other selected durable goods ten reported dissaving (i.e., expenditures in excess during 1947 as was spent by middle and upper of income), and almost one in every ten reported income groups. neither saving nor dissaving. 10. In the case of "other consumer expenditures" A substantially higher volume of dissaving in which were primarily nondurable goods and serv- 1947 made for a decline in the net amount of saving ices, consumer units with incomes of less than as well as in the percentage of income saved. Spend- $2,000 had expenditures amounting to about 100 ing units that were dissavers spent an estimated per cent of their incomes after Federal tax as com- 11 billion dollars in excess of their incomes, while pared with approximately 70 per cent for spending amounts saved by other spending units were apunits with incomes of $5,000 and above. proximately 25 billion dollars. While fewer spending units added to their liquid SAVING IN 1947 assets in 1947 as compared to 1946, there was little In the Survey of Consumer Finances net saving difference in the frequency with which other types is defined as the difference between consumer income and consumer expenditures (including taxes). 4 See the appendix to this article, p. 928, for a more complete discussion of the method of estimating saving. 915 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES of "additions to" saving were reported by con- Savers and dissavers. As shown by Table sumer units. The most common form was again 2, almost two-thirds of all spending units were through payment of life insurance premiums. As positive savers in 1947, that is, their money incomes shown by Table 1, roughly three-fourths of allwere in excess of their expenditures. Similar to spending units indicated that they put away some the findings of a year ago, higher proportions of money in this form. Increases in liquid asset hold- upper income people than lower income people ings were reported by more than one-fourth of all were positive savers. About four out of every ten spending units. Payments on home mortgages, spending units with incomes of less than $1,000 home improvements, and payments to retirement were positive savers as compared to eight out of funds were other frequently reported types of every ten with incomes of $7,500 and above. A "additions to" saving. larger proportion of the managerial and self-em- The most common forms of "withdrawals from" ployed group were positive savers than spending the balance sheet of saving were through use of units in other occupational groups. liquid assets and credit, reported by one-third and About 28 per cent of all spending units, or 12.5 one-fifth of all spending units, respectively. As million units, were dissavers in 1947. The total compared to 1946 it would appear that a larger amount of their dissaving was considerably larger proportion of spending units incurred debts and than in any other postwar year. Within occupaa smaller proportion used their liquid assets. tional groups the largest proportion of dissavers; TABLE 1 TABLE 2 PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES COMPARISON OF POSITIVE AND NEGATIVE SAVERS, WITHIN: OF ADDITIONS TO AND WITHDRAWALS FROM SAVING, 1947 INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1947 Percentage of spending units report- [Percentage distribution of spending units within group] ing the indicated type of saving All Groups of spending units spend- ing Additions Withdraw- units to als from saving saving All spending units. . . Consumer indebtedness: By income: Increases 19 Under $1,000 Decreases 7 $l,000-$l,999 $2,000-$2,999 Life insurance: $3,000-$3,999 Payment of premiums 75 $4.000-$4,999 Full cash payment received from policy. $5,OOO-$7,499 $7,500 and over Liquid asset holdings: Increases 27 By occupational group of head Decreases of unit: Professional Real estate: Managerial and self-employed Purchases of houses, farms, and lots... Clerical and sales Mortgages taken out in connection with Skilled and semiskilled purchases Unskilled Sales of houses, farms, and lots Farm operator Payments on home mortgages (includ- Retired . . ing full payments) 16 Home improvements 12 By veteran status: Veteran of World War II in Retirement funds: unit Payments to such funds 13 No veteran of World War II in unit Securities transactions (excluding Federal): Increases in holdings 2 Decreases in holdings Unincorporated business (excluding farmers): Profits left in business Personal investment in business Withdrawals of business investment Farm equipment: Purchases of 1 Less than one-half of 1 per cent. For comparable 1946 data, see Federal Reserve BULLETIN, August 1947, Table 2, p. 953. o ooooooo ooooooo o o O OOOOOOO OOOOOOO o © Posi- Zero Nega- tive savers tive savers1 savers2' 64 8 28 44 30 26 59 10 31 66 4 3Q 69 1 30 68 2 30 79 (3) 21 83 1 16 68 2 30* 76 3 21 69 5 26 63 4 33 59 13 28 67 11 22 51 21 28- 64 5 31' 64 9 27 1 Spending units with money incomes in excess of expenditures; 2 Spending units with expenditures in excess of money incomes., 3 Less than one-half of 1 per cent. For similar 1946 data, see Federal Reserve BULLETIN, August 1947, Table 4, p. 955. The 1947 and 1946 data are not strictly comparable. The saving figures for 1947 exclude changes in charge accounts and back bills and thus may understate by several* percentage points the proportion of dissavers with incomes of less than $3,000. Any characteristic of a spending unit that is heavily weighted by low income groups, would show a similar understatement of the number of dissavers. See the appendix to this article for a more complete discussion of the comparability of the saving! data. 916 FEDERAL RESERVE BUILETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 3 POSITIVE SAVERS: PERCENTAGE OF INCOME SAVED AND AMOUNTS SAVED BY INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1947 x [Percentage of all spending units in each group] Positive Percentage of income saved Amount saved savers as a per- Groups of spending units centage of all uni s t p s e i n n d i g n r g oup 1-9 10-19 20-29 30-49 and 5 o 0 ver $1-$199 $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - a $ n 1 d , 0 o 0 v 0 er All positive savers... ... 64 30 14 27 13 By income: Under $1,000 44 23 10 3 3 36 5 2 1 $l,000-$l,999 59 35 10 5 4 40 12 5 2 $2,000-$2,999 66 34 14 7 3 30 18 11 7 $3,000-$3,999 69 34 15 9 3 23 19 16 11 $4,000-$4,999 68 28 16 11 5 15 17 16 20 $5,OOO-$7,499 79 28 16 15 9 11 13 13 16 37 $7,500 and over 83 16 20 17 17 13 5 9 5 64 By occupational group of head of unit: Professional 68 25 16 13 10 4 14 16 14 24 Managerial and self-employed 76 21 18 12 12 13 16 12 13 35 Clerical and sales 69 34 17 9 7 2 29 17 12 11 Skilled and semiskilled 63 34 14 8 5 2 26 18 11 8 Unskilled 59 37 12 4 4 2 41 11 4 3 Farm operator 67 19 11 9 13 15 23 12 11 21 Retired 51 31 12 4 2 2 35 7 4 5 By veteran status: Veteran of World War II in unit 64 27 16 22 16 12 14 No veteran of World War II in unit 64 31 13 28 14 10 12 1 This table includes only those spending units that were positive savers, i. e., units with money incomes in excess of expenditures. For similar 1946 data, see Federal Reserve BULLETIN, August 1947, Table 5, p. 956. See general footnote to Table 2 in this article and also the appendix for a discussion of the comparability of these data. was found among spending units headed by skilled per cent of their incomes. This was also found and semiskilled persons as in 1946. to be the case in each occupational group except There were fewer positive savers and more dis- managerial and self-employed and farm operator savers in 1947 than in 1946 in the spending units groups. Spending units in these groups often headed by professional, managerial, and self- reported substantial amounts saved in the form of employed persons and skilled and semiskilled business investment, such as increases in invenworkers. At the same time many more veterans tories or additions to plant and equipment by of World War II were positive savers in 1947, and unincorporated businessmen, or the purchase of fewer, dissavers. Although veterans are still heavy land or equipment by farmers. The particularly purchasers of durable goods, they begin to show high rates of saving indicated for farm operators expenditure and saving patterns more similar to to some extent result from comparing their annual those of nonveteran spending units in their own saving with an income figure (money income) age groups. that does not make allowance for substantial non- Additional information relating to both positive money sources of income. and negative savers in 1947, including percentages A measure of the extent to which dissavings of income and amounts saved or dissaved by income supplemented the incomes of spending units is and occupation groups, and by veteran status is provided by Table 4. About one-sixth of all given in Tables 3 and 4. As compared to 1946, spending units with incomes under $1,000 positive savers tended to save smaller percentages dissaved amounts equal to 25 per cent or more of their incomes, while the dissavers showed little of their incomes. In higher income groups the change in amounts of dissaving as percentages of amounts dissaved were often substantial, but, when their incomes. expressed as percentages of income, they were The majority of positive savers in every income relatively small. Approximately one-fifth of all group except $7,500 and above saved less than 20 spending units in the retired group reported dis- AUGUST 1948 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES savings amounting to 25 per cent or more of their saving in prewar periods would indicate that the incomes. This was also the case for one-tenth of dissaving pattern in 1947 was not unusual for a professional persons and farm operators. year of high durable goods production. Data for Further information about the saving of various the year 1941, show that roughly one-third of all groups is found in Table 15 in the appendix to this consumer units were dissavers in that year.5 Aparticle. In this table saving is related to the age, parently, sizable numbers of dissavers are to be size, type, and education of the spending unit, and expected in a year when durable goods production place of residence. The largest proportions of posi- is at high levels. tive savers were found among spending units with Accumulated liquid savings, the spending of the following characteristics which are probably which for consumption purposes represents the related in part to the receipt of high incomes: principal means of dissaving today, were small in three to four persons in size, head of the unit total volume at the beginning of 1941. These savfrom 45 to 54 years of age, head of the unit college ings amounted to less than one-third of present-day educated, and metropolitan area of residence. liquid asset holdings. In 1941, dissaving was largely The largest proportion of dissavers was found possible through the availability and use of conin urban areas, where few spending units were sumer credit. While credit was an important means zero savers. By other characteristics, spending of dissaving in 1947, it was not the primary form. units of two persons, in the age group of 18 to The most pronounced change in the pattern of 34, and where the head was of high school edu- consumer saving as between 1946 and 1947 was the cation, showed the largest proportions of dissavers. large increase in the number of dissavers at middle The largest proportions of zero savers were found and high income levels. Table 4 shows that about in rural areas, among spending units of one per- 30 per cent of spending units with incomes of son, in the age group of 65 and over, and in the $3,000 to $4,999 were dissavers, 21 per cent of group with no education. 5 Family Spending and Saving in Wartime, Bureau of Labor Dissaving. Available information about dis- Statistics, Bulletin No. 822, 1945. TABLE 4 DISSAVERS: DISSAVING AS A PERCENTAGE OF INCOME, WITH AMOUNTS DISSAVED, BY INCOME AND OCCUPATIONAL GROUPS,, AND BY VETERAN STATUS, 1947 1 [Percentage of all spending units in each group] a D i p s e s r a c v e e n rs ta g as e Dissavin o g f a i s n c a o m pe e rcentage Amount dissaved Groups of spending units of all spending units in group 1-9 10-24 and over $l-$499 and $ 50 o 0 ver All dissavers. . 17 11 By income: Under $1,000 26 5 17 17 $l,000-$l,999 31 12 11 23 S2,000-$2,999 30 13 9 20 10 $3,000-$3,999 30 13 9 18 12 $4,000-14,999 30 12 10 14 16 $5,000-17,499 21 7 9 12 $7,500 and over 16 7 3 13" By occupational group of head of unit: Professional 30 11 11 18- Managerial and self-employed 21 5 9 7 13 Clerical and sales 26 13 7 6 17 9 Skilled and semiskilled 33 15 10 8 21 12 Unskilled 28 13 9 6 23 5' Farm operator 22 5 6 11 14 8 Retired 28 4 3 21 16 12 By veteran status: Veteran of World War II in unit. . . 31 12 10 17 14 No veteran of World War II in unit 27 10 9 17 10 1 This table includes only those spending units that were dissavers, i. e., units with expenditures in excess of money incomes. For similar 1946 data, see Federal Reserve BULLETIN, August 1947, Table 6, p. 957. See general footnote to Table 2 in this article and also the appendix for discussion of the comparability of these data. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES those with incomes of $5,000 to $7,499, and 16 per one must have accumulated savings to draw upon cent of those with incomes of $7,500 and above. or have an income or collateral or both sufficient As compared to 1946, the percentage of dissavers to qualify as an acceptable credit risk. Of the in these income groups was as follows: spending units dissaving in 1947, almost threefifths bought automobiles or other selected durable 1947 1946 goods during the year. In any year, prewar or $3,00043,999 30 21 postwar, the purchase of durable goods has meant $4,000-$4,999 31 19 that many families spend more than their incomes. $5,00047,499 21 15 It does not follow that these families are under- $7,500 and above 16 11 going hardship or that their budgets are unbal- Part of this increase in the proportion of dis- anced because of higher living expenses. Many savers at middle and high income levels may have families purchasing automobiles, for example, stemmed from the upward shift in incomes that whether in 1941 or in 1947, could not possibly TABLE 5 SIZE OF EXPENDITURES TOR AUTOMOBILES AND OTHER SELECTED DURABLE GOODS WITHIN SAVING GROUPS, 1947 1 Percentage distribution of spending units within saving groups Amounts of expenditures Positive Negative for automobiles and other selected durable goods Zero All and $ 50 o 0 ver $100-$499 $l-$99 All $l-$99 $100-$499 and $ 50 o 0 ver Nfo expenditures. 61 51 62 70 85 43 53 45 35 Expenditures. . 38 48 37 29 15 56 46 54 64 Sl-$99 8 7 9 9 5 7 11 6 5 $100-$499 19 22 18 16 9 22 25 24 18 $500 and over.... 11 19 10 4 1 27 10 24 41 Not ascertained. . 1 1 1 1 (2) 1 1 1 1 All units 100 100 100 100 100 100 100 100 100 1 Expenditures for automobiles are net of trade-in allowances. 2 Less than one-half of 1 per cent. took place during 1947. This upward shift had pay for these cars from their saving out of that the effect of bringing lower parts (percentiles) of year's income and therefore in part at least used the income distribution, which generally had higher accumulated savings or credit to meet the purchase proportions of dissavers in 1946, into each higher price. Survey data show that about half the conlevel of 1947 income. However, these changes in sumer units spending $500 or more on durable income level accounted for only part of the increase. goods during 1947, were dissavers for that year. The higher frequency of dissaving at upper in- Information showing the relation between come levels may be primarily attributed to the buyamounts saved and amounts of expenditures for ing of consumer durable goods. As already shown durable goods is given in Table 5. In general, in Part I of the 1948 Survey of Consumer Finances,6 relatively more dissavers than positive savers bought many more spending units at upper income levels durable goods, and the amounts expended by the bought automobiles and other selected durable dissavers for such goods were somewhat larger goods such as furniture, household appliances, and radios in 1947 than in 1946. Not only was there than amounts spent by other spending units. Some a considerably larger number of spending units at of the positive savers, especially those in upper higher income levels in 1947, but also a much income groups, saved large amounts notwithstandlarger proportion of that group bought durables. ing the fact that they spent sizable amounts for The dissavers were not necessarily people in durable goods. This was generally not true for adverse financial circumstances, because to dissave those with smaller incomes. It is interesting to note that over four-fifths of the zero savers, largely (!See BULLETIN, June 1948, Table 4, p. 640. 919 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES people of very low incomes, had no expenditures were probably using past savings to meet expenses for durable goods. of their customary living standards. However, a There were other spending units among the substantial number also reported the purchase of group spending more than their incomes in 1947 durable goods. that were not necessarily hardship cases. They Real hardship resulting from a high and still spent money for such items as vacation expenses, rising cost of living is most likely to be experienced repairs to homes or automobiles, moving expenses, by those who have no means of spending more emergencies, or medical care, including maternity than their income. Typically, they have no accucases. Roughly one-third of the dissavers reported expenditures for emergencies and illnesses. Emer- TABLE 7 gencies and illnesses are common, of course, at SIZE OF CHANGE IN CONSUMER INSTALMENT INDEBTEDNESS all income levels, but there is less capacity to absorb OF SPENDING UNITS WITHIN SAVING GROUPS, 1947 1 their cost out of current income at lower income Percentage distribution of spending levels than at higher income levels. However, ir- units within saving groups respective of the size of income, when these contingencies arise, their effect upon expenditure Change in instal- Positive Negative ment indebtedness and dissaving is similar to that of the purchase $500 Zero $500 of a large durable good. These costly contingencies o a v n e d r $ $ 1 4 0 9 0 9 - $ $9 1 9 - $ $ 4 1 9 - 9 o a v n e d r are, along with purchases of durable goods, among the major causes of dissaving at all income levels. Decrease 11 9 5 (2) 5 5 Also among the group of dissavers were spend- $1,000 and over. . . 2 (2) 0 0 0 1 ing units, other than those reporting emergencies $ S 5 20 0 0 0 - - & $9 4 9 9 9 9 4 1 (2) (2 0 ) ( ( 2 2 ) ) 2 1 1 1 and illnesses, that were retired or experienced de- $1-$199 4 6 5 0 2 2 clines in income because of unemployment, busi- No change 76 75 81 98 57 60 ness losses, or other reasons. Survey data show [ncrease 13 16 13 1 38 35 that about one-third of all dissavers were in this $1-$199 5 12 11 (2) 23 10 $200-$499 4 2 1 1 10 7 general category. Many of these spending units $500-$999 2 1 (2) (2) 4 8 $1,000 and over. . . 2 1 1 0 1 10 TABLE 6 Not ascertained 0 (2) 1 1 0 (2) SIZE OF CHANGES IN LIQUID ASSETS OF SPENDING UNITS WITHIN All units 100 100 100 100 100 100 SAVING GROUPS, 1947 1 1 Includes debt arising from instalment sales of consumer goods and from instalment loans granted by banks, small loan companies, and other lending agencies. Percentage distribution of spending 2 Less than one-half of 1 per cent. units within saving groups TABLE 8 Change in Positive Negative liquid assets DISTRIBUTION OF SPENDING UNITS, AMOUNTS OF MONEY $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $9 1- 9 Zero $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r INCOME R N EC ET E IV S E A D V , IN P G O , S I B TI Y V E I N S C A O V M I E N G G , R N O E U G P A S T , IV 1 E 9 47 S A 1 VING, ANI> [Per cent] Increase 66 53 31 1 8 13 $ $ 1 5 , 0 0 0 0 - 0 $ 9 a 9 n 9 d over. . . 2 1 0 6 2 2 (2 1 ) 0 0 1 1 5 1 in 1 c 9 o 4 m 7 e a n b n e u f a o l r e m o ta n x ey es S u p i n e n i n g t d s - i M nc o o n m ey e s P a t v o iv i s n e i- g s N a t e v iv g i e n a g - sa N v e in t g $200-$499 14 15 (2) 0 2 2 $1-$199 16 34 30 1 4 5 Under $1,000 14 2 1 17 -11 No change 11 23 51 96 20 6 $l,000-$l,999 22 10 5 14 -2 $2,000-$2,999 23 17 11 16 7 Decrease 19 21 16 3 70 77 $3,000-$3,999 17 18 13 18 9 $4,000 -$4,999 10 13 12 11 13 $1-$199 5 9 10 1 27 5 $5,000-$7,499 9 16 19 10 26 $200-$499 4 4 3 31 7 $7,500 and over 5 24 39 14 58 $500-$999 3 3 1 1 8 29 $1,000 and over. . . 7 5 2 4 36 All units 100 100 100 100 100 0 Not ascertained 4 3 2 2 4 1 Positive saving comprises the saving of all spending units- All units 100 100 100 10 (2 0 ) 100 100 w co i m th p r m is o es n e t y h e i n d c is o s m av es in g i n o f e x a c l e l s s s p e o n f d i e n x g p e u n n d i i t t s u r w e i s t , h n e e x g p a e t n iv d e it u s r a e v s in in g excess of money incomes, and net saving (plus or minus) is positive 1 Liquid assets include all types of U. S. Government bonds, saving less negative saving for all spending units combined. savings accounts, and checking accounts. For similar 1946 data, see Federal Reserve BULLETIN, August 2 Less than one-half of 1 per cent. 1947, Table 3, p. 954. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES mulated savings to draw upon and most frequently for food, possibly were forced to cut expenditures their incomes are too small in relation to living for clothing or for recreation or for luxuries. In expenses to permit the use of credit. These con- any case, regular day-to-day expenditures were sumers are the "zero" savers. Zero savers spent all generally limited to current income. their money income during the year and had saved With most families, dissaving, as commonly denothing by the end of the year. Roughly 8 per fined, is probably a one-year occurrence, not to be cent of all spending units were zero savers in followed by further dissaving in the next year. 1947. Over half of these units had incomes of This is especially true where families have dissaved less than $1,000, and four-fifths had incomes of less in one year by using credit to buy consumers goods than $2,000. In contrast, only one-third of the since the repayment of debt, much of which takes positive savers and two-fifths of the dissavers had place in the following year, constitutes an "addition incomes of less than $2,000. Of the entire group of to" saving. zero savers, about one-third were in the oldest age There were interesting differences in the saving group (65 and over); more than four-fifths were patterns of consumer units experiencing increases nonveterans of World War II. or decreases in income during 1947. For consumer In the course of the three Surveys of Consumer units with incomes of $1,000 to $4,999, the highest Finances undertaken by the Board, new insights proportions of dissavers were found among units have been acquired about the saving habits of whose incomes had either declined or risen sharply. people. One-fifth to one-fourth of consumer units There are fewer dissavers and more positive savers indicate that they have a regular saving plan—that among spending units whose incomes had remained is, a plan for setting aside a certain amount of the same or increased by less than 25 per cent. money each payday. Most consumers indicate Information for the year 1946 also indicated that that they take care of their expenditures first and spending units receiving large increases in income may possibly save any part of income that is left were more likely to be heavy spenders and small over. A few spending units say that they do not savers than spending units experiencing no change believe in saving money and spend all their income. in their incomes. Thus, experience from the cur- There are others that indicate they just do not rent period would indicate that, in certain periods earn enough to save. at least, increases in incomes are associated with While most people have no saving plan, it does a higher rate of spending and not of saving. not follow that they believe in spending more than their incomes for ordinary living expenses. Survey FORMS OF SAVING data do not indicate that many consumer units As already pointed out, life insurance is the most operated their budgets at a deficit solely as a result common form of "additions to" saving for spendof higher living expenses. When they dissaved, it ing units as a whole. The accompanying chart was generally because of a large expenditure such indicates that within each income group also the as the purchase of a durable good, or payments in most common form was through premium payconnection with an illness, or medical bills, such as ments on life insurance. About four out of every in childbirth cases. As already indicated, sometimes ten spending units with incomes under $1,000 and spending units dissaved because of a decline in innine out of ten spending units with incomes of come as a result of the temporary loss of a job or $5,000 or more had "additions to" saving in this business losses, etc.; a few other dissavers were units form. The percentage of spending units reportwhere the head was retired and they were living ing other common forms of "additions to" saving from accumulated savings. But it would appear including increases in liquid assets, payments on that few consumer units with unchanged or increased incomes dissaved merely because of higher home mortgages, and home improvements incosts of living. As prices rose, families whose creased gradually from the lowest to highest income incomes did not rise correspondingly either did groups. On the other hand, a smaller proportion not change their buying habits and had less money of spending units with incomes of $5,000 or more to put aside out of income or they did change their than of middle income groups reported debt buying habits and made adjustments in their reduction. budgets. Those that spent more of their income Net withdrawals of liquid assets and increases AUGUST 1948 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES PRINCIPAL FORMS OF CONSUMER SAVING AND More than one-third of the dissavers had increases PER CENT 0F DISSAVING IN 1947, BY INCOME GROUPS *TOF in consumer debt as compared to one-seventh of S 1 P 0 E 0 NDNG UNITS X I SPENDING 100 the positive savers. Table 7 shows the changes in LIFE INSURANCE consumer debts of spending units among various PAYMENTS^ — - ^ saving groups. f 80 / 80 In the great majority of cases where spending units dissaved, it was a case of "withdrawals from" / saving exceeding "additions to" saving. Table 60 60 16 in the appendix to this article indicates that 75 per cent of the negative savers had some / "additions to" saving in previously committed 40 40 forms (contractual) such as premium payments on NET ADDITIONSTO LIQUID ASSET life insurance, payments on home mortgages, and payments to retirement funds. Few negative savers, 20 . * . ^ ^ ""MO P R A T Y G M A E G N E T S^ x "* HOUSE 20 however, added to their liquid assets or reduced short-term debts. REPAYMENT*oT*~*~^*-^ CONSUMER DEBT"* 0 0 THE DISTRIBUTION OF SAVING BY INCOME GROUPS NEGATIVE SAVING The rather close correlation between the total positive saving of the various income groups and ET WITHDRAWALS FROM LIQUID ASSETS their total money income, observed in last year's survey, is again confirmed by data from the 1948 survey. As Table 8 indicates, the proportion of , —- C()NSUMER DEBT* . total positive saving accounted for by the various income groups was roughly comparable to the proportion of money income received by these UNDER ft 1,000 52000 $5000 $4,000 $5000 $7,500 $1,000 81999 $2999 $3999 $4,999 $7499 a OVER groups. Amounts of negative saving were more INCOME GROUPS ^EXCLUDING MORTGAGE DEBT. closely related to the number of spending units in in short-term debt—the principal forms of "with- the various income groups than to the proportion drawals from" saving—were reported most fre- of income received. quently by spending units with incomes of $3,000 Total net saving, the difference between positive to $4,999. Nevertheless, substantial numbers of and negative saving, was in large part accounted spending units with incomes below $3,000 as wrell for by spending units with incomes of $5,000 and as with incomes of $5,000 and over reported similar above. They accounted for over four-fifths financial changes. In 1946, the largest proportions of the net saving. Notwithstanding the fact that of spending units reporting net withdrawals in seven out of every ten spending units with incomes liquid assets and increases in debt were in the of under $2,000 were positive savers, amounts disincome group of $2,000 to $2,999. Comparison saved by the remaining three out of every ten spendwith 1946 data indicates that the larger number of ing units with incomes of this size were larger dissavers at higher income levels in 1947 resulted than the total positive saving of the others and from more frequent use of accumulated savings and these income groups showed net dissaving. Their credit. net dissaving was equal to 13 per cent of total net Of spending units that were dissavers in 1947 saving for all spending units. While amounts disalmost three-fourths reported net withdrawals in saved by spending units in middle and upper inliquid assets. In contrast, no more than one-fifth of the positive savers reported such withdrawals. come groups were as large as amounts dissaved by For the dissavers, there was a very close correla- lower income groups, positive savers in the middle tion between total amounts dissaved and total and upper range of the income scale saved amounts amounts of decline in liquid asset holdings. This which were more than sufficient to offset any disis shown by Table 6. savings. 922 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABI E 9 PROPORTION OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING ACCOUNTED FOR BY EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME, 1947, 1946, 1945, AND 1941 1 Percentage of total accounted for by each tenth: Spending units ranked accord- Money income 2 Postive saving 3 Negative saving 4 Net saving 5 ing to their incomes 1947 1946 1945 1941 1947 1946 1945 1941 1947 1946 1945 1941 1947 1946 1945 1941 Highest tenth. . . 33 32 29 34 52 44 40 55 19 6 6 10 77 63 46 73 Second 15 15 16 16 14 15 16 14 11 12 8 11 16 16 18 15 Third 12 12 13 12 8 12 12 9 10 7 6 14 6 14 13 6 Fourth . . . 10 10 11 10 7 8 8 6 10 11 8 11 6 7 8 5 Fifth 9 9 9 9 6 6 7 6 11 11 18 7 3 4 5 5 Sixth 7 7 7 7 5 5 5 4 6 13 10 7 4 1 4 3 Seventh 6 6 6 5 4 4 5 3 5 8 12 9 2 2 3 1 Eighth 4 5 5 4 2 3 4 2 7 7 7 8 -1 1 3 -1 Ninth 3 3 3 2 1 2 2 1 6 12 5 11 2 -3 2 -3 Lowest tenth.... 1 1 1 1 1 1 1 (6) 15 13 20 12 -11 -5 2 _4 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 for by the income classes shown in .. F o .__ _.. interpolation (Lagrange technique). The survey covering 1941 and the surveys covering 1945 through 1947 differed somewhat in their definitions of money income, saving, the spending unit, in the universe covered, as well as in sampling methods. The surveys for 1945 through 1947 also differed somewhat leir definition of saving as discussed in the appendix to this article. 2 Annual money income before taxes. 3 Positive saving comprises the saying of all spending units with money incomes in excess of expenditures. 4 Negative saving comprises the dissaving of all spending units with expenditures in excess of money incomes. 5 Net saving (plus or minus) is positive saving less negative saving for all spending units combined, 6 T pec ^Hor» nnA-Vidlf r\f 1 T~*PT* r*pnt As compared to 1946, upper income groups ac- received one-third of total money income in these counted for a larger share of net, positive, and two years and accounted for one-half of total posinegative saving in 1947. Spending units with tive saving. The respective annual data from which incomes under $1,000 were again net dissavers these time-span comparisons are drawn differ in as a group in 1947, and spending units with incomes a number of important respects, so that only broad of $1,000 to $1,999 became net dissavers as a group shifts in saving patterns may properly be inferred for the first time since the end of the war. from them. There have been substantial changes in the sav- Selected saving data for family units are presented ing and dissaving patterns of the various income in Tables 17 and 18 in the appendix. groups since the war. As the total volume of dissaving increased, the positive saving of lower and DISPOSABLE INCOME middle income groupings was ofTset to a greater The size distribution of money income before extent by this dissaving, and larger proportions of taxes during 1947 was presented in Part II of the total net saving were thus accounted for by top 1948 survey results. For some purposes, it is more income levels. Actually, the proportions of the useful to know the distribution of income after various types of saving accounted for by spending taxes. A beginning step in this direction was made units when grouped in tenths according to income this year. For the first time in the Consumer size were generally similar in 1947 to the pattern Finances Surveys, estimates of Federal personal shown in 1941, but significant changes occurred income tax liability, apart from tax on capital gains from 1945 and 1946 patterns. The highest tenth of the nation's spending units or losses, were prepared for each spending unit. when ranked by income accounted for roughly Income after tax, called disposable income in this three-fourths of total net saving in both 1947 and article, was estimated for each spending unit by 1941. As shown by Table 9, this same top tenth deducting the computed Federal income tax lia- AUGUST 1948 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES bility from money income before taxes.7 The tax estimating procedure is given in the appendix to estimates, unlike other survey data, were not this article. based on special information concerning tax liabili- It should be stressed that the tax estimates are only approximations; that they refer not to pay- TABLE 10 ments but to Federal personal income tax liabilities, DISTRIBUTION OF SPENDING UNITS BY MONEY INCOME BEFORE apart from taxes on capital gains and losses; and AND AFTER FEDERAL INCOME TAX, 1947 that State and local income taxes are not included. [Per cent] Of course, the distribution of spending units by income after Federal taxes shows a general down- Money Money income income after Federal ward shift from the distribution by income before Income group before income tax 1 Federal (disposable taxes. The downward shift was most marked at the income tax income) upper end of the income distribution as can be seen in Table 10. The number of spending units Under $1,000 14 15 $l,000-$l,999 22 25 with incomes of $7,500 and over (before taxes) $2,000-$2,999 23 25 $3,000-$3,999 17 17 was reduced by two-fifths through taxation, from $4,000-$4,999 10 8 $5,000-$7,499 9 7 5 per cent of the approximately 48.4 million spend- $7,500 and over 5 3 ing units down to 3 per cent. Before Federal All groups. ... 100 100 income taxes, a little less than one-fourth of all Median income 2 $2,530 $2,380 consumer spending units, more than 11.5 million 1 Money income after deduction of estimated Federal personal units, had incomes of $4,000 and over. Less than income tax liability. See appendix, pp. 930 to 932, for method one-fifth of all spending units had disposable inof estimating disposable income. Money income figures exclude capital gains or losses and tax estimates do not make any allowance comes (incomes after taxes) of this size. for such gains or losses. 2 The median amount is that of the middle spending unit when Survey estimates show that more than two-thirds all units are ranked by size of income. of all consumer units had tax liabilities. As Table ties obtained during the interview, but were calcu- 11 indicates, these units include those at bottom as lated on the basis of the income, size, and composi- well as top income levels. The proportion of tion of each unit. A detailed presentation of the units incurring tax liability increased very sharply from lower to higher income groups. It is esti- 7 The U. S. Department of Commerce, in estimating dis- mated that about one-sixth of the units with incomes posable income for its national income series, deducts from income actual Federal personal income tax payments (not under $1,000 had tax liabilities, while more than liabilities), including taxes on capital gains and losses, as nine-tenths of all units with incomes of $3,000 and well as other tax and nontax receipts, chief of which are Federal estate and gift taxes and State and local personal tax and above incurred tax liabilities. nontax receipts. TABJLE 11 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITIES OF SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1947 Percentage distribution of spending units within income groups Estimated Federal personal 1947 annual money income before taxes income tax liability : All income groups 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 Zero 29 83 48 23 7 2 1 0 $l-$49 5 11 9 6 4 1 0 $50-$99 7 5 15 10 7 $100-$199 14 0 21 25 17 3 1 $200-$499 27 0 7 36 61 54 18 2 $500-$999 12 0 0 4 40 73 9 $1,000-81,999 3 0 0 0 0 0 8 46 $2 000-$4 999 1 0 0 0 0 0 0 28 $5,000 and over 1 0 0 0 0 0 0 14 Not ascertained 1 1 0 0 0 0 0 0 All units ... 100 100 100 100 100 100 100 100 11947 tax liability apart from capital gains or losses. Money income figures exclude capital gains or losses and tax estimates do not make allowance for such gains or losses. 2 Less than one-half of 1 per cent. 924 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 12 OTHER CONSUMER EXPENDITURES AS A PERCENTAGE OF DISPOSABLE INCOME, BY DISPOSABLE INCOME GROUPS, 1947 1 Percentage distribution of spending units within income groups Other consumer expenditures as a Disposable income 2 percentage of disposable income 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 Under 50 9 7 6 7 8 14 20 30 50-59 4 1 2 4 5 3 8 10 60-69 6 3 5 5 7 11 11 8 70-79 9 5 8 11 12 13 13 11 80-89 15 10 13 18 20 16 17 9 90-99 26 23 33 30 26 23 17 8 100 and over . . 24 47 29 19 18 15 7 8 Not ascertained 7 4 4 6 4 5 7 16 Total 100 100 100 100 100 100 100 100 1 Other consumer expenditures include all expenditures for goods and services other than for selected durable goods. Other consumer expenditures were estimated for each spending unit in the survey by deducting from money income reported by each unit the total of its selected durable goods expenditure, net saving, and Federal income tax liability. This residual estimate of other consumer expenditures thus includes expenditures for food, housing, clothing, medical care, other living costs, State and local taxes, recreation, transportation, and education as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable items. Durable goods excluded from the "other consumer expenditures" estimate are automobiles, furniture, radios, and household appliances such as refrigerators, ranges, washing machines, vacuum cleaners, home freezers, and miscellaneous other appliances. 2 Disposable income is defined as money income less estimated Federal personal income tax liability. Estimates from the survey data indicate that "Other consumer expenditures," as estimated about two-thirds of the approximately 34 million above, include expenditures for food, housing, clothconsumer units with tax liabilities had liabilities ing, taxes other than the Federal personal income of $200 and above. For almost one-fourth of the tax, medical care, other living expense, recreation, units with tax liabilities, the amounts were $500 education, and durable and semidurable goods and above. such as floor coverings, jewelry, and fur coats, which Comparison of the proportions of income re- are not included in the list of selected durables.9 ceived by spending unit groups before and after It is estimated that close to one-third of all spendtaxes, show that the highest tenth of income- ing units had "other consumer expenditures" receivers before taxes obtained about 33 per cent amounting to less than 80 per cent of their disof total personal income, while the tenth of units posable incomes, roughly two-fifths had expendiwith the largest disposable incomes obtained 31 tures amounting to from 80 to 99 per cent of their per cent (see Table 19 in the appendix to this disposable incomes, and about one-fourth had exarticle). The lowest half of spending units when penditures amounting to 100 per cent or more of ranked by size of disposable income showed a their disposable incomes. somewhat larger proportion of income than the As shown by Table 12, consumer units in lower similar grouping of spending units when ranked income groups spent larger proportions of their disby income before taxes. posable income for "other consumer expenditures,'7 OTHER CONSUMER EXPENDITURES as measured in the survey, than did those in higher income groups. More than two-thirds of the units It is possible to make a rough estimate of the total expenditure of each spending unit for non- 8The estimates of "other consumer expenditures" are residdurable goods and services, durable goods not in- ual estimates, and thus any inaccuracies, to the extent that they are not offsetting, in the reported figures for income, saving, cluded in the list of selected durables, and State durable goods expenditures or estimated figures for Federal income taxes, would affect the "other consumer expenditures" and local taxes. This is done by subtracting from estimate. In connection with the Federal tax liability estimates, tax payments during 1947 may have differed somewhat from the money income of each spending unit the unit's tax liability for the year, but this discrepancy would have only expenditures for automobiles and selected durable a minor effect on the volume of "other consumer expenditures" estimated for individual spending units or groups of spending goods, saving, and estimated Federal personal in- units. 9 Selected durable goods include automobiles, furniture, radios, come tax liability.8 television sets, refrigerators, ranges, washing machines, and other appliances. AUGUST 1948 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES with less than $3,000 of disposable income spent tenth was spent for selected durable goods, and a at least 80 per cent of their income for such pur- similar proportion went to saving. poses, while this was true of two-fifths or less of Consumer units at upper income levels spent a the units with incomes of $5,000 and over. Almost smaller proportion of their disposable income for half of the units with disposable incomes of less "other consumer expenditures" than consumer units than $1,000 had "other consumer expenditures" at lower income levels. Previous budget studies amounting to 100 per cent or more of their dis- have consistently shown similar patterns. posable incomes. Expenditures of this size were The pattern of expenditure for durable goods in clearly not confined to the lowest income levels, 1947 reflected an apparent willingness on the part however, as one-fifth to one-tenth of spending units of consumer units to spend a fairly constant prowith disposable incomes of $2,000 and above had portion of their income for such goods irrespective similar expenditures. of the size of their income. While spending units The one-fourth of all consumer units that spent at low income levels bought few new automobiles all of their income or more for "other consumer and expensive appliances, they were active buyers expenditures" contained those spending units that of used cars and low-priced appliances, thus spendmay have been most affected by the rise in the cost ing almost as large a proportion of their income for of living and by the occurrence of costly medical durable goods as consumer units at higher income bills and emergencies. Within this one-fourth of all levels. A somewhat similar relationship of durable units there were a number of zero savers (8 per goods purchases to income existed in 1941, although cent) or people spending 100 per cent of their in- consumer units as a whole spent a lower proportion comes. As already observed, the zero savers may of their income for such goods in that year.10 include many hardship cases. The remaining 18 The percentage of disposable income saved inper cent of all spending units spent over 100 per cent of their incomes for "other consumer expendi- 10Survey of Family Spending and Saving in Wartime, conducted by the Bureau of Labor Statistics in cooperation with the tures" and were therefore dissavers. While many Bureau of Human Nutrition and Home Economics, published in two parts as Bureau of Labor Statistics Bulletin No. 822, of these spending units were dissaving as a result 1945, and U. S. Department of Agriculture Miscellaneous Publication No. 520, 1943. of emergencies, illnesses, and income declines as well as higher living costs, it is probable that a TABLE 13 number of them had large outlays for recreation, PROPORTION OF DISPOSABLE INCOME ALLOCATED TO SAVING, education, large-scale entertainment (such as wed- SELECTED DURABLE GOODS, AND OTHER CONSUMER EXPENDIding expenses), and for goods such as jewelry and TURES, BY SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1947 fur coats which are included with "other consumer expenditures." One-third of the 18 per cent bought Per cent of total income within automobiles or other selected durable goods. each income group A distribution of the dollar amounts spent by Type of expenditure Disposable income1 consumer units for "other consumer expenditures" or saving All is given in Table 20 in the appendix to this article. i g n r c o o u m ps e $ L 2 T , n 0 d 0 e 0 r $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $5 a , n 0 d 00 Roughly half of all spending units had expendi- over tures of $1,500 to $3,999. Approximately 5 per Net saving 10 -8 3 7 26 cent spent $5,000 and above, while about the same Automobiles and other selected durable percentage spent less than $500. goods 2 9 7 9 9 9 Other consumer expenditures 3 81 101 88 84 65 ALLOCATION OF DISPOSABLE INCOME Total 100 100 100 100 100 Spending units within each of the various dis- 1 Disposable income is defined as money income less estimated posable income groups allocated their income in Federal personal income tax liability. 2 Includes automobiles, furniture, radios, and household appliquite different ways among saving, selected durable ances such as refrigerators, ranges, washing machines, vacuum cleaners, home freezers, and miscellaneous other appliances. Exgoods, and "other consumer expenditures." As penditures for automobiles are net of trade-in allowances. 3 Covers expenditures for all goods and services not included shown by Table 13, for spending units as a whole, in selected durable goods (see footnote 2). Includes food, housing, clothing, medical care, other living costs, State and local taxes, approximately four-fifths of disposable income was recreation, transportation, and education, as well as expenditures used for "other consumer expenditures," about one- for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable items. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES creased sharply from lowest to highest income tion markets. The tenth of spending units with groups, reflecting the converse movement of "other disposable incomes of $5,000 and over accounted for consumer expenditures" in relation to income. As about one-third of expenditures for selected durable a group, spending units with disposable incomes goods and somewhat more than one-fourth of "other of under $2,000 had net dissaving amounting to consumer expenditures." The two-fifths of spendroughly one-tenth of their incomes. On the other ing units with disposable incomes of under $2,000, hand, units with disposable incomes of $5,000 and on the other hand, accounted for about one-eighth of above saved more than one-fifth of their incomes. expenditures for selected durable goods and one- This does not imply that all units with incomes of fifth of "other consumer expenditures." The half $5,000 and above were positive savers and that all of spending units with incomes after Federal taxes units at bottom income levels were dissavers. As of $2,000 to $4,999 accounted for somewhat more has been mentioned earlier, no more than one-third than half of expenditures for each of these categories of the units at bottom income levels were dissavers of goods. and about half were savers. Even at top income The shares of selected durable goods expenditures levels, as many as one-fifth of the units were dissavers. accounted for by the various disposable income groups were very similar to the proportions of An indication of the extent to which the various income received. In the case of "other consumer disposable income groups accounted for total exexpenditures," lower income groups accounted for penditures on selected durable and other consumption goods is given in Table 14 in the appendix. a somewhat larger share of these expenditures than There were very significant differences in the rela- of income while upper income groups accounted tive importance of the various groups in consump- for a smaller share. AUGUST 1948 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX METHOD OF OBTAINING SAVING DATA In the Survey of Consumer Finances net saving m. Excess of amounts spent for purchase of seis considered to be the difference between consumer curities (other than U. S. Government bonds) over income and total consumer expenditures and taxes. amounts received from sale of securities. The saving data were derived directly, however, by n. Profits left in unincorporated businesses by requesting detailed information from each spending owners. unit about changes in the various asset and liability 0. New investments in business. items that make up the unit balance sheet. For jhe p. Purchase price of farm machinery. 1947 saving data changes were obtained for the ''Withdrawals from" saving following items classified as an "addition to" or "withdrawal from" saving: a. Decreases in U. S. savings bonds, Series A-F. b. Decreases in other U. S. Government bonds. "Additions to" saving c. Decreases in savings accounts in banks, savings a. Increases in U. S. savings bonds, Series A-F. and loan associations, credit unions, and postal savb. Increases in other U. S. Government bonds. ings. d. Decreases in checking accounts. c. Increases in savings accounts in banks, savings e. Lump-sum receipts from life insurance policies. and loan associations, credit unions, and postal savf. Net amounts received from sale of real estate. ings. g. New mortgage debts incurred. d. Increases in checking accounts. h. Amounts borrowed from banks, credit unions, e. Life insurance premiums paid. loan companies, private individuals, and insurance f. Amounts paid into retirement funds. companies. g. Purchase price of real estate (house, farm, or 1. Amounts of instalment sales contracts. other real estate). j. Amounts received as repayments from debtors. h. Amounts repaid on mortgages. k. Excess of amounts received from sale of sei. Amounts spent on structural additions to or curities (other than U. S. Government bonds) over major improvements on houses, farm buildings. amounts spent for purchase of securities. 3. Amounts paid on debts to banks, credit unions, 1. Amounts, other than profits, taken out of unloan companies, private individuals, and insurance incorporated business by owners. companies. m. Inheritances and large gifts of money and k. Payments made on instalment debts. bonds received. 1. Amounts lent by individuals. The total of "additions" minus the total of "withdrawals" represented the net saving of each spend- TABLE 14 ing unit.1 The net figure could be either plus, minus, or zero. DISTRIBUTION OF SPENDING UNITS, DISPOSABLE INCOME, NET SAVING, SELECTED DURABLE GOODS EXPENDITURES, AND This method of estimating the saving of a par- OTHER CONSUMER EXPENDITURES, BY DISPOSABLE INCOME ticular spending unit entails the inclusion or ex- GROUPS, 1947 [Per cent] xThe definition of saving used in the Survey of Consumer Finances differs from the definition of personal saving in the national income series of the U. S. Department of Com- Total Total merce. Among the chief differences are the inclusion of the All Total Total selected other following items as saving in survey data: payments in connec- Disposable income spend- dispos- net durable con- tion with government life insurance and retirement funds, exgroup ing able sav- goods sumer cluding social-security payments, and the excess of premium units income ing expen- expen- payments over the increase in reserves of private life insurance ditures ditures and retirement systems. The saving concept in the national income series excludes the above items and, in addition, includes the following items not considered saving in the Consumei Under $2,000 40 16 -12 12 19 Finances Survey: depreciation on farm and nonfarm homes, $2.000-$2,999 25 20 8 23 21 changes in assets of trust funds, changes in farm inventories, $3,000-$4,999 25 32 25 35 33 and changes in personal currency holdings. In addition to the $5,000 and over 10 32 79 30 27 differences in definition listed above, the universe of the survey excludes certain groups which are included in the Commerce All income groups.. 100 100 100 100 100 saving aggregate. These excluded groups are: nonprofit institutions, persons living outside the continental United States and members of the armed forces living at military reserva- NOTE.—For definition of disposable income and for coverage of tions, residents in hospitals and other institutions, and the selected durable goods and other consumer expenditures, see floating population (residents in hotels, tourist camps, large footnotes to Table 13, p. 926. boarding houses). 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 15 POSITIVE AND NEGATIVE SAVERS: PERCENTAGE OF INCOME SAVED OR DISSAVED BY TYPE OF COMMUNITY, NUMBER OF PERSONS, AGE AND EDUCATION OF HEAD, AND BY TYPE OF SPENDING UNIT, 1947 [Percentage distribution of spending units within group] Percentage of income saved or dissaved All Groups of spending units spend- By positive savers 1 By negative savers 1 ing units Zero savers 50 and 30-49 20-29 10-19 1-9 1-9 25 and All groups 100 14 30 By type of community: Metropolitan 2 100 15 34 3 13 8 Other urban 100 15 31 7 11 10 Rural 100 12 26 13 10 By number of persons: One 100 7 12 28 16 10 6 11 Two 100 10 14 28 6 11 8 12 Three 100 7 14 34 4 10 10 7 Four 100 9 15 30 3 13 8 7 Five or more 100 6 12 33 10 12 7 7 By age of head of unit: 18-24 100 12 34 16 9 10 25-34 100 15 27 4 15 10 9 35-44 100 9 13 30 6 13 8 7 45-54 100 10 14 33 6 10 7 8 55-64 100 18 30 7 6 7 11 65 and over 100 11 30 21 4 4 14 By education of head of unit: None 100 2 17 33 25 3 Grammar school 100 7 12 33 12 10 9 High school 100 6 14 30 5 13 10 College 100 11 13 16 23 3 9 11 By type of spending unit: Primary 4 100 14 30 10 10 Related secondary 4 100 13 33 13 5 9 Unrelated secondary 4. . . 100 16 24 17 16 10 1 Positive savers are units with money incomes in excess of expenditures and negative savers, or dissavers, are units with expenditures in excess of money incomes. 2 The 12 largest cities and their suburbs. 3 Less than one-half of 1 per cent. 4 Where only one spending unit is present in a dwelling unit, this unit is a primary unit. Where two or more spending units live in a dwelling unit, one is designated the primary unit and any others as secondary units. The primary unit contains the head of the dwelling unit, while additional units are termed related secondaries if they are related by blood, marriage, or adoption to the head of the primary unit and unrelated secondaries if not related such as roomers and domestic help. elusion of certain data not entirely consistent with changes in amounts of charge accounts or back bills. the survey concept of saving. For example, interest In the interest of improving the savings data and tax payments on a house should be considered reported in the survey, the form used for pbtaining consumer expenditures but sometimes they are in- the 1947 data differs from the 1946 form, and in cluded with the amount of principal repayment turn both these forms differ from that used for when spending units indicate their mortgage pay- 1945 saving data. ments. A special effort was made to exclude in- The 1947 form differed from the 1946 form in terest and tax payments in the 1947 data. In the the following four ways: case of life insurance, the reported saving data 1. Changes in charge account and other bills outgenerally include the total amount of the premium, standing were omitted in the 1947 survey. not just the increase in cash reserves. In addition 2. A special effort was made to exclude interest to these several factors tending to overstate saving, and tax payments from mortgage payments in the there are factors that may tend to understate saving, 1947 schedule. such as inadequate recollection by some spending 3. A special effort was made to exclude mainunits of the increases in their checking and saving tenance and repair costs from the cost of additions accounts and holdings of Government bonds. The and structural improvements to homes in the 1947 1947 saving data did not make any allowance for schedule. AUGUST 1948 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES 4. Accrued interest on savings bonds was in- savers" and fewer positive and negative savers than cluded in the 1947 data. would have been obtained had the 1947 or 1946 schedules been used. The first of these changes slightly affected the comparability of the 1947 and 1946 saving estimates. METHOD OF ESTIMATING DISPOSABLE INCOME Data obtained in the survey but not included with the 1947 saving tabulation show that the 1947 For the first time in the Consumer Finances Surveys, an estimate was made of each spending unit's disposable income, defined for purposes of TABLE 16 this survey as the total money income of a spending SIZE OF CONTRACTUAL SAVING OF SPENDING UNITS WITHIN unit less its Federal income tax liability. While no SAVING GROUPS, 1947 x questions were asked in the interviews about Federal income tax payments, it was possible to roughly Percentage distribution of spending units within saving groups estimate a tax liability figure for each spending unit by taking into account the number of earners and Size of con- Positive Negative tractual saving number of dependents in each unit and by making $500 Zero $500 certain assumptions about the filing of joint returns o a v n e d r $ $ 1 4 0 9 0 9 - $ $9 1- 9 $ $ 4 1 9 - 9 o a v n e d r and deduction allowances for contributions, etc.2 The estimates thus made represented the Federal No contractual saving 10 13 15 97 23 23 tax liabilities on 1947 incomes, not the tax payments of spending units during 1947. No estimates were Contractual saving 90 87 85 3 77 76 made for State and local taxes. $1-$199 33 57 81 2 62 50 $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 2 2 5 0 25 4 3 1 0 1 1 2 3 1 5 7 The disposable income figures shown in this $l,000-$l,999 8 1 0 0 (2) 3 report therefore represent total money income less $2,000 and over. . . 4 0 0 0 (2) 1 estimated Federal tax liabilities. The disposable Not ascertained.... 0 (2) 0 (2) (2) 1 income figures differ from traditional disposable All units 100 100 100 100 100 100 income figures which are based on tax payments 1 Contractual saving includes premium payments on life insur- (not liabilities) and exclude State and local as well ance policies, payments on home mortgages, and payments to as Federal taxes. retirement funds. 8 Less than one-half of 1 per cent. In connection with the approximate estimates of figures understate by several percentage points the tax liability, certain items of information were not percentage of spending units with incomes under obtained which are necessary in order to precisely $3,000 that were dissavers. This slight understate- calculate personal income tax liability. The two ment of the percentage of dissavers would apply most important items were: (1) the existence of to any grouping of spending units by a character- dependents not living in the same dwelling unit istic that includes a large proportion of lower in- and thus not included for tax purposes (except in come unjts. some cases for children away at school), making The 1947 and 1946 data were in turn not strictly for an underestimate of total exemptions claimed; comparable with the 1945 data, but again the com- and (2) the possible understatement of deductions parability was not greatly affected. For the 1945 claimed. Some units undoubtedly claimed deducdata, no attempt was made to include consumer tions that were larger than the amounts estimated borrowing or amounts spent on home improve- for them, the survey allowance being the Treasury ments, since it was thought that the amounts in- standard deduction on incomes up to $5,000 and 10 volved in such transactions were not significant per cent of incomes above $5,000. Some units with during that particular period. Furthermore, the incomes of $5,000 and above may have also claimed method used to obtain information on unincor- less than the estimated deduction. Table 15 shows porated saving in both 1947 and 1946 was a con- the amounts of tax liability estimated for spending siderable improvement over the 1945 form, and the units within various income groups. more recent schedules covered in detail many forms The tax liability for each spending unit was estiof saving that were not separately covered in 1945. 2 Acknowledgment is made of the assistance of members of The data for 1945 probably showed more "zero the Division of Tax Research, Treasury Department, in formulating the method of estimate. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES TABLE 17 DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME, BY INCOME GROUPS OF FAMILY UNITS, 1947 Percentage distribution of family units within income groups l Positive and negative savers All Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Postive savers—total 64 39 58 64 68 67 75 85 Percentage of income saved: 50 and over 5 1 3 3 4 4 8 11 30-49 7 4 5 7 7 7 7 18 20-29 8 4 4 8 8 8 12 15 10-19 15 9 10 14 16 19 19 23 1-9 29 21 36 32 33 29 29 18 Zero savers—total 8 34 11 4 1 1 0 1 Negative savers—total2 28 27 31 32 31 32 25 14 Dissaving as a percentage of income: 1-9 11 6 10 14 14 12 12 5 10-24 8 3 8 11 10 11 8 7 25 and over 9 18 13 7 7 9 5 2 All family units 100 100 100 100 100 100 100 100 1 Based on 1947 money income before taxes. 2 Family units with expenditures in excess of money income. mated by using a standardized procedure of com- 2. Taxable income was calculated by deducting putation. The steps in the calculation were as from total'income amounts received by individual follows: income recipients from social security benefits, sickness and injury benefits, armed forces pay and 1. A table was prepared giving the amount of allowances up to the limit of their special exemptax by size of income and by number of dependents. tion, contributions for support, etc. Tax-free in- The table provided for the Treasury standard deterest was not deducted but would be received by duction for contributions, medical bills, etc., on only about 1 per cent of the income recipients. incomes up to $5,000, and a deduction of 10 per cent of taxable income (excluding items in (2) below), for incomes larger than $5,000. TABLE 19 PROPORTION OF INCOME RECEIVED BY EACH TENTH OF THE TABLE 18 NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME DISTRIBUTION OF FAMILY UNITS, AMOUNTS OF MONEY INCOME BEFORE AND AFTER FEDERAL INCOME TAX, 1947 RECEIVED, POSITIVE SAVING, NEGATIVE SAVING AND NET SAVING, BY INCOME GROUPS, 1947 Percentage of total income received by each tenth [Per cent] Spending units ranked according to size of income Money income Money income after i 1 n 9 c 4 o 7 m a e n b n e u f a o l r e m t o a n x e e y s F u a n m i i ts ly i M nc o o n m ey e sa P t v i o v i s n e i g - 1 s N a t v e iv i g n e a g - 1 sa N vi e n t g1 be i f n o c r o e m F e e d ta e x ral F (d e i d s e p r o a s l a b in le c o i m nc e o t m ax e) 1 Highest tenth 33 31 Under $1,000 13 2 1 22 -15 Second 15 15 $l,000-$l,999 18 7 4 10 -2 Third 12 12 $2,000-$2,999 20 13 8 13 5 Fourth 10 10 $3,000-$3,999 17 15 11 15 8 Fifth 9 9 $4,000-$4,999 11 13 11 13 9 Sixth 7 8 $ $7 5 , t0 5 0 0 0 0 - $ an 7 d ,4 9 o 9 ver 1 8 3 3 2 0 0 2 4 0 5 1 1 1 6 2 6 7 8 S E e ig v h en th th 6 4 6 5 Ninth 3 3 All income groups. 100 100 100 100 100 Lowest tenth 1 1 Positive saving comprises the saving of all family units with 1 Money income after deduction of estimated Federal personal money incomes in excess of expenditures, negative saving com- income tax liability. See appendix, pp. 930 to 932, for method prises the dissaving of all family units with expenditures in excess of estimating disposable income. Money income figures exclude of money incomes, and net saving (plus or minus) is positive capital gains or losses and tax estimates do not make any allowsaving less negative saving for all family units combined. ance for such gains or losses. AUGUST 1948 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES 3. In the case of spending units containing one the husband or wife, earned more than $550, sepaperson only, the tax for these units was taken rate returns were calculated from the table for each directly from the prepared table. of these additional earners, leaving all other de- 4. In the case of spending units containing a pendents with the main income receiver. husband and wife, one or both of whom were 6. Where more than one tax return was estimated income receivers, taxes were taken directly from for a given spending unit, the separate tax liabilities the table after deciding whether a joint or separate were totaled and the total was considered to be the tax return would have been made. Where the tax liability of the spending unit. income of the unit was at or beyond the level at This method of estimating taxes made no prowhich it became worthwhile to file separate returns, vision for the following: separate liabilities were estimated from the table 1. Dependents, other than children away at for husband and wife, leaving all other dependents school, not living in the dwelling unit; with the main income receiver. 2. Larger deductions than the Treasury standard 5. If additional persons in the unit, other than deduction on incomes up to $5,000 or larger or smaller deductions than 10 per cent of income on TABLE 20 incomes greater than $5,000; DISTRIBUTION OF SPENDING UNITS BY SIZE OF OTHER CON- SUMER EXPENDITURES, 1947 1 3. Tax-free interest; [Per cent] 4. Taxes on alimony received; 5. Taxes on capital gains and losses; Amount of other consumer expenditures 1947 6. Carryover of business and capital losses from Under $500 6 previous years; $500-$999 12 $l,000-$l,499.. 15 7. Allocation of income among the taxpayers in $1.500-$l,999.. 15 $2,OOO-$2,999.., 24 one unit that may differ somewhat from the survey $3,000-$3,999.. 12 $4,000-$4,999.. 5 allocation; and $5.000-$7,499.. 3 $7,500 and over 2 8. State and local income taxes which amount to Not ascertained, 6 about one-tenth of Federal personal income tax. All units.., 100 For individual spending units, taxes may have 1 Covers expenditures for goods and services other than for se- been over- or underestimated. The limitations of lected durable goods. Includes expenditures for food, housing, clothing, medical care, other living costs, State and local taxes' these tax estimates should be recognized in making recreation, transportation, and education as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and use of either the tax or disposable income data. other miscellaneous durable items. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES Revised estimates for the following segments of monthly estimates for both amounts outstanding the consumer credit series are presented in the ac- and volume of credit extended are presented in the companying tables, along with brief notes on the table on this page. type of revision made: (1) Consumer instalment ESTIMATES OF CONSUMER INSTALMENT LOANS OF credits of commercial banks, (2) Consumer instal- CREDIT UNIONS ment loans of credit unions, and (3) Single-payment loans. Total instalment loans, total instalment The monthly series on instalment loans of credit credit, and total consumer credit have also been re- unions has been revised from January 1929 to date vised to incorporate these changes in the parts. to exclude real estate mortgage loans. Since the consumer credit series conceptually includes only ESTIMATES OF CONSUMER INSTALMENT CREDITS OF short-term credit, it was desirable to remove mort- COMMERCIAL BANKS gage loans of State credit unions which have heretofore been included. Federal credit unions are for The monthly series on consumer instalment all practical purposes prohibited from making real credits at commercial banks has been revised from estate loans by the 24-month maturity clause in the January 1947 to date on the basis of the June and statute governing them. Some information on December 1947 statements of condition submitted by all insured commercial banks.1 Commercial mortgage loans was available from published State reports. In other States special inquiry of the bank holdings of consumer instalment paper as of State supervisory authorities for end-of-year infor- June 30, 1948 were raised 101 million dollars by mation was made by the Federal Reserve Board. the revision. The amount outstanding of each type New year-end figures were derived and monthly of credit except automobile paper was increased, amounts outstanding computed by distributing the while the latter was reduced slightly. Revised difference between the new and old series on a 1 For a description of method used in adjusting to call data, straight-line basis. Annual volume figures were see Federal Reserve BULLETIN, July 1947, p. 831. CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Revised estimates. In millions of dollars] AMOUNT OUTSTANDING VOLUME EXTENDED DURING MONTH Automobile Other Repair Per- Automobile Other Repair Perretail retail, and sonal retail retail, and sonal pur- mod- instal- pur- mod- instal- End of month Total chasederniza- ment Year and month Total chasederniza- ment Pur- Direct and tion cash Pur- Direct and tion cash chased loans direct loans1 loans chased loans direct loans1 loans 1947—January 1,685 181 325 299 280 600 1947—January 311 44 69 66 24 108 February 1,758 195 348 312 285 618 February 293 41 70 56 26 100 March 1,860 216 374 327 297 646 March 350 54 81 61 31 123 April 1,969 235 397 351 316 670 April 371 60 84 71 36 120 May 2,084 252 423 380 337 692 May 384 58 83 80 41 122 June 2,192 274 439 407 361 711 June 406 59 82 96 44 125 July 2,273 286 456 424 383 724 July 396 62 84 79 42 129 August 2,348 298 470 433 408 739 August 375 58 79 73 45 120 September... . 2,416 313 477 444 438 744 September 401 66 81 78 55 121 October 2,499 322 492 462 465 758 October 423 68 86 89 54 126 November 2,588 337 513 486 483 769 November 421 69 94 91 43 124 December 2,701 346 536 523 500 796 December 484 70 103 115 47 149 Total 4,615 709 996 955 488 1,467 1948—January 2,788 358 557 567 504 802 1948—January 457 71 98 118 36 134 February 2,826 372 570 570 507 807 February 398 67 89 90 35 117 March 2,932 402 601 592 518 819 March 504 89 116 102 44 153 April 3,057 430 628 629 539 831 April 521 92 111 123 52 143 May 3,137 448 648 647 555 839 Mayp 487 80 109 112 49 137 JuneP 3,231 471 668 665 571 856 JuneP 525 86 109 129 51 150 P Preliminary 1 These series include both FHA-insured loans and an unknown amount of noninsured loans. 933 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES estimated by applying to the revised December 31 ESTIMATES OF SINGLE-PAYMENT LOANS OUTSTANDING levels, ratios between annual volume and end-of- Estimates of single-payment loans outstanding year balances based on data for those States where have been revised from July 1947 to date in acboth volume and amount outstanding were known. cordance with December 1947 statements of con- A monthly series on loans made for the period dition of insured commercial banks.3 Revised fig- January 1939 to date was then derived by distributures are shown in the table appearing on pages ing annual totals in the same manner as the un- 936 and 937. revised series. A monthly volume series prior to January 1939 has never been estimated. REVISED CONSUMER CREDIT AGGREGATES Further revision was made in both the State and Federal credit union series from January 1946 for- Revisions in the segments described above affect ward on the basis of official year-end information the series on instalment loans, total instalment compiled by the Federal Deposit Insurance Corpo- credit, and total consumer credit. The June 30, ration for Federal credit unions and the Bureau of 1948 estimates for instalment loans, total instal- Labor Statistics for State-chartered credit unions.2 ment credit and total consumer credit were in- Revised estimates for January 1929 to date are pre- creased 31 million. Revised figures for these series sented in the table which begins on this page. also will be found in the table on pages 936 and 937. aFor a description of method used in adjusting to year-end 8 For a description of the procedure used in obtaining estidata, see Federal Reserve BULLETIN, July 1947, p. 833. mates of single-payment loans, see Federal Reserve BULLETIN, January 1945, p. 27. CONSUMER INSTALMENT LOANS OF COMMERCIAL BANKS AND CREDIT UNIONS [Revised estimates. In millions of dollars] Credit Unions1 Credit Unions1 Credit Unions1 Credit Unions1 Amount Amount Amount Amount Year and month out- Loans Year and month out- Loans Year and month out- Loans Year and month out- Loans stand- made stand- made stand- made stand- made ing, during ing, during ing, during'. ing, during end of period end of period end of perioc end of period month month month month 1929—January.. 21 1931—January. 22 1933—January.. 19 1935—January. . 26 February. 21 February 22 February. 18 February. 26 March.... 21 March.. 21 March.... 18 March 27 April 21 April. . . 21 April 18 April 28 May 21 May. . . 21 May 18 May 30 June 22 June... 21 June 18 June 31 July 22 July.... 21 Julv 19 July 32 August. . . 21 August. 21 August. . . 19 August. . . 33 September 22 Septembsr 20 September 19 September 34 October . . 22 October 21 October . . 19 October . . 34 November 22 November 21 November 19 November 35 December 23 December. 21 December. 20 December. 37 Total 38 Total.. 34 Total.... 32 Total.... <>7 1930—January.. 22 1932—January 21 1934—January.. 20 1936—January.. 38 February. 22 February 20 February. 19 February. 38 March.... 22 March.. 20 March.... 20 March 40 April 22 April... 20 April 20 April 42 May 22 May. . . 20 May 21 May 44 June 22 June... 20 June 22 June 46 July 22 July.... 20 July 22 July 48 August. . . 22 August. 20 August. . . 23 August. . . 49 September 22 September 20 September 23 September 51 October . . 22 October 19 October . . 24 October . . 54 November 22 November 19 November 24 November 55 December. 23 Decembcr. 19 December. 25 December. 58 Total.... 36 Total.. 31 Total 42 Total 106 1A monthly series on loans made is not available prior to 1939. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES CONSUMER INSTALMENT LOANS OF COMMERCIAL BANKS AND CREDIT UNIONS—Continued [Revised estimates. In millions of dollars] Credit Unions1 Credit Unions1 Credit Unions1 Commercial banks2 Amount Amount Year and month s e m t n o i a o n d u n n g t d o - , th - f d p m L u e o a r r a d i i n e o n s d g Year and month m e s n t o i o a d n u n n g t o d t - , h f - L d m p u o e a r r a d i i n e o n s d g Year and month s A t e m a m n o n o d u o d n t u i - o t n h n f g t , d p L m u e o r a r a i i d o n n e d g s s A t e m a m n o n o d u d o n t i u - o t n h n f g t , d p L m u e o a r r a i i d o n n e d g s 1937—January . . 60 1941—January . . 174 25 1945—January... 98 13 February. 60 February. 177 27 February.. 96 14 March.... 62 March.... 182 32 March 97 19 April 65 April 191 34 April 97 16 May 68 May 198 35 May 97 17 June.... 72 June 204 33 June 98 18 July 74 July 209 31 July 99 16 August. . 75 August. . . 210 30 August. . . . 98 16 September 78 September 210 24 September. 97 14 October . . 80 October . . 207 25 October. . . 97 17 November 81 November 204 23 November. 99 19 December. 83 December. 200 25 December.. 103 20 Total.... 150 Total.... 344 Total. 1938—January.. 83 •2—January. . 189 20 1946—January... 102 16 February 85 February 183 20 February. . 104 16 March... 86 March... 181 28 March 107 20 April.. .. 89 April 175 21 April 111 21 May 92 May 170 20 May 116 23 June.... 96 June 165 22 June 122 24 July 97 July 160 20 July 126 24 August. . 97 August. . . 153 18 August.... 130 26 September 97 September 148 17 September. 135 a> October . 98 October 140 16 October. . . 141 Novembe 100 November 134 15 November. 146 29 December, 103 December. 130 19 December.. 153 28 33 Total... 176 Total.... 236 Total... 286 1939—January. 103 15 1943—January.. 122 12 7—January. . . 154 28 1,006 189- February 104 16 February. 117 14 February. . 158 28 1,052 184 March... 108 21 March.... 118 23 March 164 33 1,110 220 April.... 111 20 April 113 15 April 170 33 1,160 218 May.... 116 21 May 110 15 May 177 36 1,211 219= June.... 121 23 June.. 110 20 June 186 37 1,248 222 July 123 19 July... 107 16 July 194 38 1,278 227 August. . 126 20 August 106 15 August.... 200 36 1,307 213 September 129 19 September 106 18 September. 204 35 1,320 216 October . 130 20 October . 104 16 October 208 39 1,350 228 November 132 20 November 103 16 November. 215 39 1,383 233 December. 135 23 December, 104 21 December.. 225 46 1,435 267 Total... 237 Total.... 201 Total. 2,636 1940—January. 135 19 1944—January.. 101 13 1948--January... 227 38 1,462 247 February. 136 21 February. 99 15 February.. 230 38 1,483 221 March... 143 26 March.... 103 22 March 241 48 1,530 286 April.. . . 147 26 April. . 100 13 April 252 50 1,570 269 May. ... 153 28 May. . 100 17 May? 260 47 1,597 258 June.... 159 27 June.. 101 19 JuneP. . . . 274 55 1,634 274 July 163 26 July 100 16 August. . 167 26 August. . . 100 17 September 169 23 September 100 16 October . 170 25 October . . 98 15 Novembei 171 23 November 98 16 December. 174 27 December 100 19 Total.. Total P Preliminary. 1 A monthly series on loans made is not available prior to 1939. 'These figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans; they do not include purchased paper or repair and modernization loans. 935 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES TOTAL CONSUMER CREDIT [Estimated amounts outstanding. In millions of dollars] Total Total Total Single Total Total Total Single End of month s c u o m n e - r i m ns e t n a t l- i m ns e t n al t - m pa e y n - t End of month su co m n e - r i m ns e t n a t l- i m ns e t n al t - m pa e y n - t credit credit loans l loans credit credit loans l loans 1929—January 6,642 2,601 514 1935—January.. . 4,272 1,840 549 February 6,578 2,557 520 February.. 4,248 1,842 557 March 6,710 2,613 530 March. . . . 4,366 1,908 571 April 6,890 2,737 540 April 4,535 2,018 591 May 7,077 2,880 553 May 4,633 2,123 614 June ,225 3,008 569 June 4,762 2,221 642 July ,263 3,099 580 July 4,813 2,309 673 August ,337 3,161 585 August... . 4,890 2,387 704 September ,428 3,165 591 September. 4,991 2,429 732 October ,505 3,186 603 October.. . 5,094 2,468 759 November 7,466 3,150 618 November. 5,206 2,519 783 December 7,628 3,158 643 December. 5,432 2,620 815 1930—January 7,311 3,018 643 1936—January... 5,340 2,607 840 February 7,103 2,903 640 February.. 5,333 2,606 865 March 7,075 2,864 642 March.... 5,480 2,710 902 April ,090 890 648 April ,680 2,862 931 May 7,062 879 652 May ,910 3,021 954 June 7,035 891 650 June 6,040 3,153 959 July 6,914 873 656 July 6,116 3,253 973 August 6,849 840 653 August.... 6,207 3,318 995 September... , 6,844 797 650 September. 6,347 3,360 1,016 October 6,821 2,763 651 October. .. 6,479 3,385 1,036 November..., 6,742 2,694 651 November. 6,552 3,400 1,054 December. . . . 6,821 2,688 656 December. 6,788 3,518 1,082 1931—January.. . 6,513 2,576 650 1937—January.. . 6,632 3,471 1,094 February.. • 6,301 2,482 644 February.. 6,591 3,442 ,108 March 6,215 2,428 634 March.... 6,747 3,538 ,132 April , 6,173 2,433 633 April 6,903 3,668 ,153 May 6,123 2,444 635 May 7,085 3,809 ,170 June , 6,043 2,444 634 June 7.229 3,937 ,184 July 5,879 2,422 637 July 7,263 3,998 ,193 August 5,756 2,382 630 August... . 7,348 4,046 ,196 September., 5,702 2,336 624 September. 7,435 4,053 ,199 October 5,630 2,294 625 October.. . 7.475 4,033 ,200 November.. 5,488 2,224 614 November. 7,443 3,976 ,197 December. . 5,518 2,204 609 December. 7,481 3,961 ,209 1932—January 5,204 2,097 602 938—January.. . 7,157 3,814 ,195 February 4,978 1,998 591 February.. 6,934 3,683 ,180 March 4.854 1,921 586 March.... 6.880 3,630 ,186 April 4,740 1,870 581 April 6,857 3,609 ,197 May 4,637 1,830 578 May 6.813 3,589 ,205 June 4,532 1,794 568 June 6.789 3,571 ,222 July 4,346 1,722 560 July 6,672 3,522 ,228 August 4,239 1,673 551 August... . 6,670 3,515 ,237 September 4,196 1,629 544 September. 6,721 3,493 ,250 October 4,139 1,587 532 October. . . 6,742 3,480 ,258 November 4,053 1,543 528 November. 6,820 3,498 ,267 December 4,085 1,518 519 December. 7,055 3,603 ,290 1933—January.. . 3,882 1,464 509 939—-TJaanuary. 6,855 3,563 ,302 February.. 3,746 1,415 499 February 6,783 3,538 ,313 March 3,686 1,377 485 March. 6,863 3,606 ,338 April 3,659 1,383 482 April 6,962 3,700 ,369 May 3,663 1,419 478 May 7,114 3,839 ,408 June 3,671 1,461 473 June 7,225 3,960 ,451 July 3,626 1,485 470 July 7,224 4,024 ,487 August 3,659 1,534 469 August... . 7,309 4,093 ,522 September. 3,733 1,563 467 September. 7,477 4,142 ,557 October 3,790 1,584 465 October.. . 7,610 4,229 ,596 November., 3,791 1,577 463 November. 7,689 4,294 ,624 December. . 3,912 1,588 466 December. 7,982 4,437 ,645 1934—January 3,784 1,546 464 940—January.. . 7,799 404 ,664 February 3,736 1,527 461 February.. 7,706 393 ,682 March 3,793 1,550 464 March.... 7,808 4,473 ,715 April 3,878 1,608 468 April 7,934 ,599 ,739 May 3,966 1,678 475 May 8,112 4,761 ,783 June 4,031 1,734 482 June 8,270 4,895 ,829 July 4,027 1,769 489 July 8,264 4,982 ,854 August 4,069 1,800 499 August... . 8,347 5,053 1,889 September 4,140 1,805 507 September. 8,475 5,077 1,913 October 4,218 1,832 521 October... 8,629 5,158 1,932 November 4,233 1,831 529 November. 8,761 5,235 1,950 December 4,389 1,860 543 December. 9,131 5,433 1,983 1 These figures include revised estimates for commercial banks and credit unions shown in the table on page 934. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES TOTAL CONSUMER CREDIT—Continued [Estimated amounts outstanding. In millions of dollars] Total Total Total Single Total Total Total Single End of month s c u o m n e - r i m ns e t n a t l- i m ns e ta n l t - m pa e y n - t End of month s c u o m n e - r i m ns e t n a t l- i m ns e t n al t - m pa e y n - t credit credit loans l loans credit credit loans x loans 1941—January .. 8,930 5,395 2,002 1945—January 5,458 1,945 1,168 February 8,896 5,429 2,019 February 5,315 1,901 1,160 March. 8 998 5 501 2 048 March 5 574 1,925 1,194 April 9 305 5 741 2 099 April 5,454 1,922 1,199 May 9,632 5,991 2,147 May 5,510 1,934 1,216 June 9 871 6 157 2 184 June 5,661 1,960 1,241 July 9,923 6,247 2,212 July 5,603 1,967 1.255 August 10 074 6 348 2 232 August 5 576 1 963 ,257 September . . 10,090 6,231 2,224 September 5,607 1,987 1,270 October 9,978 6,109 2,201 October 5,889 2,061 L,307 November 9 827 5 971 2 175 November 6 212 2 165 1,360 December . . .. 9 878 5 903 2 159 December 6,613 2,340 1,437 1942—January 9 516 5 599 2 093 1946—January 6 404 2 339 L,462 February .... 9,145 5,336 2,041 February 6,509 2,380 1,501 March 8,971 5,110 2-009 March 6,963 2,478 1,573 April 8 724 4 881 I 965 April 7,347 2,623 1,666 May 8,302 4,603 1,901 May 7,586 2,756 1,752 June 7 856 4 316 L 844 June 7 884 : 2 875 1,840 July .... 7,342 4,030 1,787 July 8,010 2,993 .923 August 7 042 3 740 L 711 August 8 354 3 137 2 013 September 6 879 3 504 L 644 September 8,623 3 259 2,082 October ; 6,727 3 264 L 563 October 8,992 3,428 2,167 November 6 486 3 063 I 494 N o vem ber 9 512 3 616 2 258 December . 6,461 2,931 1,440 December 10,134 3,944 2 ,386 1943—January 6 002 2 673 361 1947—January 10 007 4 031 2,465 February 5,780 2,481 ,293 February 10,009 4,146 2,538 March. ., 5,637 2,340 .272 March 10,377 4,327 2,632 April 5 528 2 245 1 228 April 10,634 4 539 2,727 May 5 361 2 140 1 187 May 10,942 4,747 2,819 June.. . ... 5,343 2 076 1,181 June 11,244 4,933 2,897 July 5,106 1,991 1,154 July 11,321 5,063 2,971 2,549 August . .. 5 020 1 941 1,136 August 11,454 5,198 3,031 2,581 September 5,107 1,914 1,130 September 11,708 5,314 3,057 2,609 October 5 205 1 890 1 114 October . . 12,084 5,490 3,120 2,647 November . ... 5 293 1 879 1,104 November 12,671 5,765 3,214 2,680 December 5,315 1,938 1,124 December 13,423 6,189 3,350 2,702 1944—Tanuarv 4 967 1 836 1 094 1948—January 13 096 6 219 3 401 2,713 February 4,813 1,784 1,079 February 12,978 6,284 3,449 2,705 March. 4,995 1,802 1,107 March 13,423 6,533 3,547 2,689 April 4 984 1 785 1 096 April 13 627 6 769 3,632 2,665 May.. .... 5 094 1 797 1,098 Mayp 13,818 6,963 3,705 2,660 June 5,164 1,818 1,112 June** 14,149 7,192 3,793 2,662 July 5,094 1,823 1,118 August 5,142 1,828 1,120 September 5,215 1,844 1,125 October 5 362 1 867 1 124 November 5,549 1,903 1,131 December 5,754 2,012 1,177 1 These figures include revised estimates for commercial banks and credit unions shown in the table on page 934. 937 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT1 by DAVID L. GROVE AND JOHN EXTER On June 15, 1948, a Bill creating a Central Bank years been vested in the Philippine Treasury, which of the Philippines and reorganizing the monetary has had authority to issue Treasury certificates system of the country was signed by President backed 100 per cent by silver coins and United States Quirino and became law. The legislation brings dollars. In practice these certificates have for some to an end the rigid 100 per cent reserve currency time been issued almost exclusively against dollars. system which has been in effect in the Philippines, The Treasury has been obliged to buy and sell with only relatively minor changes, since 1903, dollars on demand at exchange rates based on the and replaces it by a modern flexible currency system par value of the peso, which was fixed by law at in which monetary authority and responsibility 50 United States cents. Thus, in effect, the Philipwill rest in a central bank. The new legislation pines has been on a dollar exchange standard with represents a consummation of Philippine aspirations a 100 per cent dollar reserve requirement against for an independent currency system under which its note issue. The supply of currency has rethe peso will remain stable in relation to, and freely sponded almost automatically to the dollar surpluses convertible into, the dollar, but under which the and deficits in the international balance of paymoney supply will be more responsive to the domes- ments of the Philippines, irrespective of whether tic needs of the economy. The establishment of the response had a beneficial or harmful effect such a system was recommended by the Joint Philip- on the domestic economy. Moreover, the 100 per pine-American Finance Commission in June 1947.2 cent reserve system has tended to immobilize need- The Central Bank, which will be a Government lessly a part of the official international reserves institution, will have a monopoly of currency issue of the country. Dollar reserves have had to be and will have broad regulatory authority over the maintained even against the hard core of notes credit and exchange operations of the banking sys- that was always needed to finance domestic transtem. It will have responsibility for developing actions and that would never be presented for conand maintaining a market for Government securi- version into dollars to finance remittances or payties and will, in addition, act as general fiscal agent ments abroad. of, and financial adviser to, the Government. The Whatever flexibility has existed in the Philip- Central Bank will be a "bankers' bank" and will pine monetary system has been provided by the not deal directly with the public, except in the credit operations of the commercial banks. AL course of its open-market operations. The Bank though the banks have been required by law to will commence business as soon as its governing maintain a cash reserve "in lawful money of the board has been appointed and its capital paid in. Philippines or of the United States" equal to only The new legislation should be viewed against 18 per cent of their demand deposits and 5 per cent the background of the 100 per cent reserve currency of their savings deposits,3 the volume of their credit system which it supersedes and of the financial en- operations has been narrowly restricted by the vironment in which the Central Bank will operate. following two factors. First, unlike the practice in the United States, the THE 100 PER CENT CURRENCY RESERVE SYSTEM bulk of monetary payments in the Philippines is The Philippines has never before had a central made in cash rather than by check. As a result, bank. Except for limited issue of notes by two whenever the banking system expands credit, the commercial banks, the power of issue has for loss of cash reserves to the public is much heavier than in countries where checks are more commonly 1 At the request of the Philippine Government, the Board of Governors of the Federal Reserve System made the services of used. Mr. Grove and Mr. Exter available to assist the Philippine authorities in the formulation of this Act. Mr. Grove and Mr. Second, the Philippines has such a high pro- Exter are economists in the Board's Division of Research and pensity to import that a large percentage of any Statistics. 2 Report and Recommendations of the Joint Philippine- American Finance Commission, June 7, 1947 (H. Doc. No. 390, 3 The reserve against savings deposits could be held in Philip- 80th Cong., 1st sess.). pine or United States Government Bonds, as well as in cash. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT expansion of the money supply is likely to be adequate accommodation from the banks because used for additional importation from abroad, prin- of their limited credit potential. As a result, the cipally from the United States. To the extent that Government had to borrow dollars in order to obimporters draw down their deposit balances in or- tain pesos with which to finance local expenditures. der to buy dollars from the banks, the banks lose When a system requiring a 100 per cent reserve reserves and the capacity of the banking system to against the note issue is applied to a growing econextend credit is reduced. omy, it may logically be expected to impart to it The restrictive effects of these factors on bank a consistent deflationary bias. In order to create credit expansion have been intensified by the ab- the larger money supply required for an increasing sence of a central bank. The Philippine branches population and an ever-expanding domestic trade, of foreign banks have needed central bank credit it would be necessary for the country to have facilities less than the other banks, because they a persistently active balance of payments, which could ordinarily seek accommodation from their in itself would be a costly luxury for an underhead offices when in need of funds. For the do- developed economy. It would be difficult to demmestic banks, however, the absence of a central onstrate conclusively, however, that the operation bank has meant that each bank has had, in effect, of the system in the Philippines was a major deterto rely exclusively on its own resources. In these rent to the full development of the country's ecocircumstances, reasonable standards of precaution nomic potentialities in the prewar period. Except have required Philippine banks to maintain larger for the exchange crisis of 1920 and 1921, which can excess reserves and more liquid portfolios than be blamed on a violation of the system rather than would have been necessary had central bank credit on the system itself, there was never any real threat been available. For these reasons, Philippine banks, of a breakdown of the Philippine monetary system. in the aggregate, ordinarily have held reserves which On the other hand, some of the more serious dewere two to three times the legally required mini- pressing effects of the system were undoubtedly mum. obscured by such favorable factors as the free ac- No agency has had responsibility for seeing to it cess of Philippine products to the protected Amerithat the supply of money responded to the needs can market, the continuous expenditures of United of the economy. The Philippine National Bank, States Government agencies in the Islands, and which is a Government-owned commercial bank, the remission to the Philippines by the United has had inadequate resources and powers to under- States Government of taxes paid by American take the responsibility, even if it had been so manufacturers on the processing of sugar and cococharged. The Government itself might have en- nut oil of Philippine origin. deavored to regulate the money supply by the exer- Now that the Philippines is independent many of cise of its fiscal powers, but has not done so; in any the economic benefits resulting from the association event, fiscal measures would have been difficult to with the United States will gradually disappear. employ in a country without a well developed tax United States Government payments in the Islands system and a well organized government securities are scheduled to decline after 1950. After 1974 market. Thus, movements in the money supply Philippine products will be subject to the full of the Philippines have been the uncoordinated American tariff. These factors alone may subject product of the country's international balance of the economy to pressures which will severely test payments and of the diverse credit activities of its inherent strength. Moreover, the greater part the banking system. of the task of reconstructing and developing the Another disadvantage of the system, given the Philippine economy lies ahead. In these circumlimited ability of the Government to borrow do- stances it could hardly be expected that the Philipmestically, was that it tended to obscure the dis- pine Government would retain a monetary system tinction between domestic currency requirements whose excessive rigidity might delay its program and foreign currency requirements. This became of reconstruction and development or might departicularly apparent when the Government was prive it of any effective defense against the dofaced with a budgetary deficit last year; it was un- mestic consequences of world economic fluctuations. able to sell its securities because of the absence There are many who point out that the 100 -of a securities market, and was unable to get per cent reserve system guarantees the international AUGUST 1948 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT stability and convertibility of the peso and serves terms of the Executive Agreement between the to attract foreign capital. The new monetary sys- United States and the Philippines, pursuant to the tem recognizes the value of the'se objectives but is Philippine Trade Act of 1946, the Philippine Govdesigned to achieve them without needlessly sacri- ernment has agreed that, until July 3, 1974, "the ficing domestic monetary stability and orderly eco- value of Philippine currency in relation to the nomic development. United States dollar shall not be changed, the convertibility of Philippine pesos into United States THE NEW MONETARY SYSTEM dollars shall not be suspended, and no restrictions The Central Bank Act is an integrated body of shall be imposed on the transfer of funds from the provisions defining the monetary system of the Philippines to the United States except by agree- Philippines and establishing the Central Bank ment with the President of the United States." In to administer it. It declares the principal objectives effect, this means that, for the life of this Agreement, of the Bank to be to maintain monetary stability the Philippines cannot change the dollar value of within the Philippines, to preserve the international its currency nor adopt exchange controls without stability and convertibility of the peso, and to prothe approval of the President of the United States. mote orderly growth in production, employment, The legislation is also in complete harmony with and real income. the Articles of Agreement of the International Since monetary authority in most countries is Monetary Fund, of which the Philippines is a divided between the Treasury and the central bank, charter member. it has been customary to have currency legislation distinct from central bank legislation. This is un- ORGANIZATION OF THE CENTRAL BANK necessary in the Philippines because all monetary The Central Bank will be a Government-owned authority and responsibility are to be vested in the institution with a capital of 10 million pesos.5 The Central Bank; consequently, all necessary legal pro- Bank will be headed by a "Monetary Board" convisions concerning the currency have been incorposisting of seven members, one of whom will be the rated in the Central Bank Act. chief executive of the Bank and will bear the title The Act provides that the Philippine peso shall of "Governor." The Secretary of Finance, the continue to be equal by law to 50 United States President of the Philippine National Bank, and the cents, but it goes further than former legislation by Chairman of the Board of Governors of the Realso defining the peso in terms of gold. It prohabilitation Finance Corporation will be ex-ofEcio vides that the Central Bank shall have a monopoly members of the Monetary Board. The other four of the issue of currency and may issue notes and members, including the Governor, will be apcoins in exchange for any assets which it is legally pointed for six-year terms by the President of the authorized to acquire.4 Republic. The Governor of the Bank must be of The Central Bank will not be required, as the recognized competence in the field of banking, and Treasury has been, to hold the official internathe other three appointive members must be of tional reserve exclusively in dollars; gold and forrecognized competence in the economics of bankeign currencies other than dollars may also be ining, finance, commerce, agriculture, or industry. cluded. Nevertheless, the Act will not in practice It should be noted that none of the appointive memtake the Philippines off the dollar exchange standbers will be chosen on a regional or functional ard. Practically all Philippine trade and other basis, as is provided in many central bank laws. international transactions have long been conducted The members are to represent the public interest in on a dollar basis and are expected to continue to the broadest sense of the term and are not to be be so conducted in the future. spokesmen for special groups. The legislation explicitly recognizes the validity The Secretary of Finance will preside at the of all international agreements entered into by the meetings of the Board, but will have no special Philippines which affect its currency. Under the powers in the determination of policy or in the * All Philippine notes and coins now in circulation will be- administration of the Bank. The principal reason come a liability of the Central Bank. In return for assuming this liability the Central Bank will acquire the bulk of the assets for placing the Secretary of Finance on the Moneof the Treasury Certificate Fund and the Exchange Standard Fund, which are the two Funds in which the Philippine Treasury has kept the monetary reserves. These Funds will be liqui- 5 To be obtained from the Exchange Standard Fund when it dated. is liquidated. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT tary Board is to promote an effective coordination placed in the Treasury or in some other Governof monetary and fiscal policies. As a member of ment agency. The principle behind such separation the Monetary Board, the Secretary of Finance will has generally been that central banks should be share responsibility for central bank policy. Con- subject to the same sort of scrutiny and examinaflict with the Government is one of the obstacles tion as commercial banks and that, accordingly, a over which central banks have stumbled and come separate agency should be given responsibility for to grief in many countries. The origin of much of examining all banks, including the central bank. the trouble frequently has been in central bank In practice, the application of this principle has frelegislation which endeavored to make central bank quently led to conflict between the central bank and policy completely independent of the national eco- the superintendent of banks over their respective nomic policies of the Government. The Philip- roles in regulating the activities of commercial and pines hopes to avoid such conflict by making all savings banks and over the central bank's right of of the members of the Monetary Board subject access to data obtained by the superintendent. As to governmental appointment and by having the a result of such conflicts and, perhaps even more Secretary of Finance participate in, but not domi- important, as a result of the general trend toward nate, the formulation and execution of monetary greater central bank control over the credit and expolicy. change operations of the banking system, there has The Governor is the only member of the Board been a growing recognition that the character and who is required to devote all of his time to the scope of commercial and savings bank examination Bank. The Law provides that he shall formulate should be distinct from those of central bank examithe policies of the Bank for the approval of the nation. The Philippine legislation is in keeping Monetary Board, shall direct the operations and with this trend. Inspection of the Central Bank internal administration of the Bank, and shall rep- itself is to be made by a special auditor appointed resent the Board and the Central Bank in deal- by the Auditor General of the Philippine Governings with third parties. In emergencies, the Gov- ment. ernor, with the concurrence of the Secretary of Finance or in the absence of the Secretary with the GUIDING PRINCIPLES OF CENTRAL BANK ACTION concurrence of any two other members of the In order to make possible the effective execution Monetary Board, may decide any matter or take of appropriate monetary policies, the instruments of any action within the authority of the Board itself. action given to the Central Bank under its charter The Governor will be assisted in the performance are both large in number and flexible in design. of his duties by a Deputy-Governor, appointed by The Law recognizes, however, that in a country him with the approval of the Board. without a well-established body of tradition in the In recognition of the discretionary judgment field of central banking, there is a danger that the which must be exercised by the Monetary Board, use of such instruments will be ill-timed and conthe Act provides for the establishment of a Depart- trary to the intent which prompted their inclusion ment of Economic Research which will play an im- in the law. portant role in the formulation of monetary and As a partial safeguard against this danger, the banking policy. The chief of the research depart- third chapter of the Act prescribes the basic ment will attend meetings of the Board, with the guiding principles of monetary management which right to be heard but without the right to vote. the Central Bank is expected to follow. Similarly, All functions of bank examination and supervi- the sections in Chapter IV, which define the indision will be placed under a department of the Bank vidual instruments of Central Bank action, in most to be called the "Department of Supervision and cases include an introductory comment on the gen- Examination," which will be headed by a "Super- eral circumstances under which the particular inintendent of Banks." These functions were for- strument or authority is, or is not, to be used. These merly exercised by the Bureau of Banking in the guiding principles are not intended to provide a Department of Finance. Assigning the functions ready answer to the problems which will confront of bank examination and supervision to the Central the Bank. Their purpose is the modest one of pro- Bank represents a departure from the practice of viding some sort of orientation to clarify the intent many countries, in which bank examination is of the Law with respect to the use of the powers AUGUST 1948 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT contained therein. The statements of principle "(b) Submit to the President of the Philippines, should be especially useful in strengthening the and make public, a detailed report which shall inposition of Board members in carrying out anti- clude, as a minimum, a description and analysis of: inflationary policies over the protests of groups "(1) The causes of the rise or fall of the money pressing for easy money policies. supply or of prices; The guiding principles are divided into two "(2) The extent to which the changes in the parts. The first is concerned with the Central money supply or in prices have been re- Bank's responsibility for maintaining domestic flected in changes in the level of domestic monetary stability, the second with its responsibility output, employment, wages and economic for maintaining the international stability of the activity in general, and the nature and sigpeso. While the Law treats the problems of domes- nificance of any such changes; and tic and international monetary stabilization sepa- "(3) The measures which the Monetary Board rately, it recognizes their close interrelation. has taken and the other monetary, fiscal or Domestic monetary stabilization. It has already administrative measures which it recombeen observed that the fundamental weakness of mends be adopted." the former monetary system was that it did not re- The Board is required to prepare such a report, spond effectively to the domestic needs of the moreover, whenever the money supply increases or Philippine economy. The Central Bank Act, on decreases by more than 15 per cent, or whenever the other hand, is particularly concerned with this the cost of living index increases by more than 10 problem, but at the same time recognizes that a per cent, in relation to the level existing at the end flexible domestic monetary policy must take into of the corresponding month of the preceding year, consideration possible repercussions on the interand in the report the Board must state whether, in national economic position of the country. The its opinion, the changes in the money supply or in Central Bank's responsibilities with respect to this the cost of living represent a threat to the stability problem are as follows (Section 64): of the Philippine economy or of important sectors "The Monetary Board shall endeavor to control thereof. any expansion or contraction in the money supply, International monetary stabilization. The Central or any rise or fall in prices, which in the opinion Bank Act recognizes the importance to the Philipof the Board is prejudicial to the attainment or pines of continuing to maintain an internationally maintenance of a high level of production, employ- stable and convertible peso, and states explicitly in ment, and real income. In adopting policies and Section 67 that: measures in accordance with this principle the "The Central Bank of the Philippines shall exer- Monetary Board shall have due regard for their cise its powers under this Act to maintain the par effects on the availability and cost of money to par- value of the peso and the convertibility of the peso ticular sectors of the economy as well as to the into other freely convertible currencies." economy as a whole, and their effects on the rela- Toward this end, the Act provides, in Section 68, tionship of domestic prices and costs to world prices that: and costs." "the Central Bank shall maintain an international The broad directive just quoted is followed, in reserve adequate to meet any foreseeable net de- Section 66, by an outline of the procedures which mands on the Bank for foreign currencies. In the Monetary Board shall take "whenever abnorjudging the adequacy of the international reserve,, mal movements in the money supply or in prices the Monetary Board shall be guided by the prospecendanger the stability of the Philippine economy or tive receipts and payments of foreign exchange by important sectors thereof/' In such circumstances, the Philippines. The Board shall give special atthe Board shall: tention to the volume and maturity of the Central "(a) Take such remedial measures as are appro- Bank's own liabilities in foreign currencies, to the priate and within the powers granted to the Mone- volume and maturity of the foreign exchange assets tary Board and the Central Bank under the provi- and liabilities of other banks operating in the sions of this Act; and Philippines and, insofar as they are known or can 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT be estimated, the volume and maturity of the for- The procedures to be followed whenever the eign exchange assets and liabilities of all other per- international stability of the peso is threatened are sons and entities in the Philippines." provided in Section 70 of the Act: The international reserve may consist of gold, "Whenever the international reserve of the Cenforeign exchange, and foreign government securi- tral Bank falls to an amount which the Monetary ties having maturities of not more than five years. Board considers inadequate to meet the prospective The Board is instructed to "endeavor to hold the net demands on the Central Bank for foreign curforeign exchange resources of the Central Bank in rencies, or whenever the international reserve apfreely convertible currencies" and to "give particu- pears to be in imminent danger of falling to such a lar consideration to the prospects of continued level, or whenever the international reserve is fallstrength and convertibility of the currencies in ing as a result of payments or remittances abroad which the reserve is maintained, as well as to the which, in the opinion of the Monetary Board, are anticipated demand for such currencies." The spe- contrary to the national welfare, the Monetary cial conditions under which inconvertible curren Board shall: cies may be acquired by the Central Bank are dis- "(a) Take such remedial measures as are approcussed later in this article. priate and within the powers granted to the Mone- The Act does not establish any required ratio tary Board and the Central Bank under the provibetween the Bank's international reserve and its sions of this Act; and note and deposit liabilities. The usual purpose be- "(b) Submit to the President of the Philippines hind such reserve requirements in the legislation a detailed report which shall include, as a miniof other countries has been to place a limit on cenmum, a description and analysis of: tral bank credit expansion. The strict observance of these requirements in periods of crisis, however, "(1) The nature and causes of the existing or imwould frequently defeat the purpose of central minent decline; bank reserves, which is to provide resources for "(2) The remedial measures already taken or to financing temporary deficits in the country's inter- be taken by the Monetary Board; national balance of payments, and might obstruct "(3) The further monetary, fiscal or administrathe bank in the discharge of its responsibility as tive measures proposed; and "lender of last resort." In practice, therefore, the "(4) The character and extent of the co-operation requirements have usually either been lowered or required from other Government agencies suspended whenever they blocked, or threatened to for the successful execution of the policies of block, central bank action.8 Experience has also the Monetary Board. demonstrated that movements in the traditional re- "If the resultant actions fail to check the deteserve ratio cannot serve as a sound guide to central rioration of the reserve position of the Central bank policy. Attempts have been made in recent Bank, or if the deterioration cannot be checked ex- Latin American legislation to provide mechanical cept by chronic restrictions on exchange and trade reserve ratios of a different sort, relating the intertransactions or by sacrifice of the domestic objecnational reserve to sales of exchange during some tives of a high level of production, employment preceding period or to movements in the money and real income, the Monetary Board shall propose supply, or to some combination of the two, but, to the President such additional action as it deems unfortunately, even such refined ratios are unlikely necessary to restore equilibrium in the international to serve as an adequate guide to appropriate central balance of payments of the Philippines. bank policy. In recognition of the foregoing, the Philippine Central Bank Act leaves the question of "The Monetary Board shall submit periodic rethe adequacy of the international reserve of the ports to the President until the threat to the inter- Bank to the judgment of the Monetary Board and national monetary stability of the Philippines has merely lays down broad guiding principles to be disappeared." followed in the exercise of that judgment. The measures taken in accordance with the pro- 8 See "Gold and Foreign Exchange Reserve Requirements of visions of subsection (a) above to check the dete- Foreign Central Banks," Federal Reserve BULLETIN, January rioration in the reserve position of the Central 1948, pp. 33-38. AUGUST 1948 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT Bank may consist of direct restrictions on exchange The administrative procedure for changing the operations or of indirect measures designed to con- par value of the peso is as follows: The Monetary tract the money supply, in order thereby to reduce Board, with the concurrence of at least five of its the demand for foreign currencies. The choice be- seven members, must first propose such action to tween exchange restrictions and a deflationary the President, who may, if he deems it advisable, monetary policy, and among various combinations take such action after having obtained the approval of the two, will depend on the circumstances pre- of Congress (except in grave and urgent circumvailing at the time. The Law does not give domes- stances, in which case the President may act without tic monetary stability priority over international such approval but must then report on his action stability, nor vice versa. In some circumstances to Congress at the earliest opportunity). the Monetary Board might consider the hardships Any action to change the par value of the peso of a temporary deflation to be more than counter- (or to apply exchange controls) would also be subbalanced by the undeniable long-run advantages ject, of course, to the conditions imposed by the of free convertibility; at other times, deflation Executive Agreement pursuant to the Philippine might be too bitter a medicine. Trade Act and by membership in the International The situation envisaged in the next to the last Monetary Fund. paragraph of Section 70 is that of a fundamental INSTRUMENTS OF CENTRAL BANK ACTION conflict between the objectives of domestic and international monetary stability which would re- The specific instruments of action available to quire consideration of revaluation. The conditions the Central Bank include operations in gold and under which a change in the par value of the peso foreign exchange, lending to banks and the Govis authorized under the Act are stated in detail ernment, open-market operations, control of bank in Section 49, as follows: reserve requirements, and selective regulation of bank credit operations. These powers, as will be "The par value of the peso shall not be altered apparent from the following discussion, are flexible except when such action is made necessary by the in design. This seems particularly desirable in an following circumstances: economy in which Government fiscal operations "(a) When the existing par value would make are unlikely to exert appropriate countercyclical impossible the achievement and maintenance of a influences, at least for some time to come, and high level of production, employment and real in- which, because of its extreme dependence on the come without: exportation of a few basic products, is sensitive to "(1) The depletion of the international reserve of changing business conditions abroad, especially in the Central Bank; or the United States. "(2) The chronic use of restrictions on the con- During the first few years of the Central Bank's vertibility of the peso into foreign currencies existence, large export proceeds and large United or on the transferability abroad of funds States Government payments to the Philippines from the Philippines; or will probably prevent the money supply from fall- "(3) Undue Government intervention in, or re- ing, and may even increase it. In such a period striction of, the international flow of goods the Bank may wish not only to restrict its own and services; or credit operations quite narrowly but also to limit "(b) When uniform proportionate changes in par the expansion of credit by the commercial banks values are made by the countries which are mem- through the use of its powers over their credit bers of the International Monetary Fund; or operations. At a later time, these powers could "(c) When the operation of any executive or in- be used in a different direction to counteract deternational agreement to which the Republic of pressive forces. the Philippines is a party requires an alteration in Operations in gold and foreign exchange. The Centhe gold value of the peso." tral Bank may buy and sell gold, regulate all deal- It should be noted that the existence of any of ings in gold, and require at any time that gold the conditions enumerated does not make a modi- holdings of all persons or entities be delivered fication of the par value obligatory, under the terms to the Bank. The Bank may engage in foreign of this Act, but merely permissible. exchange transactions with Philippine banks, Philip- 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT pine Government agencies, foreign and interna- foregoing considerations, the Central Bank Act tional financial institutions, and foreign govern- states (Section 75) that: ments, but not with the general public. In order "The Central Bank shall avoid the acquisition to maintain the convertibility of the peso, the Cenand holding of currencies which are not freely tral Bank is required, however, to buy any quanconvertible, and may acquire such currencies in tity of foreign exchange offered to it, and sell any an amount exceeding the minimum balance necesquantity demanded from it, by any bank operating sary to cover current demands for said currencies in the Philippines, provided that the currency ofonly when, and to the extent that, such acquisition fered or demanded is freely convertible into gold is considered by the Monetary Board to be in the or United States dollars. national interest. The Monetary Board shall deter- Notwithstanding the obligation just described, in mine the procedures which shall apply to the order to protect the international reserve of the acquisition and disposition by the Central Bank Central Bank during an exchange crisis and to give of foreign exchange which is not freely utilizable the Monetary Board and the Government time in in the international market." which to take constructive measures to combat such a crisis, the Board, with the concurrence of at least The Monetary Board will fix the rates at which £.vc of its seven members and with the approval the Central Bank will buy and sell foreign exof the President of the Republic, may temporarily change, but the rates for spot exchange may not suspend or restrict sales of exchange by the Central differ from the legal parities by more than one-half Bank and may subject all transactions in gold and per cent, unless in any given case a greater diverforeign exchange to license by the Bank. It is gence from the legal parity exists in foreign marunlikely that this authority will be exercised within kets. The rates applicable to nonspot exchange the foreseeable future because of the presently fa- transactions of the Central Bank may not differ vorable balance of payments and the extraordi- from the spot rates by more than the additional costs narily high level of the international reserve. The or expenses involved in each type of transaction. Philippine financial position is sound and the The Monetary Board will also determine the Philippine economy should be able to adapt itself minimum and maximum rates within which the to the tapering off of the currently large United other banks may buy and sell spot exchange, but States Government payments without the imposi- the limits fixed by the Board may not differ from tion of exchange controls. the respective legal parity by more than one per The question of inconvertible currencies poses cent, unless in any given case a greater divergence no immediate problem for the Philippines because from parity exists in foreign markets. The rates Philippine trade is at present conducted almost fixed by the banks for their nonspot exchange exclusively in dollars. As long as the maintenance transactions may not differ from their spot exof a high level of exports is not dependent upon change rates by margins larger than those conthe acceptance of currencies which are not freely sidered reasonable by the Monetary Board. The convertible into gold or United States dollars, it is Board may at any time, however, specifically fix to the interest of the Philippines that the Bank not such margins. accumulate such currencies. Nevertheless, the day Any revaluation profits or losses made by the may come when the Central Bank must choose be- Central Bank on its net international assets or liatween accumulating inconvertible currencies and bilities, as a result of changes in the gold value suffering a curtailment of exports which would of the peso or in the parities or exchange seriously reduce income and employment. The rates of foreign currencies with respect to the Bank might well decide that the former would be Philippine peso, are to be offset by any amounts the lesser evil, particularly in view of the diffi- which, as a consequence of such revaluations, are culties and hardships that would be involved in owed by the Philippines to the International Moneshifting factors of production from the export in- tary Fund and the International Bank for Recondustries into other productive activities. This deci- struction and Development, or are owed by these sion would be especially defensible in cases where institutions to the Philippines. The Central Bank the period of inconvertibility of a foreign currency will sterilize any remaining profit or loss by enterwas expected to be rather short. In view of the ing it in a special blocked account. The purpose AUGUST 1948 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT of such sterilization of revaluation profits and banking institutions under the provisions of the losses is to remove their potential influence on deci- present article of this Act shall be used to regulate sions to modify the value of the peso. the volume, cost, availability and character of bank Similarly, any revaluation profits and losses made credit and to provide the banking system with by the other banks on their net assets or liabilities liquid funds in times of need. in gold and freely convertible foreign currencies "In periods of inflation, or as long as inflationary are to be for the account of the Central Bank and dangers exist, the Central Bank shall refrain from are to be distributed by the Bank in the same man- extending credit to banks and at such times shall ner as those arising from its own holdings. The grant credit only in exceptional cases where special Monetary Board may, furthermore, at any time de- circumstances justify a deviation from the principle clare that revaluation profits or losses on banks' stated herein. net holdings of any inconvertible foreign currency "Conversely, whenever the national monetary shall also be for the account of the Central Bank. policy requires an expansion of the money supply, The purpose of these provisions is principally to the Central Bank shall make full use of the credit remove the speculative element of revaluation prof- operations authorized under the present article of its and losses from the normal exchange operations this Act." of the banking system. Here again, it should be emphasized that the In order that the Central Bank may at all times "guiding principle'* is not intended to serve as a have foreign exchange resources sufficient to enable it to maintain the international stability and con- substitute for sound judgment but is designed vertibility of the peso and in order to promote the rather to provide orientation and to place some domestic investment of bank resources, the Mone- impediment in the way of excessive or untimely tary Board is authorized, in Section 80, to require credit expansion by the Central Bank. the banks to sell to the Central Bank all or part The maximum permissible maturities for Cenof their surplus holdings of foreign exchange. It tral Bank loans and advances to banks are greater should be noted that the exercise of this power is than those customarily permitted in the legislation permissive, not obligatory. Such transfers may be of more highly industrialized countries. The Bank required for surplus holdings of all foreign cur- may grant loans with maturities up to 180 days rencies or for only certain of such currencies, and against paper related to commercial loans and up are to be made at the regular buying rates of the to 270 days against paper related to production or Central Bank. Surplus holdings of any foreign processing loans. The Bank may in addition make currency are defined as the amount by which a advances up to 180 days against gold, against evibank's assets in the currency exceed the sum of: dences of debt of domestic credit institutions, (a) the working balance which it needs to accom- against utilized portions of bank advances on curmodate normal short-run fluctuations between the rent account—provided they are covered by regubank's sales and purchases of the currency and (b) lar over-draft agreements between banks and their the total liabilities of the bank in the currency. In customers and were used to finance the production, calculating surplus holdings in any given currency, processing, storage, or marketing of goods—and however, a bank may, with the permission of the finally against obligations of the Government or of Monetary Board, subtract from its net assets in other official entities, provided that the obligation that currency an amount equal to its net liabilities matures within 10 years from the date of the adin other currencies into which the currency con- vance by the Central Bank. cerned is freely convertible. The speed with which a central bank can con- Loans to banking institutions. The Central Bank tract the money supply is obviously conditioned by is given wide latitude with respect to the volume, the maturity pattern of its portfolio. This is the character, security, and maturity of its loans to real basis for the traditional principle that central banks, but its credit policy is subject to the follow- bank loans should be "self-liquidating" and of ing general principles, which are stated in Section short maturity. While the maximum maturities 86 of the Law: mentioned in the preceding paragraph may seem so "The rediscounts, discounts, loans and advances long as to impair somewhat the speed with which which the Central Bank is authorized to extend to the Central Bank could, in case of need, force a 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT drastic contraction of credit, their justification is to bers of the Monetary Board. While such advances be found in certain characteristics of the Philip- are outstanding, the debtor institution may not pine economy. In the Philippines, as in other un- expand the total volume of its loans or investments derdeveloped areas, productive and commercial without the prior authorization of the Monetary processes are impeded by shortages of working Board." capital as well as by lack of mechanization and The Philippine Central Bank Act does not prelimited transportation facilities. In order to meet scribe the interest or rediscount rates to be charged the legitimate credit needs of business and agricul- on the Central Bank's loans. The Act merely proture in such communities, banks must adapt the vides that the rates are to be fixed by the Monetary character of their lending operations to the en- Board in accordance with the character and terms vironment in which they operate. This requires of the credit operations, with due consideration that commercial banks at times grant loans of being given to the credit needs of the market, the longer maturities than is the practice in the United composition of the Central Bank's portfolio, and States. The granting of such loans by the commer- the general requirements of the national monetary cial banks will be facilitated if the Central Bank policy. itself can make advances to the banks with simi- Advances to the Government. Direct loans to the larly extended maturities, even though this may Government and to its political subdivisions are involve some sacrifice of the speed with which limited to short-term advances for the purpose of the Central Bank can contract the money supply. covering seasonal gaps between revenues and ex- Whenever inflation looms on the horizon, the penditures.7 These advances have to be repaid be- Central Bank should, of course, give careful atten- fore the end of the first quarter following the tertion to the liquidity of its portfolio. In times of mination of the fiscal year and their total may not deflation or depression, on the other hand, undue exceed 15 per cent of the estimated income of the preoccupation with liquidity would defeat what borrower for the current year. should be a primary objective of central bank policy Open-market operations. For some time to come, under such circumstances—namely, to prevent a open-market operations will not serve as a very serious fall in the money supply. In recognition of effective instrument of Central Bank action in the these considerations, the Philippine Central Bank Philippines. The Central Bank must first develop Act permits the maximum maturities of new credit a market for Government securities. To this end, operations to be raised from the normal periods of the Bank is given charge of the marketing of all 180 and 270 days to a year whenever, in the opinion Government obligations and will administer a speof the Monetary Board, a deflationary situation cial "Securities Stabilization Fund" for the account exists which requires special expansionary measures. of the Government. The objective of this Fund is In similar circumstances, the Bank is also em- to promote private investment in Government obpowered (Section 89) to grant advances up to one ligations by increasing their liquidity and stabilizyear to mortgage institutions against their mortgage ing their value. The Fund will have an initial loans. capital of 2 million pesos, but provision is made to Just as the Act recognizes that normal maturity increase its resources by the allocation of part of requirements should be liberalized in periods of the annual profits of the Bank. The Monetary emergency, it also recognizes that adherence to Board is instructed to use the resources of the Fund normal eligibility rules at such times might block to prevent or moderate sharp fluctuations in the the discharge of the Central Bank's responsibility quotations of Government obligations, but not for as "lender of last resort" and, accordingly, pro the purpose of altering movements resulting from vides, in Section 90, that: 7 As a special exception until June 30, 1951, however, the transitory provisions of the Act authorize direct advances to the Government up to an amount of 200 million pesos. Such ad- "In periods of emergency or of imminent finan- vances may be made only when the Monetary Board considers the international reserve to be adequate to meet all foreseeable cial panic which directly threaten monetary and demands on it and when the advances are consistent with domesbanking stability, the Central Bank may grant t m ic a d m e o o n n e l t y a r f y o r st p a r b o i d li u ty c . t ive F u an rt d h e i r n m co o m re e , -p t r h o e d s u e c min a g d v p a r n o c je e c s t s m o a r y fo b r e banking institutions extraordinary advances se- the repayment or servicing of external obligations of the Government. The advances are to be made against Government securicured by any assets which are defined as acceptable ties having denominations and interest rates which w'll make them attractive to the banks and the public. Their maturities security by a concurrent vote of at least Rvc mem- may not exceed fifteen years. 947 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT basic changes in the pattern or level of interest inflation, the Monetary Board might raise requirerates. ments substantially,8 but might permit all or part In order to regulate bank reserves and the money of the increase to be held in the form of Governsupply, the Central Bank may engage in open- ment securities, or of foreign exchange. The use market operations for its own account. Whenever of this authority could be of considerable value in the Bank's total holdings of Government securities accustoming banks to invest in Government obare so small as to prevent the Bank from engaging ligations. It would have the further advantage in selling operations on the scale desired, or, as is of curbing bank credit expansion without necesmore likely in practice, whenever its holdings of sarily forcing the banks to hold assets yielding no such securities do not have maturities or other return and it should therefore be more acceptable characteristics which would evoke favorable mar- to the banking community. ket response, the Bank may issue obligations of its Interbank clearing. The Central Bank is to proown; these obligations may have such character- vide facilities for interbank clearing, and is to use istics as the Monetary Board considers appropriate. the reserve deposits of the banks for this purpose. This provision has the effect of providing the Bank Selective regulation of bank credit operations. In with an unlimited and highly flexible portfolio for addition to the quantitative control which it may open-market sales. exercise over the volume of bank credit through The Act provides the same general type of policy the adjustment of reserve requirements and, at directive for the open-market operations of the Cen- some later date, through open-market operations, tral Bank as it does for the Bank's lending opera- the Central Bank is given several instruments of tions: in periods of inflation, or as long as infla- quantitative control which should enable it to curb tionary dangers exist, the Bank is to refrain from credit expansion in certain directions, while at the security purchases and at such times must endeavor same time permitting it in other directons. The to sell securities. Whenever there is danger of selective controls include authority: deflation, on the other hand, the Bank may freely 1) to regulate interest rates; engage in open-market purchases. 2) to establish maximum maturities for bank Bank reserve requirements. The Central Bank loans and investments, and to prescribe the kind has broad authority over the reserve requirements and amount of security to be required against the which the banks must observe. The Monetary various credit operations of the banks; Board may prescribe reserve ratios from 10 to 50 3) to place ceilings on the amount of bank loans per cent against demand deposits and from 5 to and investments, or certain categories thereof, or 25 per cent against time and savings deposits. The to place a limit on the rate of increase of such ratios established are to apply to all banks uni- assets ©ver time. In no case may the Board estabformly, regardless of the size of the city in which lish limits which are below the value of the loans they are located. Notwithstanding the upper limits or investments of the banks on the date on which just mentioned, the Board may, in periods of infla- they are notified of such restrictions; tion, prescribe ratios up to 100 per cent against any 4) to prescribe minimum ratios which the capital future increase in the deposits of each bank. When- and surplus of banks must bear to the volume of ever the use of such special authority results in re- their assets or to specific categories thereof,9 and quired reserves in excess of 50 per cent of the total 5) to prescribe minimum cash margins for the demand deposits of a bank or in excess of 25 per opening of letters of credit, and to relate the size cent of its total time and savings deposits, the Cen- of the required margin to the nature of the transtral Bank may pay interest on the excess at a rate actions to be financed. This last power is designed not higher than the Bank's lowest rediscount rate. to give the Central Bank authority to restrict the The required reserves of each bank will ordi- abuse of bank credit for speculative or nonessential narily have to be held in the form of a noninterest- importation. bearing deposit with the Central Bank; neverthe- 8 But, insofar as reserve requirements against existing liabililess, the Board may, whenever circumstances war- ties are concerned, at a rate not exceeding 4 per cent per month and only after giving the banks notice reasonably in advance of rant, permit the maintenance of part of the required the date on which the increase is to become effective (Section 104). reserves in the form of assets other than peso de- 9 For a discussion of the use of capital-asset ratios, see David L. Grove, "New Guatemalan Bank Law," Federal Reserve posits with the Central Bank. Thus, in periods of BULLETIN, April 1947, pp. 398-401. 948 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PHILIPPINE CENTRAL BANK ACT The selective controls listed above can, if exer- Philippines. With the establishment of a Central cised in accordance with the spirit of the Law, be Bank to which they can turn in times of need, the of great value at times* when the use of other in- banks will be in a much better position to accomstruments of central bank action would be ineffec- modate the credit needs of a vigorously growing tual or awkward. economy. The banks should in particular be able to give more sympathetic consideration to the FUNCTIONS AS FISCAL AGENT, BANKER, AND medium and long-term credit needs of agriculture FINANCIAL ADVISER OF THE GOVERNMENT and industry—needs which tended to suffer under The Central Bank is to act as fiscal agent, banker, the former system. With the development of a and financial adviser of the Government, its politi- market for Government securities, the scope of cal subdivisions and instrumentalities. It will rep- fiscal policy will be broadened and a channel for resent the Government in all dealings with the safe investment of savings will be opened; both a International Monetary Fund and may also repre- greater volume and more effective utilization of sent it in its dealings with the International savings should result. Bank for Reconstruction and Development. Before It would be folly to believe that the Central Bank the Government may undertake any credit opera- can fully insulate the Philippine economy from tion at home or abroad it must first consult with fluctuations in world demand for the raw material the Central Bank in order that the latter may ren- exports on which so large a part of the Philippine der an opinion on the probable effects of the pro- level of consumption depends. Nevertheless, the posed operation on the money supply, the price impact of world economic fluctuations, particularly level, and the balance of payments. Moreover, to those of brief duration, can be cushioned by approassure the Central Bank of a voice in the formula- priate central bank policy. The fulfillment of this tion of national economic policies, the Act provides compensating function will undoubtedly occupy a for the representation of the Governor of the Bank prominent place in the Bank's activities; but a on the National Economic Council, which is the major concern of the Bank should be to create and entity responsible for the coordination of such poli- maintain a financial environment in which a fuller cies. Thus, the Law places great stress on an effec- and more diversified utilization of the rich retive integration of monetary policy with the fiscal sources of the Philippine economy is encouraged and general economic policies of the Government. and local and foreign capital are permitted to make The Central Bank will be the depository of all the greatest contribution of which they are capable. official funds. An important element of flexibility The Philippine Government has recognized the is introduced, however, by the provision that the need for further reforms in other fields, two of the Monetary Board may from time to time authorize most important of which are taxation and agriculcertain other banks to accept Government deposits. ture. It is expected that the Central Bank's policies Thus, bank reserves can be increased and credit ex- will be integrated with such reforms and will form pansion encouraged at any time by the simple a part of a unified program of reconstruction and expedient of placing Government funds with the development. If the new Bank, in the formulation banks; similarly, bank credit can be tightened, with of monetary policy, adopts a perspective which enequal or greater effectiveness, by the withdrawal compasses the entire economic environment in of these funds at times when credit stringency is in which it operates, it should be able to make an outorder. standing contribution to the effective conduct of CONCLUDING COMMENTS Philippine economic affairs. The Central Bank Act establishes an institution NOTE.—A pamphlet containing the text of the Philippine Central Bank Act and a reprint of this article, will be available in which, if prudently managed, should make a valu- a few weeks upon request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, able contribution to the economic progress of the Washington 25, D. C. AUGUST 1948 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE The reorganization of the French banking system President may delegate his powers to the Govwhich was carried out by the law of December 2, ernor of the Ban\ of France, who is vice-president 1945/ included, along with the nationalization of ex-officio. the Ban\ of France and of the four largest deposit Aside from important technical attributions reban\s, the establishment of a new agency, the Na- lating to banking organization, the Council formutional Credit Council, as an advisory and regulatorylates, in its monthly meetings, general directives and body with a wide range of functions in the fields specific recommendations on credit policy for the of banking and credit policy} guidance of the Government, the Ban\ of France, The Council consists of 40 members including and the banking system. representatives of various government departments, The following excerpts from the Annual Report of public and private financial institutions, as well of the Council for 1947 deal with the course of the as of business, agriculture, labor, and consumer inflation in France during that year and with the groups. The President of the Council is a cabi- resulting problems of credit policy which the Counnet minister designated by the Government. The cil had to face.2 ECONOMIC DEVELOPMENT IN 1947 At the threshold of the year 1947, the economic anticipation of an early rise in prices had induced and monetary situation continued to show an in- merchants and producers to hoard, so the fear of a flationary trend. The dominating influence during fall could not fail to cause them to sell, thus making the year was a fundamental disequilibrium between possible the natural continuance of the cut in prices income distributed in the form of profits or wages prescribed in the first instance by the authorities. and available goods, which resulted in constantly The measures taken early in 1947 against the rising prices. In the social sphere, this rise caused price rise were the following: a gap between the level of wages and the cost of A first decree making compulsory an immediate living. cut of 5 per cent; During the summer of 1946 an attempt was made Announcement of the staggering of the decrease to bridge this gap by an increase in wages, but the in two stages. The second price-cut decree was in effects of this measure were rapidly counteracted fact issued two months after the first. by a continuance in the rise of prices. Thus by the Various provisions, directed toward a general end of the year 1946, the public was convinced that strengthening of the discipline which producers and any impetus given to the race between prices and merchants were invited to adopt, supplemented wages offered no effective solution of the problems these two decrees. caused by the inflation. As is shown in the following table, the results The movement of prices in 1947. It is for this Wholesale prices reason that, beginning early in 1947, the fight Retail Period prices, against the deterioration of the currency took first Industrial Food- General Paris of all the form of measures designed to reduce the products stuffs index cost of living. Without attempting to influence 1946—December. . . 739 954 846 865 directly the volume of production, the public au- 1947—January 756 992 874 856 thorities tried to direct prices downward, in order February.... 756 1,021 889 858 March 755 965 860 838 to restore the purchasing power of the workers' April 757 938 847 837 May 759 ,132 946 886 incomes and at the same time to increase the June 762 ,047 904 935 volume of goods offered on the market. Just as the July 790 985 888 965 August 796 1,211 1,004 1,068 September.. . 825 L.367 1,096 1,157 XA translation of this law was published in the BULLETIN for October 866 L,392 1,129 1,268 May 1946, pp. 483-88. November. . . 1,001 1,422 1,211 1,336 2 The excerpts are translations from Deuxicme Rapport An- December. . . 1,001 1,434 1,217 1,354 nuel du Conseil National du Credit, 1947 (Paris, 1948). The parts given here correspond to the following parts of the original document: Economic Development in 1947, Part One. obtained, however useful they may have been, did Ch. II, Sec 2, pp. 35-38; Bank Credit Policy, Part Two, Ch. Ill, not last beyond the month of May. pp. 49-63; Conclusion, pp. 123-26. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE The policy of lowering prices had an immediate stabilizing prices at a level lower than that preand direct effect so far as retail prices and the prices vailing at the end of 1946. The effort to achieve of industrial products were concerned. By restoring economic equilibrium thereafter was no longer confidence in the maintenance of the purchasing limited to an attempt to bridge the gap between power of the currency, it put an end to the specula- wages and the cost of living, but was directed tive flight from the franc which was in progress at toward bridging the gap between aggregate inthe end of 1946. This flight took the form of buy- comes and available goods. The discontinuance of ing securities on the stock exchange, the purchase subsidies and the freeing of prices of the bulk of of luxury goods, black market transactions in gold industrial and agricultural products were the main and foreign exchange, and the hoarding of stocks features of the measures adopted by the public auby merchants. Prices of foreign securities as well thorities at the end of the year to facilitate the adas of gold fell significantly. However, the effect justment of the amount of incomes distributed to the of the January decree was offset by increases which volume of goods which might be offered in exhad to be granted in the prices of imported raw change. These price measures found their countermaterials, coupled with the general rise which took part in financial measures designed to freeze savings place in foreign markets after the relaxation of price accumulated earlier and to adjust the parity of the control in the United States in July 1946. Finally, franc to prices. Despite its apparent inflationary the decrees had practically no effect on the price of character, this adjustment falls within the scope of food. Prices on the agricultural markets followed the same policy. It is designed to facilitate the adthe laws of supply and demand rather than rejustment of the French balance of payments. sponding to price control measures difficult of en- Production in 1947. The wage increases which forcement. began in the month of June offered the first in- The inadequacy of the price cuts shown in the dications of the difficulties in the way of the policy field of consumer goods encouraged indirect inof lowering prices. The primary cause of its failure, creases in official wage rates; it was therefore not however, must be sought, not in these wage inpossible to impose the pegging of industrial prices creases, but in the insufficiency of goods for domestic at the levels fixed in the beginning of the year. consumption in comparison with the enlarged The contrast between the reality of economic demoney incomes. velopments and the hopes based on the decrees of In the agricultural field the deficiency in the grain January and February 1947 became apparent, espeharvest entailed a heavy reduction in the total of cially in the middle of the summer. As early as foodstuffs available for distribution under ration- July, a substantial increase in cereal prices had to ing or control and resulted in an enlarged demand be granted, both in order to prevent a short harvest for nonrationed food products. In the prewar from having too serious financial consequences for economy, the free play of international exchange the farmers and to encourage the growing of crops generally assured to each country its food supply at which are indispensable to the national food supa reasonably constant level. In 1947, France did ply; this increase immediately resulted in a rise in not have at her disposal foreign means of payment the price of bread. At the end of August, the fear of a shortage gave rise to bidding up of prices on which would have permitted adequate imports; and the part of consumers, anxious to protect themselves if she had had them, she would still have been unfrom the expected restrictions. able—because of world-wide shortages—to make up The nonrenewal of the subsidies filling the gap for the deficit in her own production. Because of between the cost and the official selling price of this lack of sufficient foodstuffs, the adaptation of coal and iron and steel products contributed equally the supply to* a demand kept down with difficulty to the necessity for a new examination of the price could not be made without raising the general price problem. Continuation of the former selling prices level. of these products became impracticable when the With regard to industrial production, the advance prices of other products rose; such a policy ceased to achieved in 1947 undoubtedly resulted in equalling be of any benefit to the consumers, and forced or exceeding the prewar figures in various branches the Treasury to pay subsidies which could not be —notably coal, electricity, glass, and chemical prodmet from current revenue. It therefore contributed ucts. But this advance, limited moreover by reason to the monetary inflation since it widened the of the insufficient supply of metallurgical coke, was gap between incomes distributed in the form of not reflected in an immediate improvement in the profits or wages and the commercial value of volume of goods available for the consumers. The goods offered on the market. most noticeable progress was made in activities such At the end of the summer of 1947, it seemed as the production of coal, electric power, and raw evident that all hope had to be abandoned for materials, which were not working directly to sat- AUGUST 1948 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE isfy essential consumption needs. By contrast, the ments of manufactured goods—textiles in particuindustries producing consumer goods have not as lar—to overseas territories where the scarcity after yet recovered their prewar rate of output. the war was even greater than in metropolitan Moreover, the improvements noted in industrial France, the exports of all kinds—automobiles and production did little to increase the volume of con- quality fabrics—to earn for us part of the foreign sumption goods. The rebuilding of stocks of ma- exchange required for the purchase of raw materials chine tools necessary to insure the regular operation and food products, have prevented the progress of industrial equipment, the building up of stocks shown in the field of production from manifesting by commercial enterprises whose number had in- itself in an equivalent increase in goods offered for creased abnormally since Liberation, the large ship- domestic consumption. BANK CREDIT POLICY PRINCIPLES that, for some time at least, business enterprises, short of ready cash, are forced to discuss prices, to The National Credit Council continued throughspeed up sales, to convert surplus assets into cash, out the year 1947 to orient its activity toward the to repatriate capital from abroad: inflation can be double objective which was assigned to it by the stopped only at this price provided that it is attacked economic and monetary situation: bank credit had also through the cutting of public expenditures. to play its normal role in speeding up production; Both positions have a logical basis. The first, its distribution had to be directed in such a way as which on the whole is that of business concerns, to avoid aggravating further the existing causes of takes into consideration mainly the need for funds. inflation. The interested parties point out that the real value The mere statement of these purposes is sufficient of their circulating capital is constantly shrinking to show that, while not considering them contrachiefly for the reason that the rise in costs precedes dictory, the National Credit Council has constantly the rise in selling prices. In these conditions, the found itself confronted with two divergent tendfinancing of even a constant volume of production encies, one of which places the emphasis on the requires ever larger funds. A fortiori, if productive necessities of production, the other on the dangers capacity increases because of the progressive elimiof inflation. nation of bottlenecks (coal, raw materials, labor, According to one opinion, the role of credit should transportation, foreign exchange) the need for funds, be to furnish funds to enterprises on the basis of especially at first, grows still more rapidly, and their standing, their activity, and their good manage- credit requirements should be satisfied at this growment, regardless of whether the banker is in a posi- ing rate. tion to assure himself that these funds are actually It can scarcely be denied that, from their point indispensable to the accomplishment of his cusof view, business executives reason correctly: each tomer's program, or that this program represents a one of them is naturally disturbed if he finds his positive economic interest: provided that the re- capacity to renovate his plant, to produce, or to payment of the funds is not doubtful, credit must distribute hampered by credit restrictions. Only be supplied freely to match a free demand. with difficulty does he grasp the fact that credit con- According to the opposite opinion, not only are tributes to the inflation of purchasing power as a these assurances indispensable, but in the face of whole. If liberally distributed in a period of full rising prices and of expanding incomes, the filling employment and inflation, credit contributes to of all credit demands presents the gravest dangers: the increase in money incomes and can serve as an by permitting everyone to build up his resources by important supplementary inflationary factor. The borrowing, it prevents the rise of prices from play- general rise in prices favors the profitable operation ing its normal role as a curb on spending, it permits of businesses whose costs are the least well adjusted. following this rise without hesitation and it even The opposite position, less influenced by the inencourages it since it enables the same enterprise to dividual difficulties—often very real—affecting the speed up its purchases and to slow down its sales. financial status of a certain number of concerns, Thus, even though he is confident that his function emphasizes the gravity of the monetary danger and is indispensable to the success of a business and tends toward a radical reduction in credit to be that the latter contributes to useful production, the carried out through the application of ratios. It banker who would satisfy his customer's credit holds that measures to restrain the expansion of requirements in full still adds fuel to the inflation: the money supply can help to prevent undue price credit must be restrained in an arithmetical, com- increases and the ensuing inevitable bankruptcies prehensive, and predetermined manner in order are most likely to affect the very businesses which 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE are the least protected in the struggle for the de- marily supported, by the expansion of bank credit, sired reduction of costs. to attempt to combat it by blocking credit would This position, finally, is supported by consider- have been, indeed, a futile and dangerous underations based on the necessary equilibrium between taking: it could have resulted in a rigid and indispublic and private finances: if the extension of criminate limitation of private credit. This would credit granted by the banks to industry, commerce, have entailed the progressive closing down of enterand agriculture must have as its unavoidable con- prises whose circulating capital had been reduced sequence a reduction of the aid furnished by the by the price rise and would have left as the only banks to the State, i. e. the nonrenewal of a portion masters of the situation those enterprises which of their Treasury bills, it forces the Treasury to found themselves independent of the banks. resort to the bank of issue in order to obtain, in the The Council considered, on the contrary, that, form of direct advances, the amount necessary to in all cases where the conditions requisite to proredeem the bills not renewed. Direct borrowing duction deemed useful to the economy were presfrom the bank of issue is generally considered, in ent, credit should be supplied. France and abroad, to be one of the most serious It also was not unaware of the extreme gravity of symptoms of inflation, and measures must be taken the danger of a monetary inflation, in whatever to combat it. form it might manifest itself. If the volume of This complex problem, which dominates the en- money incomes—whether it enlarges the note cirtire credit policy, is not peculiar to France. In culation or the total of bank deposits—grows more terms perhaps less sharply outlined because the rapidly than the volume of goods offered to condegree and the characteristics of the inflation are not sumers at a given price level, in a word, if an the same as in France, it nevertheless faces public "inflationary gap" appears, this price level is in opinion and the competent authorities in many danger of rising. It rises, indeed to the extent foreign countries, particularly in those whose bank- that hoarding or, otherwise expressed, liquiditying organization is old and developed. In the preference, or the demand for cash do not increase United States, England, Belgium, Switzerland, and concurrently, an eventuality which as yet seems not Italy, the controversy is more or less open, more or to have occurred. It does not take long for the less sharp. It takes place between the supporters of price rise to make necessary a rise in wages, and a mechanical credit restriction considered as a neces- the volume of money incomes, whether in the form sary cure, in spite of its indiscriminate character, of profits or of wages, is once more lifted to a and the partisans of expanding credit, or at least of higher level. The fatal results of this cycle are maintaining credits outstanding, as the indispen- well known, and because the National Credit sable condition to the success of the production Council realizes fully the tragic character of the drive, in spite of the possibilities of misuse. cycle, it combats it vigorously in the domain which The National Credit Council, facing this basic has been entrusted to its care. question, believed that it should avoid any purely The first element of danger presented by the exdoctrinaire attitude. tension of credits has often been pointed out and, It concluded that neither of the two patterns out- in chronological order, it was the first to come lined above responded to the exigencies of the under the Council's scrutiny. As its first report has French economic and financial situation. It has noted, a liberal distribution of credit threatens to deemed it preferable to define a policy adapted to encourage holding goods off the market, the buildthe practical conditions of the moment, in the light ing up of "speculative stocks." There is ample of certain simple principles and of concrete data. evidence, indeed, that when a whole country an- It considered first of all that certain types of ticipates a price rise, each of its citizens, whether bank credit, although current and important abroad, moved by fear or hope, attempts to obtain the goods such as credit for speculation in securities and real he lacks and to hold on to those he possesses. In estate, or consumer credit, were practically without either case, his credit needs are enhanced. importance in France, and that the risk of a serious Thus, aside from the attitude that may be taken credit inflation was correspondingly reduced. toward this matter from the civic point of view, the Likewise it appeared to the Council that the Council endeavored to set up an effective obstacle adoption of an over-all ceiling for the total vol- to these practices, since they have a natural tendency ume of bank credit, or even the adoption of com- to aggravate the price situation for the community pulsory "ratios," which result in a uniform lim- while they are attempting to mitigate its conitation of the advances available for business, was sequences for the individual. difficult to carry out in a period of rapid rise of Beside this first danger, there is a second and prices. more subtle one: if credit were to be extended to This rise being neither chiefly caused, nor pri- satisfy an entirely unrestricted demand, and solely AUGUST 1948 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE according to the ability of the customers to repay, which it is physically possible to put into operation it is certain that borrowers would be enabled to —raw materials, power, labor, transportation, forkeep up indefinitely with the rise of prices, and eign exchange—should not remain unused for lack would therefore never come to oppose it. This of bank credit. process would favor those concerns whose credit Even on this point there has been no lack of constanding and ability for self-financing were the best. troversy, and certain people have pointed out that In a certain number of cases, moreover, the profits if credit were always available at the proper earned during the war and since the Liberation have moment to permit the immediate absorption of been invested in various types of assets such as real every offer of goods or services at prices tending estate, recreation facilities, land, cattle, agricultural to rise, it would become useless to hope for a levelimplements, securities, gold, or exchange. A larger ing off, to say nothing of a definite reversal. or smaller part of these investments may be in excess Without losing sight of this aspect of the quesof actual needs, being merely a hedge against mone- tion, the National Credit Council has maintained tary depreciation. Granting all credit requested by its position and, even in the cases where it has been such borrowers, without requiring them to start persuaded to recommend a relative stabilization of liquidating at least a part of these surplus assets, certain factors of the credit aggregate, it has stipuwould give artificial support to excessive prices, and lated that this stabilization should not constitute put a premium on speculation. an obstacle to the future progress of production, Special vigilance must be exercised on this score but should be achieved by a compensation between in the case of medium-term credits designed to the supplying of credit necessary to this progress finance capital equipment: such credit makes it pos- and the reductions possible in other sectors of sible for businesses to distribute immediately dis- economic activity having less immediate imporposable incomes while the output of consumer tance. goods offered on the market is not correspondingly Accordingly the Council has continued to pay increased. special attention to concrete data showing this ac- Even the discount of true commercial paper in- tivity, such as the indices and forecasts of producvolves some danger. The paper originates in a tion and sales in each principal branch and in all bona fide sale of goods and the discount, accord- the sectors of the economy, the level of employment ingly, encourages the "unloading" of goods. But of labor, the number of new business firms, the the seller of the goods has made provision for the number and types of bankruptcies, etc. Without price rise in his bill. When he discounts it he ignoring the imperfections of these data, without exerts an inflationary pressure on the volume of denying the empirical character of its activities—a credit, which is the more automatic because the necessary character since in such an undertaking it transaction does not lend itself in principle to dis- is safer to be guided by experience than by a precussion. conceived "truth"—the Council believes it may as- Thus, whatever technical department of credit is sert that its opinions or decisions rest on increasingly concerned, the danger of inflation is present in dif- stable bases. ferent degrees, and the National Credit Council Finally, in adopting a flexible policy in accordconsiders it essential that this danger be fully real- ance with developments in business or in the trend ized: it is important indeed, that the distributors of economic policy, the Council has held firmly to of credit should combat this general danger while the purpose of strengthening the economy, on the making clear their motives to businesses which are basis of the new considerations which it thought individually interested in an expansion of credit. necessary to introduce in the field of credit allo- The National Credit Council recognizes that the cation. The banks are directed to base their operrisk of an excessive development of credit is grave ations not only, as in the past, on safety, which is and that its symptoms must be scrutinized closely at the same time a function of the prestige or profitin order that it may be checked in time—the ability of the business and of the degree of certainty present report will explain later the measures put of the results, but also on the double assurance that in effect for this purpose as well as the results ob- the funds are indispensable and that the use to tained—but the Council also recognizes the danger which they will be put is desirable for the country which would result from an excessive limitation of as a whole. Finally, in cases where this double credit. Placing these two opposite risks on the assurance is furnished, while the risk involved in same level of importance, it has always declared the operation is out of proportion to the resources that in its estimation, so long as the present short- of the enterprise, the Council considers that such ages of goods continue, production should not be a combination of factors entitles the applicant to hampered by insufficiency in the total supply of receive, in the absence of other support, aid from credit. In other words, any available resources the public authorities in the form of a guarantee. 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE As the law authorizes, the Council has continued these statements—which the Bank of France can to entrust the Bank of France with the practical ap- always require to be supplied—that the banker plication of these instructions, which are presented may make his decision on granting the credit. and analyzed in the following pages. The Bank Any credit request exceeding a certain amount has cooperated effectively in the execution of this (first fixed at 30 million francs and raised to 50 policy, both through its studies and individual con- million at the beginning of 1948), or bringing the trols and by supplying funds through rediscounts total of credits already granted by one or several or directly through the money market. These oper- banks to a single enterprise beyond this amount, ations compensated for the insufficiency of new cannot be granted by the banker concerned except deposits while remaining moderate enough to exer- with the approval of the bank of issue. The statecise the restraint which was occasionally needed. ment of this rule shows, along with the traditional requirements of safety and profitability of banking METHODS OF APPLICATION transactions, the new standards based on the degree The application of credit policy in 1947, based of economic utility and the indispensability of a on the principles and data set forth above, was resort to credit. On the conjunction of these three provided for by adopting a set of regulations cover- criteria must depend, in the current period, a dising the whole field of credit operations to replace tribution of credit which is discriminatory but not the special rulings adopted by the National Credit systematically restrictive. Council in the earliest months of its existence. For The criterion of security and profitability. In the the most part the regulations pertain to the ex- absence of any regulation, a banker, when aptension of credits and control measures, but they proached with a request for credit, undertakes to provide for sanctions if necessary. Establishment evaluate exactly the advantages and the risks which and application of the rules and regulations were the proposed transaction entails for him, from the made possible only by the improvement of the triple point of view of his remuneration, his secumeans of information and investigation at the dis- rity, and the liquidity of his portfolio. His decision posal of the National Credit Council. will depend both on the material or personal guar- Rules relative to the extension of credit. In 1946 antees existing at the time of the loan, and on the the National Credit Council had already formu- anticipated outcome of the transaction resulting lated, for the guidance of bankers, a certain num- from an improvement of productivity, from saving ber of recommendations relating principally to the in costs, and from development of markets. Thus necessity of refusing applications for credit mani- the banker plays to some extent the role of acfestly intended for speculative purposes and de- celerator of production, and while assuring prudent signed especially to facilitate the building up of management of the funds entrusted to him, conabnormally large stocks or to permit postponement tributes to economic progress. In any case, the of repatriation of exchange earned by exporters. banker's decision rests with him alone. The law of However, it was the general decision taken by December 2, 1945, in no wise restricted this printhe National Credit Council at its meeting on Janu- ciple which was formally reaffirmed by the National ary 9, 1947, and completed later by the instructions Credit Council on January 9, 1947. The banker of October 10, which promulgates in full detail the thus remains entirely free to choose his clientele rules relative to the extension of credit. and to refuse applications for credit addressed to By the terms of this decision, every application him on the grounds that the security offered seems for credit (other than bank guarantee, bank accept- inadequate, or that the amount or the terms of ance, and discount of public bills or of bills of a the credit requested seem to him incompatible with purely commercial character) involving an amount the maintenance of the necessary liquidity of his subject to declaration at the Central Service of assets. Risks must be accompanied by supporting data. This does not imply that the safe placement These data must include a statement of the of banking funds remains a secondary consideration financial situation of the enterprise and show the for the authorities responsible for the direction of intended use of the borrowed funds, the term of credit. To the contrary, a number of safety measrepayment and the resources available for the pur- ures have been adopted, as much in the interest of pose, the proportion between the applicant's own the banks as in that of their depositors. Thus for funds, the anticipated volume of business, and the two years past the lending banker has been able, credit requested, and finally the inability of the thanks to the centralization of banking risks, to concern making the application to obtain all or learn more exactly the total debtor position of the part of the funds required, either by liquidation of borrower. The centralization of unpaid bills, tried some of its surplus assets or by recourse to dis- out by the Bank of France in certain of its branches, counting commercial bills. It is only after study of may introduce a new and interesting element of AUGUST 1948 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE credit judgment. Moreover, in connection with Within the framework of an economy which has certain credits, the bankers have the benefit of sup- been progressively freed from controls, it is unusuplementary guarantees and facilities for mobilizing ally difficult to submit the judgment of applications their funds. for short-term bank credit to a standard as definite Finally, the Banking Control Commission, in the as that of economic utility. This or that type of prodesire to safeguard the banks against the danger duction, conversion, or transaction is not the less of illiquid positions, has just decided to require lawful because its necessity has not been made concommercial banks to maintain a minimum ratio— vincingly clear, and as soon as it becomes lawful for at present 60 per cent—between the total of their an enterprise to obtain raw materials or to sell its short-term liabilities and the amount of their liquid products, it may be considered as participating in the and realizable assets. Aside from public bills or economic life of the country. Consequently, and provided that it does not misuse credit for specupurely commercial bills originating in a genuine lative price operations and for hoarding materials, transaction in goods or services, the realizable it may utilize credit as it uses other factors of proassets include only credits covered by an agreeduction which the public authorities do not deny ment granting rediscount facilities at the Bank to it (electricity, coal, transportation, labor, etc.). of France. The consequent need for the banker to submit to the examination of the bank of issue Nevertheless, even in the domain of short-term a considerable part of his portfolio has the indirect credit, large credit applications receive especially result of reinforcing his own safety, as well as that careful examination, and those whose economic utility can be judged only by reference to governof his depositors. mental policy (for example, accumulation of food- The criterion of economic utility. In an economy stuffs) are studied by the Bank of France in colwhere a certain degree of scarcity still exists, all laboration with the ministerial departments conactivities are not entitled to the same treatment. cerned. Priorities must be reserved for certain branches of The criterion of need of funds. Whatever may the economy, particularly with respect to the allobe the economic utility of the activities financed, the cation of raw materials and of credit, because of applicant for credit must prove that it is necessary the indispensable character of their production and for him to resort to bank credit. of the necessities of foreign trade. Consequently, a credit cannot be granted unless The National Credit Council has endeavored to the need of credit appears irreducible and urgent give due consideration to the requirements of basic and unless the applicant proves that it is impossible economic activities defined by the National Planfor him to obtain by other means the funds which ning Commission (Commissariat general au Flan) he is trying to borrow from the banks. and the instructions addressed on October 10, 1947, The instructions addressed to the banks under to banking organizations have made clear the date of October 10, 1947, specify a certain number preferential character of credits intended for proof cases in which credit applications that do not fulductive activities which are indispensable to the fill these conditions must be refused. The cases life of the country. These include the production specified are those in which the credit would inand importation of staple foods as well as the key crease the amount of private investments (purchases industries and are largely the equivalent of the of real estate, of existing firms, participations in group of "basic economic activities" defined by the capital, and purchases of shares), or enable entre- Planning Commission. preneurs of businesses which are inadequately capi- As regards the relative degree of urgency of the talized to avoid risking their private funds. applications for capital equipment credit, which are The National Credit Council has also specified, almost unavoidably accompanied by requests for in connection with the uneasiness aroused at the allocation of machinery or raw materials, the Min- end of last year by the "capital levy," that banks istry of Economic Affairs has this year supplied a approached for credit should compare the total resummary classification of the various branches of quirements presented by their customers, without economic activity to the agencies charged with the excluding any on a priori grounds, with their total distribution of credit. This classification takes ac- cash or readily available assets. Thus, a pressing count of the economic importance of each branch, payment coming due, however urgent it might be, and of its general financial situation. Interpreted would not be favorably considered if examination with the necessary flexibility, and always subject to of the balance sheet revealed the possibility of revision, it is utilized for the preliminary authori- raising the necessary funds by the liquidation of zation of medium-term credits and of issues of stocks or of other superfluous assets, by repatriation stocks and bonds submitted to the Ministry of of foreign exchange or by more economical oper- Finance for consideration. ation. 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE The banker's control must cover not only the im- credit procedure that would help to place goods in mediate need of credit but also the period for which circulation since one of the principal aims of the accommodation is desired. The National Credit Government's economic policy has been to combat Council has repeatedly advised bankers to limit the hoarding of goods. Like the National Credit their credits to the period strictly necessary and Council, the Bank of France has endeavored to even to curtail their assistance upon any slackening provide privileged treatment for discounts of bills of activity, even if such slackening is beyond the originating in deliveries of goods. Such discounts customer's control. enjoy the lowest rate of discount. Putting the emphasis on the criterion of neces- It must be remembered, however, that in a period sity, the National Credit Council has not limited of rising prices, even the discounting of commercial itself to making regulations for new credits. The bills may promote inflation. It is to be feared, decision of January 9 included transitory measures moreover, that some concerns may be tempted to which necessitated the reviewing of credit authori- seek, through the discount of bills whose commerzations previously granted. cial character is debatable, credit facilities which Practical application of control. The control of would be refused them otherwise. This risk is credit operations which has been outlined may ap- being carefully watched by the authorities responpear fairly rigid. Actually, however, the present sible for the distribution of credit. organization shows a high degree of flexibility. Measures of control. Until the month of January Every order issued by the National Credit Council 1947, the activities of each bank in the distribuinsists on the necessity of placing no obstacles in tion of credit were known only from the communithe way of expansion of production. Moreover, cations addressed to the Commission of Control and this must be emphasized, there is no over-all and to the Central Service of Risks. Such indicalimit on credit, the volume of which rose in 1947 tions were of an informational character and were from 308 to 484 billion francs. The policy of dis- submitted too late to constitute an effective operacrimination is designed solely to reserve for the tional control. While the submission of such documost useful activities the facilities which might ments has improved during the year, they can still have been supplied, with no benefit to the national serve only for verifications carried out a posteriori. interest, to sectors of secondary importance. To remedy this defect the National Credit Council „ Those enterprises whose products represent an has drawn up new measures to permit fuller superundeniable economic utility certainly have nothing vision over credit operations. These measures have to fear from the effects of the credit policy defined been discussed above; it seems desirable nevertheless above. Even if their financial situation is not such to mention them again in order to show the entire as to furnish all possible assurance to the banker, range of controls at the command of the authorities they can take advantage of wide benefits in the charged with the direction of credit. form of guarantees and facilities for mobilizing As indicated above, the decision of January 9, their assets as provided by the State or by the pub- 1947, makes the granting of credits which must be lic credit agencies. reported to the Central Service of Risks, contingent Finally, it should be noted that the procedure of upon examination by the banker of a dossier makauthorization for the extension of credits does not ing possible an estimate of their practical justificaapply to the discount of public bills or to the dis- tion in terms of the various criteria. Furnishing of count of commercial paper. In conformance with this dossier may be required for examination by traditional business practice, businesses can there- the Bank of France. All credits which would have fore draw on a large reservoir of funds. the effect of raising to more than 50 million francs The reasons which prompted the privileged treat- the total aid granted to a particular enterprise, by ment reserved for public bills and for commercial one or more banks, must, moreover, receive prelimipaper are of a different nature. nary authorization from the bank of issue. The necessity confronting the State of finding These measures constitute the natural complepurchasers for its short-term bills implies that their ment of the supervision exercised by the Bank of issue must be accompanied by ample facilities for France on the occasion either of the examination mobilization. As to the acceptances of the Credit of bills offered for rediscount or of the study of National, they are assimilated to Treasury bills as applications for medium-term credits submitted for concerns the decisions of the National Credit Coun- its approval. cil. The discount or pledging of these instruments The supervision of credit operations was tightis thus exempt from the prescribed formalities for ened temporarily when the risk of a dangerous the extension of credits. inflationary spurt appeared in October 1947. In As regards commercial paper, it seemed advan- order to follow closely the observance of its intageous for the economy in general to encourage a structions dated October 10, the National Credit AUGUST 1948 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE Council asked the principal banks to furnish to the sanctions. This necessity has not been overlooked Central Service of Risks a monthly statement show- by the National Credit Council, as is indicated in ing total aid granted to priority enterprises, on its circular letter of October 10: the one hand, and nonpriority enterprises on the "All banks must understand that those among other hand, compared with the total credits outthem which do not observe scrupulously the disstanding. The National Credit Council was thus ciplines imposed by the National Credit Council in a position to control, with sufficient frequency will make themselves liable to be deprived of the and speed, the course followed by each of the banks usual facilities for obtaining accommodation at the interrogated. The application of this temporary Bank of France." measure came to an end in January. While it is out of the question to extend it and to impose on the The enforcement of this sanction would be particbanks permanently a supplementary task of this ularly embarrassing to the banker, since the abovescope, the National Credit Council can nevertheless mentioned slowing-down in the formation of deprofit by the experience gained. It knows now posits forces him to resort to the Bank of France that it has a practical means of carrying out genu- for the funds he needs. inely effective investigations. This measure completes the means of action Sanctions. The authorities responsible for credit available to the Banking Control Commission, now have at hand important means of control which, under present legislation, in dealing with offending to be fully effective, must have the support of bankers. CONCLUSION Throughout the year 1947, as well as during 1947. It cannot be charged that, because of a lack the two preceding years, the authorities charged of credit, useful products were not manufactured with the distribution of credit were guided by their or necessary investment was not carried out. desire to do everything in their power to assist the Doubtless the distribution of credit has not been French recovery effort, the twofold object of which free from controls. But it should be clearly unis to increase production and to restore the produc- derstood that it could not be otherwise. tive capacity of the nation. It is no doubt unneces- The inflationary trend, discussed at length in this sary to recall the disastrous economic situation in report, has manifested itself in two important rewhich France found herself after the Liberation. sults: The progress made in the course of three years is sufficient to prove the reality of the French effort. (1) At all times the French banks have supported The National Credit Council has always considered the activity of business. Until 1940, however, they it essential that no systematic restriction of credit contributed chiefly to the acceleration of this acshould be set up in hindrance to this effort. Such tivity by financing in particular operations of a a restriction, which was sometimes advocated, commercial nature, principally short-term. The would in effect have served no better purpose than discounting of bills was the most customary form to provoke an artificial and dangerous crisis—artifi- of their support. Overdrafts scarcely did more than cial, and after all futile, because at a time when cover the temporary cash needs. They did not inscarcity and want were the first ills to be attacked, volve the banks in a permanent financing of proit would have led, through the withholding of duction. The banks were most careful not to befunds, to the nonemployment of the means for come tied up in the very life of business enterprises. increasing production; dangerous, and no doubt Since the Liberation, the credit establishments fatal for the currency, because it would have re- found themselves facing the very serious problems sulted in an immediate decrease in production, in of adapting working capital to the ever changing unemployment, and disaster to the public finances. situation of production and prices. Business enter- Thus it would have risked bringing on a general prises cannot make such an adjustment except at a paralysis of our economy and hopelessly jeopardiz- rather slow rate, by utilizing their profits or by ining the chances for recovery. creasing their capital. In the meantime, however, The credit policy therefore had to weigh most they sought and received from the banks support in carefully the demands of the economy with respect larger amount and of a less temporary nature than to current production as well as with respect to the before the war. Today credit establishments are restoration, expansion, or modernization of plant involved to a greater extent and at their own risk and equipment. The last chapter of the present in business enterprises. report shows that the credit support customarily fur- The banks have understood and accepted the nished to productive activities was not withheld in necessity for adjustments to new requirements re- 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE suiting from economic conditions. This is proof turn to peace-time conditions of production and of the intelligent vitality of a banking system trade and because of American aid. The need for founded on experience. But this new character of consumer goods, unsatisfied during the six war banking policy could not be without influence on years, is gradually being filled through greater the relations between the credit institutions and production with better quality and greater variety. their borrowers. For the latter, credit is only one No doubt much wreckage is still to be rebuilt, many of the factors of production, and it is understand- privations are to be compensated, but it is not forable that the heads of business insist that this fact bidden to think that the year 1948 in this respect be not disputed. But for the banks, credit repre- will mark the turning point in French recovery. sents the use of their deposits, i.e., the use of funds If domestic and foreign political conditions do for which they are responsible to third parties. not upset the favorable prospects taking shape in Therefore it is natural that at a time when the the spring of 1948, if the anxiously hoped-for monebanks accept the prospect of greater participation in tary stabilization is maintained, French production the risks of business which they finance, they should undoubtedly will be able to take care of the constudy carefully, within the framework defined by siderable needs for reconstruction, reequipment, and the National Credit Council, the situation of these current consumption. Only then will it be possible, enterprises and keep their support within reason- in the field of credit, to take the full measure of able limits. the problems posed by the effects of war and the (2) It is known, moreover, that in 1947 bank de- debasement of the currency. posits have not increased in the same proportion as One hundred and ten years of monetary stability credits granted by the banks. The latter, to a very through the nineteenth century and the earliest significant extent, had to have recourse to the bank years of the twentieth century had made of France of issue for rediscounts. Bank credits therefore one of the richest nations of the world. A strong gave rise to an increase in note circulation and not monetary system had permitted the accumulation simply to the creation of deposits. It was there- of considerable savings which gave to the French fore natural that, because of the influence it exerts banks and the French financial market an excepat present on the fiduciary circulation, the dis- tional place in the world. tribution of credit should be placed under the con- Thirty years of instability and depreciation of trol of the Bank of France in close collaboration the currency, added to the destruction of two sucwith the banking institutions. cessive wars, have seriously reduced France's wealth, Although distributed without any predetermined destroyed thrift, and weakened the capital position limit on its total volume, credit could not, in the of all enterprises. The machinery of credit dispast year, be granted in complete freedom; its dis- tribution has seen its power considerably decline. tribution had to conform to the rules of a neces- Doubtless the French banks, by the ease with which sary discipline, the justifications for which are too they have overcome the unprecedented difficulties clear and too sound not to be accepted by all con- of two wars, a serious economic crisis, and a percerned. Such is the spirit of the discriminatory sistent monetary instability, have given proof of the policy in the distribution of credit, defined by the value of their administrative methods and have Council and put into effect by the banks and the amply justified the soundness of their credit; but the fact remains that the monetary insecurity which bank of issue, the maintenance of which will be has persisted for ten years has weakened their own necessary, on principle, so long as France is not resources and hindered the building up of deposits, finally freed from the dangers of inflation. thus reducing the assistance which they are able At the end of a year that no doubt will rank as to render to the economy. one of the most difficult in monetary history, France If the year 1948 is to mark the first year of a nevertheless sees more clearly revealed each day return to more stable economic conditions, this longthe still slender, but very evident, possibilities for a desired return must not cause any illusions as to restoration of her prosperity. The patiently pur- the ruins which any monetary inflation leaves in sued effort for monetary and financial reform is its wake, nor as to the problems involved in the beginning to bear fruit and to justify a return of aftermath. confidence. The promise of a more abundant har- These problems, the solution of which will envest forecasts a marked increase in food supplies counter arduous and multiple difficulties, may be exand a stabilization in food prices, which is the pressed in very simple terms: basis for a general price and monetary stabilization. To revive "credit," i.e., essentially the confidence Supplies of coal, electric power, and steel are in- of the saving public and of the investor in the creasing month after month; imports are becoming permanence of their holdings; more regular because of a general world-wide re- To restore the traditional and tried methods of AUGUST 1948 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE financing, in order to facilitate the investment of French population will attempt to regain, by work individual savings in such a way as to promote and thrift, the well-being of a former period. This the modernization of the nation's productive sys- widespread ambition is the necessary but not the tem and the expansion of production and of the sufficient condition for an eventual return of French general welfare; prosperity. If it is to have its full effect, the un- To encourage the progressive application of bank- certainties of the future and the anxieties caused ing resources—capital and deposits—to the new by the political situation must be lessened. Then demands of economic development. only will exist the conditions most favorable to the There can be no doubt that after the various success of a credit policy adequate to cope with the and at the same time discouraging experiences of problems which France must solve in order to comthe last fifteen years, the vast majority of the plete her recovery. CURRENT EVENTS AND ANNOUNCEMENTS Changes in Board's Staff 31, 1948. Mr. Miller succeeds Mr. Charles S. Lee, Effective August 13, Mr. Frederic Solomon and a planter and cattle raiser of Oviedo, Florida, who Mr. John C. Baumann were appointed by the Board resigned. as Assistant General Counsel. Mr. Solomon and Appointment of Class C Director Mr. Baumann have been Assistant Counsel in the The Board of Governors on July 26, 1948, an- Legal Division of the Board of Governors for a nounced the appointment of Mr. Ames Stevens of number of years past. Lowell, Massachusetts, as a Class C Director of the Appointment of Branch Director Federal Reserve Bank of Boston for the unexpired portion of the term ending December 31, On August 17, 1948, the Board of Governors 1948. Mr. Stevens is Treasurer and a director of announced the appointment of Mr. J. Hillis Miller, President, University of Florida, Gainesville, the Ames Worsted Company. He succeeds Mr. Florida as a director of the Jacksonville Branch Donald K. David, Dean, Graduate School of Busiof the Federal Reserve Bank of Atlanta for the ness Administration, Harvard University, Boston, unexpired portion of the term ending December Massachusetts, who resigned. 960 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 22 and released for publication July 24] Total output at factories and mines showed year. Cotton consumption and paperboard prolittle change in June and the early part of July after duction declined somewhat in June, Meat proallowance for seasonal influences. Department duction, however, increased substantially following store sales were at record levels for this season. the end of a labor dispute which had curtailed Prices of meats and steel increased sharply in July, packing operations since the middle of March. Acwhile cotton and grains declined. tivity in most other nondurable goods industries was maintained at the May rate or advanced slightly. INDUSTRIAL PRODUCTION Minerals output declined 2 per cent from the exceptionally high May rate, as bituminous coal Industrial production in June continued close output was reduced owing to the beginning of the to the May level, and the Board's seasonally adminers' 10-day holiday on June 26. Crude pejusted index was 192 per cent of the 1935-39 avertroleum production continued to advance. age as compared with 191 in May and 188 in April, when output was reduced by a strike at bituminous CONSTRUCTION coal mines. Output of durable goods increased further in About 93,500 dwelling units were started in June, reflecting mainly larger production of auto- June, according to preliminary estimates of the mobiles following settlement of an industrial dis- Bureau of Labor Statistics. This number was somepute at the plants of a leading producer. Activity what smaller than the postwar high of 97,000 in in the automobile industry reached earlier postwar May, but still considerably larger than the 77,000 peak rates in the first half of July. units started in June 1947. Dollar volume of Steel production in June continued at the May all new construction put in place, according to rate. Output of open hearth steel was slightly joint estimates of the Departments of Commerce smaller, while electric steel production increased and Labor, continued to increase in June and further by 5 per cent to a new record level, exceed- reached a record amount of 1,600 million dollars. ing the wartime peak. Output of nonferrous metals DISTRIBUTION was reduced somewhat owing largely to a curtailment of aluminum production during the Colum- Value of department store sales showed about bia River floods. the usual seasonal decline in June and the first half Production of nondurable goods in June con- of July. The Board's adjusted index remained tinued at a seasonally adjusted level of 178 per cent around a record level of 310 per cent of the 1935-39 of the 1935-39 average. This level has prevailed, average, which was about 7 per cent higher than in with slight variations, since the beginning of the CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEASONALLY ADJUSTE 1941 1942 1943 1944 1945 1946 J947 1948 1943 1944 1945 F. W. Dodge Corporation data for 37 Eastern States. Other Federal Reserve Index. Monthly figures, latest shown are includes nonresidential buildings and public works and utilities. for June. Monthly figures, latest shown are for June. AUGUST 1948 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS the corresponding period a year ago. also advanced, while prices of petroleum products Rail shipments of grain and forest products were eased and prices of cotton goods declined somewhat in substantially larger volume in June, while load- further. ings of most other classes of freight declined some- BANK CREDIT what from the May rate after allowance for sea- Quarterly income tax payments by businesses and sonal changes. Total loadings in the first half of individuals during the last half of June substantially July were above the same period a year ago, reincreased Treasury deposits at Reserve Banks and flecting mainly a larger volume of coal shipments. reduced commercial bank reserves and deposits. AGRICULTURE Banks met the drain on reserve funds largely through sales of Government securities to the Re- Production of crops this year, as indicated by serve Banks and through reductions in their ex- July 1 conditions, will be substantially larger than cess reserves. During the first three weeks of July, in 1947 and in record volume. The most important reserves at banks increased somewhat. The Treasincrease is forecast for corn, output of which is exury drew down its balances to retire bills. Federal pected to be about 40 per cent larger than last year's Reserve Bank holdings of bills were thereby redrought-damaged crop. Estimated wheat producduced, but the System made net market purchases tion, although smaller than last year's crop of 1.4 of Government securities in approximately equal billion bushels, would still be the second largest volume and thereby supplied banks with additional crop on record. Cotton acreage is officially estireserves. mated to be up 10 per cent from last year. Market- Commercial and industrial loans increased modings of livestock have expanded following the end erately in banks in leading cities during June and of the packing strike but the volume has remained the first half of July. Consumer and real estate 5 to 10 per cent below year-ago levels. loans continued to expand. Banks reduced further COMMODITY PRICES their holdings of Government securities. The general wholesale price level rose further SECURITY MARKETS in July, reflecting sharp increases in prices of meats and steel products. Meat and livestock prices in Common stock prices declined sharply in the mid-July were about 25 per cent higher than a third week of July, following four weeks of relayear ago. Prices of most other farm products and tively little change. A substantial portion of the foods continued to show little change or declined mid-March ot mid-June gain in prices was lost. in July. Cotton and grain prices were somewhat Prices of Government bonds changed little in below year-ago levels. the first three weeks of July, following some decline Prices of most iron and steel products were raised in June, but prices of corporate bonds declined by 10 per cent or more in July. Coal prices were further. CONSUMERS' PRICES YIELDS ON TREASURY AND CORPORATE SECURITIES 1935 -39" 100 h' h - - APPAREL _ LL ITEMS - ^- w^* ' - RENT 100 * - 1941 1942 1943 1944 1945 1948 1947 1948 Bureau of Labor Statistics' indexes. "All items" includes Weekly average of daily figures compiled by Federal Reserve housefurnishings, fuel, and miscellaneous groups not shown from data reported by U. S. Treasury Department, latest shown separately. Midmonth figures, latest shown are for June. are for week ending July 28. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS PAGE Member bank reserves, Reserve Bank credit, and related items. 965 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. 966 Federal Reserve Bank statistics. 967- 970 Guaranteed war production loans. 971 Deposits and reserves of member banks. 971- 972 Money in circulation 973- 974 Gold stock; bank debits and deposit turnover. 974 Deposits and currency; Postal Savings System; bank suspensions. 975 All banks in the United States, by classes. . 976- 977 All insured commercial banks in the United States, by classes 978- 979 Weekly reporting member banks. 980- 983 Commercial paper, bankers' acceptances, and brokers' balances. 984 Money rates and bond yields. 985 Security prices and new issues. 986- 987 Corporate earnings and dividends. 988 Treasury finance 989- 991 Government corporations and credit agencies. 992 Business indexes 993-1002 Department store statistics. 1003-1006 Cost of living. 1006 Wholesale prices 1007 Gross national product, national income, and income payments 1008-1009 Consumer credit statistics. 1010-1012 Current statistics for Federal Reserve chart books 1013-1017 July crop report, by Federal Reserve districts 1017 Number of banking offices on Federal Reserve par list and not on par list 1018 Member bank operating ratios, 1947 1019-1021 Earnings and expenses of Federal Reserve Banks for six-month period ended June 30, 1948. 1022 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. 963 AUGUST 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 BFLLIONS OF DOLLARS ^^^^Vs/LAft/w-Mj^^ 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for July 28. See p. 965. 964 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 Dis- U. S. s e G cu o r v it e ie rn s ment Gold T c u r u e ry a r- s- M in o c n i e r y - T u re ry as- u T p r w r o y e i s t a i d h t s e s - - m No em n- - O F e t e r h a d e l - r balances Date c v o a a a n u n d c n d - e ts s Total T b a u r i e n r l a y d ls s- o A th l e l r ot A h l e l r1 Total stock s r t o e i a n n u n g c t d - y - c t u io la n - h c in o a g l s d h s - F B s e R e a d r e n e v - k r e s al b p e o r s d it e s - c s o R e a u r c e v n - - e ts Total c E e x s - s2 certificates Monthly averages of daily figures: 1947—Apr 208 22,104 20,998 1,105 411 22,72220,586 4,558 28,185 1,329 723 1,060 63915,931 833 May 130 21,782 20,686 1,096 372 22,28420,865 4,559 28,158 1,340 612 993 62715,978 784 June 16221,658 20,561 1,097 397 22,21721,092 4,560 28,236 1,339 557 950 63216,154 785 1948— Apr 26220,440 12,645 7,796 401 21,10323,154 4,558 27,766 1,325 1,225 986 58716,926 811 May 30120,315 12,073 8,242 427 21,04223,243 4,560 27,749 1,323 1,420 874 54516,933 743 June. . 33020,752 12,627 8,125 418 23,457 4,561 27,846 1,324 1 ,487 890 57617,396 852 End-of-month figures: 1947—Apr. 30. .. 12521,857 20.752 1,105 223 22,20520,774 4,561 28,114 1,329 619 1,025 62715,826 654 May 31. .. 17922,088 20,984 1,105 471 22,73820,933 4,558 28,261 1,330 728 1,044 62916,238 991 June 30... 7021,872 20,775 1,097 22,17021,266 4,562 28,297 1,314 756 881 62916,112 738 1948—Apr. 30. .. 24920.340 12,210 8,130 269 20.85823,169 4.562 27,716 1,319 1,236 826 54616,944 737 May 31... 30620,662 12,386 8,276 21,576 23,304 4,562 27,812 1,322 1,684 1,057 54617,021 848 June 30. . 26521,366 13,193 8,173 21,900 23,532 4,565 27,903 1,327 1 .928 859 59217,389 742 Wednesday figures: 1947—Sept. 3 12522,224 21,135 ,089 274 22,62321,765 4,552 28,749 ,323 459 1,149 632 16,628 841 Sept. 10 12022,04: 20,848 ,194 309 22,47221,815 4,551 28,742 ,329 243 960 63216,932 1,015 Sept. 17 13021,75C 20,562 ,194 509 22,39421,935 4,551 28,633 ,306 240 930 642 17,128 1,055 Sept. 24 22,1U 20,927 ,191 336 22,57321,950 4,552 28,556 ,319 800 924; 645 16,831 875 Oct. 1 156 22,392 21,195 ,196 383 22,93121,955 4,551 28,559 ,316 1,053 832 64317,034 985 Oct. 8 22,355 21,148 ,207 385 22,85222,092 4,551 28,632 ,328 909 837 64617,142 1,069 Oct. 15 22,218 21,013 ,205 443 22,80722,153 4,551 28,656 ,324 836 817 648 17,229 1,154 Oct. 22. 12521,772 20,564 ,208 451 22,34822,225 4,552 28,569 ,337 608 924 650 17,037 857 Oct. 29. . 37322,125 20,689 ,440 287 22,78922,294 4,552 28,519 ,338 1,355 917 64916,859 721 Nov. 5 20422,11? 20,552 1,567 317 22,64022,336 4,551 28,635 ,324 926 922 63217,088 952 Nov. 12. 429 22,052 20,343 1,708 208 22,689 22,442 4,550 28,709 ,328 1,224 950 63216,839 766 Nov. 19 19922,222 20,117 2,105 620 23,04122,513 4,552 28,595 ,327 1,560 926 631 17,068 883 Nov. 26. 37022,23$ 19,913 2,327 325 22,93422,597 4,554 28,725 ,330 1,314 969 626 17,121 954 Dec. 3 26222,120 19,587 2,533 448 22,830 22,680 4,553 28,817 ,342 1,256 986 62417,038 854 Dec. 10 . 25021,985 19,273 2,713 382 22,61722,708 4,556 28,874 ,331 934 992 618 17,132 935 Dec. 17 16821,657 18,772 2,886 913 22,73822,723 4,557 28,923 ,332 616 951 61517,581 ,165 Dec. 24. 28321,900 18,659 3,241 827 23,01122,743 4,556 29,111 ,318 929 967 609 17,377 ,073 Dec. 31. 8522,559 18,230 4,329 53C 23,18122,754 4,562 28,868 ,336 870 961 563 17,899 ,499 948—Jan. 7. 16421,683 17,148 4,536 473 22,32022,762 4,560 28,658 ,340 562 1,009! 56917,503 ,166 Jan. 14. 16521,896 17,018 4,878 507 22,56822,790 4,559 28,374 ,333 819 959 56817,863 ,537 Jan. 21. 16821.54C 16,311 5,229 518 22,22722,829 4,559 28,211 ,323 ,268 913 565 17,334 993 Jan. 28. 28121,987 15,904 6,082 391 22,65822,894 4,558 28,086 ,332 ,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 56217,084 913 Feb. 11 57820,817 13,815 7,002 337 21,73222,933 4,559 28,189 ,308 ,187 944 55917,037 1001 Feb. 18 29521,782 13,704 7,240 543 21,78222,981 4,557 28,053 ,335 ,725 899 55816,750 765 Feb. 25 279 21,034 13,645 7,389 394 21,70723,028 4,557 28,054 ,326 ,656 901 55716,799 964 Mar. 3. 25721,071 13,575 7,496 523 21,85123,036 4,559 28,024 ,333 954 1,027 55717,552 1,157 Mar. 10. 298 20,678 13,145 7,532 350 21,32623,083 4,559 28,006 ,331 751 955 55917,366 977 Mar. 17. 36320,373 12,956 7,417 451 21,18723,119 4,559 27,920 ,325 677 1,006 58617,351 904 Mar. 24. 44720,607 13,168 7,439 375 21,42923,135 4,557 27,851 ,336 1,458 1,018 58916,870 684 Mar. 31. 43020,887 13,332 7,555 291 21,60723,137 4,559 27,781 ,325 1,972 999 58816,639 655 Apr. 7. 260 20,477 12,816 7,662 347 21,08523,147 4,558 27,833 ,329 1,140 994 16,905 822 Apr. 14. 22120,593 12,832 7,762 315 21,13023,152 4,558 27,774 ,320 1,177 929 59017,050 894 Apr. 21. 23420,394 12,537 7,857 338 20,96623,159 4,557 27,718 ,336 1,283 911 59016,845 701 Apr. 28. 259 20,440 12,400 8,040 20,95223,167 4,561 27,682 ,326 1,185 856 58717,043 879 May 5. 23020,251 12,085 8,166 374 20,85623,176 4,561 27,762 ,329 1,114 810 54517,033 817 May 12. 25020,348 12,110 8,238 440 21,03823,225 4,560 27,762 ,319 1,319 792 54417,087 884 May 19. 22520,098 11,823 8,275 351 20,67423,245 4,559 27,690 ,329 1,612 795 54616,506 294 May 26. 32120,592 12,323 8,270 287 21,20123,295 4,561 27,700 ,333 1,788 788 547 16,901 723 June 2. 239 20,683 12,543 8,141 369 21,29223,343 4,562 27,895 ,335 1,567 754 55117,094 941 June 9. 312 20,349 12,224 8,125 294 20,95523,362 4,560 27,864 ,337 1,144 828 55117,154 908 June 16. 294 20,749 12,638 8,112 476 21,51923,515 4,560 27,808 ,331 984 879 59317,999 1,132 June 23. 35321,010 12,900 8,110 358 21,72123,523 4,561 27,792 ,317 1,863 827 59817,408 728 June 30. 26521,366 13,193 8,173 21,900 23,532 4,565 27,903 ,327 1,928 859 59217,389 742 July 7. 398 21,535 13,367 8,168 310 23,584 4,562 28,142 ,334 1,841 877 61217,584 1003 July 14. 316 21,521 13,243 8,278 302 22,13923,593 4,562 27,959 ,331 1,861 898 61317,631 937 July 21. 285 21,326 12,919 8,407 277 21,888 ,650 4,561 27,864 ,324 1 ,879 920 611 17,503 *>840 July 28. 21,209 12,692 8,517 18721,72323,670 4,563 27,821 1,329 1,822 875 57617,534 P&37 t 9 Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication 965 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 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 Jan.14, 1948 Jan. 14,1948 New York Jan.12, 1948 Apr. 6,1946 Philadelphia Jan.12, 1948 Mar. 23,1946 Cleveland Jan.12, 1948 Mar. 9,1946 Richmond Jan.12, 1948 Mar. 16,1946 Atlanta Jan.12, 1948 Jan. 24,1948 Chicago Jan.12, 1948 Jan. 12,1948 St. Louis Jan.12, 1948 Jan. 12,1948 Minneapolis Jan.12, 1948 Jan. 15,1948 Kansas City Jan.19, 1948 Jan. 19,1948 Dallas Jan.12, 1948 Feb. 14,1948 San Francisco. . . . Jan. 15, 1948 Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—-See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity R Ju a l 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 July 31. Per cent per annum] To industrial or 1-90 days ii ijan. 12, 1948 IH commercial To financing institutions 91-120 days i Jan. 12, 1948 1M businesses 121-180 days ijan. 12, 1948 IN 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 On On Back figures.—See Banking and Monetary Statistics, Table 117, On commit- Portion commitpp. 443-445. loans i ments for which Re- ments MEMBER BANK RESERVE REQUIREMENTS institu- maining tion is portion [Per cent of deposits] obligated Net demand deposits1 Time Boston deposits New York.. . . Period in effect Central (all Philadelphia. . r b e c a s i e n t r y k v s e R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e n m k b s e ) r A C R t i l l c e a h v n m e ta l o an n d d . . . . . . . . 1-5 1-5 Chicago 2^-5 June 21, 1917-Aug. 15, 1936.. 13 10 7 3 St. Louis A M u a g r . . 16 1 , , 1 19 9 3 3 7 6 - - A Fe p b r . . 3 2 0 8 , , 1 1 9 9 3 3 7 7 . . . . 22M 1 1 5 7^ 12M 4M M Ka i n n s n a e s a p C o i l t i y s. . . . May 1, 1937-Apr. 15, 1938.. 26 20 14 6 Dallas (2) Apr. 16, 1938-Oct. 31, 1941.. 12 s San Francisco. (3) Nov. 1, 1941-Aug. 19, 1942.. 26 20 2 14 S O A F Ju e e c u n b p t g . . e t . . 2 2 1 1 3 7 0 4 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 8 2 8 2 2 - - - - a F O J S n u e e c d n b p t e . . t a . f 2 t 1 1 e 2 0 3 6 r , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 8 8 . . . . . . . . 2 2 2 2 2 4 2 2 4 0 2 2 2 2 2 0 0 0 0 0 1 1 1 1 1 4 4 4 4 4 6 6 6 6 6 6 dis 4 8 1 2 c R R R I o n u a a a c n t t t l e e e t u d c c r c i a h h h n t a a a g e r r r . g g g l e e e o d d d a n b b s b o o o r r m r r r r o o a o w w d w e e e e r r r . i n le b s p u s a t c rt o n i m c o i t m p a t i o t t i m o e n e x n c t w e e i r d t a h t e 1 . f in p a e n r ci c n e g n t in a s b t o it v u e t io t n h s e . 5 Charge of 3€ per cent is made on undisbursed portion of loan. 1 Demand deposits subject to reserve requirements, i. e., total Back figures.—See Banking and Monetary Statistics, Table 118, demand deposits minus cash items in process of collection and demand pp. 446 '447. balances due from domestic banks (also minus war loan and series E bond accounts during the 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 2)4 234 For extensions of credit by brokers O Po th st e a r l d s e a p v o in s g it s s d p e a p y o a s b it l s e: 2V2 Fo a r n s d h o d r e t a l s e a r l s e s on listed securities 7 7 5 5 1 1 0 0 0 0 7 7 5 5 I I n n 9 6 0 m d o a n y t s h s to o 6 r m m o o r n e ths 2V2 Re F g o u r l a l t o io an n s U b : y 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. 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures> End of month Item 1948 1948 1947 Tuly 28 July 21 July 14 July 7 June 30 June23 June 16 July June July Assets Gold certificates 21,784,670 21,764,671 21,699,673 ?1,692 17? 71,642,170 71 64? , 170?1 6? 3 170 71,793 669 ?1 64? 170 19,621,179 Redemotion fund for F. R. notes 612,133 615,080 615,080 615 643 615,643 618,904 618,222 613,132 615,643 674,936 Total gold certificate reserves.... 22,396,803 22,379,751 22,314,753 22,307 815 22,257,813 22,261,074 22,241,39222,406,80122 257,81320,296,115 Other cash 279,535 270,559 254,509 224 300 255,770 ?71 ,839 ?88 5?S ?55,770 277,080 Discounts and advances: For member banks... 94,031 54,269 84,775 166 670 34,632 117,946 59,032 85,251 34,632 107,782 For nonmember banks etc 232,700 231,000 231,000 231 000 231,000 235,000 235,000 232,700 231,000 29,500 Total discounts and advances 326,731 285,269 315,775 397 670 265,632 352,946 294,032 317,951 265,632 137,282 Industrial loans 789 844 840 844 851 2,239 1,868 802 851 U. S. Govt. securities: Bills: Under repurchase option 3,564,615 Other 7,734,681 7,963,781 8,311,331 8,488,581 8,576,881 8 39 5 481 8 ?40 6S1 7 555 931 8 576,881 10,330,616 Certificates: Special Other 4,957,407 4,955,407 4,931,407 4,878,907 4,616,007 4,505,007 4,397,007 5,059,407 4 616,007 6,558,966 Notes 1,953,300 1,957,800 1,957,800 1,957,800 1,967,800 1 9S4,800 19^4,800 1 953,300 1067,800 369 300 Bonds 6,563,921 6,448,763 6,320,519 6,209,881 6,205,681 6,174,786 6,176,786 6,756,765 6 205,681 725,690 Total U. S. Govt. securities 21,209,309 21,325,751 21,521,057 21, 535,16921,366,369 21,010,074 20,749,22421,325,40321 366,36921,549,187 Other Reserve Bank credit outstanding. . . 186,012 276,105 300,931 309,407 267,109 355,999 473,733 390,701 267,109 187,155 Total Reserve Bank credit outstanding21,722,841 21,887,969 22,138,603 22,243,090 21,899,961 21,721,258 21,518,85722,034,85721,899,96121,875,356 Liabilities Federal Reserve notes. . 23,725,348 23,756,237 23,826,775 23,960,04323,751,812 23,669,494 23,688,83223,771,28723,751,81224,090,051 Deposits: Member bank — reserve account 17,533,595 17,502,513 17,630,864 17,584,327 17,389,027 17 407 9?S 17998 8?1 17,695 901 17389 0?7 16,007,408 U. S. Treasurer—general account 1,821,784 1,878,842 1,861,300 1,841,139 1,927,559 1,863,370 983,801 1,755,067 1,927,559 795,403 Foreign ... . . 377,171 430,365 441,920 440,646 405,250 36 ^ 9?4 SS6998 81? 405,250 616,149 Other 497,680 489,856 456,260 436,609 454,141 463,222 521,963 692,157 454,141 449,738 Total deposits 20,230,230 20,301,576 20,390,344 20,302,721 20,175,977 20,098,441 19,861,58320,517,93720,175,977 17,868,698 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 51.0 50.8 50.5 50.4 50.7 SO. 9 51.1 50.6 50.7 48.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i t d h a i y n s 16 d a t y o s 30 31 d a t y o s 60 days 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 s to 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: June 30 265,632 71,619 43,350 31,310 119,353 July 7 397,670 188,977 55,125 91,438 52,980 9,150 July 14 315,775 118,800 23,331 112,269 41,865 19,510 July 21 285,269 87,862 23,270 103,766 61,181 9,190 July 28 326,731 108,360 12,577 119,772 86,022 Industrial loans: June 30 851 535 35 189 56 4 16 July 7 844 522 141 62 83 4 16 Tuly 14 840 552 141 67 44 4 16 July 21 844 670 104 17 4 16 July 28 789 607 104 42 4 16 U. S. Government securities: June 30 21,366,369 4,573,1351,095,090 2,573,7543,392,031 1,456,0172,070,661 ,145,651,5,060,030 July 7 21,535,169 2,005,4551,116,3312,756,1224,808,540 372,3504,266,490 ,148,3515,061,530 July 14 21,521,057 1,726,2051,143,7522,875,3064,763,935 367,3504,323,990 ,148,3515,172,168 July 21 21 ,325,751 1,560,1801,220,5563,546,1383,834,774 356,350 4,358,990 148,351 5,300,412 July 28 21,209,309 1,551,6431,379,7523,397,7313,600,422 351,350 4,364,490 ,148,351 5,415,570 967 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total 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 Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c r i a s n c - o Assets Gold certificates: June 30 21,642,170 807,953 7,046,3341,022,510 ,420,881 1,025,633 994,0594,341,045 578,736 453,940 753,615 498,857 ,698,607 July 7 21,692,172 850,958 6,999,872 1,010,326 ,438,021 1,014,0191,032,6454,314,656 607,499 463,154 775,939 509,445 ,675,638 July 14 21,699,673 862,286 6,912,440 1,032,198 ,472,710 1,010,8651,037,7344,349,032 587,039 459,562 763,663 519,175 ,692,969 July 21 21,764,671 899,882 6,948,9141,051,426 ,459,8131,001,0591,012,0284,335,385 599,574 480,716 762,892 530,855 ,682,127 July 28 21,784,670 853,837 6,968,4161,042,587 ,450,6611,020,5011,020,016 4,338,547 596,932 472,859 797,375 543,317 679,622 Redemption fund for F. R. notes: June 30 615.643 54.296 65,522 57,613 72,615 54,571 37,683 96,618 45,732 22,482 34,853 25,387 48,271 July 7 615,643 54,296 65,522 57,613 72,614 54,571 37,683 96,618 45,732 22,482 34,853 25,388 48,271 July 14 615,080 54,136 64,878 57,818 72,406 55,466 37,522 96,412 45,674 22,460 34,815 25,342 48,151 July 21 615,080 54,136 64,878 57,818 72,406 55,466 37,522 96,412 45,674 22,460 34,815 25,342 48,151 July 28 612,133 53,977 64,266 57,559 72,202 54,371 37,364 96,215 45,618 22,441 34,776 25,302 48,042 Total gold certificate reserves: June 30 22,257,813 862,249 7,111,8561,080,1231,493,496 ,080,2041,031,7424,437,663 624,468; 476,422 788,468 524,244 ,746,878 July 7 22,307,815 905.254 7,065,3941,067,9391,510,635 ,068,590 1,070,328 4,411,274 653,231 485,636 810,792 534,833 ,723,909 July 14 22,314,753 916.422 6,977,318 ,090,0161,545,116 ,066,33111,075,256 4,445,444 632,713 482,022 798,478 544,517 ,741,120 July 21 22,379,751 954.018 7,013,7921,109,2441,532,219 ,056,525 1,049,550 4,431,797 645,248 503,176 797,707 556,197 ,730,278 July 28 22,396,803 907,814 7,032,6821,100,1461,522,863 ,O74,872j1,057,380 4,434,762 642,550 495,300 832,151 568,619 ,727,664 Other cash: June 30 255,770 23.641 49,889 13,569 22,588 14,768 21,945 36,779 13,078 6,425 9,727 11,690 31,671 July 7....... 224,300 19.428 42,123 10,319 22,857 11,934; 18,545 35,467 11,318 4,970 8,550 10,496 28,293 July 14 254,509 23,125 47,115 13,545 22,147 14,982 21,875 39,006 12,852 7,073 9,501 10,170 33,118 July 21 270,559 25.419 50,741 16,439 25,073 16,466 20,909 40,807 14,043 6,790 10,445 10,167 33,260 July 28 279,535 25,928 50,025 17,323 24,371 16,813 23,547 41,675 14,740 8,494 11,028 10,807 34,784 Discounts & advances: Secured by U. S. Govt. securities: June 30. . 33,325 3.150 20,412 2,380 695 2,047 1,176 200 465 150 2,350 300 July 7. . 165,038 4,915 116,687 3,190 10,720 5,335 3,376 2,200 465 200 3,450 400 14,100 July 14.. 83,319 5,085 36,322 4,070 6,195 6,320 3,582 2,200 12,731 200 1,964 400 4,250 July 21.. 52,522 3,440 5,512 6,220 7,555 9,985 7,582 75 5,708 1,400 3,275 400 1,370 July 28.. 92,287 8,725 24,887 2,935 17,140 5,640 11,517 10,600 4,218 500 3,375 500 2,250 Other: June 30. . 232,307 14,553 73,920 18,711 21,454 11,619 9,626 31,416 8,966 5,775 8,085 7,854 20,328 July 7. . 232,632 14,553 73,920 18,711 21,451 11,619 9,754 31,416 9,166 5,775 8,085 7,854 20,328 July 14.. 232,456 14,553 73,920 18,711 21,437 11,619 9,742 31,416 9,016 5,775 8,085 7,854 20,328 July 21. . 232,747 14.553 73,920 18,711 21,429 11,619 9,741 31,416 9,316 5,775 8,085 7,854 20,328 July 28.. 234,444 14,660 74,811 18,711 21,583 11,702 9,810 31,647 9,377 5,818 8,085 7,912 20,328 Industrial loans: June 30 851 541 261 491 July 7 844 528 261 55 July 14 840 524 261 55 July 21 844 518 261 65 July 28 789 475 258 56 U. S. Govt. securities: Bills: June 30.... 8,576,881 576,573 2,056,583 612,645 822,266 557,019 429,9851,251,589 440,990 262,529 399,777 388,342 778,583 July 7.... 8,488,581 570,637 2,035,410 606,338 813,801 551,285 425,5571,243,070 431,735 259,826 395,661 384,693 770,568 July 14 8,311,331 558,722 1,992,907 593,677 796,807 539,774 416,6721,218,043 421,792 254,400 387,399 376,661 754,477 July 21 7,963,781 535,358 1,909,570 568,852 763,487 517,203 399,2481,158,474 412,790 243,762 371,200 360,910 722,927 July 28 7,734,681 519,957 1,854,635 552,488 741,525 502,323 387,7631,116,159 409,903 236,750 360,521 350,527 702,130 Certificates: June 30 4,616,007 310,307 1,106,836 329,721 442,536 299,782 231,414 655,879 254,864 141,291 215,157 209,193 419,027 July 7.... 4,878,907 327,980 1,169,874 348,500 467,741 316,857 244,594 693,234 269,379 149,339 227,410 221,106 442,893 July 14 4,931,407 331,510 1,182,463 352,250 472,774 320,265 247,226 700,693 272,278 150,945 229,858 223,487 447,658 July 21 4,955,407 333.122 1,188,217 353,964 475,075 321,825 248,429 704,104 273,602 151,681 230,977 224,574 449,837 July 28.... 4,957,407 333,256 1,188,697 354,108 475,267 321,954 248,529 704,388 273,714 151,741 231,070 224,665 450,018 Notes: June 30.... 1,967,800 132,283 471,843 140,560 188,653 127,797 98,652 279,601 108,648 60,232 91,721 89,179 178,631 July 7.... 1,957,800 131,611 469,445 139,846 187,694 127,147 98,151 278,180 108,096 59,926 91,255 88,726 177,723 July 14 1,957,800 131,611 469,445 139,846 187,694 127,147 98,151 278,180 108,096 59,926 91,255 88,726 177,723 July 21 1,957,800 131,611 469,445 139,846 187,694 127,147 98,151 278,180 108,096 59,926 91,255 88,726 177,723 July 28 1,953,300 131,309 468,366 139,524 187,263 126,855 97,925 277,540 107,847 59,789 91,045 88,522 177,315 Bonds: June 30.... 6,205,681 417,171 1,488,010 443,272 594,939 403,022 311,109 881,753 342,634 189,950 289,253 281,235 563,333 July 7.... 6,209,881 417,453 1,489,018 443,572 595,341 403,294 311,320 882,350 342,866 190,078 289,449 281,426 563,714 July 14 6,320,519 424,890 1,515,547 451,475 605,948 410,480 316,866 898,070 348,975 193,465 294,606 286,439 573,758 July 21. . . . 6,448,763 433,512 1,546,298 460,635 618,243 418,808 323,296 916,292 356,056 197,390 300,583 292,251 585,399 July 28.... 6,563,921 441,253 1,573,910 468,861 629,283 426,287 329,069 932,655 362,414 200,915 305,951 297,470 595,853 Total U. S. Govt. securities: June 30 21,366,369 ,436,334 5,123,2721,526,1982,048,394 1,387,6201,071,1603,068,8221,147,136 654,002 995,908 967,949 ,939,574 July 7 21,535,169 ,447,681 5,163,747 1,538,2562,064,577 1,398,5831,079,6223,096,8341,152,076 659,1691,003,775 975,951 ,954,898 July 14 21,521,057 ,446,733 5,160,362 1,537,2482,063,223 1,397,6661,078,9153,094,9861,151,141 658,7361,003,118 975,313 ,953,616 July 21 21,325,751 ,433,603 5,113,5301,523,2972,044,499 1,384,9831,069,1243.057,0501,150,544 652,759 994,015 966,461 ,935,886 July 28 21,209,309 ,425,775 5,085,6081,514,9812,033,338 1,377,4191,063,2863,030,7421,153,878 649,195 988,587 961,184 ,925,316 Total loans and securities: June 30 21,632,852 ,454,037 5,217,6041,547,8302,070,804 1,401,3351,081,9623,100,4381,156,567 659,9271,006,343 976,1031,959,902 July 7 21,933,683 ,467,149 5,354,3541,560,6852,097,009 1,415,5921,092,7523,130,4501,161,707 665,1441,015,310 984,201 1,989,326 July 14 21,837,672 ,466,371 5,270,6041,560,5532,091,116 1,415.6601,092,2393,128,6021,172,888 664,7111,013,167 983,5671,978,194 July 21 21,611,864 ,451,596 5,192,962 1,548,7462,073,744 1,406,6521,086,4473,088,5411,165,568 659,9341,005,375 974,7151,957,584 July 28 21,536,829 ,449,160 5,185,3061,537,1022,072,319 1,394,8171,084,6133,072,9891,167,473 655,5131,000,047 969,5961,947,894 Due from foreign banks: June 30 July 7 July 14 July 21 July 28 1 After deducting $33,000 participations of other Federal Reserve Banks on June 30; July 7; July 14; July 21 and July 28. 968 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: June 30 106,168 5,320 19,228 6,543 5,642 9,566 10,544 15,082 7,194 3.934 5,620 4,279 13,216 July 7 99,431 4,611 16,389 4,267 4,922 10,631 8,516 13,833 7,991 4,001 6,724 4,283 13,263 July 14 121,858 6,360 18,306 8,064 5,825 12,030 10,795 15,565 7,770 5,127 8,038 5,154 18,824 July 21 129,929 6,815 18,935 9,056 7,697 15,386 10,394 15,911 7,552 7,599 8,054 4,472 18,058 July 28 132,475 7,461 18,813 8,718 7,384 14,080 10,983 16,507 9,024 9,509 7,718 5,201 17,077 Uncollected items: June 30 2,642,095 214,572 493,612 173,228 260,873 222,063 162,753 402,048 133,549 68,040 166,122 111,473 233,762 July 7 2,436,344 209,877 472,763 166,888 233,645 218,361 159,168 364,267 100,238 65,587 126,261 112,193 207,096 July 14 3,009,924 234,144 563,561 202,058 296,806 253,441 182,530 506,729 139,350 81,657 154,838 139,048 255,762 July 21 2,719,909 212,565 483,627 183,695 275,415 233,703 168,054 409,684 123,934 73,706 160,868 144,093 250,565 July 28 2,410,527 182,323 432,022 152,451 240,808 204,528 149,930 370,146 104,184 61,250 146,549 134,683 231,653 Bank premises: June 30 32,494 1,213 8,135 3,107 4,861 2,596 1,539 3,029 1,950 1,193 2,421 774 1,676 July 7 32,491 1,213 8,135 3,107 4,861 2,599 1,539 3,029 1,950 1,193 2,415 774 1,676 July 14 32,487 1,213 8,135 3,107 4,858 2,599 1,538 3,029 1,950 1,193 2,415 774 1,676 July 21 32,519 1,213 8,135 3,107 4,858 2,593 1,537 3,029 1,989 1.193 2,415 774 1,676 July 28 32,483 1,208 8,135 3,094 4,850 2,593 1,535 3,032 1,988 1,190 2,415 774 1,669 Other assets: June 30 139,612 9,737 32,509 9,699 13,670 9,107 7,086 19,637 8,110 4,401 6,439 6,302 12,915 July 7 124,844 8,535 29,303 8,714 12,207 8,148 6,372 17,671 7,244 3,782 5,825 5,524 11,519 July 14 129,331 8,997 30,737 8,835 12,419 8,313 6,547 18,386 7,454 3,923 6,090 5,655 11,975 July 21 134,630 9,820 31,505 9,313 13,086 8,477 6,800 18,745 7,769 4,113 6,268 6,225 12,509 July 28. 139,757 9,519 32,963 9,595 13,550 8,960 7,072 19,665 8,037 4,331 6,493 6,689 12,883 Total assets: June 30 47,066,853 2,570,772 12,932,8492,834,1033,871,9382,739,6412,317,5738,014,6831,944,9181,220,3431,985,1421,634,8675,000,024 July 7 47,158,957 2,616,07012,988,4772,821,9233,886,1402,735,8572,357,2227,975,9981,943,6811,230,3141,975,8791,652,3104,975,086 July 14 47,700,583 2,656,635 12,915,7922,886,1823,978,2912,773,3582,390,7828,156,7681,974,9791,245,7071,992,5291,688,8875,040,673 July 21 47,279,210 2,661,44912,799,7132,879,6043,932,0962,739,8042,343,6938,008,5211,966,1051,256,5121,991,1341,696,6455,003,934 July 28. m 46,928,458 2,583,41612,759,9622,828,4333,886,1492,716,6652,335,0627,958,7831,947,9981,235,5882,006,4031,696,3714,973,628 Federal Reserve notes: June 30 23,751,812 1,443,808 5,461,422 1,631,3792,088,6361,615,5281,313,6674,515,5151,079,018 613,491 917,466 596,3942,475,488 July 7 23,960,043 1,456,964 5,508,4131,647,2892,107,147 1,629,7381,323,8054,553,5051,085,962 618,566 924,779 602,7212,501,154 July 14 23,826,775 1,439,305 5,470,2621,636,5692,099,726 1,619,3091,315,1034,538,6121,082,242 614,204 921,187 601,1332,489,123 July 21 23,756,237 1,428,520 5,458,922 1,630,1302,093,206 1,608,7351,312,2784,537,8741,080,113 612,325 920,865 600,7532,472,516 July 28 23,725,348 1,424,692 5,459,1141,627,8012,093,9791,603,7631,310,3034,532,9041,076,731 610,688 921,081 600,5112,463,781 Deposits: Member bank reserve account: June 30.. 17,389,027 725,291 5,770,318 830,8091,251,536 740,602 713,2902,656,495 604,483 426,262 802,452 806,7382,060,751 July 7.. 17,584,327 747,214 5,914,588 790,9131,264,596 730,370 743,7782,656,746 631,555 431,180 809,076 823,0612,041,250 July 14.. 17,630,864 741,428 5,862,888 809,6461,290,809 742,829 753,3932,697,641 622,389 427,460 797,746 825,2382,059,397 July 21.. 17,502,513 746,553 5,798,861 816,0361,302,193 732,916 709,9422,643,678 618,670 437,995 809,315 825,8132,060,541 July 28.. 17,533,595 732,951 5,802,294 806,7871,289,295 733,204 724,6632,704,713 617,208 431,830 815,800 817,9872,056,863 U. S. Treasurer-general account: June 30.. 1,927,559 134,780 495,394 129,616 176,557 121,560 82,127 327,293 84,805 90,194 76,513 88,131 120,589 July 7.. 1,841,139 129,477 402,491 132,353 195,645 120,518 91,360 307,571 89,288 92,838 90,452 82,037 107,109 July 14.. 1,861,300 180,630 332,920 164,803 190,548 107,982 86,824 314,498 89,615 101,212 92,250 89,478 110,540 July 21.. 1,878,842 205,048 312,034 173,650 176,805 129,647 96,835 292,184 101,673 106,278 86,852 97,689 100,147 July 28.. 1,821,784 180,231 321,955 167,071 172,502 130,913 99,168 221,078 109,854 104,426 102,488 109,310 102,788 Foreign: June 30.. 405,250 24,765 438,532 31,752 36,064 19,208 16,072 53,312 14,112 9,800 13,720 13,328 34,585 July 7.. 440,646 27,127 448,411 34,789 39,514 21,046 17,609 58,412 15,462 10,738 15,032 14,603 37,903 July 14.. 441,920 26,699 454,400 34,239 38,888 20,712 17,331 57,487 15,217 10.568 14,794 14,372 37,213 July 21.. 430,365 26,151 448,750 33,534 38,088 20,286 16,974 56,304 14,904 10,350 14,490 14,076 36,458 July 28.. 377,171 22,944 430,162 29,411 33,405 17,792 14,887 49,382 13,072 9,078 12,708 12,345 31,985 Other: June 30.. 454,141 3,082 392,980 2,271 6,571 1,867 654 4,168 5,225 2.387 235 598 34,103 July 7.. 436,609 3,235 376,405 1,855 6,158 3,438 738 2,671 5,361 1.917 208 443 34,180 July 14.. 456,260 4,545 386,942 2,775 6,360 5,264 539 3,440 7,338 1,877 240 319 36,621 July 21.. 489,856 5,788 422,067 2,100 6,372 1,576 952 4,546 5,055 4,045 349 311 36,695 July 28.. 497,680 2,563 437,709 2,034 5,556 1,228 627 3,921 5,021 3.478 547 491 34,505 Total deposits: June 30 20,175,977 887,918 6,797,224 994,4481,470,728 883,237 812,1433,041,268 708,625 528,643 892,920 908,7952,250,028 July 7 20,302,721 907,053 6,841,895 959,9101,505,913 875,372 853,4853,025,400 741,666 536,673 914,768 920,1442,220,442 July 14 20,390,344 953,302 6,737,1501,011,4631,526,605 876,787 858,0873,073,066 734,559 541,117 905,030 929,4072,243,771 July 21 20,301,576 983,540 6,681,712 1,025,3201,523,458 884,425 824,7032,996,712 740,302 558,668 911,006 937,8892,233,841 July 28 20,230,230 938,689 6,692,1201,005,3031,500,758 883,137 839,3452,979,094 745,155 548,812 931,543 940,1332,226,141 Deferred availability items: June 30 2,375,035 190,152 441,186 147,181 241,668 201,585 158,902 353,968 128,053 57,805 145,986 101,803 206,746 July 7 2,126,986 202,852 403,719 153,276 201,723 191,090 146,809 292,417 86,554 54,583 107,271 101,479 185,213 July 14 2,709,042 214,472 472,614 176,309 280,367 237,269 184,220 439,583 128,403 69,732 136,952 130,143 238,978 July 21 2,443,853 199,612 422,668 162,081 243,352 206,494 173,174 368,008 115,764 64,776 129,813 129,563 228,548 July 28 2,224,564 172,242 378,670 135,501 222,284 191,592 153,366 345,146 97,834 56,232 125,693 128,614 217,390 Other liab. incl. accrued div.: June 30 12,621 842 2,939 760 1,554 681 574 1,904 608 476 541 682 1,060 July 7 13,493 891 3,403 798 1,597 758 629 2,016 611 436 579 551 1,224 July 14 14,424 944 3,739 870 1,434 808 676 2,246 647 474 604 600 1,382 July 21 13,606 966 3,422 795 1,501 686 640 2,083 603 437 571 642 1,260 July 28 14,618 964 4,274 783 1,530 712 664 2,104 606 453 551 663 1,314 Total liabilities: June 30 46,315,445 2,522,72012,702,7712,773 7683,802,5862,701,0312,285,2867,912,6551,916,3041,200,4151,956,9131,607,6744 933,322 July 7;;;^: 46,403,243 2,567,76012,757,4302,761,2733,816,3802,696,9582,324,7287,873,3381,914,7931,210,2581,947,3971,624,8954,908,033 July 14 46,940,585 2,608,02312,683,7652,825,2113,908,1322,734,1732,358,0868,053,5071,945,8511,225,5271,963,7731,661,2834,973,254 July 21 46,515,272 2,612,63812,566,7242,818,3263,861,5172,700,3402,310,7957,904,6771,936,7821,236,2061,962,2551,668,8474,936,165 July 28 46,194,760 2,536,587 12,534,1782,769,3883,818,5512,679,2042,303,6787,859,2481,920,3261,216,1851,978,8681,669,9214,908,626 1 After deducting $266,560,000 participations of other Federal Reserve Banks on June 30; $292,060,000 on July 7; $287,436,000 on July 14; $281,520,000 on July 21; and $246,908,000 on July 28. 969 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Capital Accts.: Capital paid in: June 30 198,540 11,314 68,964 14,546 18,997 8,475 7,763 24,499 6,537 4,375 6,813 7,655 18,602 July 7.... 198,777 11,318 68,971 14,565 19,028 8,498 7,777 24,562 6,540 4,378 6,834 7,681 18,625 July 14 198,917 11,322 68,995 14,588 19,033 8,512 7,782 24,586 6,545 4,380 6,850 7,691 18,633 July 21 .... 199,000 11,322 69,002 14,594 19,037 8,518 7,786 24,591 6,567 4.384 6,858 7,703 18,638 July 28 199,045 11,323 69,001 14,597 19,044 8,519 7,787 24,602 6,567 4,393 6,862 7,706 18,644 Surplus: (section 7): June 30.... 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 July 7.... 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 July 14 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 July 21.... 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 July 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 (section 13b): June 30. . . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 7.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 14 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 21... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 28 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: June 30.... 77,136 5,610 15,199 5,950 7,176 5,576 4,652 9,883 4,584 3,247 4,131 4,120 7,008 July 7.... 81,205 5,864 16,161 6,246 7,553 5,842 4,845 10,452 4,855 3,372 4,363 4,316 7,336 July 14 85,349 6,162 17,117 6,544 7,947 6,114 5,042 11,029 5,090 3,494 4,621 4,495 7,694 July 21.... 89,206 6,361 18,072 6,845 8,363 6,387 5,240 11,607 5,263 3.616 4,736 4,677 8,039 July 28.... 58,921 4,378 10,868 4,609 5,375 4,383 3,725 7,287 3,612 2,704 3,388 3,326 5,266 Total liabilities and cap. accts.: June 30 47,066,853 2,570,772 12,932,8492,834,1033,871,938 2,739,6412,317,5738,014,683 1,944,9181,220,3431,985,1421,634,8675,000,024 July 7.... 47,158,957 2,616,070 12,988,4772,821,9233,886,1402,735,8572,357,222 7,975,998 1,943,6811,230,3141,975,8791,652,3104,975,086 July 14 47,700,583 2,656,635 12,915,7922,886,1823,978,2912,773,3582,390,7828,156,768 1,974,9791,245,7071,992,5291,688,8875,040,673 July 21.... 47,279,210 2,661.449 12,799,7132,879,6043,932,096 2,739,8042,343,6938,008,521 1,966,1051,256,5121,991,1341,696,6455,003,934 July 28 46,928,458 2,583,416 12,759,9622,828,4333,886,i49 2,716,6652,335,062 7,958,783 1,947,9981,235,5882,006,403 1,696,3714,973,628 Contingent liability on bills purchased for foreign correspondents: June 30.... 2,646 167 1847 214 243 130 108 360 95 66 93 90 233 July 7.... 2,645 167 1846 214 243 130 108 360 95 66 93 90 233 July 14.... 2,358 149 i 754 191 217 116 97 321 85 59 82 80 207 July 21 2,105 133 1673 170 194 103 86 286 76 53 74 72 185 July 28 1,576 99 1504 128 145 77 65 214 57 39 55 54 139 Commit, to make indus. loans: June 30.... 6,482 75 183 1,266 136 16 353 580 3,750 123 July 7.... 6,432 75 196 1,257 140 16 478 400 3,750 120 July 14. 6,418 75 200 1,237 142 16 478 400 3,750 120 July 21.... 6,425 75 206 1,237 143 16 478 400 S 750 120 July 28 6,424 75 208 1,233 144 16 478 400 3,750 120 i After deducting $1,799,000 participations of other Federal Reserve Banks on June 30; and July 7; $1,604,000 on July 14; $1,432,000 on July 21; and $1,072,000 on July 28. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S r a a n ncisco F. R. notesoutstanding (issued to Bank): June 30 24,503,332 1,478,1215,670,913 1,680,4892,153,502 ,664,093 1,357.8534,586,892 1,113,227631,371 944,029 624,5882,598,254 July 7 24,598,369 1,484,9425,668,437 1,687,0402,167,382 ,675,721 1,362,5214,627,196 1,120,622 632,974 946,799 626,4192,598,316 July 14 24,623,254 1,488,8415,663,651 1,692,7692,166,505 ,680,992 1,367,8334,628,737 1,122,557632,778 947,309 626,1082,605,174 July 21 24,573,828 1,483,0685,652,124 1,687,4582,164,881 ,673,1861,362.4234,627,111 1,117,477631,346 945,374 633,5032,595,877 July 28 24,541,669 1,482,3585,643,960 1,680,9812,163,353 ,663,6291,360,8844,621,2041,121,493 630,573 945,523 638,660 2,589,051 Collateral held against notes outstanding: Gold certificates: June 30 13,429,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,700,000 315,000200,000 280,000169,0001,950,000 July 7 13,519,000 460,0004,770,000 550,000 735,000 625,000 675,0002,740,000 315,000200,000 280,000116699,,000000 22,,000000,,000000 July 14 13,519,000 460,0004,770,000 550,000 735,000 625.000 675,0002,740,000 315,000200,000 280,000116699,,000000 22,,000000,,000000 July 21 13,539,000 460,0004,770,000 550.000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000169,0002,000,000 July 28 13,539,000 460,0004,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000169,000 2,000,000 Eligible paper: June 30 31,104 3,150 19,912 2,380 2,047 1,115 150 2,350 July 7 149,192 4,915 116,687 3,190 5,335 1,315 200 3,450 14,100 July 14 69,842 5,085 34,522 4,070 6,320 13,431 200 1,964 4,250 July 21 37,160 3,440 5,262 6,220 9,485 6,708 1,400 3,275 1,370 July 28 52,905 8,725 24,262 2,935 5,640 5,218 500 3,375 2,250 U. S. Govt. sec: June 30 11,925,000 1,100,0001,000,000 ,200,000 1,500,000 ,075,000 750,000 ,900,000 950,000450,000 700,000 500,000 800,000 July 7 11,925,000 1,100,0001,000,000 ,200,000 1,500,000 ,075,000 750,000 ,900,000 950,000450,000 700,000 500,000 800,000 July 14 11,925,000 1,100,0001,000,000 ,200,000 1,500,000 ,075,000 750,000 ,900,000 950,000 450,000 700,000 500,000 800,000 July 21 11,925,000 1,100,0001,000,000 ,200,000 1,500,0001,075,000 750,000 ,900,000 950,000 450,000 700,000500,000 800,000 July 28 11,925,000 1,100,0001,000,000 ,200,000 1,500,0001,075,000 750,000 ,900,000 950,000 450,000 700,000 500,000 800,000 Total collateral: June 30 25,385,104 1,563,1505,789,912 1,752,380 2,235,000 ,702,047 ,425,000 4,600,0001,266,115 650i,,150 982,350 669,000 2,750,000 July 7 25,593,19: 1,564,9155,886,687 1,753,190 2,235,000 ,705,335 ,425,000 4,640,000 1,266,315650,200 983,450 669,0002,814,100 July 14 25,513,842 1,565,0855,804,522 1,754,070 2,235,000 ,706,320 ,425,000 4,640,000 1,278,431650,200 981,964 669,0002,804,250 July 21 25,501,160 1,563,4405.775,262 1,756,220 2,235,000 ,709,485 ,425,000 4,660,000 1,271,708 651,400 983,275 669,0002,801,370 July 28 25,516,905 1,568,7255,794,262 1,752,935 2,235,000 .705,640 ,425,000 4,660,0001,270,218 650,500 983,375 669,000 2,802,250 970 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 au t t o h o d r a iz te ed outs lo ta a n n d s ing ava a i m la o b u le n t to banks * Y N o e r w k c C a h g i o - banks banks« borrowers End of month under guar- N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u te t m s e t e a n a n t g d s r i e n e g - To 1 t 9 al 4 7 r — es J M e u r n a v y e es held: 1 1 6 5 , , 1 9 5 7 3 8 4 4, , 1 1 9 4 6 1 9 9 4 1 0 1 6 6, , 3 3 1 7 7 7 4 4 , , 6 6 4 0 0 8 1948—May 16,933 4,511 1,057 6,496 4,869 1942—June. 565 310,680 81,108 69,674 137,888 June 17,396 4,808 1,132 6,534 4,922 Dec. 2,665 2,688,397 803,720 632,474 1,430,121 June 3 17,016 4,576 1,074 6,500 4,867 June 10 17,126 4,549 080 6,550 4,947 1943—June. 4,217 4,718,818 1,428,2531,153,756 2,216,053 June 17 17,713 4,958 172 6,605 4,978 Dec. 5,347 6,563,048 1.914,0401,601,518 3,146,286 June 24 17,465 4,915 148 r6,484 '4,918 July 1 17,446 4,898 152 6,516 4,880 1944—June. 6,433 8,046,672 2,064,3181,735,777 3,810,797 July 8 17,409 4,828 150 6,527 4,904 Dec. 7,434 9,310,582 1,735,9701.482,038 4,453,586 July 15 17,578 4,848 1,162 6,597 4,971 July 22 17,596 4,876 1,167 6,592 4,961 1945—June. 8,422 10,149,3511,386,8511,190,944 3,694,618 Dec. 8,757 10,339,400 510,270 435,345 966.595 Excess reserves: 1946—June. 8,771 10,344,018 70,267 60,214 142,617 1947— J M un ay e 7 7 8 8 4 5 1 1 2 4 10 2 2 2 2 4 4 5 5 3 5 8 0 Dec. 8,771 10,344,018 18,996 17,454 28,791 1948—May 743 18 202 514 1947—-JJuunnee. 8,771 10,344,018 3,589 3,218 6.726 June 852 44 241 556 Dec. 8,771 10,344,018 2,412 2,183 June 3 845 83 21 238 503 1948— A M F M J J u a e p a a n n b r r y e . . . . . . . . . . 8 8 8 8 8 8 , , , , , , 7 7 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 , , , , , , 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , 0 0 0 0 0 0 1 1 1 1 1 1 8 8 8 8 8 8 2 1 1 1 1 1 , , , , , , 8 7 9 3 7 6 8 3 5 0 6 5 7 5 9 9 1 7 2 1 1 1 1 1 , , , , , , 1 6 6 5 7 4 3 2 6 9 7 6 3 3 6 9 7 3 J J J J J J J u u u u u u u l l l l n n n y y y y e e e 2 2 1 1 1 4 2 8 5 7 0 1 P 9 8 9 9 8 7 7 2 1 0 0 3 9 6 5 6 9 2 3 5 9 3 3 2 5 1 1 1 0 0 2 8 5 7 6 2 9 9 6 5 2 2 7 ' 2 2 2 2 2 2 •1 5 6 2 1 6 5 9 5 6 5 9 3 8 0 6 5 5 5 6 5 5 4 1 1 2 7 7 9 0 1 9 1 NOTE.—The difference between guaranteed loans authorized and sum Borrowings at Federal of loans outstanding and additional amounts available to borrowers Reserve Banks: under guarantee agreements outstanding represents amounts repaid 1947—May 107 49 50 and authorizations expired or withdrawn. June 135 11 73 50 1948—May 144 50 47 42 June 100 23 37 37 June 3 125 2 64 58 June 10 78 2 31 44 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS June 17 103 28 33 39 [Amounts in thousands of dollars] June 24 97 16 45 29 July 1 122 53 34 32 July 8 165 97 43 25 Applications Ap- Commit- Partici- July 15 82 19 30 33 Date (last approved proved Loans ments pations July 22 49 2 27 20 W o o r f e l d a p n s e t e r i s d o d a d a y ) y N b u e m r t - o d A at m e ount ( b a p m u l c e o t o t m e u n d - n o » t t) s (a ta m o n u o d t u i - n n g t) 2 ( s a t m a o n u o d t u - i n n t g ) ( s a t m a o n u o d t u - i n n t g ) 1 P r W P R r e e e e v l k i i s m ly e i d n . f a ig ry u . res of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all mem- 1934... 984 49.634 20,966 13,589 8,225 1,296 ber banks and of country banks may include small amounts of Federal 1935. . . 1,993 124,493 11,548 32,493 27,649 8,778 Reserve Bank discounts and advances for nonmember banks, etc. 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 1938. . . 2,653 175,013 1,946 17,345 14,161 12,722 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1939. . . 2,781 188,222 2,659 13,683 9,220 10,981 SMALL CENTERS * 1940. . . 2,908 212,510 13,954 9,152 5,226 6,386 1941. . . 3,202 279,860 8,294 10,337 14,597 19,600 [Averages of daily figures. In millions of dollars] 1942. . . 3,423 408,737 4,248 14,126 10,661 17,305 1 1 9 9 4 4 3 4 . .. . . . 3 3, , 4 4 7 8 1 9 5 4 2 9 5 1 . , 5 3 3 4 2 2 1, 9 29 2 5 6 1 3 0 , , 8 5 9 32 4 9 4, , 1 2 6 7 5 0 1 2 7 , , 7 9 0 3 6 0 a I n n d p o la v c e e r s p o o f pu 15 la ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r 1945 June 30 3,502 537.331 70 3,252 5,224 2,501 Demand Demand Dec. 31 3,511 544,961 320 1,995 1,644 1,086 d e e x p c o e s p it t s Time d e e x p c o e s p it t s Time 1946 inter- deposits inter- deposits June 29 3,524 552,711 615 1,210 5,366 1,110 bank bank Dec. 31 3.542 565,913 4,577 554 8,309 2,670 1947 June 1947 ^15,043 r8,443 '•11,523 '5,976 Mar. 31 3,548 569,825 4,595 1,081 8,160 2,727 May 1948 16,178 8,796 11,797 6,046 June 30 3,555 572,836 195 1,778 7,018 4,043 Sept. 30 3,566 577,614 1,229 1,892 7,395 5,019 June 1948... 16,337 8,819 11,806 6,045 Dec. 31 3,574 586,726 945 1,387 7,434 4,869 Boston 1,883 867 330 230 1948 New York 2,998 2,215 1,011 1 ,155 Jan. 31 3,576 589,986 1,025 1,972 7,077 5,213 Philadelphia 1,232 813 901 899 Feb. 28 3,582 596.048 145 4,906 7,918 6,770 Cleveland 1,324 914 1,039 823 Mar. 31 3,587 600.322 45 3,785 7,700 5,109 Apr. 30 3,593 604,623 70 1,394 6,646 4,234 Richmond.... 1,082 398 851 470 May 31. 3,595 606,305 120 916 6,612 3,272 Atlanta 1,541 488 666 218 June 30. 3,599 610,956 1,045 851 6,482 3,238 Chicago 2,197 1,589 1,673 959 St. Louis 649 338 956 275 1 Includes applications approved conditionally by the Federal Re- Minneapolis 582 295 757 448 serve Banks and under consideration by applicant. Kansas City. . . . 558 104 1,575 204 2 Includes industrial loans past due 3 months or more, which are not Dallas 1,009 146 1,515 66 included in industrial loans outstanding in weekly statement of con- San Francisco. . . 1,282 650 534 300 dition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- r Revised. vances, 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. AUGUST 1948 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Fed C e l r a a s l s R o e f s b er a v n e k d a i n st d rict Total I b n a t n e k r- Other p m o d d s a e e i n t - - s d a p T o d s im e it - s e 3 m a f d r n d e o u c o s m e - e ti s c Total qu R i e re - d c E e x s - s s F e R e e a r r e t d a v - l - e banks Banks First half of June 1948 All member banks 88,342 10,549 77,793 77,581 28,691 5,271 17,270 16,388 882 93 Central reserve city banks: New York 21,656 3,897 17,759 20,005 1,622 44 4,678 4,632 46 14 Chicago 5,086 1,079 4,006 4,580 925 146 1,106 1,094 13 2 Reserve city banks 32,566 4,757 27,810 28,125 11,280 1,770 6,558 6,289 270 35 Boston 1,842 276 1,566 1,676 193 32 360 347 13 3 New York 560 25 535 491 301 24 119 116 3 Philadelphia 2,116 333 1,783 1,869 239 71 391 388 3 " 2 Cleveland 3,916 437 3,479 3,455 1,412 164 801 776 25 9 Richmond 2,076 305 1,771 1,805 431 101 407 387 20 3 Atlanta 2,001 396 1,605 1,694 408 124 389 363 26 3 Chicago 3,885 426 3,459 3,336 1,995 280 825 774 51 4 St. Louis 1,928 530 1,398 1,631 335 96 360 346 13 3 Minneapolis 999 263 735 820 179 68 179 175 5 Kansas City 2,704 746 1,958 2,200 361 262 487 462 25 Dallas 2,395 497 1,898 1,957 363 261 457 413 43 San Francisco 8,144 522 7,622 7,190 5,062 287 1,784 1,742 42 Country banks 29,034 816 28,218 24,871 14,863 3,311 4,928 4,374 554 42 Boston 2,284 80 2,204 1,995 1,098 166 376 345 31 8 New York 4,106 85 4,021 3,613 3,369 298 787 708 79 13 Philadelphia 2,140 15 2,125 1,874 1,711 201 408 365 43 5 Cleveland 2,385 23 2,362 2,071 1,736 253 457 394 63 2 Richmond 2,052 110 1,942 1,714 869 261 331 292 39 4 Atlanta 2,377 150 2,227 2,010 706 303 364 324 41 2 Chicago 3,951 62 3,889 3,381 2,548 486 712 626 86 1 St. Louis 1,659 44 1,615 1,428 613 201 264 237 28 2 Minneapolis 1,399 56 1,343 1,194 743 171 240 212 28 i Kansas City 2,193 60 2,133 1,836 308 337 318 276 42 Dallas 2,630 104 2,526 2,150 211 439 365 314 51 1 San Francisco 1,857 27 1,830 1,607 951 197 305 282 23 2 Second half of June 1948 All member banks 88,271 10,696 77,576 77,399 28,746 5,269 17,521 16,700 821 107 Central reserve city banks: New York 21,670 3,991 17,679 19,990 1,658 43 4,938 4,897 41 31 Chicago 5,053 1,059 3,994 4,543 934 132 1,157 1,146 11 5 Reserve city banks 32,651 4,818 27,834 28,107 11,289 1,797 6,510 6,299 212 39 Boston 1,878 294 1,583 1,698 192 34 363 351 12 1 New York 553 25 528 484 301 24 117 115 2 1 Philadelphia 2,174 354 1,820 1,899 238 75 403 394 9 1 Cleveland 3,932 449 3,483 3,429 1,414 170 798 771 28 8 Richmond 2,066 300 1,766 1,800 430 98 402 386 16 5 Atlanta 1,971 376 1,595 1,673 407 120 373 359 14 5 Chicago 3,897 426 3,471 3,328 1,994 285 816 785 30 3 St. Louis 1,888 518 1,370 1,603 335 84 351 341 10 7 Minneapolis 1,000 267 733 826 179 66 180 176 4 1 Kansas City 2,738 762 1,976 2,220 359 270 484 466 18 4 Dallas 2,436 511 1,924 1,978 366 280 453 418 35 San Francisco 8,118 534 7,584 7,170 5,075 290 1,770 1,738 32 Country banks 28,897 828 28,069 24,759 14,865 3,297 4,916 4,358 557 32 Boston 2,305 83 2,222 2,006 1,096 177 382 347 35 4 New York 4,086 88 3,997 3,593 3,372 294 782 705 76 11 Philadelphia 2,157 17 2,140 1,871 1,712 213 409 365 45 4 Cleveland 2,386 24 2,363 2,069 1,738 257 457 394 63 1 Richmond 2,030 106 1,924 1,695 868 256 325 289 36 5 Atlanta 2,336 149 2,187 1,989 705 288 352 321 31 1 Chicago 3,913 64 3,850 3,357 2,547 475 711 623 89 1 St. Louis 1,639 45 1,595 1,418 613 193 265 235 29 2 Minneapolis 1,391 57 1,334 1,196 745 166 242 212 30 Kansas City 2,194 61 2,133 1,836 308 340 321 275 45 i Dallas 2,629 108 2,521 2,144 212 444 366 313 54 1 San Francisco 1,830 27 1,803 1,586 949 195 304 279 25 1 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 8 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. «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 70,450 million dollars in the first half and 70,350 million in the second half of June. 972 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 * Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 S 1934 536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 ,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 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—March 28,230 19,807 1,344 969 63 2,085 6,309 9,036 8,424 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 8,529 2,453 4,824 428 806 12 2 August 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 2,874 428 804 12 2 September... 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 503 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 2,513 5,023 426 782 11 3 December. . . 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 17 3 1948—January 28,111 19,369 1,382 984 63 2,017 6,064 8,858 ,745 2,511 5,022 424 771 12 3 February. . . . 28,019 19,335 1,385 972 63 2,005 6,084 8,826 ,687 2,492 4,996 421 762 12 3 March 27,781 19,169 1,394 975 62 1,986 6,013 8,738 ,614 2,470 4,962 416 749 11 1 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 ,574 2,456 4,951 412 739 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 ,555 2,453 4,943 410 735 10 2 June 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 ,581 2,465 4,945 407 749 10 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal Ju 1 n 9 e 4 3 8 0, g a o s g l i d a lv in e a r n st d Tre ca a s s h ury B R F an e e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Ju 1 n 9 e 4 3 8 0, M 1 a 9 y 4 3 8 1, Ju 1 n 9 e 4 7 30, certificates agents Gold 23,532 22,303 21,229 Gold certificates 22,303 19,442 2,815 45 45 48 Federal Reserve notes 24,503 45 858 23,600 23,525 23,999 Treasury currency—total 4,565 *2,260 52 256 4,257 4,242 4,250 Standard silver dollars.... 493 305 29 2 156 155 148 Silver bullion 1 ,955 1,955 Silver certificates and Treasury- notes of 1890. . * 2,260 198" 2,062' ' ''2,061'' 2,062 Subsidiary silver coin 952 10 24 919 910 876 Minor coin 360 7 6 346 344 331 United States notes. . 347 4 22 321 315 320 Federal Reserve Bank notes 358 1 3 353 357 406 National Bank notes .... 100 1 1 99 100 106 Total—June 30, 1948 0) 24,563 1,327 19,442 3,929 27,903 Mav 31, 1948 (4) 24,342 1,322 19,220 3,958 27,812 June 30, 1947 (4) 22,319 1,314 17,224 3,764 28,297 ' 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 965, and seasonally adjusted figures in table on p. 974. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note of explanation ot these duplications. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face ^amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates •and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. AUGUST 1948 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Do- Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s te o d n a f l o r - s a e d as ju o s n t a e l d ly s G to o c ld k Increase g N o e ld t g m ol a d r : k d ed e- m g e o s l t d ic variation variation series 1 Period at end in gold import crease proof stock or export or in- ducperiod crease ( —) tion1 End of year figures: 1939 7,598 +742 1940 8,732 + 1,134 1937 212,760 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 . . 20,619 -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 '75.8 1947—June 28,236 28,378 +22 1947—July 21,537 270.6 219.2 26.7 '6.9 July 28,259 28,316 -62 August 21,766 228.8 111.7 42.3 '6.6 August 28,252 28,394 +78 September.. 21,955 189.4 109.6 153.1 '6.5 September 28,654 28,711 +317 October 22,294 339.0 450.8 -4.0 '7.7 October 28,598 28,598 -113 November.. 22,614 320.1 265.7 -82.8 '5.8 November 28,648 28,562 -36 December. . 22,754 139.5 178.2 -44.6 '6.8 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 32.2 234.2 -111.5 5.7 March 27,941 28,025 -71 May 23,304 135.2 151.3 -2.8 6.1 April 27,766 27,990 -35 June 23,532 228.5 P177.7 81.7 5.7 May 27,749 27,945 -45 July P23.678 P145.7 (4) 5 -188.4 (4) June 27,846 27,986 +41 July 27,955 28.011 +25 p Preliminary. ' Revised. 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 rs f t y c e o a l r u m fi n g . ures, 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 f I ig 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 1 u 0 n 2 t 5 in . g to 1,228 million fig N u O re T s E o . n — c F o o m r p d a is r c a u b s le si o b n as i o s f s e se e a S so e n p a te l m a b d e ju r s 1 tm 94 e 3 n t B U fa L c L t E o T rs IN a , n p d p . f o 8 r 2 2 b - a 8 c 2 k 6. o m n 8 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 subscript B h e e c y au e s a e r e o n f d a , n a d a j p u p s a tm re e n n t t r f e a c c e t n o t r s c h h a a n v g e e b e in en t h re e v s is e e a d s o s n o a m l e p w at h t a e t r n f o a r r d o a u t n e d s tio 4 n N to o t I y n e te t r a n v a a ti i o la n b a l l e . Monetary Fund. affected, beginning with December 1942; seasonally adjusted figures * Gold held under earmark at the Federal 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 3,990.0 million dollars on July 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 dollarsl 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 inter- Year and month interbank and Government bank and Government Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers 1 centers 2 City centers City « cities 3 City s cities * 1942 * 641,778 226,865 347,837 67,074 16.1 13.1 200,337 308,913 18.0 18.4 1943.... . . 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 . 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22 4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 19 9 4 4 6 6 - — -o ne ld w s s e e ri r e ie s s * 6 Jl,050,021 417,475 527,336 105,210 19.0 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405.929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1947—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 56,355 11,223 22.3 12.7 38,286 55,902 26.2 February 90,270 32,271 48,505 9,495 22.1 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 May '97,603 35,429 '51,807 10,367 23.0 12.4 37,060 51,557 27.9 18.7 June 108,629 40,633 56,667 11,329 25.4 13.0 38,942 55,442 28.0 19.1 ' 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. * 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 fiom 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. 974 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 Total Time deposits End of month a c d o u d e u r j a p u r t n o s e s d i s n t d i e c t e d y s c a d d o u d e e u r j a p m u r t n o s e s a d i s n t d n i e c t e d d s y a d d T e j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G e U S m p o n t o v a e i s e t t n e e i r t t s d n s - 2 Total b m a C n e o r k m c s i a - 2 l * b M s a a n v u k i t n s u g a * s l 5 S S y P a s o v t s i e n t m a g l s • C o u b u r a t r n s e i k n d s c e y banks banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December. 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December. 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December. 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December. 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December. 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December. 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December. 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 December. 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—June (June 30) 165,455 108,433 139,156 82,134 ,367 55,655 34,835 17,428 3,392 26,299 July (July 30) 166,200 109,000 140,200 83,000 ,400 55,800 34,900 17,500 3,400 26,000 August (Aug. 27)... 166,900 109,400 140,800 83,300 ,700 55,800 34,900 17,500 3,400 26,100 September (Sept.24) 168,400 110,400 142,100 84,100 ,900 56,100 35,100 17,600 3,400 26,300 October (Oct. 29)... 169,700 111,600 143,500 85,400 ,800 56,300 35,200 17,700 3,400 26,200 November (Nov. 26) 170,300 112,400 143,800 85,900 ,900 56,000 35,000 17,600 3,400 26,500 December (Dec. 31). 171,446 113,599 144,970 87,123 ,452 56,395 35,233 17,746 3,416 26,476 1948—January (Jan. 28)P. . 170,200 112,400 144,400 86,600 ,300 56,500 35,200 17,900 3,400 25,800 February (Feb. 25) J». 168,900 110,300 143,200 84,600 ,800 56,800 35,500 17,900 3,400 25,700 March (Mar. 31)P.. 166,500 107,200 140,900 81,600 2,400 56,900 35,500 18,000 3,400 25,600 April (Apr. 28)*>... . 167,800 108,400 142,400 83,000 2,500 56,900 35,500 18,000 3,400 25,400 May (May 26) P 168,000 108,600 142,600 83,200 2,400 57,000 35,500 18,100 3,400 25,400 June (June 30) P 168,100 108,600 142,500 83,000 2,200 57,300 35,700 18,200 3,400 25,600 P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 8 Beginning with December 1938, includes United States Treasurer's time deposits, open account. »Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 8 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 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 Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSl [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 i b to a r l- s' i C n a d s e h - securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n ry ks Total r D ec i- t G t a e u n e a - d r- f e u t n c d 2 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 L.192 1,046 146 74 1944 1 1 1940—Dec. . 1,304 1,348 36 L.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 1 1 9 9 4 4 3 4 — — D D e e c c . . 2 1 , , 3 7 4 8 2 8 2 1 , , 4 8 1 4 1 3 1 8 0 1 1, , 2 7 5 1 2 6 L 2, 2 ,7 5 1 2 6 1 1 5 1 2 8 1948—jan -July 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec. 3,284 3,387 6 5,182 5,182 200 (in thousands of dollars) :2 1934-40 131,934 14,87226,54849,689 40,825 1947—Aug... 3,396 3,553 6 5,360 5,360 188 Sept.. 3,407 3,542 6 5,325 5,325 212 1941 3,726 3,144 503 79 Oct... 3,412 3,524 6 5,314 5,314 205 1942 1,702 1,375 327 Nov... 3,413 3,527 6 5,314 5,314 207 1943 6,223 4,982 1,241 Dec. 3,417 3,525 6 5,308 5,308 212 1944 405 405 1945 0 1948—Jan.. . 3,432 3,541 6 5,332 5,332 204 1946 0 Feb... 3,441 3,551 6 5,336 5,336 209 1947 167 167 M Ap a r r . . . . . . 3 3, , 4 4 1 3 5 5 3 3 , , 5 54 2 6 8 6 6 5 5, , 3 3 1 4 6 6 5 5, , 3 3 1 4 6 6 2 1 0 9 5 4 1948—jan -July May.. 3,395 3,509 6 3,291 3,291 211 1 Represents banks which, during the periods shown, closed tem- June. . P3,372 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the maasstteerrss.. suspensions were reported. LBack figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; deassccrriippttiioo:n, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. AUGUST 1948 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash c T ap o i t t a a l l Nu o m f ber and date Total Loans G U ov . e S rn . - Other assets x Total1 b In an te k r - l accounts banks Total o m bl e ig n a t - r s i e ti c e u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31. 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—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* 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 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 May 26« 133,580 44,570 89,010 77,870 11,140 33,390 154,980 10,640 90,690 53,650 12,220 14,727 June 30e 132,920 44,950 87,970 76,760 11,210 35,250 156,440 11,400 91,050 53,990 12,260 14,720 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 J 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14.183 Nov. 26', 116,590 37,550 79,040 70,120 8,920 34,680 141,120 12,290 93,750 35,080 10,030 14,196 Dec. 31 116,268 38,055 78,213 69,207 9,005 37,501 144,087 13,032 95,711 35,344 10,057 14,181 1948—Jan. 28 •. 116,600 38,240 78,360 69,350 9,010 33,640 140,350 12,000 93,010 35,340 10,110 14,185 Feb. 25 •. 115,540 38,660 76,880 67,930 8,950 33,660 139,180 11,470 92,120 35,590 10,150 14,193 Mar. 31 • 113,600 38,860 74,740 65,470 9,270 32,760 136,130 10,920 89,610 35,600 10,170 14,197 Apr. 28 • 114,250 38,760 75,490 66,270 9,220 32,970 137,160 10,900 90,650 35,610 10,200 14,198 May 26« 114,460 39,410 75,050 65,870 9,180 32,630 136,890 10,640 90,670 35,580 10,290 14,194 June 30« 113,710 39,730 73,980 64,780 9,200 34,400 138,230 11,400 91,030 35,800 10,310 14,187 AH member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 Nov. 26* 98,199 32,205 65,994 58,749 7,245 30,306 119,891 11,710 80,044 28,137 8,436 6,928 Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Jan. 28 V 98,046 32,767 65,279 57,989 7,290 29,387 119,105 11,397 79,383 28,325 8,495 6,927 Feb. 25* 97,051 33,117 63,934 56,709 7,225 29,431 118,039 10,894 78,603 28,542 8,525 6,926 Mar. 31 • 95,129 33,179 61,950 54,463 7,487 28,744 115,190 10,364 76,270 28,556 8,545 6,932 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 May 26« 96.052 33,614 62,438 55,055 7,383 28,609 116,049 10,107 77,375 28,567 8,638 6,932 June 30e 95,440 33,875 61,565 54,152 7,412 30,178 117,302 10,834 77,669 28,799 8,652 6,925 All mutual savings banks: 1939—Dec. 30 .. 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940—Dec. 31 10,248 4,956 5,292 3,215 2.078 966 10,659 4 10,655 1,292 551 1941—Dec 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4 572 ',487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31. 16,208 4,279 11,928 10 682 ,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 L.400 818 16,869 1 16 16,853 1,784 541 1947—June 30* 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 1,842 533 Nov. 26 • 18,660 4,880 13,780 12,100 1,680 680 17,610 10 17,600 1,870 533 Dec. 31 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Jan. 28 • 18,770 4,960 13,810 12,040 1,770 850 17,880 10 17,870 1,880 533 Feb. 25* 18,850 4,990 13,860 12,040 1,820 850 17,950 10 17,940 1,890 533 Mar. 31 • 19,020 5,040 13,980 12,090 1,890 800 18,030 10 18,020 1,910 533 Apr. 28 • 19,090 5,100 13,990 12,060 1,930 750 18,060 20 18,040 1,910 533 May 26« 19,120 5,160 13,960 12,000 L.960 760 18,090 20 18,070 1,930 533 June 30e 19,210 5,220 13,990 11,980 2,010 850 18,210 20 18,190 1,950 533 « Partly estimated. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and pondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following page. 976 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 Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets Total I b n a t n e k r- a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - r s i e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 27,586 87,803 11,144 60,504 16,154 7,055 13,343 1943—Dec 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec 30 ... 103,382 ,352 8?,030 75,875 ,155 ?9,733 ,714 1?,074 89,761 ?3,879 7,989 13 263 1945—Dec. 31 809 ?S,765 96,043 88,912 7,131 34,292 147,775 13,883 104.015 ?9,876 8,671 13 297 1946—Dec. 31 112,178 3C,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 110 68? ,33,250 77,433 69,136 fi,297 .3?,190 1,3.3,659 11,243 8/ r.930 34,486 9,558 13 386 Dec 31 114,274 37,583 76,691 67,941 a,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 National member banks: 1942—Dec. 31 37 S76 1C,183 ?7,393 23,744 ,648 16,184 SO,468 7,400 34,499 8,570 3,729 5 081 1943—Dec 31 47,499 1C,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 S8,308 11,480 46,828 43,292 3. 536 17,570 71,858 8,056 50-900 1?,901 4,265 5 025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 5S>,486 16,224 4,644 5,017 1946—Dec. 31 7?3 17,272 46,451 41,658 4,793 ?0,012 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. 31 687 «i,905 is,782 13,802 1.980 8,096 ?7,808 3,600 20,024 4,184 2,371 1 598 1943—Dec 31 26,759 ,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 -,196 ,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1 789 1945—Dec. 31 .... 37,871 ,850 ?9,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1 867 1946—Dec. 31 32,639 ,424 23,216 21,384 :,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947— D ju e n c e . 3 3 0 1 ... 32, 8 56 2 6 0 11 <;, , 8 2 9 0 1 0 21 , ,3 9 6 2 5 8 1 1 9 9, , 9 2 2 4 7 0 1 , ,1 0 2 0 5 1 1 9 0 , ,8 3 2 5 2 3 4 3 0 8, , 2 5 8 0 9 5 3 3, , 6 9 0 9 9 3 2 2 5 7 , , 6 4 8 4 6 9 9 8, ,0 9 6 9 2 4 3 3 , , 0 0 5 1 5 9 1 1 ,9 9 1 1 8 6 Insured nonmember commercial banks: 1942—Dec. 31 6,984 1,818 4,166 3,162 1,004 ,3,308 9,535 145 5,981 3,409 955 6,667 1943—Dec 31 9,258 1,556 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 l,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 \,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. 30 148 292 1,856 1,682 174 473 ,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 ,81 S 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—june 30 s 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 1,993 472 1,521 1,266 255 575 ,236 363 L.411 462 324 783 All nonmember commercial banks: 1942—Dec 31 8,137 3,136 5,002 3,836 L.166 3,760 10,867 309 6,908 3,650 J 93n 7,460 1943—Dec. 31 10 847 2,832 8,014 6,899 1,115 3,889 1,3,671 448 9,131 4,092 L,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 ?0,879 597 13,526 6,756 1,483 7 147 1947—June 30 2 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec. 31 18,438 5,430 13,008 11,305 L,7O3 4,658 ,575 629 13.926 7,021 1.595 7,261 Insured mutual savings banks: 1942 Deo 31 2,007 740 1,267 861 405 130 2,048 4 2,044 201 56 1943—Dec 31 7 525 3 073 4 452 3 844 608 559 7,534 7 7,527 808 184 1944 Dec 30 9 223 3 110 6 113 5 509 604 400 8 910 8 s 902 892 192 1945—Dec 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11 891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—june 30 12 37S 3 370 Q,005 789 658 11,901 1 12 11,889 1,218 191 Dec. 31 1? 683 3.560 9,123 8,165 958 675 1?,207 1 14 1?,192 1,252 194 Noninsured mutual savings banks: 1942—Dec. 31 8 747 *,954 4,792 3,711 1,082 533 8,620 2 8,618 1,035 490 1943—Dec 31 4 345 1,411 2,935 2,246 689 238 4,204 1 4,203 468 361 1944—Dec 30 4 708 L 260 3,448 2,819 629 184 4,466 2 4,464 485 351 1945 Dec 31 5 361 L 198 4 163 3 522 641 180 s,022 2 s,020 558 350 1946—Dec 31 5 813 275 4 538 3 833 705 206 s,442 3 s,439 611 350 1947—June 30 » 5 964 L,316 4,649 3,924 724 181 5,541 2 5,539 624 342 Dec 31 5 957 ,384 4,573 3,813 760 211 5,556 3 5,553 637 339 »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, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. For other footnotes see preceding page. AUGUST 1948 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES « LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities Real Direct of eal a l n d d ate i m n a v e n e n d s t t s - Total o c m i p l n u a e g d r n - - - t c a u u l r l 1 - - b T ro o k- Tn 1 t o e a a s t - n e s s 1 C n o m a o n n e s r -O lo th an e s r Total Total C c e a r t t e if s i- G a u n a - r- S p a o i t c a n l a i t d t e l - sO s ri e t t h c ie u e s - r k p e a t - a e n r d s o e t r h s - 1Bills o d f e b in t- - Notes Bonds teed d s i u v b i - per1 deal- ed- sions ers ness 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 1023,651 3,333 1942—Dec. 31. . 66,240 18,903 7,757 1,642 950 597 4,6462,2691,042 47,336 40,705 4,462 6 727 5,79920,9992,7183,5333,098 1943—Dec. 31.. 83,507 18,841 7,777 1,505 1,414 922 4,4371,868 918 64,666 58,683 4,63613 218 7,67230,6562,5013,287 2,696 1944—Dec. 30.. 103,382 21,352 7,920 1,723 2,2692,2654,3431,888 944 82,030 75,875 3,97115 300 15,77839,848 978 3,422 2,733 1945—Dec. 31. .121,809 25,765 9,461 1,314 3,164 3,6064,6772,3611,181 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 1,6097,1034,031 1,098 81,445 73,554 1,271 12 288 6,78053,200 154,2983,592 1947—June 30. . 110,682 33,250 14,765 1,549 1,517 1,2788,2014,8931,047 77,433 69,136 835 9 441 5,34153,505 144,8263,471 Dec. 31.. 114,274 37,583 18,012 1,610 823 1,1909,2665,654 1,028 76,691 67,941 2,124 7 552 5,91852,334 145,129 3,621 Member banks, total: 11094412——DDeecc . 3311. . 4 5 3 9 , , 5 2 2 6 1 3 1 1 6 8 , , 0 0 8 2 8 1 8 7 , , 6 3 7 8 1 7 1,0 9 8 7 9 2 9 5 3 9 4 4 5 5 9 3 8 8 3 3 , , 4 4 9 2 4 31,84 3 7 592 870 4 2 3 5 , , 1 5 7 0 5 0 3 1 7 9 , , 5 5 4 3 6 9 4,3 9 6 71 3 6 285 3 5, , 4 0 0 0 9 7 1 1 1 8 , ,9 7 4 2 8 93 2 , , 8 5 3 4 2 0 3 2 , , 0 9 9 65 0 2 2 , , 6 8 6 7 4 1 1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,2741,484 848 57,970 52,948 4,36012 071 6,90627 265 2,3452,729 2,294 1944—Dec. 30.. 91,569 18,676 7,531 1,198 2,2492,1083,209 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 3,1333,3783,4551,900 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 1,4675,3583,308 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 1,1546,2403,998 965 66,146 59,198 773 7 544 4,36946 502 103,9822,966 Dec. 31.. 97,846 32,628 16,962 1,046 811 1,0657,1304,662 952 65,218 57,914 1,987 5,816 4,81545 286 104,1993,105 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 1942—Dec. 31.. 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5 420 1,071 593 701 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3, 409 1,829 7 014 984 444 558 1944—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3, 740 3,745 8 592 189 468 596 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3, 433 3,325 10 337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1, 96 389 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:"1 1941—Dec. 31, 4 2,760 954 732 6 48 52 22 95 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 ,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 ,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1 809 31 160 185 1 1 X 9 9 J' 4 4 lv 5 6 / — J D D L*r e e \^ c ,K c * * 3 3 \ 1 J X 1 • • 5 4 , [ 9 7 3 6 1 5 , , 4 3 9 3 9 3 1,0 7 9 6 4 0 3 2 2 1 1 1 1 7 2 1 3 0 3 1 3 5 6 1 1 5 0 1 5 4 2 0 9 3 4 ^ ,5 2 9 6 8 6 4 2, , 9 2 1 1 2 3 1 6 3 0 3 114 4 6 9 7 8 7 1 4 4 9 6 2 1 8 20 6 7 4 1 16 8 7 1 2 1 0 8 4 7 1947—June 30. . 4,802 ,565 1,178 1 100 84 42 130 29 3,237 2,890 106 368 132 2 284 175 173 Dec. 31.. 5 ,088 ,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 ,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, 12 8,243 6,467 295 751 4 248 1,173 956 820 X 1 ^ 9 ^K 4 X 2 — X D ^V* e V c >» . \ 3 J X 1 . • • . 20,'915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6 810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9 943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11 987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,5031,459 855 404 31,594 29,552 1,034 6,982 5,653 15 878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3, 799 1,99316 013 4 1,272 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 1,50315 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 1,90115 560 3 1,342 1 053 1948—Apr. 12. . 34,969 13,352 21,617 19,234 1,343 [ 039 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1, 30 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 [ 067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,9701,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 [ 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 [ 250 Dec. 31. . 36,324 10,199 3,096 818 23 227 3,827 I,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 [ t262 1948—Apr. 12. . 36,699 10,877 25,822 22,381 2,165 277 Insured nonmember commercial banks: 1941—Dec. 31. . 5,776 3,241 543 478 20 64 1,282 8 4 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. 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i v n e e t e v h - e k - r e s a s l v C a i a n u s l h t b m a w a B n d e n i c o a s t k e l t - h - i s s c 3 j p m u D o a s d a t d s e e e n i - - - t d d s 4 m D e I s n d o ti e t - c e p 3 r o b s a F e i n t i o s g k r n - m U G er . o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h a c O e f e n e e i t f e c r r d c f d i k t s . - i ' s - , a p v n s a p i t I h d i d r n o o t i u d r n p c n a a i o e s s - l - , r r s - - , I b n a t n e k r- P U m G S e a o a r . n o e s n v n d v S t - - a t - . l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n s a p i t I d h i d r n o o t u i d n r p n c a a i e s o s l - - , s r r - , - r B i o n o w g r s - - c C o a t a u a c p n l - i t - s ings AH insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1942—Dec. 31.. 13,072 L.305 9,080 48,22110,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 L.445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30.. 14,260 L.622 9,787 65,96011,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 ]L.829 11,075 74,72212,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,08510,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—June 30.. 16,039 1,804 .8,498 80,869 9,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 Member banks total: 1941—Dec. 31.. 12,396 L,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,57010,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.. 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,30810,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 L,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—June 30. . 16,040 1,409 5,521 69,595 9,612 1,369 1,095 5,376 1,976 67,933 60 106 649 27,259 50 8,315 Dec. 31. . 17,797 L.672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Apr. 12.. 16,750 1,563 5,375 69,781 9,133 1,375 2,115 5,570 1,755 68,093 42 102 872 27,616 235 8,610 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31.. 4,388 72 82 11,899 3 209 733 4,186 263 448 12,501 3 23 711 1 727 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1J862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1 1 9 9 4 4 6 7 — — D Ju e n c e . 3 3 i 0 . t. 4 4 , , 0 1 4 6 6 6 1 1 3 2 1 3 8 5 7 0 1 1 6 6 , , 4 4 2 9 9 4 3 2 , , 0 8 3 9 1 8 1 1 , , 1 2 9 2 5 8 6 1 5 7 1 9 2 26 1 0 8 9 9 1 4 5 2 1 1 7 7, , 2 2 0 1 2 6 2 2 0 2 1 1 4 5 3 1 9 7 1 1, , 4 3 0 9 7 5 1 2 2 , , 2 2 0 3 5 4 Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Apr. 12.. 4,481 141 46 15,701 2,776 1,220 375 232 725 16,345 10 14 54 1,460 119 2,268 Chicago ;2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec! 31. ! 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—June 30. . 973 36 162 3,427 1,056 24 181 304 55 3 417 2 6 864 416 Dec. 31! . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—Apr. 12. . 1,051 26 146 3,432 1,004 24 102 251 37 3,489 1 10 908 1 426 Reserve city banks: 1941—Dec. 3i 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 2 2,028 1943—Dec. 3i 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2 327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2^566 4946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—June 30. . 6,274 470 1,864 24,166 4,773 109 311 2,301 554 23,934 21 41 319 10,888 11 2,796 Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Apr. 12.. 6,403 511 1,791 24,182 4,539 124 793 2,314 524 24,123 17 40 455 10,792 60 2,869 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31.. 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,59? 10 2,153 1944—Dec. 30.. 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—June 30. . 4,628 780 3,444 25,508 885 8 424 2,511 451 23,380 17 49 308 14,101 38 2,869 Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Apr. 12.. 4,815 884 3,391 26,466 814 8 844 2,772 468 24,136 15 46 354 14,456 55 3,048 Insured nonmember commercial banks: 1941—Dec 3i 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec 3i 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec 30 352 3; 434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31.. 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—june 30 395 2,979 11,274 194 3 152 1,119 135 10,144 4 5 122 6,361 10 1,245 Dec. 31. 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 8 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. AUGUST 1948 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl Investments For purchasing Com- or carrying securities U. S. Government obligations Date or month i m T n lo a v o e n a e n t n d a s t s l t s - Total* i t m a c n a r g i i d n e a a r u d r l i l , - - s , - G a U T n o . o d S v . b t. d r e o O a k l e t e h r r s e s r G U T o . o S v . t o . t O he th rs er e R l s o t e a a a n t l e s b L a o t n o a k n s s O lo t a h n e s r Total Total Bills o c C t f a i f e t i i e r n - - s - Notes Bonds2 O r s i e t t h c ie e u s r cul- ob- se- ob- debttural liga- curi- liga- curi- edtions ties tions ties ness Total- Leading Cities 1947—June 63,143 2Or167 11,757 771 2,938 3,01842,97638,8 818 4,762 2,658 30,648 4,090 1948—February . . . 64,405 23,460 14,636 378 389 302 485 3,546 3,489 40,94536,7542,262 3,250 2,666 28,576 4,191 March 63,366 23,472 14,522 437 415 282 479 3,595 232 3,510 39,89435,600 1,995 3,918 2,496 27,1914,294 April 63,030 23,311 14,258 398 435 277 4773,649 250 3,56739,71935,3982,096 3,825 2,401 27,0764,321 May 63,208 23,421 14,218 502 401 279 479 3,722 3,59339,78735,5602,315 3,835 2,415 26,995 4,227 June 62,993 23,646 14,223 580 466 278 4973,787 3,65539,34735,134 1,995 4,814 2,400 25,9254,213 May 5 63,132 23,246 14,205 422 404 277 474 3,694 3,573 39,88635,6402,448 2,441 26,9814,246 May 12. ... 63,174 23,447 14,255 480 417 279 4743,717 232 39,72735,499 2,296 2,436 26,9584,228 May 19 63,456 23,356 14,208 422 388 280 4843,732 234 3,608 40,10035,8662,571 2,405 27,008 4,234 May 26 63,070 23,634 14,206 682 394 281 4833,745 244 3,599 39,43635,237 1,945 3,879 2,379 27,034 4,199 June 2 62,936 23,521 14,113 644 414 279 3,755 219 3,604 39,41535,218 1,986 4,880 2,335 26,017 4,197 June 9 63,426 23,564 14,152 505 534 278 5023,771 202 3,620 39,86235,6672,368 4,915 2,400 25,9844,195 June 16.... 63,085 23,615 14,245 482 469 282 482 3,788 222 39,47035,2502,124 4,841 2,413 25,872 4,220 June 23.... 62,872 23,788 14,259 590 440 276 5013,798 248 3,676 39,08434,869 ,793 4,765 2,442 25,8694,215 June 30 62,646 23,740 t4,345 678 474 275 5053,825 151 3,729 38,90634,666 ,704 4,669 2,412 25,8814,240 July 1.... 62,606 23,932 14,403 672 447 271 5013,831 311 3,739 38,67434,431 ,593 4,543 2,388 25,9074,243 July 14 62,857 23,901 14,481 588 456 273 503 3,837 263 38,95634,656 ,758 4,500 2,451 25,9474,300 July 21.... 63,175 23,978 14,502 480 545 272 500 3,843 328 3,748 39,19734,879 ,997 4,44 2,484 25,9514,318 July 28.... 63,083 23,859 14,490 448 506 272 506 3,858 268 3,75239,22434,8702,042 4,420 2,474 25,934 4,354 New York City 1947—June 19,920 6,342 4,180 651 358 190 127 64113,578 12,393 302 1,011 776 10,3041,185 1948—February. .. 19,776 7,135 5,245 309 275 189 109 192 76912,641 11,476 1,149 615 541 9,1711,165 March 19,238 7,108 5,164 376 304 188 113 150 76812,13010,918 923 975 501 8,5191,212 April 19,182 7,074 5,087 350 324 189 119 180 77612,108 10,891 1,029 890 495 8,4771,217 May 19,068 7,110 5,067 445 291 184 129 180 76711,958 10,872 1,085 876 556 8,3551,086 June 18,865 7,314 5,117 521 345 195 143 173 79311,551 10,476 855 1,069 545 8,0071,075 May 5 19,033 6,983 5,047 369 295 183 124 154 76412,050 10,953 1,180 861 554 8,3581,097 May 12 18,958 7,099 5,085 419 304 183 128 166 76711,859 10,765 1,036 836 553 8,3401,094 May 19 19,230 7,046 5,062 376 284 184 132 194 76712,18411,091 1,278 891 564 8,3581,093 May 26 19,051 7,311 5,075 615 279 186 132 206 77111,740 10,677 844 915 553 8,3651,063 June 2 18,940 7,245 5,048 584 293 191 133 175 77411,695 10,630 861 1,167 557 8,0451,065 June 9 19,178 7,274 060 454 414 198 138 179 78511,90410,835 1,139 1,115 554 8,0271,069 June 16.... 18,820 7,262 129 427 353 190 145 189 78411,55810,478 876 1,063 551 7,9881,080 June 23. . .. 18,730 7,354 146 527 314 197 146 188 79211,376 10,308 726 1,034 557 7,991 1,068 June 30.. . . 18,659 7,437 202 612 349 200 151 136 82911,222 10,131 672 970 504 7,9851,091 July 7 . . . . 18,542 7,476 193 602 329 200 152 215 82711,066 9,979 603 922 487 7,9671,087 July 14 18,613 7,415 195 517 338 201 159 216 83011,198 10,056 704 897 508 7,947 1,142 July 21 18,781 7,445 181 415 413 200 159 289 82711,336 10,196 884 871 520 7,921 1,140 July 28 18,655 7,312 5,190 382 374 200 161 223 82211,343 10,202 892 879 521 7,910 1,141 Outside New York City 1947—June 43,223 13,825 7,577 173 417 2922,839 2,37729,39826,493 516 3,751 1,882 20,3442,905 1948—February... 44,629 16,325 9,391 114 255 296 3,437 2,720 28,30425,278 1,113 2,635 2,125 19,4053,026 March 44,128 16,364 9,358 111 237 2913,482 2,74227,76424,682 ,072 2,943 1,995 18,6723,082 April 43,848 16,237 9,171 111 228 288 3,530 2,79127,611 24,507 1,067 935 1,905 18,600 3,104 May 44,140 16,311 9,151 110 232 295 3,593 2,826 27,82924,688 1,230 959 1,859 18,6403,141 June 44,128 16,332 9,106 121 233 302 3,644 2,86227,79624,658 1,140 3,745 1,855 17,9183,138 May 5 44,099 16,263 9,158 109 230 2913,570 2,80927,83624,687 1,268 2,909 1,887 18,6233,149 May 12 44,216 16,348 9,170 113 232 2913,589 2,826 27,86824,734 1,260 2,973 1,883 18,618 3,134 May 19 44,226 16,310 9,146 104 233 300 3,600 2,84127,91624,775 1,293 2,991 1,841 18,650 3,141 May 26 44,019 16,323 9,131 115 234 2973,613 2,82827,69624,560 1,101 2,964 1,826 18,669 3,136 June 2 43,996 16,276 9,065 121 232 302 3,622 2,830 27,72024,588 1,125 3,713 1,778 17,9723,132 June 9 44,248 16,290 9,092 120 232 304 3,633 2,83527,958i24,832 1,229 3,800 1 17,9573,126 June 16 44,265 16,353 9,116 116 237 292 3,643 2,86127,91224,772 1,248 3,778 1,862 17,8843,140 June 23. . . . 44,142 16,434 9,113 126 232 304 3,652 2,88427,70824,561 1,067 3,731 1,885 17,8783,147 June 30.... 43,987 16,303 9,143 125 231 305 3,674 2,90027,68424,535 1,032 3,699 1,908 17,8963,149 July 7.... 44,064 16,456 9,210 118 227 3013,679 2,912 27,60824,452 990 3,621 1,901 17,9403,156 July 14.... 44,244 16,486 9,286 118 229 3023,678 27,75824,600 1,054 3,603 1,943 18,0003,158 July 21.... 44,394 16,533 9,321 132 226 3003,684 27,861 24,683 1,113 3,576 1,964 18,030 3,178 July 28.... 44,428 16,547 9,300 132 227 306 3,697 2,930 27,881 24,668 1,150 3,541 1,953 18,0243,213 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 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. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v h - l k - e s v : a a i u n sh lt m b a w a d n e n o i c s t e - k h ti s s c j p m u o a d s a t d e s e n i - - t d d s 3 s p p u n v h c a o a a o e i n i r d r p l r r d a s t - - - s - , - , S p s d s t a i i o a u c i o n v l t b a n d i e i l - t - s s - c C c O h a e f e e i e n t f e r c r f c d t i s d . k i - ' - s, U m G er . o e n n v S - t - . s p p u n v h c a o a a o e i n i r d r p l r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t b a n i d e i - l t - s s - P m U G S e i a o n r a n . o e g s n v n d v S t s - - a t - . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n 2 - k tions tions Total- Leading Cities 1947—June 11,681 764 2,290 46,85846,557 3,280 1,465 45014,025 325 8,9571,342 170 5,730 83,687 1948—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 46,72446,737 3,318 1,523 1,141 14,236 475 8,8481,358 320 5,871 95,020 Aoril 12,441 780 2,256 46,39446,416 3,425 1,382 1,30014,232 491 8,5941,343 197 5,892 89,620 May 12,397 788 2,23746,55046,555 3,456 1,376 1,42214,236 503 8,515 1,315 174 5,907 88,617 June 12,883 783 2,33146, ,973 3,442 1,463 1,18214,333 515 8,7771,329 123 5,916 94,384 May 5... 12,511 743 2,24646,529 46,032 3,534 1,328 1,367 14,245 491 8,6661,291 138 5,912 21,075 May 12... 12,555 828 2,286 46,37346,888 3,414 1,400 1,597 14,239 512 8,6991,318 181 5,906 19,975 May 19... 12,034 777 2,28546,440 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 June 2... 12,636 764 2,269 46,646 46,627 3,478 1,665 1,252 14,283 517 8,5721,310 134 5,924 19,169 June 9... 12,610 805 2,334 46,996 46,724 3,463 1,333 1,30114,296 514 8,7401,319 112 5,922 19,336 June 16... 13.384 775 2,46747,25948,153 3,395 1,410 1,00114,324 510 9,148 1,330 127 5,916 22,904 June 23... 12,897 803 2,20946,64746,689 3,359 1,464 1,092 14,346 512 8,5881,351 216 5,915 22,528 June 30.. . 12,889 767 2,378 46,414 46,671 3,517 1,444 1,265 14,417 520 8,8351,334 28 5,904 21,948 July 7... 13,054 797 2,33146,247 46 318 3,352 1,655 1,072 14,353 532 9,047 1,347 306 5,911 19,218 July 14... 12,994 844 2,45746,427 47,357 3,260 1,366 1,193 14,358 545 9,242 1,372 185 904 20,544 Tuly 21... 12,922 792 2,23446,72 ,984 3,321 1,298 1,282 14,360 532 8,761 1,369 229 904 21,765 12,988 816 2,174 46,839 46,666 3,400 1,241 1,259 14,337 532 8,631 1,395 200 5,912 19,771 July 28... New York City 4,076 121 16,12216,526 226 813 123 1,357 2,902 1,201 73 2,173 35,092 1947—June 1948—February . 4,277 129 16,00316,562 228 736 240 ,364 2,8681,199 112 2,212 32,298 March.... 4,586 117 15,73316,290 277 835 308 ,385 2,803 1,200 93 2,208 38,648 April 4,535 124 15,57416,067 325 725 347 ,397 2,777 1,188 91 36,880 May 4,469 122 15,47015,994 279 726 377 ,405 2,741 1,157 91 37,060 June 4,761 122 15,48416,135 219 781 300 ,497 2,824 1,164 64 38,942 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 2,777 1,164 116 2,210 8,290 May 19... 4,314 115 15,45216,028 287 774 382 ,403 2,769 1,178 69 2,207 9,171 May 26... 4,498 130 15,59316,111 242 712 338 ,411 2,640 1,152 119 2,206 8,821 June 2... 4,561 125 15,44516,058 215 989 319 ,462 2,787 1,145 69 2,208 8,285 June 9... 4,500 129 15,61116,128 202 699 333 ,473 2,770 1,156 58 2,206 7,800 June 16... 5,079 117 15,63416,425 219 694 249 ,507 2,975 1,168 44 2,203 9,555 June 23... 4,868 123 15,44416,060 201 788 272 ,507 2,760 1,182 125 2,200 9,029 June 30... 4,795 116 15,2 16,003 258 737 325 ,537 2,826 1,170 25 2,208 9,244 July 7... 4,926 129 15,06515,752 215 955 270 ,517 2,895 1,176 264 2,210 8,057 July 14... 4,852 130 15,14615,830 245 696 299 ,532 2,91 1,201 114 2,211 7,922 July 21... 4,820 119 15,34115,924 265 627 357 ,543 2,764 1,190 132 2,211 8,432 July 28... 4,828 125 15,27715,746 260 593 350 1,536 2,717 1,221 106 2,208 7,764 Outside New York City 1947—June 7,605 643 2,25430,736 30,031 3,054 32712,668 308 6,055 141 97 3,557 48,595 1948—February . 8,051 649 2,21131,706 31,311 2,976 694 63212,820 404 6,184 151 208 3,640 47,890 March 7,990 641 2,23530,99130,447 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 95212,835 443 5,817 154 106 3,682 52,740 May 7,928 666 2 206 31,080 30,561 3,177 650 1,04512,831 460 5,774 158 83 3,699 51,557 June 8,122 661 2,298 31,30830,838 3,223 682 88212,836 474 5,953 165 59 3,711 55,442 May 5... 7,998 625 2,217 31,02530,163 3,222 668 1,00712,842 448 5,885 156 76 3,703 12,365 May 12... 8,003 700 2,25331,04330,919 3,140 644 1,171 12,838 469 5,922 154 65 3,696 11,685 May 19... 7,720 662 2,254 30,98830,645 3,137 651 1,07012,827 462 5,754 162 84 3,695 13,359 May 26... 7,992 675 2,10231,26430,517 3,209 637 93412,818 460 5,531 159 106 3,704 11,740 June 2... 8,075 639 2, 31,20130,569 3,263 676 93312,821 474 5,785 165 65 3,716 10,884 June 9... 8,110 676 2,30331,38530,596 3,261 634 96812,823 470 5,970 163 54 3,716 11,536 June 16... 8,305 658 2,43131,62531,728 3,176 716 75212,817 472 6,173 162 83 3,713 13,349 June 23... 8,029 680 2,174 31 20330,629 3,158 676 82012,839 473 5,828 169 91 3.715 13,499 June 30.. . 8,094 651 2,34631,12630,668 3,259 707 94012,880 481 6,016 157 3 3,696 12,704 July 7... 8,128 668 2,298 31,18230,566 3,137 700 80212,836 494 6,152 171 42 3,701 11,161 July 14... 8,142 714 2,42531,28131,527 3,015 670 89412,826 506 6,325 171 71 3,693 12,622 July 21... 8,102 673 2,196 31,385 31,060 3,056 671 92512,817 505 5,997 179 97 3,693 13,333 July 28... 8,160 691 2,14131,56230,920 3,140 648 90912,801 505 5,914 174 94 3,704 12,007 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. AUGUST 1948 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Laans 1 Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Federal Reserve loans cial, To brokers district and date i m n a v e n e n d s t t s - Total1 i t a n t c a u r g u d n r i r l a u d a - i l - l s- G a U l o i n o g . b d a v - S - t . d . e O a c l s u t e e h r r - e i s - rG l U T o i o g b . o v a S - - t . o . t O h c s u e t e h r r - s e i- r e l R o s a t e a n a t s l e b L a o t n a o n k ? s O lo t a h n e s r Total Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r tions ties tions ties Boston June 30 2 794 1 074 714 17 9 14 17 124 2 193 ? 720 1 .590 107 234 125 1,124 130 July 7 2,823 1,092 718 13 9 14 16 125 18 195 L, 731 1,600 122 228 124 1,126 131 July 14 2,846 1,098 722 16 9 14 17 126 15 195 1,748 1,616 128 231 125 1,132 132 July 21 2,866 1,092 721 12 13 14 16 127 10 195 1,774 1,642 148 234 125 1,135 132 July 28 2,837 1,080 721 11 8 14 16 127 2 197 .757 L.622 130 232 126 1,134 135 New York* June 30 . .... 20,832 8,160 5,547 612 353 53 220 339 136 998 12,672 11,386 723 1,065 581 9.017 1 286 July 7 20,725 8,207 5,540 603 333 53 220 341 217 99812,518 11,236 668 1,002 562 9,004 1,282 July 14 20,766 8 149 5,545 519 341 53 220 350 2161 00212,617 11,281 738 974 583 8,986 I 336 July 21 20,943 8,183 5,531 418 417 55 219 350 289 1,001 12,760 11,426 921 948 598 8,959 1,334 July 28 20,828 8 055 5,542 385 378 55 220 352 223 997 12 77311,437 935 959 599 8,944 1 336 Philadelphia June 30 2,539 864 502 2 19 4 8 79 2 255 1,675 1,392 98 158 75 1,061 283 July 7 2,552 907 516 2 19 4 8 81 24 260 1,645 1,363 70 147 80 1,066 282 July 14 2,543 890 522 2 16 4 8 80 5 260 1,653 1,373 69 142 93 1,069 280 July 21 2,545 891 527 1 15 4 9 80 2 260 I 654 1,375 70 139 96 1,070 279 July 28 2,525 892 524 2 16 4 9 81 2 261 . 633 1,353 53 134 96 1,070 280 Cleveland June 30 . . 4,297 1,461 893 13 15 55 23 254 220 2,836 2,497 80 233 113 2,071 339 July 7 4,309 1,479 908 14 16 53 23 254 223 2,830 2,492 75 233 113 2,071 338 July 14 4,304 1 492 923 14 14 54 24 255 220 2 812 2,475 79 226 108 2,062 337 July 21 4,338 1,503 927 14 22 52 24 256 220 2,835 2,497 88 226 121 2,062 338 July 28 4,361 1 502 911 14 17 53 23 258 10 228 2 859 2,513 96 231 123 2 ,063 346 Richmond June 30 2,508 812 378 6 22 24 191 4 193 1.696 1.567 51 215 69 1,232 129 July 7. 2,492 814 376 1 6 22 24 192 4 195 1,678 1,548 40 210 69 1,229 130 July 14 2,525 821 378 3 6 23 24 194 4 195 1,704 1,574 49 219 68 1,238 130 July 21 . . 2,520 820 376 6 23 24 194 5 198 1,700 1,570 36 225 68 1,241 130 July 28 2,526 822 377 1 6 22 24 196 6 196 1,704 1,573 44 221 66 1,242 131 Atlanta June 30 2,278 812 495 7 25 36 74 5 177 1,466 1,278 22 261 137 858 188 July 7 2,262 804 485 5 22 37 75 5 182 1,458 1,270 24 259 129 858 188 July 14 2,283 803 492 6 23 36 64 6 183 1,480 1,292 29 272 132 859 188 July 21 2,296 803 491 5 22 37 63 7 185 1,493 1,305 34 269 133 869 188 July 28 2,290 807 494 7 24 36 63 7 183 1.483 L.293 32 256 131 874 190 Chicago* June 30 8,568 2 663 1,816 29 36 26 70 324 385 5 905 5,296 252 607 449 3,988 609 July 7. 8,586 2,683 1,825 29 29 26 69 325 18 386 5,903 5,291 255 591 441 4,004 612 July 14 8,634 2,703 1,840 27 36 27 68 325 16 388 5,931 5,321 266 581 458 4,016 610 July 21 8,687 2,712 1,854 28 39 27 67 326 8 386 5,975 5,352 298 572 469 4,013 623 July 28 8 733 2 709 1,849 25 44 26 69 326 6 387 6,024 5,412 358 561 472 4,021 612 St. Louis June 30... ... 2,014 893 505 2 6 19 13 149 2 204 1,121 976 41 138 84 713 145 July 7 2,000 895 519 2 5 19 13 149 1 194 1,105 959 25 134 89 711 146 July 14 2,030 907 529 2 5 19 13 150 1 195 1,123 976 36 133 92 715 147 July 21 2,031 915 535 2 5 19 13 150 2 196 1,116 971 37 131 90 713 145 July 28 2 033 914 533 2 5 19 13 151 3 195 1,119 973 41 132 90 710 146 Minneapolis June 30 1,152 423 246 3 9 5 56 107 729 650 26 103 61 460 79 July 7 1,155 426 246 3 9 5 56 110 729 650 26 105 61 458 79 July 14 1,177 423 245 3 9 5 56 108 754 675 36 108 72 459 79 Julv 21 1,165 426 246 2 9 5 57 110 739 660 24 105 61 470 79 July 28 1,170 426 246 2 9 6 59 107 744 661 30 105 56 470 83 Kansas City June 30 2,339 817 521 3 7 12 125 152 1,522 1,321 105 291 114 811 201 July 7 2,344 821 526 4 7 11 125 151 1,523 1,323 114 282 114 813 200 J J u u l l y y 2 1 1 4 2 2, , 4 3 1 8 8 9 8 8 3 4 4 4 5 5 4 3 6 6 4 4 7 7 1 1 2 2 1 12 2 4 4 j 1 1 5 5 4 3 1 1, , 5 5 7 5 4 5 1 1 , , 3 3 5 7 4 0 1 14 3 9 5 2 2 8 8 8 6 1 1 1 1 5 5 8 81 1 8 8 2 20 0 4 1 July 28. 2,404 848 550 4 7 12 124 1 153 1,556 1,346 126 290 115 815 210 Dallas June 30 2 210 1 009 697 6 18 43 84 167 1 201 1,088 35 200 96 757 113 July 7 . .. 2,235 1,020 703 7 19 42 84 171 1,215 1,100 40 198 96 766 115 July 14 2,244 1,017 702 6 18 43 84 170 1,227 1,111 56 192 96 767 116 July 21 2 257 1 013 701 7 18 42 84 167 1,244 1,126 61 199 97 769 118 July 28 2,241 1,012 697 7 18 43 84 1 168 1,229 1,113 49 196 98 770 116 San Francisco Tune 30 . .. 11,115 4,752 2,031 3 11 23 34 2,026 678 6,363 5,625 164 1,164 508 3,789 738 July 7 11,123 4,784 2,041 8 11 23 332,024 24 674 6,339 5,599 134 1,154 510 3,801 740 July 14 11,116 4,764 2,047 5 10 22 332,029 672 6,352 5,608 137 1,136 509 3,826 744 July 21 11,109 4,776 2,047 5 10 22 322,032 4 677 6,333 5,585 131 1,111 511 3,832 748 July 28 11,135 4,792 2,046 8 12 21 352,037 7 680 6,343 5,574 148 1,103 502 3,821 769 City of Chicago* June 30 5,307 1,806 1,404 29 32 18 61 70 208 3,501 3,110 167 340 304 2,299 391i July 7 5,296 1,816 1,414 29 25 18 60 70 8 208 3,480 3,086 160 326 296 2,304 394 July 14 5 330 1,840 1,422 27 33 19 59 70 15 211 3,490 3,098 152 322 310 2 314 392 July 21. 5,394 1,849 1,439 28 35 19 58 70 8 208 3,545 3,141 192 318 322 2,309 404 July 28 5,400 1,845 1,436 25 39 19 60 69 5 208 3,555 3,164 216 314 324 2,310 391 1 See note on preceding table. 2 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 982 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 es e d r a v t e e B s F w e R e a e r r i d e n a t v - - h k l e s C va a in s u h ltm b a w a d n e o i n s c t - t e k h i s c s j p m u a o d s a e d s t - n e it d d s 1 s p p u n a c v h o a a i o n e i d r r p l r r - d a s t - - s , - - , S p s d s t a i i u o a c i o n b v l a t n i - d e i l t - s s - ch C c O a e f e e i t e n f e c c r f r . d d k s i t - ' i s - , m U G er . o e n n - v S - t . s u p p v n a c h o i a o a e n d i r r p l r r - - d s a - t s , - - , S p s d t s a i i u o a c i o n b v l t a n i d - e i l t - s s - P U m G S i e a n o r a . n o e n s g v n v - d S t s - a - t . l m D t e o i s c - - F ei o g r n - Time r B in o o w g r s - - c C o i a a t u c a p - n - l ts B d it e a s b ^ n - k tions tions Boston June 30 503 59 115 2,317 2,340 129 45 59 489 1 4 280 22 1 317 879 July 7. . 498 61 107 2,334 2,341 138 47 54 489 r 290 22 2 317 759 Julv 14. . 504 61 121 2,332 2,373 133 38 95 489 c 293 26 1 317 844 July 21 506 60 101 2,340 2,341 148 38 97 490 4 276 28 4 317 884 July 28 499 62 96 2,315 2,302 141 40 93 489 c 259 24 14 317 809 New York* June 30 5,089 158 124 16,762 17,286 525 789 372 2,378 45 21 2,886 1,173 15 25 2,401 9,863 July 7 5,219 174 125 16,552 17,032 463 1,021 309 2,356 43 21 2,963 1,179 15 264 2,403 8,539 July 14 5,135 181 129 16,604 17,156 478 741 337 2,369 43 21 2,985 1,205 15 118 2,403 8,516 July 21 5,103 166 126 16,787 17,215 496 667 399 2,379 31 21 2,832 1,194 30 141 2,403 9,055 July 28 5,108 170 118 16,730 17,023 497 635 392 2,371 32 21 2,779 1,225 28 119 2,400 8,246 Philadelphia June 30 491 40 115 ? ,002 2 ,129 85 33 82 413 32 1 367 13 302 922 July 7.1' .111 467 43 102 2,009 2! 097 81 35 67 409 31 1 359 13 6 303 710 July 14 474 46 110 2,011 2,124 88 30 56 417 31 1 363 12 20 302 782 July 21 48C 42 99 2,026 2,101 92 32 56 415 31 1 332 13 20 302 785 July 28. 472 44 100 2,012 2,073 89 34 56 414 31 1 328 13 14 302 727 Cleveland June 30... 764 81 147 2,961 3,052 185 56 110 1,276 50 1 445 3 467 1,168 July 7 774 82 152 2,995 3,019 198 59 89 1,275 50 1 453 3 7 467 976 July 14 787 90 168 2,984 3,117 193 55 93 1,273 53 1 477 3 24 466 1,205 July 21 798 84 159 3,055 * 117 206 65 92 1,274 51 1 454 3 9 467 1,244 July 28 788 88 155 3,060 3,096 212 62 91 1,274 53 1 456 3 15 467 1,181 Richmond June 30. 495 64 161 2,028 1,994 221 45 61 583 6 10 356 4 1 1 214 714 July 7.. . 480 67 173 2,004 1,975 202 38 54 584 6 10 369 5 1 3 214 664 July 14.. ... 492 68 176 2,028 2,023 196 42 66 584 6 10 381 5 1 4 214 559 July 21 482 65 146 1,999 1,981 191 43 69 584 7 10 352 5 1 7 214 744 July 28.. . 488 67 154 2,039 1,978 202 42 66 584 8 10 345 c 1 3 214 659 Atlanta June 30. 425 40 204 1,740 1,630 316 22 40 533 8 r 450 9 4 180 661 July 7 451 43 194 1,742 1,619 299 22 32 532 7 5 463 8 4 2 180 609 July 14 459 45 210 1,780 1,698 289 20 39 531 8 c 464 8 3 2 180 621 July 21 419 45 174 1,755 1,656 286 22 40 531 8 423 8 3 5 180 710 July 28 434 44 172 1,762 1,628 298 22 39 530 8 c 420 7 3 9 180 611 Chicago* June 30.. 1,799 98 369 6,017 5,923 627 113 229 2,423 58 10 1,415 26 678 2,992 July 7.. 1,801 102 359 5,984 5,858 609 104 201 2,419 61 10 1,486 27 2 679 2,543 July 14 1,824 107 371 6,021 6,114 579 110 231 2,417 60 11 1,516 27 675 2,861 July 21.. . 1,781 99 341 6,032 5,960 587 104 246 2,416 61 11 1,447 29 ' 15 675 2,974 July 28.. . 1,852 102 347 6,170 6,065 611 102 236 2,413 61 10 1,448 28 15 676 2,732 St. Louis June 30.. 374 28 111 1,300 1,362 114 34 44 462 11 544 2 172 585 July 7 . 399 29 110 1,301 1,373 109 17 35 463 11 561 2 173 501 July 14 379 31 115 1,299 1,424 106 18 35 462 11 570 2 10 173 582 July 21. 383 30 105 1,322 1,411 104 18 35 463 11 542 2 10 172 624 July 28 383 31 106 1,339 1,403 104 18 34 462 11 537 2 3 173 563 Minneapolis June 30 . 220 12 97 815 746 176 16 24 248 295 2 3 96 383 July 7 222 12 IOC 827 756 176 15 21 247 301 2 3 96 373 July 14 217 92 825 770 179 16 24 247 307 2 3 96 389 July 21 230 13 80 824 757 177 14 27 247 292 3 3 7 96 416 July 28 224 14 84 841 754 184 14 27 247 278 3 3 96 351 Kansas Citx June 30.. 495 30 303 1,782 1,756 252 29 48 374 4 3 774 1 4 1 188 735 July 7 503 30 302 1,776 1,757 231 35 46 374 4 3 793 1 4 2 188 653 July 14 485 32 317 1,780 1,825 220 30 53 372 4 828 1 4 2 188 846 Julv 21 499 30 288 1,801 1 ,818 224 29 57 373 4 813 1 4 3 188 931 July 28 504 31 281 1,789 1,775 239 29 58 373 4 809 1 4 2 189 814 Dallas June 30 477 32 333 1,868 1 847 210 36 37 345 53 579 4 190 648 July 7. ..1.111 491 32 312 1^906 1^854 201 35 32 344 62 556 5 190 540 July 14 487 34 343 1,934 1,904 204 43 35 343 62 7 565 4 190 661 July 21 484 33 307 1,937 1 ,899 195 47 32 343 61 7 540 3 191 773 July 28 484 35 283 1,905 1,861 199 40 32 342 59 7 536 4 191 679 San Francisco June 30 1,757 125 299 6,822 6,606 677 226 159 4,893 252 16 444 74 3 699 2,398 July 71 . 1 . . 1l!749 122 289 6^817 6,637 645 227 132 4^861 257 16 453 78 3 18 701 2,354 July 14 1,751 135 305 6,829 6,829 595 223 1294,854 267 16 493 75 3 4 700 2,675 July 21 1,757 125 299 6,848 6,728 615 219 132 4,845 267 16 458 78 3 8 699 2,625 July 28 1,752 130 278 6,877 6,708 624 203 135 4,838 265 17 436 78 3 6 707 2,399 City of Chicago* June 30 1,227 37 184 3,835 3,880 320 55 116 1,235 39 1,056 22 461 1,965 July 7 1,235 40 181 3,813 3,843 302 52 94 1,231 39 1 1,098 22 2 461 1,692 July 14 1,257 40 184 3 ,845 4,010 294 52 108 1,230 38 1 1,118 22 456 1,821 July 21.1111 '.'.'.'.'. l,'2O4 36 166 3,' 852 3! 903 306 47 122 1,'228 39 1 1,072 23 15 456 1,914 July 28 1,252 37 168 3,923 3,961 307 44 122 1,227 39 1 1,070 22 5 457 1,698 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. AUGUST 1948 983 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 p d t e i - n r g1 st T a o n o u d t t a i - n l g Accept O in w g n bank B s ills ( R F F B e o e a d s r n e e o k r r w v a s e l n 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 m te r d ts c D h e o a x l n l - g ar e G s o h o i d p s p p o e s d i t n o t r 3 s e e d i t n w i e n e n or Total bills bought account) State's States United Foreign States countries 1047 Mav 250 189 130 67 63 59 118 45 21 5 June 234 183 132 69 63 50 111 46 (s) 20 6 July 244 187 148 75 74 39 115 45 (J) 21 7 August 244 206 158 71 87 48 133 47 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 CO 56 147 61 3 25 9 December 287 261 197 88 109 64 159 63 3 25 11 1948 Tanuarv 290 262 188 85 103 74 168 53 1 27 13 Februarv 301 253 174 79 94 79 168 43 2 24 17 M!arch 311 241 162 70 92 79 151 48 2 23 17 April 275 242 151 71 80 91 143 54 4 19 22 ]VIay r254 256 161 71 90 95 155 57 3 19 21 June 270 253 142 61 81 111 155 56 2 19 20 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. J Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c a t s o r t r a u m t d n n e i e t n n s r g t s' a in n a I v d c n e c t s o r t f a m u ir d n m e i t n n s g t I a n c ( c c n o a e u p t n ) it t a s l 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 537 5 311 453 217 693 118 30 10 289 1947—June 552 6 333 395 222 650 162 24 9 271 1947—July 3 564 J251 3 677 August '550 3 241 3656 September. . 3 570 3280 3 630 October 3 606 3257 J616 November. . 3 593 3247 3617 December... 578 7 315 393 240 612 176 23 15 273 1948—January.... 3 568 3217 3 622 February. . . 3 537 3208 3 596 March 3 550 3 229 3 592 April 3 572 3 241 3614 May 3615 3258 3619 June 619 7 326 332 283 576 145 20 11 291 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): April, 66; May, 69. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U. S. Government [Per cent per annum] Stock security yields mo Y w n e e t a h e r k , , or m 4 m p P - c o a r o e t i n p r o m m c t e h i 6 r - e a s , - l 1 a a P b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l c a e o r a e x a e l a n w s - - l n l g 2 - e m bi o 3 ll n - s t J h 9 d m c o - c e e t f a o b r o t t n t i e i e f n t 1 s i d h 2 - - - - 3 t i a - y s x s t e o u a a e b r 5 s l - e 1 T 9 o c t i a ti l es Y N C o e i r w t k y e E 7 N r c n a o i o s t r i t t e h t e a h s r n e n - r d 1 e W 1 r c n e i S t s i o t e a e u s n r t n d hness 1938 average1 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1945 average.... .75 .44 1.00 .375 .81 1.18 1941 average 2.54 1.97 2.55 3.19 1946 average .81 .61 1.16 .375 .82 1.16 1942 average 2.61 2.07 2.58 3.26 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 average 2.72 2.30 2.80 3.13 1944 average 2.59 2.11 2.68 3.02 1947—July 1.00 .81 1.38 .703 .85 1.33 1945 average 2.39 1.99 2.51 2.73 August. . . 1.00 .88 1.38 .748 .85 1.31 1946 average 2.34 1.82 2.43 2.85 September 1.06 .94 1.38 .804 .87 1.28 1947 average 2.28 1.81 2.33 2.76 October. . 1.06 .94 1.38 .857 .97 1.35 November 1.06 .94 1.38 .932 .99 .47 1944—June 2.63 2.23 2.55 December. 1.19 1.03 1.38 .950 1.04 .54 September. 2.69 2.18 2.82 December. 2.39 1.93 2.61 2.65 1948—January. . 1.31 1.06 1.50 .977 1.09 .63 February. 1.38 1.06 1.50 .996 1.10 .63 1945—March 2.53 1.99 2.73 March 1.38 1.06 1.50 .996 1.09 .60 June 2.50 2.20 2.55 April 1.38 1.06 1.50 .997 1.10 .58 September. 2.45 2.05 2.53 May 1.38 1.06 1.50 .997 1.09 1.51 December. 2.09 1.71 2.23 2.38 June 1.38 1.06 1.50 .998 1.09 1.49 July 1.38 1.06 1.50 .997 1.10 1.56 1946—March 2.31 1.75 2.34 2.93 June 2.41 1.84 2.51 2.97 Week ending: September. 2.32 1.83 2.43 2.75 July 3... U/16 .997 1.09 1.54 December. 2.33 1.85 2.43 2.76 July 10.. . 11/16 .997 1.10 1.55 July 17... 11/16 .997 1.10 1.55 1947—March 2.31 1.82 2.37 2.80 July 24. . . 11/16 .997 1.10 1.57 June 2.38 1.83 2.44 2.95 July 31... 11/M .997 1.10 1.59 September. 2.21 1.77 2.25 2.69 December. 2.22 1.82 2.27 2.61 1 Monthly figures are averages of weekly prevailing rates. 1948—March.... 2.46 2.09 2.52 2.83 J The average rate on 90-day stock exchange time loans was 1.50 June 2.56 2.10 2.71 3.03 per cent beginning Aug. 2, 1946. Prior to that date it 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, pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October strictly comparable with the current quarterly series. 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) * (taxable) Munic- Corpoipal rate By ratings By groups Year, month, or week 15 (high- (high- 7 to 9 years grade) 2 grade) 3 Total years and Indus- Rail- Public over Aaa Aa Baa trial road utility Number of issues 1-8 15 30 30 30 30 40 40 40 1945 average .60 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average .45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average .59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.7S 1947—July .57 2.25 1.91 2.51 2.80 2.55 2.64 2.82 3.18 2.62 3.06 2.72 August .54 2.24 1.93 2.51 2.80 2.56 2.64 2.81 3.17 2.63 3.03 2.72 September .53 2.24 1.92 2.57 2.85 2.61 2.69 2.86 3.23 2.67 3.09 2.78 October .58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 2.87 November .72 2.36 2.18 2.75 3.02 2.77 2.85 3.01 3.44 2.84 3.30 2.93 December .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 AS 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 3.06 3.38 3.27 2.95 June 1.89 2.41 2.26 2.73 '3.00 n.16 3.03 3.34 '3.23 2.96 July 1.96 2.44 2.33 2.80 3.04 2.81 2.89 3.07 3.37 2.84 3.26 3.02 Week ending: July 3... 1.97 2.44 2.31 2.77 3.02 2.79 2.88 3.35 2.83 3.24 2.98 July 10 1.96 2.44 2.32 2.78 3.03 2.80 2.89 3.35 2.83 3.25 3.00 July 17 1.94 2.44 2.33 2.78 3.03 2.80 2.88 3.36 2.82 3.26 3.00 July 24 1.95 2.44 2.33 2.81 3.05 2.82 2.90 3.38 2.84 3.27 3.03 July 31 1.99 2.44 2.35 2.82 3.05 2.82 2.90 3.08 3.39 2.85 3.27 3.03 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 5, 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. 985 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Corporate4 Common (index 1935-39=100) o V f o t l r u a m d e e ing7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Total I M n tr d e i u d al s iu - m-g R r r o a a a i d d l e - u P t u i b li l t i y c fe P r r r e e - d6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e ) o s f Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1945 averace 102 04 139 6 189 1 122 123 137 106 1,443 1946 average 104 77 140 1 198 5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1947—juiy 103.75 134.7 104.7 98.5 103.2 89.5 103.6 188.4 126 132 108 102 1,158 August 103 89 134 3 104.5 98 5 103 3 89 5 103 5 188 7 125 130 105 101 674 September . . . 103.95 134.4 103.6 97.3 102.8 87.5 102.7 188.3 123 128 104 102 763 October 103.44 132.5 101.1 95.7 101.2 85.9 101.2 181.2 125 131 104 101 1,136 November 102 11 129 4 99.6 94 5 100 7 84 7 99 3 174 5 124 130 100 97 862 December . . . 101 59 126 2 97.9 92.7 99.7 82.1 97.6 172.1 122 129 104 94 1,170 1943—January 100 70 124.5 98.1 91.2 96.5 82.1 96.0 169.5 120 126 107 95 895 February 100.70 122.6 98.1 90.5 94.3 82.2 96.0 167.5 114 119 102 93 857 March 100 78 123 1 98.5 90 7 94 5 82.2 96 3 170.1 116 122 105 93 974 April 100.84 125.7 99.4 91.4 94.9 83.5 96.7 169.9 125 131 115 96 1,467 May 101.20 127.1 99.9 92.8 96.8 87.2 95.0 171.1 130 137 123 99 1,980 June 101 23 127 8 100.2 94.4 98 2 89 8 95 6 173 4 135 143 126 101 1,406 July 100 82 126.6 99.2 94.6 99.3 89.1 95.6 170.8 132 139 125 og 1,171 Week ending: July 3 100.83 126.9 99.7 94.5 98.8 89.4 95.7 172.0 134 141 126 100 953 July 10 100 83 126.8 99.5 94.8 99.4 89.2 96.2 172.0 134 141 127 100 1,058 July 17 100.85 126.6 99.3 94.8 99.5 89.2 95.9 171.6 135 142 130 100 1,442 July 24 100 81 126 6 99 0 94 5 99.3 89.1 95 5 169.9 129 136 120 98 1,381 July 31 100.76 126.2 98.9 94.2 99.2 88.9 95.1 169.5 130 137 122 98 898 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. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i a u n n r n n e e g d - d w ) - m T e ( a f i o d o e g n o s t r n d a - t - i ) l c Total S n a m p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 T m e ( a f o i e d o g n t s o r n d a - t - ) l ic 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 - 5 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 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1 039 1 039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1 527 1 442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 '39,611 '37,451 '7,139 '2,228 203 4,708 3,493 1,215 68 2,160 1,983 44 422 1,517 1,236 281 177 1947—June '1,041 '748 '743 '214 15 514 430 83 5 293 255 2 38 214 165 48 38 July 31,033 «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 N De o c v e e m m b b e e r r 1,1 7 6 0 0 5 1,0 5 2 7 9 1 1,0 5 2 7 4 1 1 9 0 9 1 9 4 2 7 5 0 3 7 3 8 6 0 1 1 4 3 4 4 5' 1 1 3 3 0 4 1 1 3 3 0 4 2 2 4 4 8 5 8 8 4 3 8 7 0 8 6 3 1948—January .. 541 495 495 114 16 365 323 41 .. 46 46 2 42 3 3 February. '837 '782 '781 217 39 '526 '348 178 56 56 3 39 14 13 March. . . 1.374 1,222 1,221 630 31 560 531 29 2 152 152 1 54 97 87 10 April '936 '769 '768 '156 50 562 432 131 2 166 166 1 114 50 50 May 652 591 591 182 35 374 293 81 61 61 8 49 4 3 1 June 954 888 888 283 21 584 436 149 66 66 3 34 29 29 ' Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds8 Repayment Other Total P eq la u n i t p m a e nd nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,221 6,111 4,270 3,224 1,046 1,378 1,191 187 310 153 1947—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 May ^405 '395 »-356 297 '60 1 1 20 18 June 638 625 552 449 103 26 26*" 43 5 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 poses* ceeds ties poses* ceeds ties poses4 1934 .. 172 21 120 31 130 11 77 42 62 25 34 2 20 19 193c 120 57 54 10 ,250 30 1,190 30 774 74 550 150 122 46 72 4 193( 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 7 193? . . 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 193<' 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 194< . . 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 4 194' 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 194f 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,121 2,122 923 76 2,429 1,740 364 325 279 169 56 54 1947—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 8 November 37 37 277 245 31 1 213 129 49 35 21 15 1 5 December 20 20 493 480 11 1 496 422 56 18 54 9 26 19 1948—January 23 23 164 149 6 9 95 70 25 57 52 5 February 34 34 119 106 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 May .... 24 24 216 209 7 152 M20 1 31 4 3 June 83 69 14 399 363 26 11 91 69 22 52 50 2 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price, 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. * Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. AUGUST 1948 987 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 inining 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 e p N u a r r e r c o n o t o t d n a d s u l - - s s O d go b u th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n n f n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o b u t o o h l r n e a d e - - s r n c s ic e e e e o l r l s v u a - * s - pr N of e i t ts1 fe P r r r e e - d C m o o m o - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 132 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 »2,545 283 « 171 130 127 136 8 165 356 281 273 3»2 321 31 .139 82 6>7 1947 3,670 437 334 417 205 198 238 354 480 345 370 293 1,786 89 837 Quarterly 1945—i 323 22 — 19 -34 * -5 20 12 65 56 63 62 82 116 20 146 2 604 67 49 21 *51 26 37 74 62 66 71 80 250 21 153 3 698 96 32 42 <38 41 41 93 77 67 77 93 310 20 149 4 »853 97 8 61 102 '44 50 8 57 124 85 77 91 66 •415 21 209 1947—i 871 126 70 94 4 49 47 51 98 89 88 96 63 421 20 177 2 867 100 83 105 4 53 46 58 64 110 87 92 71 432 23 192 3 900 100 77 103 4 57 45 59 85 121 81 93 80 432 22 190 4 ... 1,033 112 105 115 4 46 59 71 108 160 88 90 80 501 23 278 1948—1 1,030 121 87 130 461 49 62 83 196 90 93 57 527 22 207 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad • Electric power 6 Telephone7 Year or quarter r O e p v in e e r g n a u t e - I i b n n e t c c a f o o o x m m r 8 e e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n e t c c a f o o x o m m " re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e r g n a u t e - I b n in e t c a f c o x o o m " r m e e e inc N o e m t e1 d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1 067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 L 641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 173 1946 7,627 273 289 235 3,814 970 647 456 00? 277 200 171 1947 8,685 778 480 236 4,244 961 652 470 2,149 192 131 133 Quarterly 1946—i 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 2,243 144 72 57 1,202 284 186 131 607 64 43 39 14'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. B Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 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 * Nonmarketable public issues Fully Total End of month d T g d i r o e r o e t b s a c t s i t i b n d e d t i a e r e r e r b i e c n t t s g t- Total' Tre b a il s ls ury c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total * s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s y S i p ss e u c e ia s l i b n I e d N t a e e o r r b i n e n t - s g t- s g t b e t e u c e e e u r a a d e r r r i i s a i t n t n n i - g e - - s 1941—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—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 1947—Vug 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 2,987 73 Sept 259,145 256,107 167,946 15,725 24,894 7,840 119,323 58,640 51,759 5,531 29,520 3,038 70 Oct 259,071 256,270 167,109 15,732 24,808 7,840 118,564 59,714 51,897 5,618 29,447 2,801 78 Nov. ... 258,212 255,591 166,404 15,335 24,501 7,840 118,564 59,670 52,008 5,534 29,517 2,621 83 Dec 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1948—Jan 256,574 253,958 164,917 14,838 20,677 11,375 117,863 59,893 52,479 5,403 29,148 2,616 72 Feb 254,605 252,100 162,759 14,438 18,920 11,375 117,863 60,095 52,793 5,327 29,246 2,505 74 Mar 252,990 250,634 161,339 13,945 20,331 11,375 115,524 60,023 52,988 5,100 29,272 2,356 73 Apr. 252,240 249,920 160,875 13,748 20,065 11,375 115,524 59,843 53,065 4,886 29,201 2,320 70 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 June. . . . 252,292 250,063 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 69 July. . . . 253,374 251,168 159,560 13,266 22,294 11,375 112,462 60,821 54,607 4,386 30,787 2,206 51 1 Including amounts held by Government agencies and trust funds, which aggregated 5,401 million on June 30, 1948. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JULY 31, 1948 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales3 during tions and Month sta o n u d t- ing period 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. Aug. 5, 1948 905 Dec. 15, 1949-52 2..3H 491 Fiscal year Aug. 12, 1948 1.006 Dec. 15, 1949-53 2..23^ 1,786 ending: Aug. 19, 1948 1.004 Mar. 15, 1950-52 2 1,963 June—1941.. 4,314 1,492 203 67 395 148 Aug. 26, 1948 1.108 Sept. 15, 1950-52 2..23^ 1,186 1942.. 10.188 5,994 3,526 435 2,032 207 Sept. 2, 1948 1,101 Sept. 15, 1950-52 2 4,939 1943.. 21,256 11,789 8.271 758 2,759 848 Sept. 9, 1948 1,105 Dec 15, 1950 1)4 2,635 1944.. 34,606 15,498 11,820 802 2,876 2,371 Sept. 16, 1948 1,104 June 15, 1951-54 2..2M 1,627 1945.. 45,586 14,891 11,553 679 2,658 4,298 Sept. 23, 1948 1,006 Sept. 15, 1951-53 2 7,986 1946.. 49,035 9,612 6,739 407 2.465 6,717 Sept. 30, 1948 1,102 Sept. 15, 1951-55 2 3 755 1947.. 51.367 7.208 4.287 360 2,561 5,545 Oct. 7, 1948 1,102 Dec. 15, 1951-53 2..234 1,118 1948.. 53,274 6,235 4,026 301 I,907 5,113 Oct. 14, 1948 906 Dec. 15, 1951-55 2 510 Oct. 21, 1948 909 Mar. 15, 1952-54. . .2)4 1,024 1947—July... 51,552 559 339 27 193 457 Oct. 28. 1948 910 June 15, 1952-54 2 5,825 Aug... . 51,664 460 294 21 144 404 June 15, 1952-55...234 1,501 Sept.... 51,759 466 304 21 142 431 Dec. 15, 1952-54.... .2 8,662 Oct 51,897 488 304 22 162 404 June 15, 1953-55 * 2 725 Nov. . . 52,008 412 263 17 131 357 June 15, 1954-56 2..234 681 Dec.... 52,053 487 325 24 137 434 Cert, of indebtedness Mar. 15, 1955-60 2. .2 H 2,611 1948—Jan 52,479 770 479 44 248 454 Oct. 1, 1948Ser."J" 1 1,354 Mar. 15, 1956-58.. .2)4 1,449 Feb.. . . 52,793 607 367 40 201 364 Oct. 1, 1948Ser."K" 1 1,467 Sept. 15, 1956-59 2..2 % 982 Mar.... 52,988 588 383 30 175 462 J F a e n b . . 1 1 , , 1 1 9 9 4 4 9 9 V 1) /% 4 2 2 , , 5 1 9 8 2 9 S T e u p n t e . 1 1 5 5 , . 1 19 9 5 5 8 6 - - 6 5 3 9 2 .. . . 2 2 3 % 4 3,8 9 2 1 3 9 A M p a r y .. . . . . . 5 5 3 3 , , 0 1 6 4 5 3 4 4 3 6 2 8 3 3 2 0 0 5 2 1 0 7 1 1 2 1 8 0 4 4 5 2 2 8 Mar 1 1949 .. 13^ 3,553 June 15. 1959-62 3..234 5,284 June.. . 53,274 497 341 19 136 465 Anr 1 1949 1V£ 1,055 Dec. 15, 1959-62 3.. 2 34 3,470 July. .. 54,607 1,673 379 246 1,048 438 June 1, 1949 1% 4,301 Dec. 15. 1960-65 2..2 % 1,485 July 1, 1949 \y% 5,783 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 3 3 ^ ^ 2 2 , , 1 8 1 3 8 1 Maturities and amounts outstanding July 31, 1948 June 15, 1964-69'.. 2 H 3,761 Dec 15, 1964-69 3..2H 3,838 Year of All Series Series Series Series Mar. 15, 1965-70'.. 2)4 5,197 maturity series C-D E F G Treasury notes Mar. 15, 1966-71 ».. 2)4 3,481 Sept. 15, 1948 1% 3,748 i June 15, 1967-72 3..2)4 7,967 Oct. 1, 1948..... 1 4 092 Sept. 15, 1967-72.. .23^ 2,716 1948 271 271 Jan. 1, 1949 1% 3,535 Dec. 15, 1967-72 3..2^ 11,689 1949 824 824 1950 .... 994 994 Postal Savings 1951 1,560 433 1,127 bonds 2)4 113 1952 4,139 4,139 Panama Canal Loan. 3 50 1953 7,307 6,002 203 1,162 ' Treasury bonds 1954 9,508 6,873 525 2,111 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 4 4 8 8 - 5 2 0 . . 2 . . 2)4 2 4 5 5 7 1 1 Total direct issues.. .. 159,560 1 1 9 9 5 5 5 6 8 6 , , 2 0 7 7 1 4 5 2 , , 5 9 1 0 3 3 6 5 4 6 9 7 2 2 , , 1 5 9 2 0 3 Tune 15, 1949-51 2 1,014 Guaranteed securities 1957 5 992 3,183 519 2,291 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1958 4,843 2,074 297 2,471 Dec. 15, 1949-51 2 2,098 Various 14 1959 2,494 325 2,169 1960 2 011 327 1,684 Unclassified. . 317 1 Sold on discount basis. See table on Open-Market Money Rates, p. 985. * Partially tax exempt. Total .. 54,607 2,522 31,814 3,412 16,541 » Restricted. 989 AUGUST 1948 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 by nonbank investors E m n o d n t o h f s i b e n T c e t u e a o r r r t i e i a n t s i l g e t- s Total Total m b C a e n o r k c m i s a - 2 l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c O s a o a s t t o r i n h p o c d e o n i r a - s - S l g e a o t o r n c a n v d a t - e - l a S m U n p d e . e c n S t i t a r . u l a G s g t o e P v n f e u c u r i b n e n l d s i - c s 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 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 21,400 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 Apr.... 249,990 252,315 86,740 66,400 20,340 165,575 66,700 23,500 12,000 21,200 7,300 29,201 5,613 May... 250,028 252,311 86,462 65,800 20,662 165,849 66,800 23,400 12,000 21,600 7,300 29,323 5,556 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 on Marchf31, 1948. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Marketable public securities. In millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tu u al - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks (*) banks panies ing and Banks C1) banks panies trust trust funds funds Type of Treasury bonds security: and notes. due or callable: Total:2 Within 1 year: 1945—Dec 198,820 7,01924,26282,83010,49123,18351,035 1945—Dec 15,222 185 2,017 9,956 63 235 2,761 1946—June.... 189,649 6,76823,78376,57811,22024,28547,015 1946—June.... 10,119 4 1,431 5,655 116 495 2,418 Dec 176,658 6,30223,35066,96211,52124,34644,177 Dec 7,802 29 72 4,341 181 591 2,591 1947—June.... 168,740 5,40921,87262,96111,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165.791 5,26122,55961,37011,55222,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1947—Apr 160,903 5,47620,34058,99811,60822,04942,432 1948—Apr 15,459 20 2,082 7,332 225 317 5,483 May 160,916 5,42020,66258,44911,52921,90442,952 May.... 15,459 20 2,077 7,240 192 304 5,626 Treasury bills: 1-5 years: 1 1 9 9 4 4 5 6 — — D J e u c n . e . . . . . . . 1 1 7 7 , , 0 0 3 3 9 7 5 2 1 1 2 4, , 4 8 6 3 6 1 2 1 , ,1 4 4 7 2 6 3 1 1 1 1 , , 7 4 2 2 4 5 1 1 9 9 4 4 5 6 — r J je u c ne.... 3 3 5 5 , , 0 3 5 7 5 6 4 4 4 0 3 8 6 7 9 9 3 7 2 25 5 , , 2 1 8 6 5 5 7 7 0 0 9 1 1 1 , , 7 5 4 0 2 6 6 6 , , ' 6 3 7 1 3 9 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 i 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 1,37733,415 1,876 3,046 9,890 1948—Apr 13,748 28 7,974 3,017 67 200 2,462 1948—Apr 46,413 338 2,55430,705 1,924 2,835 8,057 May.... 13,761 11 8,245 2,521 58 133 2,793 May.... 46,413 324 2,72230,604 1,904 2,781 8,078 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 10,438 1946—June.... 32,847 716 135 21,933 JL.609 2,822 5,632 Dec 29,987 64 7,49611,221 257 490 10,459 Dec 27,283 529 72 16,657 2.042 2,826 5,156 1947—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18,932 423 40 11,577 11,245 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—Apr 20,065 28 4,236 7,217 354 431 7,799 1948—Apr 10,270 345 503 6,099 555 877 1,891 May.... 20,065 27 4,140 7,276 313 441 7,868 May.... 10,270 315 499 6,175 511 879 .1,891 Treasury notes: 10-20 years: 1945—Dec.... 22,967 9 2,12015,701 179 576 4,382 1945—Dec 34,985 2,779 90 3,691 5,52310,99611,905 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June...-. 37,189 3,400 83 3,308 6,02612,54711,829 Dec 10,090 6 355 6,120 211 603 2,795 Dec 32,384 2,975 78 2,433 5,30311,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,13712,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,60618,21117,710 1948—Apr 11,375 1 1,963 4,628 124 222 4,437 1948—Apr 54,757 4,680 2,991 4,602 I$,47917,37516,630 May.... 11,375 1 1,958 4,523 116 223 4,554 May.... 54,757 4,687 2,979 4,607 I$,54617,35216,586 Treasury bonds: After 20 years: 1945—Dec 120,423 6,915 947 46,53510,21722,23033,579 1945—Dec 24,781 2,764 57 2,418 2,051 6,93310,559 1946—June.... 119,323 6,654 755 47,33510,74323,07330,763 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,826 Dec 119,323 6,185 753 48,40811,04923,22629,702 Dec 22,372 2,084 55 2,632 2.687 6,602 8,313 1947—June.... 119,323 5,306 727 48,75611,40723,30529,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Dec U7.863 5,173 2,85347,42411,22622,21328,974 Dec 1948—Apr 115,524 5,382 6,16744,11011,05921,18227,624 1948—Apr May.... 115,524 5,345 6,31944,10411,03721,09427,625 May.. * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. n millions of dollars] y m F e i o a s r n c a t o h l r p b I W l n o h y y e c i e l e t o d h e m m s - ' - " e O ta t x h e e s r 1 n i c M r n n e n e e u t o i l a v e e s l u l - 1 a e r s - - - S t c r S a e i i o x t c a - y e u l s - O ce r t i e h p - e t r s c T e r o i e p t - a t l s ce N r i e p e - t t s2 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 i e d - s v r s e - T c f t e o e r r a r a u t u c s c n - s n . s t t t o - s O p tu e e t n x r h e - d e s r i- b d e T x u it p o d u e t g r a n e e l - s t s B ( d u + u e r f ) d p i g c l o u i e t s r t c T o e a r t u c c u n - . s 3 t t s c C o i a l n c u e g - a n r t - 3 G b I a f n e d d u l n c a u n e e r n c r d e r i c r a a n e e l s g a e s e p ( e G + ( d r — i ) r e o o b d ) o s t s r Fiscal year: June 1946 9,392 21,493 7,725 1,714 3,953 44,276 43,038 4,722 48.870 1,918 8,204 63,714 -20,676 -524 -10,460 + 10,740 June 1947 10,013 19,292 8,0492,039 5,325 44,718 43,259 4,958 17,279 1,355 18,914 42,505 +754 -1,103 ' +555 -10,930 -11,136 June 1948 11,436 19,735 8,301 2,396 4,494 46,362 44,746 5,211 11,524 54,177 18,414 539,326 +5,419 +2,706 -507 + 1,624 -5,994 1947—July 625 757 663 80 344 2,470 2,397 245 4 981 549 41,894 3,669 -1,272 +17 -146 -239 + 1,161 Aug. 1,255 413 643 352 203 2,866 2,536 103 910 273 1,773 3,060 -524 +379 -173 +332 +649 Sept. 797 2,639 699 136 616 4,885 4,872 668 1,008 10 1,246 2,932 + 1,940 -314 -121 +552 -953 Oct. 644 702 782 71 258 2,456 2,390 157 1,154 60 1,074 2,445 -55 +69 +214 + 155 -74 Nov. 1,315 350 695 329 363 3,054 2,743 127 936 20 1,112 2,194 +549 +265 -127 -172 -859 Dec. 880 1,889 767 145 578 4,260 4,246 972 996 23 1,233 3,224 + 1,022 -468 -80 -838 -1,312 1948—Jan. 624 42,613 656 51 366 4,310 4,275 401 1,069 66 1,343 2,879 + 1,396 +259 +222 + 1,551 -326 Feb. 1,563 41,597 629 423 403 4,614 4,336 142 850 11 1 ,399 2,402 + 1,934 -194 -101 -330 -1,969 Mar. 998 4,168 739 180 281 6,365 6,334 608 850 18 2,070 3,546 +2,788 -86 -53 +1,035 -1,615 Apr. 684 1,174 662 83 278 2,881 2,806 154 909 71 1,975 3,109 -302 +86 +226 -741 -750 May 1,358 428 673 401 223 3,083 2,707 124 933 1 1,546 2,604 + 103 +378 -144 +334 -3 June 695 3,006 694 145 579 5,119 5,102 1,508 930 53,O77 1,746 57,261 -2,159 +2,315 -226 -14 +56 July 535 719 677 67 567 2,565 2,501 286 P41,162 611 P41.903 43,963 -1,462 -178 4+700 +141 + 1,082 Details of trust aiccounts, (rtc. General fund of the Treasury (end of period) Fiscal year Soc a ia c l c o S u e n c t u s rity R or e d sa e l m e p ( t i — on ) Other Assets or month of securities De- De- Total Balance c N e re i e p - t ts I m n e v n e t s s t- p t e u E n r x d e - s i- ti U c o l o i n n r s V p t , J o h U e r e V a t L - c . . ce R i e p - ts I m n e v n es ts t- p t e u E n r x e d - s i- Total R F p e e o d s i s n e e i r r t v a s e l d s p p e o p e i s n c o i i s t a s i l - a O s t s h e e ts r lia ti b e i s li- ge fu n n e d ral market (net) Banks taries Fiscal year: 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 Tune 1947... 3.235 1.785 1,509 359 3,009 1,577 2,117 3,730 1,202 962 1,565 422 3.308 June 1948... 3,918 2,210 1,640 -107 5,598 850 2,217 5,370 1,928 1,773 1.670 438 4,932 1947—July 633 398 155 12 153 46 159 3,460 884 958 1,617 391 3.069 Aug 574 150 135 3 400 281 26 3,705 4 749 1,362 41,593 304 3,400 Sept 66 272 125 -74 180 24 212 4,331 1,091 1,618 1,622 378 3,952 Oct 164 24 124 -2 168 14 103 4,498 1,393 1,437 1.668 391 4.107 Nov 524 274 108 1 160 17 19 4,292 1,290 1,417 1,585 357 3.935 Dec 80 119 116 -23 153 25 464 3,454 866 968 1,621 357 3,097 1948—Jan 254 68 126 -61 313 21 154 5,042 2,256 959 1,828 394 4,648 Feb 433 230 134 10 149 28 374 4,664 1,571 1,434 1,658 346 4.318 Mar 92 51 152 1 185 28 131 5,692 1,972 1,972 1,749 339 5,353 Apr 173 -34 150 59 162 7 66 5,037 1,236 2,156 1,645 425 4612 May.... 577 106 142 4 101 10 39 5,327 1,714 2,007 I .606 381 4,946 June 348 553 174 -38 53,475 349 470 5,370 1,928 1,773 1,670 438 4.932 July 455 276 142 -56 362 250 383 5,506 1,755 2,081 1,671 433 5,074 P Preliminary. x Details on collection basis given in table below. 2 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund 3 Excess of receipts (+) or expenditures ( —). 4 Change in classification. 5 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH OPERATING INCOME AND OUTGO [On basis of reports of collections. In millions of dollars] OF THE UNITED STATES TREASURY1 [In millions of dollars] Individual Corporation income income taxes and profit taxes Estate Excise and Excess in- Fiscal year and other mis- Fiscal year Cash Cash come (+) or month W he it l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a t o x h f e i e t s r s ta g x if e t s cel t l a a x n e e s ous Fiscal o y r e m ar o : nth income outgo o g r o o ( u -) t- June—1943. 25,245 78,979 -53,735 Fiscal year: 1944. 47,984 94,079 -46,095 June—1942 3,263 3,069 1,618 57 433 3,405 1945. 51,041 95,986 -44,945 1943 "686* 5,944 4,521 5,064 84 447 4,124 1946. 47,784 65,683 -17,899 1944 7,823 10,438 5,284 9,345 137 511 4,842 1947. 46,637 39,978 +6.659 1 1 1 1 9 9 9 9 4 4 4 4 8 6 5 7 1 1 9 9 0 1 , , , , 8 8 2 5 4 5 6 3 2 4 8 4 8 8 9 9 , , , , 5 8 7 4 0 4 7 6 1 7 0 4 4 4 6 9 , , , , 6 8 8 0 4 8 5 5 0 0 2 5 1 3 7 1 , , , 5 8 0 3 2 6 0 0 2 6 4 5 1 9 5 4 1 1 5 4 8 6 6 8 7 7 9 4 7 7 9 3 9 6 7 7 7 , , , , 4 3 0 2 1 1 3 8 2 7 6 5 1947—J J A 1 u u u 9 n l g 4 e y . 8 . . . . , 47, 2 6 5 1 9 6 9 0 5 4 3 0 3 3 3 8 5 , , , , 1 3 1 6 5 9 9 4 2 3 0 7 +8 + - , 8 + 9 1 2 4 5 0 7 1 2 2 1947— A S J O N D J u u e u c o e l p n t c g y v t e 1 1 1 1 , , , , 4 4 1 1 9 9 8 3 3 3 2 5 1 8 3 3 6 6 1 1, , 1 0 4 2 2 2 6 0 4 9 6 6 8 8 8 6 7 7 2 1 1 1 , , , 5 3 4 3 3 2 2 1 8 6 8 7 7 4 4 6 3 4 0 6 9 3 6 4 4 2 2 2 5 1 9 3 8 4 2 2 2 2 1 1 1 6 6 5 6 5 6 7 6 5 5 4 4 5 9 6 5 5 6 6 6 7 1 7 2 9 6 2 3 8 2 7 1 0 5 6 1948—J S O F N D M a e e c a o e n p b t r v c . t . . . . . . . . . . . . . . 4 6 4 2 4 3 2 4 , , , , , , , , 4 5 7 9 7 3 6 0 7 1 4 1 6 4 3 3 8 2 2 1 0 0 8 0 3 3 2 3 2 2 2 2 , , , , , , , , 8 9 6 8 9 5 5 5 7 1 5 9 5 5 2 3 1 2 9 5 6 6 0 3 + + + 2 1 1 + + + , . , + 6 8 9 5 8 7 + 0 2 1 8 1 1 5 4 1 4 8 6 0 6 3 1948— F Ja e n b 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 J A M p u a r n y . e . . . 3 5, , 1 3 0 3 0 0 4 2 , , 3 8 3 6 5 8 + + 4 7 6 6 2 5 A M p a r r 1,1 2 6 7 5 9 2,0 6 3 0 4 2 2,2 3 7 7 6 6 2 1 0 3 1 1 1 1 2 1 5 8 6 5 0 7 3 8 1 Difference between these figures and changes J M un ay e 1,6 1 7 5 0 4 1,1 1 1 6 1 7 1,8 2 7 6 7 8 1 1 7 6 2 1 6 7 1 5 5 62 8 9 4 i b ( n — o r t r ). o h w e i F g n o e g n r e ( d ra + e l s ) c f r u o ip n r t d i o n n b e , a t la s r e n e e c p e a T y r r m e e p a e s r n u e t r s y e o n f ts B u b n l o le e rr t t i o n w ca i f n s o h g r September 1947. AUGUST 1948 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES* [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i - a l v e n - s m m C p s r t a u l i i o o a n i a e p e m t d d l - s e s s i , , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O r s t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - c u h f u t e a n a D r r t n r d i e r e g b d - e i d e - s d - s' Other 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 e s e , r l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o i v n w P a e t r t s e n i e t - r e l - y d All agencies: Mar. 31. 1947 32,337 ,588 7,294 1,003 ,985 3,426 15,486 3801,176 169 1,250 3,14227,268 509 June 30, 1947 '29,666 ,792 7,662 851 ,777 3,565 12,691 1651,163 83 506 2,04526,763 269 Sept. 30, 1947 31.03 .556 9,212 1,093 ,725 3,553 12,662 283 953 84 667 2,14428,005 138 Dec. 31, 1947 30.966 .481 9 714 822 .685 3 53912.600 247 879 82 689 2,03728,015 143 Mar. 31, 1948 31,107 ,36910,134 570 ,845 3,52612,535 245 882 76 781 1,86828,233 150 Classification by agency, Mar. 31, 1948 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 306 242 42 248 15 Federal intermediate credit banks. 488 432 418 67 Production credit corporations. .. 100 32 100 Regional Agricultural Credit Corp. 2 2 Agricultural Marketing Act Revolving Fund 2 () 1 1 2 Federal Farm Mortgage Corp 125 16 86 23 2 121 Rural Electrification Administration 817 22 785 9 (5) 817 Commodity Credit Corp 1,048 379 260 259 148 43 498 507 Farmers' Home Administration. . .. 354 22 270 53 4 350 Federal Crop Insurance Corp 35 24 9 4 32 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 666 374 270 321 91 120 134 Federal Savings and Loan Insurance Corp 192 187 188 Home Owners' Loan Corp 484 451 12 467 Public Housing Administration and affiliate: Public Housing Administration... 530 295 203 6 520 Defense Homes Corp 54 1 46 () 54 Federal Housing Administration.... 210 24 142 1 11 28 4 178 Federal National Mortgage Association 10 10 (5) 1 10 Reconstruction Finance Corp.6 911 173 100 30 85 82 236 1,152 Export-Import Bank 2,113 () 2,097 15 177 1,936 Federal Deposit Insurance Corp 1,065 4 1,052 () 9 35 1,031 F T e e d n e n r e a s l s e W e o V r a k l s l e A y g A en u c t y hority 2 8 3 0 3 0 1 3 8 88 7 1 6 4 4 0 2 6 (6) 13 2 7 3 8 3 8 U. S. Maritime Commission: W Ma ar r it S i h m i e p p C in o g m A m d is m si . o f n u n fu ct n i c o t n io s n 8 s 7... 4 7 , , 1 0 9 0 2 3 5 1 6 6 0 3 1 3 6 , , 3 5 0 0 5 7 1 2 1 9 5 2 1 1 9 2 1 3 3 9 3 3 3 3 6 , , 7 6 9 7 9 0 All other 9 8,889 33 3,805 19 3,385 1,574 10 47 45 8,844 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1948 Purpose of loan M F C F a o e o r r d m r p . t. . c i m F n r a e e e t t e d d d e r i i . - t - f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u d l o i e r c m n c a a - l . - F A H e a d r o r s m m ' m . e - H O C L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n s l - a D g e 1 e c 9 a n . 4 l 7 c l , i 3 e 1 s , banks Xo aid agriculture 101 432 243 281 786 549 (5) 8 2,399 2,299 454 133 35 623 556 To aid industry: 145 3 147 147 Other 228 31 259 272 To aid financial institutions: 1 4 5 5 Other 374 5 379 442 238 2,105 3,750 6,093 5,673 Other .. . 295 209 109 613 714 Less: Reserve for losses 15 (5) 1 20 1 279 3 49 7 9 384 395 Total loans receivable (net)... 86 432 242 260 785 270 451 295 374 911 2,097 3,930 10,134 9,714 * 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 institutions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—476, 635, 635, 635, and 635 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948, respectively; International Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948. 8 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 5 Less than $500,000. 6 Includes U. S. Commercial Co. and War Damage Corp. 7 Figures are for Mar. 31, 1947. 8 Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 9 Figures for two small agencies included herein are for dates other than Mar. 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. 992 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 t 3 r i 5 c ia - a 3 l l 9 v p M o r = o l a u d n 1 m u 0 u 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 d t t 5 r r u a ( c v c * t t a i s o l 1 u n 0 e 0 )2 E 1 m 9 p 3 l 9 o y = m 1 e 0 n 0 t * F t p o a a r c y y - c F a i r r n e l g o i s g a * d h - t D m s s e t a p o e l a e n re s r t t- s p u C r m i o c n e e - r s s' W m c s o o h a m d l o e i l - t e y - Year and month Total Du f r a - ctur N es 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 n a i - - l - Factory 1 r 9 o 1 3 l 0 9 ls 0 = » 19 = 3 1 5 0 -3 0 9 19 u = ( 3 v e 1 a 5 )* 0 l - - 3 4 0 9 193 1 5 0 -3 0 9 p - 1 r = i 9 c 1 2 e 0 6 s 0 1 able durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unad justed 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 92 122 124 120 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 25 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 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 1167 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 26 102 132.3 151.8 293.4 135 207 128.4 105.8 1946. 170 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139.3 121.1 1947. 187 220 172 149 157 142 169 145.2 157 3332.1 143 285 159.2 151.8 1946 July 172 174 202 157 146 165 161 168 138.0 145.7 145 1270.4 139 272 141.2 124.7 August 178 180 208 164 144 158 157 158 139.3 148.0 149.4 288.5 141 292 144.1 129.1 September. . 180 184 212 165 146 151 147 155 140.7 150.6 151.4 294.9 138 271 145.9 124.0 October 182 184 214 168 145 145 140 148 141.5 151 4 151.8 297.9 139 259 148.6 134.1 November. . 183 183 214 173 136 139 122 152 143.0 154.1 154.5 303.9 137 271 152.2 139.7 December... 182 180 211 174 137 154 143 163 143.5 155.1 155.5 312.6 140 276 153.3 140 9 1947 January.... 189 184 221 176 146 146 144 148 143.5 156.2 155.6 314.2 150 265 153.3 141 5 February. . . 189 185 222 176 146 151 152 149 144.1 156.9 156.6 317.6 142 267 153.2 144 5 March 190 187 225 175 148 132 129 134 144.2 156.7 157.0 320.9 146 272 156.3 149 5 April 187 185 222 172 143 133 123 142 143.4 156.8 155.9 317.6 137 277 156.2 147.7 May 185 185 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 289 156.0 147.1 June 184 185 219 168 148 136 116 152 144.8 155.2 154.7 327.2 137 '289 157.1 147 6 July 176 178 207 163 140 155 136 170 144.8 154.5 153.3 321.8 134 286 158.4 150.6 August 182 185 210 169 150 166 150 179 145.2 156.3 157.8 331.5 143 283 160.3 153 6 September. . 187 191 217 172 153 183 168 195 146.2 158.9 160.2 345.3 142 292 163.8 157.4 October 190 194 223 176 155 184 170 196 147.1 160.0 160.4 350. 145 278 163.8 158.5 November. . 192 193 224 179 155 193 163 217 147.3 160.4 160.8 353.4 147 302 164.9 159.7 December... 192 189 229 173 156 197 161 227 147.9 161.1 161.9 365.7 149 302 167.0 163.2 1948 January.... 193 189 229 178 154 191 152 223 148.6 161.2 160.5 358.7 145 284 168.8 165.7 February. . . 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 139 285 167.5 160.8 March 191 188 229 177 142 181 148 208 147.9 160.1 160.3 358.4 130 284 166.9 161.4 April 1881 186 217 177 147 181 154 202 147.2 157.0 156.1 346.7 130 304 169.3 162.8 May 191 191 220 178 162 188 165 206 147.7 156.5 155.3 345.9 141 '310 170.5 163.9 June P192 PI 93 J>222 P178 P158 M65 P217 P148.4'157.7P157.1 139 313 171.7 166.2 * Average per working day. » Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 994-997. For points in total index, by major groups, see p. 1016. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1001 of this BULLETIN. 1 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. * For indexes by Federal Reserve districts and other department store data, see pp. 1003-1006. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984: for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, p. 1055; for department store sales, June 1944, pp. 549-561. 993 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar Apr. May June Industrial Production—Total 184 176 182 187 190 192 192 193 194 191 188 191 P192 191 183 188 192 197 199 198 200 201 200 195 197 P198 219 207 210 217 223 224 229 229 226 229 217 220 P222 Iron and Steel 193 181 188 195 204 202 205 203 203 207 177 r206 207 Pig iron 189 174 187 188 198 197 196 197 196 190 151 193 196 Steel 211 198 205 214 224 222 226 224 226 234 208 233 234 Open hearth . . 176 166 170 177 184 182 185 182 180 184 154 183 181 Electric 458 429 454 477 509 503 516 526 551 587 591 '589 617 Machinery . 275 266 267 276 280 281 288 285 284 283 276 272 v274 Transportation Equipment 233 217 213 227 232 234 244 244 232 r240 237 215 P227 Automobiles (including parts) • . . . 191 185 180 197 198 200 206 206 192 202 '197 175 P192 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 179 171 170 174 179 185 189 rl95 r201 196 P193 Smel ( t C in o g p a pe n r d r s e m fin e i l n ti g ng; Lead refining; Zinc smelting; 188 181 180 182 176 177 183 '188 '190 192 '203 203 P194 Aluminum* Magnesium* Tin)-' ... . ... Fabri ( c C a o ti p n p g e r pr .. o du . c ts . ; Lead shipments; Zinc shipments; 176 167 167 171 180 188 192 '198 202 '204' '199 193 P193 Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 143 150 150 151 rt45 142 P140 142 133 142 140 153 155 Lumber 133 121 133 128 128 137 139 143 135 137 132 131 P129 Furniture • • • • • • 160 155 160 164 172 176 181 179 178 '178 '169 164 P161 Stone Clay and Glass Products . . .... 207 195 199 202 201 201 205 202 207 211 205 P206 Glass products 230 207 211 219 210 207 199 187 197 205 212 201 199 Plate glass • 154 124 151 151 156 143 141 149 166 160 165 152 170 257 235 231 243 229 229 218 200 208 219 227 218 209 Cement • 171 164 171 171 174 178 196 199 208 196 193 187 190 Clay products . 164 160 162 160 161 162 166 179 168 176 173 172 P176 Gypsum and plaster products 216 224 225 221 230 236 236 246 246 248 247 238 P240 Abrasive and asbestos products 239 220 216 226 224 226 244 215 242 248 '244 244 P241 168 163 169 172 176 179 173 178 180 177 177 178 P178 155 142 154 160 164 172 163 179 179 175 174 176 P173 Textile fabrics 143 129 142 147 152 159 149 165 166 161 161 163 P158 133 118 130 130 139 149 131 153 153 147 147 147 140 Rayon deliveries 263 263 267 278 280 290 287 300 295 302 297 '308 309 Wool textiles 155 130 156 168 167 172 166 181 185 177 179 179 CarDet wool consumotion 175 141 184 192 194 196 183 212 212 216 '227 227 Apparel wool consumption 175 149 176 184 185 182 171 192 202 190 196 191 ^^ool and worsted varn 144 121 147 162 160 164 161 172 176 166 164 163 W^oolen yarn 124 108 134 144 140 142 141 152 154 144 '146 145 Worsted yarn 174 139 165 188 188 194 189 200 206 196 190 189 Woolen and worsted cloth 152 132 148 159 159 167 164 175 181 171 171 172 107 101 116 122 126 124 114 120 123 115 110 108 P110 Leather tanning . 114 106 115 120 121 122 113 116 116 102 105 110 Cattle hide leathers 130 121 130 131 136 141 129 132 133 115 '119 125 Calf and kio leathers .... 94 78 93 103 94 88 83 85 80 69 78 81 Goat and kid leathers • 92 90 87 94 100 93 89 96 95 92 91 92 Sheep and lamb leathers 84 84 101 118 112 108 101 101 100 92 91 93 Shoes 103 97 117 123 128 126 114 122 127 123 113 107 Pill 154 155 157 158 156 158 158 158 160 158 157 159 P162 Wheat flour 152 143 148 136 136 143 133 140 134 122 134 139 P135 P155 P157 P147 P148 P147 P140 P138 P139 P139 P145 P149 P151 P152 Butter 82 85 74 76 75 66 66 67 65 69 71 72 71 Cheese 196 197 174 167 163 151 148 156 150 159 '171 '171 170 Canned and dried milk 184 188 158 160 157 137 130 127 134 158 175 185 192 p Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100J 1947 1948 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May June Manufactured Food Products—Continued Meat packing . . . 152 156 145 146 142 170 160 150 147 131 125 127 152 Pork and lard 157 171 155 144 141 185 173 156 161 140 136 145 176 Beef 154 149 140 153 146 159 154 154 141 131 122 116 135 Veal 141 154 158 174 171 190 149 128 115 98 102 104 134 Lamb and mutton 104 93 91 99 109 114 107 98 102 91 83 74 94 Other manufactured foods .. 154 156 160 163 161 160 164 165 168 167 166 168 Processed fruits and vegetables 132 133 138 149 134 129 138 141 144 155 147 148 P145 Confectionery 135 119 118 125 134 144 150 144 149 143 138 138 163 168 173 174 172 171 173 174 177 174 176 178 P178 159 164 176 198 229 219 167 167 198 191 182 167 170 Malt liquor 150 157 168 196 204 203 165 169 171 157 153 141 145 Whiskey 79 55 56 78 71 1 5 37 115 152 160 157 114 Other distilled spirits 319 329 385 277 323 119 94 220 431 526 383 294 393 Rectified IiQUors . . ... 215 231 238 297 468 562 376 264 310 239 255 245 243 Tobacco Products 159 156 160 163 175 169 149 153 155 164 183 163 166 Cigars . 101 98 107 113 126 124 100 104 113 102 101 105 108 Cigarettes 216 210 211 213 229 224 201 204 203 225 257 222 226 Other tobacco products .... .. 66 72 80 83 80 68 61 69 70 67 75 68 68 Paper and Paper Products . . . . ...160 146 158 159 163 165 158 163 163 166 168 169 165 155 140 153 153 157 160 153 157 158 160 163 164 159 Pulp 178 160 178 171 177 182 168 174 177 178 180 r187 182 Groundwood pulp 105 108 113 110 105 97 96 88 94 90 97 r104 106 Soda pulp 116 98 105 104 107 112 107 109 110 103 108 112 111 Sulphate pulp .. 277 253 278 259 275 281 255 276 269 285 293 309 301 151 131 151 149 154 159 148 151 161 153 151 151 146 Paper 151 137 149 150 154 156 150 155 155 157 160 160 156 Paperboard . .... . 179 166 178 182 184 186 177 187 179 192 192 191 187 Fine paper 88 75 86 87 89 89 86 86 88 85 87 r86 85 162 147 157 157 167 168 162 162 170 161 166 169 168 147 136 148 151 152 158 158 163 161 161 171 r169 157 Wrapping paper 144 124 138 135 141 146 139 145 150 148 151 150 145 Newsprint 91 91 94 97 91 90 88 82 83 82 89 95 94 146 139 145 144 152 152 146 148 157 150 154 156 157 131 131 133 131 138 137 131 134 144 139 143 143 146 P!91 P195 P201 P203 P204 P205 P208 P214 P215 v211 P213 P220 P222 Gasoline 154 157 163 162 162 159 160 159 155 154 164 170 P174 Fuel oil . . 173 178 180 183 187 186 193 201 206 200 194 196 P196 Lubricating oil 168 157 164 154 160 162 170 163 164 164 158 159 Kerosene 182 186 177 169 177 178 187 199 213 210 197 187 Coke 165 161 171 170 177 177 179 178 179 166 137 174 175 By-product coke 160 156 164 162 169 170 171 171 171 164 135 166 168 Beehive coke 340 307 415 439 449 414 440 442 421 237 186 r421 408 Chemical Products .. 250 251 249 248 248 251 254 255 252 250 249 250 v254 Paints 151 152 152 153 152 155 155 158 158 154 150 151 P152 Soap 142 135 135 137 138 148 150 151 147 140 123 124 P124 Rayon 251 291 294 295 294 297 299 298 301 303 305 304 P309 Industrial chemicals . . 439 438 431 425 427 431 438 437 434 433 439 437 P443 Rubber Products 216 207 210 217 223 225 230 223 215 205 200 200 P200 Minerals—Total . 148 140 150 153 155 155 156 154 155 142 147 162 pi 58 Fuels . 153 144 155 160 162 163 162 160 161 146 149 168 P164 Coal 140 113 143 153 156 159 153 152 148 99 103 160 P147 Bituminous coal . 147 117 151 161 163 169 164 161 155 97 102 171 P157 Anthracite 110 93 114 122 126 119 111 112 118 108 105 116 P105 Crude petroleum 159 160 161 164 166 165 166 165 167 169 171 172 P173 Metals :. .122 117 117 111 107 109 117 117 120 118 rl37 128 P123 Metals other than gold and silver 166 160 163 153 145 146 159 159 163 161 193 178 P170 Gold 63 60 56 55 53 55 55 59 59 58 57 57 Silver 61 51 47 55 63 73 78 67 64 59 68 .... v 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. 995 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June Industrial Production—Total. . 185 178 185 191 194 193 189 189 190 188 186 191 P193 Manufactures—Total 191 184 191 191 200 200 196 197 197 197 193 196 P198 Durable Manufactures 220 208 212 219 224 224 227 226 223 '228 217 221 Iron and Steel 193 181 188 195 204 202 205 203 203 207 177 '206 207 Pig iron 189 174 187 188 198 197 196 197 196 190 151 193 196 Steel 211 198 205 222 226 224 226 234 208 233 234 Open hearth. 176 166 170 177 184 185 182 180 184 154 183 181 Electric 458 429 454 477 509 503 516 526 551 587 591 '589 617 Machinery 275 266 267 276 280 281 288 285 284 283 276 272 P274 Manufacturing Arsenals and Depots1. Transportation Equipment 233 217 213 227 232 234 244 244 232 240 237 215 P227 Automobiles (including parts) 191 185 180 197 198 200 206 206 192 '197 175 P192 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 179 171 170 174 179 185 189 195 199 -201 •200 196 P193 Smelting and refining 187 180 180 182 176 178 183 188 190 -193 "203 203 P193 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 176 167 167 171 180 188 192 198 •204 199 193 P193 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products.. 141 151 150 150 148 140 138 137 143 144 145 P147 Lumber... 143 133 147 143 138 133 119 117 116 125 131 134 P140 Furniture. 160 155 160 164 172 176 181 179 178 •178 "169 164 P161 Stone, Clay, and Glass Products 209 196 207 210 210 206 200 190 193 201 208 211 P209 Glass products 229 200 218 223 215 209 187 184 193 205 212 212 198 Plate glass 154 124 151 151 156 143 141 149 166 160 165 152 170 Glass containers 254 225 241 248 236 231 203 196 201 219 227 233 207 Cement 183 181 193 198 202 192 178 161 158 160 183 196 203 Clay products 163 160 166 166 169 169 172 166 160 169 168 171 P175 Gypsum and plaster products... 221 224 226 225 236 240 242 236 235 238 243 241 P245 Abrasive and asbestos products. 239 220 216 226 224 226 244 215 242 248 '244 244 Other stone and clay products1.. Nondurable Manufactures. . . 168 164 173 178 181 180 171 173 176 173 174 177 P178 Textiles and Products 155 142 154 160 164 172 163 179 179 175 174 176 P173 Textile fabrics 143 129 142 147 152 159* 149 165 166 161 161 163 P158 Cotton consumption 133 118 130 130 139 149 131 153 153 147 147 147 140 N Ra y y lo o n n a d n e d li v s e il r k i e c s onsumption l. . . 263 263 267 278 280 290 287 300 295 302 297 '308 309 Wool textiles 155 130 156 168 167 172 166 181 185 177 179 179 Carpet wool consumption. . 175 141 184 192 194 196 183 212 212 216 '227 227 Apparel wool consumption. 175 149 176 184 185 182 171 192 202 190 196 191 Woolen and worsted yarn. . 144 121 147 162 160 164 161 172 176 166 164 163 Woolen yarn 124 108 134 144 140 142 141 152 154 144 146 145 Worsted yarn 174 139 165 188 188 194 189 200 206 196 190 189 Woolen and worsted cloth.. 152 132 148 159 167 164 175 181 171 171 172 Leather and Products. 106 99 116 121 126 126 113 120 126 114 110 108 PW9 Leather tanning 112 100 114 118 126 112 117 124 101 105 109 Cattle hide leathers 125 114 126 129 137 146 129 135 144 115 119 125 Calf and kip leathers 96 77 97 101 96 91 82 83 84 68 74 78 Goat and kid leathers 92 89 84 95 100 90 90 96 99 91 94 90 Sheep and Iamb leathers. 83 78 105 115 112 114 96 94 110 89 89 100 Shoes 97 117 123 128 126 114 122 123 107 Pill 103 127 113 Manufactured Food Products. 166 178 182 167 161 154 146 141 153 Pi 62 154 144 143 W Ca h n e e a t s u f g lo a u r r meltings 1 146 141 148 132 140 136 120 128 134 P130 Manu B f u a t c t t e u r red dairy products. J» 1 2 1 2 3 9 104 81 73 P12 6 1 4 P9 5 1 0 P88 55 58 P11 6 9 3 P15 7 5 2 P2 9 0 3 1 P2 9 24 8 Cheese 279 242 195 170 147 113 106 116 123 143 176 '229 242 Canned and dried milk... 254 218 163 147 127 99 100 103 120 155 197 257 265 Ice cream p Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 996 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 c)f Governors. 1935-39 average-100] 1947 1948 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing . ... 150 146 127 136 144 189 187 175 141 121 116 127 151 Pork and lard 157 150 119 114 133 216 229 204 158 130 124 145 176 Beef 151 151 141 165 159 165 154 157 130 119 115 116 132 Veal 141 154 155 191 195 203 140 119 101 92 100 108 134 Lamb and mutton . . 96 90 89 106 113 114 104 103 103 89 80 76 87 Other manufactured foods . 146 163 186 196 179 167 161 152 152 149 148 152 J>158 Processed fruits and vegetables 101 173 263 290 173 118 108 92 91 85 90 96 Pill Confectionery 100 97 128 162 176 170 152 148 151 133 114 106 Other food products 165 171 176 177 181 180 176 167 168 167 169 175 P180 Alcoholic Beverages 178 182 181 206 252 196 146 142 176 172 178 173 186 Malt liquor 189 196 192 197 190 157 132 139 154 146 160 161 183 W Ot h h i e s r k e d y istilled spirits 1 7 9 9 8 1 5 9 5 1 2 5 0 6 8 37 78 9 83 71 7 25 1 1 10 5 3 1 3 4 7 3 2 11 5 5 9 3 1 4 52 2 2 1 3 60 0 r1 1 7 5 7 7 2 1 4 14 3 Rectified liquors 215 231 238 297 468 562 376 264 310 239 255 245 243 Tobacco Products 165 162 165 172 181 172 130 153 147 155 173 163 173 Cigars. 101 98 107 113 126 124 100 104 113 102 101 105 108 Cigarettes .... 227 221 222 228 238 228 185 204 190 209 239 222 237 Other tobacco products 67 72 78 89 85 70 54 67 68 67 75 68 70 Papef and Paper Products 160 145 158 159 163 165 157 163 163 167 169 170 165 Paper and pulp . . 155 140 152 153 157 160 152 157 159 160 163 164 160 Pulp 178 159 176 170 177 182 168 174 178 179 182 188 182 (Groundwood pulp 106 96 100 98 97 103 97 91 98 96 107 r112 107 Soda pulp . . . . 116 98 105 104 107 112 107 109 110 103 108 112 111 Sulphate pulp 277 253 278 259 275 281 255 276 269 285 293 309 301 Sulphite pulp . 151 131 151 149 154 159 148 151 161 153 151 151 146 Paper 152 137 149 150 154 156 150 155 156 157 160 160 156 Paper board 179 166 178 182 184 186 177 187 179 192 192 191 187 Fine paper 88 75 86 87 89 89 86 86 88 85 87 r86 85 Printing paper 162 147 157 157 167 168 162 162 170 161 169 168 Tissue and absorbent paper . . 150 131 148 151 154 158 153 161 167 161 173 r169 160 Wrapping paper . 144 124 138 135 141 146 139 145 150 148 151 150 145 Newsprint 92 89 93 97 91 91 87 82 83 82 91 95 95 146 130 139 145 156 158 150 144 155 153 159 159 156 Newsprint consumption 129 113 120 132 145 149 138 125 141 145 151 149 144 Petroleum and Coal Products nn P195 P201 P203 P204 P205 P208 P214 P215 P211 P213 P220 v222 Petroleum refining * Gasoline 154 157 163 162 162 159 160 159 155 154 164 170 P174 Fuel oil 173 178 180 183 187 186 193 201 206 200 194 196 P196 Lubricating oil 168 156 162 154 160 162 168 158 163 162 164 166 Kerosene 171 173 170 168 177 183 192 203 224 214 201 189 Other oetroleum oroducts * Coke i<55 161 in 170 177 177 179 178 179 166 137 174 175 By-product coke 160 156 164 162 169 170 171 171 171 164 135 166 168 Beehive coke . 340 307 415 439 449 414 440 442 421 237 186 r421 408 Chemical Products 247 247 245 248 251 252 255 253 r253 252 251 249 P251 Paints ... . .. 156 150 151 151 152 153 155 155 157 154 151 156 P157 Soap 140 134 136 143 145 149 150 148 146 140 120 120 P122 Rayon . . . . .. 251 291 294 295 294 297 299 298 301 303 305 304 Industrial chemicals 439 438 431 425 427 431 438 437 434 433 439 437 P443 Rubber Products . .. 216 207 210 217 223 225 230 223 215 205 200 200 P200 Minerals—Total 152 145 155 158 158 155 151 149 149 136 145 164 P163 Fuels .... 153 144 155 160 162 163 162 160 161 146 149 168 P164 Coal 140 113 143 153 156 159 153 152 148 99 103 160 P147 Bituminous coal . 147 117 151 161 163 169 164 161 155 97 102 171 P157 Anthracite 110 93 114 122 126 119 111 112 118 108 105 116 P105 Crude petroleum 159 160 161 164 166 165 166 165 167 169 171 172 P173 Metals 148 151 151 145 132 106 85 81 83 82 r126 144 P149 Metals other than gold and silver 213 220 219 206 183 136 101 97 103 103 178 210 P217 Iron ore 306 334 326 298 257 159 76 70 73 77 228 301 P313 (Copper; Lead; Zinc)1 . Gold 59 58 61 63 62 62 57 56 53 51 51 50 Silver 59 50 46 55 63 73 78 68 65 61 68 P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 1 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. 997 AUGUST 1948 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 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Total 153.8 154.7 159.5 160.3 156.1 155.3 157.1 317.6 319.3 327.2 354.1 358.4 346.7 345.9 Durable goods 182.0 183.9 185.8 188.1 185.0 183.6 183.4 359.0 363.0 375.5 393.1 402.0 392.7 389.5 Nondurable goods 131.5 131.7 138.7 138.4 133.3 133.0 136.4 277.2 276.6 280.0 316.0 315.7 301.8 303.2 Iron and Steel and Products 159.6 160.1 164. 164.8 161.7 161.4 162.1 301.5 310.2 319.2 337.6 340.8 329.6 334.4 Blast furnaces, steel works, etc 127 129 131 133 132 133 221 238 249 258 261 253 265 Steel castings 207 204 214 216 214 214 389 400 407 442 457 453 454 Tin cans and other tinware 133 135 144 140 132 135 250 252 266 302 290 275 286 Hardware 142 140 152 153 149 146 303 308 307 354 355 342 326 Stoves and heating equipment 171 172 176 169 158 162 348 351 356 387 369 345 353 Steam, hot-water heating apparatus 202 198 196 194 185 188 411 394 405 425 417 394 406 Stamped and enameled ware 190 195 193 190 187 407 415 412 447 440 441 Structural and ornamental metal 187 447 work 167 171 169 317 328 335 341 346 167 343 Electrical Machinery 217.7 225.4 222.9 217.4 211.6 210.6 403.6 414.4 440.5 465.1 444.3 431.6 Electrical equipment 202 225.5 206 204 200 196 376 390 409 424 459.1 408 398 Radios and phonographs 234 207 226 222 212 205 486 491 465 496 420 469 451 224 488 Machinery except Electrical 230.2 228.5 234.0 233.1 227.4 228.6 431.0 437.7 443.0 471.9 475.2 463.8 466.4 Machinery and machine-shop products 242 241 242 241 239 236 456 463 471 496 496 494 491 Engines and turbines 293 285 292 293 289 287 578 587 589 622 632 612 618 Tractors 179 182 198 199 143 180 290 305 314 352 354 249 285 Agricultural, excluding tractors 231 236 262 266 267 264 425 441 475 551 577 572 571 Machine tools 152 147 138 135 130 130 271 265 265 254 249 240 241 Machine-tool accessories 234 229 218 217 215 214 409 398 391 398 389 393 390 Pumps 311 310 294 287 281 279 619 627 633 627 618 610 610 Refrigerators 213 224 232 230 227 235 390 397 431 434 455 450 473 Transportation Equipment, except Autos. 299.3 297.5 292.6 202.7 290.9 276.0 271.6 576.0 572.1 571.1 593.3 600.4 601.4 566.4 Aircraft, except aircraft engines. . . 348 337 341 343 346 315 657 639 622 667 676 695 634 Aircraft engines 303 303 280 277 278 282 488 477 482 469 474 481 494 Shipbuilding and boatbuilding 203 203 184 182 177 168 399 396 394 385 384 374 346 Automobiles 179.1 188.5 178.9 195.0 191.9 188.6 182.1 349.5 335.0 363.6 357.6 396.5 386.2 357.6 Nonferrous Metals and Products 182.5 178.0 178.5 180.0 176.9 173.7 174.4 359.1 354.8 352.0 372.9 377.1 368.3 363.4 Primary smelting and refining 144 146 145 148 148 150 284 287 299 304 307 314 322 Alloying and rolling, except aluminum 155 148 137 141 138 136 296 285 282 273 284 272 269 Aluminum manufactures 197 185 192 192 188 182 371 351 332 367 362 357 347 Lumber and Timber Basic Products 168 A 172.9 175.0 178.3 178.7 182.8 187.8 352.0 383.3 409.8 417.2 427.6 425.2 452.6 Sawmills and logging camps 167 171 168 171 171 175 351 385 412 401 412 405 436 Planing and plywood mills 159 163 170 171 171 172 334 351 367 403 404 413 421 Furniture and Lumber Products 137.3 137.7 147.8 143.4 139.7 138.3 303.7 302.1 308.0 333.0 325.6 Furniture 127 128 140 139 135 131 282 279 285 334 331 315 307 Stone, Clay, and Glass Products 148.9 150.4 150.9 153.9 153.7 154.7 155.3 301.4 299.5 311.5 321.4 336.6 337.9 343.4 Glass and glassware 171 169 161 165 165 165 335 333 341 340 358 355 353 Cement 122 145 150 149 151 152 248 203 279 283 287 297 314 Brick, tile, and terra cotta 124 126 127 130 131 134 257 276 279 279 297 306 321 Pottery and related products 166 164 167 170 167 169 317 324 322 337 353 349 351 Textile-Mill and Fiber Products 107.2 105.6 114.2 114.7 113.7 113.0 113.1 261.6 254.5 248.6 310.6 315.6 307.1 303.8 Cotton goods except small wares. . 122 120 126 127 126 125 329 317 308 377 385 375 370 Silk and rayon goods 82 80 88 88 88 88 213 213 206 262 268 267 269 Woolen and worsted manufactures. 104 103 114 113 111 110 261 253 253 321 322 309 308 Hosiery 77 74 84 84 83 81 160 153 143 191 198 189 184 Dyeing and finishing textiles 119 118 126 125 125 124 265 260 261 311 309 306 299 Apparel and Other Finished Textiles. . .. 125.4 125.7 147.7 147.5 139.8 137.1 137.2 267.2 259.8 262.3 345.2 343.2 306.5 297.9 Men's clothing, n.e.c 122 124 136 137 135 135 267 271 273 316 325 317 312 Shirts, collars, and nightwear 99 101 111 111 111 110 227 229 229 272 280 275 268 Women's clothing, n.e.c 136 136 170 168 154 149 278 260 264 387 376 307 299 Millinery 79 79 109 108 92 80 138 119 128 236 213 171 127 Leather and Leather Products 106.1 106.6 115.8 114.1 107 A 103.7 110.8 228.8 220.9 225.9 262.5 251.7 227.1 216.5 Leather 92 91 94 92 89 88 184 184 185 202 192 184 187 Boots and shoes 92 93 101 99 92 89 205 197 202 236 226 198 184 Food and Kindred Products 134.8 139.5 135.6 134.5 122.6 127.1 141.7 259.8 270.4 286.7 288.5 285.8 266.5 278.4 Slaughtering and meat packing 128 131 139 134 74 86 227 249 260 263 277 178 202 Flour 133 136 138 136 135 134 289 275 302 298 276 287 296 Baking 111 112 114 115 114 115 203 208 213 234 227 228 235 Confectionery 111 108 126 118 109 100 233 232 229 303 260 241 211 Malt liquors 165 175 166 167 172 164 270 288 319 290 293 316 300 Canning and preserving 90 103 82 81 84 91 212 218 249 217 205 217 233 Tobacco Manufactures 88.4 90.2 93.9 93.4 92.4 90.5 89.5 181.6 182.8 194.8 195.7 204.6 205.7 201.3 Cigarettes 120 122 111 121 121 121 218 111 240 219 247 254 253 Cigars 76 77 83 83 81 78 165 169 174 189 187 183 175 NOTE.—Indexes shown here for major groups and totals have been adjusted to final 1946 data made available by the Bureau of Employment Security of the Federal Security Agency. Indexes for individual industries, with the exception of those in the Transportation Equipment group, have been adjusted to final 1945 data. 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 June 1948 are preliminary. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry group or industry 1947 1948 1947 1948 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Paper and Allied Products 146.1 146.1 147.8 148.0 146. 146.4 146.6 296.0 296.3 303.4 328.9 330.8 325.7 331.9 Paper and Pulp 140 141 145 146 145 146 284 289 302 328 330 328 339 Paper goods, n.e.c 153 154 152 152 150 151 302 307 302 327 328 324 328 Paper boxes 142 140 139 137 134 132 290 283 284 307 305 293 290 Printing and Publishing 131.0 131.5 133.5 132 A 131. 132.2 132.4 234.9 238.6 240.3 254.7 258.5 259.5 262.6 Newspaper periodicals 119 120 121 122 123 124 202 209 210 225 229 235 237 Book and job 137 138 141 139 137 138 255 255 258 279 280 279 284 Chemicals and Allied Products 199.5 194.6 204.2 203.6 201. 198.4 198.3 385.2 389.1 384.1 425.6 425.1 422.1 422.5 Drugs, medicines, and insecticide! 250 246 238 237 233 231 462 462 458 489 488 477 481 Rayon and allied products 127 109 132 132 131 131 249 250 215 270 272 275 275 Chemicals, n.e.c 281 284 281 281 283 280 512 521 528 559 559 565 563 Explosives and safety fuses 291 290 303 307 304 305 471 507 519 588 585 562 592 Ammunition, small arms 163 165 182 183 183 182 338 354 362 389 397 399 404 Cottonseed oil 86 78 128 115 100 89 248 220 201 338 316 270 246 Fertilizers 158 133 172 184 177 156 440 423 350 440 492 483 428 Products of Petroleum and Coal 151.9 153.5 153.9 155.4 154.9 157.3 159.4 269.7 280.6 291.4 315.4 320.0 316.7 334.2 Petroleum refining 149 150 150 151 152 153 255 263 273 295 299 301 316 Coke and by-products 131 133 140 141 137 144 252 272 282 312 315 289 322 Rubber Products 174.6 170.9 172.0 168.9 163. 160.8 161.3 363.1 347.5 342.3 337.2 320.6 312.8 320.9 Rubber tires and inner tubes.. . . 220 217 206 201 193 190 414 399 396 356 330 324 346 Rubber goods, other 156 153 167 165 162 158 348 326 320 366 356 347 339 Miscellaneous industries 180.3 178.4 181.9 182.6 178.4 176.6 368.8 364.6 363.5 393.9 394.0 382.6 384.2 Instruments, scientific 244 248 245 245 244 243 454 441 468 487 489 494 493 Photographic apparatus , 208 211 221 220 217 214 376 383 392 424 422 416 431 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 1948 Group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 155.0 155.2 154.5 156.3 158.9 160.0 160.4 161.1 161.2 159.8 160.1 157.0 156.5 P157.7 Durable . 182 2 183 4 178 8 180 7 183 2 184 8 186 8 188 6 188 7 186 4 188 4 185 4 183 8 ^182.9 Nondurable 133.5 133.0 135.4 137.1 139.7 140.4 139.7 139.3 139.4 138.7 137.7 134.7 135.0 *>137. 7 v 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 perweek Average hourly earnings (cents per hour) Industry group 1947 1948 1947 1948 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May All manufacturing . . 40.1 40.1 40.5 40.2 40.4 40.0 39.8 118.6 120.7 128.5 128.7 128.9 129.2 130.1 Durable goods 40.5 40.5 40 9 40.5 40 9 40 5 40 1 124 3 127.8 135 5 135.2 135 .2 135.7 136.5 Iron and steel and products 40.4 40.3 40.6 40.4 40.6 39.9 40.3 128.0 133.3 141.4 140.9 141.2 141.6 142.3 Electrical machinery 40.0 39.8 40.5 40.4 40.3 39.9 39.6 121.0 126.4 135.2 134.8 135.0 135.0 135.7 Machinery except electrical . . 41 5 41.4 41 8 41 4 41 6 41 5 41 1 130 8 133 4 141 5 141 7 142.1 142.9 143.8 Transportation equipment, except autos... 39.8 40.2 40.3 39.6 40.3 40.5 40.0 136.3 137.6 147.9 148.2 147.2 147.8 148.1 Automobiles 38.5 38.3 39.6 38 1 38 9 38 6 34 8 140 6 146 3 153 8 154.8 153.9 153.3 154.5 Nonferrous metals and products 40.8 40.6 41.2 41.2 41.1 40.9 40.7 123.4 126.0 133.6 133.8 134.4 134.3 135.4 Lumber and timber basic products 41.4 42.0 42.4 41 .7 42.3 41.6 42.0 99.0 102.5 105.0 108.0 107.1 108.0 111.3 Furniture and finished lumber products 41.5 41.5 41.9 41.4 41.8 41.0 41.0 103.2 104.6 112.2 112.7 112.6 113.1 113.5 Stone, clay, and glass products 40.5 40.3 40.0 39.8 40.8 40.7 40.6 114.9 117.3 125.3 125.5 126.0 127.1 128.6 Nondurable goods 39.6 39.7 40.0 39.9 39.9 39.6 39.5 112.2 113.0 121.0 121.7 122.0 121.9 123.1 Textiles—mill and fiber products 39.1 38.9 40.5 40.2 40.6 39.9 39.6 102.7 102.5 111.5 113.9 114.0 113.8 114.1 Apparel and other finished products 35 5 35.8 36.6 36.7 36.7 36.2 35.8 99.9 98.8 109.4 109.8 109.2 104.0 104.0 Leather and manufactures 38.3 38.1 39.0 39.0 37.8 36.2 35.4 102.9 103.5 109.5 110.2 110.6 111.6 112.4 Food and kindred products 42.1 43.0 42.0 41.6 41.6 42.3 42.2 109.7 111.0 117.7 118.1 118.7 119.9 120.7 Tobacco manufactures 36 7 36 3 38 6 36 2 37.7 38 2 37 7 94 8 94 8 98 4 96.8 96.8 97.3 98.4 Paper and allied products 43.0 43.1 43.1 43.1 43.1 42.7 42.8 112.1 113.3 123.5 124.5 124.9 125.0 127.3 Printing, publishing and allied industries... 40.1 40.1 39.5 39.1 39.5 39.2 39.1 146.2 148.6 157.9 160.4 162.1 164.5 166.3 Chemicals and allied products 41 0 41 1 41 4 41 1 41.2 41.0 41.1 119.2 121.0 131.1 131.5 131.5 132.5 134.5 Products of petroleum and coal 40.5 40.0 40.7 40.8 40.6 40.1 41.0 141.8 144.8 158.6 158.1 159.3 160.1 163.2 Rubber products 39 5 39 0 39 7 38 5 37 8 37 8 38 8 139 7 141 6 144 4 142.1 140.8 141.3 143.5 Miscellaneous industries 40.6 40.3 40.4 40.8 40.6 40.4 40.3 114.2 115.3 122.7 123.0 122.9 122.9 124.4 NOTE,—Preliminary June 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 131.9; Durable 40.4 and 139.0; Nondurable 39.7 and 124.2, respectively. Back figures are available from the Bureau of Labor Statistics. 999 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government J 1939 30,287 10,078 845 1.150 2,912 6,705 1,382 3,228 3,987 1940 32,031 10,780 916 ,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 ,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 ',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 40,069 15,302 826 L ,132 3,872 7,685 1,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 SEASONALLY ADJUSTED 1947—May 43,457 15,693 912 1,847 3,967 9,347 1,627 4,590 5,474 June 43,860 15,725 916 1,900 4,080 9,430 1,626 4,711 5,472 July 43,854 15,705 883 1,927 4,097 9,458 1,658 4,686 5,440 Au crust 43,967 15,804 916 1,959 4,102 9,497 1,680 4,619 5,390 September . . 44,291 16,039 918 1,969 4,128 9,542 1,676 4,634 5,385 October 44,557 16,161 919 L.999 4,101 9,613 1,688 4,662 5,414 November 44,625 16,216 922 2,006 4,080 9,636 1,690 4,670 5,405 December 44,800 16,266 926 2,018 4,089 9,679 1,693 4,688 5,441 1948—January 45,019 16,332 927 2,056 4,075 9,694 1,688 4,723 5,524 Februarv 44,755 16,208 920 1,945 4,071 9,664 1,698 4,730 5,519 March 44,791 16,246 930 1,941 4,069 9,634 1,697 4,729 5,545 April 44,583 16,040 823 1,972 3,998 9,719 1,696 4,768 5,567 May 44,719 16,019 934 2,029 4,027 9,687 1,699 4,738 5,586 June 44,955 16,114 933 2,118 4,043 9,757 1,701 4,663 5,626 UNADJUSTED 1947—May 43,345 15,569 910 1,865 3,981 9,277 17643 4,590 5,510 June 43,816 15,672 919 1,957 4,129 9,324 1,650 4,711 5,454 July 43,686 15,580 890 2,043 4,155 9,316 1,675 4,686 5,341 44,125 15,962 923 2,096 4,163 9,356 1,688 4,619 5,318 September 44,513 16,175 921 2,107 4,134 9,471 1,668 4,634 5,403 October 44,758 16,209 922 2,099 4,097 9,684 1,671 4,662 5,414 November 44,918 16,256 923 2,046 4,077 9,886 1,673 4,670 5,387 December 45,618 16,354 925 1,978 4,071 10,288 1,676 4,688 5,638 194g—January 44,603 16,267 922 1,871 4,020 9,622 1,680 4,723 5,498 February 44,279 16,183 914 1,731 4,019 9,520 1,690 4,730 5,492 March 44,600 16,269 924 1,805 4,032 9,598 1,697 4,729 5,546 April 44,298 15,945 820 1,933 3,977 9,574 1,704 4,768 5,577 May 44,609 15,893 933 2,049 4,041 9,615 1,716 4,738 5,624 June 44,913 16,058 936 2,182 4,092 9,648 1,727 4,663 5,607 'Includes Federal Force Account Construction. NOTE.—Estimates include all f-ull- 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. June 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE. EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed 1 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 In nonagricul- In U pl n o e y m ed - N la o b t o r i n f or t c h e e tural industries agriculture 1940* 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1947—June» 107,407 64,007 62,609 60,055 49,678 10,377 2,555 43,399 July 107,504 64,035 62,664 60,079 50,013 10,066 2,584 43.469 August 107,590 63,017 61,665 59,569 50,594 8,975 2,096 44,573 September 107,675 62,130 60,784 58,872 50,145 8,727 1,912 45,544 October 107,755 62,219 60,892 59,204 50,583 8,622 1,687 45,535 November 107,839 61,510 60,216 58,595 50,609 7,985 1,621 46,330 December 107,918 60,870 59,590 57,947 50,985 6,962 1,643 47,047 1948—January 107,979 60,455 59,214 57,149 50,089 7,060 2,065 47,524 February 108,050 61,004 59,778 57,139 50,368 6,771 2,639 47,046 March 108,124 61,005 59,769 57,329 50,482 6,847 2,440 47,119 April 108,173 61,760 60,524 58,330 50,883 7,448 2,193 46,414 May 108,262 61,660 60,422 58,660 50,800 7,861 1,761 46,602 June 108,346 64,740 63,479 61,296 51,899 9,396 2,184 43,605 1 Includes self-employed, unpaid family, and domestic service workers. 8 Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. 1 Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1000 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 674.7 970.8 254.1 369.8 71.3 91.9 59.2 103.3 47.7 83.8 57.7 117.0 184.7 205.0 June 605.1 935.2 209.5 355.3 66.8 103.8 58.4 83.1 40.1 63.5 44.7 113.8 185.7 215.7 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 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district June May June 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 50,548 55,690 32,208 April 735 602 874 127 177 236 608 425 638 New York 159,845 170,306 70,685 May 952 675 971 197 234 298 756 441 673 Philadelphia 64,884 77,809 37,458 June 808 605 215 226 593 379 Cleveland 91,977 77,863 59,049 July 718 660 202 203 516 458 Richmond 97,734 97,943 77,843 August 680 823 205 218 475 605 Atlanta 105,090 102,519 67,459 September. . 620 650 187 193 433 457 Chicago 160,249 179,866 102,554 October.... 573 793 134 209 439 584 St. Louis 49,008 44,859 65,640 November. . 504 715 130 224 373 492 Minneapolis 30,130 34,160 22,979 December .. 457 625 109 207 348 418 Kansas City 65,145 39,108 25,228 Dallas 60,588 90,666 43,967 Year 7,4907,760 1,754 2,296 5,7355,464 Total (11 districts) 935,198 970,789 605,070 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 i r o o u m n n c - e - h f ( a o T m I u i D s t i l l e e y s h g ( o T a r I u o n i D s t u d i l n p 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 t u o u a f l - doll S i a n a r g v s s ] - Insur- Fed- 1937 489 54 424 11 End of month Total m ci e a r l - s in av g - s l a o n a d n c a o n m ce - a e g r e a n l - Other' 1938 684 151 13 473 48 banks banks associ- panies cies * 1939. 950 204 25 669 51 ations 1940 1,017 242 26 736 13 1941 1,172 249 21 877 13 13 1942. 1,137 141 15 691 6 284 1936—Dec 365 228 8 56 41 5 27 1943. 935 87 1 245 603 1937—Dec 771 430 27 110 118 32 53 1944 875 114 216 7 537 1938—Dec 1,199 634 38 149 212 77 90 1945. 666 171 219 4 272 1939—Dec 1,793 902 71 192 342 153 133 1946 755 321 (8) 347 3 85 1940—Dec 2,409 1,162 130 224 542 201 150 1947. 1,787 534 446 808 1947--J S A O J u u e c u n l p t g y o e t u e b s m e t r ber.. 2 1 1 1 1 4 8 7 4 6 4 3 5 6 3 4 5 4 4 4 4 0 3 6 6 1 3 3 3 4 4 9 9 7 1 8 1 9 6 9 7 5 5 3 6 4 0 1 1 9 9 4 4 1 2 — — J D J D u u e e n n c c e e 2 3 3 3 , , , , 1 7 4 6 0 5 9 2 7 1 5 0 1 1 1 1 , , , , 4 3 6 6 6 1 2 6 5 8 3 9 2 1 1 2 5 1 8 3 7 9 6 6 2 2 2 2 3 5 7 7 7 4 2 6 1,0 6 9 7 3 6 4 8 2 8 0 9 2 2 2 2 2 3 4 4 0 4 3 5 1 1 1 1 5 7 9 6 4 9 5 3 N De o c v e e m m b b e e r r . .. . 2 1 2 9 8 2 4 6 7 8 3 4 9 8 1 11 0 2 6 1943—J D u e n c e 3 3 , , 7 6 0 2 0 6 1 1 , , 7 7 0 0 0 5 2 2 5 5 2 6 2 29 8 2 4 1 1 , , 0 13 7 4 1 23 7 5 9 1 15 5 8 9 1948--J F a e n b u r a u r a y ry... 2 2 2 2 4 8 5 4 6 5 $3 4 4 8 5 1 13 2 7 0 1944—June 3,554 1,669 258 284 1,119 73 150 March 272 49 ( ) 53 170 Dec 3,399 1,590 260 269 1,072 68 140 April 292 63 51 177 May 265 54 53 158 1945—June 3,324 1,570 265 264 1,047 43 134 June 329 59 72 197 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 an N d O d T o E n . o — t F ta ig k u e r e a s c c r o ep u r n e t s e o n f t p g ri r n o c s i s p a in l s r u e r p a a n y c m e e w n r ts it t o e n n p d r u e r v i i n o g u s t l h y e i p n e su ri r o e d d Un 2 it I e n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o a r n a ie ti s o , n f . inance 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. AUGUST 1948 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports8 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 ,092 301 334 394 531 P546 823 569 405 583 P546 February 1,107 887 670 1,146 ,087 314 325 318 437 P582 793 561 352 709 P504 March; 1,197 1,030 815 1,326 ,141 358 365 385 445 P666 839 665 431 882 P475 April 1,231 1,005 757 1,295 ,123 361 366 406 512 P527 870 639 351 782 P596 May 1,455 1,135 851 1,414 ,103 386 372 393 474 P549 1,069 763 457 940 P554 June 1,296 870 878 Pl.235 332 360 382 P463 965 511 496 P772 July 1,197 893 826 Pl,155 294 356 431 P450 903 537 395 P705 August 1,191 737 883 P1,145 304 360 422 P400 887 378 461 P745 September 1,194 514 643 Pi,112 282 335 377 P473 912 180 266 P639 October 1,144 455 537 Pl.235 329 344 394 P492 815 111 142 P744 November 1,185 639 986 Pl.138 323 322 478 P455 862 317 508 P684 December.. .. 938 736 1,097 Pl.114 336 297 529 P603 602 439 567 P511 Jan.-May 6,114 4,960 3,891 6,294P5,545 1,720 1,762 1,895 2,398 *2,87O 4,394 3,198 1,996 3,896 P2.675 P Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.8 million dollars (preliminary). 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 [Index numbers, 1935-39 average= 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total CoalCoke Grains 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 n l e s - - c l d h . i c a s . n l e - . o r p a T e i o l r w t a a a t l i y ng r T ai o lw ta a l y o r p a N e il r w e a t t a i y ng in N co e m t e revenues expenses income Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 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 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1946 7,628 7,009 620 289 SEASONALLY 1947 P8.685 P7.904 P781 P480 ADJUSTED SEASONALLY 1947—February.... 142 149 171 147 111 166 172 145 76 ADJUSTED March . .. 146 147 180 159 121 159 171 151 78 April 137 119 173 151 ••110 148 184 147 79 1947—February:: 696 631 65 33 May 142 155 185 138 104 148 184 145 76 March 723 642 81 48 June . . 137 141 '174 140 107 145 184 142 74 April 685 637 48 15 July 134 115 170 168 107 152 194 143 71 May 698 633 65 32 August 143 146 184 162 92 152 190 149 73 June 731 649 82 49 September... 142 153 180 137 105 149 181 145 73 July 683 634 48 18 October 145 156 192 152 104 147 163 149 75 August 719 655 64 31 November... 147 160 195 145 105 150 163 151 75 September. 716 681 36 4 December. . . 149 155 191 138 96 158 192 156 74 October... 739 696 43 9 November. 786 708 78 47 1948—January 145 155 183 132 84 153 180 152 68 December. 806 722 83 50 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 130 105 137 123 105 141 213 145 70 February.. 781 710 71 38 May 141 163 185 129 96 139 213 143 69 March.... 761 705 55 22 June , . 139 153 187 144 86 150 191 140 66 April 726 684 42 9 UNADJUSTED May 795 701 94 P61 UNADJUSTED 1947—February 133 149 182 144 88 159 43 136 74 March 137 147 182 146 95 159 50 143 79 1947—February.. 636 592 44 17 April 134 119 169 133 98 148 157 145 80 March. ... 719 645 74 47 May 144 155 183 121 94 154 267 146 76 April 690 631 ••59 ••36 June 142 141 170 143 87 151 286 146 73 May ••725 649 '77 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 6Q 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 35 May 143 163 183 113 86 145 277 144 69 April 729 676 53 27 June 144 153 183 147 74 156 296 144 66 May 796 706 90 P64 •" Revised. P Preliminary. r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be ob- June 1941. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 1002 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=1001 Federal Reserve district Year or month United States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d , l A an t t - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas c F i S r s a a c n n o - * SALES' 1939 106 104 101 104 iO6 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 '204 1944 187 162 150 167 182 215 244 176 200 164 205 245 r224 1945.... 207 176 169 184 201 236 275 193 227 185 229 275 r248 1946 264 221 220 235 257 290 345 250 292 247 287 352 '311 1947 '286 235 239 261 281 303 360 275 314 274 311 374 '336 SEASONALLY ADJUSTED 1947—June '289 249 249 ••255 284 317 365 278 299 '277 '306 '362 ••334 July'*i .... ... ••287 237 251 257 281 301 336 281 320 268 298 378 '331 August r284 234 246 258 273 282 352 266 307 271 307 376 '352 '293 236 239 266 290 303 361 290 337 287 323 368 '345 October r279 211 225 265 271 297 348 266 308 276 320 360 '340 November r303 248 248 280 296 310 383 298 339 281 335 415 '348 December .. .... ••303 243 241 277 309 322 394 293 337 277 334 389 '361 1948—January . ... '285 216 240 272 284 286 355 271 291 286 306 390 '348 r286 223 241 280 284 306 359 281 307 267 292 368 '327 r285 235 229 263 270 317 368 274 318 278 307 384 '339 April r305 233 255 278 295 321 390 289 343 283 337 448 '362 May ••310 242 268 284 320 '313 394 289 340 306 336 418 '365 June 313 259 265 283 306 335 397 299 346 292 328 406 372 UNADJUSTED 1947—june 266 232 231 238 267 278 307 270 269 '263 '282 307 '303 July '220 164 171 185 220 215 269 219 249 217 250 288 '282 August . . . 236 176 179 193 237 233 310 224 264 242 277 327 '311 September.. .... '300 248 244 266 293 322 368 296 340 311 336 387 '345 October '299 234 253 280 290 324 372 284 330 304 336 396 '350 November '376 306 323 370 371 394 460 364 428 335 392 507 '421 ••485 419 408 460 479 542 619 455 516 424 505 633 '571 I948—January '225 170 192 204 216 214 284 217 239 214 245 316 '281 '238 174 202 216 233 245 316 225 258 206 254 324 '295 '285 228 234 284 284 317 387 266 318 263 301 384 '326 April ••288 231 237 262 280 295 '367 283 326 284 320 399 ^333 May '300 240 252 287 304 r311 375 289 333 294 326 393 '339 June 289 241 246 266 288 294 333 290 311 277 301 345 338 STOCKS * 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—June 242 188 ••214 212 231 270 280 232 267 256 '249 308 282 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 24S September 231 189 210 210 222 252 282 225 246 246 224 285 257 October 251 213 224 231 238 281 300 245 274 251 239 306 287 November 273 221 234 238 268 310 337 259 290 281 266 357 319 December 283 221 236 245 272 323 344 264 297 306 300 397 342 194g—January 288 219 233 243 277 332 345 274 309 310 316 385 352 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 . 308 243 249 264 286 340 379 293 331 363 325 422 377 May 295 230 243 r257 277 337 368 289 313 '333 315 417 337 June 283 212 236 251 273 304 343 274 302 326 299 397 327 UNADJUSTED 1947—June 237 180 206 201 222 259 283 227 267 248 '249 298 287 July.:: 232 181 193 195 217 268 278 222 257 259 236 299 286 August 245 195 215 214 236 294 295 236 273 255 240 318 273 256 206 227 231 246 283 311 250 273 265 251 319 290 October 283 239 253 263 274 320 336 275 307 279 272 345 318 November .... 295 249 263 262 283 329 354 285 310 303 284 382 338 December .... 243 201 211 208 225 269 289 238 250 268 246 333 280 1948—January 252 199 205 211 243 283 311 236 265 282 273 346 310 February 278 214 232 246 266 320 352 264 298 309 296 377 321 March 302 233 254 261 287 333 370 294 319 345 317 399 353 April 307 233 251 270 295 342 376 293 331 347 315 409 372 May 296 226 247 '259 280 330 357 289 313 '331 309 396 350 June 277 204 227 238 262 291 346 269 302 316 299 386 332 •• Revised. * Sales index revised beginning 1940; back figures available from San Francisco Federal Reserve Bank. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for ba.ck years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. AUGUST 1948 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to withoutseasonal adjustment (value) sales 1 1941 average monthly sales=100i Num- Stocks Department b s e to r r e o s f Sal p e e s r d i u o r d ing e m n o d . ) of May Sal p e e s r d i u o r d ing Sto o c f k m s o a n t t e h nd reporting Five 1948 1947 1948 1947 Ai/vTio aiy7 mos. May 1948 1947 1948 1948 1948 May Apr. May May Apr. May GRAND TOTAL—entire store3 357 -f 1 +4 +12 2.9 2.6 MAIN STORE—total 357 0 +3 +12 3.1 2.7 213 208 213 651 663 580 Piece goods and household textiles 313 -1 +3 +8 3.3 3.1 214 215 216 717 723 662 Piece goods 290 + 1 +4 +9 2.7 2.5 294 312 290 797 796 732 |"Silks, velvets, and synthetics 185 -6 +2 +10 2.8 2.4 257 300 274 718 745 587 fc Woolen dress goods 156 -5 -3 -12 5.8 6.3 106 184 111 612 633 765 Cotton wash goods 175 + 11 +8 +22 2.0 1.8 408 395 368 821 856 647 Household textiles 307 +1 +8 3.9 3.5 177 166 183 690 691 645 Linens and towels 276 -5 +2 0 4.4 4.3 160 149 168 714 716 709 Domestics—muslins, sheetings 240 +2 +4 +37 3.4 2.5 200 195 196 678 653 491 Blankets, comforters, and spreads 243 -6 -4 -3 3.7 3.6 169 145 180 631 624 668 Small wares 339 -2 0 +4 3.5 3.3 178 163 182 629 644 604 Laces, trimmings, embroideries, and ribbons 206 +4 +6 +2 2.4 2.5 288 313 278 712 770 687 Notions 237 +5 + 11 + 17 2.6 2.4 281 277 267 736 752 626 Toilet articles, drug sundries 327 -4 -1 2 3.8 3.7 139 125 145 527 541 533 Silverware and jewelry 319 -4 -4 +10 3.9 3.4 205 168 213 793 793 719 Silverware and clocks4 198 -fl +3 +23 4.5 3.7 Costume jewelry4 .• 262 -8 —9 —4 2.6 2.4 Fine jewelry and watches4 76 -2 +8 6.3 5.7 Art needlework 241 -6 -2 +3 5.4 5.0 123 137 131 669 680 656 Books and stationery 274 -4 -4 -3 3.7 3.7 154 145 160 576 589 583 Books and magazines 139 -4 -8 -4 3.5 3.5 137 127 142 485 487 582 Stationery., 232 -4 -4 -2 3.8 3.8 149 132 155 570 588 494 Women's and misses' apparel and accessories 350 +1 +4 +11 2.2 2.0 219 217 218 488 524 438 Women's and misses' ready-to-wear accessories. 346 -3 + 1 + 15 2.7 2.3 208 197 215 569 595 494 Neckwear and scarfs 299 -8 +8 +9 2.4 2.0 228 247 247 545 588 491 Handkerchiefs 280 -7 -5 -11 3.7 3.9 143 115 153 527 575 586 Millinery 192 -8 -2 +6 1.0 0.9 154 189 168 153 182 146 Women's and children's gloves 333 -13 -10 -5 4.0 3.7 135 137 156 543 571 573 Corsets and brassieres 339 -4 -2 + 15 2.7 2.2 268 261 278 713 743 616 Women's and children's hosiery 348 + 11 +15 +18 1.8 1.7 173 154 156 314 324 267 Underwear, slips, and negligees 344 -1 + 1 +20 2.3 1.9 251 205 252 582 612 485 Knit underwear 249 -1 + 1 +31 2.5 1.9 252 217 254 632 655 469 Silk and muslin underwear, and slips 281 +2 +4 +21 2.3 1.9 269 215 264 608 637 493 Negligees, robes, and lounging apparel 245 -11 -7 +3 2.3 1.9 218 175 245 491 514 458 Infants' wear 327 -11 -6 +17 3.6 2.7 218 234 246 793 816 678 Handbags and small leather goods 334 0 +3 +9 2.2 2.0 193 170 193 417 443 383 Women's and children's shoes 245 —5 0 +21 3.8 3.0 230 220 242 886 922 732 Children's shoes4 202 -4 +1 +22 4.2 3.3 Women's shoes4 215 -5 0 +21 3 8 3 0 Women's and misses' ready-to-wear apparel. . . . 352 +4 +7 +6 1.7 1.7 230 238 221 401 449 378 Women's and misses' coats and suits 341 +2 +7 +9 1.4 1.4 177 275 173 259 352 237 Coats4 223 + 10 +13 1.3 1.2 Suits* 210 ij 0 +6 18 Juniors' and girls' wear 318 +6 +7 + 10 1.9 l'.8 253 241 240 479 515 441 Juniors' coats, suits, and dresses 286 +9 +8 + 10 1.3 1.3 294 281 270 374 430 365 Girls' wear 311 + 1 +5 +10 2.9 2.7 214 206 212 623 654 560 Women's and misses' dresses 343 +6 +7 +9 1.3 1.2 295 270 279 368 402 340 Inexpensive dresses4 253 +11 + 12 + 12 1.0 1.0 Better dresses4 261 0 +2 +8 1.6 1.4 Blouses, skirts, and sportswear 341 +3 +13 + 1 2.1 2.2 275 252 267 592 631 577 Aprons, housedresses, and uniforms 289 +2 +5 +8 1.6 1.5 279 242 273 446 473 410 Furs 274 + 14 -11 -2 9.9 11.4 33 48 29 324 299 332 Men's and boys' wear 325 -8 -3 +20 4.3 3.3 183 166 198 781 747 651 Men's clothing 249 -6 0 +56 3.9 2.3 211 195 225 817 780 511 Men's furnishings and hats 309 -8 c +8 4.4 3.7 166 151 181 725 686 678 Boys' wear 297 -7 -4 +4 4.5 4.0 173 158 187 785 787 752 Men's and boys' shoes and slippers 186 -11 -2 + 13 5.4 4.2 172 150 193 925 925 820 Houseffurnishings. 314 +4 +8 +17 3.7 3.3 240 244 230 884 882 752 Furniture and bedding 243 + 10 +11 +17 4.0 3.8 208 207 189 839 859 707 U M p a h tt o r l e s s te se re s d , s a p n ri d n g o s th a e n r d f u s r t n u i d t i u o r e b 4 eds4 1 1 5 6 6 0 + + 1 1 2 0 + +1 1 1 4 + + 1 1 9 7 4 2 . 0 5 4 1 9 3 Domestic floor coverings 273 +9 + 14 +29 3.7 3.1 236 248 218 882 914 672 L R i u n g o s le a u n m d 4 carpets4 1 9 4 9 6 + 1 Q 3 + — 1 1 7 + + 2 5 7 4 3 4 8 0 3 2 . 3 4 Draperies, curtains, and upholstery 298 C -1 + 10 3.6 3.1 234 218 246 841 830 760 Lamps and shades 244 +3 +8 +3 3.6 3.6 198 202 191 713 747 703 China and glassware 248 +6 +9 + 18 6.2 5.6 153 155 145 950 963 792 Major household appliances 245 +6 + 11 +55 2.1 1.4 379 404 357 785 708 497 G H R i a o f d u t i s o s e h s w , o a p p r 4 h e o s nographs, records, and instruments4, 2 2 1 4 3 5 2 0 7 + + 8 1 0 + + - 1 3 5 0 + + + 1 1 2 2 0 4 3 4 . . . 6 9 4 5 4 3. . . 1 2 2 303 308 305 1,043 1,043 929 Radios and phonographs,4 174 +7 —4 + 12 4 1 3.9 Records, sheet music, and instruments4 142 -4 +2 +13 6.0 5.1 Miscellaneous merchandise departments 312 -4 2 +1 3.2 3.0 199 186 208 628 629 624 Toys, games, sporting goods, and cameras 287 -5 -1 +8 5.0 4.4 145 139 152 727 758 672 Toys and games 232 -11 -7 -1 5.8 5.2 102 89 115 589 533 572 Sporting goods and cameras 137 -1 +3 + 15 4.4 3.8 169 173 171 744 870 686 Luggage 256 -3 -1 +19 3.2 2.6 263 184 270 850 833 721 Candy* 182 -17 -15 -14 1.3 1.2 For footnotes see following page. 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 * 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r o e 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 May Sal p es e r d io u d ring Sto o c f k m s o a n t th end ing Five 1948 1947 1948 1947 M 19 a 4 y 8 m 19 o 4 s 8 . M 19 a 4 y 8 1948 1947 May Apr. May May Apr. May BASEMENT STORE—total 197 +5 +10 +11 2.1 2.0 214 204 205 450 464 404 Domestics and blankets4 - 135 +3 +1 +12 2.7 2.5 Women's and misses' ready-to-wear 195 +8 +13 +10 1.6 1.5 225 213 208 355 372 321 171 +14 +17 +15 1.9 1.9 Coats and suits4 .. 179 +2 +10 +20 1.1 1.0 Dresses4 174 + 12 +15 +7 1.0 1.0 Blouses, skirts, and sportswear4 154 +2 +18 —6 2.0 2.1 Girls' wear4 120 +7 +8 +13 2.2 2.1 Infants' wear4 116 +2 +8 +13 2.8 2.5 Men's and boys' wear 154 +4 +10 +15 2.9 2.6 206 189 199 598 587 523 Men's wear4 . . 137 +4 +12 +20 2.8 2.4 Men's clothinc* 95 +3 +15 +30 2.9 2.3 Men's furnishings4 114 +5 +8 +15 2.8 2.5 Boys' wear4 118 +1 +8 3.0 3.1 Housef urnishings 104 -1 +6 +8 2.4 2.2 205 211 207 499 521 465 Shoes 132 -5 +9 +11 3.1 2.7 179 160 189 559 571 512 NONMERCHANDISE—total4 183 +3 +6 (6) (6) (6) Barber and beautv shoo^ 129 -1 +3 (5) (6) (6) i 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. * The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. * For movements of total department store sales and stocks see the indexes for the United States on p. 1003. * 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. * Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average = 100J Amount Without seasonal adjustment (In millions of dollars) 1946 194;r 1947 1948 Year or month Out- Sales Stocks standing Sept. 7... ..264 Sept. 6.. ...265 Mar. 8.. ...254 Mar. 6.. ..266 (total (end of orders 14... ..293 13.. ...291 15.. ..267 13.. ..279 for month) (end of 21... ..280 20.. ...301 22.. ..286 20.. ..313 month) month) 28... ..257 27.. ...316 29.. ..283 27.. ..331 Oct. 5... ..277 Oct. 4.. ...326 Apr. 5.. ..319 Apr. 3.. ..280 12... ..281 11.. ...304 12.. ..265 10.. ..298 1939 average 128 344 19... ..295 18.. ...299 19.. ..271 17.. ..294 1940 average . 136 353 108 26... ..287 25.. ...306 26.. ..267 24.. ...296 1941 average.... 156 419 194 Nov. 2... ..277 Nov. 1.. ...313 May 3.. ...279 May 1.. ..300 1942 average 179 599 263 9... ..314 8.. ...347 10.. ..311 8.. ..330 1943 average 204 508 530 16... ..342 15.. ...380 17.. ..273 15.. ..293 1944 average 227 534 560 23... ..363 22.. ...395 24.. ..277 22.. ..295 1945 average. 255 563 729 30... ..334 29.. ...367 31.. ..250 29.. ..297 1946 average 318 714 909 Dec. 7... ..475 Dec. 6 ....508 Jure 7.. ...293 June 5.. ...282 1947 average 336 823 553 14... ..519 13.. ...570 14.. ...300 12.. ...304 21... ..532 20.. ...576 21.. ..256 19.. ...310 1947—June: 304 '765 '469 28... ..281 27.. ...358 28.. ..245 26.. ..'263 July 253 732 603 July 5 ....208 July 3.. ..265 August ... 274 789 622 1947 194* 12.. ...228 10.. ..217 September 341 823 676 19.. ...217 17.. ..236 October... 367 912 663 Jan. 4.:: ..188 Jan. 3.: :..204 26.. ...213 24.. ..231 N D o ec v e e m m b b e e r r . . 5 4 8 1 4 6 9 7 4 7 1 0 6 5 0 4 5 4 2 1 1 8 S 1 \ . ' . . . \. . . . 2 2 2 2 3 2 3 2 0 2 1 1 4 7 0 . ! . . ; . ' : : : . ! . ^ . ! 2 2 2 5 3 2 1 2 6 Aug. 1 9 2 6! . .. ! . ! . . ! 2 2 2 2 2 2 3 0 5 Aug. 3 1 1 4 7 1948— M F J e a a b n r r u c u a h a r r . y . y . . . . . . 3 2 2 5 7 6 5 1 3 8 9 7 4 7 8 1 8 9 6 5 4 3 7 2 3 5 0 r F c V U »h . 1 8 5 i * 1 1 * 1 " !!2 2 2 4 1 1 7 9 6 Feb. 3 1 1 7 4! .. ! * !! [ ! \2 2 2 3 3 4 3 8 0 2 3 3 0 ! . . ! ! !! . . . 2 2 7 4 7 3 2 2 1 8 April 331 938 356 22... ..216 21.. ...249 May 339 919 339 Mar. 1... ..238 28.. ...248 June P337 P859 P464 r Revised. 9 Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. »These figures are not estimates for all department stores in the 874-875 of BULLETIN for September 1944. United States. Back figures,—Division of Research and Statistics, 1005 AUGUST 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] June May Six June May m S o ix s. June May Six June May Six 1948 1948 1948 1948 1948 1948 1948 1948 1948 United States. p+13 +3 +8 Cleveland-cont, Chicago +12 +1 +8 Kansas City— B N S P W B P D o o p r e o o s o o r w r s t w B t o i t r v l n o c o n a n i H n g s d e n to t f a s d e o A i w v t n e n e e r n l c r e d n e . a . . : . « . : : . : : . . . . . . . . + + + + + + + 2 1 1 1 1 8 0 5 3 0 0 1 r r _ _ - - - — - 4 5 5 5 7 4 2 1 + + + + + + - + 1 2 2 8 3 2 1 1 R W W C W B E P R ic i r h a a i t h a h i l n a l t e s e e t s m r s h 1 i i e b l t g m i o e l o u n h i s n n n o g r , t - d g g t o r N S o . e 1 h n . a n . . . 1 ^ . l C e . . J . . m C . + + + + + + + + - 1 1 1 1 1 1 1 7 9 2 8 6 9 3 5 + + + + - - - - 6 5 3 5 5 4 3 1 0 + + + + + + + + + 1 8 5 9 4 5 1 1 1 3 F T F D D G L P I C n o l e e a h e r e d i n r a r o s i t n r t i c n s r r a e t a i M o i d W 1 n n g a i H a g 1 o t o a R 1 p a i y 1 a o n u . n p l e t e . i e i s s . d x . 1 . l . s . . . + + + + + + + + + 1 1 1 1 1 1 8 8 7 0 8 1 1 3 1 + + + + + - - 1 2 4 4 3 5 0 0 1 1 + + + + + + + + + + 1 1 1 5 8 5 3 8 6 7 6 0 2 D S O T F D H C a c o h u o k o a d l r r l l r l l u s n t a a e p l a s a h s v t u W . t s o s e o 1 m p o n C o r 1 a t h r h t r C . i . s i . t t y i. . . + + + + + + + + 2 1 3 1 1 1 1 4 7 6 3 8 2 8 6 + + + + + + - 2 2 1 4 6 1 0 6 3 8 0 + + + + + + + 1 2 2 1 1 1 6 2 0 5 8 2 0 1 Sew York... +11 +2 +6 Greenville, S. C + 1 +3 +9 Milwaukee l... + 13 +5 + 13 San Antonio + 18 +7 + 11 Bridgeporti. -1 -13 -3 Lynchburg.... + 14 +3 +8 Green Bay l... +13 + 12 + 15 Newark x. . . + 11 +4 +6 Norfolk +20 + 10 + 14 Madison + 15 + 10 + 14 San Francisco..p+16 +8 +9 P C A N N S S B U P E R T B L Y W P R h l c o y l r a i u h e l o i e e t o i m n b a e h i u n f w i l v c r a i l r f g a a g n c l e a c e g h d k i a k a n h d r a a n t a l l Y c e i h e 1 o d a a o y n r e a . e s s s u k a n . o e n l m g t t c - : J p e e s e l r d . t B 1 p 1 F r k e r h t e a o a p h 1 d a i * n C . a r s i y l . r a l i : i l . e e . s t 1 : . y . 1 . . . . . : . . . . . 1 . . . . . . . . + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 7 6 6 2 3 4 3 7 3 3 9 7 6 7 5 3 1 3 + + + + + + + + + + + + + + + + + + -1 8 2 4 7 5 7 3 2 5 3 3 6 5 3 7 1 1 1 + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 4 9 7 5 9 5 8 8 9 1 9 2 2 1 0 0 1 3 0 A J H C M O T A R R M A M C S B M R a t a a l h i o o i r o u u t c o o W a i c a r v l m l a a l m g k a n m a c h b n a n u a n r m u s n t o m . i p t n l m e n t i i o o l g s e d a n n a n e V t n i k t o n o s b o a 1 g a g a 1 t J e n v a m u 1 h o h t d i s o a n l e l m n , r e y . 1 : . . . * . . . . . . + + + + + + + + + + + + + + + + + - 2 2 3 2 1 1 1 1 1 1 1 1 1 4 3 6 3 6 3 3 0 4 3 8 1 0 2 5 1 9 + + + + + + + + + + + + + + - - - - 2 2 1 1 1 2 6 3 6 5 8 5 3 4 5 4 4 5 2 1 1 9 1 + + + + + + + + + + + + + + + + - 2 - 1 1 1 1 1 1 2 8 4 5 6 6 9 8 8 2 9 8 3 6 4 5 6 S M K F L L Q S S S S E M M E D D t a . o t t o t p i i v a u u e . . . n t e i n S r u s r a i n t L n l L m t n n L i s l t u P i u n n v e n s o a c o e p o t p s a e S v S e u g y s h a u e v a h u R u r i t m f i - i p r l i p . i s i s l l i i o C l s o 1 s e o o e l i L c A 1 e l t i r l l l 1 i . k . t o i h d . s . y s 1 r . u . . . . . » e . . . . . i . . a . . . . l s . . . . . . . . . . . . p P P p+ + + + + + + + + + + + + + + + + + 1 2 2 1 2 2 2 3 1 2 1 1 1 3 1 1 9 2 1 7 6 0 6 2 0 9 1 7 2 6 3 + + + + + - + ++ + + + + + + - - 2 1 1 2 2 4 3 8 4 3 8 6 0 3 3 0 1 0 1 1 + + + + + + + + + + + + + + + + + + + 1 2 2 1 1 1 3 8 5 9 1 8 5 8 0 8 4 4 7 8 0 0 6 T P F L L O S S S S S B R S V B S a r a a h a t u o o a a i o a a o a e v N B N n n n c n n c s o k k l i n s c l s e r s t e g e l e e a n a F a k A e a J D r o a r n j r m o s o m p B s t r n o n B k n i i o a i f a s R a e d x d x e p i g e e n n e e n e g 1 a x o r e e l a n a d c l n n x e o a l s d c t i e y a a d n o a s h 1 s r n 1 c d . * 1 d d x o . • . 1 . i l . n . . . . J . . . . o . . . P P + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 8 4 3 6 8 4 6 1 4 6 5 9 9 0 2 1 + + + + + + + + + + + + - - - 1 1 1 3 5 5 4 6 3 9 2 3 3 7 0 A 1 + + + + + + + + + + + + + + - 1 1 1 1 1 2 9 8 4 4 4 1 7 1 6 1 3 0 2 1 Akron1 +9 +5 + 7 Baton Rouge l. +6 +6 +6 Pueblo +24 +24 + 18 Portland P+12 +3 +9 Canton1 + 11 +7 +9 New Orleans x. +9 +6 + 11 Hutchinson. . . +6 3 +6 Salt Lake City».P+14 +6 +7 S C C C T Y p o l o i o e n r l l u v i u e c n n e m d i g g l n o a s b f n 1 n t i u o e a d s w l t » d x i n l . 1 . . . . x . . . . . . . + + + + + + 1 1 1 1 4 7 5 0 1 3 + + + + + -1 3 8 4 3 1 + + + + + + 1 1 9 9 4 1 0 7 j | J N C K M B a h r n a c e i a s o k s r h t t i x s t o d v o v a l i n i i n , a l l o n l l T l e e o e 1 g * n a n . 1 . . . + + + + - + 1 2 4 1 1 0 9 0 3 1 4 + + + - - 1 6 9 3 2 0 + + + - 1 4 6 6 0 0 6 T W J S O K o t o m a . p i p n c l J a e i h s o n h k a i s a t s a a e p C h ity... . + + + + + + 1 1 1 1 1 8 1 5 3 2 3 + + + + 9 5 3 0 0 1 + + + + + + 1 1 1 7 2 6 0 0 0 S S T Y B E e p a e v a a o l c e k l t k o i t r i l n e m a m e g t n 1 t a h a e . 1 1 l a . 1 . . . . m . . . . . . ' P + + + + + — 1 1 1 1 6 3 8 1 2 3 -1 + — - - - 1 2 2 5 4 7 + + + + + -5 1 4 3 6 1 v Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Five 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] Fuel, Year or month All items Food Apparel Rent electricity, fur H ni o s u h s in e gs Miscellaneous and ice 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—June 157.1 190.5 185.7 109.2 117.7 182.6 139.1 July 158.4 193.1 184.7 110.0 119.5 184.3 139.5 August. . . 160.3 196.5 185.9 111.2 123.8 184.2 139.8 September 163.8 203.5 187.6 113.6 124.6 187.5 140.8 October... 163.8 201.6 189.0 114.9 125.2 187.8 141.8 November 164.9 202.7 190.2 115.2 126.9 188.9 143.0 December. 167.0 206.9 191.2 115.4 127.8 191.4 144.4 1948—January... 168.8 209.7 192.1 115.9 129.5 192.3 146.4 February.. 167.5 204.7 195.1 116.0 130.0 193.0 146.4 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 May 170.5 210.9 197.5 116.5 131.8 193.6 147.5 June 171.7 214.1 196.9 117.0 132.6 194.8 147.5 Back figures.—Bureau of Labor Statistics, Department of Labor. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i n c t o d h t d d e s e - s r- T p e u r x c o t t d s i > e li m g F r a i h a u n a t t e d l i e s l n - g M m p u a r e e c n o t t t d d a a s - l l s m B r i u i a n a i t g l l e d s - - c C a a p u l h l r s l c o e i t e a m d s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e el o i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d s - d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94. r> 94 3 82.6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75 1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.l 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80 6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81 7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86 8 73.3 72.0 82 2 1939 77.1 65.3 70.4 81.3 95.6 69. 7 73.1 94.4 90.5 76.n 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 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94 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. c^ 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 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98 4 83.0 103 8 115.5 95. 104 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. 104 s 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 9 108.7 145.1 179.5 127.3 131 .1 114.3 165.6 145.4 1947—February 144.5 170.4 162.0 128.5 173.8 138 0 97.9 139 6 174.8 129. 128 110.9 154 9 139 7 March 149.5 182.6 167.6 131.1 174.6 139 6 100.7 141.1 177.5 132.2 129.0 115.3 163.2 143.3 April . 147.7 177.0 162.4 131.8 171.5 139 2 103.4 141.3 178.8 133.2 129 115.7 160.1 141.9 May 147.1 175.7 159.8 131.9 170.8 138 9 103.3 141 9 177 0 127.1 129 s 116.1 158 6 141.7 June 147.6 177.9 161.8 131.4 173.2 138 9 103.9 142 0 174.4 120. 129 7 112.7 160.2 141.7 July 150.6 181.4 167.1 133.4 178.4 139 5 108.9 143.0 175.7 118.8 129.8 113.0 165.3 144.0 August 153.6 181.7 172.3 136.0 182.1 140 8 112.5 148 4 179.7 117.s 129 Q 112.7 167 0 147 6 September 157.4 186.4 179.3 138.2 184.8 142 0 114.1 150.1 183.3 122.3 131.3 115.9 170.8 151.6 October 158 5 189 7 177 8 140.0 191.7 143 0 115 9 150 5 185 8 128.6 132 4 117 1 175 1 151 1 November 159.8 187.9 178.0 142.4 202.4 144 7 118.1 150 8 187.5 135.8 S 118.8 175 5 152 3 December 163.2 196.7 178.4 145.6 203.1 147 6 124.3 151.4 191.0 135.0 139 4 121.5 182 0 154 7 1948—January 165.7 199.2 179.9 148.2 200.3 147 6 130.0 154.3 193.1 138.8 141.4 123.5 183.9 157.6 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 161.4 186.0 173.8 147.7 185.4 149 8 130.9 155.9 193.1 136.1 14? 0 120 8 174 7 155 8 April 162.8 186.7 176.7 148.7 186.1 150 3 131.6 157.2 195.0 136.2 142.3 121.8 175.5 157.6 May 163.9 189.1 177.4 149.0 187.5 150 132.6 157.1 196.4 134.7 14? 6 121.5 177 6 158.5 June 166.2 196.0 181.4 149.5 186.8 149 6 133.1 158.7 196.8 135.7 143 4 121 A 182.6 159.6 Week ending:1 1948—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 2 133.0 156.8 195.9 133.4 144.6 121.3 175.1 157.6 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 22 163.5 189.2 177.2 149.2 188.6 148 6 133.7 156.6 196.6 135.6 144 7 121.4 178.6 158.7 May 29 164.4 193.0 178.0 149.3 187.6 149 S 133.8 156.6 196.9 134.8 144 7 121 0 180 8 159.1 June 5 164.2 192.4 178.0 149.3 187.0 149.2 133.8 156.8 196.6 135. 145 1 121.0 180.9 158.6 June 12 164 9 193.5 180.1 149.3 186.7 148 8 133.8 157.1 196 9 137.1 US 1 120 9 181 6 159 3 June 19 165.3 194.5 180.7 149.5 187.7 148 5 134.0 157.6 197.2 136.0 145.1 121.1 182.7 159.5 June 26 166.7 198.4 183.0 149.9 188.6 149 1 134.0 158.8 197.4 135.5 145 0 121.2 185.2 160.5 July 3 166.7 197.2 184.1 149.8 188.3 148 1 134.1 159.4 197.6 135.5 145.0 121.1 184.3 160.9 July 10 166.8 196.1 185.3 149.9 188.1 148 1 134.7 159.4 197.5 134.5 145.8 120.3 184.2 161.1 Tuly 17 168.9 198.1 191.2 150.4 189.1 148 0 135.8 160.9 197.9 134.5 145 9 119.4 186.4 163.4 July 24 168.2 194.6 190.4 150.6 189.5 148 1 136.5 160.9 190.8 132.9 145.9 119.2 184.6 163.1 1947 1948 1947 1948 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 206.0 218.0 217.9 213.5 209.2 Agricultural mach. & equip.. . 118.2 129.3 129.8 130.4 132.7 Livestock and poultrv 200 9 209 4 204.4 219 0 239.2 Farm machinerv 119.7 130 8 131 132 1 134 8 Other farm products 155.3 162.2 166.4 163.3 165.4 Iron and steel. 129.9 147.7 149.4 148. *5 149.2 Foods: Motor vehicles 149.4 161.6 161.6 161/ 7 164.5 Dairy products 140 9 179.8 181 0 176 6 181.3 Nonfprrous m^tals . . 142 9 146 8 149 8 150 () 152 1 Cereal products 149.2 158.6 158.0 156.3 155.1 Plumbing and 1leating.. 119.1 138.7 138.7 143.:> 145.3 Fruits and vegetables 145.2 146.3 148.6 147.0 147.6 Building Materials: Meats 208.6 217.1 226.0 233.2 241.3 Brick imd tila. 134.7 151.6 152.5 152. iI 153.3 Other foods 139.7 144.3 144.4 144.2 148.1 Cement 114.3 127.4 127.5 128..I 128.8 Hides and Leather Products: Lumbe 266.1 303.8 309.2 312.<? 313.2 Shoes - - - 172.6 193.6 191.7 185.6 185.8 Paint i•ind paint materias.. . 159.6 156.7 158 .6 158.<\ 158.7 Hides and skins... 187.1 186.2 199.3 218.0 215.2 Plumbiner and heating.. 119 1 138.7 H8 7 143 2 145.3 Leather 178 9 186 9 183 6 188 2 186 9 Structural stepl 127 7 155 8 155 8 153 >3 153 3 Other leather prodnets. 138.3 143.8 143.3 143.3 143.3 Other building materials 145.1 161.8 162.2 163.I 163.5 Textile Products: Chemicals and Allied Products: Clothing 133.9 144.6 145.8 145.8 145.2 Chemicals 118.7 126.8 125.<) 126.2 Cotton goods 193.8 218.3 '219.2 213.1 Drugs and Pharmaceuticals 156.1 154.4 153.8 153.3 153.7 Hosiery and underwear . . 100.8 105.4 105.4 105^4 105.3 Fertilizer materials . . 101.8 114.9 11 S 115.(3 113.9 Silk 68.4 46.4 46.4 46.4 46.4 Mixed fertilizers 96.8 103.1 103 1 103.2 102.8 Rayon 37.0 40.7 40.7 40.7 40.7 Oils anH fats 139.2 211.4 205.3 212.7 Woolen and worsted goods. 129.2 145.2 147.5 147.5 147.5 Housefurnishing Goods: Other textile products 173 8 174.7 170.0 174.0 183.1 Furnishings 137.2 144.7 145 ? 145.8 147.1 Fuel and Lighting Materials: Furniture 128.6 139.4 139 .6 139. 6 139.9 Anthracite 112.7 124.e 124.6 125.6 127.2 Miscellaneaus: Bituminous coal 145.6 177.9 178.9 181.8 182.6 AutO tit"PS anHtubes 62.5 63.4 63 4 63. 4 63.4 Coke... 157.3 190.£ 197.5 205.4 206.6 Cattle feed. . . 253.3 284.2 296.9 291.1 292.4 Electricity ' 64.4 65.7 66.1 Paper and r>uln 154.2 167.0 167 167.4 167.3 Gas 85.8 88.7 89.1 89.3 Rubber, crude 37 1 42.3 46 7 47. 6 47.1 Petroleum productg 87.5 121.8 121.8 122.1 122.1 Other miscellaneous.... 121.7 130.2 130.2 129.7 129.8 r Revised. 1 Weekly figures not directly comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1948 1007 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 quartere 1946 1947 ' 1948 r 1929 1933 1939 1941 1944 1946 1947 < Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 222.4 226.4 228.3 227.9 243.8 246.0 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 11.8 13.3 12.5 12.8 13.3 13.4 13.8 14.0 Indirect business tax and related liabilities.! 7.0 7.1 9.4 11.3 14.0 17.5 18.5 18.3 18.0 18.1 18.4 19.4 18.9 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Statistical discrepancy -.1 1.2 .5 .5 4.1 -1.0 -3.4 -.9 -2.4 -2.7 -5.4 -3.3 -3.3 Plus: Subsidies less current surplus of government enterprises -.1 () .5 .1 .7 .9 .0 i .3 -2 -A -.3 Equals: National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 192.0 197.3 199.3 200'. 6 212.8 215.5 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 19.6 21.8 25.2 24.3 27.5 26.3 Contributions for social insurance .2 .3 2.1 2.8 5.2 5.9 5.6 5.7 6.2 6.1 5.2 5.1 5.3 Excess of wage accruals over disbursements. .0 .0 .0 .0 2 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 9.7 10.1 9.9 13.6 10.6 10.9 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.5 4.4 4.4 4.5 4.5 4.6 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 5.9 6.4 6.7 6.9 7.1 7.3 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 164.5 178.1 195.2 187.3 190.9 189.6 196.7 203.1 207.3 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 19.7 21.2 21.4 21.7 22.2 23.2 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 1.7 2.0 1.8 1.9 1.9 2.0 2.0 2.1 Equals: Disposal personal income 82.5 45.2 70.2 92.0 145.6 159.2 173.6 167.6 169.7 168.2 175.0 180.9 184.1 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 147.4 164.8 157.0 158.1 164.2 165.6 171.1 172.3 Equals: Personal saving 3.7 -1.2 2.7 9.8 34.2 11.8 8.8 10.6 11.6 4.1 9.4 9.7 11.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1946 1947 r 1948' 1929 1933 1939 1941 1944 1946' 1947' National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 192.0 197.3 199.3 200.6 212.8 215.5 Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 123.0 125.0 125.3 127.6 132.2 134.0 Wages and salaries9 50.2 28.8 45.7 61.7 116.9 111.7 122.2 117.5 119.3 119.6 122.5 127.1 128.8 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 98.7 101.7 102.3 105.3 109.5 111.1 Military .3 .3 .4 1.9 20.7 7.8 3.9 5.3 4.3 3.9 3.7 3.6 3.5 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 13.5 13.3 13.4 13.5 14.0 14.2 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.5 5.7 5.7 5.1 5.0 5.2 Proprietors' and rental income * 19.7 7.2 14.7 20.8 34.1 41.8 46.0 45.6 46.4 44.6 44 4 48.6 50.6 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 22.4 22.5 22.7 23.0 24.7 25.0 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 16.4 16.9 14.9 14.3 16.5 18.0 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.7 7.1 6.8 7.0 7.0 7.1 7.4 7.5 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 19.6 21.8 25.2 24.3 27.5 26.3 Corporate profits before tax. 9.8 .2 6.5 17.2 24.3 21.8 29.8 28.0 28.9 28.8 29.1 32.4 31.4 Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.0 11.7 11.6 11.4 11.3 11.4 12.7 12.2 Corporate profits after tax 8.4 — .4 5.0 9.4 10.8 12.8 18.1 16.5 17.5 17.5 17.7 19.7 19.2 Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.0 -5.1 -8.5 -7.1 -3.6 -4.8 -4.9 -5.1 Net interest 6.5 5.0 4.2 4.1 3.1 3.4 4.3 3.8 4.1 4.2 4.4 4.5 4.6 r Revised. 1 Less than 50 million dollars. * Includes employee contributions to social insurance funds. * 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 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, for annual data for the period 1929-43, and for quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; quarterly data for 1945 shown in that issue of the BULLETIN have since been revised. 1008 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' 1948 r 1929 1933 1939 1941 1944 r 1946 r 1947 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 222.4 226.4 228.3 227.9 243.8 246.0 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147.4 164.8 157.0 158.1 164.2 165.6 171.1 172.3 Durable goods 9.4 3.5 6.7 9.8 6.9 16.2 21.0 19.5 19.6 21.1 21.1 22.1 21.4 Nondurable goods 37.7 22.3 35.3 44.0 67.5 87.5 96.5 92.0 92.5 96.3 96.8 100.2 101.3 Services 31.7 20.6 25.5 28.5 37.0 43.6 47.3 45.5 46.0 46.7 47.7 48.8 49.6 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 31.3 32.6 26.4 25.6 35.4 40.4 New construction * 7.8 1.1 4.0 5.7 2.3 8.9 11.7 10.1 10.8 10.3 11.6 14.0 14.3 Producers' durable equipment 6.4 1.8 4.6 7.7 5.4 12.8 17.8 16.2 16.6 17.9 17.6 18.9 19.6 Change in business inventories 1.6 -1.6 .4 3.9 — 1.4 4.8 .6 5.0 5.2 -1.8 -3.5 2.5 6.5 Net foreign investment .8 .2 .9 1.1 -2.1 4.7 8.9 5.1 8.8 10.2 8.4 8.2 3.9 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.5 30.8 28.0 29.0 26.9 27.6 28.3 29.0 29.4 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.6 17.9 15.6 15.7 15.7 15.5 16.0 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 . . 5 2 >16.9 1 3 6 . . 6 0 [17.7 17.0 16.6 16.3 17.3 Less: Government sales 2 () (3) (3) (3) 1.2 2.9 1.3 1.7 2.1 1.4 .9 1.3 State and local 7.2 5.9 7.8 7.5 10.0 12.3 11.1 11.3 11.9 12.6 13.5 13.4 7.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Year or month in s P c o o e n r m a - l e rec T e o i t p a t l s4 b m T u d o e i r s t n s - a e t l s - d p m i C u n ro o g s o d d t m r i u i i n t e - c y - s - D i u n i t s r t d i i t u e v ri s s e b - - S in e tr r d i v u e i s s c - e G m er o e n v n - - t b c p i s u o a l n o f o t n n s o c i y u t c o i r r e a e r n i e - l - s in O l c a t o b h m o e r r e5 i p n r r e c a i n o e n m t t d o al e rs 6 ' i i n n s p t a o c e e n o n r r d m a e - l s e t T m p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u l - e l 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 1934 53.2 33.4 33.5 12.0 9.9 5.5 6.1 .2 .4 8.7 8.6 2.2 49.5 1935 59.9 36.3 36.5 13.5 10.7 5.8 6.5 .2 .4 12.1 8.6 2.4 53.4 1936 68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 .5 12.6 10.1 3.5 62.8 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72 6 45.1 45.7 17.4 13.3 6.9 8 2 .6 .5 14 7 9 2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 . . . 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944r 164.5 114.8 117.1 50.3 22.7 10.5 33.5 2.2 L.3 34.1 10.6 3.6 149.0 1945r 170.3 115.2 117.5 45.8 24.8 11.5 35.5 2.3 1.6 36.0 11.4 6.2 154.3 1946 r 178.1 109.8 111.7 46.1 31.2 13.8 20.7 2.0 1.6 41.8 13.5 11.4 159.4 1947 r 195.2 120.1 122.2 54.6 35.0 15.1 17.4 2.1 L.8 46.0 15.6 11.7 174.9 1947—May 188.6 117.0 119.1 52.9 33.9 15.1 17.2 2.1 L.8 44.2 15.3 10.3 169.6 Juner 192.4 119.6 121.7 54.0 35.0 15.3 17.4 2.1 1.8 45.1 15.4 10.5 172.4 July 193.2 119.4 121.4 53.6 35.2 15.5 17.1 2.0 L.8 45.3 15.6 11.1 172.9 Augustr.. . 190.8 120.1 122.2 54.3 > 35.4 15.3 17.2 2.1 L.8 42.8 15.6 10.5 173.1 Septemberr 206.2 121.9 123.9 55.4 36.0 15.2 17.3 2.0 L.9 45.0 16.2 21.2 187.4 October r. . 200.0 122.7 124.7 55.9 36.0 15.2 17.6 2.0 1.9 47.5 15.9 12.0 179.7 Novemberr 201.4 125.5 127.3 57.4 37.1 15.2 17.6 1.8 L.9 47.1 16.1 10.8 181.4 Decemberr 207.7 127.4 129.4 59.2 37.4 15.2 17.6 2.0 L.9 51.3 16.2 10.9 184.2 1948—January.. 209.4 127.5 129.7 59.3 37.5 15.3 17.6 2.2 1.9 52.4 16.5 11.1 184.7 Februaryr 206.8 126.9 128.9 58.0 37.8 15.4 17.7 2.0 2.0 50.0 16.6 11.3 184.5 March7". . . 205.6 125.7 127.8 57.0 37.5 15.4 17.9 2.1 1.9 49.3 16.6 12.1 184.1 Aprilr. . . . 207.4 125.0 127.0 56.3 37.2 15.6 17.9 2.0 2.0 51.9 16.7 11.8 183.7 Mayp 208.1 126.7 128.7 57.3 37.9 15.5 18.0 2.0 2.0 51.8 16.7 10.9 184.4 P Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, for annual data for the period 1929-43, and for quarterly data for 1939, 1940 and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; quarterly data for 1945 shown in that issue of the BULLETIN have since been revised. AUGUST 1948 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u d t m a it l * er ins T ta o l t m al ent Sale credit Loans' p S a lo i y n a m g n l s e e * n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e credit1 Total Automobile Other 1929 7,628 3,158 2,515 1,318 1,197 643 2,125 1,749 596 1933 , 3,912 1,588 1,122 459 663 466 776 1,081 467 1937 7,481 3,961 2,752 1,384 1,368 1 ,209 1 504 1.459 557 1938 . 7,055 3,603 2,313 970 1,343 1,290 I 442 1,487 523 1939 7,982 4,437 2,792 1,267 1,525 1,645 1,468 1,544 533 1940 . .. 9,131 5,433 3,450 1,729 1,721 1,983 I 488 1,650 560 1941 9,878 5,903 3,744 1,942 1,802 2,159 1,601 1,764 610 1942 6,461 2,931 1,491 482 1,009 1,440 L.369 1,513 648 1943 . . 5 315 1 ,938 814 175 639 1 124 192 I 498 687 1944 5,754 2,012 835 200 635 1,177 ,255 1,758 729 1945 6,613 2,340 903 227 676 1,437 .520 1.981 772 1946 ... . 10,134 3,944 1,558 544 ,014 2,386 2 262 3,054 874 1947.. . 13,423 6,189 2,839 1,151 ,688 3,350 2,702 3 612 920 1947—May. 10,942 4,747 1,928 816 ,112 2,819 2,460 2,835 900 June . . .. 11,244 4,933 2,036 880 ,156 2,897 2 508 2,887 916 July 11,321 5,063 2,092 922 ,170 2,971 2 ,549 2,786 923 August 11,454 5,198 2,167 965 ,202 3,031 2,581 2,755 920 September. . . 11,708 5,314 2,257 1,004 ,253 3,057 2,609 2,864 921 October 12,084 5,490 2,370 1,047 ,323 3,120 2,647 3,029 918 November 12,671 5,765 2,551 1,099 ,452 3,214 2,680 3,309 917 December . 13,423 6,189 2,839 1,151 ,688 3,350 2,702 3,612 920 1948—January . . 13,096 6,219 2,818 1,202 ,616 3,401 2,713 3,240 924 February 12,978 6,284 2,835 1,254 ,581 3,449 2,705 3,061 928 M!arch . . 13,423 6,533 2,986 1,367 ,619 3,547 2,689 3 275 926 April 13,627 6,769 3,137 .468 ,669 3,632 2,665 3,259 934 Mayp 13,818 6,963 3,258 1,536 .722 3,705 2,660 3,263 932 June** 14,149 7,192 3,399 1,631 ,768 3,793 2,662 3,364 931 P Preliminary. 1 Revised. See footnotes 2 and 3. 1 Includes repair and modernization loans insured by Federal Housing Administration. Totals revised to include new estimates of instalment loans of commercial banks and credit unions. For description and back figures see pp. 933-937 of this BULLETIN. 3 Revised beginning July 1947 to adjust estimates of single-payment loans at commercial banks to recent call report data. 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 2 l p S c l a m o o n m a a i n e - ll s b In t a r d n ia u k l s s - ' p I c n l t a o o r n d m i a i a u e n - l s s - * u C n r i e o d n i s t 1 l M l a e n n is e d c o e e u r l s s - m i l r z o e a o a a p d n t n i a e d o s i r r n 4 n- m b C a e o n r m k ci - s a 2 l p S c l a o m o n m a a i n - e ll s b In t a r d n ia u k l s s - 3 p I c a n t l o o r n d m i a i a u e n - l s s " - u C n r i e o d n i s t 1 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1937 . 1 209 258 374 221 S3 125 148 368 662 409 150 1938 1 290 312 380 129 95 103 117 154 460 664 238 176 176 1939 . 1,645 523 448 131 99 135 96 213 680 827 261 194 237 1940 1 983 692 498 132 104 174 99 284 1,017 912 255 198 297 1941 2 159 784 531 134 107 200 102 301 1,198 975 255 203 344 1942 1,440 426 417 89 72 130 91 215 792 784 182 146 236 1943 1 124 316 364 67 59 104 86 128 639 800 151 128 201 1944 1,177 357 384 68 60 100 88 120 749 869 155 139 198 1945 1 437 477 439 76 70 103 93 179 942 956 166 151 199 1946 2,386 956 608 117 98 153 110 344 1,703 1,251 231 210 286 1947 3,350 1,435 712 166 134 225 120 558 2,636 1,454 310 282 428 1947—May 2,819 1,211 633 138 116 177 113 431 219 115 24 24 36 June 2 897 1,248 638 143 119 186 113 450 222 117 26 24 37 July 2,971 1,278 649 148 121 194 114 467 227 123 29 23 38 August... 3,031 1,307 652 152 124 200 114 482 213 113 25 22 36 September.. 3.057 1,320 643 154 125 204 114 497 216 107 27 24 35 October... 3,120 1,350 647 157 127 208 114 517 228 121 28 23 39 November. 3,214 1,383 670 162 130 215 116 538 233 142 27 25 39 December 3,350 1,435 712 166 134 225 120 558 267 191 33 30 46 1948—January.... 3,401 1,462 717 165 137 227 121 572 247 110 27 26 38 February... 3,449 1,483 721 167 140 230 121 587 221 107 25 25 38 March 3,547 1,530 733 173 143 241 123 604 286 140 32 29 48 April 3,632 1,570 739 180 146 252 123 622 269 121 31 27 50 Mayp 3,705 1,597 748 189 147 260 124 640 258 123 31 25 47 June? 3,793 1,634 758 194 150 274 125 658 274 127 37 28 55 P Preliminary. x Revised. For description and back figures see pp. 933-937 of this BULLETIN. 2 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 June amounted to 110 million dollars, and loans made during June were 15 million. • 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. * Includes only loans insured by Federal Housing Administration. 1010 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 i [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 l t b u a u i d l l t , e o - - s m o m t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o u p r l c s l d e e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total : P ha u s r e r - e d tai D l l o i a re n c s t c r d h p e a i a r u t n a s e r d e c i - l d t , e lo m r t a a n i n o o n iz d d n s a 2 - - 3 i l s m c n o o a s a e n s t n n a a h s t l l houses Outstanding at end of period: 1929 . . 1,197 160 583 265 56 133 1945 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 94 4 6 7 2 1 , ,5 7 9 0 1 1 3 1 4 6 6 5 3 5 0 3 6 6 2 5 7 2 5 3 2 5 7 0 3 0 5 7 7 9 2 6 1937 1,368 314 469 307 68 210 1947—May 2,084 252 423 380 337 692 1938 1,343 302 485 266 70 220 June 2,192 274 439 407 361 711 1939 1,525 377 536 273 93 246 July 2,273 286 456 424 383 724 1940 1,721 439 599 302 110 271 August 2,348 298 470 433 408 739 1941 1,802 466 619 313 120 284 September... 2,416 313 477 444 438 744 1942 1,009 252 391 130 77 159 October 2,499 322 492 462 465 758 1943 639 172 271 29 66 101 November... 2,588 337 513 486 483 769 1944 635 183 269 13 70 100 December... 2,701 346 536 523 500 796 1 1 1 9 9 9 4 4 4 5 6 7 1 1 . , 6 0 6 8 1 7 8 4 6 3 6 1 3 5 9 7 0 8 3 5 2 6 2 8 6 8 3 2 5 1 8 2 4 1 1 7 9 2 4 2 3 2 1 1 6 0 6 6 7 0 1948— F M J e a a b n r r u c u a h a iy ry 2 2 2 , , , 7 8 9 8 3 2 8 2 6 3 3 4 5 7 0 8 2 2 5 5 6 5 7 0 7 0 1 5 5 5 6 9 7 7 2 0 5 5 5 0 1 0 4 8 7 8 8 8 0 0 1 2 7 9 April 3,057 430 628 629 539 831 1947 Mayp 3,137 448 648 647 555 839 May 1,112 409 382 32 114 175 JuneP 3,231 471 668 665 571 856 June.. 1,156 423 395 37 119 182 Volume extended dur- July 1,170 429 398 39 120 184 ing month: August.... 1,202 440 408 41 124 189 1947—May 384 83 80 41 122 September. 1,253 462 423 43 128 197 June 406 82 96 44 125 October. .. 1,323 495 443 46 131 208 July 396 84 79 42 129 November. 1,452 555 474 49 145 229 August 375 79 73 45 120 December. 1,688 650 528 52 192 266 September. 401 81 78 55 121 October 423 86 89 54 126 1948 N D o ec v e e m m b b e e r r . . 4 4 2 8 1 4 1 9 0 4 3 1 9 1 1 5 4 4 3 7 1 14 2 9 4 J M A F J M u a e p n a a b n r e y i r r u l ? p u c a a h r r . y . y . . . . . . . 1 1 1 1 1 1 , , , , , , 7 7 5 6 6 6 2 6 8 1 1 6 2 8 1 9 6 9 6 6 6 6 7 7 5 3 2 8 2 0 3 2 4 0 1 3 5 4 4 5 5 5 9 0 9 4 1 2 7 2 2 2 1 8 5 5 5 6 6 6 4 2 2 0 5 8 1 1 1 1 1 1 6 6 5 7 5 5 0 4 5 6 5 8 2 2 2 2 2 2 5 4 5 7 7 6 5 9 4 1 9 3 1948— F M M A J e a p a a b n r r y i r c u p l u h a a r r y y . . . . . 3 4 5 4 5 5 2 9 2 5 8 0 5 8 1 7 7 4 1 1 1 1 9 8 0 0 1 1 8 9 9 9 6 1 1 1 1 1 1 9 1 2 1 2 0 0 2 9 8 3 2 3 3 4 4 5 5 6 5 9 4 1 2 1 1 1 1 1 1 3 3 1 5 5 4 4 7 7 3 0 3 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper * and instal- ment paper 8 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 a 3 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 3 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—May 191.4 38.6 21.8 33.1 97.9 1947-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 253.3 56.8 35.7 46.7 114.1 April 161.8 31.1 20.1 4.4 106.2 MMay. 265.1 59.0 38.0 48.3 119.8 Mayp. . . . 163.1 31.9 20.5 4.5 106.2 JuneP 271.6 61.4 40.1 48.8 121.3 J 165.9 33.2 21.1 4.5 107.1 Volume extended Volume extended during month: during month: 1947—May 32.8 7.5 4.3 3.7 17.3 1947—May 26.9 4.7 2.4 0.5 19.3 June 33.8 7.5 4.3 3.9 18.1 June 27.3 4.8 2.7 0.5 19.3 July 36.5 8.2 4.4 4.0 19.9 July 26.4 5.1 2.9 0.5 17.9 August... 33.2 8.1 4.2 3.6 17.3 August ... 25.6 5.1 2.7 0.5 17.3 September 34.8 8.8 4.1 3.7 18.2 September 27.1 5.2 3.0 0.5 18.4 October... 36.2 8.8 4.7 4.3 18.4 October... 27.1 5.5 3.3 0.5 17.8 November. 34.5 8.3 4.9 3.4 17.9 November. 28.1 5.2 3.3 0.5 19.1 December. 39.8 8.6 5.8 3.5 21.9 December. 31.4 5.2 3.7 0.3 22.2 1948—January.. 33.7 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 42.0 11.3 6.4 4.4 19.9 April 30.5 6.9 3.8 0.4 19.4 May v. . .. 40.8 10.1 6.8 4.2 19.7 Mayp. . . . 27.7 5.7 3.7 0.4 17.9 June? 44.2 10.5 7.4 3.4 22.9 J 30.7 7.1 3.5 0.4 19.7 p Preliminary. * Revised January 1947 to date. For description and back figures see pp. 933-937 of this BULLETIN. 8 Includes not only loans insured by Federal Housing Administration but also noninsured loans. * Includes both direct loans and paper purchased. AUGUST 1948 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding Item 1 J 9 u 4 n 8 e ? M 19 a 4 y 8 A 19 p 4 r 8 . 1 J 9 u 4 n 8 e ? M y 19 e a 4 a y r 8 A 19 p 4 r 8 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e p s e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total 2 +4 +7 + 13 +5 '+13 May 30 24 44 26 56 Cash sales .. -3 +4 +5 -8 -13 r_9 June 28 23 45 24 54 Credit sales: July 28 22 41 23 53 Instalment 0 +2 +7 +24 + 16 +26 August 28 22 39 23 51 Charge account..... -2 +2 +9 +5 + 1 +6 S O e c p to te b m er b er . . , 3 3 1 1 2 2 4 3 3 40 9 2 2 3 5 5 57 3 Accounts receivable, end November.. . 30 23 39 24 55 of month: December... 29 20 39 31 54 Total +2 +4 +3 +46 +43 +46 Instalment +2 +2 + 1 +48 +47 +47 January 1948 24 18 36 19 53 Collections during February.... 23 17 32 18 49 month: March 27 19 35 20 53 Total + 1 +2 +3 + 18 +11 + 16 April 25 19 33 20 '•52 Instalment . +2 +1 +8 +28 +14 +21 May 24 19 34 20 52 June*3....... 24 20 32 20 52 Inventories, end of month, at retail value. -3 -3 0 + 16 *+16 + 16 P Preliminary. ' Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary • Revised. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonaladjustment, 1941 aver age =100 Percentage of total sales Sales during month Accounts receivable Collections during Year and month at end of month month C sa a l s e h s I m ns e t n al t - C ac h c a o r u g n e t - Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales 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 '65 '112 38 84 70 112 64 4 32 1945 average 162 211 '67 '125 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 '200 88 174 133 198 55 6 39 1947—May ••216 241 139 '202 81 167 127 '197 55 6 39 195 218 '124 '182 82 165 122 193 55 6 39 July... '161 184 '115 '143 83 146 '125 190 57 6 37 August . . 174 196 '132 157 84 145 123 162 56 6 38 September .. ~.... 217 236 157 '208 87 '166 138 167 54 6 40 October '235 251 180 '226 95 181 147 203 53 7 40 November 266 285 224 253 111 204 152 '214 53 7 40 December '373 '408 '282 ' '351 136 '263 '170 235 54 7 39 1948—January «"174 '189 '142 '164 127 '205 174 299 54 7 39 February... ... 168 177 '142 '162 124 181 160 217 53 7 40 March '226 235 196 '222 129 190 177 207 52 7 41 April • . '213 '•220 '191 '208 131 192 171 211 51 8 41 May 218 228 186 213 134 193 172 '213 52 7 41 Junep 217 229 178 212 136 193 176 217 52 7 41 P Preliminary. ' Revised. NOTB.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1003. 1012 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 June July July July July page June July July July July 30 21 28i 30 14 21 281 WEEKLY FIGURES' {In billions of dollars) WEEKLY FIGURES2—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.-—Cont. Reserve Bank credit, total.... 2 21.90 22.24 22.14 21.89 21.72 Stock prices (1935-39 = 100): U. S. Govt. securities, total.. 3 21.37 21.54 21.52 21.33 21.21 Total 40 134 134 135 129 130 Bills 3 8.58 8.49 8.31 7.96 7.73 Industrial 40 141 141 142 136 137 Certificates 3 4.62 4.88 4.93 4.96 4.96 Railroad 40 126 127 130 120 122 Notes 3 1.97 1.96 1.96 1.96 1.95 Public utility 40 100 100 100 98 98 Bonds 3 6.21 6.21 6.32 6.45 6.56 Volume of trading (mill, shares) 40 .95 1.06 1.44 1.38 .90 Gold stock 2 23.53 23.58 23.59 23.65 23.67 Money in circulation 2 27.90 28.14 27.96 27.86 27.82 Treasury cash and deposits... 2 3.26 3.18 3.19 3.20 3.15 BUSINESS CONDITIONS Member bank reserves 2,4 17.39 17.58 17.63 17.50 17.53 Required reserves 4 16.65 16.58 16.69P16.66 16.70 Wholesale prices: Excess reserves* 4 .74 1.00 .94 P.84 P. 84 Indexes (1926 = 100): Excess reserves (weekly avg.): Total 73 166.7 166.8 168.9 168.2 168.3 Total* 5 .79 .83 .92 P.84 P.76 Farm products 73 197.2 196.1 198.1 194.6 192.2 New York City 5 .03 .02 .03 .02 .02 Other than farm and foods. 73 149.8 149.9 150.4 150.6 152.1 Chicago.. 5 .01 .01 .01 .01 Selected farm products: Reserve city banks 5 .23 .26 .27 .22 .19 Wheat (cents per bushel). 78 223.7 219.8 217.2 216.5 213.8 Country banks* 5 .53 .55 .61 P. 60 P.55 Corn (cents per bushel).. 78 227.1 209.7 215.8 212.5 209.3 Cotton (cents per pound). 78 35.9 35.0 34.1 33.5 33.0 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 78 28.60 29.25 29.48 29.33 29.70 AH reporting banks: Butter (cents per pound). 78 79.8 80.1 81.2 77.2 77.1 Loans and investments 16 62.64 62.61 62.86 63.18 63.08 Eggs (cents per dozen)... 78 41.9 42.0 43.0 42.9 42.3 U. S. Govt. securities, total. 16 34.67 34.43 34.66 34.88 34.87 'roduction: Bonds 18 25.88 25.91 25.94 25.95 25.93 Steel (% of capacity) 80 95.2 90.3 90.8 93.1 93.1 Certificates 18 4.67 4.54 4.50 4.44 4.42 Automobile (thous. cars) 80 112 99 121 119 113 Notes 18 2.41 2.39 2.45 2.48 2.47 Paperboard (thous. tons)... 81 172 108 158 175 179 Bills 18 1.70 1.59 1.76 2.00 2.04 Crude petroleum (thous. Other securities 20 4.24 4.24 4.30 4.32 4.35 bbls.) 81 5,484 5,480 5,444 5,448 5,455 Demand deposits adjusted. . 16 46.41 46.24 46.43 46.73 46.84 Electric power (mill. kw. U. S. Govt. deposits 16 1.34 1.15 1.27 1.36 1.34 hrs.) 82 5,166 4,760 5,197 5,342 5,352 Loans, total4 16 23.74 23.93 23.90 23.98 23.86 Basic commodity prices Commercial4 20 14.34 14.40 14.48 14.50 14.49 (Aug. 1939 = 100) 82 329.0 327.5 328.3 322.4 322.1 Real estate 4 20 3.83 3.83 3.84 3.84 3.86 Total freight carloadings For purchasing securities: (thous. cars) 83 757 756 893 883 894 Total* 20 1.93 1.89 1.82 1.80 1.73 Department store sales U. S. Govt. securities *.. 20 .95 .94 .86 .75 .7: (1935-39 = 100) 83 265 217 236 231 234 Other securities 4 20 .98 .94 .96 1.04 1.01 Other* 20 3.88 4.05 4.01 4.08 4.02 New York City banks: 1948 Loans and investments 17 18.66 18.54 18.61 18.78 18.66 U.S. Govt. securities, total.. 17 10.13 9.98 10.06 10.20 10.20 Bonds 19 7.99 7.97 7.94 7.92 7.91 Apr. May June1 Certificates 19 .97 .92 .90 .87 .88 Notes 19 • .50 .49 .51 .52 .52 Bills 19 .67 .60 .70 .88 .89 MONTHLY FIGURES In billions of dollars Demand deposits adjusted.. 17 15.29 15.07 15.14 15.34 15.28 U. S. Govt. deposits 17 .34 .28 .31 .37 .36 RESERVES AND CURRENCY Interbank deposits 17 4.00 4.07 4.12 3.95 3.9' Time deposits 17 1.59 1.57 1.59 1.60 1.59 Reserve Bank credit 21.10 21.04 21.50 Loans, total4 17 7.44 7.48 7.42 7.44 7.31 Gold stock 23.15 23.24 23.46 Commercial4 21 5.20 5.19 5.20 5.18 5.19 Money in circulation 27.77 27.75 27.85 For purchasing securities: Treasury cash 1.32 1.32 fil.32 To brokers: Treasury deposits 1.22 1.42 1.49 On U. S. Govts 4 21 .61 .60 .52 .42 .38 Member bank reserves: On other securities4.. 21 .34 .33 .34 .41 .31 Total 4, 7, 1 16.93 16.93 17.40 To others4 21 .24 .24 .24 .24 .2. Central reserve city banks... 1 5.57 5.57 5.94 Allother4 21 1.12 1.19 1.21 1.28 1.2 Reserve city banks 1 6.47 6.50 6.53 Banks outside New York City: Country banks 1 4.88 4.87 4.92 Loans and investments 17 43.99 44.06 44.24 44.39 44.43 Required reserves: U.S. Govt. securities, total.. 17 24.54 24.45 24.60 24.68 24.67 Total 16.12 16.19 16.54 Bonds 19 17.90 17.94 18.00 18.03 18.02 Country banks 1 4.35 4.35 4.37 Certificates 19 3.70 3.62 3.60 3.58 3.5- Excess reserves: Notes 19 1.91 1.90 1.94 1.96 1.95 Total 4, .81 .74 .85 Bills 19 1.03 .99 1.05 1.11 1.15 New York City .04 .02 .04 Demand deposits adjusted.. 17 31.13 31.18 31.28 31.39 31.56 Chicago .01 .01 .01 U. S. Govt. deposits 17 1.01 .87 .96 .99 .98 Reserve city banks .23 .20 .24 Interbank deposits 17 6.17 6.32 6.50 6.18 6.0( Country banks .53 .51 .56 Time deposits 17 13.38 13.35 13.35 13.34 13.32 Money in circulation, total. .. 27.72 27.81 27.90 Loans, total4 17 16.30 16.46 16.49 16.53 16.5. Bills of $50 and over 8.57 8.56 8.58 Commercial4 21 9.14 9.21 9.29 9.32 9.3C $10 and $20 bills 14.72 14.78 14.82 Real estate4 21 3.67 3.68 3.68 3.68 3.7C Coins, $1, $2, and $5 bills.... 4.43 4.48 4.50 For purchasing securities 4 21 .73 .72 .72 .72 .73 Allother* 21 2.92 3.01 2.96 2.96 2.98 ALL BANKS IN THE UNITED STATES Deposits and currency:* MONEY RATES, ETC. Per cent per annum Total* 10 *167.80 P168.00 P168.10 Excluding U. S. Govt. U. S. Govt. securities: deposits* 10 P165.30 v165.60 P165.90 Bills (new issues) 34, 35 .997 997 .997 .997 .997 Demand deposits adjusted*... 10 *83.00 P83.20 P83.00 Certificates 34, 35 1.09 .10 1.10 1.10 1.10 Time deposits adjusted* 10 P56.90 P57.OO P57.3O 3-5 years 34 1.54 1.55 1.55 1.57 1.59 "Currency outside banks* 10 P25.40 P25.40 P25.60 7-9 years 34 1 .97 .96 1.94 1.96 1.99 U. S. Govt. deposits* 10 *2.50 J»2.40 P2.20 15 years or more 34, 36 2.44 >.44 2.44 2.44 2.4< F. R. Bank discount rate 35 1.25 L .25 1.25 1.25 1.25 ALL COMMERCIAL BANKS Commercial paper 35 1.38 ,38 1.38 1.38 1.38 Bankers' acceptances 35 1.06 L.06 1.06 1.06 1.06 Cash assets* 11 »33.00 P32.60 P34.40 Corporate bonds: Loans and investments, total* 11 P114.30 P114.50 P113.7O Aaa 36 2.79 2.80 2.80 2.82 2.82 Loans* 11 P38.80 P39.40 P39.7O Baa 36 3.35 3.35 3.36 3.38 3.39 U. S. Govt. securities* 11 P66.30 P65.90 P64.80 High-grade (Treas. series)... 36 2.77 2.78 2.78 2.81 2. Other securities* 11 P9.20 P9.20 P9.20 For footnotes see p. 1016. AUGUST 1948 1013 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 Chart 1948 book book page Apr. May June1 page Apr. May June1 MONTHLY FIGURES—Cont. In billions of dollars In billions of dollars MONTHLY FIGURES—Gont. MEMBER BANKS All member banks: TREASURY FINANCE Cont. Loans and investments, total 14 95.85 96.05 95.44 Loans 14 33.02 33.61 33.88 Ownership of U. S. Govt. securities—Cont. U. S. Govt. securities 14 55.38 55.06 54.15 Marketable public issues—Cont. Other securities 14 7.45 7.38 7.41 By earliest callable or due date: Demand deposits adjusted* 14 70.04 70.25 70.00 Within 1 year-Total outstanding 31 49.39 49.40 49.87 Time deposits 14 28.62 28.62 28.85 Commercial bank and F. R. Balances due to banks 14 10.46 10.32 10.62 Bank 31 31.87 31.51 «32.09 Balances due from banks 14 5.14 5.10 5.27 F. R. Bank 31 14.29 14.46 15.26 Central reserve city banks: 1-5 years—Total outstanding. 31 46.41 46.41 46.12 Loans and investments, total 14 24.16 24.20 23.76 Commercial bank and F. R.* Loans 14 8.73 9.14 9.26 Bank 31 33.26 33.33 •33.27 U. S. Govt. securities 14 13.82 13.58 13.03 F. R. Bank 31 2.55 2.72 2.64 Other securities 14 1.61 1.48 1.47 5-10 years—Total outstanding 31 10.27 10.27 10.46 Demand deposits adjusted* 14 19.41 19.42 19.10 Commercial bank and F. R. Time deposits 14 2.46 2.49 2.64 Bank 31 6.60 6.67 «6.75 Balances due to banks 14 4.96 4.89 5.01 F. R. Bank 31 .50 .50 .55 Reserve city banks: Over 10 years-Total outstanding 31 54.81 54.81 53.89 Loans and investments, total 15 35.04 35.07 35.09 Nonbank (unrestricted Loans 15 13.34 13.39 13.38 issues only), commercial U. S. Govt. securities 15 19.29 19.25 19.24 bank, and F. R. Bank. ... 31 8.93 8.91 «8.02 Other securities 15 2.41 2 A3 2.46 Commercial bank and F. R. Demand deposits adjusted* 15 24.41 24.48 24.35 Bank 31 7.59 7.59 «6.84 Time deposits 15 11.30 11.27 11.33 F. R. Bank 31 2.99 2.98 2.92 Balances due to banks 15 4.66 4.63 4.79 Balances due from banks 15 1.73 1.71 1.78 Country banks: Lo L a o n a s n a s n d investments, total 1 1 5 5 3 1 6 0 . . 6 9 5 5 3 1 6 1 . . 7 0 9 9 3 1 6 1 . . 5 2 9 3 MONEY RATES, ETC. Per cent per annum U. S. Govt. securities 15 22.28 22.22 21.88 Other securities 15 3.43 3.48 3.48 Demand deposits adjusted* 15 26.22 26.35 26.55 U. S. Govt. securities: Time deposits 15 14.86 14.86 14.88 Bills (new issues) 33, 35 .997 .997 .998 Balances due from banks 15 3.23 3.21 3.30 Certificates 35 1.10 1.09 1.09 Bonds, 15 years or more 36 2.44 2.42 2.41 CONSUMER CREDIT* F. R. Bank discount rate 33, 35 1.25 1.25 1.25 Co S n i s n u g m le e - r p a c y re m d e i n t, t t l o o t a a n l s 5 5 2 2 2 2 1 2 3 . . 6 6 7 3 P P 13 2 . . 8 6 2 6 P P 1 2 4 . .1 6 5 6 C C B o o a m n rp k m o e r r e a s r t ' c e i a a c b l c o p e n p a d p ta s 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 Charge accounts 22 3.26 P3.26 P3.36 Aaa 33,36 2.78 2.76 2.76 S In e s r I v t n a i s c l t m e a l e c m n re e t d n c i t r t e lo d a it n , s t 5 o tal5 22, 2 2 2 3 2 3 6 3 . . . 7 6 93 7 3 P P3 p 6 . . . 9 9 7 6 3 1 P P ~ 3 P . 1 . 7 9 . 9 3 19 H Ba ig a h -grade (Treas. series) 3 3 6 6 3 2 . . 4 7 7 7 3 2 . . 3 7 8 4 3 2 . . 3 7 4 3 Instalment sale credit, total 23 3.14 P3.26 P3.40 Automobile 23 1.47 PI.54 PI. 63 Other 23 1.67 Pl.72 Pl.77 In unit indicated TREASURY FINANCE Cash income and outgo: Stock prices (1935-39 = 100): Cash income 27 2.96 3.33 5.10 Total 39 125 130 135 C Ex a c sh e s o s u o t f g o ca sh income and outgo. .. 2 2 7 7 2.96 0 + 2 . . 8 4 7 6 + 4 . . 3 7 4 R In a d il u r s o t a r d ia l 3 3 9 9 1 11 3 5 1 1 1 3 2 7 3 1 1 2 4 6 3 U. D S i S S N B r . e p a o o c v e G n t t c i e d n i o s a a s g , v n l s t ( c d . i m b e s g s r o a s t u u n i e r e f a k d c i s r c u e s a , a t r n a i t s t e b t a i s e e l v , e e s i d n a i g s n o s s d u u n t e b s o s i t ) l t a l e s n s d , i e n t g c. : 2 2 2 2 2 8 8 8 8 8 2 1 4 5 2 4 1 5 9 9 9 5 . . . . . 1 8 2 5 9 9 4 0 2 9 2 1 2 5 4 5 1 9 9 5 0 5 . . . . . 3 7 2 5 0 2 5 0 2 3 2 1 3 4 5 5 1 0 7 9 0 2 . . . . . 7 2 5 1 4 2 1 1 3 6 V B o r M C P C o lu u k r u o m e b e s n d r l t e i e o s i c t ' y m o b e u f b e a x t r o t i l t s r l a e r i ' a r n n t o d y f c d r w i e e e n s e d e g d ( c t m ( o r m e i d l c i l l u i , l t , s d t b s o o h a l m a l l a a r e e r n r s s s c ) ) : es.... 3 4 4 4 3 9 1 1 1 9 1 2 6 5 .4 1 7 4 9 7 4 2 1 6 1 6 2 6 .9 1 1 5 9 8 5 9 8 9 1 6 2 5 1 .4 7 1 8 0 1 6 9 3 1 Ownership of U. S. Govt. securities: Total: Commercial banks* 29 66.40 65.80 64.90 Fed. agencies and trust funds... 29 34.81 34.88 35.75 BUSINESS CONDITIONS F. R. Banks 29 20.34 20.66 21.37 Individuals* 29 65.70 65.80 66.70 Corporations* 29 '21.20 '21.60 21.20 Personal income (annual rate, bill, Insurance companies* 29 23.50 23.40 23.20 dollars) :*« Mutual savings banks* 29 12.00 12.00 12.00 Total 52 207.4 207.2 211.9 State and local govts.* 29 7.30 7.40 7.30 Total salaries and wages 52 125.0 126.8 129.1 Marketable public issues: Proprietors' income, dividends, and By class of security: interest 52 68.6 67.5 69.8 Bills—Total outstanding 30 13.75 13.76 13.76 All other 52 13.8 12.9 13.0 Commercial bank and F. R. Labor force (mill, persons):e Bank 30 10.99 10.77 "10.92 Total 53 61.8 61.7 64.7 F. R. Bank 30 7.97 8.25 8.58 Civilian 53 60.5 60.4 63.5 Certificates—Total outstanding 30 20.06 20.06 22.59 Unemployment 53 2.2 1.8 2.2 Commercial bank and F. R. Employment 53 58.3 58.7 61.3 Bank 30 11.45 11.42 "13.17 Nonagricultural 53 50.9 50.8 51.9 F. R. Bank 30 4.24 4.14 4.62 Employment in nonagricultural estab- Notes—Total outstanding.... 30 11.37 11.37 11.37 lishments (mill, persons):*4 Commercial bank and F. R. Total 54 44.6 44.7 P45.0 Bank 30 6.59 6.48 «6.50 Manufacturing and mining 54 16.9 17.0 P17.0 F. R. Bank 30 1.96 1.96 1.97 Trade 54 9.7 9.7 P9.8 Bo N nd o s n — b T a o n t k al ( o u u n ts r t e a s n t d r i i n c g t . e .. d . 30 115;69 115.69 112.63 G Tr o a v n e s r p n o m rt e a n t t i on and utilities 5 5 4 4 5 4 . . 6 0 4 5 . . 0 6 P P 5 4 . . 6 0 issues only), commercial Construction 54 2.0 2.0 P2.1 bank, and F. R. Bank.... 30 69.82 69.80 66.76 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 55 51.71 51.76 P52.81 Bank 30 50.29 50.44 48.38 Hourly earnings (cents) 55 129.2 130.1 P131.9 F. R. Bank 30 6.17 6.32 6.21 Hours worked (per week) 55 40.0 39.8 i>40.0 For footnotes set p. 1016 1014 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 page Apr. May June1 page Apr. May June1 MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:6 Prices paid and received by farmers Total (1935-39 = 100) 57, 58 188 191 P192 (1910-14 = 100): Groups (points in total index): Paid 77 249 250 251 Durable manufactures 57 82.3 83.4 P84.2 Received 77 291 289 295 Machinery and trans, equip... 58 44.5 42.8 P43.7 Cash farm income (mill, dollars): Iron and steel 58 19.5 22.7 P22.7 Total 79 2,096 2,110 P2.412 Nonferrous metals, lumber, and Livestock and products 79 1,377 1,462 Pl,613 other durables 58 18.3 17.9 P17.8 Crops 79 670 610 P772 Nondurable manufactures 57 83.0 83.2 *83.4 Govt. payments 79 49 38 P27 Textiles and leather 58 22.1 22.3 P21.9 Food, liquor, and tobacco 58 22.8 22.5 P22.8 Chemicals, petroleum, etc 58 23.0 23.1 P23A Paper and printing 58 15.2 15.4 PIS. 3 INTERNATIONAL TRADE AND FINANCE Minerals 57,58 22.3 24.6 Selected durable manufactures- Exports and imports (mill, dollars): (1935-39=100): Exports 85 Pl.103 Nonferrous metals 59 203 203 Excluding Lend-Lease exports. .. 85 Pl.103 Steel 59 208 233 234 Imports 85 *>527 P549 Cement 59 193 187 190 Excess of exports or imports ex- Lumber 59 132 131 cluding Lend-Lease exports 85 Transportation equipment 59 237 215 Foreign exchange rates: Machinery 59 276 272 See p. 1039 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 60 196 191 Total liabilities 7 5.11 Cotton consumption 60 147 147 140 Official 7 2.06 Manufactured food products. ... 60 157 159 Invested in U. S. Treasury bills Paperboard 60 192 191 "l87 and certificates 7 .29 Leather 60 105 110 Private 7 3.05 Industrial chemicals 60 439 437 P443' Total assets 7 1.08 Rayon 60 305 304 Sales and inventories (bill, dollars): Sales: Manufacturing—Durable 61 6.8 6.6 7.1 1947 1948 —Nondurable.... 61 10.4 10.2 10.5 W Re h t o a l i e l — — sal N D e o u n ra d b u l r e a ble 6 6 6 1 1 1 1 2 3 7 . . . 6 8 8 1 2 8 3 . . .0 7 0 1 2 3 7 . . . 9 9 6 QUARTERLY FIGURES O D c e t c - . J M an a . r - . A Ju p n r. e - Inventories: Manufacturing—Durable 61 13.7 13.8 13.9 Wholesale —Nondurable 6 6 1 1 1 8 5 . .4 1 1 8 5 . .7 1 1 8 5 . . 1 9 TREASURY FINANCE In billions of dollars Construction contracts (3 mo. moving avg., mill, dollars), total6 63 742 769 P809 Residential 63 284 304 P318 Budget receipts and expenditures: Other 63 457 465 P491 Total expenditures 26 7.86 8.83 12.97 Residential contracts (mill, dollars): 6 National defense 26 3.09 2.77 2.77 Total 64 290 309 316 Net receipts 26 9.38 14.95 10.62 Public 64 -8 7 11 Internal revenue collections, total 26 7.85 13.69 9.48 Private, total 64 298 303 304 Individual income taxes 26 3.44 8.55 4.87 1- and 2-family dwellings 64 235 239 226 Corporate income taxes 26 2.17 3.14 2.57 Other 64 63 64 79 Misc. internal revenue 26 2.24 2.00 2.04 Value of construction activity (mill. dollars), total* 65 302 1,455 1 ,605 Nonresidential:« Public 65 281 334 372 MONEY RATES Per cent per annum Private 65 490 531 595 Residential:* Public 65 6 5 5 Bank rates on customer loans: Fre T G i o g r M P o t h a r u t i l i p s v c c s ( a a e 1 t r ( l 9 e l l p a 3 o o n 5 a i e - d n 3 o i t 9 n s u s g = i n s : 1 6 t 0 o 0 t ) a l index): 6 6 6 5 7 7 5 1 2 7 3 9 5 0 .4 5 1 8 4 78 5 1 .2 63 7 3 6.8 O T N So o t e h u w ta e t h l r , Y e N r 1 o n 9 o r k r a c t n i h C t d e i i e r t s W y n a e n st d e r 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 . . . . 6 2 2 8 1 2 7 2 2 2 2 2 . . . . 8 4 5 0 3 6 2 9 2 3 2 2 . . . . 0 7 5 1 3 1 6 0 Coal 67 22.4 34.6 32.6 All other 67 28.3 28.6 29.3 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) :6 BUSINESS FINANCE In unit indicated Sales 68 305 r310 313 Stocks 68 308 r296 283 296 stores: Corporate security issues: Sales (mill, dollars) 69 331 339 z>337 Total (bill, dollars) • 42 2.22 1.61 1.65 Stocks (mill, dollars) 69 938 919 P859 New money, total (bill, dollars) •. . 42 1.87 1.40 1.34 Outstanding orders (mill, dollars) 69 356 339 P464 Type of security (bill, dollars): Stocks-sales ratio(months' supply) 69 2.8 2.7 P2.6 Bonds 42 1.45 1.13 1.06 Consumers' prices (1935-39 = 100): Preferred stock 42 .12 .09 .18 All items 71 169.3 170.5 171 Common stock 42 .30 .18 .10 Food 71 207.9 210.9 214.1 Use of proceeds (mill, dollars): Apparel 71 196.4 197.5 196.9 Plant and equipment: Rent 71 116.3 116.5 117.0 All issuers 43 1,543 844 1,079 Wholesale prices (1926 = 100), total... 73 162.8 163.9 166.2 Public utility 43 981 531 803 Farm products 73 186.7 189.1 196.0 Railroad 43 87 97 126 Foods 74 176.7 177.4 181.4 Industrial 43 472 212 149 Other than farm and foods, total... 73 148.7 149.0 149.5 Working capital: Textile products 74 150.3 150.2 149.6 All issuers 43 325 555 263 Hides and leather products 74 186.1 187.5 186.8 Public utility 43 24 5 2 Chemicals and allied products... 75 136.2 134.7 135.7 Railroad 43 3 Fuel and lighting materials 75 131.6 132.6 133.1 Industrial 43 272 331 194 Building materials 75 195.0 196.4 196.8 Bonds (bill, dollars) :• Metals and metal products 75 157.2 157.1 158.7 Public 42 .91 .61 .87 Miscellaneous 74 121.8 121.5 121.4 Private 42 .82 .72 .45 For footnotes see p. 1016 AUGUST 1948 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS •—Continued Chart 1947 1948 Chart 1947 book book page Oct- Jan.- Apr.- page June Dec June Dec. Mar. June 30 31 30? QUARTERLY FIGURES—Cont. In unit indicated CALL DATE FIGURES *° In billions of dollars BUSINESS FINANCE—Cont. ALL MEMBER BANKS Corporate assets and liabilities (bill, dollars):* Holdings of U. S. Govt. securities: Current assets, total 44 nu.9 115.3 Bonds 12 46.51 45.29 40.25 Cash 44 '22.4 22.1 Notes 12 4.37 4.82 4.10 U. S. Goyt. securities 44 13.5 13.2 Certificates 12 7.54 5.82 7.59 Inventories 44 '41.7 43.0 Bills 12 .77 1.99 2.19 Receivables 44 '35.6 35.4 Loans:4 Current liabilities, total 44 '54.0 52.9 Commercial 13 13.82 16.96 16.73 Notes and accounts payable.... 44 34.1 32.6 Agricultural 13 .97 1.05 1.24 Federal income tax liabilities.... 44 '9.9 10.0 Real estate 13 6.24 7.13 7.77 Net working capital 44 '60.9 62.4 Consumer 13 4.00 4.66 5.22 Plant and equipment expenditures For purchasing securities: (bill, dollars):*8 To brokers and dealers 13 1.51 .81 1.17 All business 45 5.0 4.5 4.8 To others 13 1.15 1.07 .96 Manufacturing and mining; rail- State and local govt. securities 13 3.98 4.20 roads and utilities 45 3.3 3.0 3.2 Other securities 13 2.97 3.11 Co M rp a o n r u a f te a c p tu ro ri f n it g s , a ta n x d e s m , a in n i d n g d ividends 45 2.5 2. 2.2 (annual rates, bill, dollars):* 1946 1947 Profits before taxes 46 '32.4 31.4 Profits after taxes (dividends and undistributed profits) 46 19.7 19.2 FIGURES FOR SELECTED DATES Dec. Dec? Undistributed profits 46 '12.6 11.9 Corporate profits after taxes (quarterly totals): LIQUID ASSET HOLDINGS* In billions of dollars All corporations (bill, dollars) • 47 4.9 4.8 Large corporations, total (bill, dol- Individuals and business: lars) 47 1.3 1.3 Total holdings 24 231.5 236.8 Durable manufacturing (mill, dol- Deposits and currency 24 143.3 146.7 lars) 47 508 510 Savings and loan shares 24 8.4 9.5 Nondurable manufacturing (mill. U. S. Govt. securities 24 79.8 80.6 dollars) 47 446 462 Individuals: Electric power and telephone Total holdings 24 165.2 172.0 (mill, dollars) 47 199 229 Deposits and currency 24 101.5 104.7 Railroads (mill, dollars) 47 157 7 S U a . v S in . g G s o a v n t d . s l e o c a u n r i s t h ie 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 July- Oct.- Jan.- U. S. Govt. securities 24 15.3 14.5 Sept. Dec. Mar. Un T in o c ta o l r p h o o r l a d t i e n d g s b usinesses: 24 27.4 26.4 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 product'6 9 48 227.9 243.8 246.0 Govt. purchases of goods and serv- OWNERSHIP OF DEMAND DEPOSITS* ices 48 28.3 29.0 29.4 Feb. 26 Jan. 30* Personal consumption expenditures 48 165.6 171.1 172.3 Durable goods 49 21.1 22.1 21.4Individuals, partnerships, and corpora- Nondurable goods 49 96.8 100.2 101 tions, total 25 77.8 82.4 Services 49 47.7 48.8 49.6 Nonfinancial: Private domestic and foreign invest- Total 25 37.2 39.8 ment 48 34.0 43.6 44.3 Manufacturing and mining 25 16.0 17.3 Gross private domestic invest- Trade 25 12.5 13.4 ment: Public utilities 25 4.2 4.1 Producers' durable equipment. 50 17.6 18.9 19.6 Other 25 4.5 4.9 New construction 50 11.6 14.0 14.3 Financial: Change in business i nventories. 50 -3.5 2.5 6.5 Total 25 6.5 7.4 Net foreign investment 50 8.4 8.2 3.9 Insurance companies 25 2.1 2.7 Personal income, consumption, and Other 25 4.5 4.7 saving:*69 Individuals: Personal income 51 196.7 203.1 207.3 Total 25 28.9 30.1 Disposable income 51 175.0 180.9 184.1 Individuals excl. farmers 25 22.0 22.9 Consumption expenditures 51 165.6 171.1 172.3 Farmers 25 6.9 7.2 Net personal saving 51 9.4 9.7 11.8 Nonprofit assns. and other 25 5.2 5.1 « Estimated. v Preliminary. ' Revised. 1 For charts on pp. 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN table 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 June 30, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously reported; total loans are still reported on a net basis. 6 Revised. See pp. 933-937 of this BULLETIN. 6 Adjusted for seasonal variation. 7 As of Mar. 31, 1948. 8 Estimates for July-Sept. 1948 quarter are (in billions of dollars): All business, 4.6; manufacturing and mining, railroads and utilities, 3.1; manufacturing and mining, 2.0. 9 Revised figures as published in Survey of Current Business, July 1948. 10 Member bank holdings of State and local government securities on Oct. 6, 1947, and on Apr. 12, 1948, were 4.22 and 4.45 billion dollars, respectively, and of other securities were 3.08 and 3.02 billion dollars, respectively; 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. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT • 1948 1948 Chart Chart book book page1 Apr. May? Junep page1 Apr. May? June* In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 Consumer instalment sale credit out- Instalment credit, total 3, 5 13,627 13,818 14,149 standing, cumulative totals:2—Cont. Instalment loans 5 6,769 6,963 7,192 Furniture and household appli- Instalment sale credit 5 3,632 3,705 3,793 ance stores 1,669 1,722 1,768 Charge accounts 3 3,137 3,258 3,399 Department stores and mail- Single-payment loans 3 2,665 2,660 2,662 order houses 1,098 1,129 1,158 Service credit 3 934 932 931 All other 418 426 437 Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:* granted, cumulative totals:8 Instalment credit 4 13,627 13,818 14,149Consumer instalment loan credit out- Charge accounts 4 6,858 6,855 6,957 standing, cumulative totals:2 Single-payment loans 4 3,599 3,592 3,593 Commercial and industrial banks. 3,632 3,705 3,793 Service credit 4 934 932 931 Small loan companies 1,882 1,919 1,965 Consumer instalment sale credit out- Credit unions 1,143 1,171 1,207 standing, cumulative totals:2 Miscellaneous lenders 891 911 933 Automobile dealers 6 3,137 3,258 3,399 Insured repair and modernization loans 622 640 658 P Preliminary. J Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 1 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. Totals revised to include new estimates of instalment loans of commercial banks and credit unions and of single-payment loans. For description and back figures see pp. 933-937 of this BULLETIN. 3 Figures for this series are in process of revision and will not be available for several months. * Copies of the Chart Book may be obtained at a price of 50 cents. JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1948 [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 July 1, 1948 1947 July 1, 1948 1947 July 1, 1948 1947 July 1, 1948 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 6 906 6 515 New York.... 24,385 30,306 10,528 13,321 10,448 13,226 80 95 Philadelphia. 51,515 55,496 20,086 19,597 20,086 19,597 Cleveland 181 524 246 064 54 840 66 987 54 840 66 987 Richmond.... 164,313 171,827 30,684 29,691 30,684 29,691 Atlanta 167 485 172 824 8 203 8 023 8 203 8 023 Chicago 885,728 1,371,844 72,001 86,726 70,492 85,104 1,509 1,622 St. Louis 301,354 423,287 51,624 68,027 51,610 68,012 14 15 Minneapolis.. . ... 311,826 411,407 286,092 287,153 32,194 40,661 253,898 246,492 Kansas City 242,282 380,106 557,778 428,728 552,571 424,351 5,207 4,377 Dallas 57,398 52,709 127,561 58,345 127,459 58,223 102 122 San Francisco. . 6,236 6,477 145,522 175,153 109,383 138,083 36,139 37,070 Total 2,400,952 3,328,862 1,364,919 1,241,751 1,067,970 951,958 296,949 289,793 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 July 1, 1948 1947 July 1, 1948 19471 July 1, 1948 1947 July 1, 1948 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4,101 4,554 4,108 3,952 35,499 34,461 72,227 68,872 New York... 14,256 22,739 6,648 6,339 1,323 1,050 39,785 37,832 Philadelphia. 12,576 16,101 2,646 2,464 58,518 57,770 21,280 21,308 Cleveland.... 27,834 61,434 5,863 5,379 128,945 124,230 11,820 11,939 Richmond. . ... 37,453 26,737 4,522 4,904 1,259,188 994,271 26,230 26,569 Atlanta 32,720 28,420 3,902 3,458 264,387 208,436 12,580 12,239 Chicago 448,519 605,792 18,080 15,166 36,431 32,438 23,209 22,358 St. Louis .... 54,714 69,721 9,018 8,001 317,270 298,462 8,204 7,961 Minneapolis. . .... 362,585 394,278 9,893 9,256 • 2,876 2,494 41,946 40,587 Kansas City. . 153,260 146,794 9,578 9,342 3,326 3,761 32,590 31,044 Dallas 36,140 18,684 1,825 1,747 5,114 4,911 San Francisco. . 31,812 30,531 13,111 12,647 89,422 106,213 Total 1,215,970 1,425,785 89,194 82,655 2,107,763 1,757,373 384,407 391,833 As revised in July 1948. AUGUST 1948 1017 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 T a o n t d a l o b ff a i n ce k s s , o b n r a w nc h h ic e h s On par list N (N ot o n o m npar list Federal Reserve checks are drawn Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s 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 June 30, 1948* 14,086 4,234 12,072 3,916 6,919 3,116 5,153 800 2,014 318 By districts and bv States June 30, 1948* District Boston .:;: • 496 297 496 297 336 218 160 79 New York..: 915 846 915 846 788 783 127 63 Philadelphia 843 136 843 136 646 100 197 36 Cleveland 1,142 258 1,142 258 710 222 432 36 1,013 443 800 323 478 209 322 114 213 120 Atlanta 1,173 166 551 130 345 113 206 17 622 36 Chicago.; 2,487 572 2,432 547 1,000 223 1 432 324 55 25 St. Louis 1,470 132 1,126 72 494 39 632 33 344 60 Minneapolis 1,279 111 622 43 476 26 146 17 657 68 Kansas City 1,749 9 1,740 9 758 6 982 3 9 Dallas 1,013 40 903 31 616 20 287 11 110 9 San Francisco 506 1,224 502 1,224 272 1,157 230 67 4 State Alabama . ...... 222 22 114 22 88 22 26 108 10 41 10 41 5 31 5 10 229 19 104 5 66 1 38 4 125 14 California . ....... 192 906 192 906 114 863 78 43 142 1 142 1 92 1 50 Connecticut 115 25 115 25 65 12 50 13 Delaware ..; 39 14 39 14 17 4 22 10 District of Columbia... 19 39 19 39 16 36 3 3 Florida 178 2 116 2 73 2 43 62 Georgia 387 31 99 27 65 26 34 1 288 4 Idaho•- - 48 45 48 45 26 43 22 2 881 3 879 3 502 3 377 2 487 94 487 94 237 38 250 56 Iowa '2 . ......... 664 162 664 162 163 501 162 608 606 214 392 2 383 39 383 39 112 25 271 14 Louisiana 161 64 58 41 46 36 12 5 103 23 Maine 63 69 63 69 38 37 25 32 Mar viand. 166 103 166 103 78 68 88 35 Massachusetts 184 159 184 159 147 144 37 15 Michigan . . . 442 211 442 211 230 162 212 49 679 6 264 6 206 6 58 415 Mississippi 206 56 40 8 32 1 8 7 166 48 Missouri 596 529 180 349 67 Montana ..... 112 112 84 28 Nebraska ; J 409 2 409 2 144 2 265 8 18 8 18 6 17 2 1 New Hampshire: r; s... 74 2 74 2 52 1 22 1 New Jersey 339 136 339 136 291 * 122 48 14 New &texico.". 48 11 48 11 33 2 15 9 New York C48 722 648 722 567 671 81 51 North Carolina . . . 208 177 92 60 54 34 38 26 116 117 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 666 197 6(6 197 424 171 242 26 Oklahoma 384 1 376 1 224 1 152 8 Oregon..: 70 86 70 86 33 80 37 6 989 154 989 154 757 129 232 25 Rhode Island 19 41 19 41 11 29 8 12 South Carolina.:::... 149 34 60 32 32 27 28 5 89 2 South Dakota 170 47 70 22 63 20 7 2 100 25 294 75 199 59 81 47 118 12 95 16 Texas 894 4 835 4 566 4 269 59 Utah 59 18 59 18 35 16 24 2 Vermont 69 11 69 11 40 2 29 9 315 90 309 89 202 44 107 45 6 1 Washington 121 122 * 117 122 54 115 63 7 4 182 180 109 71 2 Wisconsin 553 151 445 101 163 21 282 80 108 50 Wyoming 55 55 40 15 p Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 8 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1947 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All districts B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. . 14.5 10.0 10.9 10.8 12.4 14.9 16.9 14.6 15.5 16.3 17.5 17.9 19.0 Profits before income taxes 13.9 10.0 11.3 11.1 12.1 14.5 15.9 13.8 14.4 15.3 16.7 16.5 18.0 Net profits 10.5 7.0 8.1 8.2 9.2 10.9 11.8 10.5 11.2 11.7 12.9 12.8 13.4 Cash dividends declared 2.9 2.6 2.2 2.3 2.4 2.9 3.3 2.7 3.0 3.1 3.7 4.0 3.2 Percentage of total assets: Total earnings 2.3 2.5 2.5 2.5 2,4 2.4 2.4 2.1 2.2 2.3 2.2 2.4 2.5 Net current earnings before income taxes. . .9 .8 .9 .8 .9 1.0 .7 .9 .8 .9 1.0 .9 Net profits .6 .6 .7 .6 .7 .7 .5 .6 .6 .7 .7 .6 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities... 36.9 35.6 40.5 40.9 39.3 35.3 30.2 42.7 38.5 38.2 33.6 24.8 33.0 Interest and dividends on other securities.. 6.2 6.3 6.6 9.3 8.4 5.7 6.6 5.5 6.3 4.7 4.3 5.8 3.7 Earnings on loans 42.6 40.0 40.3 39.7 40.6 47.1 47.2 36.8 42.5 35.4 45.8 54.9 48.6 Service charges on deposit accounts 6.2 8.8 6.1 3.7 5.0 4.9 6.6 7.2 5.0 6.4 8.1 6.7 6.1 Other current earnings 8.1 9.3 6.5 6.4 6.7 7.0 9.4 7.8 7.7 15.3 8.2 7.8 8.6 Total earnings... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 30.7 29.2 24.3 24.9 26.4 29.0 29.4 28.7 28.4 32.3 32.7 Interest on time deposits 11.3 11.8 15.8 16.7 15.4 12.8 8.1 12.6 8.0 14.3 4.0 1.8 Other current expenses 23.4 25.3 23.6 22.7 24.5 22.0 22.5 22.9 23.8 24.1 22.9 26.1 Total expenses 63.5 68.6 63.7 64.8 61.2 64.5 65.6 60.9 60.8 59.2 60.6 Net current earnings before income taxes 31.4 36.3 35.2 38.8 35.5 34.4 39.1 39.2 40.8 39.4 Net recoveries and profits (or losses —). . . -.7 .5 1 .8 1.3 - .4 - .4 -2.1 -1.5 -1.7 Taxes on net income 8.7 9.6 9.4 9.7 8.1 9.5 9.6 8.0 -2.1 7.6 -1.1 -2.6 Net profits 27.1 23.1 23.8 27.9 26.7 28.9 27.4 26.0 7.9 25.1 8.9 8.1 29.2 30.8 28.7 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities... 1.6 1.8 1.8 1.9 1.8 1.7 1.5 1.6 1.6 1.5 1.4 1 .4 Interest and dividends on other securities.. 2.7 2.7 2.7 3.0 2.6 3.1 2.9 2.4 2.6 2.3 2.5 3.0 Net recoveries and profits (or losses —) on total securities .0 .0 -.0 -.0 Return on loans: Earnings on loans 5.5 4.8 5.0 5.1 5.1 5.3 5.7 4.9 5.3 5.4 6.5 7.0 5.6 Net recoveries (or losses —) on loans -.0 -.0 .0 .1 -.0 -.0 -.1 -.1 -.1 -.0 -.1 -.3 Distribution of assets Percentage of total assets: U. S. Government securities 49.6 47.7 53.2 51.6 50.1 46.9 44.4 53.9 49.6 55.2 47.9 38.5 Other securities 6.4 6.6 6.7 8.8 8.8 5.4 6.5 6.2 6.3 5.4 4.9 5.4 Loans 19.3 22.2 21.1 20.1 19.7 22.7 21.3 16.8 18.3 15.8 16.2 20.2 Cash assets 24.0 22.4 17.9 18.4 20.6 24.0 27.0 22.6 25.2 23.0 30.7 35.3 Real estate assets .6 .9 .9 1.0 .7 .8 .6 .4 .5 .5 .3 .5 Other ratios Total capital accounts to: Total assets 7.1 6.7 5.9 Total assets less Government securities and cash assets 29.4 34.4 31.5 34.4 29.7 26.5 24.2 29.3 28.4 28.3 30.4 26.2 23.7 Total deposits 7.0 10.1 8.4 10.0 7.8 7.2 6.3 5.6 6.3 5.5 5.7 6.3 5.3 Time to total deposits 31.2 32.6 47.7 49.1 42.4 33.1 22.2 34.9 20.8 35.9 10.0 4.8 31.7 Interest on time deposits1 .9 .9 .8 .9 .9 1.0 .9 .8 .8 1.0 .9 .9 .9 Trust department earnings to total earnings1. 3.6 4.9 3.5 4.2 4.4 3.6 2.6 3.0 2.9 2.9 2.5 2.7 4.4 Number of banks2. 6,855 334 792 646 701 474 332 494 471 754 594 267 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 2 The ratios for 68 member banks in operation at the end of 1947 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1948 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .05 are shown as .0. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1947. Balance sheet figures used in the compilations were obtained by averaging' the amounts shown in each bank's official condition reports submitted for Dec. 31, 1946, and June 30 and Oct. 6, 1947, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (409 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 1019 AUGUST 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1947—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—tota deposits (in thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 0 , 0 0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 U 2 n 5 der 25-50 50-75 o a 7 v n 5 e d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14 5 11.7 14.3 15.3 15.0 14.2 13.5 12.5 11.2 16.2 13.9 12.1 10.1 Profits before income taxes 13.9 11.4 13.9 14.7 14.4 13.7 13.0 11.5 10.5 15.1 13.6 12.2 10.7 Net profits 10.5 9.4 11.3 11.4 10.0 9.2 9.0 7.6 7.5 11.6 10.1 9.2 8.1 Cash dividends declared 2.9 2.7 3.0 3.0 2.8 2.8 2.9 2.8 3.3 3.4 2.7 2.3 2.4 Percentage of total assets: Total earnings 2.3 2.6 2.4 2.3 2.3 2.3 2.2 2.0 1.9 2.2 2.4 2.5 2.5 Net current earnings before income taxes . .. ... .9 .9 .9 .9 .8 .8 .7 .7 .7 .9 .9 .8 .8 Net profits .6 .8 .7 .7 .6 .5 .5 .4 .4 .6 .6 .6 .7 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 36 9 31.9 35.7 37.6 37.8 38.0 37.7 37.6 37.5 33.8 37.9 40.9 43.9 Interest and dividends on other securities 6 2 5.4 5.7 6.5 6.8 6.3 5.6 5.1 5.1 5.2 6.3 7.6 11.4 Earnings on loans 42.6 49.8 45.2 42.4 41.0 39.2 38.7 38.1 38.3 44.6 41.7 40.5 37.0 Service charges on deposit accounts . .. 6 2 5.8 6.0 6.3 6.6 6.6 6.5 5.2 3.8 7.4 5.9 4.7 2.4 Other current earnings 8.1 7.1 7.4 7.2 7.8 9.9 11.5 14.0 15.3 9.0 8.2 6.3 5.3 Total earnings. ... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 31.2 29.0 27.8 28.2 29.3 31.0 31.6 32.2 31.7 28.0 25.1 21.6 Interest on time deposits 11.3 8.1 10.5 11.8 12.6 12.4 10.5 8.5 7.3 3.8 13.5 21.0 28.7 Other current expenses 23.4 25.1 23.3 22.7 23.0 23.9 25.3 26.8 26.2 24.5 23.3 21.8 19.9 Total expenses 63.5 64.4 62.8 62.3 63.8 65.6 66.8 66.9 65.7 60.0 64.8 67.9 70.2 Net current earnings before income taxes 36.5 35.6 37.2 37.7 36.2 34.4 33.2 33.1 34.3 40.0 35.2 32.1 29.8 Net recoveries and profits (or Ta l x o e s s se o s n — n ) et income —8. 77 -6 .06 -6 .86 -8..63 1-0.9.7 1-1.5.0 1-0.6.0 -120..52 -19..52 -28..09 -8.2.9 8..28 3 7 . . 3 6 Net profits 27.1 29.0 29.8 28.8 24.6 22.9 22.6 20.4 23.6 29.1 26.1 24.7 25.5 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.6 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.7 1.8 1.9 Interest and dividends on other securities 2 7 3 3 3 0 2.7 2 4 2 4 2.4 2.4 2.6 2.7 2.7 2.6 3.0 Net recoveries and profits (or losses —) on total securities. . .0 .0 .0 .0 .0 .0 .0 .0 .0 -.0 .0 .1 .1 Return on loans: Earnings on loans. . . 5 5 6.7 6.1 5.6 5.2 4.8 4.3 3.8 3.2 5.9 5.2 5.1 5.2 Net a r n e s coveries (or losses —) on o • Q • • o o .1 Distribution of assets Percentage of total assets: U. S. Government securities.... 49.6 43.9 48.6 50.5 50.6 50.9 49.7 48.5 46.0 46.8 50.6 52.8 53.2 Other securities 6.4 5.2 5.6 6.5 7.6 6.9 6.0 5.1 4.5 5.2 6.7 8.0 11.2 Loans 19 3 20 3 19 2 18 7 19 1 19 5 20 2 20 8 23 4 17 7 20 3 20 7 20 0 Cash assets 24.0 30.0 25.9 23.6 21.9 21.8 23.0 24.4 25.0 29.6 21.6 17.7 14.S Real estate assets .6 .6 .5 .6 .7 .8 .8 .9 .7 .5 .7 .7 .7 Other ratios Total capital accounts to: Total assets . . .. 6 5 8 5 6 9 6 3 6 1 6 1 5 8 5 8 6 3 6 0 6 6 7 1 8 3 Total assets less Government securities and cash assets 29.4 38.5 33.0 29.1 26.7 26.2 25.0 23.8 24.0 30.5 28.0 29.1 34.4 Total deposits 7.0 9.5 7.5 6.8 6.6 6.5 6.3 6.2 6.8 6.5 7.2 7.8 9.2 Time to total deposits. 31.2 22.9 28.2 32.1 35.8 35.9 30.6 23.8 18.9 9.9 38.0 58.4 79.7 Interest on time deposits 1.. .9 1.0 1.0 .9 .8 .8 .8 .8 .7 .8 .9 .9 1.0 Trust department earnings to total earnings 1 3.6 2.2 1.9 2.2 2.6 3.7 5.0 6.3 7.4 4.8 3.5 2.3 1.2 Number of banks2 6,855 474 1,360 2,486 1,233 756 257 131 158 2,876 2,361 1,558 60 For footnotes, see p. 1019. 1020 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1947—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All groups Size group—total deposits (in thousands of dollars) u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.5 12.6 16.9 18.0 12.4 10.9 14.2 14.2 13.1 10.0 12.4 11.8 11.8 Profits before income taxes 13.9 11.9 15.8 16.3 11.7 11.2 14.0 13.8 12.2 10.0 12.4 12.0 12.3 Net profits 10.5 9.8 12.6 11.3 8.0 9.3 11.0 9.5 8.4 8.3 9.7 8.2 9.2 Cash dividends declared 2.9 3.2 3.6 3.3 3.0 2.1 2.6 2.7 3.0 2.0 2.3 2.4 2.9 Percentage of total assets: Total earnings 2.3 2.5 1.9 2.6 2.4 2.2 2.6 Net current earnings before income taxes 1 .0 .9 .6 Net profits .8 .5 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 36.9 27.9 34.1 36.6 34.6 38.1 38.1 38.1 42.0 43.0 Interest and dividends on other securities 6.2 4.1 5.3 5.7 5.1 6.7 6.2 6.5 5.5 7.6 7.8 6.2 Earnings on loans 42.6 53.4 44.8 42.8 39.0 47.9 42.9 39.8 38.3 40.1 38.2 34.8 Service charges on deposit accounts 6.2 6.8 7.7 8.0 4.7 4.7 5.5 6.6 6.2 3.9 4.3 5.1 6.1 Other current earnings 8.1 7.8 8.1 9.4 14.6 6.1 7.3 9.0 11.9 6.4 5.7 6.9 9.9 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 31.4 30.9 32.4 28.2 27.0 28.7 30.8 ISA 24.2 25.9 28.6 Interest on time deposits 11.3 34.2 3.6 4.4 5.0 12.9 14.1 13.0 12.7 20.6 21.5 21.1 20.9 Other current expenses 23.4 2.4 24.0 24.0 27.1 25.1 22.6 23.6 24.7 22.2 21.4 22.1 23.3 26.0 Total expenses 63.5 62.6 59.0 64.5 66.2 63.7 68.2 68.2 69,1 72.8 Net current earnings before income taxes 36.5 37.4 41.0 40.7 35.5 33.8 34.7 31.8 32.9 30.9 Net recoveries and profits (or losses —) -.7 -1.6 -1.7 -3.1 -1.8 .9 .0 -.3 -1.4 .2 .6 1.2 2.7 Taxes on net income 8.7 6.1 8.0 11.7 10.5 6.0 7.8 10.7 9.4 5.3 7.4 10.0 7.2 Net profits 27.1 29.7 31.3 25.9 23.2 28.7 28.5 23.7 21.0 26.7 26.1 22.1 22.7 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.6 1.6 1.5 1 .5 1.5 1.9 1.7 1 .7 1.6 2.0 1 .9 1 .8 1.7 Interest and dividends on other securities 2.7 3.4 2.9 2.3 2.5 3.3 2.8 2.4 2.3 3.0 2.7 2.5 2.5 Net recoveries and profits (or losses —) on total securities. . .0 -.0 — .0 -.0 .0 .1 .0 .0 .0 .0 .1 .1 1 Return on loans: Earnings on loans 5.5 7.5 6.3 5.4 3.6 5.6 5.4 5.0 4.2 5.5 5.2 4.9 4.3 Net recoveries (or losses —) on loans -.0 -.1 -.1 -.1 .0 -.0 -.0 -.0 -.1 -.0 -.0 .0 Distribution of assets Percentage of total assets: U. S. Government securities 49.6 40.3 48.0 47.2 45.4 45.9 50.6 51.2 51.2 53.4 52.0 54.0 54.9 Other securities 6.4 4.0 5.1 6.4 4.8 6.5 6.3 7.3 5.9 7.2 8.0 8.4 6.7 Loans 19.3 19.0 16.6 18.1 21.8 23.2 20.2 19.7 20.8 20.2 21.3 19.9 19.5 Cash assets 24.0 36.2 29.8 27.6 27.0 23.5 22.1 20.9 20.8 18.4 17.9 16.7 17.7 Real estate assets 6 .4 .4 .6 .7 .7 .9 .7 .7 .9 Other ratios Total capital accounts to: Total assets 6.5 8 .3 5.9 5.3 6.8 5.9 8.8 7.3 5.7 Total assets less Government securities and cash assets 29.4 42.2 31.8 25.1 24.0 32.1 29.7 26.1 24.4 35.9 29.2 28.8 26.9 Total deposits 7.0 9.3 6.3 5.7 6.6 9.6 7.3 6.7 6.3 9.8 8.0 7.4 6.2 Time to total deposits 31.2 5.9 13.2 13.1 37.6 38.4 37.7 60.2 59.3 59.1 Interest on time deposits1 .9 1.1 .9 .7 .7 1.0 1.0 .8 1.0 1.0 .9 Trust department earnings to total earnings1 3.6 4.1 2.4 3.2 7.5 1.2 2.2 3.5 4.7 1.8 2.5 Number of banks2. 6,855 273 1,692 612 299 126 1,179 853 203 75 975 524 44 For footnotes, see p. 1019. AUGUST 1948 1021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1948 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap i o n l n i e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings Discounts and advances $1,929,533 $116,509 $567,420 $127,758 $161,991 $121,462 $82,172 $382,949 $82,190 $41,021 $88,444 $51,940 $105,677 U. S. Govt. securities, System account. . . 129,768,193 8,712,72731,135,998 9,267,993 2,439,298 8,427,384 6,507,61418,451, 602 7,121.891 3,971,632 6,048,969 5,858,56911,824,516 Industrial loans 26,048 17,042 1 ,695 1,101 6,210 Commitments to make industrial loans. . . 7,742 75 3,139 514 323 928 1,144 885 734 All other 412,321 8,239 61,629 """5 i 358 104,530 12,067 13,614 67,924 12,668 ' 3,133 88,500 5,311 29,348 Total current earnings 132,143,837 8,837,55031,765,047 9,418,151 12,710,653 8,562,52? 6,609,93318,903,403 7,217,893 4,015,786 6,226,798 5,915,82011,960,275 Current Expenses Operating expenses: Salaries: Officers 1,676,850 107,224 326,840 86,216 142,270 114,471 117,841 200.961 108,315 88,520 118,379 105,773 160,040 Employees 24,342,538 1,513,056 5,999,858 1,468,575 ,088,979 1,554,520 1,112,697 3,848,290 1,406,337 721,214 1,279,728 1,064,396 2,284,888 Retirement System contributions 2,486,031 155,016 211 ,270 162,947 123,104 73,229 114,422 245,281 Legal fees 14,320 358 589,474 148,876 3,375 25 75 375,509 148,276 1 138,627 1,666 28 Directors' fees and expenses 133,505 8,335 10,162 8,949 18,655 10,320 11,756 15,530 Federal Advisory Council fees and ex- 8,130 8,747 7.655 11,622 13,644 penses 12,985 921 1,055 530 1,262 1 ,104 1 ,544 1,693 Traveling expenses (other than of direc- 765 744 1 ,041 1 ,196 1,130 tors and members of Federal Advisory Council) 340,136 15,527 45,337 15,343 26,762 26,758 22,310 46,500 30,702 19,645 27,667 26,526 37,059 Postage and expressage 3,914,669 382,567 629,239 262,916 341,760 338,335 299,675 518,643 208,441 128,226 216,049 190,664 398,154 Telephone and telegraph 253,435 12,037 46,603 14,983 23,511 13,839 21 ,227 19,758 22,522 11,260 20,418 16.058 31,219 Printing, stationery, and supplies 1,904,250 156,137 404,847 112,168 143,716 104,180 112,747 357,712 109,134 45,493 114,154 79,148 164,814 Insurance 314,599 22,289 70,524 14,567 26,674 17,735 14,873 42,992 19,619 14,399 19,287 16,291 35,349 Taxes on real estate 925,848 95,543 237,694 45,718 106,543 43,106 38,179 130,776 40,182 42,472 54,549 24,271 66,815 Depreciation (building) 555,805 27,916 112,863 75,276 76,238 44,372 21,274 46,024 33,627 15,703 38,469 26,605 37,438 Light, heat, power, and water 367,154 22,524 93,004 23,614 49,435 25,420 19,286 42,694 22 ,738 13,672 15,835 17,820 21,112 Repairs and alterations 256,562 7,851 37,936 11,087 48,488 13,496 29,829 39,550 24,817 7,471 15,877 13,121 7,039 Rent 202,806 5,434 3,673 602 4,010 19,197 86.399 5,699 583 9,447 5,856 61,906 Furniture and equipment 551,100 32,568 151,683 29,472 30,407 35,984 56,475 66,733 63,339 4,436 13,551 40,294 26,158 All other 1,523,568 103,549 44,637 139,437 212,129 112,683 113,375 272,977 98,092 78,844 95,850 88,518 163,477 Total operating expenses 39,776,161 2,668,852 8,799,441 2,470,197 3,543,376 2,621,360 2,142,081 6,104,214 2,354,658 1,2 76,592 2,192,661 1,844,729 3,758,000 Less reimbursement for certain fiscal agency and other expenses 8,626,489 489,717 1,715,274 427,931 661,755 520,963 516,669 1,609,038 485,300 272,611 520,463 410,154 996,614 Net operating expenses 31,149,672 2,179,135 7,084,167 2,042,266 2,881,621 2,100,397 1,625,412 4,495,176 1,869,358 1,003,981 1,672,198 1,434,575 2,761,386 Assessment for expenses of Board- of Governors 1,402,908 3,553 448,938 113,297 129,624 68,510 57,237 191,179 49,946 34,692 49,756 47,488 Federal Reserve currency: Original cost 1,576,280 143,319 297,378 171,558 138,618 129,286 107,075 320,133 86,167 15,205 33,545 33,050 100,946 Cost of redemption 338,433 19,153 62,089 15,525 28,846 23,708 38,549 47,255 17,353 7,887 16,052 15,242 46,774 Total current expenses. . 34,467,293 2,430,160 7,892,572 2,342,646 3,178,709 2,321,901 1,828,273 5,053,743 2,022,824 1,061,765 1,771,551 1,530,355 3,032,794 Current net earnings.. 97,676,544 6,407,390 23,872,475 7,075,505 9,531,944 6,240,627 4,781,66013,849,660 5,195,069 2,954,021 4,455,247 4,585,465 3,927,481 w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Reported gold reserves of central banks and governments. 1024 Gold production 1025 Gold movements 1025 International capital transactions of the United States. . 1026-1031 International Monetary Fund and Bank. . 1032 Central banks 1032-1036 Money rates in foreign countries. . 1037 Commercial banks 1038 Foreign exchange rates. . 1039 Price movements: Wholesale prices 1040 Retail food prices and cost of living. . 1041 Security prices . 1041* 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. AUGUST 1948 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED 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 o c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece H ga u r n y - 1939—Dec... 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec... 21,995 416 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 3 4 5 6 1 2 — — — — — — D D D D D D e e e e e e c c c c c c . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 1 2 0 0 2 0 , , , , , , 9 0 7 6 7 5 6 3 2 1 3 2 5 8 6 9 7 9 1 1, , 6 9 8 0 1 4 7 9 9 3 1 9 2 7 2 8 4 7 7 7 7 7 7 3 3 3 1 3 5 5 4 6 4 3 3 3 2 1 5 5 2 5 1 7 4 4 9 4 5 0 2 2 3 5 6 4 6 5 6 5 1 3 8 3 3 5 6 7 2 1 6 4 5 9 1 1 9 5 2 4 2 1 2 9 5 5 7 6 2 1 1 4 2 9 1 1 6 6 1 1 6 1 6 6 6 6 6 6 1 1 1 1 1 1 4 4 4 3 3 4 4 4 4 8 8 4 5 5 5 5 5 5 2 3 2 2 2 2 2 2 2 1 1 , , , , , 0 0 0 7 0 7 7 0 0 0 9 9 7 0 0 6 0 0 2 2 2 2 9 9 9 9 2 2 2 2 8 8 8 8 2 2 2 2 4 4 4 4 1947—July.. 21,537 514 644 354 6 46 87 259 32 53 544 30 Aug... 21,766 491 649 354 7 45 88 32 53 544 30 Sept.. 21,955 451 650 354 8 45 89 279 32 53 444 33 Oct... 22,294 367 599 354 6 45 83 279 32 53 444 33 Nov.. 22,614 323 593 354 7 45 84 279 32 53 548 33 Dec... 22,754 322 597 354 2 294 45 83 279 32 53 548 34 1948—Jan.. . 22,935 313 593 354 7 45 84 279 32 53 548 34 Feb... 23,036 296 578 354 7 45 85 279 32 53 34 Mar.. 23,137 266 591 354 7 45 86 279 32 53 548 34 Apr. . 23,169 229 606 354 7 45 81 279 32 53 548 34 May.. 23,304 214 615 354 8 46 32 548 34 June.. 23,532 622 9 32 548 34 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd Nor- Peru Poland P g o a r l t u a - Ru n m ia a- A So fr u ic th a Spain 1939—Dec... 274 26 144 164 90 32 692 23 81 20 4 84 152 249 1940—Dec... 274 26 120 164 140 47 617 23 75 20 158 367 1941—Dec... 274 26 124 5 164 235 47 575 23 58 21 182 366 42 1942—Dec... 274 34 141 39 506 23 25 203 634 42 1943—Dec... 274 ' 92 118 203 500 23 31 260 706 91 1944—Dec... 274 128 24 222 500 23 32 267 814 105 1945—Dec... 274 131 24 294 270 23 80 28 269 914 110 1946—Dec... 274 127 28 181 265 23 91 24 245 939 111 1947—July.. 274 28 98 190 23 77 20 213 P265 752 111 Aug... 274 127 28 99 190 23 77 20 205 775 111 Sept.. 274 127 28 100 190 23 73 203 805 111 Oct... 274 127 28 100 191 23 73 20 200 804 111 Nov.. 274 127 28 100 223 23 72 20 195 796 111 Dec... 274 127 28 100 231 23 72 20 193 P215 762 111 1948—Jan... 274 127 28 96 220 23 70 20 189 P215 764 111 Feb... 274 127 28 86 209 23 69 20 189 P215 448 111 Mar.. 274 127 28 87 193 23 66 20 184 215 438 111 Apr. . 274 127 28 86 182 23 66 181 216 446 111 May.. 274 28 78 183 66 179 216 388 June.. 71 183 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 d n i o i n m t g e - d g U u r a u y - V z e u n el e a - Y sl u a g v o i - a B.I.S. O c t t o ri h u e n e s - r ' Government go p l r d e vi r o e u s s e rv f e ig s u 1 re n s ot included in 1 1 1 9 9 9 4 3 4 1 9 0 — — — D D D e e e c c c . . . . . 3 2 1 2 0 6 3 8 0 6 5 5 6 0 4 5 2 9 9 2 8 2 9 8 1 6 9 0 8 0 0 4 2 5 1 9 2 4 5 8 8 9 2 3 1 1 7 2 2 1 1 16 7 7 6 0 8 End of month U St n a i t t e e s d U K d n i o i n m t g ed - France g B iu el m - 1942—Dec.. 335 824 114 89 68 21 185 1 1 9 9 4 4 4 3 — — D D e e c c . . . . 3 46 8 3 7 6 , 1 9 5 6 8 5 2 1 2 6 1 1 1 12 5 1 7 1 8 3 9 0 4 3 5 7 2 24 2 5 9 1 19 9 3 3 9 8 — — A D ug ec... 80 » •8 7 7 5 6 9 * 3 4 3 6 1 0 44 1945—Dec.. 482 ,342 241 195 202 39 247 Dec... 156 17 1946—Dec.. 381 .430 237 200 215 32 240 1940_Aug.... * 293 1947—July.. 144 ,370 185 189 235 27 240 1941— D S e ep c t . . . . . . 2 4 4 8 * 2 1 9 5 2 1 17 A S O N e c u o p t g v t . . . . . . . . . 1 1 1 9 0 0 2 3 1 1 6 , , , , 3 3 3 3 8 7 8 7 6 2 9 3 1 1 1 1 6 6 7 7 9 9 4 0 1 1 1 1 8 8 7 7 3 3 5 7 2 2 2 2 1 1 1 1 5 5 5 5 2 2 2 3 6 9 8 0 2 2 2 24 4 4 4 0 0 0 0 1 1 19 9 9 4 4 4 4 2 3 — — — D D D D e e e e c c c c .. . . . . . . . . . . . 2 4 1 1 5 3 2 2 52,354 214 1 1 1 1 7 7 7 7 Dec. 105 ,356 170 175 215 30 240 1945—Dec... 18 62,341 457 17 1948—J F A M a e p a n b r r . . . . . . . . . . 1 1 9 9 0 0 7 6 1 4 1, , , , 3 3 3 3 5 5 5 5 2 2 3 3 1 1 1 1 7 7 7 6 1 1 1 8 2 2 2 1 0 0 0 8 3 0 0 9 2 2 2 2 1 4 3 4 5 3 0 0 3 3 4 3 3 5 0 9 P P 2 2 2 2 4 4 4 4 1 2 3 2 1 1 9 9 4 4 ( 7 5 — — S D M j e u e n p a c e t # r . . . . # . . . . . . . . . 1 1 1 7 1 7 6 3 1 7 3 5 5 5 5 2 2 2 2 , , , , 1 5 3 5 9 3 4 8 6 5 5 7 May. 93 1,351 168 263 32 P244 June... 151 52,382 June.. 85 164 P244 Sept.... 129 •2,341 Dec... 114 «2,035 p Preliminary. 1948—Mar.... 79 52,2OO 1 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 1 Reported at infrequent intervals or on depesos per U. S. dollar. layed basis: U. S.—Exchange Stabilization Fund 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- (Special A/c No. 1); U. K.—Exchange Equalitrol Board. Gold reported since that time is gold held by Minister of Finance, except for zation Account; France—Exchange Stabilization December 1945, December 1946, December 1947 when gold holdings of Foreign Exchange Con- Fund and Rentes Fund; Belgium—Treasury. trol Board are included also. 2 Figure for end of September. 8 Total gold holdings are not available. Beginning April 1946, the series is new and repre- 1 Reported figure for total British gold reserves sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. on Aug. 31, 1939, less reported holdings of Bank •Figures relate to last official report dates for the respective countries, as follows: Java— of England on that date. Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. * Figure for first of month. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 8 Gross official holdings of gold and U. S. rately. dollars as reported by British Government; total 6 Beginning December 1943, includes gold holdings of Swiss Government. British holdings (official and private) of U. S 7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. dollars, as reported by banks in the United 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States are shown in table on p. 1029. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE.—For gold holdings of International Fund and Bank, see p. 1032. For back figures, gold transfers affecting the British and French see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of institutions, see p. 1032, footnote 4, and p. 1033, figures, including details regarding special internal gold transfers affecting the reported data, footnote 6. For available back figures see see pp. 524-535 in the same publication. Banking and Monetary Statistics, p. 526, and BULLETIN for November 1947, p. 1433; June 1947, p. 755; February 1945, p. 109. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r t o h r pro w d o u r c ld tion Total North and South America Other U o . u S t . s S i . d R e .i r m ep o o n r th te l d y |[ S A o fr u i t c h a I 1 d R e h s o ia - I I A W fr e i s c t a 21 I B C e o lg n i g a o n ' U S n ta it t e e d s 4 I 1 C a a d n a - M ic e o x- I I Co b lo i m a - I IChile I I r N ag ic u a a - 8 Au li s a t * ra- India7 $1 = 15*/n grains of gold 9/wfine; i. e.a,n ounce of fine gold = $35. 1938.. ,142,400 968,320425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225 10,290 1,557 55,721 11,284 1939 ,219,400 ,031,214448,753 28,009 28,564 18,258 196,391 178,303 29,426 19,951 11,376 3,506 57,599 11,078 1940 ,311,450 ,106,447491.628 29,155 32,163 19,413 210,109 185,890 30,878 22,117 11,999 5,429 57,540 10,126 1941 ,265,600 ,110,379504,268 27,765 32,414 19,571 209,175 187,081 27,969 22,961 9,259 7,525 52,384 10,008 1942 ,130,115 982,130494,439 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 '774,086448,153 23,009 19,740 '15,791 48,808 127,796 22,081 19,789 6,081 7,715 26,295 8,828 1944 794,080 '702,534429,787 20,746 18,445 '12,747 35,778 102,302 17,793 19,374 7,131 7,865 22,990 6,577 1945 745,430 '683,011427,862 19,888 18,865 '12,144 32,511 94,385 17,458 17,734 6,282 6,985 23,002 5,893 1946 762,195 '696,998417.647 19,061 20,475 '11,596 51,182 99,139 14,703 15,301 8,068 6,357 28,857 4,612 1947 '705,447392,004 18,296 19,320 1100,,778800 '-7755,,778866 110077,,432 16,250 13,406 5,908 7,403'32,807 6,055 1947~May. '62,680 35,308 ,508 1,820 945 '6,768 9,412 1,703 1,130 528 S02 2,533 523 June. '59,655 33,984 ,498 1,680 980 '5,664 9,418 973 ,065 553 520 2,830 490 July. '64,148 35,396 ,554 1,855 980 '6,866 9,149 1,525 ,112 513 636 4,003 560 Aug.. '61,616 34,875 ,541 1,855 910 '6,580 9,131 1,360 ,079 410 684 2,701 490 Sept.. '•60,833 34,692 ,516 1,820 805 '6,526 8,668 1,389 ,044 530 658 2,696 490 Oct... '60,644 35,361 ,540 35 840 '7,733 9,057 922 915 424 679 '2,720 420 Nov.. '59,738 33,888 ,513 1,225 770 '5,791 8,826 2.491 945 383 742 '2,639 525 Dec. '60,433 34,025 ,489 1,750 770 '6,828 9,614 778 680 529 672 '2,808 490 1948—Jan.. 60,559 34,775 ,504 1,890 910 6,214 9,568 658 1,124 369 648 '2,442 455 Feb.. 57,220 32,459 ,442 1,820 840 5,489 9,156 1,367 1,302 288 682 1,954 420 Mar.. 34,384 ,431 1,820 910 6,372 10,070 809 474 634 525 Apr.. 34,175 945 5,650'10,012 652 525 May. 34,368 910 6,078 611 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 Gold Coast only. z 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 estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705 so that aggregate for the year is equal to the annual estimate compiled by the United States Mint. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning 1946, subject to revision. 7 Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; 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: or Y m ea o r nth im T n p o * o t t a r l te 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 e e n - Canada A t r i g n e a n- Mexico c A p 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 S f o r u i t c h a India c o t o t r A h u i l e e n l s r - 1942 315,678 1,955 208,917 99 40,016 39,581 321 528 4,119 129 20,013 1943 68,938 88 66,920 -10,817 -3,287 24.306 152 30; -8,731 1944 -845,392 -695,483 46,210 -50,268 109,695 58,292 199 3,572 18,365 1945 -106,250 160 53,148 -5 15,094-41,743 103 106 357 1-133,471 1946 311,494 458 — 14 344,130-134,002 3,591 -403 -156 41118,550 •2,613 1 -18,083 1947 1,866.348 488,433162,941 27,990 445,353 335,505 -7,110 10,684 3,508 124410,691-4,423 » -337 1947 June 200,233 -1,002 -108 52,913 94,601 217 1,425 -70 53,228 -334 -638 July 219,201 -449 1 51,820 102,405 282 1,489 1,111 60,081 -551! * 5,233 Aug 111,657 2 2,220 90,463 330 -94 1,543 17 16,042 <4,221 Sept 109,60< 22,515 13,903 499 23,444 242 1,286 -286 28 37,76(1 M0,215 Oct 450,83( 245,712 140,568 14,088 552 48,190 152 1,073 -56 40 21 *490 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 9,970 458 12,009 201 2,418 74 32,991 -5,950 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 5-6,871 J M un ay e? 1 1 5 7 1 7 , , 3 7 2 4 6 1 1 1 5 7 7 7 , , 1 8 3 2 1 9 5 - , 2 5 0 2 6 3 - -1 2 2 9 , , 0 6 3 3 1 5 4,145 1 1 6 9 1 8, 6 7- - 2 24 7 , , 0 7 9 3 2 6 - - 2 1 2 4 8 4 . 9 .. 7 I 4 3 0 9 , , 7 3 6 3 4 1 -1 - ,1 9 0 3 6 5 P Preliminary. 1 Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 3 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. * 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 $2,380,000 to other countries. 6 Includes $30,052,000 to Venezuela. 7 Includes $29,998,000 to Venezuela. 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. AUGUST 1948 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From th J ro a u n g . h 2 — , 1935, Total funds in U. S. f i t u n e n s rn t d i a s tu t i o t o i f o n i n a n s l - b in a fu n U n k d . i n s S g . se o R f c u e U t r u i . t r i S n es . : s I e n f c o fl u r o e r w i i g ti n e o s f : b I b r n a o f l l k a o e n w r c a e g i s n e Total Official i Other in U. S. abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) ... 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 ,999.9 631.6 761.6 1,095.0 88.7 June (fuly 3) 5,531.3 2,920.7 1,012.9 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 ,752.0 819.7 849.6 624.9 104. June 30* 5,636.4 3,217.0 1,352.8 ,864.2 842.3 838.8 632.0 106. Sept. 30 5,798.0 3,355.7 1,482.2 ,873.5 858.2 830.3 646.1 107. Dec. 31 5,980.2 3,465.5 1,557.2 ,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 ,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 ,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 ,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 ,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 ,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 ,073.0 645.1 139.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 ,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 ,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 ,237.9 464.5 153.7 1947—Jan. 31 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 ,308.2 464.4 150.4 Feb. 28 9,959.9 5,047.3 2,006.2 3,041.1 2,705.6 380.9 ,229.8 439.7 156.6 Mar. 31 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 ,282.6 414.3 154.5 Apr. 30 9,771.5 4,815.4 1,718.8 3,096.7 2,702.5 333.6 ,341.6 416.7 161.6 May 31 9,508.2 4,498.0 1,448.7 3.049.3 2,819.4 255.3 ,380.7 398.5 156.4 June 30 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 ,398.0 393.4 160.8 July 31 9,443.6 4,703.2 1,616.8 086. 2,861.1 156.3 ,177.3 385.9 159.8 Aug. 31 9,516 8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 ,193.6 362.6 164.1 Sept. 30 . 9,018.6 4,456.0 1,298.5 3,157.5 2,655.4 178.3 ,230.3 338.8 159.9 Oct. 31 8,693.5 4,324.1 1,232.9 3,091.2 2,481.4 172.1 ,243.6 310.0 162.2 Nov. 30 8,551.9 4,262.4 1,200.0 3,062.4 2,380.4 211.6 ,254.5 290.0 153.1 Dec. 31 8,321.2 4,120.3 1,121.8 2,998.5 2,242.0 174.6 .274.9 *367.0 142.4 1948—Jan. 31 '8,172.2 '•4,094.8 ••1,137.2 '2,957.6 2,185.0 106.5 ,285.7 359.6 140.6 Feb. 29 ••8,214.1 r4,235.0 1,270.7 n ,964.3 2,124.6 88.7 ,290.4 340.3 135.2 Mar. 31 8,157.7 4,370.6 1,346.4 3,024.2 1,985.3 51.7 1,294.4 312.3 143.3 r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. »Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 4 Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics. pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. 1026 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— Total* U K n d i i o n t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r* 1939—Dec. (Jan. 3, 1940) 5,112.81,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 ,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 ,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 ,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 7,728.41,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.4 1,193.7 ,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 1,395.7 1,338.4 ,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 1,474.0 ,258.3 269.6 1947—Apr. 30 7,069.0 595.8 332.0 391.7 801.6 221.7 ,210.0 3,552.8 764.8 1,364.7 ,142.0 244.6 May 31 6,688.9 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 1,318.6 ,072.6 239.6 June 30 6,746.5 441.7 390.2 340.5 799.3 181.2 ,093.2 3,246.2 803.4 1,447.1 ,018.7 231.1 July 31 36,582.5 614.1 306.2 336.0 811.8 161.2 ,112.2 3,341.6 794.7 1,477.0 972.1 «-2.9 Aug. 31 6,758.8 648.5 324.6 329.8 808.0 158.1 ,161.3 3,430.2 830.3 1,531.4 958.0 8.9 Sept. 30 6,363.2 486.7 308.2 311.4 800.8 145.1 ,131.3 3,183.6 780.6 1,470.0 931.6 -2.6 Oct. 31 6,212.1 447.7 359.6 258.7 810.6 139.8 ,135.6 3,152.0 681.0 1,446.4 937.3 -4.6 Nov. 30 6,171.5 464.2 318.8 240.4 820.5 140.4 1,124.7 3,109.0 684.9 1,406.1 981.0 -9.4 Dec. 31 6,079.1 437.0 234.3 213.8 839.3 150.1 1,086.6 2,961.1 688.6 1,383.4 975.8 *70.2 1948—Jan. 31 r5,987.2 451.4 153.1 189.2 836.2 160.1 1,099.2 ••2,889.1 727.8 '1,338.2 '•946.3 '85.9 Feb. 29 "6,089.5 523.9 161.8 188.7 840.0 180.7 1,086.8 -•2,981.9 721.5 1,364.9 '931.9 '89.3 Mar. 31 6,172.3 562.8 127.8 186.2 841.2 187.0 1,077.1 2,982.1 798.0 1,368.0 938.9 85.3 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia2 ot A h l e l r2 1939—Dec (jan 3 1940) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 3i 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. 3i 4,644.8 939.4 404.1 176.7 192.7 —6 9 565 3 2 271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 . 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Apr. 30 4,815.4 423.1 129.6 205.0 383.6 205.4 689.2 2,035.9 519.6 1,000.0 1,012.7 247.2 May 31 4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.6 1,009.4 973.1 237.9 June 30 4,591 9 267.2 190.2 192.6 381.5 166 8 589 0 1 787.2 478.8 1,120.9 966.7 238.2 July 31 4,703.2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.8 1,168.9 932.6 245.3 Aug. 31 4,870 3 471.2 125.6 210 0 385 5 143 1 669 2 2 004.5 484.2 1,221.0 910.8 249.7 Sept 30 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 1,769.4 420.5 1,144.6 884.4 237.1 Oct 31 4,324 1 275 5 188.5 156 3 392 2 126 3 637 2 1 776 0 319.2 1,116.3 877.0 235.6 Nov. 30 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 1,749.8 319.3 1,081.3 883.5 228.5 Dec 31 . 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948— F j e an b . 3 2 i 9 r ' 4 4 , , 0 2 9 3 4 5 . 8 0 3 2 4 7 3 4 . . 6 9 '1 r8 2 8 4 . 6 3 1 1 0 1 7 2 .3 5 r4 4 3 4 5 6 . 7 7 1 1 4 6 3 3 . 1 4 r ' 5 5 8 7 6 9 .5 0 ' 1 1 , , 7 6 6 35 9 .9 8 3 32 2 2 7 . . 0 7 1 1 , , 0 0 4 6 7 7. . 5 8 r r 8 8 4 4 6 0 . . 3 3 r r2 23 3 4 8 . . 5 0 Mar 31 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.0 1,087.0 842.4 227.5 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 r* 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6 5 25.3 241 4 634.7 60.3 43.2 34.8 2.1 1941—Dec 31 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 — 1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6 6 26.2 253.5 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 . : 877.6 272.1 77.9 18 3 5 1 26 2 256 8 656.5 55.1 55.7 102.7 7.5 1944—Dec 31 . 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 ... 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—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 1.1 5.5 178.9 473.5 65.4 -346.3 2.0 -20.1 1948—Jan 31 106.5 269.5 -18.7 -32.5 1.8 5.4 180.5 406.0 67.7 -351.3 2.4 -18.3 Feb. 29 . 88.7 273.1 —34.6 —33.7 2.1 5 6 175 3 387.8 67.5 -349.5 —5.4 -11.7 Mar. 31 51.7 273.5 -39.4 -32.7 1.7 9.2 156.9 369.3 64.5 -369.3 -2.0 -10.8 ' Revised. 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." * See Table 1, footnote 3. * See Table 1, footnote 4. AUGUST 1948 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n 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* ot A h l e l r1 1939—Dec. (Jan. 3, 1940) 725.7 125 5 42.1 29.4 45.0 27.6 225.6 495 2 —7.6 184.0 42.8 11 3 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec 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. 3J 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 3i . . .. L.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 1945—Dec. 3i 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Apr. 30 1,341 6 102 9 50.0 22.5 31.9 26.9 257.7 491 8 309.5 468 2 61 0 11 1 May 31 1,380.7 103.6 49.6 2.2 31.4 26.9 258.3 472.0 358.8 474.2 61.0 14.7 June 30 1,398.0 105.7 49.5 1.7 31.2 26.8 265.4 480.4 374.7 478.8 61.1 3.0 July 31 21,177.3 104.2 48.3 .7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 *-232.2 Aug. 31 1,193.6 104.3 47.9 .2 30.1 26.7 267.3 476.5 397.0 488.0 61.4 —229.3 Sept 30 1,230.3 101.5 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. 31 1,285.7 93.2 46.8 —4.4 13.7 26.4 274.7 450 5 451.3 542 1 61.7 —219 8 Feb. 29 1,290.4 93.3 46.6 -4.9 10.7 26.4 275.1 447.3 454.6 546.2 61.7 -219.4 Mar 31 1,294.4 92.0 46.1 -5.9 7.4 26.5 275.8 441.9 458.6 549.3 62.0 -217.5 TABLE 6.—DOMESTIC SECURITIES: ][NFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K 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* ot A h l e l i1 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. 3i 626.7 -70.1 74.9 236.7 336.4 — .1 37.1 615.0 —44.7 28 1 17 5 10 9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 — .1 44.4 644.7 —45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 —28.1 54 9 240 5 10 7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1945—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—Apr 30 416.7 -198.3 73.8 179.3 344.2 -15.6 46.0 429.5 -141.9 90.6 30.3 8.1 May 31 398.5 -200.5 72.3 168.6 345.4 -15.4 45.2 415.5 -141.0 86.5 28 8 8.7 June 30 393.4 —202.7 71.8 158.4 343.1 -15.3 42.6 398.0 —126.3 85.3 28 4 8.0 July 31 . . 385.9 -203.5 71.1 149.7 351.2 -15.1 40.8 394.2 -128.1 84.2 27.5 8.1 Aug. 31. 362 6 -203.3 73.6 129 9 350.7 — 15.1 40 6 376 3 -131 7 82 7 27 3 8 0 Sept. 30 338.8 -204.1 69.0 124.4 350.4 -15.1 42.2 366.9 -141.7 78.5 27 1 8.1 Oct 31 310.0 -205.1 42.9 118.0 352.0 -15.2 41.8 334.5 -142.6 84.6 27.7 5.9 Nov. 30 290.0 -205.7 31.5 113.9 353.9 -15.2 42.1 320.5 -147.0 82.9 27.8 5.7 Dec 31 '367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 •85.6 1948—jan 3i 359.6 —203.7 17.3 106.2 347.2 -15.3 44.1 295.7 — 137.8 87 8 28 5 85.4 Feb. 29 340.3 -203.6 6.6 102.9 343.2 -15.2 43.8 277.6 -142.3 91.0 28.6 85.3 Mar 31 312.3 -204.4 -4.7 96.7 336.7 -16.2 44.0 252.1 -144.3 90.3 28.9 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 a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 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 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 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 10.4 97.7 162 5.1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 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 14.7 112.0 21.5 13.4 4.8 2.0 1947—Apr. 30 161.6 18.6 20.5 17.3 42.1 13.7 112.7 21.2 19.5 7.0 1.2 May 31 156.4 18.4 19.9 16.9 40.4 13.5 109.5 19.6 18.5 8.0 .9 June 30 160.8 18.9 19.7 18.2 43.2 14.0 114.5 19.7 19.0 6.7 1.0 July 31 159.8 20.2 19.5 17.0 42.6 14.3 114.0 19.1 19.0 6.9 Aug. 31 164.1 18.3 19.4 17.0 43.4 14.2 112.8 20.0 23.5 7.1 Sept. 30 159.9 18.7 19.5 16.6 43.0 14.3 112.5 20.7 18.7 7.3 .8 Oct. 31 162 2 19.3 19.2 16.9 42.0 14.4 112.2 19.5 20 9 6.8 2.8 Nov. 30 153.1 19.7 19.1 16.6 39.6 14.1 109.5 19.0 17.3 6.5 7 Dec. 31 142.4 18.2 19.1 12.7 38.2 14.2 102.7 19.6 12.9 6.6 .7 1948—Jan. 31 140.6 17.5 19.1 12.4 37.8 13.7 101.1 19.6 11.8 7.4 .7 Feb. 29. 135.2 17.4 18.9 12.2 37,2 13.1 99.3 19.1 9.7 6.6 .6 Mar. 31 "143.3 17.8 18.9 13.6 41.1 13.1 105.1 19.2 10.7 7.7 J 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 Mar. 31 (in millions of dollars): foreign brokerage balances in United States, 93.7; United States brokerage balances abroad, 27.3. 1028 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- countriesx United Neth- Switz- Date t i i n o s n t a i- l Official K d i o n m g- France la e n r d - s la er n - 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' ot A h l e l i1 tutions 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 1939—Dec1 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 655.7 72.5 1940—Dec.» : 3,938.2 1,418.9 365.5 490.1 174.3 508.4 17.9 657.3 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31. J# 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—D^, 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584 5 812.6 693.7 1,108.8 175.3 I944—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. C I945—Dec. 31. 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70,4 909.1 2,583.0 1,522.2 1,046.4 1,549.7 181.8 1946—Dec. 31.. 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 «931.8 1,104.8 1,316.4 232.8 1947—Apr. 30..: 2,722.5 5,549.6 2,429.1 484.4 209.8 221.6 397.2 225.7 852.5 2,391.2 627.5 1,121.6 1,193.3 216.0 May 31..'. 2,839.3 5,232.2 2,159.0 341.0 197.9 206.3 402.5 204.4 811.1 2,163.3 577.6 1,130.9 1,153.7 206.7 June 30. .. 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.8 1,242.5 1,147.4 207.0 July 31.:. 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.4 1,113.2 214.1 Aug. 31... 2.777.9 5,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 832.4 2,359.8 592.2 1,342.5 1,091.5 218.5 Sept. 30. . 2.675.3 5,190.1 2,008.8 369.1 195.0 216.4 395.8 150.0 798.3 2,124.6 528.4 1,266.1 1,065.1 205.9 Oct. 31... 2.501.3 5,058.3 1,943.2 336.8 268.6 172.9 405.8 146.6 800.5 2,131.2 427.1 1,237.9 1,057.7 204.4 Nov. 30... 2.400.3 4,996.6 1,910.3 354.5 236.9 158.4 419.5 146.0 789.8 2,105.0 427.2 1,202.8 1,064.2 197.3 Dec. 31... 2.262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Jan. 31... 2,205.0 '•4,829.0 1,847.5 336.2 168.7 124.1 449.3 163.4 '749.3 1,991.1 434.9 1,169.3 1,026.9 206.8 Feb. 29... 2,144.5 ••4,969.2 1,981.0 404.9 204.4 128.9 460.3 183.7 '742.8 '2,125.2 430.6 1,189.0 1,021.0 '203.4 Mar. 31... 2,005.3 5,104.8 2,056.7 445.2 187.1 131.1 467.8 187.3 750.6 2,169.0 507.9 1,208.5 1,023.0 196.3 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.a 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—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. . . '749.3 124.2 '53.0 31.1 '96.8 '38.8 22.0 54.7 '46.0 8.9 16.2 56.8 74.8 10.6 115.4 Feb. 29... '742.8 126.0 '51.5 29.3 103.7 '41.9 20.2 50.5 46.0 7.7 17.2 52.4 66.1 20.5 109.8 Mar. 31 ... 750.6 149.2 48.0 27.7 103.5 38.0 19.9 54.7 33.1 7.9 19.4 53.4 72.6 24.0 99.1 Latin An Neth- French ere A L m at 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 an d e i d s e t s M ic e o x- I l W a n n d e d i s e t s s P m an a a- Peru V zu en el e a - A L O m a th t e i e n r r ica 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—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. .. ,266.1 229.0 17.3 106.3 38.2 32.6 8.3 271.9 2.8 157.2 12.6 76.6 43.2 89.5 180.6 Oct. 31... 1,237.9 245.7 22.4 103.6 38.3 39.1 7.9 256.6 2.5 148.7 14.7 72.6 40.9 73.4 171.5 Nov. 30.. . 1,202.8 240.5 20.6 97.4 41.8 42.4 7.0 249.4 2.8 140.5 18.4 70.9 41.0 61.1 169.0 Dec. 31. .. ,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. . . 1,169.3 196.1 16.1 110.6 43.1 49.2 9.2 217.3 2.7 132.7 17.2 '71.7 39.2 89.1 175.1 Feb. 29. .. 1,189.0 '213.0 14.3 123.2 41.1 43.4 9.8 225.5 1.8 131.7 18.3 72.9 40.0 75.3 178.7 Mar. 31... 1,208.5 204.4 15.1 124.5 43.9 27.2 9.8 259.7 1.9 132.4 17.4 78.2 37.8 65.5 190.7 For footnotes see following page. AUGUST 1948 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a h r h n i a i u a d n n - a - F I C n re h d n i o n c - a h H K o o n n g g India B l M a is r y a i h t a - - Japan N l I E a n e e n a d r t d s - i h e t s - s i l P p a I h n p s i d i - l n s - eT k u e r y -O A t s h i e a r i 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 E t a g n i g n a y g y d n l p p o t - -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 n a Other Sudan 1942—Dec. 31. . 930.0 360.9 27.4 41 6 13.1 1 0 4.8 160.4 254 729 9 36.2 149 6 23.1 4.8 6 8 12 1 11 0 91.8 1943—Dec. 31. . ,108.8 574.2 27.4 23 9 18.2 9 4.1 110.1 259 135 4 55.5 175 3 25.3 5.1 6. 1 10 3 4 5 124.1 1944—Dec. 31. . ,069.2 427.3 27.4 22 9 22.1 1 3 4.0 110.5 365 823 7 64.2 174 0 52.9 3.5 7.3 4 3 8 3 97.6 1945—Dec 31. . ,549.6 582 28.0 27 4 33 4 1 <i 4 1 113.7 629 15? ,S 78 0 181 8 28 Q 4.3 18.Q 10 0 6 4 113-4 1946—Dec. 31. . ,316.4 431.9 39.9 44 9 43.5 17.3 16.6 127.1 446 654 7 93.8 232 8 45.5 8.0 20.8 14 9 47 2 96.4 1947—Apr. 30. . ,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. . ,153.7 354.3 40.5 41 5 33.4 9 6 18.0 95.4 432 257 0 71.8 206.7 36.2 8.7 20. 5 14 9 50 0 76.5 June 30. . ,147.4 339. 1 37.2 41 1 41.2 8 8 16.7 94. 9 448 851 0 68.5 207 0 47.8 8.6 22 6 13 9 39 5 74.5 July 31. 1,113.2 309 6 36.2 47.2 43.3 11 8 17.6 85.8 452 640.4 68.7 214 1 42.4 9.4 19 4 13 7 49 5 79.7 Aug.31. . 1,091.5 286 1 35.3 44.7 53.6 14 6 17.6 82. 8 440 341 7 74.9 218 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 3 41 7 79.1 205 9 47.5 8.3 24 4 11 8 37 6 76.2 Oct. 31 1,057.7 263 3 8.7 43.6 55.0 12 4 25.5 59. 7 470.939 7 78.9 204 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 69.3 488 637 6 81 e 193 7 30.6 5.9 25 0 10 1 46 4 75.8 1948—Jan. 31 1,026.9 213 5 6.2 41.1 67.7 11 8 37.1 65.7 '466 934.2 '82 . 7 206 8 26.2 5.4 37 6 9 4 55 1 73.1 Feb. 29. . 1,021.0 188 7 6.3 41.6 57.8 13 1 53.8 57.0 '484 734 6 '83 .4 '203 4 28.5 6.2 42 7 9.2 41 5 '75 .2 Mar.31 1,023.0 173 8 4.9 38.8 53.1 13.9 85.4 60. 5 476 430.0 86 3 196 3 24.8 6.1 36 4 8 6 44 8 75.6 r Revised. beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footnotes to table on preceding page. r Revised. . . , * 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 1 Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. 4 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia* ot A he ll r * 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 13.5 135.4 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944_Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—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 Feb. 29 1,046.8 18.9 113.7 52.3 6.0 20.9 134.5 346.3 25.4 517.5 134.4 23.1 Mar. 31 1,083.8 18.5 £118.5 51.3 6.4 17.4 152.9 364.9 28.4 537.3 131.1 22.1 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 1030 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date Other Bel- Den- Fin- Ger- Greece Luxem- Nor- Por- Ru- Spain Swe- USSR Yugo- All Europe gium mark land many bourg way tugal mania den slavia other 1942—Dec. 31 56.3 .8 C1) 5.6 34.0 1.1 .1 .2 2.4 0) 3.2 .4 8 C1) 8.4 1943—Dec. 31 52.9 .7 (*) 7.6 33.9 .6 .1 .2 1.4 0) 3.2 .2 0) 5.0 1944—Dec. 31 78.3 .7 (0 8 33.9 .6 .1 35.1 .8 0) 1.8 .2 0) C1) 5.1 1945—Dec. 31 74.6 .6 33.9 .7 .1 31.6 .5 .1 1.6 .9 0) (l) 4.7 1946—Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 1.0 .1 7.2 4.9 0) 0) 9.4 1947—Apr. 30 106.4 8.9 .3 7.1 30.4 12.8 .1 5.2 1.0 6.9 3.7 7.1 C1) C1) 22.9 May 31 113.1 8.9 .4 9.1 30.3 13.0 .1 5.9 1.2 7.0 3.5 7.4 0) C1) 26.3 June 30 127.6 10.1 .6 11.4 30.3 12.9 .3 6.3 1.5 6.9 4.3 7.5 0) C1) 35.4 July 31 138.8 9.0 .6 17.8 30.3 13.0 (l) 7.0 1.3 11.9 1.6 8.7 0) C1) 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 0) C1) 36.2 Sept. 30 137.9 11.2 .6 17.5 30.3 12.4 0)' 9.4 1.2 12.0 1.2 9.3 .1 C1) 32.6 Oct. 31 135.4 13.2 1.0 13.1 30.5 12.8 0) 10.3 1.3 12.0 1.3 9.3 0) 0) 30.6 Nov. 30 135.6 12.9 1.1 11.9 30.5 12.8 0) 8.1 1.1 12.0 1.4 7.6 .1 0) 36.1 Dec. 31 130.9 15.0 2.2 8.0 30.5 10.6 .1 9.2 1.1 12.0 .9 5.4 .1 C1) 35.8 1948—Jan. 31 129.2 12.7 1.5 8.3 30.6 10.1 0) 11.3 1.2 12.0 1.5 4.0 1 C1) 35.8 Feb. 29 134.5 11.3 3.2 7.6 30.5 10.2 C1) 10.7 1.2 12.0 3.5 3.7 C1)' C1) 40.5 Mar. 31 152.9 24.2 6.6 7.0 30.4 9.6 0) 8.9 1.5 12.0 3.7 3.5 (9 0) 45.4 Latin America French Nether- • Date A La i m c ti a e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W n a d n e i d s e t s Mexico I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - A O La m th ti e e n r r - Gui- Suriana 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 C1) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31. . 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 '.2 25.5 .8 1.3 3.7 8.7 23.1 1947—Apr. 30. . 381.7 57.8 4.8 115.4 18.6 30.4 3.4 53.8 C1) 33.7 1.1 2.2 7.8 15.4 37.3 May 31. . 438.0 60.7 5.3 150.2 20.3 36.4 3.6 60.1 34.8 1.0 2.1 7.6 19.2 36.7 June 30.. 424.9 57.6 3.6 160.9 17.4 40.3 3.9 46.0 !3 32.9 1.0 2.6 5.6 16.7 36.3 July 31. . 444.9 65.8 3.3 164.1 20.5 35.7 3.9 53.3 .6 27.6 1.0 2.7 5.9 18.2 42.3 Aug. 31. . 451.8 71.8 3.2 163.6 22.7 35.2 3.8 54.5 .1 31.0 1.1 3.8 6.3 18.5 36.2 Sept. 30. . 447.7 65.5 3.4 161.4 21.7 35.9 3.6 59.7 0) 30.2 1.1 4.9 6.5 15.3 38.3 Oct. 31. . 466.7 67.4 4.2 162.3 22.8 32.0 4.0 73.8 C1) 39.5 1.2 4.9 6.7 14.6 33.4 Nov. 30. . 477.5 66.4 2.9 162.0 22.3 31.2 3.6 91.5 0) 38.3 1.2 5.0 6.1 15.1 31.9 Dec. 31. . 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 C1) 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 Feb. 29. . 517.5 60.3 2.3 175.2 27.1 36.9 3.5 106.4 .1 52.7 1.1 4.2 3.9 16.9 26.8 Mar. 31. . 537.3 57.2 2.3 185.9 24.9 39.3 3.2 109.1 .1 59.9 1.3 4.1 4.1 17.6 28.5 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F I C r n e h d n i o c n - h a H K o o n n g gIndia l M B i a s y r a h i a - t- Japan I N l E n a e e d n a r t i d s - h e t s - s i l P p a I h n p s i d - i l n - s eT k u e r y -O A t s h ia e 2 r o A th l e l r A t l r u i a a s - - l N Z a e i n e a w d - A S E E t a u i n g g n a d g y y d n a l p p o n t - F r r M o e c n o c c - o h S U A o f n o u r f i i t o c h n a Other 1942—Dec. 31.. 35.3 11.1 .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 C1) 1.7 1.2 1943—Dec. 31.. 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1. 3.9 .5 .2 0) 2.4 .7 1944—Dec. 31. . 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 0) 9.7 1.0 1945—Dec. 31.. 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 4.7j 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 C1)' 10. ij 2.2 1947—Apr. 30. . 98.1 47.0 C1) 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 0) 3.5 13.2 1.1 .2 1.5 23.2 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 .'l 3.1 33.7 1.6 .3 .5 25.1 3.2 6.7 36.3 11.3 .7 18.8 4.2 Aug. 31. . 177.7 108 .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. 103 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 27.713.1 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 29.012.9 9.6 33.3 10.2 .3 14.2 6.0 Dec. 31. . 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.417.7 6.3 31.5 9.0 .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 .4 14.3 5.0 Feb. 29.. 134.4 37.9 .3 3.9 25.5 .7 5.7 3.1 31.018.6 7.7 23.1 6.4 .1 100 5 0 Mar. 31.. 131.1 38.1 .3 3.7 26.0 .6 5.9 .6 31.1 15.5 9.4 22.1 4.7 .9 10.1 6.0 1 Less than $50,000. 2 Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. AUGUST 1948 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1948 1947 1948 1947 International Fund International Bank May Feb. Nov. May June Mar. Dec. June Gold 1,363 1,357 1,356 1,333 Gold 0) Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,450 1,559 1,626 2,030 United States 102 165 267 478 Other members 3,992 3,869 3,630 3,155 Other members 918 914 909 872 Unpaid balance of member subscriptions 1,171 1,176 1,309 1,202 Investment securities (U. S. Govt. obli- Other assets 0) 0) 0) gations) 422 410 412 156 Member subscriptions 7,976 7,961 % 7,722 Calls on subscriptions to capital stock3. 5 . 5 5 4 Accumulated net income -1 Loans (incl. undisbursed portions) 497 497 497 250 Other assets , 5 7 3 Bonds outstanding 254 250 250 1948 1947 Loans—undisbursed 27 94 197 158 Currency bought2 Other liabilities 4 2 4 (Cumulative figures) Special reserve 3 2 1 ( June May Apr. May Capital 3 1,657 1,653 1,645 1,605 Accumulated net income 3 1 Belgian francs 33.0 33.0 33.0 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 1 8 0 . . 8 2 1 8 0 . . 8 2 2 * A L s e s o s f t J h u a n n e $ 3 5 0 00 , , 1 0 9 0 4 0 8 . , the Fund has sold 616.1 million U. S. dollars; French francs 125.0 125.0 125.0 25.0 in addition, the Netherlands received 1.5 million pounds sterling in Indian rupees 44.1 36.1 28.0 May 1947 and 300 million Belgian francs in May 1948, and Norway N M e e t x h i e c r a l n a n p d e s s o g s uilders. 2 7 2 5 . . 5 4 2 7 2 5 . . 5 4 2 6 2 8 . . 5 5 12.6 rec 8 e E iv x e c d l ud 1 e 0 s 0 u m n i c l a li l o le n d B p e o lg rt i i a o n n s f ra o n f c c s a p in it a J l u s n u e b 1 sc 9 r 4 i 8 p . tions, amounting to Norwegian kroner.... 7.3 5.0 5.0 6,629 million dollars as of June 30, 1948, of which 2,540 million repre- Turkish liras 5.0 5.0 5.0 sents the subscription of the United States. Pounds sterling. ...*.. 300.0 300.0 300.0 Total. 631.3 621.0 606.0 37.0 CENTRAL BANKS A d s e se p t a s r t o m f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of Other Cash reserves c D ou is n - ts Securi- ci t r i c o u n l 8 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 «.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 1.3 22.1 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—July 30 .2 I,450.0 2.4 30.9 28.6 364.6 1,419.3 301.8 11.3 95.1 18.3 Aug. 27 .2 1,450.0 2.5 56.8 16.6 332.0 1.393.4 282.0 14.0 93.4 18.4 Sept. 24 .2 1,450.0 2.3 73.7 14.6 325.9 1.376.5 289.6 16.2 92.1 18.5 Oct. 29 .2 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 1,450.0 .3 100.5 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Jan. 28 .2 i 1,400.0 .3 131.3 12.7 274.3 1,269.0 290.8 16.3 93.0 18.3 Feb. 25 .2 i 1,350.0 .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 L,300.0 .7 62.4 14.5 350.6 1.237.8 307.4 12.6 90.3 17.8 May 26 .2 1,300.0 .6 56.0 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 .2 ,300.0 .7 48.0 17.8 383.8 1,252.2 325.4 14.5 92.1 18.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 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 fr^m Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, ana 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. 1032 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 re a s d i i a n n m d i o l l l l i a o r n s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities O as t s h e e t r s circ N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m r t- ! Other Ch b a a r n te k r s ed D g o m o m v e i e n n r t n io - n Other capital3 193g—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 . .. (4) 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 31 787.6 472.8 47.3 874 4 340.2 20.5 17.8 55.4 1944—Dec. 30 172 3 906.9 573.9 34 3 ,036 0 401.7 12 9 27.7 209.1 1945—Dec. 31 156 8 ,157.3 688.3 29.5 ,129.1 153.3 29.8 198.5 1946—Dec 31 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—juiy 3i 7 1,081.9 722.6 42.0 1,153.7 468.3 124 1 63.7 37.3 Aug 30 2.4 1,141.5 720.3 39.0 ,158.9 515.0 58.7 37.1 Sept 30 1.9 1,088.0 744.7 49.5 L,172.2 481.1 128! 2 62.0 40.5 Oct. 31 7 1.136 4 799 4 53 1 L,179 4 548 7 143 4 71 2 46 9 Nov 29 1.4 1,039.9 820.6 46.2 1,182.3 536.7 84.2 62.0 42.8 Dec 31 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 t948—Jan. 31 (5) 931.3 863.2 48.2 1,157.5 44.6 60.6 41.7 Feb 28 .6 974.4 825.7 47.2 1.156.3 531.8 60.8 75.0 24.0 Mar. 31 .1 985.2 806.7 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30 2 1.124 1 767.8 60 5 I,183.0 558.9 57.9 126.0 26.9 May 31 .5 1,179.7 775.0 51.6 1.195.7 547.3 135.9 95.8 32.0 June 30 .2 1,152.9 790.9 56.8 1 .706 5 517.0 138.4 107.2 31.7 • Assets Liabilities Bank of France Advances to Domestic bills Government Deposits Other mill ( i F on ig s u o re f s f r i a n ncs) Gold 6 F c o h e r a x e n i - g g e n m O a p r e k n et7 Special7 Other c F c u o o p s r a t t s o i c o 8 - n Other 7 a O ss t e h t e s r 9 ci N r ti c o o u t n l e a- G m ov e e n r t n- C.A.R.io Other c li a a a t p i b n e i i d s t l a i- l 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 43,194 661 3,646 "72,317 63,900 23,179 218,383 984 '41,466" 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26.. . 94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—June 26... 82,817 6 82,983 84 87,134 426,000 95,000 uil9,662 807,064 834 76,747 9,040 July 31... 64,817 6 99,114 8 85,195 426,000 113,600 ui20,046 831,587 792 71,329 5,075 Aug. 28... 64,817 3 97,490 20 98,224 426,000 124,900 ni05,639 838,442 750 70,651 7,250 Sept. 25... 52,817 7 107,877 130 101,935 426,000 139,300 H103.067 852,195 779 71,299 6,861 Oct. 30... 52,817 10 108,050 250 132,913 426,000 127,800 ni08,155 867,700 762 81,030 6,502 Nov. 27.. . 65,225 13 111,368 285 150,065 426,000116,000 nilO,3O3 879,492 846 87,513 11,408 Dec. 31... 65,225 12 137,397 64 117,826 426,000 147,400 ni21,061 920,831 733 82,479 10,942 1948—Jan. 22iJ.. 65,225 9 145,814 64 125,687 426,000 120,700 uiO4,474 891,546 771 82,849 12,808 Mar. 25.. . 65,225 15 157,997 12 147,841 426,000 155,000 ni08,979 773,199 791 271,034 16,045 Apr. 29... 65,225 17 156,424 55 149,341 426,000 129,500 uil3,55O 759,054 790 265,123 15,186 May 27... 65,225 '22 149,849 27 165,265 426,000 121,800 nil3,938 768,567 812 256,948 15,800 June 24... 65,225 21 141,276 55 165,984 426,000 122,800 ni02,405 790,639 738 216,026 16,362 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 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. 4C6-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22 ,1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. i° Central Administration of the Reichskreditkassen. 11 Includes a noninterest 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. AUGUST 1948 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 667 717 045 Deposits 165 160,205 173,751 Other gold and foreign exchange. 2,173 2,203 163 Other liabilities and capital...» 43 42,200 41,714 34,198 Government securities 881 881 958 Temporary advances to Govt.. National Bank of Costa Rica— Rediscounts and loans to banks1 16,814 16,168 ,048 Issue dept. (thousands of colones): Other assets 2,747 2,673 418 Gold 11,663 11,529 11,329 Currency circulation 2 5,787 5,686 404 Foreign exchange 36,591 32,573 15,746 Deposits—Member bank 739 515 329 Contributions to Int'l Fund and Government 1,716 1,578 091 to Int'l. Bank 30,321 30,321 30,321 Nationalized1 13,955 13,816 006 Loans and discounts 66,770 74,393 62,050 Other 217 206 79 Securities 8,039 16,462 4,020 Other liabilities and capital.. 868 842 723 Other assets 1,032 1,010 1,076 Note circulation 102,204 115,934 74,497 Commonwealth Bank of Aus- Demand deposits 45,064 43,733 43,751 tralia (thousands of pounds): Other liabilities and capital 7,149 6,621 6,294 Gold and foreign exchange.... 247,574 244,695186,158 Checks and bills of other banks. . 33,054 4,466 ,073National Bank of Czechoslovakia Securities (incl. Government and (millions of koruny): Treasury bills) 405,569 400,258 429,494 Gold and foreign exchange 8.... 3,705 3,385 4,732 Other assets 288,020 24,499 10,779 Loans and discounts 16,753 16,591 4,097 Note circulation 1944,893 196,893202,680 Other assets 51,610 50,795 124,207 Deposits of Trading Banks: Note circulation—Old () (9) 931 Special 288,930 287,510 270,984 New 60,238 59,479 58,566 44,393 Other 244,899 ,414 Deposits—Old , . (9) 68,931 Other liabilities and capital 1755,495 158,543135,425 New 1,597 2,368 9,674 Other liabilities and capital... 10,991 9,837 9,108 National Bank of Belgium (millions of francs): National Bank of Denmark Gold 27,240 26,939 26,511 163 (millions of kroner) : Foreign exchange 12,099 12,186 12,281 644 Gold ,. 70 70 70 71 N Lo e a t n c s l a t i o m G o o n v e I r n n t m 'l. e F nt unda 49,4 5 6 4 1 4 51,0 5 2 4 6 4 51,0 5 2 4 1 4 6 8 2 1 4 4 F C o o r n e t i r g i n b u e t x io ch ns a n t g o e Int'l Fund and 98 105 136 80 Other loans and discounts...... 9,088 6,732 7,191 652 to Int'l. Bank 65 65 65 Claim against Bank of Issue... 64,597 64,597 64,597 597 Clearing accounts (net) 26 22 2 22 58 Other assets 1,967 1,944 1,893 244 Loans and discounts 19 16 15 16 Note circulation 78,365 77,856 77,805 380 Securities 99 104 95 103 Demand deposits 5,723 5,380 5,637 809 Govt. compensation account.. 5,229 5,405 5,480 6,085 Blocked accounts4 78,699 78,553 78,557 891 Other assets 172 174 183 289 Other liabilities and capital.... 2,209 2,179 2,104 658 Note circulation 1,477 1,486 1,512 1,482 Deposits—Government....... 1,741 1,754 1,882 2,335 Central Bank of Bolivia—Mone- Other 2,410 2,572 2,522 2,737 tary dept. (millions of bolivianos): Other liabilities and capital 151 149 149 147 Gold at home and abroad 953 922 Foreign exchange 144 434 Central Bank of Ecuador Loans and discounts 355 301 (thousands of sucres): Government securities 773 430 Gold 277,274276,774276 292273,868 Other assets 14 8 Foreign exchange (net) 2,151 11,828 19 393 16,623 Note circulation 1,837 ,678 Net claim on Int'l Fund' 16,880 16.880 16 881 16,877 Deposits 163 193 Loans and discounts 234,000 215389204 555229,131 Other liabilities and capital 239 224 Other assets 104,510 95 932101 598 132,132 Note circulation 321,201315 179305 894339,366 National Bank of Bulgaria'1 Demand deposits 244,313227 531238 622274,331 Other liabilities and capital 69,300 74 094 205 54,934 Central Bank of Chile (millions of pesos): National Bank of Egypt (thou- Golds 1,139 1,138 sands of pounds): Foreign exchange (net) 159 77 Gold 6,376 6,376 Net claim on Int'l. Fund 3 3 3 43 Foreign exchange 17,332 14,699 Discounts for member banks.... 1,132 1,125 725 Loans and discounts 2,707 2,933 Loans to Government 787 787 ,234 British, Egyptian, and other Other 16ans and discounts 1,536 1 ,499 ,151 Government securities 307,015 303,861 Other assets 1,251 1,249 ,658 Other assets 21,869 26,298 N O D o t e h p te e o r s c i l i t i r s a c — b u i l l B O a it t a t i i e h o n s e n k r and capital... 4,3 3 4 8 6 3 6 4 3 2 5 6 4,3 8 2 4 2 5 8 0 7 8 9 5 ,7 2 5 4 6 6 6 1 1 5 7 7 O N D t e o h p te e o r s c i l i t i r s a c — b u i l l G O a it t t o i i h e o v s e n e r r a n n m d e c n a t pital 1 1 7 3 3 8 2 9 5 , , , , 4 3 2 2 1 4 9 5 2 0 0 6 1 1 8 1 2 1 9 8 6 9 , , , , 1 5 6 8 3 8 5 0 2 3 1 1 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange7.... 166 704162,555 164,821 209 Gold 36,608 36,659 37,120 Net claim on Int'l. Fund 3 , 21 867 21,871 21,867 21 Foreign exchange (net) 45,633 48,963 45,118 Paid-in capital—Int'l. Bank. .. 1 229 1,225 1,225 1 Net claim on Int'l Fund8.. 1,563 1,564 1,563 Loans and discounts 146 867141,416 144,063 93 Loans and discounts 223 259 1,602 Government loans and securities. 127,605118,679 110,701 87, Government debt and securities. 5,243 5,295 5,471 Other assets " 46,674 48,303 46,200 39 Other assets 1,548 1,550 1,770 Note circulation 301 600291,645 289,136 Note circulation 53,282 54,118 51,333 Deposits 31,938 34,611 32,908 Other liabilities and capital 5,598 5,560 8,403 c Corrected. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 8 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 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. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 6 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 1 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. 9 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 1034 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1947 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr, June 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 11,992 494 4,352 Silver 5,685 9,055 Advances—Treasury 686,560 671 046489,252 Foreign exchange 27,464 35,064 Other Govt. agencie 15 15 14,040 Treasury bills 2,832 2,832 Loans and discounts 108,050 648 91,395 Other assets 28,331 20,154 Government securities 142,683 674115,629 Circulation—Notes 37,433 46,810 Other assets 96,926 367 37,447 Coin 27,769 20,004 Bank of Italy notes 755,882 625501,174 Other liabilities and capital.. .. 567 290 Allied military notes 58,579 766 76,417 Deposits—Government 9,540 11,728 Bank of Finland (millions of Demand 50,072 822 57,599 markkaa): Other 145,290 397 83,921 Gold 268 268 224 2 Other liabilities and capital 27,387 159 21,800 Foreign assets (net) -182 -352 -407 1,296 Clearings (net) -3,656 -3,065 -3,307 -4,984 Bank of Japan (millions of yen): Loans and discounts 37,627 37,119 37,617 32,163 Cash and bullion 590 584 1,424 Securities 365 366 370 408 Advances to Government 67,565 ,681 21,229 Other assets 876 1,164 1,372 1,023 Loans and discounts 52,768 ,436 47,008 Note circulation 27,204 27,112 27,850 22,415 Government securities 81,746 ,617 72,549 Deposits 1,269 1,233 1,653 1,473 Reconversion Fin. Bk. bonds. . 49,562 ,392 9,927 Other liabilities and capital 6,826 7,155 6,367 6,020 Other assets 10,940 130 5,003 Note circulation 223,499 ,440136,320 Bank of Greece (billions of drach- (Dec. Deposits—Government 10,902 ,972 4,857 mae): ) Other 16,603 ,584 11,496 Gold and foreign exchange (net) 636 725 Other liabilities 12,166 ,843 4,466 Loans and discounts 18 17 Advances—Government 935 679 Bank of Java2 Other 1,168 843 Other assets 83 91 Bank of Mexico (millions of pesos): Note circulation 974 690 Monetary reserve 3 598 594 600 671 Deposits—Government 56 82 "Authorized" holdings of securi- Other 343 149 ties, etc 1,455 1,447 1,469 1,580 Other liabilities and capital.... 1,468 1,434 Bills and discounts 724 693 674 600 Other assets 107 129 98 96 Bank of Guatemala (thousands of Note circulation 1,685 1,676 1,667 1.687 QUetzales): Demand liabilities . 709 701 731 998 Gold 27,228 27,228 27,227 Other liabilities and capital 491 487 442 263 Foreign exchange 22,244 22,818 22,811 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Netherlands Bank (millions of Rediscounts and advances 2,142 2,562 1,508 guilders): Other assets 11,626 10,904 7,983 Gold 482 482 481 502 Circulation—Notes 30,805 31,053 29,417 Silver (including subsidiary coin) (4) 2 3 2 Coin 2,912 2,931 2,816 Foreign bills 467 470 477 357 Deposits—Government 6,583 6,988 6,804 Loans and discounts 150 164 151 174 Banks 14,237 13,919 13,373 Govt. debt and securities ,300 3,300 3,500 ,600 Other liabilities and capital 9,953 9,870 8,370 Other assets 329 322 290 130 Note circulation—Old 120 122 123 126 National Bank of Hungary (mil- New ,961, 2,947 2,881 ,760 lions of forint): Deposits—Government 741 779 1,040 866 Gold 403 403 403 346 Blocked 81 71 60 85 Foreign exchange 49 57 60 166 Other 506 503 483 719 Discounts 1,999 1,928 1,681 749 Other liabilities and capital 320 317 315 209 Loans—Treasury 340 340 340 340 Other 227 208 Reserve Bank of New Zealand Other assets 377 342 " '339 '"333 (thousands of pounds): Note circulation 2,070 2,015 1,995 1,468 Gold 2,802 2,802 2,802 Demand deposits—Government. 254 244 177 17 Sterling exchange reserve 78,162 76,036 93,933 Other 570 568 214 69 Advances to State or State un- Other liabilities and capital 501 452 436 380 dertakings 30,735 32,304 24,180 Investments 7,868 7,868 3,868 Reserve Bank of India (millions of Other assets 3,486 3,387 807 rupees): Note circulation 48,383 48,312 46,984 Issue department: Demand deposits 69,623 68,594 72,595 Gold at home and abroad. . 444 444 444 Other liabilities and capital 5,048 5,491 6,010 Sterling securities 11,353 11,353 11,353 Indian Govt. Securities.... 1,278 1,138 578 Bank of Norway (millions of kroner): Rupee coin 429 427 276 Gold 302 303 339 Note circulation 13,289 13,231 12,215 Foreign assets (net) 492 435 394 Banking department: Loans and discounts 109 106 120 Notes of issue department.. 216 132 437 Securities 65 65 74 Balances abroad 4,155 4,156 4,359 Occupation account (net) 7,924 8,094 8,108 Treasury bills discounted... 19 93 17 Other assets 67 63 68 Loans to Government 2 1 47 Note circulation 1,984 1,987 1,912 Other assets 590 709 767 Deposits—Government 3,952 3,851 3,994 Deposits 4,689 4,794 5,338 Banks 1,258 1,304 1,016 Other liabilities and capital. 293 297 289 Blocked 826 832 900 Other 268 417 352 Central Bank of Ireland (thousands Other liabilities and capital 671 675 930 of pounds): Gold 2,646 2,646 2,646 2,646 Sterling funds 39,832 40,393 40,587 37,625 Note circulation 42,478 43,039 43,233 40,271 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. 4 Less than 500,000 guilders. AUGUST 1948 1035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 745 745 715 1,870 Gold 5,659 5,672 5,662 5,055 Foreign exchange (net) 22,360 22,107 23,877 27,432 Foreign exchange 117 107 86 120 Net claim on Int'l. Fund1 2,709 2,709 2,709 1,549 Loans and discounts 252 247 329 87 Paid-in capital—Int'l. Bank -16 -16 -16 3 Other assets 102 92 95 87 Loans and discounts 28,647 27,240 20,000 13,740 Note circulation , 4,221 4,158 4,179 3,954 Government loans and securities. 6,694 7,059 7,958 9,760 Other sight liabilities 1,246 1,298 1,329 1,073 Other assets 2,666 1,703 1,575 400 Other liabilities and capital 663 663 663 322 Note and coin issue 53,228 51,078 46,218 42,170 Demand deposits 7,425 7,411 6,972 9,852 Central Bank of the Republic of Other liabilities and capital 3,153 3,058 3,628 2,732 Turkey (thousands of pounds): Golds 458,542 470,296 470,296 534,971 Central Reserve Bank of Peru Foreign exchange and foreign (thousands of soles): clearings 146,630 170 296184, 295,683 Gold and foreign exchange 71,188110,811 Loans and discounts 649,338630 241594, 589,053 Net claim on Int'l. Fund i 20,496 20,491 Securities 178,332 178 539184, 183,085 Contribution to Int'l. Bank.... 2,356 2,480 Other assets 35,292 30 694 19 28,469 Loans and discounts to banks .. . 158,363 92,605 Note circulation , 865,517 881 567879,530 941,231 Loans to Government 688,162652,848 Deposits—Gold 153,029 153 021153, 021148,352 Other assets 73,884 83,900 Other 216,995 224 732205, 307315,938 Note circulation 707,006655,980 Other liabilities and capital.... 232,592 220 746 215,017225,739 Deposits 210,266190,776 Other liabilities and capital 97,176116,380Bank of the Republic of Uruguay (thousands of pesos): Bank of Portugal (millions of Gold 308,258 286,419 escudos): Silver 12,403 13,008 Gold 4,345 4,394 5,419 Paid-in capital—Int'l. Bank 314 318 Foreign exchange (net) 10,139 10,198 11,596 Advances to State and govern- Loans and discounts 405 398 439 ment bodies 63,151 25,817 Advances to Government 1,283 1,283 1,298 Other loans and discounts 186,496143,729 Other assets 496 503 514 Other assets 277,376362,173 Note circulation 8,310 8,327 8,220 Note circulation 250,583217,285 Demand deposits—Government 1,240 1,256 2,426 Deposits—Government 68,899 45,578 Other 6,209 6,284 7,721 Other 268,973 251,537 Other liabilities and capital 910 908 898 Other liabilities and capital 259,545 317,064 National Bank of Rumania 2 Central Bank of Venezuela (thousands of bolivares): South African Reserve Bank Gold 8 705,510 643,347 617,912 (thousands of pounds): Foreign exchange (net) 39,389136 38,633 Gold* 95,323 109 185,971 Other assets 84,607 75 66,537 Foreign bills 81,235 75 8,997 Note circulation—Central Bank. 637,783632 557 493,461 Other bills and loans 86,154 86 4,850 National banks. 3,406 3 5,390 Other assets 11,934 7, 10,527 Deposits 171,446165 151,519 Note circulation 64,906 63, 63,553 Other liabilities and capital..... 16,870 53 72,711 Deposits 203,269 207 140,534 Other liabilities and capital 6,469 6,258 National Bank of the Kingdom of Yugoslavia * Bank of Spain (millions of pesetas): Bank for International Settle- Gold ,216 1,214 ments 7 (thousands of Swiss gold Silver 500 522 francs): Government loans and securities. ,867 15,790 Gold in bars 92,728 99,241120,673 82,712 Other loans and discounts ,002 8,243 Cash on hand and on current Other assets ,960 3,100 account with banks 32,426 35,286 40,781 13,774 Note circulation ,063 22,620 Sight funds at interest 374 374 497 497 Deposits—Government ,132 2,585 Rediscountable bills and accept- Other ,777 3,149 ances (at cost) 20,345 31,323 30,006 33,661 Other liabilities and capital 574 515 Time funds at interest 33,412 9,478 7,695 14,058 Sundry bills and investments... 100,259 83,857 70,431 69,190 Bank of Sweden (millions of kronor): Funds invested in Germany . .. 297,201297,197 291,160 291,160 Gold 188 205 213 371 Other assets 2,575 2,893 1,164 2,504 Foreign assets (net) 170 181 205 238 Demand deposits (gold) 19,380 17,585 17,592 18,100 Swedish Govt. securities and ad- Short-term deposits (various vances to National Debt Office4 3,247 3,129 ,977 2,533 currencies): Other domestic bills and advances 60 99 111 126 Central banks for own ac- Other assets 367 347 361 424 count 82,268 49,076 57,783 10,280 Note circulation 2,824 2,734 ,791 2,618 Other 1,371 4,270 5,918 3,372 Demand deposits—Government. 732 602 634 619 Long-term deposits: Special ac- Other 133 334 172 118 counts 228,909 228,909228,909 228,909 Other liabilities and capital 342 292 269 338 Other liabilities and capital 247,390 259,808252,205 246,894 «• Revised. * 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. 6 Gold revalued on Sept. 9, 1946, from 1.406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 7 See BULLETIN for December 1936, p. 1025. 1036 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— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l z w a e n r i d t - - b C an e k n tr o a f l — J R u 3 a l 1 t y e eff D ec a t t i a ve ba C n e k n t o r f a — l J R u 3 a l 1 t y e eff D ec a t t i e ve In effect Dec. 31. ..!!?. Albania Mar. 21, 1940 Ireland...... Nov. 23, 1943 1937..... 2 3 4 2 2 2X Argentina Mar. 1 1936 Italy 5 \& Sept. 6, 1947 May 10, 1938. . . 4 Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 May 13 2X Belgium Aug 27, 1947 Java 3 Jan. 14, 1937 May 30 .... 3 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Sept 28 3 Oct. 27 2X Nov 25 Jan. 4, 1939 \H Bulgaria 4 V*» Aug. 14 '946 Lithuania.... 6 July 15, 1939 Apr. 17 4 Canada Feb 8, 1944 Mexico June 4, 1942 May 11 3 Chile Dec 16, 19.'6 Netherlands . June 27, 1941 July 6 Colombia 4 July 18 1933 NewZealand. July 26, 1941 Aug. 24 . .. 4 Costa Rica 3 Apr. 1, 1939 Norway 2X Jan. 9, 1946 A Se u p g t . 2 2 9 8 3 3 Czechoslovakia 2X Oct 28, 1945 Peru 6 Nov. 13, 1947 Oct. 26 2 Dec. 15 3 Jan. 25, 1940 . 2 Denmark Jan. 15, 1946 Portugal 2X Jan. 12. 1944 Apr. 9 3 V£ Ecuador .... 7 June 8,1943 Rumania.... Mar. 25, 1948 May 17 3X El Salvador.. . 4 Oct. 15, 1946 South Africa. k June 2, 1941 Mar. 17, 1941 . iH Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 3 Finland Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 2X Jan 16 1945 1X Jan 20 \» Feb. 9 2X France 2X Oct. 9, 1947 Switzerland.. Nov. 26, 1936 N De o c v . 1 7 9 19 . 4 6 . 2 3 X Germany . . &3 Apr. 9, 1940 U Tu n r it k e e d y King- July 1, 1938 Jan. 10, 1947... 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 Hungary. s:.. . 5 Nov. 1, 1947 U.S.S.R.... 4 July 1, 1936 Aug. 27 3X India 3 Nov. 28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 2X &3 In effect July 31, 2X NOTE.—Changes since June 30: Japan—July 5, up from 4.38 to 5.11 per cent. 1948 2 &3 "2X "2H "iX" OPEN-MARKET RATES (Per cent per annum] Canada United Kingdom France Netherlands f Sweden Sw la it n z d er- Year and Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to 3 discount 3 months 3 months 3 months money on deposits money 3 months money months rate 1932—May. 1.44 1.10 1.29 1.50 1933—May. .50 .37 .58 X 3X-5H 1 .50 1934—May. .91 .85 .85 X 2XA-S 1.50 1935—May. .59 .51 .75 X 2X~*X 2.39 1936—May. ^90 .55 .54 .75 X 2^-5 2.25 1937—May. .72 .55 .51 .75 X 3.01 2^-5 1.00 1938—May. .47 .53 .51 .75 X 1.31 2^-5 1.00 1939—May. .63 .73 .70 .75 V2 I .25 2^-5 .00 1940—May. .74 1.03 1.02 1.00 X 1.71 3H-5H 1.41 1941—May. .58 1.03 1.00 1.00 X 1 .66 3-5 K L .25 1942—May. .54 1.03 1.00 1.03 X 1.62 3-5 H 1.25 1943—May .50 1.03 1 .00 1.07 X 1.66 3-5 J4 L .25 1 1 9 9 4 4 4 5 — — M M a a y y. . . 3 3 9 7 1 1 . . 0 0 3 3 1 1 . . 0 0 0 0 1 1. . 0 1 3 3 X X 1. . 6 38 1 2^ 3 - ~ 5 sy2 . . 2 2 5 5 1946—May. .39 .53 .51 .63 lA 1.34 1^27 . 93 2^-43^ 1.25 1947—May. 41 53 .51 .6.5 .46 1.45 1 08 2H-4J* .25 1947—Tune ... .41 .53 51 .63 X .45 1.46 .86 2X-4X .25 July .41 .53 .51 .63 X 1.51 1.52 1.09 2X~*X *25 Aug .41 .53 51 .63 1.46 1.30 1.00 2X~*X !25 Sept .41 .53 51 63 1/ 1 44 1.08 .75 2 V£—4V^ .25 Oct .41 .53 51 .63 64 .95 95 2X~*X .38 Nov .41 .53 .51 63 X 2.12 .93 74 38 Dec .41 .53 .51 .63 X 2.04 1.13 53 214—41% .38 104a—Tan .... .41 .54 .51 .63 X 2 02 1.28 .57 2X-4X .50 Feb .... .41 .56 50 63 X 2 00 1.38 .78 .50 Mar .41 .56 51 .63 2.09 1.45 .99 2X-4X 1.50 Apr .... .41 .56 .51 .63 X 2.00 1.38 .93 2 3^-4 X L.50 May .41 .56 .51 .63 1.33 .94 2H-4K L.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. AUGUST 1948 1037 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 o F 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 n o h l t e o i a y r c n t e a d t B co il u ls n d te i d s- T r d e r c e e p e a i o s p u s t i r t s y 2 Securities c L u o s a to n m s e to rs Other 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 r i l es 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 ,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 ,500 250 1945—December. 536 252 369 1,523 1,234 827 374 4,850 3,262 ,588 265 1946—December. 499 432 610 1,560 1,427 994 505 5,685 3,823 ,862 342 1947—June 464 451 672 ,330 1,479 ,131 518 5,658 3,667 ,992 386 July 475 442 699 ,283 ,488 ,139 504 5,644 3,668 ,975 386 August .;. 479 455 724 ,248 1,492 ,154 473 5,628 3,663 ,965 396 September 465 472 758 ,193 1,493 ,155 476 5,615 3,653 ,962 397 October... 468 466 825 ,147 ,500 ,185 487 5,690 3,713 ,977 387 November 488 476 799 ,196 1,500 ,205 492 5,767 3,781 ,986 389 December. 502 480 793 ,288 ,483 ,219 567 5,935 3,962 ,972 396 1948—January.. 476 460 800 ,217 ,480 ,231 513 5,776 3,821 ,955 401 February . 465 442 713 ,157 ,485 ,280 500 5,642 3,700 ,942 400 March... . 472 468 804 ,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 ,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 :,248 ,477 1,334 547 5,869 3,832 2,037 401 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o n l r i n o e d t d n h o s l b f o l a a i f g n r u s k ) r s e . s re C se a r s v h E es ntire S l e y lo c i a u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d a f a u b o n l b e o a r d r e a n o f i n n r k g a o s e s d n m t Securities Other ci N r ti c o o u t n l e a- e T x o c t l a u l ding i D n e te m rb an an d k dep T o im si e ts li c a O a b a p t i n h l i d i t e t a r i l es 1941—December. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 ,049- 1943—December. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December. 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December. 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December. 753 136 ,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525 1947—June 637 106 ,709 126 4,131 1,041 20 6,152 2,508 3,644 ,578 July 645 99 ,761 119 4,110 1,036 20 6,170 2,481 3,690 ,580 August :.. 670 82 ,805 116 4,109 1,014 19 6,186 2,412 3,774 ,591 September 663 83 ,027 113 3,963 933 19 6,193 2,387 3,806 ,570 October... 702 93 ,931 102 3,882 1,156 19 6,283 2,531 3,753 ,563 November 695 92 ,065 107 3,850 1,051 18 6,279 2,569 3,710 ,562 December. 731 105 ,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 1948—January... 698 77 ,953 97 3,972 1,029 18 6,281 2,457 3,824 1,526 February . 679 70 ,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 April 710 76 1,930 108 4,072 1,114 18 6,464 2,513 3,951 1,528 May 728 80 1,925 127 4,066 1,107 17 6,456 2,501 3,955 1,561 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o n f f i k g f s u r . a r e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans a O s t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i d i t e t a i r l es 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—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 March. . . 36,687 27,214 260,660 101,565 32,114 419,991 414,629 5,362 26,173 12,076 April 29,808 27,283 269,554 105,112 33,661 423,905 418,077 5,828 26,878 14,634 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 Y% 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. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile (peso) (pound) Bel- (cruzeiro3) (dollar) (peso) Year or month "Regu- "Non- Certair gium lar" regular" indus- (franc) prod- prod- trial Official Free Official Free Official Free Official Export ucts * ucts 2 products 1941 29.773 23.704 322.80 321.27 6.0575 5.0705 90.909 87.345 45.1664 44.0000 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 90.909 88.379 1943 29.773 24.732 322.80 4321.50 6.0586 5.1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 3321.17 4 2.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321 34 2.2829 4 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1947—August. . . 29.773 25.125 320.92 2.2821 4406 100.000 91.998 September 29.773 25.125 321.12 2.2833 4406 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 June 29.773 25.125 321.21 2.2805 5.4406 100.000 93.229 July 829.773 25.125 20,000 321.23 2.2807 5.4406 100.000 92.829 Year or month S C ( h y h h a u a i n a i n ) g n a - 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 e a o n r n - k e) ( l m F a k i a a n n r ) d - k- Offici F a ( l f r r a an n c c ) F e ree ( H K do o o ll n 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. . . 5.313 57.004 22.0101 424.592 30.137 45.0703 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.97ii 30.122 20.581 437.933 1946. . . 57.020 2.0060 * 20.876 .8409 30.155 4 .4434 20.581 37.813 1947. . . 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 1947—August 56.980 2.0060 20.862 .8405 30.171 20.582 37.753 September 56.980 2.0060 20.861 .8407 30.167 20.578 37.751 October 56.980 2.0060 20.861 .8407 30.169 20.576 37.762 November 56.980 2.0060 20.863 .8404 30.176 20.576 37.768 December 56.980 2.0060 20.860 .8403 30.177 20.575 37.699 1948—January. 56.991 2.0060 20.860 9.8400 30.172 20.576 37.654 February 57.010 2.0060 20.860 1°.4671 30.168 20.575 37.714 March 57.010 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 April 57.010 2.0060 20.860 .4671 .3277 ^30.169 20.578 37.765 May 57.010 2.0060 20.860 .4671 .3272 J30.169 20.574 37.755 Tune !57.O1O 2.0060 20.859 .4671 .3268 !30.169 20.573 37.718 July 2.0060 20.858 .4671 .3265 L130.169 420.573 37.645 United Year or month (p l Z N a o e n e u a w d n - d) N (k o r r o w ne a ) y P (e o s g c r a u t l u do - ) ( A S p o o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Co U n- r (p u e g s u o) a N y on- Official Free trolled tr c o o l n le - d 1941 322.54 *4.0023 398.00 *9.130 47.133 23.829 423.210 403.50 403.18 65.830 43.380 1942 322.78 398.00 4 46.919 403.50 403.50 65.830 52.723 1943 324.20 398.00 403.50 4 403.50 65.830 52.855 1944 324.42 398.00 403.50 65.830 53.506 1945 323.46 399.05 403.50 5'403! 02 65.830 55.159 1946. 322.63 20.176 44.0501 400.50 4 9.132 25.859 23.363 403.28 65.830 56.280 1947 322.29 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1947—August 322.20 20.159 4.0257 400.75 9.132 27.826 23.363 402.73 65.830 56.203 September. 322.41 20.158 4.0203 400.75 9.132 27.822 23.363 403.00 65.830 56.204 October. .. 322.48 20.159 4.0240 400.75 9.132 27.823 23.363 403.10 65.830 56.204 November. 322.44 20.159 3.9985 400.75 9.132 27.825 23.363 403.05 65.830 56.204 December. 322.50 20.159 4.0088 400.75 9.132 27.826 23.363 403.13 65.830 56.204 1948—January.. 322.45 20.159 4.0043 400.75 9.132 27.825 23.363 403.07 65.830 56.198 February. 322.49 20.160 3.9700 400.75 9.132 27.826 23.363 403.11 65.830 56.180 March 322.50 20.160 3.9856 400.75 9.132 27.826 23.363 403.13 65.830 56.180 April 322.51 20.160 3.9966 400.75 9.132 27.826 23.363 403.15 65.830 56.180 May .... 322.49 20.160 4.0334 400.75 9.132 27.825 23.363 403.12 65.830 56.180 June. 322.50 20.158 4.0345 400.75 9.132 27.824 23.363 403.13 65.830 56.180 July. 322.51 20.158 4.0329 400.75 9.132 27.824 23.363 403.14 65.830 56.180 1 Through June 22, 1948, shown as official rate. 2 Through June 22, 1948, shown as special export rate. 3 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 4 Average of daily rates for that part of the year during which quotations were certified. 5 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. 6 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-Dee. 31. 5.3955. 7 Based on quotations through June 22. • 8 Based on quotations beginning July 15. 9 Based on quotations through Jan. 23. 10 Based on quotations beginning Feb. 10. 11 Excludes Pakistan. 12 Based on quotations through June 10. 1S Temporarily omitted. 14 Based on quotation through July 21. AUGUST 1948 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 19 1 n t 2 a 0 i 6 0 t t e e ) s d = C (1 a 9 1 n 2 0 6 0 a ) d = a ( M 19 1 e 2 0 x 9 0 i ) co = K ( U 1 in 9 1 n 3 g 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 8 0 c ) e = (1 I 9 1 t 3 a 0 8 l 0 y ) = ( J 1 a 9 1 3 0 p 0 3 a ) n = ( J J N u u l n l e a y e t n h 1 1 d e 9 9 s r 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u — w l ly a i 1 t n z 0 d 1 0 e 9 ) r 1 - 4 = 100) 1926 100 100 1 124 106 132 150 1 126 144 1934 75 72 95 88 58 65 99 90 *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 r5,159 5,103 271 199 224 1947__july 151 129 293 193 888 5,779 4,871 272 199 223 August 154 131 292 194 1,004 5,889 6,503 271 199 223 September 157 134 298 195 1,096 6,202 6,960 272 202 224 October 159 139 304 199 1,129 6,010 7,833 274 203 230 November 160 143 306 203 1,211 5,647 8,599 277 204 232 December 163 144 303 204 1,217 5,544 8,863 280 205 232 1948—January 166 147 302 212 1,463 5,373 9,144 279 207 234 February 161 147 304 217 1,537 P5.343 9,288 279 209 234 March 161 147 303 217 '•I,536 P5.318 9,480 279 210 235 April 163 149 303 219 1,555 P5.421 9,537 279 213 234 May 164 150 313 220 1,653 9,634 233 June 166 152 321 222 *>1,691 P233 *» Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926 = 100) (1926 = 100) (1930 = 100) (July 1938-June 1939 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p a g c a w o a t r u o n t r d a l u e y n s - d d F f u a c m g h l c o l t a i y o u e n f d a r u l e s n y - d d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d d l u u r s a c - w ts p f I r in n o tr i d d s i u h a u l s e c - d ts 1926 100 100 100 100 100 100 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 112 106 94 158 175 172 193 184 1946 149 131 110 118 110 99 158 184 200 282 261 1947 169 135 126 131 117 165 207 214 328 276 1947—juiy 167 133 126 131 116 168 207 207 337 276 August 172 136 126 133 117 167 209 204 338 276 September....... 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 187 177 149 141 150 137 182 241 231 340 280 May 189 177 149 144 153 137 182 243 June 196 181 150 148 156 138 184 244 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i t t 5 0 e e 0 - d s 3 ) 9 (1 = C 9 a a 3 1 d 5 n 0 a - 0 - 3 ) 9 ( K J d 1 u i o 9 n n 4 m e g 7 - 17 F = ( r 1 a 9 n 1 3 0 c 8 0 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 r n 1 n - 4 d e Y m e o a n r t o h r ( U S 1 = 9 n t a 3 i 1 5 t t 0 e e - 0 s d 3 ) 9 (1 = C 9 a 3 a d 1 5 n a 0 - - 0 3 ) 9 ( K J d 1 u i o 9 n n 4 m e g 7 1 - 7 F = ( r 1 a 9 1 n 3 0 c 0 8 ) e N (1 = l e a 9 t 1 n 1 h 1 0 d e 0 - r s 1 ) - 3 ( l 1 J a e 9 u n r 1 n - d 4 e = 100)! = 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 '"ioo" 130 130 1938 101 102 156 "ioo 139 137 1939 . 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 . 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 •101 J . 043 222 1947 . ... 159 136 •101 1,030 217 1947-July 193 160 U01 974 221 1947-July 158 136 U01 965 217 August 197 161 99 1,089 222 August 160 137 100 1,068 218 September 204 165 100 L.187 222 September 164 139 101 1,157 218 October. .. 202 171 101 1,309 229 October... 164 142 101 1,268 223 November. 203 174 103 1,378 230 November. 165 144 103 1,336 223 December. 207 179 103 1,393 230 December. 167 146 104 1,354 223 1948-January... 210 182 104 1,437 230 1948-January... 169 148 104 1,414 224 February.. 205 186 108 1,541 230 February.. 168 150 106 1,519 224 March.... 202 186 109 1,518 229 March.... 167 151 106 1,499 223 April 208 187 109 1,524 229 April 169 152 108 1,499 223 May C211 191 108 ,541 229 May 171 153 108 1,511 223 June 214 194 p .560 P230 June 172 154 Pi,529 P224 P Preliminary. c Corrected. 1 The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947 = 100 is also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August 1947, p. 255. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 8 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 203 for retail food prices and 166 for cost of living. Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U ( t n h a i i t g t e e h s d i C (1 a 9 n 3 a 5 d -3 a 9 2 K (D U i e n n c g i e d t m e o d b m er F (1 r 9 a 3 n 8 c = e N la e n th d e s r * - ( U 1 S 9 n t 3 a i 5 t t e e -3 s d 9 C (1 a 9 n 3 a 5 d -3 a 9 « K U in n g i d te o d m (D Fr e a ce n m ce b e * r N la e n th d e s r 6 grade) = 100) 1921=100) 100) = 100) =100) (1926= 100) 1938= 100) (1938= 100) Number of issues. . . 12 (2) 87 50 13 416 100 278 «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 7 140 1941 117.8 99.4 123.8 M43.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 155 9 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1L,149 202.7 1947—July 104.7 119.3 131.1 131.1 105.3 126.0 107.4 98.2 1,135 203.4 August 104.5 119.2 126.4 128.6 106.3 124.5 105.5 92.2 1,265 206.5 September. .. 103.6 119.0 126.4 125.2 106.6 123.1 104.1 88.7 1,298 218.7 October 101.1 118.8 128.0 122.0 105.9 125.1 105.5 89.3 ,245 225.1 November. . . 99.6 118.5 128.2 121.4 104.0 123.6 107.3 90.2 1,294 212.9 December.... 97.9 117.9 130.1 122.2 103.7 122.4 106.2 92.6 L.211 215.3 1948—January 98.1 108.6 130.5 118.9 108.3 120.1 107.5 93.9 L.301 225.4 February. . . . 98.1 108.6 130.6 119.1 107.3 114.2 102.2 91.1 1,229 239 8 March 98.5 103.4 130.0 119.0 107.6 116.4 101.5 90.2 L.239 P242.2 April 99.4 103.6 129.1 119.1 107.6 124.6 109.1 93.2 :1,190 May 99.9 104.9 129.1 118.2 130.2 116.5 94.8 ,127 June 100.2 104.8 129.5 P118.6 135.1 120.3 93.9 1,086 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average published previously for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. 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. p 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 This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues(27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; 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. AUGUST 1948 1041 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 LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel EDWARD L. SMEAD, Director J. LEONARD TOWNSEND, Associate General Counsel J. R. VAN FOSSEN, Assistant Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS FRED A. NELSON, Director WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director DIVISION OF ADMINISTRATIVE SERVICES FRANK A. SOUTHARD, JR., 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 R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Second Vice President ALFRED H. WILLIAMS J. T. BROWN, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JAMES H. PENICK, ST. LOUIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JAMES M. KEMPER, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist JOHN K. LANGUM, Associate Economist J. E. WOODS, DALLAS DISTRICT T. BRUCE ROBB, Associate Economist JOHN H. WILLIAMS, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRME1VI, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President 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 W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C, A. Schacht C. M. Stewart Minneapolis.. . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L, Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas. ........ El Paso C. M. Rowland Jacksonville T. A. Lanfprd 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 Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 1 Cashier. * Also Cashier. 4 General Manager. AUGUST 1948 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS* The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made pay- RULES OF ORGANIZATION AND RULES OF PROCEDURE able to the order of the Board of Governors of the (Board of Governors of the Federal Reserve Sys- Federal Reserve System. tem). September 1946. 31 pages. THE FEDERAL RESERVE ACT, as amended to Novem- FEDERAL RESERVE BULLETIN. Issued monthly. Subber 1, 1946, with an Appendix containing proscription price in the United States and its possesvisions of certain other statutes affecting the sions, Bolivia, Canada, Chile, Colombia, Costa Federal Reserve System. 372 pages. 50 cents per Rica, Cuba, Dominican Republic, Ecuador, Guatepaper-bound copy; $1.00 per cloth-bound copy. mala, Haiti, Republic of Honduras, Mexico, New- FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. foundland (including Laborador), Nicaragua, Space for plotting through 1948. April 1947 Panama, Paraguay, Peru, El Salvador, Uruguay, edition. 24 pages. 50 cents per copy; in quanand Venezuela is $2.00 per annum or 20 cents per tities of 10 or more copies for single shipment, copy; elsewhere, $2.60 per annum or 25 cents per 35 cents each. copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per POSTWAR ECONOMIC STUDIES. (8 pamphlets) copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 2. Agricultural Adjustment and Income. RATES, AND BUSINESS. Issued monthly. $9.00 per No. 3. Public Finance and Full Employment. annum, or $1.00 per copy. In quantities of 10 or No. 4. Prices, Wages, and Employment. more copies of a particular issue for single ship- No. 5. Private Capital Requirements. ment, 75 cents each. No. 6. Housing, Social Security, and Public DIGEST OF RULINGS to October 1, 1937. Digests of Works. Board rulings, opinions of the Attorney General No. 7. International Monetary Policies. and court decisions construing the Federal Re- No. 8. Federal Reserve Policy. serve Act, with compilation showing textual changes in the Act. 683 pages. $1.25 per copy. The price for the set of eight pamphlets is $1.25; BANKING STUDIES. Comprising 17 papers on bank- 25 cents per pamphlet, or, in quantities of 10 or ing and monetary subjects by members of the more for single shipment, 15 cents per pamphlet. Board's staff. August 1941; reprinted March 1948. 496 pages. Paper cover. $1.00 per copy; THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND in quantities of 10 or more copies for single ship- FUNCTIONS. November 1947. 125 pages. 75 ment, 75 cents each. cents per cloth-bound copy; in quantities of 10 or more copies for single shipment, 50 cents each. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- Paper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKcopy. No charge for individual sections (un- GROUND AND INTERPRETATION. October 1947. 50 bound). pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. PROVISIONS OF STATE LAWS RELATING TO BANK RE- SERVES as of December 31, 1944. 1945. 30 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE MONETARY AND BANKING REFORM IN PARAGUAY. FEDERAL RESERVE SYSTEM. Individual regulations Includes translation of laws, accompanying re- with amendments. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, * A more complete list, including periodical releases and re- December 31, 1947. July 1948. 122 pages. prints, appeared on pp. 750-53 of the June 1948 BULLETIN. 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS BANKING ASSETS AND THE MONEY SUPPLY SINCE (From Federal Reserve Bulletin except as otherwise indicated) 1929, by Morris A. Copeland and Daniel H. Brill. January 1948. 9 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- MENT FINANCING, by Frieda Baird. March 1947. PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT 6 pages. AGAINST THE DEMAND AND TIME DEPOSITS OF BANKS, by Marriner S. Eccles. January 1948. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL 10 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. March THE FEDERAL RESERVE CHART BOOK AS AN AID TO 1947. 9 pages. BANK MANAGEMENT, by Charles H. Schmidt. April 1948. 9 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC DEBT BY BANKS. April 1947. 4 pages. STATEMENT ON BEHALF OF THE BOARD OF GOVER- NORS OF THE FEDERAL RESERVE SYSTEM BEFORE NEW GUATEMALAN BANK LAW, by David L. Grove. April 1947 BULLETIN with translation of new THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Marriner S. Eccles on April 13, Bank Law. 39 pages. 1948. 7 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER WHAT ABOUT MONEY AND CREDIT? Address by BANKS IN LEADING CITIES. June-July 1947. 9 M. S. Szymczak on May 7, 1948 at the 55th pages. Annual Convention of the Alabama Bankers SURVEY OF CONSUMER FINANCES. From the June, Association. 7 pages. July, and August 1947 issues of BULLETIN. 44 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb. RETAIL CREDIT SURVEY—1947, by Katharyne P. May 1948. 12 pages. Reil, from July 1948 BULLETIN with supplementary information for nine separate trades. 40 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS pages. (Also, RETAIL CREDIT SURVEY—1943, AND BUSINESSES. June 1948. 2 pages. 1944, 1945, and 1946, from the June 1944, May RECENT DEVELOPMENTS IN BUSINESS FINANCE and 1945, June 1946, and July 1947 BULLETIN, with INDUSTRIAL DIFFERENCES IN LARGE CORPORATION supplementary information for separate trades.) FINANCING, by Charles H. Schmidt. June 1948. BUSINESS LOANS OF MEMBER BANKS. From March, 19 pages. May, June, July, and August 1947 issues of 1948 SURVEY OF CONSUMER FINANCES—I. EXPENDI- BULLETIN. 80 pages. TURES FOR DURABLE GOODS. June 1948. 15 pages. THE BRITISH CRISIS. September 1947. 12 pages. 1948 SURVEY OF CONSUMER FINANCES—II. THE DIS- FINANCIAL POSITION OF MANUFACTURING AND TRADE TRIBUTION OF CONSUMER INCOME IN 1947. June IN RELATION TO SIZE AND PROFITABILITY, 1946, 1948. 8 pages. by Albert R. Koch and Charles H. Schmidt. 1948 SURVEY OF CONSUMER FINANCES—III. CON- September 1947. 12 pages. SUMER OWNERSHIP AND USE OF LIQUID AND NON- REVISION OF NATIONAL INCOME AND PRODUCT STA- LIQUID ASSETS. July 1948. 15 pages. TISTICS. September 1947. 12 pages. 1948 SURVEY OF CONSUMER FINANCES—IV. CON- STERLING IN MULTILATERAL TRADE, by J. Burke SUMER SAVING AND EXPENDITURE. August 1948. Knapp and F. M. Tamagna. September 1947. 19 pages. 8 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by FINANCIAL POSITION AND BUYING PLANS OF CON- Milton Moss. July 1948. 6 pages. SUMERS, July 1947. October 1947. 4 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- THE CURRENT INFLATION PROBLEM—CAUSES AND RENCY COMMITTEE. Presented by Thomas B. Mc- CONTROLS, by Marriner S. Eccles. December Cabe on August 2, 1948. 8 pages. 1947. 8 pages. REGULATION OF CONSUMER INSTALMENT CREDIT. BANK LOANS TO FARMERS. From the October and Presented by R. M. Evans. August 2, 1948. December 1947 issues of BULLETIN. 36 pages. 2 pages. AUGUST 1948 1045 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 J S j= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 3 FEDERAL RESERVE BANK CITIES I • FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTCU Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis