Federal Reserve Bulletin, 1948-09

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS 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 Agriculture in Mid-1948. 1047-1057 1948 Survey of Consumer Finances—Part V. Housing Expenditures and Finance 1058-1065 Regulation of Consumer Instalment Credit. 1066 The Balance Sheet of Agriculture, 1948. 1067-1082 Report of the National Advisory Council on International Monetary and Financial Problems, October 1, 1947—March 31, 1948. 1083-1100 Current Events and Announcements. 1100 Authorization of Bank of the German States to Issue Notes and Coins 1101-1102 Law Department 1103-1120 National Summary of Business Conditions. 1121-1122 Financial, Industrial, Commercial Statistics, U. S. (See p. 1123, for list of tables) 1123-1179 International Financial Statistics (See p. 1181, for list of tables) 1181-1199 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1200 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1201 Federal Reserve Publications 1202-1203 Map of Federal Reserve Districts 1204 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, OT $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 34 September 1948 NUMBER 9 AGRICULTURE IN MID-1948 Harvests this season in the United States further rise in consumer disposable income are expected to be much larger than a year as a consequence of the income tax reduction ago and substantially in excess of probable and of substantial wage rate increases in domestic consumption and exports. In- leading industries. For major crops, carrycreases in current supplies and prospects for overs at the beginning of the season were larger carryovers at the end of the season small both here and abroad; exports have are being reflected in declines in prices of been large, financed in considerable part by crops to Federal support levels. On the the Federal Government; and a Federal price other hand, supplies of most livestock and support program has been in effect, providproducts are smaller than last year and ing assurance of markets and limiting prices are higher, far above support levels. price declines. For livestock products, prices Cash income from the sale of farm prod- have been higher than a year ago owing to ucts is continuing higher than a year ago increased consumer incomes and to reduced and, although aggregate costs of farm opera- marketings resulting from earlier high feed tion have increased, net income appears costs and reductions in animal numbers on to be close to the level of last year. Mean- farms. while, the value of farmers' land and other Some of the effects of this season's striking assets has shown a further increase, which agricultural developments on the general has been offset only in part by a rise in in- economic situation have already been felt, debtedness, chiefly in short-term borrowings. while others will be evident over varying The dollar figures overstate the degree of periods of time. Price declines for leading farm prosperity because prices in the econ- crops reduce costs of important raw materials omy generally have increased, but in real for producers in a number of industries and terms the purchasing power of farmers is attract attention to the possibility of price only moderately below the high level of a declines rather than price increases for the year ago and is much larger than before finished products of these industries. Dairythe war. men and livestock growers, for example, will Continuation of farm prosperity in the have the advantage of much lower feed costs, fourth postwar season reflects many in- and textile manufacturers will pay less for fluences, both domestic and foreign, which cotton. On the other hand, advances in prices are making possible the sale of large supplies of livestock and products to new peak levels at high prices. Consumer demand is at a earlier this summer increased the cost of higher level this year, reflecting chiefly some living at a time when the effects of inflation- SEPTEMBER 1948 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 ary pressures were also evident in various CHANGES IN AGRICULTURAL SUPPLIES other markets, particularly those for metals Crop production in 1948 is indicated to be and metal products. over 10 per cent larger than last year, on the Sharp advances in prices of metals and basis of September 1 conditions, while output metal products, such as automobiles, reflected of livestock and products during the year is in part a modification of earlier policies of expected to average about 5 per cent smaller. setting prices substantially below levels that The sharp increase in crop production rewould maximize immediate profits. The flects almost entirely higher yields resulting advances reflected also a strong current from much more favorable weather condemand situation for industrial commodiditions ; total acreage planted was up only one ties as a result of many influences, includper cent. ing international tensions and resultant With such diverse changes in crop and liveincreasing demands for armament producstock production, any generalization concerntion and stockpiling, the European Recovery ing total agricultural production depends to Program, and the continued exceptionally a considerable extent on the relative imporhigh rate of expenditures for construction tance given to crops and livestock. If producand capital equipment. Backlog demands for some consumer products, notably auto- AGRICULTURAL PRODUCTION AND PRICES 935-1939 •100 mobiles, have continued to be great and have PER CENT 1 helped to sustain demand for other goods, 280 - 1 « including farm products. The large volume L i of liquid assets at the disposal of consumers 240 _i_ _ and businesses, as well as the ready availabil- - I i i ity of commercial bank and other credit, has 200 1 aided in making these demands effective. PRICES RECEIVEO BY FA*MERS The effects of large crops in the United 160 1 / / States on foreign countries appear in greater ; / Isi 1 /" availability of supplies and in many instances 120 u i ! V / i ft V in reductions in prices paid by importing countries and in prices received by exporting 80 ••4 PRODUCTIONFOR SALE \ V / AND H0ME USE countries. Future crop developments here will be one of many important factors in- 40 fluencing the whole field of international economic and political relations. At the 0 1 ! ! I. MM fill Mil Mil 1 1 II (Ml 1 ! same time developments abroad, both in U. S. Department of Agriculture annual data. The dot indicates the average level of prices received during the first eight agriculture and industry, will have an impormonths of 1948. The production index for 1948 is based on September 1 indications. tant bearing on agricultural conditions in this country. In the coming season exports tion of feedstuffs is counted in the year they of agricultural commodities from the United are grown, then crop output is given a heavy States may be somewhat larger, in physical weight and the rise from last year in total terms, than in the past season but over the production is found to be about 6 per cent. longer term, as agricultural production If, on the other hand, an attempt is made to abroad increases further, exports may decline measure output of farm products available considerably. for market and for use in the farm home, 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 then this year's large feed crops have less to be nearly one-sixth lower than last year, influence and the total is shown to be little owing chiefly to sharp reductions in Federal changed. acreage allotments following curtailment of For comparison with price movements foreign demand, but it is still one-fifth higher over many years, the production index shown than prewar. Production of major farm on the chart on page 1048 is based on the commodities in recent years is shown in the volume of production for market and for use accompanying chart. in the farm home. To some extent, it is true, Prospective increases in carryovers. For the influence of this year's large feed crops most crops that can be stored from year to has already been felt in commodity markets, year, this season's harvests will probably be but in part this influence will appear only as considerably greater than disappearance, and production and marketings of livestock and stocks will be increased from the low levels products are increased. prevailing generally since the war. The pros- Record crop production. The most notable pective cotton crop of 15.2 million bales comchange in crop production this year is a sharp pares with combined domestic consumption and exports of 11.4 million during the past PRODUCTION OF MAJOR FARM COMMODITIES 1935-39*100 season. The carryover of wheat on July 1 ANNUAL LIVESTOCK PRODUCTS CROPS was 195 million bushels as compared with 84 million a year earlier and, if exports are about as large as in the past season, a further increase in carryover at the end of the season is indicated. Supplies of feed grains this season compared with the number of animals on farms will be the largest on record and, although exports of feed grains are expected to increase considerably, there will still be a very sizable increase in carryovers from present low levels. It is partly through increased carryovers of 1940 1942 1944 1946 1948 1940 1942 1944 1946 1948 important commodities and the protection U. S. Department of Agriculture data. Figures for 1948 are they provide against higher prices resulting based on September 1 indications. The index for meat animals refers to estimated live weight farm production. from short crops that the effects of this year's increase in the corn crop. The crop of 3.5 bil- large crops will be felt in dampening inflalion bushels now in prospect is nearly a half tionary forces. larger than last year's reduced crop and 9 Limited output of livestock and products. per cent greater than the previous record crop Much larger feed crops at sharply lower of 1946. Other feed crops, except hay, are prices will encourage an expansion in output also larger; the hay crop is down about 4 per of livestock and products. Feed costs have cent. For the second year cotton production dropped by about one-third from the exis expected to be considerably expanded, this ceptionally high level reached in January of time by nearly 30 per cent. The wheat crop this year and prices of livestock and products of 1.3 billion bushels is only 6 per cent below are now higher than at that time. Production last year's record crop and about 70 per cent incentives have therefore been greatly inabove prewar. The tobacco crop is indicated creased. 1049 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 The effects of increased production in- declines for all types of animals. Slaughter centives on livestock production and on volume during the remainder of the year is market supplies of livestock products will be likely to show a seasonal rise but to remain spread over a long period of time and it is below last year. The reduction in slaughter not possible to determine in advance the volume this year is considerably larger than amount and timing of such effects. It is not the decline in live weight production of meat known, for example, to what extent animals animals on farms shown on the chart on may be withheld from market initially, for page 1049. Nevertheless, slaughter has conmore fattening or for increasing herds, or to tinued in excess of production and meat supwhat extent farmers may liquidate herds in plies have been supplemented accordingly. any particular period to take advantage of Meat supplies per capita, allowing for some prices then regarded as too high to be main- reduction in storage stocks, may be about tained. 7 per cent less than last year, slightly more It is evident, however, that the number of than in 1940 and 1941 and 15 per cent more animals on farms now, which is substantially than in the 1935-39 period, when the numless than at the peak in the war period, will bers of livestock on farms had been reduced be a factor limiting increases in market sup- and consumer demand was at a much lower plies for some time to come. Expansion of level than now. livestock numbers, especially in the case of Cattle marketings have continued in excess cattle, can be accomplished only over a long of production this year and, with little inperiod. In recent years livestock numbers crease in production possible, supplies of beef have been declining as more animals have will be reduced further next year if marketbeen marketed than have been raised. The ings are held to production levels. This number of animals on farms at beginning of appears to be true even though animals are this year and other selected years is shown likely to be fattened to heavier weights. Last in the table. So far this year cattle, sheep, fall high feed prices reduced the number going into feed lots by an estimated half mil- NUMBER OF LIVESTOCK ON FARMS [January 1; in millions] lion head and this year, therefore, there have been fewer cattle for market from feed lots. 1948 1947 1944 1941 1935-39 average Now the situation may be reversed, with Cattle 78.6 81.2 85.3 71.8 66.8 more cattle going to feed lots this autumn to Milk cows. . 25.2 26.1 27.7 25.5 25.0 Other cattle. 53.4 55.1 57.6 46.3 41.8 be fattened for market next spring and Hogs 55.0 56.9 83.7 54.4 43.9 Sheep 35.3 37.8 50.8 53.9 51.2 summer. Chickens.... 463.0 474.4 582.2 422.8 405.1 The reduced volume of hog marketings NOTE.—U. S. Department of Agriculture data. this year reflects the influence of last year's and poultry numbers have been reduced small corn crop in restricting production and somewhat further. This summer poultry encouraging marketings and also the probhatchings have increased sharply but the able influence of this year's bumper crop in number of chickens raised at this time of delaying marketings of hogs. Feeding ratios the year is only a small portion of the season's now favor an expansion of output, but total. market supplies this autumn are likely to be In the case of meat animals, total slaughter relatively small as a result of the limited size for the year 1948 is now expected to be about of the pig crop this spring, the holding back 9 per cent less than last year with marked of sows for breeding purposes, and the delay 1050 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 in marketing of hogs being fattened to heavy CHANGES IN EXPORTS OF FARM COMMODITIES weights. Heavier feeding will increase pork The value of agricultural exports has desupplies somewhat, but most of the increase clined from the peak of early 1947 and in the must come through raising more animals. first half of 1948 was 22 per cent lower than This autumn's pig crop may be slightly in the same period a year ago. Exports of larger than last autumn's, and present price relationships favor a marked increase in the some of the principal industrial goods propig crop next spring, for marketing in the duced from agricultural materials, especially autumn and winter of 1949-50. cotton textiles and cigarettes, showed more marked reductions. In spite of the 22 per Milk production, which through July was cent decline, agricultural exports were still about 4 per cent lower than last year, declined in August by less than the usual exceptionally large in value terms, being seasonal amount. Feeding rates, however, more than four times the prewar level, as have been high and only a limited increase is shown in the table which follows. For in milk production can be brought about particular commodities changes in physuntil dairy herds are expanded. Total milk ical quantities from prewar levels differed supplies per capita are now somewhat widely, with exports of grains, eggs, and smaller than prewar, owing in part to a dairy products up very sharply and cotton marked increase in exports of manufactured and tobacco down. In the season ahead, acdairy products. A much larger part of cording to the Department of Agriculture, domestic supplies is now being consumed exports in physical quantities are likely to as fluid milk and cream, and consumption of show an increase, especially in the case of these commodities per person is 15 per cent cotton. higher than before the war, while butter consumption per person has declined by 40 EXPORTS OF AGRICULTURAL PRODUCTS per cent. [Annual rates] Output of poultry products can be ex- 1948 1947 1935-39 panded more rapidly than that of other live- Product stock products. Production of broilers can F h i a r l s f t Se h c a o lf nd F h i a r l s f t Average be accomplished in three months and some- In millions of dollars what increased supplies will be coming on Total 3,290 3,603 4,218 747 the market this autumn as a result of in- Grains and grain products. . 1,589 1,774 1,878 82 creased hatchings this summer; on the other Dairy products 176 306 228 6 Fruits 137 133 190 88 hand laying flocks may be culled less than Eggs 72 104 96 1 Meats 51 107 176 20 usual. By next summer the number of lay- Cotton 441 242 612 310 ing hens can be increased and egg produc- Tobacco .... 162 249 290 128 Other products. . 663 688 748 112 tion expanded. Egg production through In physical units July this year was running about 2 per cent Grains (in millions of bushels) . 506 655 757 104 below last year, but in August production Cotton (in thousands of bales). 2,496 1,749 3,836 5,318 Tobacco (in millions of pounds) 310 492 494 432 was above a year ago. In the near future egg production may show little change from NOTE.—U. S. Department of Agriculture data. "Agricultural Products" include manufactured foodstuffs. "Other the corresponding period a year ago, as fac- products" are principally foods. Quantities of grains exported include flour and other grain products in terms of grain tors tending to increase output are about offset equivalent. Cotton includes linters. Data for physical units in 1935-39 are annual averages of the period from July 1934 to by other factors tending to decrease output. June 1939. Figures for 1947 and for 1948 are subject to revision. SEPTEMBER 1948 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 Exports of grain and grain products, which The countries of Western Europe, which have been accounting for nearly half of the take most of this country's food exports, had total value of agricultural exports, were at exceptionally poor harvests last season as a a lower rate during the first half of the year result of continued slow progress in reconthan in 1947, but for the entire 1947-48 crop struction and extremely unfavorable weather season total grain exports were at about the conditions. Their principal food crops, same high level as in the previous year. Ex- wheat and rye, were 30 per cent below the ports of most other foods were reduced in prewar period at the same time that their the first half of 1948 compared with last year, population was 8 per cent larger. Crop proand foreign takings of cotton and tobacco duction this year is much improved but imwere curtailed considerably. These declines port requirements are still large. Estimated reflected chiefly special measures taken by carryovers in some importing countries are foreign governments to restrict purchases to even lower than last year. Livestock herds, items considered most essential and where which are much smaller than before the war, possible to make purchases from countries would need to be expanded for several years other than the United States in order to con- before consumption of meat and dairy prodserve dollar exchange. The reduction in ucts could be restored to earlier levels. Quesforeign demand for major export farm prod- tions as to the relative advantages of various ucts has been associated with generally less uses of the limited dollar resources available pressure on domestic supplies, and prices of will arise increasingly as basic food needs are these commodities in recent months have met, but it appears that efforts to improve been lower. In the period ahead financing diets and build up stocks will support the of exports of agricultural commodities will be demand for grain exports from this country facilitated by the foreign aid program. for some time. Purchases to replenish stocks The portions of the supplies of individual will depend to some extent on expectations as products exported in the last 12 months dif- to the future course of prices. fered greatly. Exports of wheat and dried Supplies in other major exporting counfruits were a third of total domestic supplies tries, especially in the case of grains, will also and exports of manufactured dairy products influence the demand for exports from the a sixth. For most other food commodities United States. August reports indicate that the portion exported was much less; in the the wheat harvest in Canada will be 30 milcase of meat it was only about 1 per cent. lion bushels larger than last year and output For all agricultural commodities about 10 of oats and barley will also be larger. Accordper cent of total supplies have been exported. ing to official estimates the wheat carryover Agricultural imports as a whole have con- in Australia at mid-year was 50 million tinued at about prewar levels, in physical bushels above a year ago, while the carryvolume terms, with increases for com- over in Argentina showed little change. modities such as wool and sugar offset by Production of wheat in these two countries declines for commodities such as silk, rubber, during the coming season is still indeterminand fats and oils. Imports of foodstuffs as a ate. group have not expanded in comparison with In 1947-48 substantial grants and loans prewar and now are little more than one- from the United States assisted other counhalf as large as exports, while before the tries in financing their trade with this counwar they were more than double. try, and in addition they drew heavily on 1052 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 their gold and other assets. It is expected PRICES RECEIVED BY FARMERS that there will be far less liquidation of gold and dollar assets in 1948-49 than in the past year. If, however, there is a higher level of imports by this country and a sizable increase in loans and grants from this country, the total funds available to finance American exports in the 1948-49 period will be fully as '—\ , 280 large as last year. The proportion of funds used for purchase of agricultural commodities may not be as large as in the past year, but with prices of agricultural products relatively lower physical volume of agricultural exports may increase. 1946 1946 HIGH PRICES FOR FARM PRODUCTS Based on U. S. Department of Agriculture mid-month data. The latest figures shown are for August. The grain index Prices of farm products at the end of Au- combines the Department's separate price indexes for food and feed grains. gust were about 4 per cent higher on the average than a year ago, although 6 per cent speculative activity in other commodity below the peak reached in January. After a markets. The advance reflected mainly large marked rise last autumn and winter, featured Federal purchases for export in the spring by spectacular increases in grain prices, the and autumn, the short corn crop, the sharp total index of prices received by farmers in reduction in grain production in Europe, the mid-January was 30 per cent above the high- prospects last autumn of serious drought est level reached in the postwar inflationary damage to the winter wheat crop, and genperiod of 1919-20 and about 185 per cent erally rising incomes and prices, especially above the 1935-39 average. Following an during the latter part of 1947. When it beabrupt drop in February the index rose again, came evident that the condition of the winter reflecting sharp advances in livestock prices, wheat crop was improving, that Argentina and reached a point in mid-July which was would have a large wheat crop, and that feed only 2 per cent below the January high. From demands for wheat and corn would not be mid-July to the end of August average as great as had been anticipated, the rise in prices of farm products declined about 5 prices slowed down, and in early February, per cent, reflecting further decreases for crops with interest in speculation for a further and some declines for livestock products. advance disappearing, prices of grains drop- Grains. Indexes of prices received for.all ped sharply. Favorable crop reports for this farm products and also for grains and live- country and most other parts of the world stock, which have moved very differently in the months that followed limited any over the past year, are shown in the chart. except minor rallies in grain prices until the At their peak in January grain prices had pressure of the huge new crop supplies harrisen 60 per cent from the level at the be- vested or definitely in prospect resulted in ginning of 1947 and were 250 per cent above further marked declines. the prewar average. This striking advance Livestock^ and products. The marked delast year from already high levels stimulated clines in February for prices of livestock 1053 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 proved to be temporary. The declines had Cotton and other farm products. Cotton reflected the fact that earlier price advances prices dropped from January to February at had caused some reduction in meat consump- the time of the general break in farm prices, tion, and a consequent building up of stocks, as is shown in the chart on page 1055. Suband also a temporary concern on the part of sequently prices advanced sharply and late in meat packers over the general economic out- April reached a level 2 cents above the Janlook and the effects of a possible decline in uary level, reflecting mainly prospects of inconsumer income on demand. An extended creased exports in the second quarter under strike at major meat packing plants further the foreign-aid program. Exports did not reduced prices for live animals, especially occur in the volume anticipated, and during hogs, and it was some time after the initial the summer it became evident that the new break that prices moved up again. Average crop would be considerably larger than in the prices of livestock in July and August were preceding year. Domestic purchases of raw one-fourth higher than in February and one- cotton were also at a reduced level, reflecting fifth above a year ago. Beef cattle prices, the a decline in inventory demands for cotton highest relative to last year, were about four goods and some curtailment in cotton textile and one-half times the prewar average and mill activity. By the end of August cotton more than double the peak prices reached in prices were down about 20 per cent from the the 1919-20 period. April high and were at the support level in Prices of dairy products showed less the 10 spot markets. seasonal decline than usual during the first Prices of other agricultural products, inhalf of the year and were about 15 per cent cluding rice, sugar, lard, dried fruits, tobacco, higher than in the same period last year, wool, and hides, have shown quite diverse owing chiefly to the 10 per cent higher level movements during the past year. These of consumer disposable income and the 4 per products, as well as cotton, grains, and vegecent lower level of milk production. Excep- table oils, are usually sensitive to internationally high feed costs during the period tional changes in supplies and demand, and were important in influencing the determina- in August their prices were generally contion of Federal minimum prices for fluid siderably below earlier peak levels. In admilk in major markets. Butter prices were dition to the marked improvement in crop maintained at advanced levels, reflecting in production both here and abroad, these price part strong storage demands during the declines have reflected a better distribution of period of peak production and relatively high world supplies of agricultural products. As prices for other edible fats and oils. In July foreign trade restrictions are modified, as and August butter prices declined about 5 per transportation facilities are improved, and cent owing to reports of a marked rise in as currency reforms abroad are extended, stocks and prospective increases in output. there is likely to be a further improvement A sharp decline in prices of vegetable oils in the distribution of supplies from one counsince mid-year probably contributed to the try to another and within the borders of reduction in butter prices. Cottonseed oil individual countries. The relatively slow prices dropped by a half from early June progress along these lines earlier in the to the end of August as a result mainly of postwar period was an important factor acthe big cotton crop indicated. centuating price rises. 1054 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 PRICE SUPPORT LEVELS From the end of the war until this season Federal price support operations have been on a relatively small scale as major farm products have been at support levels only occasionally. Every year prices of potatoes have been supported and during seasonal peak periods of production egg prices have been maintained by Federal action, and at times tobacco, wool, sugar, and some other products have been supported. In August, however, prices of most of this season's major crops were at support levels, which are generally equivalent to 90 per cent of parity prices, except for cotton which is 92.5 per cent. Parity prices in mid-August were 7 per cent higher than a year ago, reflecting an advance of that amount in prices paid by farmers. Monthly changes in parity and farm prices and annual support levels for selected crops are shown in the chart. Also shown are hog prices and their support levels, PRICES OF SELECTED FARM PRODUCTS 30.00 A 20.00 10.00 !•••'. which are varied seasonally. Prices for the new wheat crop fluctuated somewhat below support levels in July and August, owing mainly to lack of adequate storage space meeting Federal specifications. Spot prices of the old crop corn at the end of August were still considerably above the support level, but quotations for new crop delivery in December were about 10 per cent below the anticipated support level. In the case of very large crops, supports tend to maintain prices far enough above free market prices so that prices cannot rise except on the basis of important developments. Also under such circumstances, these supports provide growers of crops with larger returns than they would otherwise receive and they limit the extent of cost and price reductions available to other producers and indirectly to consumers as a result of the abundant supplies. How far the abundant supplies can be attributed to advance Federal commitments to support prices is a basic question in any appraisal of the effects of the various crop support programs. Among livestock products, which are of greater direct importance to living costs than crops, support levels are provided for poultry and dairy products, hogs, and wool; support for prices of beef cattle is not required. In August prices of livestock products for which supports are required, with the exception of eggs, were far above support levels, and ratios of livestock prices to feed prices were very - A A favorable to increased production. This is the first postwar season in which - Jr'" the total amount of crop loans guaranteed or held by the Commodity Credit Corporation is likely to be substantial. Usually most of 1946 1947 1948 1946 1947 1948 the loans are guaranteed rather than held by U. S. Department of Agriculture mid-month data. Latest the Commodity Credit Corporation and most figures plotted are for August. The 1948 support level shown for corn is estimated on the basis of August parity; the actual Government outlays on this account are not support level will be determined on the basis of September parity. Support prices for hogs beginning with October 1946 have been made until unredeemed loans held by private varied weekly to take account of usual seasonal price changes; the levels shown are for the week nearest the middle of the agencies mature. Government expenditures month. SEPTEMBER 1948 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 in the early part of this season will depend cent higher than in the corresponding period partly on the extent to which agreements to last year. Marketings of livestock and prodpurchase from farmers at a later date are ucts are likely to continue well below last used instead of loans and on the portion of year, but this reduction may be more than loans held by the Corporation rather than by offset by higher prices. Continued large reprivate lenders. Expenditures may be con- ceipts from crops are expected on the basis centrated in the next spring when unre- of a record volume for sale despite prices deemed privately held wheat loans mature substantially below those of a year ago. and commitments to purchase are carried Government payments to farmers in 1948, out, and also in the next summer and chiefly to promote soil conservation, have autumn when unredeemed cotton and corn been at about the same rate as in 1947 when loans and purchase agreements mature. To payments totaled 350 million dollars. This the extent that loans are held by the Cor- amount compares with 800 million dollars in poration rather than by private lenders, 1946, when production subsidy programs Government outlays will be made earlier, were in effect part of the year, and a 500 while to the extent that privately held loans million dollar average in 1935-39, when payare renewed at maturity next year, Govern- ments were on a somewhat different basis. ment expenditures will be delayed. Total cash farm income this year will be The Agricultural Act of 1948 extended for nearly four times that of 1935-39 and, since another year most of the provisions of the production expenses have risen somewhat wartime support program which were to less, net cash income will be still higher in expire on December 31, 1948. For farm comparison with the prewar level. In real commodities produced after January 1, 1950, terms, allowing for increases in living costs, however, the new Act provides that sup- net cash income is about double the prewar port levels for most of the basic crops, such level and, with a decline in the number as corn and wheat, may be varied from 60 of farm operators, income per operator is to 90 per cent of parity, depending on sup- more than double the prewar level. plies. Other commodities may be supported, While over-all income figures show the in most cases at any level up to 90 per cent, position of agriculture greatly improved over by decision of the Secretary of Agriculture. the relatively low prewar level, they do not A new method of computing parity prices indicate the full extent of the improvement is to be established, which is designed to for some farmers or the limited amount of relate parity prices more closely to current the rise for others. The amount of increase production costs and demand for products, in incomes from different types of farming and in general parity prices for crops will be has varied widely and so also has the amount lower, and for livestock products higher, than of increase for individual farmers engaged those calculated by present methods. in the same type of farming. The most notable increases in farmers' cash HIGH FARM INCOME income have been from the growing of grain Income from farm marketings in 1948 is and the raising of livestock. Increases from likely to be slightly larger than the 30 billion dairy and poultry operations have not been dollars received in 1947. Cash receipts from as large, while receipts from fruit production both livestock products and crops in the first have shown the smallest gain, being about seven months of the year were about 4 per two and one-half times the prewar level. 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURE IN MID-1948 Although increases in farm incomes have less than half the peak volume reached in been large, proportionally, in comparison 1923. On the other hand, farmers have been with increases elsewhere in the economy, borrowing considerable amounts on a shortthe incomes received by many farmers who term basis. The most recent figures availoperate small acreages have been small, and able indicate that such loans at member it appears that sizable numbers of these banks increased 25 per cent in the year endfarmers have been taking industrial jobs. Im- ing June 30 and loans of production credit mediately after the war the farm population associations increased 30 per cent in this showed a net increase due mainly to the period. Short-term loans of.all banks and return of servicemen. In 1947, however, production credit associations, excluding fewer people returned to farms, the number loans guaranteed by the Commodity Credit leaving increased, and a net migration of Corporation, in the middle of the year were 600 thousand a little more than offset the probably about 80 per cent higher than at the natural increase. The number of persons on end of the war and more than two and onefarms at the end of 1947 is estimated at 27.4 half times the low prewar level. The commillion, about 10 per cent less than before the bined volume of such loans is now about twowar. Nonfarm population, meanwhile, has thirds of the large amount held by banks increased nearly 20 per cent since 1937, to following the first world war. Increases in 118 million at the end of 1947. short-term loans reflect a wide variety of transactions, including larger purchases of IMPROVED EQUITY POSITION OF FARMERS machinery by farmers and borrowing by the The equity position of farmers in dollar farmers whose returns have not risen as terms is showing further marked improve- much as costs. Developments in the financial ment this year though not so much as in position of farmers during 1947 are presented 1947 or 1946. Dollar figures, however, in an article, "The Balance Sheet of Agriculgreatly overstate the improvement in real ture," on pages 1067-82 of this BULLETIN. terms since they reflect chiefly upward re- The credit situation in farming areas is valuations of assets. In 1947, for example, better, as compared with the period of excepwhen the total value of farm assets increased tionally high prices after the first world war, by 12 billion dollars, 10 billion of the increase in that ratios of debts to assets are generally resulted from higher prices for land and lower. For this reason, in a period of declinother assets. Farm land values on July 1, ing prices and incomes, credit liquidation in 1948 reached an all-time peak, at 210 per cent farming areas would presumably not be as of the 1935-39 average. This compares with important. This does not mean, however, 157 at the end of the war and 195 per cent a that all loans made on agricultural commodiyear ago. Further marked expansion in the ties at advanced prices would be repaid. Nor value of equipment held reflects a continued does it mean that adjustments in credit and rapid pace of farm mechanization as well as banking operations would not be required higher valuation. Demand deposits of farm- when adjustments occur in production, as ers were slightly larger in July than a year they will when temporary postwar demands, previous and about six times the prewar level. such as some of the current export demands Farm mortgage debt has risen slightly this for wheat, disappear and when price shifts year, as in the two preceding years, but is occur as a result of changes in demand and still one-third below the prewar level and in production techniques. SEPTEMBER 1948 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES1 PART V. Housing Expenditures and Finance Traditionally, expenditures for housing have con- during 1947 and intentions to buy during 1948 stituted the largest lump sum item in the Ameri- was presented in Part I of the survey reports apcan family budget. The annual rent bill for the pearing in the June BULLETIN. Selected data on almost 17 million nonfarm families who were rent- home ownership were also given in Part III in the ing their living quarters at the beginning of 1948 July BULLETIN, which outlined consumer holdings was estimated at about 7 billion dollars. During and use of liquid and nonliquid assets. In addithe past year the 18.5 million nonfarm families who tion to such data, renting families provided inforowned their homes paid out an estimated 5 billion mation on the amount paid and changes in rent dollars for repairs and additions alone and unduring the past year. Also, home owners reported doubtedly considerably more than this amount in on the financial arrangements connected with the terms of down payments, repayments of principal, purchase of their houses and indicated the amount interest, and taxes. The level of and change in of mortgage payments made and expenditures for expenditures for housing relative to total consumer repair and modernization. From this basic inincome, therefore, have an important influence on formation and from other data obtained in the the amount which the nation's families spend on survey, this article analyzes the relationship of other goods and on the amount of their saving. income, liquid asset holdings, size of family, size Because of the importance of housing expendiof community, occupation, and other characteristics tures, the 1948 Survey of Consumer Finances, conto the major family outlays for housing. ducted for the Board by the Survey Research Center The information here presented from the 1948 of the University of Michigan, made an initial at- Survey of Consumer Finances is based upon the tempt to obtain more detailed data on this subject. results of about 3,500 interviews taken in 66 samp- Although it is possible to make comparisons on ling points throughout the nation. The sample only a limited scale with previous surveys,2 the is representative of the entire population of the results cast important new light on some of the United States residing in private households.3 The distinguishing characteristics of renting and homeinterview unit of the survey is the spending unit, owning families throughout the country. defined as all persons living in the same dwelling Information on the number of home purchases and belonging to the same family who pooled 1 This article was prepared by Clarke L. Fauver of the their incomes to meet major expenses. Unlike the Board's Division of Research and Statistics. It is the fifth in a series presenting the results of the Board's 1948 Survey of previous articles in this series, however, the data Consumer Finances. The first four articles appeared in the June, July, and August BULLETINS. in this section have been converted to a family unit From the Survey Research Center, University of Michigan, Rensis Likert, Director, and Angus Campbell, Assistant Di- basis, since housing facilities are commonly prorector, were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including vided under some family arrangement. The survey interviewing, editing, tabulation of survey results, and preparation of survey studies was carried by George Katona in col- uses the same definition for a family as the Bureau laboration with Miss Janet Austrian. Charles F. Cannell served as head of the field staff and Roe Goodman as head of the Census of the Department of Commerce of the sampling section of the Center. From the Board of Governors, general supervision of the uses in its income studies, namely, that a family survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Associate Director, of the Divi- consists of all persons living in the same dwelling sion of Research and Statistics. Duncan McC. Holthausen who are related by blood, marriage, or adoption. has been in charge of the analysis of the data and the preparatio 2 n T o h f e r s e e p c o o r n ts d . survey was made for the Board of Governors Some family units consist of a single person. early in 1947 by the Survey Research Center and the results The number of dwelling units is smaller than of that survey were reported in 1947 in the June, July, and August issues of the BULLETIN. The first survey was made for the number of families because some dwelling units the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Depart- are inhabited by two or more families. In addition ment of Agriculture. The Survey Research Center staff currently in charge of the survey work was associated with the to the main family, for instance, a dwelling may 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. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES contain domestic servants, roomers, or a second 7. Although the survey does not provide a comfamily. plete answer to the question of how much of their incomes home-owning families have to use for SUMMARY OF FINDINGS ON HOUSING EXPENDITURES shelter, it is significant that almost one-half of the 1. At the beginning of this year about 18.5 mil- home-owning nonfarm families reported having lion nonfarm family units owned their homes, some- made expenditures for repairs and additions to what less than 17 million were living in rented their residences. Of the total income (before quarters, while about 2 million neither owned their taxes) of all such home owners, more than 5 per homes nor paid rent. On a percentage basis, 49 cent went into expenditures of this type in 1947. per cent of the nonfarm families owned their homes, This amount does not include money paid out on 45 per cent paid rent, and 6 per cent neither owned mortgage principal, interest, taxes, insurance, and homes nor paid rent. Altogether about 53 per cent other incidental expenses of home ownership. of the dwelling units of the nation, not including 8. The median amount spent in 1947 by the the dwellings of farm operators, were occupied by 8 million families who had expenses for repairs their owners. and additions to owned homes was about $280; 2. Among families with incomes of less than for repairs alone, the figure was about $200; and $3,000 as many as two of every five families, and for permanent additions, the median amount was among those with incomes of $7,500 or more over $600. nearly three of every four families, were home 9. Three of every five home owners made no owners. Broadly speaking, therefore, home ownerpayments on mortgage principal during 1947. For ship tended to be related to the amount of income the 38 per cent of the families that made such received, that is to say, the higher the income the payments, the median amount was less than $500. greater the proportion of owners in the income This sum is not the median amount of retirement class. on outstanding mortgages, because payments re- 3. Home ownership rose in frequency with age ported in some cases included interest and in others of the family head, no doubt reflecting especially both interest and taxes. the fact that ownership usually involves the prior accumulation of family savings for down payment or partial equity purposes. Home ownership was CHARACTERISTICS OF HOME-OWNING AND also much more frequent in smaller communities RENT-PAYING FAMILIES than in city and metropolitan centers. Results of the 1948 survey confirm the fact that 4. The median monthly rent paid by nonfarm the proportion of American families who own their families at the beginning of 1948 was approxi- own homes is larger at the present time than it mately $30. In general, both the largest and smallhas been at any other time for which there are est families paid lower rents than did families of records. Nearly half (49 per cent) of all nonfarm two or three persons. families stated that they owned their homes out- 5. More than one quarter of all renting families right or were in the process of buying them on had increases in monthly rental payments during time when the interviews were made early in 1947. There was no change for about 60 per cent, 1948. The number who said they were renting and a decline for a small group. Continued mainhouses or apartments was somewhat less and contenance of modified rent controls undoubtedly held stituted 45 per cent of all nonfarm families. The down both the number and the amount of remaining 6 per cent of the families indicated that increases. they neither owned their homes nor paid rent. 6. On the average, American families who paid These units consist of domestic servants, farm rent at the beginning of this year were spending for laborers, and of other people who received rent-free this purpose an amount equal to about 12 per cent dwelling quarters. Many of them were single of their total 1947 income. There were substantial persons and had a low income. differences among income groups, however, and families with incomes of less than $2,000 had to While the figures are not directly comparable, set aside an average of 21 per cent of their incomes there is a close correlation between these findings for rent, while those with incomes of $5,000 or more and the estimates based on a sample survey made used an average of only 9 per cent. by the Bureau of the Census in April 1947. The 1059 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES survey found 53 per cent of the nonfarm dwelling in 1940. Although these percentages again arc units to be owner occupied.4 not strictly comparable, it is clear that the decline Except for the effect of depression experience experienced during the thirties has been more during the thirties, every decennial census since than offset by the increase in home ownership 1900 has shown an increase in the ratio of owner- during the war and postwar period. The permaoccupied units to total nonfarm dwelling units. nence of at least some of the recent increases in Thus, the ratio rose from 37 per cent in 1900 to home ownership is questionable. The acute short- 46 per cent in 1930, then dropped to 41 per cent age of rental units has no doubt forced many families to buy homes, often at inflated prices and some- * The Bureau of the Census reports home-ownership data in what beyond their means, simply in order to obtain terms of urban and rural nonfarm dwelling units (not families). Rural nonfarm dwellings are those located outside the bounda- shelter. ries of urban places, but not on farms. Because the survey definition of "nonfarm" families is some- Table 1 on this page presents an analysis of what more comprehensive than that used by the Bureau of the Census, survey tabulations include many rural dwellings that some of the more important characteristics of homeare excluded from Census nonfarm totals. The survey definition of "nonfarm" families includes all families with the exception owning and rent-paying nonfarm families as reof about 5 million families of farm operators, who are either full-time farmers or part-time operators who received at least vealed by survey data. Significant is the fact that half of their 1947 gross cash income from farming. Farm laborers and nonfarming families living on farms are included when the families are grouped according to the in "nonfarm" families in the survey tabulations. amount of income they reported receiving in 1947, frequency of ownership appears less systematically TABLE 1 related to income below the $5,000 level than it COMPARISON OF SIGNIFICANT CHARACTERISTICS OF HOME- does from this level upward. However, by con- OWNING AND RENT-PAYING NONFARM FAMILIES, EARLY 1948 1 solidating income classes below $3,000, a systematic [Percentage distribution of nonfarm family units within group] pattern of ownership, rising as income level rises, is shown. Roughly two of every five families with All non- Home- Rent- incomes below $3,000 were home owners and nearly Family characteristics farm own- pay- Neither fam- ing ing three of every four families with income levels of ilies $7,500 and above. All nonfarm families 100 49 45 The amount of liquid asset holdings of a family 1947 family income {before varied considerably regardless of whether they taxes): Under $1,000 100 47 34 19 owned their homes or were tenants. The pro- $ $2 l, , 0 0 0 0 0 0 - -$ $ 2 l, , 9 9 9 9 9 9 1 1 0 0 0 0 4 4 3 4 4 5 9 1 6 7 portion of rent-paying families was considerably $3,000-$3,999 100 50 48 2 higher among groups with no liquid resources, but $4,000-$4,999 100 50 47 3 $5,OOO-$7,499 100 52 46 2 even here better than one of every three nonfarm $7,500 and over 100 73 26 1 families owned their own homes. For those families Liquid asset holdings: None 100 36 55 with some liquid assets, the ratio between renters $l-$499 100 51 45 $500-$999 100 53 41 and owners showed little variation in the range of $l,000-$l,999 100 52 45 $2,000-$2,999 100 54 41 holdings under $5,000. In families with the largest $ $ 3 5 , ,0 0 0 0 0 0 - a $ n 4 d ,9 9 o 9 ver 1 1 0 0 0 0 5 7 3 0 4 2 3 7 holdings, it was again true that the proportion of owners was noticeably higher. Occupation of head of family: Professional 100 47 43 10 When families were classified according to the Managerial and self-employed 100 70 28 2 occupation of the head, the proportion of home Clerical and sales 100 44 48 8 Skilled and semiskilled 100 46 50 4 owners was highest among managerial and self- Unskilled 100 34 49 17 Retired 100 64 31 5 employed businessmen and those who had retired. Type of community: It was lowest among unskilled workers and, as has Metropolitan 100 40 54 6 already been pointed out, people who neither owned Other city, more than 50,000 100 44 53 3 City, 2,500 to 50,000 100 57 37 6 nor paid rent for their quarters were most numer- Town, under 2,500 100 61 33 6 Open country 100 50 26 24 ous in this group. In general, the proportion of Age of head of family: ownership was highest among the higher-paid 18-24 100 24 71 25-34 100 37 57 occupational groups. 35-44 100 46 50 45-54 100 59 37 The size of the community in which the family 55-64 100 58 35 65 and over 100 64 29 lived and the age of the head of the family appeared to have an especially significant bearing on 1 In this and subsequent tables, families include single-person the owner-renter relationship. With the exception units. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES of open country areas (where farm operators have of rent control. In 1940, nearly 70 per cent of been excluded from the tabulations), it was found all rented nonfarm houses or apartments were that the larger the size of the community, the available for less than $30, and the median amount higher was the proportion of tenants and the paid was approximately $10 less than it is at the lower the proportion of home owners. In the present time.5 metropolitan areas, only two of every five families Table 2 indicates the distribution of payments were home owners; the other three families were made by all rent-paying nonfarm families and also shows the differences among families at various income levels. The median rent paid by those TABLE 2 who received incomes of less than $2,000 in 1947 MONTHLY RENT PAID BY NONFARM FAMILIES WITHIN DIFwas slightly more than $20, while it was close to FERENT INCOME GROUPS, EARLY 1948 $50 for those with incomes of $5,000 or more. [Percentage of rent-paying family units in each rent bracket] Other characteristics of the rent-paying families 1947 family income are analyzed in Table 3. The largest differences All rent- before taxes Monthly rent n p o a n y fa in rm g in monthly rents are revealed in the classifications families Under $2,000- $5,000 $2,000 $4,999 and over TABLE 3 Under $20 21 44 15 4 MONTHLY RENT PAID BY NONFARM FAMILIES OF DIFFERENT $20-$29 22 30 22 14 CHARACTERISTICS, EARLY 1948 $30-$39 . . .. 22 12 28 21 $40-$49 16 8 18 17 [Percentage distribution of rent-paying family units within group $5O-$74 12 2 12 26 $75-$99 3 0 2 9 Over $100 2 0 1 7 Ail Monthly rent paid Not ascertained 2 4 2 2 rentpay- All f a r r e m n t- f p a a m y i i l n ie g s non- 100 100 100 100 Family characteristics f f n a a i o n r m n m g - - U $ d 3 e n 0 r - $ $ 3 4 0 9 - $ $ 5 9 0 9 - $ O 1 v 0 e 0 r a ta N s i c n o e e t r d ilies either renters or neither owners nor renters. In the small towns the opposite was the case. All rent-paying nonfarm families 100 43 38 15 2 2 Only about one-fourth of the families whose Size of community: head was between 18 and 24 years of age reported Metropolitan 100 27 46 22 4 1 Other city, 50,000 and owning their own homes, whereas almost two- over 100 48 35 14 1 2 thirds of the group of age 65 and over were home City, 2,500 to 50,000 . .. 100 47 41 11 0 1 Rural 100 72 18 5 0 5 owners. Most families who are going to acquire Occupation of head of fama home of their own apparently do so before reach- ily: Professional 100 14 43 37 3 3 ing 45 inasmuch as the change in ratios for groups Managerial and selfemployed 100 19 39 30 11 1 above this age was not one of consistent increase. Clerical and sales 100 21 50 24 2 3 Skilled and semiskilled. 100 45 43 10 0 2 As might have been expected, relatively few Unskilled 100 65 27 5 0 3 single-person families were home owners. The Number of children: proportion of home owners among families of two None l 100 36 43 16 3 2 One 100 42 39 17 0 2 or more persons increased somewhat with the Two 100 47 36 13 3 1 Three or more 100 58 29 12 0 1 number of persons up to five, but appeared to decline as family size increased beyond R\c persons. 1 Includes nonfarm families with two or more adult members. of families by place of residence. This shows a MONTHLY RENT PAYMENTS OF NONFARM FAMILIES strong positive relationship between the degree The median monthly rent paid by nonfarm of urbanization and the amount of rent paid. In tenant families at the beginning of this year is metropolitan areas only about one-fourth of the estimated from survey data at roughly $30. This families spent less than $30 for rent. In smaller is in close accord with the findings of a sample communities this proportion was nearly one-half survey taken by the Bureau of the Census in April and in the rural nonfarm areas it was almost 1947. At that time the median rent for tenant- three-fourths. It should not be overlooked, howoccupied nonfarm dwelling units was slightly more 5 For data used in this paragraph, see U. S. Bureau of the than $29. Also, the median is no doubt lower than Census, Census of Housing in conjunction with 16th Decennial Census (1940); and U. S. Bureau of the Census, Housing, would prevail without the continued maintenance (Current Population Reports, Series P-70, No. 1, 1947). SEPTEMBER 1948 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES ever, that income differentials among these same RELATION OF MONTHLY RENT TO INCOME geographic areas offset to some extent the effect of What proportion of their incomes do American higher rents in the larger cities. families use for rent payments? From the point Both the largest and smallest families (single of view of its possible effect on the amount of persons) paid lower rents on the average than did funds available for other types of consumer expendother families. When classified by number of itures, this is the significant question to be anchildren, it appeared that families with one child swered from the monthly rent data collected in usually paid more rent than did those with two the survey. As is shown in Table 5, on the averor more children. However, two-person families age, nonfarm families who pay rent are currently with no children seemed to have paid somewhat higher rents than any of those with children. TABLE 5 CHANGES IN RENT DURING 1947 RELATION OF RENT PAYMENTS IN EARLY 1948 TO 1947 IN- More than one-fourth of all rent-paying nonfarm COMES OF RENT-PAYING NONFARM FAMILIES, BY INCOME GROUPS families reported increases in monthly payments during 1947, as is shown in Table 4. About three Percentage distribution of of every five families indicated that their rent had totals relating to rent- Total rent paying nonfarm families payments as not changed, and a small proportion said the 1947 family income percentage before taxes of family TABLE 4 f b a N m e u r i m l o ie f - s1 in T co o m ta e l 2 m T p r e o e a n n t y t a s t - l 5 r i e n g s c p r o o e m u c e p ti s v o e f RENT CHANGES FROM EARLY 1947 TO EARLY 1948 AS RE- PORTED BY RENT-PAYING NONFARM FAMILIES IN VARIOUS Under $2,000 27 10 17 21 INCOME GROUPS $2,000-$4,999 54 50 54 13 $5,000 and over 19 40 29 9 [Percentage distribution of nonfarm families in each income group] All income groups.. . 100 100 100 12 1947 family income Chang 1 e 9 4 in 7 m to o n 19 th 4 l 8 y rent A n f p a o l a m l n y f r i i a l e n i r n e g m s t- Under bef $ o 2 r , e 0 0 ta 0 x - es $5,000 ep 1 2 r A T es o l e l t n a r t l e n 4 i t n 5 - c p p o a e m y r i e n c g e o n f n t a o o l n l f f a r a r e l m l n t n - o f p a n a m f y a i i r l n i m e g s , f f a a 1 m m 0 i 0 i l l i i e e p s s e , . r 1 c 0 e 0 n t p i e n r t c h e is n t co in l um th n is , $2,000 $4,999 and over co 3 l u F m o n r , th re e p p re u s rp en o t s s e s 4 0 o f pe th r is c e t n a t b o le f , t m ot o al n t n h o ly n fa r r e m nt s i n p c a o i m d e a . t the beginning of 1948 were multiplied by 12. 1948 rent higher 27 26 27 32 No change 59 54 59 61 1948 rent lower 6 8 7 3 spending about 12 per cent of their incomes (before Not ascertained 8 12 7 4 taxes) for this purpose. This reflects the effect of All rent-paying non- a relatively stable rent level maintained under regufarm families 100 100 100 100 lation in contrast to substantial increases in personal incomes as well as in the prices of other commodiamount of their rent had gone down during the ties and services. preceding year. Information was not collected on An important but difficult question concerns the percentage or amount of the rent increases or changes in the proportion of consumer incomes decreases, but these figures would doubtless be devoted to rent over the past decade. The data affected by the continued maintenance of rent for such comparisons are, unfortunately, scanty. control. Change of rent paid by tenants may have Two earlier surveys, however, provide a rough occurred for two different reasons: either moving indication of the extent of the changes, although to new quarters, or a change of rent paid on the it should be noted that they are not directly comsame dwelling. Separate information about the parable because of differences in population covered, two reasons is not available. methods of sampling, and definition of terms. The proportion of the families that reported In 1941, the Bureau of Labor Statistics of the increases in rent was slightly higher in the upper United States Department of Labor reported that income brackets than in the middle and low income the monthly payments of rent-paying families averclasses. Classification by place of residence re- aged just under 16 per cent of their money income vealed that rent increases were more frequent in the (before taxes). In another Bureau of Labor Stametropolitan areas and large cities than in other tistics study made in 1944, the ratio of rent payless populated areas. ments to income for nonfarm families was esti- 1062 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES mated at 13 per cent (after allowance for taxes).6 are liable to three main kinds of annual payments It is interesting to see that relatively similar rela- on their homes. First, there may be a mortgage tions of rent to income were found for the three outstanding on which payments of both interest years studied. and principal may be due; secondly, there are Data for all three surveys indicate that there is usually real estate taxes, insurance, or other miscelnot much statistical basis for the traditional think- laneous levies to be paid; and finally, there may be ing that the average family spends about one-fourth expenses for ordinary maintenance and repair or of its income for rent. Such a relationship probably for additions to, or improvements in, the property. exists only when incomes are at an abnormally low The results of the survey provide incomplete level during a depression and when at the same time information on the first of these expenditures, and rent obligations remain a relatively inflexible item no data on the specific amount paid for taxes. in the family budget. Thus in the Financial Survey Special efforts, however, were made to obtain of Urban Housing made in conjunction with the reports on money spent by home owners in 1947 Real Property Inventory taken in 1933, it was found for additions and repairs. The distinction between that in 52 cities the contract rents averaged approxi- additions and repairs in many cases was not easy mately 24 per cent of family income.7 and in many instances could not be made. Addi- The current ratio of 12 per cent of income al- tions and major improvements were defined in the lotted for rent payments, being an average for all survey to include, for instance, insulation, installafamilies, of course permits considerable variation tion of a new bathroom or a new furnace, addiamong families at different income levels. For tion of a room or a porch, installation of curbs low income families, defined as those with in- and gutters, the building of a garage or the creation comes of less than $2,000 during 1947, monthly of a habitable room in a formerly unfinished attic rent payments were equal to slightly more than or basement. Maintenance and repairs, on the one-fifth of their total income. High income fam- other hand, include redecorating, papering or paintilies, those with incomes of $5,000 or over, spent ing, replacement of screens or shutters, re-sodding slightly less than half this proportion, or about the lawns, and in general what is called "upkeep." one-tenth for rent. The low income families, From the standpoint of consumer expenditures, who represent a little more than one of every four and the concept of "saving" and "dissaving," there rent-paying families, were responsible for 17 per are some important differences between the paycent of all rents paid, while high income families ment of rent by tenants and the money spent by (about one of every Rve) accounted for 29 per a home owner. Rents paid do not add to the aggrecent of the total rent payments. gate resources of the spender in any way. Some repair costs of a home owner are similar in nature, This information, although indicative of the rentbut they do have the effect of at least partly to-income relation, should be used with caution. preserving an investment in a nonliquid asset. It was derived by relating monthly rent paid at the Permanent improvement and additions, however, time of the interview (January or February 1948) represent an investment which may be recovered to the total income for 1947. The monthly rent in part at a later date, except for normal depreciawas multiplied by 12 and compared with the 1947 tion. Interest paid on mortgage debt is also similar income of all family units paying rent. The result in its economic significance to the payment of is not identical with the share of 1947 income used rent. Repayment of mortgage principal, on the for rent in that year because some rents increased other hand, reduces the long-term debt of a family. during 1947 as stated above. For purposes of the survey and its analysis of net saving, both the amounts paid on major home EXPENDITURES OF HOME OWNERS FOR improvements and the amounts repaid on mort- IMPROVEMENTS gages have been considered as "additions to sav- Survey data do not provide a complete answer ings." to the amount of money spent by home owners for the provision of their shelter. Home owners It is estimated that home owners spent nearly 5 billion dollars during 1947 for property improve- 6 For 1941 data, see Survey of Spending and Saving in Wartime (Bulletin No. 822, 1941); for 1944 data see "Survey of ments. This, of course, was abnormally large Prices Paid by Consumers" (1944), Monthly Labor Review, because of the backlog that had accumulated dur- May 1947. 7 See U. S. Department of Commerce, Financial Survey of ing the war period when no extensive work of Urban Housing (1937). SEPTEMBER 1948 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES this kind could be carried out. Increased supplies in the case of families with incomes of less than of essential building materials and continued high $2,000, and slightly lower than the average in level of personal incomes made possible this record the case of families with incomes of $5,000 or more. volume. Each of these groups represents about one-fourth Almost one of every two home-owning families of all home-owning families, but the expenditures paid out money for additions or repairs, or both, of the high income group for additions and repairs in 1947. The median amount spent by the 8 mil- were about five times those of the low income lion families who had expenses of this kind was group. Families with incomes of $5,000 or more acabout $280, although the average amount was counted for approximately half of all money spent, considerably higher because of the large-scale nature in contrast to the 9 per cent attributable to families of many of the projects. in the lowest income bracket. Outlays for these purposes were equal to about Generally speaking, the tendency was for the 5 per cent of the 1947 income of all home-owning proportion of home owners indicating such expendinonfarm families. As is shown in Table 6, the tures to be slightly higher among families in metroproportion was slightly higher than the average politan areas than among families in other areas. The same was true among groups where the head TABLE 6 of the family was under 45 years of age in comparison with other age groups, as is shown in Table 7. RELATION OF EXPENDITURES FOR HOME IMPROVEMENTS TO Statistically speaking, however, many of these INCOMES OF HOME-OWNING NONFARM FAMILIES, BY INCOME GROUPS, 1947 differences were not significant. Percentage distribution of Total pay- MORTGAGE PAYMENTS BY HOME OWNERS totals relating to home- ments for owning nonfarm families home im- Although data on the financial arrangements provements 194 b 7 e f f a o m re i ly ta x in e c s ome Num- Payments a a s g e p o e f r c t e o n ta t- l of home owners are somewhat incomplete, the surber of In- on home income of vey does provide information about the frequency fami- come 2 improve- respective lies1 ments 3 groups of payments made on mortgages during 1947. While three of every five home owners reported that Under $2,000 25 6 9 8 $2,000-$4,999 48 34 41 6 they made no payments on mortgage principal last $5,000 and over.... 27 60 50 5 year, this does not necessarily mean that they owned All income groups 100 100 100 5 their homes free of debt.8 The widespread use of "direct-reduction" loans, which are amortized by 1 All home-owning families, 100 per cent in this column, represent 49 per cent of all nonfarm families. monthly payments consisting partly of interest on 2 The total income of all home-owning families, 100 per cent in this column, represents 56 per cent of the total nonfarm income. 3 Total 1947 expenditures for repairs, improvements, and addi- 8 Families who paid interest but no principal on mortgages tions to owned homes are taken as 100. were grouped with families that made no mortgage payments. TABLE 7 EXPENDITURES FOR ADDITIONS AND REPAIRS TO HOMES OWNED BY NONFARM FAMILIES OF DIFFERENT TYPES, 1947 [Percentage of home-owning families in each expenditure bracket] 1947 family income Residence of family Age of head of family All before taxes home A d m it o io u n n s t s a p n e d n t r e f p o a r i r a s d- f o a w m f n a n o i r l i n m i n e - g s $ U 2 n ,0 d 0 e 0 r $ $ 4 2 , , 9 00 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 M p a t e o a r t e l n r i a - o- 5 O o 0 a c t v , n i h 0 t e d y 0 e r r 0 5 2 C 0 , , 5 t i 0 o t 0 y 0 0 0 R a u re ra a l 18-34 35-44 45-54 55-64 65 o v a e n r d None 53 69 48 49 45 52 52 62 47 48 51 55 68 $l-$99 10 10 12 5 10 9 12 9 15 9 9 9 9 $100-$299 15 11 17 14 18 14 16 10 19 16 13 13 11 $300-$499 7 5 8 8 8 9 7 6 8 10 9 7 2 $500-$999 9 2 10 12 10 10 8 8 6 9 12 9 7 $1 000-$l 999 3 1 3 6 5 3 2 3 2 5 3 4 1 $2,000 and over 2 1 1 5 3 2 2 2 3 2 2 2 1 Not ascertained 1 1 1 1 1 1 1 C1) 0) 1 1 1 1 All home-owning nonfarm families 100 100 100 100 100 100 100 100 100 100 100 100 100 * Less than one-half of 1 per cent. 1064 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1948 SURVEY OF CONSUMER FINANCES the unpaid balance and partly of repayment of only normal amortization, while some represented principal, tends to hide the fact that there are still lump-sum repayments. many "straight" mortgages in existence and currently being made. In this latter type of loan, only TABLE 8 interest payments are made in the interim between AMOUNT PAID ON MORTGAGES BY HOME-OWNING NONFARM FAMILIES, BY INCOME GROUPS, 1947 the making of the mortgage and its due date. On [Percentage of all home-owning nonfarm families in each payment the due date, some repayment of principal may group] be made, and the balance is usually renewed for 1947 family income an ensuing term. All home- before taxes Amount of mortgage owning Two of every five home owners did make some payment nonfarm mortgage payment during 1947. The median families $ U 2 n ,0 d 0 e 0 r $ $ 2 4 , , 0 9 0 9 0 9 - a $ n 5 d , 0 o 0 v 0 er amount paid was under $500. Low income families almost always paid less than this amount, Families making no payments 1 62 88 55 52 while high income home owners usually reported Families making some expenditures of more than $500. In about two- payments 38 12 45 48 thirds of the cases these payments include unspeci- $l-$99 3 2 4 1 $100-$299 9 5 13 8 fied amounts for interest, insurance, and taxes as $300-$499 10 3 14 8 well. About one-third of the payments were en- $500-$999 10 2 10 17 $1,000 and over , 5 (2) 3 13 tirely applied to reduction of the principal amount Not ascertained 1 (2) 1 1 of the mortgage. These two types of payments, All home-owning nonfarm families 100 100 100 100 presented in Table 8, cannot be separated into the portions applicable to principal, interest, and taxes. 1 Includes payment of interest where no repayment of principal was made. Finally, some of the payments reported included 2 Less than one-half of 1 per cent. 1065 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION OF CONSUMER INSTALMENT CREDIT On August 19, 1948, the Board of Governors of Since November 1, 1947, when the old regulation the Federal Reserve System issued Regulation W ended, terms offered by merchants and lenders exon "Consumer Instalment Credit" under Public tending credit have been relaxed considerably. The Law 905 which the President signed on August 16, requirements of the new regulation are somewhat 1948. The regulation, which will become effective less restrictive than those of last November but con- September 20, 1948, is in much the same form as siderably tighter than terms now generally in effect. the regulation terminated on November 1, 1947. The down payment requirements on appliances are It covers instalment sales of and loans for 12 kinds lowered from one-third to one-fifth. Also, to take of consumers' durable goods, providing the cost care of late-model automobiles and certain other is more than $50. It also covers instalment loans items where the expenditure must necessarily be for most other consumer purposes. Instalment large, the maximum maturity for credits above credits up to $5,000 are subject to the regulation. $1,000 is set at more than 15 months, running up The goods for which down payments are pre- to 18 months. At the same time, the scope of the scribed are as follows: regulation is broadened to include all credits up to $5,000 whereas $2,000 had been the limit under the Article Down payment previous regulation. (Per cent) 1. Automobiles Instalment credit for home improvements was 2. Cooking stoves 20 eliminated from Regulation W after the close of the war, and it is at present not covered in the 3. Dishwashers 20 4. Ironers 20 regulation. Because of the current inflationary 5. Refrigerators 20 situation, however, the Board is considering the advisability of an amendment to bring such credit 6. Washing machines 20 under the regulation. Before deciding whether to 7. Combination units incorporating do this, the Board wishes to give all who are inany item in 2-6 20 terested an opportunity to express their views. Ac- 8. Air conditioners, room unit 20 cordingly, the Board published in the Federal 9. Radio and television sets, Register an invitation to interested persons to subphonographs 20 mit comments on the question whether such an 10. Sewing machines 20 amendment would be desirable. 11. Suction cleaners 20 12. Furniture and soft-surface floor The Board is also giving consideration to an coverings 20 amendment which would have the efTect of making unenforceable any contract which does not con- Maturities on all instalment credits subject to the form to the provisions of the regulation on down regulation, whether to finance the purchase of these payments or maturities. A similar procedure for articles or not, must come within the following receiving comment will be followed. requirements: Regulation W will be administered in the Credit Maximum maturity field by the 12 Federal Reserve Banks and their 24 1. Not exceeding $1,000 15 months branches located conveniently throughout the 2. Above $1,000, country. Inquiries should be addressed to the except that monthly paynearest Federal Reserve Bank or branch. ment on amounts over $1,000 must not be less The text of the new regulation is given on pages than $70.00 18 months 1104-1111 of this BULLETIN. 1066 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 The major portions of the fourth in a series of people to 22 billion. The rights of operators and annual reports on the condition of agriculture, landlords in these assets were valued at 113 billion issued by the United States Department of Agricul- dollars and the claims of creditors at only 9 billion ture, are given below} The full report will be dollars. published later as a Miscellaneous Publication of During 1947 total assets increased from 110 bilthe Department of Agriculture. lion to 122 billion dollars. Farm real estate in- The study was prepared under the direction of creased in valuation from 59 billion to 63 billion Norman ]. Wall, Head, Division of Agricultural dollars, as is shown in Table 1 and on the chart, Finance, Bureau of Agricultural Economics, by and other physical assets from less than 31 billion A. S. Tostlebe, F. L. Garloc\, R. ]. Burroughs, H. C. to more than 37 billion. Price changes were a Larsen, H. T. Lin gar d, L. R. Hudson, and S. L. primary cause of the increases, physical changes of Yarnall. inventory having been generally small. Financial assets also increased, rising from a total of about The assets of agriculture viewed as a single in- 21 billion dollars to 22 billion. These financial dustry totaled 122 billion dollars on January 1, 1948. Physical assets amounted to 100 billion dol- 1 For the second and third reports in this series, see respectively the Federal Reserve BULLETIN for September 1946, pp. lars and selected financial assets owned by farm 974-94, and the BULLETIN for November 1947, pp. 1357-72. TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JAN. 1, 1940, 1947, AND 19481 [Dollar amounts in millions] Net change 1940 1947 1948 1940-48 1947-48 Per cent Amount Per cent Amount ASSETS Physical assets: Real estate $33,642 $58,604 $62,813 +87 +$29,171 +7 +$4,209 Non-real-estate: Livestock 5,133 211,977 13,451 + 162 +8,318 +12 + 1,474 M Cr a o c p h s i , n s e t r o y r e a d n o d n m a o n to d r o v ff e h f i a c r l m es s 4 . . . ... 3 2 ,6 1 4 3 5 5 3 2 6 6 , , 8 9 5 8 1 0 3 8 9 , , 8 5 3 0 0 8 + + 2 23 0 4 3 + + 6 6 , ,1 3 8 7 5 3 + + 3 2 6 9 + + 2 1, , 9 5 7 2 9 8 Finan H c o ia u l s e a h s o se ld ts : equipment 4,275 2 4,880 5,415 +27 + 1,140 +11 +535 Deposits and currency 3,900 15,100 15,600 +300 +11,700 +3 +500 United States savings bonds 249 2 4,468 4,745 +1,806 +4,496 +6 +277 Investment in cooperatives 826 2 1,635 1,916 +132 + 1,090 +17 +281 Total... $53,805 2$110,495 $122,278 +127 +$68,473 +11 +$11,783 CLAIMS Liabilities: Real estate mortgages $6,586 $4,777 $4,882 -26 -$1,704 +2 +$105 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation 1,538 1,955 2,302 +50 +764 +18 +347 Loans held or guaranteed by Commodity Credit Corporation 445 65 81 -82 -364 +25 +16 To others 5 1,455 1,500 1,800 +24 +345 +20 +300 Total $10 ,024 $8,297 $9,065 -10 -$959 +9 +$768 Proprietors' equities. . $43,781 2$102,198 $113,213 +159 +$69,432 +11 +$11,015 Total $53 ,805 ?$110,495 $122,278 +127 +$68,473 +11 +$11,783 1 The margin of error of the estimates varies with the items. 2 Revised. 3 Preliminary. In process of revision. 4 Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1948 totaled 56.6 million dollars. 6 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders. SEPTEMBER 1948 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 assets include currency, bank deposits, United States Since the 69 billion dollar increase in equity rests savings bonds, and equities in cooperative associa- partly on what may be a temporary price increase, tions. Debts increased from 8 billion to 9 billion it is instructive to consider a balance sheet from dollars and the residual proprietary equities of farm which all increase in assets directly attributable to operators and landlords increased from 102 billion price changes since January 1, 1940 has been reto 113 billion during the year. moved. In Table 2 all physical assets are valued at 1940 prices but financial assets and debts are in ASSETS AND INDEBTEDNESS terms of current outstanding amounts. This de- OF U.S. AGRICULTURE flated balance sheet shows that physical quantities JANUARY I, 1940-48 have not changed greatly since 1940. The increase D B O U L I L IO A N R S S ) ASS 1 ETS in the proprietary equity on this deflated basis was 20 billion dollars between 1940 and 1948. The 60 components of this increase are: (1) increase of financial assets, 17 billion dollars; (2) physical in- 50 Rea/ esfa crease in inventories, 2 billion; and (3) debt reduction, 1 billion. 40 ^^ , —*** 1 1 TABLE 2 30 . Other physical «s BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JAN. 1, 1940, 1947, AND 1948 ••••• 20 [In millions of dollars] 10 1 nclnl ***** Item 1940 1947 1948 - 0 . ASSETS 20 INDEBTEDNESS j Physical assets (1940 prices): Real estate Non real Real estate 33,642 *33,642 *33,642 10 ^mortgages j Restate dobf - No L n i - v re e a st l o -e c s k tate: 5,133 5,162 4,936 Machinery and motor vehicles. . 3,135 23,607 24,226 I i Crops, stored on and off farms.. 2,645 2,528 2,704 Household equipment' 4,275 4,880 5,415 1940 1941 1942 1943 1944 1945 1946 1947 1948 Financial assets: Deposits and currency 3,900 15,100 15,600 United States savings bonds 249 4,468 4,745 Investments in cooperatives 826 1,635 1,916 The increases in values of balance-sheet items Total 53,805 71,022 73,184 during 1947 for the most part represent a continua- CLAIMS tion of the changes that have been taking place Liabilities (outstanding amount): since 1940. The assets of agriculture increased from Real estate mortgages 6,586 4,777 4,882 Non-real-estate debt: 54 billion dollars in 1940 to 122 billion in 1948. To principal institutions: This 68 billion dollar increase may be accounted Excluding loans held or guaranteed by Commodity for as follows: (1) inflation of inventory valuations Credit Corporation 1,538 1,955 2,302 Loans held or guaranteed by resulting from higher prices, 49 billion; (2) physical Commodity Credit Corporincrease in inventories, 2 billion; and (3) increase To o a th ti e o r n s 1,4 4 5 4 5 5 1,50 6 0 5 1,80 8 0 1 in financial assets, 17 billion. Equities of operators Equities (lesidual balance) 43,781 62,725 64,119 and landlords increased from 44 billion dollars in Total 53,805 71,022 73,184 1940 to 113 billion in 1948, reflecting the 68 billion dollar increase in assets plus approximately a bil- 1 1940 valuation of farm land and buildings. 2 Preliminary. In process of revision. lion dollar reduction of debt. 3 Estimated valuation for 1940 plus purchases less depreciation. MAJOR SOURCES OF CHANGES IN THE BALANCE SHEET The assets and proprietary equities of farmers billion in 1940. The gross income for 1947 includes have increased each year since 1940, largely because 30 billion dollars of cash receipts from the marketfarm income has increased. Gross income from ing of farm products, 3.1 billion dollars of food and agriculture, according to the preliminary data fuel retained on farms for home consumption, and shown in Table 3, was 34.4 billion dollars in 1947 1.1 billion dollars of imputed rental value of farm as compared with 28.5 billion in 1946 and 10.2 houses. All regions shared the increase in cash re- 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 ceipts. In addition to cash receipts from the mar- an increase in disposable personal income from keting of farm products, farmers received payments 158.4 billion dollars in 1946 to 175.3 billion in for soil conservation and other activities of 772 1947. Export demand was reinforced by loans and million dollars in 1946 and 314 million in 1947. other measures and the value of United States ex- Gross income was larger in 1947 than in 1946 ports of agricultural products, including military because most prices received by farmers were shipments of food to foreign civilians, increased higher. The volume of production for market and from 3.6 billion dollars in 1946 to 3.9 billion in for use in farm homes was slightly lower in 1947 1947. than the record attained in 1944 and 1946. Out- Although there was an increase in operating exput of livestock and related products was about penses (including property taxes but excluding the same as in 1946, but slightly lower than in hired labor) and a decrease in Government pay- 1944 and 1945. The output of crops for market ments, net income from agriculture and Governand for use in farm homes was a little below the ment payments increased from 19.2 billion dollars peak of 1946. in 1946 to 21.6 billion in 1947. Farm operators (both tenants and owners) received a net income TABLE 3 of about 17 billion dollars in 1947 as compared with 15.2 billion in 1946 and 4.6 billion in 1940. COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITKD STATKS, 1940, 1946, AND 1947 " Increasingly large payments of Federal income taxes, as well as minor payments of State income [In millions of dollars] taxes for which data are unavailable, had to be Item 1940 1946 1947 made from the net income received by farm operators. Federal taxes paid by farm operators on in- HOW NET INCOME WAS OBTAINED come earned in 1940 were only about 15 million Gross income from agriculture: dollars, as compared with an estimated 960 million Cash receipts from farm market- on income earned in 1947. Payments of Federal ings 8,366 24 860 30,183 Value of products retained on income taxes now surpass total real estate taxes farms for home consumption.... 1,254 2 624 3,105 Rental value of farm homes 624 978 1,100 paid by farmers. Operators retained about 16 bil- Total 10,244 28.462 34,388 lion dollars from 1947 income after paying taxes. The net income of farm operators, despite the Nonlabor production costs -4,696 -10,025 -12,110 Adjustment for changes in inventory2. 4-96 -19 -980 higher prices and larger Federal income taxes they Total net income from paid, would buy 1.7 times as much family mainteagriculture 5,644 18,418 21,298 nance in 1947 as in 1940. Moreover, each dollar Government payments 4-766 +772 4-314 received in 1947 would pay as much debt as a Total net income from agriculture and Gov- dollar received in 1940. This is the explanation ernment payments 6,410 19,190 21,612 of the farmer's improved position—of his ability to HOW NET INCOME WAS DISTRIBUTED live better, to pay debts, to accumulate currency Hired labor (cash and perquisites)... 1 ,020 2 536 2,776 and bank deposits, and to buy United States savings Net rent and Government payments bonds. In other words, farmers' net incomes gento landlords not living on farms3. . 460 1 255 1,556 Farm-mortgage interest 293 216 222 erally have increased more rapidly than has their Total to operators 4,637 15,183 17,058 cost of living. Total net income from But the peak in "real income" may be passed. agriculture and Government payments 6,410 19,190 21,612 After the payment of Federal income taxes, the net income of farm operators in 1947 would buy 1 The margin of error of the estimates varies with the items. All data are preliminary. 6 per cent less family maintenance than would the 2 Market value, in terms of prices at the end of the year, of the smaller dollar returns of 1946. If events after this increase or decrease in the physical quantities of crops for sale on farms or of numbers of livestock whether or not for sale. postwar inflation follow the usual course, agricul- 3 After subtraction of estimated payments for taxes, mortgage interest, and other expenses paid by such landlords. tural prices may decline in relation to prices of the goods that farmers buy. Considering present Notwithstanding the near-record physical produc- world conditions, however, it is unwise to forecast tion of 1947, prices received by farmers surged up- the repetition of any given pattern of price beward. The index (1909-14 = 100) moved from havior in the immediate future. 260 on January 15, 1947 to 307 on January 15, 1948. Not all farms produce a high income even in This rise was due to the exceptionally strong de- the best years. The Census of Agriculture shows mand that developed in both domestic and foreign that in 1944 the total value of farm products sold markets. Domestic demand was strengthened dur- or used in farm households was less than $2,500 in ing 1947 by record levels of employment and by the case of two-thirds of the farms and less than SEPTEMBER 1948 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 in the case of one-sixth of the farms. Only such scale if the agricultural debt remains near one-eighth of the farms produced $6,000 or more. present levels. Comparable figures for 1939 are $2,500 or less for Not only has the balance sheet of agriculture 89 per cent of the farms, less than $400 for more been greatly influenced by trends of farm income, than one-third of the farms, and $6,000 or more by changes in the cost of living, by increases in for only 2.4 per cent of the farms. tax payments, and by changes in outstanding in- Although many individual operators and land- debtedness, but it has also been influenced by inlords have been borrowing heavily in relation to vestments in farm machinery, household equiptheir probable future incomes, aggregate debt is ment, and the like, and in some parts of the counlower now than in 1940. The wave of foreclosures try by a large-scale transfer of real estate from that occurred in the postwar and depression years landlords to operators. Consideration is given to of earlier decades should not be repeated on any some of these factors in later sections. CHANGES IN SELECTED ITEMS OF THE BALANCE SHEET IN RELATION TO CHANGES IN THE NATIONAL ECONOMY Substantial changes since 1939 in asset owner- capital goods, (3) to pay debts, or (4) to accumuship and debts were not limited to agriculture. late liquid assets. Each of these uses, with the The economic forces set in motion by the war af- exception of income spent on nondurable consumpfected all sectors of the national economy. In some tion items, directly affects the holdings of property cases the effects were similar to those in agricul- or the indebtedness of the several sectors of the ture, in others they were very different. economy. Most changes in the financial condition of any part of the economy can be traced to actual or EXPENDITURES FOR CONSUMPTION GOODS potential changes in income received by that sector. The amounts and proportions of the expanded Net income that is not used in consumption of incomes that were spent for consumer goods and nondurable goods will increase physical or finan- services during the period 1940-48 are not available cial assets, or it will reduce debt. Moreover, rising for individual sectors of the economy, but they income, or even its prospect, tends to raise the have been estimated for the nation as a whole. The values of physical assets associated with its produc- volume of such expenditures rose rapidly and contion; falling income depresses such values. Because sistently from 72.1 billion dollars in 1940 to 164.4 of the pervasive influence of income on the finan- billion dollars in 1947, but the proportion of discial condition of the economic sector to which it posable income that was spent for consumption applies, a comparison of net income from agricul- decreased from 95.2 per cent in 1940 to 75.6 per ture with the national income is a necessary first cent in 1944. After the war the proportion rose step in explaining the relative improvement in the again, but at 93.8 per cent in 1947 it remained financial condition of farmers in general. below the proportion of 1940. Net income from agriculture and Government Probably the most important influence on expayments rose from 6.4 billion dollars in 1940 to penditures for consumption was the short supply 21.6 billion in 1947, and national income from 78 or the complete unavailability of many items. Durbillion to 190 billion.2 While national income in- ing the period in which they operated, price concreased 144 per cent, net income from agriculture trols were a factor. So were consumer credit conrose 238 per cent and became 11.4 per cent of na- trols, bond selling and debt reduction campaigns, tional income as compared with 8.2 per cent in 1940. and the patriotic impulses to save in furtherance of High prices resulting from increases in the demand the war effort. These factors, operating in all secfor farm products, together with exceptional pro- tors of the economy, retarded the expansion of exduction, caused farm income not only to increase penditures for consumption and increased the promore than threefold but also to become a larger portion of net income that remained for investment fraction of the expanded national income than it in new capital goods, debt payment, or accumuhad been before the war. This is a basic reason for lation of liquid savings. the magnitude of the changes, both actual and relative, in the farmers' financial condition. ADDITIONS TO CAPITAL GOODS Net income, wherever received, can be used, after The amount of private investment in new capital taxes are paid, (1) for consumption, (2) to add to facilities was influenced during this period by (1) the attractiveness of private investment in such fa- 2 The Bureau of Agricultural Economics' estimate of national income as well as its estimate of net income from agriculture cilities, (2) the availability of capital goods, and is used in this comparison. For details, see The Farm Income (3) the extent to which the Federal Government Situation, June-July 1947. Figures for 1947 are preliminary. 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 provided facilities for private operation, such as but increases in the physical volume of real estate, Federally constructed manufacturing plants. livestock, and crops stored were nominal. Earnings of capital goods in agriculture and in most other sectors of the economy rose sharply as DEBT REDUCTION defense and war expenditures raised prices and in- The general increase in net income also made creased the volume which could be sold at profitpossible a reduction in various types of debt at one able prices. Despite this change, which was basically time or another during the period. The beginning favorable to a high rate of investment throughout of the decline of debt, however, its rate, consistency, the entire period, gross private domestic investand culmination varied among the sectors of the ment was notably low in the years of our active economy. participation in the war. This is shown in the Perhaps the most notable reduction in debt was following tabulation of estimates by the United the 29 per cent decline in farm-mortgage debt dur- States Department of Commerce: ing the period 1940-46. At the same time corporate long-term debt declined only 11 per cent. Gross private investment In both cases the decline ended in 1946. There Year (In billions of dollars) was also a decline in State and local government 1939 . . 9.0 debt which, however, continued to 1947 and 1940 . 13.0 amounted to 17 per cent by the beginning of that 1941 . 17.0 1942 . 9.0 year. In each of these cases high income or reve- 1943 4.6 nue, coming at a time when many goods and 1944 5.7 services were unavailable or at least in short supply, 1945 . . 9.1 made possible the repayment of an unusual amount 1946 . . 24.6 of borrowed money. Moreover, new debts in these 1947 . . 27.8 sectors were held in check by similar factors, and, to some degree, by the memory of excesses during Only in the defense period 1940-41 and in the the First World War. postwar years 1946-47 did private investment re- During World War I, farm-mortgage, corporate spond to the war-stimulated earning power of caplong-term, and State and local government debt all ital. The low level of private investment during increased. Then, as now, prices of farm real estate the period 1942-45 is to be explained by shortages rose sharply, and the prices which corporations and of machinery, materials, and labor (accompanied State and local governments paid for new facilities by priorities and allocations), by high taxes on in- were inflated. However, in that period few recome and excess profits, and by Government policy straints were placed upon buying. Enthusiasm for which provided many private operators with manu- buying land was little tempered by recollection of facturing plants built by the Federal Government. a collapse of values following an earlier war. Existing data do not permit a close comparison Farmers, corporations, and State and local governof the changes in the amount of facilities used in ments were not greatly restrained by scarcities, alloagriculture with those used in nonagricultural sec- cations, and priorities from making large-scale purtors, but there are indications that additions to chases of facilities which often involved borrowing. plant during the period 1940-47 were proportion- Short-term debt has followed a somewhat difately larger in the nonagricultural sectors. ferent pattern. Non-real-estate farm debt, and One such indication is found by comparing the short-term corporate and noncorporate commercial very rough estimate of nonresidential construction debt represent mainly credit used to finance proon farms with the better estimates of industrial and duction in various forms and stages. Each type of public utility construction. Such comparison indi- short-term debt expanded notably following 1939 cates that nonresidential farm construction has lag- as the different sectors of the economy stepped up ged very far behind industrial and public utility their activities and their output, and as costs rose, construction throughout the entire period. The in response to increased demand arising from the large volume of industrial construction implies the defense program. Non-real-estate debt of farmers installation of a commensurately large amount of rose from 3.0 billion dollars on January 1, 1940 to new machinery, and supports the conclusion that 3.6 billion two years later. Thereafter until the during the period 1940-47 production facilities in- end of the war such debt declined. It stood at creased considerably more in the industrial sector 2.8 billion dollars on January 1, 1946. Postwar than in agriculture. On farms the increase in ma- renewal of expansion carried this debt to the high chinery and motor vehicles was about 35 per cent, point of 4.1 billion dollars on January 1, 1948. SEPTEMBER 1948 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 The general pattern of corporate and noncor- of private borrowing to finance production and porate commercial short-term borrowing was some- movement of war goods, but it increased Federal what similar to that for farmers. In all of these borrowing. cases the expansion of loans was interrupted by one to three years of decline. Then came a rapid in- ACCUMULATION OF LIQUID ASSETS crease. In all cases it appears that by 1943 physical Of far broader scope and significance than any expansion of needed facilities was practically comchange in debt so far described was the increase pleted and that the price control mechanisms of in net Federal debt. This rose from 41.9 billion the Federal Government had helped to curtail dollars on January 1, 1940 to a peak of 279.8 bilfurther expansion of debt by stabilizing both costs lion in February 1946 and declined to 256.9 biland prices received. A decline in this type of debt lion on January 1, 1948. By making possible then set in as high earnings provided farmers and greatly increased Federal expenditures, the wartime other business operators with income more than increase in Federal debt contributed extensively to enough to make such current purchases as shortthe rise in national income, including net farm ages and allocations permitted. After the war, income, and thereby to a reduction of private debts when price controls were removed and labor and and debts of State and local governments. Morematerials became increasingly available and costly, over, the expansion in Federal debt, partially the demand for additional credit to finance operamonetized by the banking system, provided most tions carried short-term indebtedness in the various of the increase in total liquid assets of this period.3 sectors of the economy to new high levels for the The distribution and accumulation of these newly war and postwar period. created bank deposits, currency issues, and Federal The interruption in the growth of short-term securities depended upon the earning power that private debt during the recent war years had no the various groups in the economy were able to parallel in World War I. At that time the shortdevelop, and upon the disposition of their earnings term debt of farmers rose steadily during the enin taxes, consumption, and investment. tire war and postwar period, until price deflation High farm income was therefore the chief imwas under way in 1920. Private nonfarm debt mediate source of the large increase in liquid asset of short maturity followed a similar course, declining only after the postwar boom had ended. holdings of farmers. But the accumulation also At the postwar peak in July 1920, the non-real- reflects deferred replacement and maintenance of estate debt of farmers of which there is record farm and farm-home facilities. The bulk of this was 140 per cent greater than in 1914; the per- deferment was due to wartime restrictions and war centage increase from January 1, 1940 to January and postwar shortages of many items which nor- 1, 1948 was only 37 per cent. Nonfarm short- mally would have been bought by farmers. Meanterm debt appears to have increased 126 per cent while rising prices have severely reduced,the purduring the four years from January 1, 1917 to Jan- chasing power of these accumulations. uary 1, 1921, as compared with 19 per cent during Farmers' holdings of liquid assets became an the five years from January 1, 1942 to January 1, increasingly larger proportion of total holdings of 1947. individuals and businesses between January 1, 1940 The smaller increase in short-term private debt and January 1, 1948, rising steadily from 6.3 per in World War II had two main causes. First, al- cent to 9.1 per cent. (Table 4).4 The year-to-year though income was at a relatively high level in rate of increase was consistently higher in the case both war periods, the opportunities to spend it for of farmers' holdings than in the case of unincoreither producer or consumer goods were not sim- porated businesses and nonfarm individuals, and it ilar. The dissimilarity seems to be due to differ- was higher than for corporations except in the ences in the scope and effectiveness of price con- years 1942 and 1943. In general the rate of actrols and to differences in the availability of goods cumulation of farmer-owned liquid assets was more and services. The lack of opportunity to spend nearly like that of unincorporated businesses than during the Second World War had a twofold im- that of individuals or corporations. pact on the growth of private debt. It cut down In 1946 and in 1947, however, business holdings the demand for new loans at the same time that declined while those of farmers and nonfarm indiit made funds available to reduce outstanding debt. The governmental policy of making payments to 3 The banks increased their holdings of Government securities contractors in advance of delivery tended to hold from 18.4 billion dollars at the beginning of 1940 to a peak of 116.7 billion in February 1946. Subsequently these holdings short-term private borrowing in check during declined and on Jan. 1, 1948 they amounted to 91.3 billion dollars. World War II. Also, this policy reduced the need 4 Bank deposits, currency, and U. S. Government securities. 1072 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 TABLE 4 viduals continued to increase. Corporate holdings declined by 14 per cent in 1946 and 1 per cent ESTIMATED HOLDINGS OF CURRENCY, DEPOSITS, AND GOVin 1947, and holdings of unincorporated businesses ERNMENT SECURITIES BY INDIVIDUALS AND BUSINESSES, UNITED STATES, JAN. 1, 1940-481 by 2 per cent in 1946 and 3.7 per cent in 1947. [Dollar amounts in billions] During the same years liquid asset holdings of farmers increased 9.6 and 0.5 per cent and those Unin- Persons Farmers' of nonfarm individuals increased 6.1 and 4.1 per Cor- (including holdings Year pora- corpo- trust funds) Farmers Total as per- cent. This shift of funds from business firms to tions bu ra si t n e e d ss ot f h a e rm r t e h rs an c o e f n t t o a t g a e l individuals and farmers was due in part to the large expenditures of business for new facilities 1940.. $13.0 $ 6.3 $ 41.6 $ 4.1 $ 65.0 6.3 and expanded inventories—an exchange of finan- 1941.. 15.0 7.2 43.6 4.7 70.5 6.7 1942.. 17.4 8.4 49.3 5.8 80.9 7.2 cial for physical assets. Such expenditures con- 1943.. 27.1 12.2 63.9 8.2 111.4 7.4 tributed to the rise in disposable personal income 1944.. 38.5 17.2 83.8 11.5 151.0 7.6 from 150.7 billion dollars in 1945 to 158.4 billion 1945.. 44.6 22.7 107.6 14.8 189.7 7.8 1946.. 45.0 27.8 128.8 18.7 220.3 8.5 in 1946 and to 175.3 billion in 1947. Business ex- 1947.. 38.8 27.2 136.6 20.5 223.1 9.2 1948.. 238.3 226.2 2142.2 220.6 2227.3 29.1 penditures thus promoted a rise in demand for farm products and a further increase in farm in- 1 Excludes holdings of banks, insurance companies, building and come. The continuation of shortages of items like loan associations, nonprofit associations, and Government bodies and agencies. building materials, automobiles, and farm ma- 2 Preliminary. chinery retarded the return flow of cash to busi- NOTE.—Estimates are based on data prepared by the Board of Governors of the Federal Reserve System and the Bureau of ness firms. Agricultural Economics. SIGNIFICANCE OF FINANCIAL CHANGES IN AGRICULTURE AND THE NATIONAL ECONOMY In the period 1940-47 all records of physical pro- and in most sectors of the economy. These assets— duction both on and of? the farm were repeatedly United States Government securities, bank deposits, broken. The Federal Reserve index of industrial and currency—are a peculiar type of property in production (physical volume, 1935-39 = 100) rose that mainly they represent debt or are the result of from a monthly average of 109 in 1939 to 239 in the monetization of debt, and so are claims on the 1943, and remained at about that level for the rest economy itself. An increase of financial assets does of the war. After a postwar decline to 148 in Feb- not add to the wealth or prosperity of the nation, ruary 1946, this index rose gradually to 194 in Octo- except that under certain conditions it may stimuber 1947 and ended the year at 189. Meanwhile, late employment, production, and trade when busithe index of the volume of agricultural production ness activity is low. If deposits and currency in- (1935-39 = 100) rose from 106 in 1939 to a peak crease after the nation has achieved capacity proof 136 in 1944 and has remained near that level duction, the result is likely to be an inflation of since. prices accompanied by dissatisfaction and strife This extraordinary productive activity used basic engendered by the attempts of individuals and resources such as crude oil, copper and iron ore, groups to keep their money incomes abreast of timber, and soil fertility at an unprecedented rate. the rising cost of living, or to defend their busi- But it supplied huge quantities of war materials to nesses against the threat of rising costs. the nation and its allies and also supported a level The growth of financial assets proceeded at an of living that, although restricted with respect to accelerated rate during the recent war, long after items like automobiles and gasoline, was higher the economy was operating at full capacity. The than in prewar years. normal effects of this growth were held in check All this was accomplished without making seri- during the war by price ceilings, allocations, and ous inroads on the nation's over-all volume of pro- the like. But after these controls were removed ductive facilities. An inventory of physical goods, inflation of prices proceeded rapidly. Every indisay in 1945 or in 1948, in agriculture or in other vidual and sector of the economy was affected by prominent sectors of the economy, would show that the rising tide of prices, wages, and costs. Those the volume of physical capital was remarkably well whose selling prices advanced faster than their costs sustained despite the huge amount of goods thrown benefited. Others, who had relatively fixed receipts into the war effort. or incomes, were hurt by the general inflation. In contrast to this relative stability in physical This general realignment of economic position assets, financial assets grew rapidly in most years was favorable to farmers, temporarily at least. The SEPTEMBER 1948 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 record of financial changes revealed in nine annual though the price of farms has advanced on the consolidated balance sheets indicates that, so far, average 87 per cent, the rate of return on the valuaagriculture has been strengthened—not weakened tion of farms at the beginning of 1948 was about —by the inflation of these years. Comparison of twice the rate in 1940. There would be, therefore, the changes in agriculture with those in nonagri- even less incentive to sell at current high prices cultural sectors of the national economy also indi- than at the lower prices in 1940, except that subcates that farmers have improved their position rela- stantial declines in farm incomes and living costs tive to other sectors. During eight years of infla- are now more likely to occur than at the earlier tion the farmers as a group have managed to re- date. duce their debts and to accumulate financial assets For those who wish to buy farm land or other relatively more than other major groups. physical farm assets now, present high prices are To the main body of farmers, the relatively a deterrent chiefly because of the risk that present greater progress they have made in accumulating levels of prices and earnings may not continue. financial assets and reducing debts, along with This risk is genuine and substantial. On the other higher incomes, is of greater importance than the hand, present prices of farm real estate, although increases in valuations of farm real estate and other historically very high, are moderate in relation to physical assets. The higher valuations of physical current earnings. Accordingly, earnings of farm assets mean little to the farm operator—particularly real estate could show some reduction before present the owner-operator—who expects to continue to prices of real estate would be seriously out of line farm, except as they increase borrowing power, with earning power, or before the rate of return contribute to a sense of well-being, or reflect pros- from farm real estate would be less than that of pects of continued high farm income. Such opera- other investments with which prospective buyers tors are not likely to liquidate more than a small of farms and farm equipment are familiar. The part of their physical assets at the current level of same is true to greater or lesser degree of most of prices. the other physical assets. Accordingly, the principal gains realized during But sober appraisal of the favorable financial this period were the higher incomes, the reduced status of agriculture in 1948 will take account of the debts, and the enlarged holdings of liquid assets. fact that the fortunes of farmers are particularly The increase in "real" farm income has been nota- sensitive to changes in prices, that when the crest of ble. As has been shown, the aggregate net income this inflation passes, as it will, the financial position of farm operators (after taxes) would buy about of farmers could deteriorate rapidly. The history 1.7 times as much family maintenance in 1947 as of prices and of farming in war and postwar periods in 1940. The reduction in debt of about a billion surely warns of this. What has been reported in dollars is significant because it has reduced fixed successive balance sheets of agriculture are developcharges—a fact that will assume increasing impor- ments that have occurred in the inflationary phase tance if farm income declines. The fivefold in- of a period dominated by World War II. In the crease in liquid assets, despite the advance in prices, wake of each preceding war sooner or later there provides farmers with something like 254 times followed a period of declining prices in which the buying power of their 1940 liquid asset hold- valuations of physical assets and of equities shrank ings. Moreover, such assets have the same debt- far below the levels of the war years. Moreover, paying power per dollar in 1948 as in 1940. in the period following World War I the relation- The increased values of farm real estate and ship of prices received by farmers to the prices they other physical inventories are important chiefly to paid became less favorable than it had been either individuals about to enter farming or to retire immediately before or during the war, and it refrom active farming operations. To tenant-opera- mained so for two decades. Such an unfavorable tors and to nonoperators who desire to own a farm, relationship can develop through an advance in the high valuations reported in the current balance costs even though prices received do not decline. sheet may seem to be special reasons not to buy at Therefore, until the readjustment phase of the rethis time. To those who desire to retire from farm- cent war has passed it will be too early to measure ing, these valuations may seem to be special induce- the final consequences of this war to agriculture or to any other sector of the national economy. ments to sell. The incentive to sell farms and equipment at But it is not too early to ask what farmers can present high prices is tempered by the capital gains do to preserve the generally solvent and effective tax and by the low rate of return on suitable alter- economic position they now occupy. native investments. The earning power of farm Once prices begin to decline, or to shift in relacapital has risen so much since 1940 that, even tion to one another, there is little that individual 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 farmers can do to stop them. No adjustment of mum of trouble to them and to the nation. Such output or withholding from market within the management will emphasize caution in buying land, power of individual farmers can influence per- machinery, and livestock when prices are high and ceptibly the prices they receive for their products in incurring new debts at inflated levels of income or the prices they pay for industrial goods. In other and prices. It will use a considerable proportion of parts of the national economy where the operating the high income of prosperous years to reduce outunits are much larger, are less competitive and less standing debt, to increase the efficiency of farm hampered by a high proportion of fixed costs, it is facilities, and to accumulate financial reserves that possible for individual firms to resist a decline in will help farmers to adjust their operations to later prices by restricting output, or to reduce costs by needs. discharging labor, by reducing inventories, and These measures are essentially ways of reducing otherwise restricting expenditures. But the organi- unit costs of production through increasing operatzation of agriculture into millions of individual ing efficiency, and of reducing the high proportion operating units with a high proportion of fixed ex- of fixed costs (traditionally imposed by the nature pense makes such defenses difficult for individual of farming) which has been a source of trouble in farmers. other periods of price decline. By taking the fore- The consequences of this difference in organiza- going steps farmers can increase their efficiency and tion in periods of falling prices is well illustrated by greatly reduce the risk of insolvency in their own the course of prices in 1920-21. In that postwar defla- enterprises. Moreover, in so doing they can con tion the index of farm prices fell from 237 (1913 tribute to the prosperity of the entire nation = 100) for June 1920 to 114 a year later, whereas through low-cost production of food and fiber and the index of a typical group of industrial prices through creating a more stable and dependable (those of metals and metal products) fell from farm market for industrial goods. In a specialized 200 to 133. This difference in the rate and ex- interdependent economic system prosperity in any tent of decline in prices of farm and industrial sector, when based on efficiency, becomes a factor products contributed much to the economic diffi- of strength throughout the entire economy. From culties of the period both on and off the farm. a national point of view, therefore, it is desirable Although individual farmers are powerless to in- that farmers generally should have adequate equifluence perceptibly the course of prices, it is pos- ties in their enterprises and enough liquid assets to sible for them to manage their affairs in prosperous assure the flexibility of operations that is essential times so that a decline in prices will bring a mini- to efficiency. THE BALANCE SHEET IN DETAIL Thus far an attempt has been made to sketch steadily since 1941, when it amounted to 33,497 the financial changes in agriculture that occurred million dollars. However, most of this increase has during the period 1940-47 as a part of nation-wide been due to price changes; available data indicate expansion, and to appraise these developments in that there has been little change in the physical terms of their effects on farmers and on the economy farm plant during the last decade. The increase as a whole. In this section the changes in indi- during 1947 amounted to 4,209 million dollars, or vidual items of the balance sheet are reported in 7 per cent. This compares with increases of 12 greater detail. per cent in each of the two preceding years and is the smallest percentage increase for any year since THE ASSET ITEMS 1942, when it was also 7 per cent. The assets reported in the balance sheet are items During 1947 farm real estate values increased of wealth owned by farm operators, landlords, or in all regions except the Pacific, where they declined people living on farms, and presumably used in the 2 per cent. This was the first decrease for any farm enterprise or in the farm home. These assets region since 1941. The percentage increase durare divided into two major classes—physical and ing 1947 was less than that during 1946 in all refinancial. gions except the Great Plains and Texas-Oklahoma. Farm real estate. The largest asset in the balance Over the longer period from 1940 to 1948, the sheet is farm real estate. On January 1, 1948 this value of farm real estate increased more than 50 item amounted to 62,813 million dollars, or 51 per cent in all regions, and more than doubled in per cent of the value of all assets shown in the the Great Plains and the Mountain States. The balance sheet for that date. demand for grains, particularly wheat, increased The value of farm real estate has been increasing tremendously and was an important factor in the SEPTEMBER 1948 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 above-average rise of land values in the Great the values per head on January 1, 1948 remained Plains. The unusual demand for meat resulting at the 1947 level, the inventory value of all livefrom high consumer incomes was probably a major stock would have been 3.8 per cent lower than it cause in the above-average rise in land values in was the year before. the Mountain States. In the Corn Belt, which alone Crop inventory. The quantity of the different accounts for more than one-fourth of the total value crops stored on farms at the beginning of any of all farm real estate, the increase between 1940 year is influenced by the carry-over stocks from and 1948 amounted to 88 per cent, or about the the previous year and by the production, marketsame as the average for the country as a whole. ings, and consumption on the farm during the A comparison of aggregate farm real estate year. Based on December 15 prices the value of values in 1948 with those in 1920, the high year crops stored on farms January 1, 1948 is estimated following World War I, shows that current values at 8,773 million dollars, an increase of nearly 2 are higher in all but three regions—the Lake States, billion dollars over that of a year earlier and 3.8 the Corn Belt, and the Great Plains. Of these times that of 1940. As with other inventory items three regions, the Great Plains is furthest below the increase was due in practically all cases to the 1920, with current values 28 per cent lower than higher prices at which the various crops were those of the earlier year. This region suffered valued. For most crops, and in particular for corn, severely during the thirties, not only from the de- the quantities on farms were materially below pression, but from droughts which were particularly those of January 1, 1947. The situation during acute in 1934 and 1936. Recovery here was slower 1947 was in contrast to that during 1946 when the than in other parts of the country; in fact, land inventory value increased because of higher prices values in North and South Dakota and Nebraska and larger quantities held. did not reach their lowest points until 1941, and A general indication of the change in total quanin that year the value of farm real estate in Kansas tity of all crops on farms may be obtained by again fell almost as low as it had been in 1933. multiplying the 1948 quantities by 1947 prices and Non-real-estate physical inventories. Physical as- comparing the total of the results with last year's value. Computed in this way the quantity of all sets other than real estate are the next to largest crops on hand January 1, 1948 was about 12.4 item in the balance sheet. On January 1, 1948 their per cent below that of a year earlier. total value was over 37 million dollars, or about 30 Farm machinery and motor vehicles.* Further per cent of all assets. rapid strides in the mechanization of agriculture Livestock inventory. The inventory value of were made during 1947. On January 1, 1948 livestock on farms January 1, 1948 reached the un- the inventory value of farm machinery and motor precedented height of nearly 13.5 billion dollars vehicles was estimated to have been 9.5 billion although there had been a substantial drop in live- dollars—a third more than a year earlier and stock numbers in recent years. All classes have three times the 1940 total. Purchases of such items declined in numbers for the last two consecutive in 1947 reached the record total of 2.9 billion years. Hogs, chickens, and turkeys declined from dollars or 50 per cent more than was bought in the peak numbers reached on January 1, 1944, 1946. In appraising the significance of the higher and the number of sheep has fallen continuously value of both old and new machinery on farms on since 1942. Cattle numbers were at a peak on January 1, 1948 it should be pointed out that 57 January 1, 1945 and have declined steadily since per cent of the 2.5 billion dollar increase in total then. The high inventory value of livestock at value during 1947 resulted from higher prices as the beginning of 1948, therefore, clearly reflects compared with 42 per cent of the 800 million the unusually high prices for most classes of live- dollar increase in 1946. But even if the inflation stock. On January 1, 1948 the values per head in price at which machinery is valued is taken of cattle, hogs, chickens, and turkeys were the out, the increase in the quantity of machinery on highest on record. farms since 1940 would be about 35 per cent. Because of the differences in the value and other In 1947 total purchases of farm machinery and characteristics of the various types of livestock the motor vehicles amounted to 2.9 billion dollars or decline in the physical inventory cannot be meas- 50 per cent more than in the preceding year. Deured adequately by adding the decreases in numpreciation in 1947 was estimated at 1.8 billion dolbers of the respective classes of livestock. Howlars, leaving a net increase of 1.1 billion exclusive ever, an approximation of this over-all drop in of any adjustment in the prices during the year numbers during 1947 can be measured by multiplyof both old and new machinery on farms. Higher ing 1948 numbers by 1947 prices and comparing prices at which the machinery inventory was valued this total with 1947 inventory values. Thus, had * The data below are in process of revision. 1076 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 increased inventory values substantially more than dollars for January 1, 1947. The valuation of the net difference between purchases and depre- household furnishings and equipment is equivalent ciation. to about 57 per cent of the valuation of machinery Of the total value of all machinery and motor and motor vehicles, to 61 per cent of the stored vehicles on farms January 1, 1948, tractors ac-crops, and to 40 per cent of livestock. counted for 24 per cent, automobiles 16 per cent, Farm families have been buying considerable motor trucks 10 per cent, and other farm ma- household furnishings and equipment in these chinery 50 per cent. postwar years as well as more machinery for farming operations. According to the Department of FARM MACHINERY: PURCHASES AND DEPRECIATION, Commerce index, rural retail sales, including furni- UNITED STATES, 191O-47 ture sales, have increased greatly since the war. Sales of household furnishings to both rural and urban buyers in 1947 were more than double those of 1945. Financial assets. The financial assets of farmers for which estimates have been made totaled about 22.3 billion dollars on January 1, 1948 or about 1 billion dollars more than the estimate for a year earlier. Such assets at the beginning of 1948 consisted of about 11.6 billion dollars of bank deposits, 4.0 billion dollars of currency, 4.7 billion dollars of savings bonds, and 1.9 billion dollars of equities in farmers' cooperative associations. No estimates have been made for other financial assets owned by farmers, such as notes, mortgages, State and municipal bonds, and corporate securities. Ban\ deposits. Farmer-owned bank deposits rose to a new high during 1947 but they increased considerably less percentagewise than in any other year since 1940. The estimated total of such deposits on January 1, 1948 was 11.6 billion dollars or about 4.5 per cent more than the 11.1 billion estimated for January 1, 1947. Demand deposits owned by farmers are estimated to have increased 10 191b 1920 132t» 1930 19)'; 1S40 194b l'JOl during 1947 from 7.5 to 7.8 billion dollars; time deposits, from 3.6 to 3.8 billion.5 In the aggregate farmers' deposits at banks were about four times The increased mechanization of agriculture is as large on January 1, 1948 as on January 1, 1940. due in part to the growing importance of farm From the trends of deposits in rural banks, it electrification. By January 1, 1948 about 65 perappears that farmer-owned deposits increased by cent of the 6 million farms in the United States the greatest percentages during 1947 in the Great had central-station electric power service. This Plains, Corn Belt, and Texas-Oklahoma areas.6 is more than double the number so electrified These areas have led in the growth of rural bank in 1940 and nearly six times the number that deposits since 1940. The smallest increase of such had such service in 1930. In 1943 the estimated 'deposits during 1947 occurred in the Northeast, value of major electrical equipment on farms was Appalachian, and Pacific areas. 625 million dollars. About 63 per cent was in Rural bank deposits, of which farmers held a home appliances and 37 per cent was in farm considerable part, increased less rapidly than deequipment. posits of other banks during 1947. The respective Household furnishings and equipment. The rates of increase for insured commercial banks were value of household furnishings and equipment of farm homes on January 1, 1948 is estimated on 5 These estimates of the Bureau of Agricultural Economics the basis of limited evidence at 5.4 billion dollars are under review and may be revised. The Federal Reserve estimate of the amount of farmer-owned demand deposits on Jan. 30, or about $800 per household. This amount is 111948 was 7.2 billion dollars. 6 Rural banks are those located in places of less than 15,000 per cent more than the valuation of 4.9 billion population. SEPTEMBER 1948 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 3.8 per cent for banks in places of less than 15,000 farm operators had no checking accounts. Data population and 4.7 per cent for banks in larger for all spending units in the United States indicated places. This was a reversal of the general rela- that 61 per cent had no checking accounts, 23 per tionship during the preceding seven years, during cent had checking accounts ranging from $1 to which rural bank deposits increased about 300 per $499, 11 per cent had accounts ranging from $500 cent and deposits of other banks less than 200 per to $1,999, and 5 per cent had accounts of $2,000 cent. The greater increase of rural bank deposits or more. Apparently checking accounts are much during these earlier years is partly attributable to the more prevalent among spending units headed by fact that farm income rose proportionately more farm operators than among spending units in than national income. general. A factor in the wartime growth of farmers' de- The reverse is true of savings accounts at banks. posits was the lag of rural retail sales behind farm The survey indicates that early in 1948 only about income, which resulted in part from shortages of 17 per cent of the spending units headed by farm goods during the war. Farmers received much operators had savings accounts as compared with larger incomes during this period and saved more 45 per cent of all spending units. However, about than usual, as is suggested by the chart. Although 7 per cent of the units headed by farm operators, substantial amounts of the funds saved by farmers as compared with 11 per cent of all spending units, were applied to debts or invested in savings bonds, had $2,000 or more in savings accounts. the greater part of their liquid savings was kept Currency. Currency held by farmers on January on deposit at banks. 1, 1948 is roughly estimated at 4 billion dollars, about the same as a year earlier and nearly four DEMAND DEPOSITS OF RURAL BANKS. CASH FARM INCOME. times the amount estimated for January 1, 1940. AND RURAL RETAIL SALES. UNITED STATES. 1929-47 INDEX NUMBERS < 1935-39'100 ) United States savings bonds. The redemption value of United States savings bonds owned by farmers on January 1, 1948 is estimated at 4.7 billion dollars, or about 277 million dollars more than the amount owned by farmers a year earlier.8 Purchases of savings bonds by farmers during 1947 are estimated at about 675 million dollars, accrued interest on savings bonds held by farmers at 67 million dollars, and bonds cashed by farmers at about 465 million dollars. Farmers' holdings of United States savings bonds rose rapidly from less than 250 million dollars at the beginning of 1940 to about 4,500 million on January 1, 1946. In each of the years 1943 and 1944, as is shown in Table 5, farmers added more than 1 billion dollars to their holdings of savings bonds. They continued to add to their holdings in 1945, but the amount of the increase dropped below 800 million dollars. In 1946 the trend was reversed and farmers cashed more bonds than they bought.9 A recent survey of liquid asset holdings by the The increase for 1947 indicates a resumption of net Board of Governors of the Federal Reserve System investment by farmers in savings bonds. indicates that early in 1948 about 25 per cent of the The Federal Reserve survey previously men- "spending units" headed by farm operators had . tioned indicated that early in 1948 about 57 per cent checking accounts at banks ranging from $1 to of the spending units headed by farm operators $499; another 25 per cent had accounts ranging possessed no savings bonds of Series A through F from $500 to $1,999; and 12 per cent had $2,000 (the discount bonds). About 25 per cent of such or more in their checking accounts.7 The remaining 38 per cent of the spending units headed by 8 The estimates of United States savings bonds owned by farmers have been revised on the basis of more complete data on redemptions recently obtained from the Treasury Department. Such data indicate that redemptions by farmers have been at about two-thirds the rate for the whole population. Previously, it had been assumed that redemptions by farmers were at about one-third of such rate. 9 The Balance Sheet of Agriculture for 1946 estimated an increase in savings bonds whereas the revised data indicate a reduction. 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 TABLE 5 ing early in 1948 was $480 for farm operators compared with $350 for all spending units.11 UNITED STATES SAVINGS BONDS OWNED BY FARMERS, 1940-481 Investment in cooperative associations. Farmers' cooperative associations are of many types and [In millions of dollars] sizes, ranging from small locals rendering a single Year b A e h g m e i l n d o n u a i n n t t g Pu d r u c r h i a n s g es a I d n c u t c e r r i r u n e e g s d t R d e t u i d o r e i n m n s g p- ser T v h ic e e n to e t l a w rg o e r th en o te f r p t r h i e se s a s w so i c t i h a ti m on a s n — ifo o ld r s a u c c ti h v i p ti a e r s t . of year year year year thereof as may be owned by farmers—is taken as the measure of the farmers' financial interest in the 1940 249 108 5 10 associations. This method of measurement is not 1941 352 163 7 11 1942 511 663 9 24 intended to imply that the farmer members could 1 1 9 9 4 4 3 4 2 1 , , 3 15 2 9 7 1 1 , , 2 6 6 0 6 0 2 1 6 3 2 1 5 1 1 0 immediately realize an amount equal to the net worth of the associations by withdrawing from, or 1945 3,702 1,182 44 452 1946 4,476 530 58 596 disposing of their interests in, the associations. It 1947 4,468 675 67 465 merely recognizes the "going concern" value of 1948 4,745 their interests in the associations. As a matter of 1 Includes bonds of Series A through G. practice, some associations issue no stock, and in cases where stock is issued the redemption or transspending units held savings bonds amounting to fer value often does not exceed the par value, reless than $500, about 12 per cent held amounts gardless of book value. Moreover, the reserves of ranging from $500 to $2,000, and about 6 per cent the associations are usually not withdrawable as held bonds amounting to $2,000 or more. This they are required to meet the continuing needs of distribution closely resembles the distribution for the associations. all spending units. The net worth of cooperative associations for Improved liquidity of farmers. Bank deposits which data are available, or estimates have been and currency held by farmers have increased from made, was about 1.9 billion dollars on January 1, about 3.9 to about 15.6 billion dollars since 1940. 1948. This is about 17 per cent more than the In that year such assets were equal to about 7 per amount estimated for January 1, 1947 and about cent of all farm assets and to about 39 per cent of 2.3 times the estimate for January 1, 1940. the farm debt. By 1948 they had increased to about 13 per cent of all farm assets and to 172 per cent THE CLAIMS of all farm debt. When farmers' holdings of Legal claims or interests reported in the balance savings bonds are added to their holdings of desheet of agriculture are divided into two general posits and currency the improvement is even classes—the liabilities which represent the interests greater. The total of these liquid holdings inof creditors and the equities which represent the creased from about 4.1 billion dollars in 1940 to interests of operators and landlords in the assets of 20.3 billion in 1948, or from about 8 to 17 per cent agriculture. of total farm assets and from about 41 to 224 per cent of farm debt. Liabilities. The interests of creditors fall into two The Federal Reserve survey indicates that early well-defined classes: farm-real-estate debt, which is in 1948 about 28 per cent of the spending units usually incurred in connection with the acquisition headed by farm operators had no liquid assets of of farms; and non-real-estate debt, which is northe kinds covered by the survey.10 These include mally incurred to finance production or storage of all securities of the Federal Government, checking farm products or to finance the acquisition of equipand savings accounts at banks, accounts at savings ment or supplies for the farm or farm home. and loan associations and credit unions, and postal ¥ arm-real-estate debt. For the second consecusavings accounts. Currency holdings are not in- tive year, farm-mortage debt for the United States cluded. About 22 per cent of the spending units as a whole increased over the amount outstanding headed by farm operators had less than $500 of a year earlier. The total on January 1, 1948 was such assets, about 27 per cent had from $500 to estimated at 4,882 million dollars, or about 104 $1,999, about 12 per cent had from $2,000 to million dollars above what it had been at the $4,999, and about 11 per cent had $5,000 or more. beginning of 1947 (Table 6). This increase of 2.2 Farm-operator spending units on the average held per cent was only slightly greater than the 1946 insomewhat larger amounts of liquid assets than other spending units. The average (median) hold- 11 The larger average holdings of farmers may result in part from the fact that farmers require liquid assets for both business and personal use. This is not true of spending units 10 Unpublished data. headed by wage and salary earners. SEPTEMBER 1948 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 crease of 2.0 per cent which reversed the previous long-time trend of farm-mortgage debt which had long-time downward trend. The rise in debt dur- been declining almost continuously since 1923. ing both 1946 and 1947, however, was relatively The sharpest increases in farm-real-estate debt small compared with the increases that took place during 1947 were in the Mountain and Southeastduring some of the years immediately after World ern regions, while declines continued to be reported War I. In 1923 debt expanded to an all-time peak in the Great Plains and the Corn Belt. Details are of 10,786 million dollars. shown in the accompanying map. A falling oil in principal repayments seems to have been the chief factor in the further rise in PERCENTAGE CHANGE IN OUTSTANDING FARM-MORTGAGE farm-mortgage debt during 1947. This occurred in kJgfcg^^ DEBT, JAN. 1, I947-JAN. 1, 1943 spite of the fact that net farm income was at the highest level of record. Apparently less of the income went for the repayment of debts and more for equipment, improvements, and family living. Farm mortgages recorded by all types of lenders during 1947 totaled slightly less than in 1946 but aJBfiKf PERCENT continued in large amount. A noticeable drop in §gr gglO.O and over the number of farm transfers accounted in part for ^R ES 0.0-4.9 the smaller volume of recordings. The average size ^^ DECREASE ||* E2 0.0-4.9 of mortgages recorded increased about 5 per cent, but the number declined. Farm-real-estate debt on January 1, 1948 was In general, the increase in farm-mortgage debt still 26 per cent below the total outstanding in the during the last two years has been in the loans held prewar year 1940. In 1946, when farm-mortgage by the private lender groups. But even before the debt was lower than in any other year since before recent upturn in total debt, the loans of private World War I, it was 29 per cent below the 1940 lenders accounted for an increasingly larger proporfigure. Repayments were particularly large during tion of the total. Consequently, by the beginning 1942, 1943, and 1944, when farm incomes were of 1948, insurance companies, banks, individuals, climbing to record figures and equipment and other and miscellaneous lenders held 76 per cent of all outsupplies were not readily available. The year 1946 standing farm-real-estate loans, whereas in 1940 they appears to have been another turning point in the held only 58 per cent. Of the Federally sponsored TABLE 6 FARM-MORTGAGE DEBT OUTSTANDING AND HELD BY PRINCIPAL LENDER GROUPS, UNITED STATES, JAN. 1, 1940-48, WITH PERCENTAGE CHANGE 1940-48 AND 1947-48 [Dollar amounts n thousands] Federal Farm Farmers Life Insured Individuals Year Total debt Federal Mortgage Home Ad- insurance commercial and Land Banks1 Corporation l2 ministration 3 companies l banks others 1940 $6,586,399 $2,009,820 $713,290 $ 38,566 $ 984.290 $534,170 $2,306,263 1941 6,491,435 1,957,184 685,149 73,093 1,016,479 543,408 2,216,122 1942 6,372,277 1,880,784 634,885 122,104 1,063,166 535,212 2,136,126 1943 5,950,975 1,718,240 543,895 163,681 1,042,939 476.676 2,005,544 1944 5,389,080 1,452,886 429,751 176,607 986,661 448,433 1,894,742 1945.. 4,932,942 1,209,676 347,307 178,969 933,723 449,582 1,813,685 1946... 4,681,720 1,078,952 239,365 184,035 884,312 507,298 1,787,758 1947.. 4,777,355 976,748 146,621 190,128 890.161 683,229 1,890,468 1948.. 4,881,744 888,933 107,066 195,500 936,730 793,476 1,960,039 Percentage change 1940-48.. -25.9 -55.8 -85.0 406.9 -4.8 48.5 -15.0 1947-48 2.2 -9.0 -27.0 2.8 5.2 16.1 3.7 1 Includes regular mortgages, purchase-money mortgages, and sales 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 agencies, only the Farmers Home Administration cies (excluding loans made or guaranteed by the has increased its outstanding loans since 1940. The Commodity Credit Corporation) amounted to 2.3 Federal Land Banks and Federal Farm Mortgage billion dollars on January 1, 1948 or nearly 18 per Corporation have reported a smaller amount of out- cent more than the amount held a year earlier. standing loans each year, and together they ac- Those held by commercial banks amounted to 1.6 counted for only about 20 per cent of all loans in billion dollars or 24 per cent more than a year 1948 compared with 41 per cent in 1940. earlier (Table 7). Loans of the production credit Interest charges payable on farm-mortgage debt associations and discounts of the Federal Intermedincreased during 1947 for the first time since 1922. iate Credit Banks for private financing agencies For 1947 they were estimated at 222 million dollars (also excluding CCC guaranteed loans) amounted compared with 216 million in 1946 and 293 million respectively to 289 million dollars and 38 million in 1940. Although interest rates in general have dollars on January 1, 1948. These amounts reflect shown some tendency to strengthen, there has been increases of 26 per cent and 20 per cent respeclittle change during the last few years in farm- tively over the totals outstanding a year earlier. mortgage interest rates. The volume of outstand- The non-real-estate loans to farmers of two Feding farm-mortgage debt has been the chief de- eral agencies, however, declined during 1947. Those terminant in the trend of interest charges. In- of the Farmers Home Administration declined creases in the average rates for all loans have re- from 402 million dollars to 371 million and those sulted mainly from a higher proportion of loans of the Regional Agricultural Credit Corporation being held by high-rate lenders. The weighted from 2.6 million to 1.9 million. average for all lenders as of January 1, 1948 was Other important sources of credit to farmers estimated at 4.6 per cent, or the same as for both are merchants, dealers, finance companies, and in- 1946 and 1947 and for 1940. During the 1941-45 dividuals. Farmers' non-real-estate debts to such period the average went as low as 4.4 per cent, lenders are believed to have increased from about partly because of the temporarily reduced rates 1.5 billion dollars on January 1, 1947 to about 1.8 charged on loans of the Federal Land Banks and billion dollars on January 1, 1948. This 20 per cent Federal Farm Mortgage Corporation. increase takes account of the sharp expansion of Non-real-estate debt. The non-real-estate, or instalment credit that occurred in 1947. short-term debt of farmers rose further during Loans to farmers by the principal lending agen- 1947 to a total of about 4.1 billion dollars on Jan- cies (excluding the Commodity Credit Corporation uary 1, 1948.12 This amount is about 17 per cent guaranteed loans) showed little change in the counabove the 3.5 billion dollars outstanding a year try as a whole from January 1, 1943 to January 1, earlier and about 46 per cent above the amount 1946.13 During these years, however, substantial outstanding two years earlier, shortly after the increases in these loans occurred in most of the end of the war. Northeast and Western States, whereas there were Farmers' non-real-estate debts expanded gradually decreases in most of the other States. The sharp from the middle of the thirties to the beginning upturn of such loans for the country as a whole of World War II. They reached a total of more in 1946 reflected increases in all regions and nearly than 3.5 billion dollars on January 1, 1942 but, all States. The largest percentage increases were notwithstanding increased production and rising in the Northeast, Appalachian, and Pacific regions. p costs, declined to about 2.7 billion dollars by Jan- Similarly, the further expansion of non-real-estate uary 1, 1945. This was partly because of short- loans to farmers by the principal lending agencies in ages of automobiles, trucks, farm machinery, and 1947 was shared by nearly all States. The only other goods which farmers often buy on credit. region failing to show an increase during 1947 During 1945 and 1946 farmers' non-real-estate comprised the Delta States of Mississippi, Arkansas, debts rose to the amount outstanding at the be- and Louisiana. Greatest percentage increases durginning of the war, and the further increase during ing 1947 were in the Northeast and Mountain 1947 raised them to the highest point since the regions. early thirties. The postwar increase in farmers' non-real-estate debt is believed to have resulted Equities of proprietors. The equities or claims of primarily from purchases of goods that were scarce proprietors in the assets shown on the balance sheet during the war. totaled 113 billion dollars on January 1, 1948, or Non-real-estate loans to farmers held by commer- about 11 per cent more than the amount a year cial banks and the Federally sponsored credit agen- earlier. During the eight years covered by the bal- 12 This amount excludes the nonrecourse loans held or 13 Loans guaranteed by the Commodity Credit Corporation guaranteed by the Commodity Credit Corporation which are can be excluded by States and regions only for the period treated separately at the end of this section. beginning Jan. 1, 1943. SEPTEMBER 1948 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1948 TABLE 7 NON-REAL-ESTATE LOANS TO FARMERS HELD BY PRINCIPAL CREDIT INSTITUTIONS, 1915-48x [In thousands of dollars] Commercial Agencies supervised by the Farmers Commodity banks Farm Credit Administration Admi H ni o s m tra e tion 2 Cor C p r o e r d a i t t ion Total Production credit Federal intermediate Date i t C n E i m o C a o g x n n o r r c C p t e d l g e d o u o i e u t r i d m y s t a a - r - - - t i C n i a I m o C n o g n n o c r r t C p e e l d g u d e o i o u d t s i r m y t a a - 3 r - - - i t C n E i m o C g o x n o r r c a C p e d l s g d o u o i s u t i r d o m y t a a - c r - - i - at i i t C n o i I m o C g n o n n o c r r s C p e l d 4 g u d o o i u d t i r m y t a a - r - - - i t C n E i m o C o g x n o r r c c C p e d r l g d o e u o i u t d i r d m y t a a i - t r - - - ba i t C n i n I m o C g n o k n o r r c s C p e l d g u d 5 o o i u d t i r m y t a a - r - - - c g c t t a o c i R i u r r g o o r e u a r e p r n n d l a - - i - o a s - i l t l - E lo e c m f a e a n r n e o n e c d d r p s y g 6 - l s P d e o s t a i u i n u a r n o s o b c c n d t n - - - - e s7 L h o e a ld ns t t s g l e i o t a o I e u i a n n t d n a n u - - 3 a r s - - l 8 t i C i n E g m o h C g o u x e n t o r r e a l c p e C d d e r l l d o u o a i d o t o i r d n a m y t a r n - - - - s i t C n g i h I m t o C e n o g u e n e o l r c r a d C p e d d l r l u d o a o o i 3 t d i n r o m a y t a - - r n * - - s antees antees 3 antees antees 3 1915: Jan.l 1,605,958 1,605,958 1920: Jan.l 3,453,798 93,455 ,253 1925: Jan.l 2,674,237 18,760 i°2,513 92,713,162 1930: Jan. 12,490,742 47,283 i°n 8,946 H2,546,971 1935: Jan.l 627,878 840,887 60,459 55,083 87,087 111,238 5,600 37,162213,009 947,345 1,197,516 1940: Jan.l 900,079 1,134,573 153,425 32,316 8,005 167,795276,138208,193237,065 1,537,7581,983,016 1945: Jan. 1 948,829 1,377,405 188,306 203,794 29,792 29,96612,195 138,068302,101146,670536,022 1,619,2912,301,983 Julyl 1,068,4791,268,387 262,781 266,693 29,566 29,658 9,522 145,908310,320 46,016257,503 1,826,5762,130,095 1946: Jan.l 1,033,8001,177,042 194,788 201,135 26,487 26,487 6,151 128,901278,280 98,904178,089 1,668,4071,945,400 Julyl 1,300,8071,302,716 300,385 300,649 33,515 33,515 3,820 135,259315,288 32,996 6,766 2,089,0742,128,836 1947: Jan.l 1,289,1051,333,048 230,025 238,321 31,701 31,701 2,560 116,733285,299 7,246 57,628 1,955,4232,020,297 Julyl 1,579,1881,598,899 357,283 357,654 38,330 38,330 2,135 110,814311,406 10,701 20,637 2,399,1562,430,494 1948: Jan.l 1,601,8111,667,105 289,077 292,560 37,916 37,916 1,862 105,913265,485 2,493 78,172 2,302,0642,382,729 1 Continental United States only. 2 Formerly the Farm Security Administration. 3 Guarantees are loans secured by agricultural commodities covered by purchase agreements of the Commodity Credit Corporation. Amounts of guaranteed loans held by commercial banks are partly derived from CCC reports. * Includes loans of associations in liquidation. 6 Loans to and discounts for private financing institutions. 6 Includes seed, feed, crop-production, drought-relief, and orchard-rehabilitation loans made by the Crop and Feed Loan Office of the Farm Credit Administration and its predecessors. Transferred on Oct. 31, 1946 to Farmers Home Administration for liquidation. 7 Includes rural rehabilitation loans in liquidation since Oct. 31, 1946; also includes water facility loans. 8 Includes some loans to farmers by cooperative marketing associations not shown separately. 9 Includes loans of War Finance Corporation. i° June 30. 11 Revised. ance sheet, such equities increased 69 billion dollars. that nonoperating landowners fared less well than Of this increase, 51 billion dollars were accounted farm operators during 1940-45. On this point these for by increases in the value of physical assets, 17 figures throw no light. The primary cause of the billion by increases in the value of financial assets, smaller increase of nonoperators' equities was the and 1 billion by reduction of debts. transfer of a substantial acreage of farm real estate "Proprietors" include both owner- and tenant- located in areas of relatively high land values from operators and nonoperating landowners. It ap- nonoperator to operator ownership. The transfer pears, from very rough computations based chiefly of this land reduced the proportion of the total on the 1940 and 1945 Censuses of Agriculture, that value of farm real estate that was owned by nonthe equities of farm operators in the assets listed in operators and, it is believed, also resulted in a rethe balance sheet were about 58 billion dollars in duction in the proportion of the value of farm ma- 1945 as compared with about 30 billion in 1940. chinery and livestock that they owned. Because the The equities of nonoperators in these years appear balance sheet presumably does not show the liquid to have been about 22 billion and 14 billion re- assets of nonoperating owners of farms, which spectively. Thus the equities of farm operators must have been substantially increased by such appear to have increased more rapidly than those transfers, equities of farm operators in the total of nonoperators. assets listed in the balance sheet increased more These figures do not mean, as might be assumed, rapidly than those of nonoperators. 1082 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS, OCTOBER 1, 1947--MARCH 31, 194S Given below is the text of the report submitted and other countries, and gold and short-term dollar by the National Advisory Council to the President resources of foreign countries, covering the period on July 30, 1948, and transmitted by the President through December 31, 1947. Copies of the full to Congress on August 3. The appendices to this report may be obtained from the National Advisory report included statistics on postwar United States Government financial assistance to foreign coun- Council on International Monetary and Financial tries, gold transactions between the United States Problems, Washington 25, D. C. I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS REPORTS The National Advisory Council on International Since its first meeting on August 21, 1945, the Monetary and Financial Problems was established Council has submitted six formal reports which by the Congress in the Bretton Woods Agreements were transmitted by the President to the Congress Act (59 Stat. 512, 22 U. S. C. 286b), approved on March 1, 1946 (H. Doc. No. 489, 79th Cong., 2d July 31, 1945. The statute directed the Council to sess.; subsequently included as Appendix B to H. coordinate the policies and operations of the repre- Doc. No. 497, 79th Cong., 2d sess.); March 8, sentatives of the United States on the International 1946 (H. Doc. No. 497, 79th Cong., 2d sess.); Jan- Monetary Fund and the International Bank for uary 13, 1947 (H. Doc. No. 53, 80th Cong., 1st Reconstruction and Development, the Export-Im- sess.); June 26, 1947 (H. Doc. No. 365, 80th Cong., port Bank of Washington, and all other agencies 1st sess.); January 19, 1948 (H. Doc. No. 501, of the Government "to the extent that they make 80th Cong., 2d sess.); and May 17, 1948 (H. Doc. or participate in the making of foreign loans or No. 656, 80th Cong., 2d sess.). engage in foreign financial, exchange or monetary The present report covers the activities of the transactions." The Council was also directed to Council from October 1, 1947, to March 31, 1948. advise and consult with the President and the This report supplements the report of May 17, 1948, United States representatives on the Fund and the which was the first of the special biennial reports Bank on major problems arising in the administrarequired by Section 4(b)(6) of the Bretton Woods tion of the Fund and the Bank; and to recommend Agreements Act on the activities and policies of to the President general policy directives for the the International Monetary Fund and the Interguidance of the representatives of the United States national Bank. In the sections which follow, an on the Fund and Bank. The Bretton Woods effort will be made to describe, in broad outline, Agreements Act was amended by Section 106 of the financial assistance the United States Governthe Foreign Assistance Act of 1948 (62 Stat. 169; ment has rendered to the various nations of the 22 U. S. C. 286b(a)), approved April 3, 1948, to world during the period of postwar reconstruction. include the Administrator for Economic Cooperation as a member of the Council for the duration MEMBERSHIP of the program. The Council was also given The members of the Council, according to law, certain additional duties with regard to the eco- during the period under review, were the following: nomic assistance program. The relevant portions The Secretary of the Treasury, John W. Snyder, of the Bretton Woods Agreements Act and of the Chairman. Foreign Assistance Act of 1948 are presented in Appendix A.1 The Secretary of State, George C. Marshall. The Secretary of Commerce, W. Averell Harri- 1 Appendices are omitted here but are part of the complete man. report submitted to the Congress. SEPTEMBER 1948 1083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL The Chairman of the Board of Governors of and Development, Eugene R. Black, or their alterthe Federal Reserve System, Marriner S. nates, regularly attended the meetings of the Eccles. Council. The Chairman of the Board of Directors of the PROCEDURE Export-Import Bank, William McChesney Martin, Jr. The Council ordinarily meets each week and By agreement, the following served as alternates: holds such special meetings as are required. Joint Frank A. Southard, Jr., Director of the meetings with the President's Committee for Fi- Office of International Finance, Treasury nancing Foreign Trade have also been held during the period. Department. The Council in discharging its functions makes Willard L. Thorp, Assistant Secretary of State use of the services of the existing personnel of its for Economic Affairs. member agencies. Its Staff Committee consists of Thomas C. Blaisdell, Jr., Assistant to the Sectechnical representatives of member agencies and retary of Commerce. a representative of the Securities and Exchange J. Burke Knapp, Assistant Director of Research Commission. The Alternate United States Execuand Statistics, Board of Governors of the tive Directors on the International Monetary Fund Federal Reserve System. and the International Bank generally attend meet- Herbert E. Gaston, Vice Chairman of the ings of the StafI Committee. The StafI Com- Board of Directors of the Export-Import mittee collects and analyzes information and pre- Bank. pares reports and recommendations for the Council. John W. Gunter, Deputy Director of the Office This procedure has enabled the Council to mainof International Finance in the Treasury Depart- tain the close interagency liaison essential for sucment, was the Secretary of the Council. cessful performance of its coordinating functions The United States Executive Directors on the in the most efficient manner. Secretariat functions International Monetary Fund, Andrew N. Overby, are performed by personnel of the Treasury Deand on the International Bank for Reconstruction partment. II. THE UNITED STATES FOREIGN ASSISTANCE PROGRAM THE POSTWAR PROBLEM OF RECONSTRUCTION purchaser of basic raw materials. European countries particularly depended upon extensive inter- By the middle of 1945 it became clear that many national trade so that the financial difficulties of of the countries of Europe and Asia would urgently carrying on normal trade relations assumed great need foreign assistance for the reconstruction of their economies. There had been widespread importance. Moreover, in the attempt to deal with physical damage in some areas so that industrial the postwar problem, the European countries had and transportation equipment would have to be made bilateral trade and payments agreements replaced in order to bring production up to prewar which, though they permitted the resumption of levels. There was also a serious shortage of food- a considerable part of the trade, tended none the stufls and raw materials. Even where the physical less to restrict it to well defined channels and to damage was unimportant, the war had produced limit it in amount. serious economic dislocations. The normal chan- The postwar situation tended to increase the nels of trade had been disrupted, while the financ- balance of payments difficulties of many countries ing of current requirements had become increas- with the United States. The United States had ingly difficult in view of the insistence upon pay- had for many years a commodity export surplus ment in dollars or other hard currencies on the with the rest of the world, and with Europe in parpart of those countries which were in a position ticular, though the United States imported more to supply needed commodities. from Asia than it exported. The European coun- Europe occupied a central position in the post- tries on the other hand purchased more from the war problem as the principal supplier of manufac- United States than they sold to it, and obtained tured goods to large areas and as the principal some of the dollars for meeting this deficit from 1084 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL their exports of goods and services to other parts States. They paid for these goods by exports of of the world. In part, the trade deficit with the goods and services to the United States amounting United States had been met with surpluses on to 19.2 billion dollars, and by the use of gold and European earnings from "the invisible items" in dollar reserves paid to the United States amounting the balance of payments, i.e., tourist expenditures, to 5.3 billion. United States foreign aid programs remittances, and payments for services such as of various sorts provided 14.6 billion dollars, and shipping. To some degree the deficit had been the balance of 2.5 billion consisted mainly of financed by American investments abroad. changes in private American investments abroad, In the postwar period, however, the current ac- foreign investments in the United States, and pricount deficit of foreign countries with the United vate gifts and other unilateral transfers. States increased enormously. Thus, in 1946, the DECLINE IN FOREIGN GOLD AND DOLLAR RESOURCES United States supplied 15.3 billion dollars in goods and services to other countries while it received only In their attempt to obtain needed supplies from 7.1 billion in goods and services from them, result- the United States and other countries which exing in a surplus of 8.2 billion. In 1947 our surplus on pected payment in dollars, those countries of the international account reached 11.3 billion dollars, world which had gold and dollar resources used with total exports of goods and services reaching a considerable portion to pay for their international the high point of 19.6 billion. This situation was deficits. Thus foreign countries in 1945 had gold the result of the favorable economic position in and short-term dollar assets amounting to 23 billion, which the United States found itself at the ter- whereas at the end of 1947 these resources were mination of active hostilities, and the difficulties reduced to 17.8 billion. The gold and dollar recaused by the war in other areas. During the war sources of the foreign countries at the end of 1945, our productive capacity had expanded while the 1946, and 1947 are given in Table I. The European continuance of a high level of employment raised countries participating in the Paris Committee for production and the national income of the United Economic Cooperation lost reserves during this States to new high levels. While many of the period amounting to 2.8 billion dollars (more than European countries were able to increase their one-fourth of their total reserves), of which 1.8 production in the immediate postwar period to billion was in gold. levels comparable to their prewar output, this The consequence of this decline in gold and result was in part made possible by assistance given dollar balances was that most countries of the world by the United States. A large part of this produc- in 1948 had inadequate resources in gold and fortion was for reconstruction purposes and was not eign exchange to maintain working balances in available to consumers. foreign exchange and gold or foreign exchange In the period between July 1, 1945 and Decem- reserves for their note issues. In the appendix are ber 31, 1947, foreign countries received 41.6 billion included statements of the gold transactions of dollars in goods and services from the United foreign countries with the United States, and esti- TABLE I GOLD AND SHORT-TERM DOLLAR RESOURCES OF FOREIGN COUNTRIES, DECEMBER, 1945-DECEMBER, 1947 [In billions of dollars] Total Gold Dollar balances Area 1945 1946 1947 1945 1946 1947 1945 1946 1947 Total, all areas 23.0 21.7 17.8 16.0 15.7 13.0 7.0 6.0 4.8 Total, Europe n 6 13 2 11 2 10 6 10 5 9 1 3 0 2 7 2 1 ERP countries 10.3 9.6 7.* 7.4 7.1 5.6 2.9 2.5 1.9 Other Europe» 3.3 3.6 ij.7 *3.2 l3.4 3.5 0.1 0.2 0.2 Latin America . . . 3 8 3.7 2 9 2 8 2 6 1 7 1 0 1 1 1.2 Canada 1.8 1.4 0.7 0.4 0.5 0.3 1 .4 0.9 0.4 Other countries 3.8 3.4 3.0 2.2 2.1 1.9 1.6 1.3 1.1 1 Includes estimates for Union of Soviet Socialist Republics' gold holdings. Figures also include gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold to claimant countries, including ERP countries, in accordance with the Paris Reparation Agreement. SEPTEMBER 1948 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL mates of the gold and dollar resources of these materials, which were located in foreign countries, countries as of December 31, 1947.1 to foreign governments so that the total unsold surplus remaining at the end of 1947 amounted UNITED STATES FOREIGN ASSISTANCE (at cost), to about 1.2 billion. The War Assets Confronted with the problems of postwar re- Administration was charged with the disposal of construction throughout the world, the United surplus property located in the United States. States took measures designed to meet its new While the bulk of this property was sold to Amerresponsibilities. In accordance with their statutory icans, a part was sold to foreign governments on authority, agencies of the United States made loans, credit. The Maritime Commission similarly sold extended credits, or made available grants and surplus shipping to foreign governments in accordother financial assistance to various foreign coun- ance with the authorization of the Congress. The tries. These agencies included the Treasury De- Commodity Credit Corporation and the U. S. partment, the Export-Import Bank, the Office of Commercial Company supplied raw cotton and Foreign Liquidation Commissioner, the Maritime other materials on credit to Germany and Japan. Commission, the War Assets Administration, the In accordance with a special act of Congress, a Reconstruction Finance Corporation, the Com- loan to the Philippines was made by the Reconmodity Credit Corporation, the U. S. Commercial struction Finance Corporation. Company, and various branches of the military The Council has constantly reviewed the foreign establishment. aid programs considered by it during the postwar Loans were made chiefly by the Export-Import period. Pertinent statistical information prepared Bank and by the Treasury Department. In 1945, by the Clearing Office for Foreign Transactions of the Congress increased the lending authority of the Department of Commerce, for the Council, has the Export-Import Bank from 700 million dollars been summarized in Appendixes C and D.1 The to 3,500 million. The Bank used a large part of course of United States foreign aid in the two and this authority to make rehabilitation loans prin- one-half year period between July 1, 1945, and cipally to the Western European countries. These December 31, 1947, is presented in these statistical loans were, as a general rule, made to finance the tables. purchase of materials or equipment available in the A net total of 18.2 billion dollars of United States United States and to a small extent for the tech- assistance was made available during the period nical services of American nationals. To deal July 1, 1945, through December 31, 1947. The avwith the special problems of the United Kingdom erage rate of expenditure of the 14.6 billion dollars in the transitional postwar period, the Congress of United States aid utilized during the two and oneauthorized the Treasury Department to make a half year period was about 500 million dollars per loan of 3,750 million dollars to assist that country month. With 3.6 billion dollars unutilized as of in meeting its postwar deficit on current account. December 31, 1947, a projection of this rate of The loan was intended also to assist the United expenditure for the early part of 1948, indicated a Kingdom to make sterling accruing on current rapid exhaustion of the amount of funds available. transactions convertible into dollars or other cur- The unutilized funds were unevenly distributed rencies. as of December 31, 1947, since several of the par- Various credit arrangements were entered into ticipating countries had by that date almost comby United States agencies charged with the re- pletely exhausted the aid extended to them. These sponsibility for disposing of property of the Gov- funds, therefore, appeared barely sufficient to meet ernment not needed for domestic purposes. Thus the existing need for aid until the start of the proagreements were made with foreign countries for posed European Recovery Program. financing over a long period goods which had been During the first phase of United States postwar requested by the foreign governments on lend-lease aid extending from July 1, 1945, to June 30, 1946, account prior to V-J Day but which had not yet the bulk of assistance utilized was in the form of been delivered to them. The Office of Foreign grants, including UNRRA and military-civilian Liquidation Commissioner at the end of hostilities supplies for "disease and unrest" programs. In the had surplus materials which had an original cost second phase of United States postwar aid between of some 10 billion dollars. It disposed of these July 1, 1946, and March 31, 1948, the bulk of 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL assistance utilized was in the form of loans and authorization of a program of assistance to Euproperty credits, including the loan to the United rope and to China. The European Recovery Kingdom, Export-Import Bank loans, and prop- Program for the period April 1, 1948, to June 30, erty credits extended by the Office of Foreign Li- 1952, was expected to require 17 billion dollars. quidation Commissioner. Up to December 31, The President recommended an appropriation of 1947, slightly more than one-half of all aid was 6.8 billion dollars for the initial period of 15 months. rendered in the form of loans and property credits, The Foreign Assistance Act, approved April 3, while the remainder was in the form of grants, 1948, authorized appropriations of 4.3 billion dolincluding relief to war-devastated areas. lars and debt transactions of 1 billion dollars for the Toward the end of the fiscal year 1947, it had European Recovery Program for the one-year pebecome clearly apparent that continued foreign riod following enactment of the Act. (The approassistance on a large scale by the United States priation approved June 28, 1948, made available would be necessary if there was not to be a serious until June 30, 1949, a total of $6,030,710,228 for setback in the recovery of European countries. foreign aid, including 4 billion dollars for the Eu- While they had been able to attain a high level of ropean Recovery Program. The Act gives the production, they were still dependent upon the President authority on the advice of the Adminis- United States economy for a large part of their trator for Economic Cooperation to expend the supplies and needed equipment. The foreign funds for the European Program in a 12-month loans and credits which had previously been ex- period if he deems it necessary.) tended by the United States were largely exhausted. To provide assistance in the period before the The Export-Import Bank had lent the bulk of the expected passage of the Act, the President requested funds available to it, the United Kingdom had used interim aid for France, Italy, and Austria, countries up a large part of its credit, while other countries whose immediate situation was most acute. The were clearly in need of assistance to meet their Congress appropriated 522 million dollars for this balance of payments deficits with the Western interim aid program. In March 1948, the Congress Hemisphere. It was clear that only the United also appropriated an additional sum of 55 million States could, in practice, provide assistance to the dollars for further interim aid for the period until extent required. In a special message to the Con- funds became available under the Economic Cogress in December 1947, the President requested operation Act. III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK THE ANGLO-AMERICAN FINANCIAL AGREEMENT Consultations between the two governments continued and, in an exchange of letters with the Chan- Previous reports of the National Advisory Councellor of the Exchequer, the Secretary of the Treascil have traced developments under the Angloury, on December 5, 1947, agreed that it was appro- American financial agreement up to the suspension priate for the United Kingdom to resume withof the convertibility of sterling and cessation of drawals against the line of credit. In reviewing the notification of withdrawals under the line of credit, events leading to this exchange of letters, the Secreboth effective August 20, 1947. Up to the date of tary of the Treasury recalled that withdrawals the temporary cessation of withdrawals against the against the credit were temporarily discontinued in line of credit the British Government had obtained the following amounts, in millions of dollars: August on the basis of mutual agreement between the two governments. The action had been taken 1946—3d quarter 400 simultaneously with the institution of emergency 4th quarter 200 steps by the United Kingdom to stop the unantici- 1947—1st quarter 500 pated and excessive drawing on its resources fol- 2d quarter 950 lowing the granting of free convertibility of sterling 3d quarter 1,300 in July, 1947. In his statement to the press, the Total through 3d quarter of 1947 3,350 Secretary of the Treasury pointed out, however, that while progress had been made toward working Remaining line of credit 400 out a satisfactory agreement dealing with the con- Total line of credit. 3,750 vertibility of sterling, serious economic conditions SEPTEMBER 1948 1087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL existing in the world would delay for some time to aid the United States in financing the European the restoration of full convertibility. In this con- Recovery Program. The Council also noted that nection, he noted that there were, in general, no Canada's difficulty appeared to be temporary, and restrictions on the convertibility of sterling held on therefore approved consideration by the Exportcurrent account by United States residents. Import Bank of a credit to Canada in an amount Drawings against the remaining line of credit up to 300 million dollars. were as follows, in millions of dollars: On November 12, 1947, the Export-Import Bank set aside for this purpose 300 million dollars of its Balance on hand at beginning of 4th uncommitted funds. An agreement covering a line quarter, 1947 400 of credit of 300 million dollars to Canada was signed Drawings: on January 8, 1948. The Agreement provided that Dec. 8, 1947... 100 the credit would be available until December 31, Jan. 2, 1948.. 100 1948, and that interest at the rate of 2l/ per cent 2 Feb. 4, 1948. 100 per annum would be paid on amounts outstanding. Mar. 1, 1948 100 The Canadian Government agreed to pay one-half of 1 per cent during the life of the credit on any EXPORT-IMPORT BANK CREDITS portion not utilized. The agreement also provided During the period under review, the Council that, if during the availability of the line of credit continued to work closely with the Export-Import Canada borrowed funds for a term of five years or Bank in order to coordinate the Bank's policies less from the private capital market in the United with those of other agencies concerned with foreign States, such funds would be applied to the reduction lending. New credits authorized by the Bank dur- of the line of credit. ing this period totaled 372.5 million dollars includ- The application of the Belgian Government for ing 300 million to Canada and 50 million to a loan to the National Bank of Belgium was based Belgium. on the temporary need of that country for assistance In October 1947, the Canadian Government ap- in maintaining purchases of essential raw materials plied to the Export-Import Bank for a credit of and equipment in the United States, with a view 300 million dollars for the purpose of assisting to making possible the continuance of a high level Canada to continue importing essential equipment of industrial production. The Belgian Government and industrial raw materials from the United States, anticipated that banks and other private investors with a view to maintaining a high level of produc- in the United States might participate or take a tion in Canada. Canada in 1947 experienced a portion of the credit requested. The Council apsubstantial loss of gold and dollar reserves as a proved consideration by the Export-Import Bank result of a deficit in its trade with the United States, of a loan to Belgium in an amount up to 50 million while it had a surplus in its trade with European dollars. On November 26, 1947, the Export-Import countries. Without credit assistance from the United Bank announced that it was prepared to extend States, the Canadian Government probably would a credit of 50 million dollars, this credit to be availhave been obliged to impose drastic and possibly able until December 31, 1948, at a rate of interest discriminatory restrictions on imports from the to be determined in accordance with the policy of United States in order to halt the loss of gold and the Bank not to compete with private capital. This dollar reserves. With limited credit assistance it was followed by the announcement of March 15, was possible to meet the situation with much less 1948 that the Export-Import Bank and seven United drastic and entirely nondiscriminatory trade re- States commercial banks had made the sum of strictions. 50 million dollars available to Belgium through the The Council noted that Canada has consistently purchase of promissory notes of the Government of supported the United States' policy aimed at the Belgium unconditionally guaranteed by the Banque reduction of trade barriers and the resumption of Nationale de Belgique. The notes bear interest multilateral trade, that the extension of credits by at the rate of ?>l/ 2 per cent per annum and mature Canada has helped to reduce the foreign financing semiannually over a period of d\c years. The burden of the United States, and that Canada was commercial banks purchased 18 million dollars of likely to continue extending such credits and thus the 50 million dollars, and the Export-Import Bank 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL purchased the remaining 32 million dollars. In TABLE II the case of several other countries which had applied NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK * to the Export-Import Bank for loans, the Council JULY 1, 1945 TO MARCH 31, 1948 did not recommend consideration. [In millions of dollars] In February 1948, the Export-Import Bank asked Lend- Re- De- Cott o h f e th ad e v L ic o e c k o h f e t e h d e A C i o r u cr n a c f i t l C co o n rp ce o r r n a i t n io g n a f o lo r a n as s r i e s q ta u n e c s e t Area and country Total r s l e i e t q a io u s n e i- s s c t t i r o o u n n c - - m v o e e p l n - - t ch p t a o u s n r e - s2 Other in financing the sale to the British Overseas Airways Corporation of aircraft and related equipment. Total, all areas. . 2,713.0 655.0 1,181.5722.3 133.4 20.8 Total, Europe. . . 2,004.6 655.0 1,044.7186.2 100.4 18.3 The Export-Import Bank had been requested to France 1,200 0 550.0 650.0 Netherlands. . . . 205.4 50.0 3 152.2' '3^2' participate in the amount of 22.5 million dollars Belgium 132.0 55.0 45.03 32.0 representing 75 per cent of the purchase price of Italy 131 9 101 9 25 0 4 5 0 30 million dollars, and the Council approved con- Finland 84.5 62.5 12.0 MO.O Norway 50.0 50.0 sideration by the Bank of this request. Poland 40 0 40 0 In March 1948, the Export-Import Bank Turkey 36.1 36.1 Greece 25.0 25.0 and the State Department requested considera- Czechoslovakia. 22.0 20.0 <2.0 tion by the Council of a proposal for an increase G D e e r n m m a a n r y k 2 1 0 9 . . 0 0 20.0 8'i9!6' of 500 million dollars in the lending authority Austria 14.3 13.0 •1.3 of the Bank. This increase was proposed pri- Unallotted cotton credits. . . 24.4 24 4 marily in the light of the pressing need of Latin Total, North America.... 300.0 300 0 A its m e e c r o ic n a o m fo i r c f d in e a v n e c lo ia p l m a e s n si t s . tan I c t e w i a n s c p a o rr in y t i e n d g o fo u r t w t a h r a d t To C ta a A n l, a f r d A i a c s a ia and 3 2 0 0 0 0 . . 0 4 136.8 3 3 0 0 0 . . 6 0 33.0 although private capital and the International Bank Netherlands Indies 100.0 100.0 could supply substantial amounts of such assistance China 66 8 33 8 33 6 Saudi Arabia. . . 25.0 25.0 they might not be able to meet the entire need. It Egypt 5.6 5.6 was also pointed out that it would be in the na- Ethiopia 3.0 3.0 Total, Latin tional interest of the United States to help to de- America. . . . 183.0 183.0 velop nearby sources of raw materials which are Brazil 66.2 66.2 Mexico 57 0 57 0 regularly imported or are becoming increasingly Chile 47.4 47.4 scarce in our domestic economy. However, the Colombia 5.0 5.0 Ecuador 3.5 3 5 Bank could not consider Latin America to the ex- Bolivia 3.0 3.0 clusion of all other areas, and prudent management Venezuela 0.6 0 6 Argentina 0.2 0.2 required the maintenance of a substantial uncom- Peru . ... 0 1 0 1 Total, miscelmitted balance. In utilizing the proposed addi- laneous 25.0 22.5 2.5 tional lending authority, the Bank contemplated no departure from the criteria generally applied in 1 Cancellations and expirations deducted. Numerous small exporter-importer loans extended by the Bank, July 1, 1945 the consideration of loan applications. In view of through Mar. 31, 1948, excluded. Also excluded are Mexican authorizations of 30 million dollars and a Peruvian authorization these considerations the Council supported the pro- of $400,000 approved prior to June 30, 1945 recorded on Export- Import Bank books subsequent to June 30, 1945. posal to increase the lending authority of the Bank 2 Credits extended by Export-Import Bank under general approval of the Council. Hungarian credit of 7 million dollars by 500 million dollars. canceled Apr. 2, 1947. 3 Excludes participation by private banks. As of March 31, 1948, the resources of the Export- 4 For financing tobacco purchases. 5 For financing food purchases. Import Bank were distributed as follows, in mil- 6 Revolving credits (of 1.3 million dollars shown for Austria, $800,000 is revolving). lions of dollars: UNITED STATES MARITIME COMMISSION FOREIGN Total lending authority 3,500 CREDITS Loans outstanding 2,098 Under the Merchant Ship Sales Act of 1946, the Undisbursed commitments 870 United States Maritime Commission was author- Unutilized lending authority 532 ized, with certain limitations, to sell war-built ves- The following table shows the distribution of net sels to foreign purchasers on credit terms. The aucredits authorized by country and object of financ- thority of the Maritime Commission to sell waring: built vessels to noncitizens, on credit terms or SEPTEMBER 1948 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL otherwise, expired March 1, 1948. In the five Italian Government for a credit of 5 million dolmonths between September 30, 1947 and March 1, lars, the Iranian Government for a credit of 10 1948, the Council considered new credits o£ 5.7 mil- million dollars, and the Government of Pakistan lion dollars to Uruguay and $300,000 to Peru. for a credit of 10 million dollars. The Council These amounts were in addition to previous unused approved for the consideration of the War Assets authorizations to these countries. The Council Administration the granting of these lines of credit, indicated that it had no objection to consideration but as of March 31, 1948, negotiation of firm conby the Maritime Commission of these additional tracts had not been completed. Several other councredits. tries have applied to the War Assets Administration for surplus property credits. In some instances TABLE III the Council did not approve the applications for MERCHANT SHIP SALES ON CREDIT BASIS TO FOREIGN NA- consideration by the War Assets Administration TIONALS AND GOVERNMENTS AS OF MARCH 31, 1948 and in others action has been deferred or is still [In millions of dollars] pending. Credits made Credits ECONOMIC ASSISTANCE TO CHINA available utilized Area and country M by a r U it . i m S e . purc b h y asers The Foreign Aid Act of 1947 authorized assist- Commissio ance to China. During January 1948, the State Department submitted for consideration of the Total, all countries. . 186.3 Total, Europe 169.0 Council a proposal for authorization by Congress Italy 55.8 France 44.6 of an economic assistance program for China. The Greece 41.3 purpose of this program was to provide immediate Norway 19.0 Netherlands. . 2.6 aid urgently needed by the people of China in the Turkey 4.9 form of supplies of raw materials, foodstuffs, and Finland 0.8 equipment for which the Chinese Government's Total, Asia 7.0 China 7.0 dwindling foreign exchange reserves were inade- Philippines Iran quate. In effect, the objective of the proposal Total, Latin America. 10 3 Brazil 6.2 would be to help China arrest the progress of de- Peru 4.1 Uruguay terioration in her economy and to provide a respite during which the Chinese Government could initi- Mexico ate measures necessary to rebuild her economy. i The sizable difference between the credits approved by the It was contemplated that under the program a Commission and those utilized by the Netherlands Government is in part attributable to contract settlements on a cash basis. bilateral agreement between the United States and the Chinese Government would provide for the WAR ASSETS ADMINISTRATION FOREIGN CREDITS most effective use of the aid possible under the cir- During the period under review the War Assets cumstances prevailing in China. Without this Administration entered into credit agreements with program, China would be faced with complete ex Austria, the Netherlands, Norway, and Haiti. The haustion of her foreign exchange assets during line of credit to Austria amounted to 10 million 1948 and would not be able to maintain minimum dollars, to Norway 12 million dollars, to the Neth- import requirements. It was the opinion of the erlands 25 million dollars, and to Haiti $255,000. Council that while the program would not neces- In conformity with the recommendation of the sarily prevent a further deterioration in the Chi- Council, the agreements with Austria, Norway, and nese economic situation, it would help to stave of! the Netherlands provided for serial payments over economic disaster and give China the opportunity, a 15-year period, with, however, payment in full under favorable circumstances, to undertake the in three years on those items which are subject needed measures of self-help. In no sense was the to statutory limitations. The Agreement with China Aid Program to be considered as an eco- Haiti provided for serial payments over a six-year nomic recovery program comparable to the Europeriod, with the same restrictions on statutory pean Recovery Program. items. The needs of China were considered by the Con- Other credit requests received were from the gress in conjunction with its consideration of the 1090 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL European Recovery Program, and the Foreign As- of the occupational forces had imposed serious diffisistance Act of 1948, as approved April 3, 1948, culties with respect to the care and custody of contained authorizations for assistance to China surplus property, and sale to Germany would terto a maximum amount of 463 million dollars. minate large expenditures necessary for the care, custody, handling, packing and shipping of sur- GERMAN FINANCIAL QUESTIONS plus property. Finally, this surplus property, if During October 1947, representatives of the injected into the German economy, would reduce United States and United Kingdom Governments the amount of United States appropriations remet to review the financial provisions of the Bi- quired for the purposes of occupation. zonal Fusion Agreement of December 2, 1946. At The Council therefore approved for the considerthese discussions British representatives proposed ation by the Office of Foreign Liquidation Comthat the United Kingdom be relieved of the burden missioner the financial terms in connection with of providing dollars for German imports. It was this proposed bulk transfer of surplus property. estimated that this burden would amount to 150 It was agreed that the contract with the Bizonal million dollars in the first six months of 1948, and Economic Council, amounting to 184 million dolto an additional 65 million dollars if the United lars, would be a deferred charge repayable from Kingdom did not provide any more dollars during the future proceeds of German exports and that the remainder of 1947. The United States dele- the assumption of this obligation would be apgates to this conference agreed that this question proved by the United States and United Kingdom should be referred to the Council. Military Governments. Because of the critical international financial position of the United Kingdom, the Council agreed INTERIM AID that favorable consideration should be given to In October 1947, the State Department requested proposals for relieving the United Kingdom of the Council to consider a proposal for an appropriathe burden of dollar expenditures for civilian sup- tion by Congress for interim assistance to France, plies for the bizonal area of Germany. It was Italy, and Austria. This request was based upon agreed, however, that if new circumstances and analyses of data submitted by the French and developments arose, the financial arrangement Italian Governments and by the United States miliwould be reconsidered. tary authorities in Austria. During the fall of 1947, the Council considered The necessity for interim financial assistance prior the financial terms of a proposed sale of United to action by Congress on the European Recovery States Army surplus property located in Germany. Program arose when it became apparent that the It was proposed to transfer to Germany (Bizonal three countries under consideration would not be Economic Council), by means of a bulk sale all of able to finance their import requirements needed the remaining surplus property of the United States to maintain recovery levels without unduly deplet- Army located in Germany, whether already de- ing their limited reserves of gold or dollars. Variclared surplus or to be declared surplus in 1948, ous special factors had contributed to the depletion except certain property not permitted to the Ger- of their dollar resources at a more rapid rate than man economy such as aircraft, vessels, and non- had been previously anticipated. The most signifidemilitarized combat material. cant factors had been the inability to convert sterling Of the total 875 million dollar original cost of into dollars or gold since August 1947, the increase the property, it was proposed that Germany pay in dollar prices, and the serious crop failures in 21 per cent, or approximately 184 million. The Western Europe in 1947. surplus material included general and special pur- Interim aid was advocated not only on the basis pose vehicles, construction equipment and materials, of the immediate need of certain European counand clothing. tries for assistance in preventing cold and hunger The Department of the Army was of the opinion during the winter of 1947-48, but also of prethat the bulk of the unsold surpluses in Germany venting a further deterioration in the economy of could not be moved out of the country during the certain European countries in order to preserve the winter of 1947-48 because of inadequate transpor- foundation on which a carefully considered retation facilities. Moreover, the reduced strength covery program could be based. SEPTEMBER 1948 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL The Council was of the opinion that the State volved to determine what specific lines of action Department's request for the interim European would most effectively contribute to this basic obsupply program for France, Italy, and Austria was jective of economic recovery. As Chairman of the appropriate and justified in the light of the foreign Council, I welcome this opportunity to set forth financial policy of the United States Government. the conclusions reached by the Council and then The Foreign Aid Act of 1947, approved December to comment on the financing of the Program. 17, 1947, authorized appropriations for assistance "First, I shall review the principal financial asto these countries, and the Congress subsequently pects of the Program, then say something about appropriated 540 million dollars—to Austria, the measures which we shall expect the European France, and Italy 522 million dollars, and to China countries themselves to take, and finally comment 18 million dollars. An additional sum of 55 mil- briefly on the financing of the Aid Program. lion dollars was appropriated by the Congress in "Loans vs. grants* The first matter which I wish March 1948, for further interim aid for the period to take up is the question of the form in which aid until funds became available under the Economic should be extended to Europe. This assistance Cooperation Act. should be provided as a combination of grants-inaid and loans. The criterion for selecting one or FINANCIAL ASPECTS OF THE EUROPEAN RECOVERY the other form should be the capacity of the par- PROGRAM ticipating countries to earn, in the years to come, As pointed out by the National Advisory Council the dollars which would be needed to pay interest in its report of activities from April 1 to September and principal. We must keep in mind that these countries have already incurred an obligation for 30, 1947, the financial and monetary problems large annual payments of interest and amortizaraised by the European Recovery Program had tion arising from the dollar loans extended to them been under continuing study by the Council and over a period of years by the United States Governits constituent agencies since the inception of the Program.2 The views and recommendations of ment or the United States private capital market. We should take care not to insist that these counthe Council on these matters were summarized by tries contract additional dollar debts which will its Chairman, the Secretary of the Treasury, in his absorb so much of their dollar earnings as to operstatements before the Senate Committee on Foreign ate to the disadvantage of future trade and private Relations on January 14, 1948, and the House investment. If the entire aid for European coun- Committee on Foreign Afiairs on January 21, tries were to be on a loan basis, it would be prac- 1948. The text of the former statement (the contically impossible for them to meet the additional tent of which was substantially identical with the annual charges from their earnings of dollars, even statement before the House Committee), is given after trade and investment return to normal. The below: * proportion of total aid which can prudently be "The President, in his message, has laid before provided on a loan basis must depend on the estiyou the Administration's proposal for a European mate of the borrowing country's capacity to repay Recovery Program and in greater detail the Secre- in dollars and also on the degree of flexibility which tary of State has described the need for assistance can be introduced into the terms of repayment. to Europe and the manner in which, and extent "The International Bank may be expected to fi- • to which, it is recommended that American assist- nance part of the capital requirements of the Euroance be given. The financial aspects of the Pro- pean countries, particularly where they require the gram have been carefully considered by the Na- financing of permanent additions to their equiptional Advisory Council on International Monetary ment. It does not seem likely, however, that the and Financial Problems. This is a program for Bank will be able to carry the whole, or even the the economic recovery of Europe; it is not merely major, part of the Program which properly ought a relief program. The Council throughout has ap- to be put on a loan basis. We propose, therefore, that when the Administrator for Economic Coproached the foreign financial policy issues inoperation decides, after consulting the National 2 For this Report, see Federal Reserve BULLETIN, February Advisory Council, that it is desirable to extend aid 1948, pp. 152-66. * The topical headings have been supplied. on a credit basis, he will allocate the funds to the 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Export-Import Bank of Washington, which will European countries must have some gold and dollar then make the loan as directed and on terms speci- reserves to finance their international trade if they fied by the Administrator in consultation with the are to return to normal operations after 1952. It National Advisory Council. This procedure will should be kept in mind that the Economic Reenable the Administrator to draw upon the broad covery Program is not intended to cover the entire experience of the Export-Import Bank in the mak- import requirements of these countries. It would ing of foreign loans. Incidentally, this is one ex- be folly on our part to force the European countries ample of the manner in which the National Ad- to use up their gold and dollar balances to a point visory Council would perform its customary role where they would not have adequate funds to operof coordination of United States foreign financial ate smoothly through ordinary commercial and fipolicy. I shall be glad to describe this role in nancial channels. By insisting that the participatgreater detail if the members of the Committee ing countries exhaust their gold and dollar balwish me to do so. ances, we would merely add further instability to "Guaranties. It is also important that the Ameri- their monetary systems. As a matter of fact, all can business enterprises be given opportunity to of the participating countries except Switzerland, participate in the Recovery Program by making Turkey, and Portugal have already reduced their new investments abroad, or by expanding existing dollar balances to or below the amount which would facilities where the Program calls for additional normally be regarded as safe. capital equipment. In this way they will contribute "When we turn to the possibility of liquidating to the restoration of Europe, while at the same time European investments in the United States, we they will be carrying out their own programs for must also look at the problem in terms of its longexpansion abroad. But we must recognize that run consequences. These investments annually new investments w7ould be made at a time of great earn a dollar income, which will be used to cover uncertainty and that investors may anticipate en- part of the cost of the Program, and which will be countering difficulty in converting their earnings used in the future to meet part of the cost of imor their original principal into dollars. To facili- ports after the Program ends. Without these intate private investment, therefore, it will probably vestments, the balance-of-payments situation of the be necessary for the Government to guarantee the participating countries will be worse in the future. convertibility into dollars of local currency earned I doubt very much that it would be wise policy by the investment or available for the repatriation for the United States to require European countries of the original investment. While we may expect as a general rule to liquidate the property owned that the participating countries will try to make in the United States by their nationals as a condidollars available, it is possible that they will not tion for receiving aid from this Government. have adequate dollars to permit conversion. The "Even if these countries could liquidate all of the Economic Cooperation Administration should not property owned by their citizens in the United be expected to guarantee American companies States, they could not pay for more than a small making these investments against normal risks, part of the Program. We estimate that as of last but merely to give them a transfer guaranty. We June 30 the dollar assets held by persons in the propose that not more than 5 per cent of the funds recipient countries amounted to about 4.8 billion appropriated by Congress for the Program should dollars. Of this amount 1.5 billion consisted ot be obligated for these guaranties, and that the direct investments, and a considerable part of the guaranties themselves should not exceed the amount remainder also consists of holdings which would of the original investment and should not be ex- be difficult to liquidate. Some of these assets are tended more than 10 years from the termination already pledged for loans, while for many of the of the four-year program. countries involved the amounts held here are neg- "Liquidation of foreign assets. Some people have ligible. argued that the participating countries should pay "Some of the governments, however, will decide for part of the Program by using up their gold to liquidate some or all of their holdings so as to and dollar assets in the United States, and by pay for imports. In practice this may be an alliquidating the American investments of their ternative to borrowing from the United States. We own citizens. I need not labor the point that the certainly will not object to the governments using SEPTEMBER 1948 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL these funds. The question of policy for us to use of dollars to buy goods abroad where the decide is the extent to which we can help these supplies available in the United States at reasonable countries in obtaining control of these assets. In prices are adequate for our needs as well as for the the case of unblocked assets, the only way the requirements of foreign countries. In any case, all European governments can get control of them purchases would be made according to an agreed under present circumstances is through the com- program, and the administering agency would conpliance of their citizens with local laws. In fact, trol the use of the funds appropriated by Congress. a considerable portion of the assets formerly blocked In addition to purchases in the Western Hemiin the United States had been unfrozen as a result sphere, there are special instances where it may be of such action. While we do not have exact data in our interest to procure certain essential products on unblocked assets, we believe the amount is com- in one participating country for delivery to anparatively small. other, making payment in dollars. For example, "A large part of the blocked assets are still blocked we might buy steel or coal in one participating counbecause their owners have not obtained from their try for delivery to another. The dollars which are own governments the certification that there is no received would then be used by the supplying enemy interest in their assets, which is required by country to pay for imports from the United States, the United States Treasury before the assets are un- thus reducing the need for direct expenditures by blocked. The National Advisory Council and the the United States for aid to the supplying country. executive departments concerned with this matter "Monetary stabilization. If the Recovery Program are giving very careful study to this problem. We is to be successful, adequate measures for monetary hope to reach a final view as to the most satisfactory stabilization must be taken promptly and with solution of this problem very shortly, and I should vigor by the European countries. At the Paris like at that time to appear before you again to out- meeting the 16 participating countries undertook line our program. to apply any necessary measures leading to the "Offshore procurement. It will not be possible to rapid achievement of internal financial, monetary, obtain all the goods needed for the Recovery Pro- and economic stability while maintaining in each gram in the United States, nor would it be de- country a high level of employment. They have sirable to attempt to do so. Some commodities are recognized that recovery is not possible as long in short supply here, and purchasing abroad would as inflation continues, and unless production is inleave more available for our own population and creased. The measures which should be taken would in many instances reduce the net cost of must vary somewhat from country to country, the Program. The needed amounts of food cannot but the general outline is clear. Budgets should be obtained in the United States. A large per- be brought into balance rapidly, so that the necescentage of the requirements of grain, fats and oils, sary expenses of government can be met without meat, and other agricultural products can be pro- increasing the public debt and without increasing cured only in other countries of the Western Hemi- direct inflationary pressures. In most countries sphere. In this manner we can make it possible modifications in tax structures and control of exfor countries in the Western Hemisphere to supply penditures will be needed. As determined steps larger amounts of foods and materials to Europe are taken, the trend toward budgetary balances, inand at the same time maintain essential imports creased production, and steadying prices will all from the United States. interact upon one another to facilitate stabilization. "It is the opinion, therefore, of the National Ad- "Bilateral agreements. The Administration provisory Council that the Economic Cooperation Ad- poses that each country receiving aid from the ministrator should be authorized to expend funds United States shall enter into a separate agreement for the procurement of supplies for the Recovery with this Government, which will cover the terms Program outside of the United States, This would on which aid will be given. The European signarelieve pressure upon goods and services in short tories will undertake to adopt the financial and supply in the United States, and would in some monetary measures which are necessary to stabilize instances have the further effect of assisting third their currencies and to maintain and establish countries in maintaining needed imports from the proper rates of exchange. These agreements will United States. We definitely would not permit the also cover such matters as cooperation with other 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL countries, the proper use of the goods supplied, and tion to the dollar. This state of affairs has tended the establishment of a separate account for the to hinder the exports of such countries and, at the local currency equivalent to the aid supplied in the same time, to make imports relatively cheap in form of grants. Moreover, each country would terms of local currency. In some cases countries agree to supply the United States Government have resorted to export subsidies, by means of spewith full information about any pertinent aspect cial exchange rates, or have used other measures of the Recovery Program and to give a report on in conflict with our own long-range international the Program to its own people. On the basis of economic program. the information which the cooperating countries "The determination of an appropriate exchange will give us, and also from the reports of our own rate is a very complex matter, involving the widest missions in these countries, we can be informed range considerations relating to prices, costs, and about the situation and so be in a position to dis- balances of payments. The difficulties in setting cuss with the country the measures which it has exchange rates under present conditions are such taken, or ought to take, to contribute to the recovery that, although the rates of some of the participatof Europe and its own stability. ing countries will certainly have to be adjusted, "Local currency equivalent of grants. We have a the timing of these adjustments will vary from direct interest in assuring that the aid we provide country to country. Accordingly, it would not be to Europe makes a maximum contribution to the good policy for us to insist upon an across-thereduction of inflationary pressures and the restora- board modification of exchange rates before we extion of stability. To this end we propose that each tend aid. The revision of rates of individual counparticipating country will deposit in a special ac- tries should instead be considered as a part of a count the local currency equivalent at an agreed developing program of internal and external stabirate of exchange to the dollar cost to this Govern- lization in conjunction with United States assistment of the goods supplied through grants-in-aid. ance. To ensure that these revisions will be under- These accounts should be drawn upon only for con- taken where necessary, the recipient countries will structive, stabilizing purposes. In many instances be asked to agree that when, in the opinion of the it will probably be best either to let the accounts United States Government, their exchange rates remain idle or to authorize the use of this local are imposing an unjustifiable burden on their balcurrency to effect a net reduction in the govern- ances of payments, they will consult with the Interment's debt. There may be instances, however, in national Monetary Fund about revision. Countries which it might also be used for reconstruction or which are not members of the Fund would be exdevelopment, or other purposes which would con- pected to consult directly with the United States tribute to the increase of production in the country. Government. The National Advisory Council is In the view of the National Advisory Council, such making continual studies of the exchange rate expenditure should be undertaken only in agree- problem and is the agency directed by Congress to ment with this Government. coordinate policy in this matter. "I wish to make it clear that the National Ad- "Stabilization loans. After progress has been visory Council, in considering the financial meas- made toward internal stabilization in the European ures which the European countries should take, countries by balancing budgets, increasing produchad very much in mind the necessity of preserving tion, and expanding trade, the time will arrive the spirit of free and friendly cooperation between when it may be appropriate to make stabilization this Government and the European governments. loans which would give greater assurance to the I am sure this country does not wish to dictate to people of the participating countries that the stathese friendly countries either the particular meas- bilization will be permanent. There is greater conures they should take, or the exact manner in fidence in the stability of money if there is gold which they should be taken. or dollars in the hands of the central bank. At "Exchange rates. The adjustment of some ex- the appropriate point in the Program it would be change rates may be expected in the course of well worth while to give countries this additional European recovery. Inflation in Europe in certain assurance by extending a loan to provide monetary instances has given rise to exchange rates which reserves. If the loan is given prematurely, the reresult in an overvaluation of the currencies in rela- serves might be dissipated through balance-of-pay- SEPTEMBER 1948 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ments deficits. A stabilization loan to be effective ary, 1948. The Council believed that all reasonable should come when there is reasonable assurance assistance should be given to the participating counthat the internal situation of the country concerned tries to enable them to locate dollar assets of their is satisfactory, and that it will be able to maintain nationals in the United States so that if the parits exchange rate at a stable level for a considerable ticipating governments so decided, these assets or period of time. It is not likely that this situation the income therefrom, could be used to assist in will be reached immediately, but it is possible that the financing of European requirements. in the course of 1948, and probably in 1949, some In the public discussion of the Program it had countries will be in a position to use stabilization been also argued that the participating countries loans effectively. At the appropriate time Con- should pay for part of the Program by utilizing gress may then be requested to appropriate addi- their gold and dollar assets in the United States and tional funds to be used by the United States Stabili- by liquidating the American investments of their zation Fund to make these loans. own citizens. Moreover, it had been asserted that "Financial requirements. Before I conclude my American taxpayers were being called upon to make remarks on this phase of the European Recovery substantial contributions to European recovery and Program, I should like to comment briefly on the that liquidation of these assets would therefore amount needed to carry it out. The President has constitute a means of relief to the American taxrecommended that 6.8 billion dollars be appropri- payer. The Council pointed out, however, that ated to support the Program during the 15 months it would be unwise for the United States to force ending June 30, 1949. The National Advisory European countries to use their gold and dollar Council has carefully reviewed the procedures balances to the point where they would not have which have been used by the interdepartmental adequate funds to finance their international trade committees of experts in arriving at this figure. through ordinary commercial channels. The dis- These procedures involved a critical examination sipation of gold and dollar balances would also add of European needs and of availabilities in the a further element of instability to the monetary sys- United States and in other major supplying areas, tems of these countries. Moreover, investments in and careful estimates of European dollar income the United States earn an income which can be and resources. The National Advisory Council be- used to defray part of the cost of European requirelieves that this approach is sound and has con- ments during the life of the Program and in subsecluded that the recommended amount is needed to quent years. To force the liquidation of invested achieve the objectives of the Program. assets would weaken the balance of payments posi- "Finally, I should like to make a brief comment tions of the participating countries in the future. concerning the financing of the Program. It would Accordingly, the Council took the position that serve no good purpose to ask the European coun- the liquidation of dollar assets should not be a tries to put their own houses in order if we, our- condition precedent to aid under the European Reselves, adopted methods which might accentuate covery Program but that assistance should be given inflation in the United States or upset our own to the participating countries in obtaining control of economic stability. It is my firm opinion that we these assets. should finance the European Recovery Program The problem of locating private dollar assets of within a balanced budget. I am confident that, foreign nationals stemmed from the fact that some so long as we pursue a sound fiscal policy, we shall individuals had for many years concealed their be able to cover the cost of the European Recovery assets in the United States from their governments, Program out of current revenues." despite the fact that the foreign exchange laws of the recipient countries required that foreign ex- MOBILIZATION OF FOREIGN PRIVATE DOLLAR ASSETS change assets be declared. Some persons held prop- The problem of tracing the private dollar assets erty directly in their own names, while others held in the United States of nationals of countries receiv- property indirectly through intermediaries in third ing aid under the European Recovery Program had countries, notably Switzerland. been under review by the Council during the fall It is essential to distinguish between the cateof 1947 and a program relating to this matter was gories of blocked assets and free assets. Blocked presented by the Council to the Congress in Febru- assets are those which were frozen in the United 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL States under the Foreign Funds Control of the be transferred to the jurisdiction of the Office of Treasury Department. In October 1945, machin- Alien Property in the Department of Justice. ery was put into effect to unblock these assets if (2) In order to concentrate on areas where imthe government of the country where the bene- portant results were likely to be obtained, accounts ficial owner of the funds resided certified to the pri- containing small amounts of property of less than vate American custodian holding the assets that $5,000 would be unblocked without requiring there was no enemy interest. The procedure was certification or other formalities, except where a designed to find concealed enemy property. How- known former enemy interest existed. ever, not all of the blocked assets of the nationals of (3) A new census of the assets which remained these countries were certified and, as a result, Forblocked as of the deadline date would be taken and eign Funds still controlled a substantial amount the information from this census would be made of blocked assets. Free assets include all of the available to governments of recipient countries. dollar assets owned by the nationals of Great Brit- (4) Assets indirectly held would be dealt with by ain, Turkey, and Ireland, previously blocked assets a vesting program. Assets uncertified by the deadwhich have been unblocked, and assets accruing line date, whether in Swiss and Liechtenstein acto nationals of the recipient countries after Decemcounts or in accounts held through the nationals ber 1945. Free assets are for the most part known of recipient countries, would after receipt of the to the governments of the recipient countries and census information be vested under law as enemy are not part of the particular problem involved in property by the Office of Alien Property. locating assets. In implementation of the program outlined to the Precise figures on the amount of the blocked Congress, the Secretary of the Treasury announced assets held directly in the names of citizens of on February 27, 1948, that freezing controls had recipient countries and indirectly through Swiss been removed from blocked accounts up to $5,000 accounts were not available. According to best held for persons residing in any country except estimates, there was approximately 700 million Germany, Japan, Bulgaria, and Rumania, and on dollars of blocked assets in a form readily available March 1, 1948, he announced that effective June 1, for meeting the balance of payments deficits of 1948, the Treasury Department would cease to have recipient countries. Of this amount, it was estijurisdiction of blocked foreign funds. The details mated that about 400 million dollars was held of the program were as previously outlined. The in the United States directly in the name of resigovernments of the countries participating in the dent citizens, and the balance of about 300 million European Recovery Program were requested to dollars was held indirectly through Switzerland. give their residents public notice of the action The Council believed that, in view of the ex- which would be taken by the United States on traordinary circumstances prevailing, the United June 1, 1948. (On April 27, 1948, it was an- States should assist the recipient countries to ob- nounced that countries would have until September tain control of the dollar assets of their nationals. 1, 1948 to complete action on applications filed The Council doubted that under ordinary circum- for certification as of June 1, 1948, and that the stances this Government should assist in enforcing Treasury Department would for administrative conthe foreign exchange laws of other countries, but venience retain jurisdiction over blocked funds it recognized that European countries needed these until September 1, 1948.) funds and had requested the assistance of the United States in obtaining control. The Council OTHER COUNCIL ACTIVITIES concluded that no action should be taken with The Council, in view of the Swedish foreign exrespect to free assets, but that the following pro- change difficulties developing in the first quarter gram should be adopted in the case of assets now of 1948, authorized the State, Treasury, and Comblocked: merce Departments to negotiate suitable modifi- (1) Public notice would be given that at the end cations of the existing agreements with Sweden so of three months, assets remaining blocked, in- as to recognize the necessity for Sweden tempocluding assets not certified by the appropriate for- rarily to delay payments to United States nationals eign government as free from enemy taint, would for current transactions. SEPTEMBER 1948 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL In the spring of 1948, the Council considered a other matters relating to foreign finance referred proposal of the State Department for an appro- to it by agencies of the United States Government. priation in the amount of 20 million dollars for the Where favorable consideration of the applications relief of the United States-United Kingdom zone of foreign governments was recommended by the of Trieste during the period from April 1, 1948, Council its conclusions are reported here. The to June 30, 1948, through amendment of the Council has followed the practice generally of not Foreign Aid Act of 1947. The Council expressed publicly reporting actions recommending against the opinion that the State Department's request was the extension of loans, credits, or other financial appropriate and justified in the light of the foreign transactions with foreign governments, since it financial policy of the United States Government. is of the opinion that the best interests of the The Economic Cooperation Act of 1948, while con- United States would not be served by public distemplating that Trieste would qualify as a par- closure of adverse actions which may affect the ticipating country, provided for the amendment foreign relations of the United States with other of the Foreign Aid Act of 1947 to authorize not friendly countries. more than 20 million dollars of assistance until During the period under review, the National such time as Trieste became eligible for assistance Advisory Council met with the President's Comunder the Economic Cooperation Act as a particimittee for Financing Foreign Trade. Particular pating country. attention was devoted to the European Recovery The Council considered and made recommenda- Program, and the Council gave careful considertions with respect to the draft basic agreement for ation to the views and recommendations of the international economic cooperation which was President's Committee for Financing Foreign Trade referred to the Ninth International Convention of on the administration and financial aspects of the American States, held at Bogota, Colombia. The Program. Council recommended that the United States Dele- During the period the Council also submitted gation to the Bogota Conference not support pro- to the Senate Committee on Finance a Report on posals to set up a new Inter-American intergov- Foreign Assets and Liabilities of the United States ernmental financial institution since organizations and Its Balance of International Transactions. The already in existence would be capable of handling National Advisory Council had undertaken to appropriate international financing. As pointed submit this material when the committee had under out in the section on the Export-Import Bank, the consideration Senate Resolution No. 103 request- Council supported the proposal to increase the lend- ing information relative to loans and commitments ing authority of the Export-Import Bank in order to foreign governments and other financial stato place the Bank in a position to extend additional tistics. The report was published as a Committee credits to Latin America. Print (80th Cong., 1st sess.), by the Senate Com- The Council took negative action on various mittee on Finance. IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Pursuant to statutory authority, the National MEMBERSHIP CHANGES IN THE FUND AND BANK Advisory Council continued to coordinate the In the period under review, one new country, activities of the United States representatives of Finland, was admitted to membership in the Fund the Fund and the Bank with those of other agencies and the Bank. At the recommendation of their of the Government by furnishing advice and as- Boards of Directors, the Governors of the two insistance to facilitate the carrying out of their various stitutions, at the second annual meetings held in functions. The United States Executive Direc- London in September, 1947, approved the admistors of both the Fund and the Bank, or their alter- sion of Finland to the Fund with a quota of 38 nates, have regularly attended the Council's meet- million dollars, contingent upon a subscription for ings, and have participated continuously in the an equal amount in the Bank. Finland formally work of its staff committee. became the 46th member of both the Fund and the 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Bank on January 14, 1948. The Council on March TABLE IV 25, 1948 approved of the admission of Austria to CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND the Fund and to the Bank. The Boards of Gov- MARCH 1, 1947 TO MARCH 31, 1948 ernors by subsequent vote, without a meeting, ap- [In millions of dollars] proved the Austrian membership application, providing for a quota in the Fund of 50 million dol- Oct. 1, 1947— Mar. 1, 19^7— lars, and a like amount as a subscription to the Mar. 31, Sept. 30, 1947 1948 Bank. Membership is open to Austria until Country Total August 31, 1948. The increase in Egypt's quota Dollar U. S. U. S. equivalent from 45 million dollars to 60 million dollars, which dollars dollars of pound sterling had been approved at the second annual meetings, became effective during the month of March, 1948, Total, all countries 600.1 391.1 203.0 6.0 when Egypt notified her consent to the change Total, Europe 540.8 356.8 178.0 6.0 United Kingdom. . 300.0 240.0 60.0 and her application for a proportionate change in France . .... 125.0 25 0 100 0 Netherlands 68.5 44.5 18.0 6.0 her subscription to the Bank. A list of member Belgium 33.0 33.0 countries, with their quotas and capital subscrip- Denmark .... 6.8 6 8 Turkey 5.0 5.0 tions as of March 31, 1948, is included in Appen- Norway 2.5 2.5 dix E.1 Tota t l r , i o es ther coun- 59.3 34 3 25.0 India 28.0 28.0 Mexico 22 5 22 5 ADDITIONAL EXECUTIVE DIRECTORS Chile 8.8 6.3 2.5 At the London meeting of the Boards of Governors of the Fund and Bank in 1947, it was decided THE BANK to provide for the election of a 14th Executive Loans and disbursements. During the period un- Director by those members who, as of December 31, der review the Bank entered the field of develop- 1947, were not entitled to appoint a Director, and ment loans when the Board of Executive Directors who had not voted in an election for any Director. approved two loans to Chile totaling 16 million This Director was to hold office until the next regdollars, bringing the total of loans approved as of ular election in 1948. Pursuant to this, an election March 31, 1948 to 513 million dollars. was held, and on February 5, 1948 announcement Disbursement on loans in the six-month period was made of the election of an Executive Director amounted to 170 million dollars, bringing the total to both the Fund and the Bank representing Ausdisbursed by the Bank as of March 31, 1948 to 403 tralia, Syria, and Lebanon. million. France has withdrawn the entire amount THE FUND of her 250 million dollar loan, the Netherlands has utilized 138 million of her 195 million loan, Den- In the six-month period under review the Counmark 7 million of her 40 million loan and Luxemcil gave consideration to various policy questions, bourg 7 million of her 12 million loan. all of which have been discussed in the First Special Report of the National Advisory Council on the The loans to Chile consisted of 13.5 million dol- Operations and Policies of the International Mone- lars for hydro-electric development and 2.5 million tary Fund and the International Ban\ for Recon- dollars for the purchase of agricultural machinery. struction and Development (H. Doc. No. 656, Both loans are guaranteed by the Chilean Govern- 80th Cong., 2d sess., pages 10 to 17).3 ment. The 13.5 million dollar loan, at an interest Fund exchange transactions. In the six months, rate of 3/4 per cent, is for a term of 20 years, with October 1, 1947 to March 31, 1948, the Fund sold amortization payments beginning in the sixth year calculated to retire the full amount by maturity. a total of 391.1 million dollars in exchange for their The 2.5 million dollar loan, at an interest rate of own currencies to member countries. The sales 2% per cent, is for a term of six and one-half years, of exchange for the respective periods and the with amortization payments beginning in the third countries purchasing exchange are indicated in the year calculated to retire the full amount by maturity. table below: In accordance with its Articles of Agreement, the 3 See Federal Reserve BULLETIN for July 1948, pp. 794ff. Bank will also charge a commission of one per cent SEPTEMBER 1948 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL annually to be set aside in the Bank's special reserve companies, banks and trusts is now eligible to buy fund. the bonds of the Bank. In accordance with previous loan agreements Fiscal operations. During the six-month period, made by the Bank, the contracts with Chile provide the Bank reported a net income in excess of 3 milthat the Bank shall be furnished with full informa- lion dollars exclusive of 1.5 million dollars paid tion showing that the funds to be disbursed will be into its special reserve. As of March 31, 1948, the used for the purposes specified in the agreements, entire deficit incurred in the Bank's organizational and that representatives of the Bank shall have full period has been written off, and the Bank reported opportunity to check the end use to which all pur- an accumulated net profit of 1.2 million dollars chases are put. from operations, plus 2 million dollars in its special Legislation. In this period the bonds of the Bank reserve. have become legal investments for life insurance Future lending. The Bank is expected to concompanies in Massachusetts, Kentucky, and Vir- tinue financing part of the European reconstruction ginia by action of the legislatures of these states. The effort. As economic recovery of the war-devastated action in Massachusetts was particularly important: countries proceeds, accelerated through the stimulus first, because Massachusetts is often accepted as a of United States direct aid, it is felt that the Bank pattern or guide by other states; and second, be- will be afforded an opportunity to finance a number cause Massachusetts was the most important re- of projects, particularly those calling for permanent maining state in the insurance field in which the additions to capital equipment. The Bank, as indi- Bank's bonds were not legal investments for in- cated by its recent loan to Chile, will concurrently surance company assets. The great bulk of invest- consider developmental projects in Latin America ment funds represented by the assets of insurance and other areas which it now has under study. CURRENT EVENTS AND ANNOUNCEMENTS Changes in Board's Staff pointed Director of that Division to succeed Mr. Mr. Edward L. Smead, Director of the Division Leonard, effective September 1, 1948. of Bank Operations, has elected to retire from Admissions of State Banks to Membership in the active service on January 1, 1949, and, in prepara- Federal Reserve System tion for his leaving, Mr. Robert F. Leonard, for- The following State banks were admitted to merly the Director of the Division of Examinations, membership in the Federal Reserve System during was appointed as Associate Director of the Division the period July 16, 1948 to August 15, 1948: of Bank Operations, effective September 1, 1948. New Mexico Mr. Leonard will succeed Mr. Smead as Director Artesia—Peoples State Bank of that Division on January 1, 1949. Mr. Edwin R. Millard, formerly an Assistant Virginia Director of the Division of Examinations, was ap- Warsaw—Northern Neck State Bank, Inc. 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUTHORIZATION OF BANK OF THE GERMAN STATES TO ISSUE NOTES AND COINS The Military Governors of the American, British, Law No. 62 granted to the Ban\ of the German and French zones of occupation in Germany pro- States the exclusive right to issue notes and coins mulgated between June 18 and June 26, 1948, a in the States constituting the American, British, and series of laws enacting the long-expected currency French zones of occupation. At the same time, the reform for Western Germany. The first of these Ban\ was authorized to fix the minimum reserves laws (Currency Law; No. 61 in the United States of Land Central Ban\s at between 12 and 30 per zone) established the German mar\ (deutsche cent of demand liabilities, and the minimum remar\) as legal currency and provided for the sur- serves of other financial institutions at between render of the old currency and the issue of small 8 and 20 per cent of demand liabilities, and beinterim amounts of new money. The second law tween 4 and 10 per cent of time and savings de- (Issue Law; No. 62), discussed below, dealt with posits? Finally, the Ban\ was instructed to estabthe Ban\ of the German States (Ban\ deutscher lish a currency department, including represent- Laender, the central ban\ of the Western zones atives of commerce, agriculture, and industry, to of Germany)} The third law (Conversion Law; advise the Board of Directors in the matter of finan- No. 63) regulated the details of the currency con- cial reform. The power of issuing regulations for version, which too\ place at the rate of 1 new for implementing and amplifying currency reform laws 10 old mar\s; it made special provision for the was given to the Allied Ban\ Commission, repretreatment of deposits, debts, bonds, and the assets senting the French as well as the American and and liabilities of financial institutions. Three "regu- British occupation authorities. Shortly before the lations" issued on the basis of that law implemented enactment of the currency reform, the French and amplified these provisions in general and in Military Government had ordered the Land Central regard to ban\s and insurance companies in par- Ban\s of the French zone to become members of ticular. The fourth law (No. 64) contained a the Ban\ of the German States, thereby ma\ing the provisional revision of tax legislation. Separate Ban\ the first trizonal institution. decrees regulated the application of the currency Following are the major portions of the text of reform legislation to the western sectors of Berlin. Law No. 62 for the United States zone. 1 For the legislation establishing that Bank, see Federal Re- 2 For establishment of the Land Central Banks, see Federal serve BULLETIN, ]\Jarch 1948, pp. 279-83. Reserve BULLETIN, February 1947, pp. 130-35. MILITARY GOVERNMENT, GERMANY—UNITED STATES AREA OF CONTROL LAW NO. 62—SECOND LAW FOR MONETARY REFORM (ISSUE LAW) ARTICLE I acteristics of the notes and coins which it issues. RIGHT OF THE BANK DEUTSCHER LAENDER TO ISSUE ARTICLE II NOTES REPLACEMENT OF DAMAGED NOTES 1. The Bank deutscher Laender is hereby granted 1. The Bank deutscher Laender shall replace the exclusive right to issue monetary symbols in damaged notes and coins in circulation if more the specified area (Law No. 61—Currency Law).1 than one-half of the note or coin is presented. The monetary symbols are denominated in deutsche 2. The Bank deutscher Laender shall not be marks and pfennigs. required to replace destroyed, lost or counterfeit 2. For a transitional period of not more than notes and coins. two years from the effective date of this Law the ARTICLE III Bank deutscher Laender may issue notes not bearing its name. WITHDRAWAL OF NOTES 3. The Bank deutscher Laender shall publicly 1. The Bank deutscher Laender may at any time notify the denominations and distinguishing char- call in notes and coins in circulation. These cease to be legal tender with the end of the day of 1 This area includes Bavaria, Bremen. Hesse, and Wurttem- withdrawal. berg-Baden (U. S. zone); Lower Saxony, North Rhine-Westphalia, Schleswig-Holstein, and Han«estadt Hamburg (U. K. 2. The withdrawn notes and coins shall, on dezone); Rhine-Palatinate, Wurttemberg-Hohenzollern, and Baden (French zone). mand, be exchanged for legal tender by the Bank SEPTEMBER 1948 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUTHORIZATION OF BANK OF GERMAN STATES TO ISSUE NOTES AND COINS deutscher Laender within one month of the day of der and other financial institutions shall maintain withdrawal. The withdrawal and time limit for their minimum reserves with the Land Centra] exchange shall be publicly notified. Bank. 3. Any claim against the Bank deutscher Laender 2. Pending the establishment of other minimum arising out of withdrawn notes and coins lapses on reserves for financial institutions by the Board of the expiry of the time limit for exchange. Directors of the Bank deutscher Laender— 4. The notes specified in Art. I, par. 2, shall be (a) The Land Central Banks shall maintain withdrawn not later than 31 December 1952. demand deposits with the Bank deutscher Laender of a monthly average of 20 per cent of demand ARTICLE IV liabilities. WITHDRAWAL OF SMALL CHANGE (b) Other financial institutions, including the 1. The Bank deutscher Laender shall as soon as Postal Check Offices and the Postal Savings Inpossible withdraw from circulation and replace stitutes, shall maintain deposits with the Land with its own notes or coins the monetary symbols Central Bank of a monthly average of 10 per cent remaining in circulation in the specified area in of demand liabilities and 5 per cent of time and accordance with Art. I, par. 2 (II) of the First Law savings deposits respectively. for the Reform of the Monetary System (Currency Agricultural credit cooperatives which are affili- Law).2 ated to a central association and do not maintain # # * a demand deposit account with a Land Central 3. The provisions of Art. II shall apply muta- Bank may maintain their minimum reserves indirectly through their central association, but in tis mutandis to the withdrawal of the aforesaid such case must maintain deposits of at least an equal monetary symbols. amount with the central association. ARTICLE V 3. The provisions of paragraphs 1 and 2 above LIMIT ON CIRCULATION apply to real estate credit institutions, communal 1. The circulation of notes and coins of the credit institutions, ship mortgage banks and similar Bank deutscher Laender may not exceed the sum financial institutions whose business mainly consists of ten thousand million deutsche marks. in granting long-term loans by creating special 2. The Bank deutscher Laender may place notes funds to cover moneys borrowed for the purpose and coins in circulation in excess of the limit fixed of loans, only so far as their other banking liabilities in paragraph 1 above only with the agreement of are concerned. at least three-fourths of the members of the Board # # # of Directors and of at least six Laender. No such ARTICLE VIII increase in circulation shall exceed one thousand million deutsche marks at any one time. FUNCTIONS OF THE ALLIED BANK COMMISSION 1. The Allied Bank Commission is hereby em- ARTICLE VI powered to issue regulations in implementation or amplification of this Law. MINIMUM RESERVES 2. The Bank deutscher Laender shall establish 1. The Bank deutscher Laender shall so fix the a currency department, which shall include repreminimum reserves of financial institutions that they sentatives of commerce, agriculture and industry, amount to the following: and shall be responsible for studying the effects of (a) The minimum reserves of Land Central the financial reform legislation and for advising Banks, between 12 and 30 per cent of demand liathe Board of Directors regarding the issue of any bilities. supplementary instructions to carry out the objects (b) The minimum reserves of other financial inof this reform. The drafts of such instructions stitutions, between 8 and 20 per cent of demand liashall, after approval by the Board of Directors, be bilities, and between 4 and 10 per cent of time and submitted to the Allied Bank Commission. If the savings deposits respectively. Allied Bank Commission approves these instruc- The Land Central Banks shall maintain their tions they shall be issued, by the Bank or the Comminimum reserves with the Bank deutscher Laen- mission, as the latter may determine. 2 In accordance with that paragraph, the following notes and ARTICLE IX coins were to remain in circulation temporarily at one-tenth of their previous face value: FINAL PROVISIONS A. Allied Military mark notes put into circulation in Germany, of one and half mark denomination. 1. The German text of this Law shall be the B. Rentenbank notes, of one mark denomination. official text. C. Coins of 50, 10, 5 and 1 reichspfennig or rentenpfennig (the auxiliary notes issued by the Laender of the French zone 2. This Law shall become effective on 20 June of 50, 10 and 5 pfennigs are also legal tender in the French 1948. zone). 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Legislation SEC. 2. Section 19 of the Federal Reserve Act, as amended, is amended by inserting after the sixth Consumer Credit and Bank Reserves paragraph thereof the following new paragraph: By Joint Resolution of Congress, approved August "Notwithstanding any other provisions of law, 16, 1948, the Board of Governors of the Federal the Board of Governors of the Federal Reserve Reserve System has been authorized to exercise System, in order to prevent injurious credit expanconsumer-credit controls on instalment credit and sion, may by regulation change the requirements to increase reserve requirements for member banks as to reserves to be maintained pursuant to this of the Federal Reserve System. Under the statute section against demand or time deposits or both both authorizations will expire after June 30, 1949. (1) by member banks in central reserve cities, or The text of the Joint Resolution is as follows: (2) by member banks in reserve cities, or (3) by member banks not in reserve or central reserve [PUBLIC LAW 905—80TH CONGRESS] cities, or (4) by all member banks; but no such [CHAPTER 836—2D SESSION] change shall have the effect of requiring any such [S. J. Res. 157] member bank to maintain a reserve balance against JOINT RESOLUTION its time deposits in an amount equal to more than 7!/2 per centum thereof, or a reserve balance against To aid in protecting the Nation's economy against infla- its demand deposits in an amount equal to more tionary pressures. than 30 per centum thereof if such bank is in a Resolved by the Senate and House of Representa- central reserve city, 24 per centum thereof if in tives of the United States of America in Congress a reserve city, or 18 per centum thereof if not in assembled, That in order to protect the Nation's a reserve or central reserve city. No change in monetary, banking, and credit structure, and inter- reserve requirements made under authority of this state and foreign commerce, against increased infla- paragraph shall continue in effect after June 30, tionary pressures, the Board of Governors of the 1949." Federal Reserve System are authorized, notwith- Approved August 16, 1948. standing the Act of August 8, 1947 (Public Law 386, Eightieth Congress), to exercise, up to and Reserves including June 30, 1949, consumer-credit controls Amendments to Regulation D and Supplement in accordance with and to carry out the purposes of Executive Order Numbered 8843 (August 9, 1941) The Board of Governors, on September 8, 1948, insofar as it relates to instalment credit. amended the Supplement to Regulation D, relating All the present provisions of sections 21 and 27 of to reserves required to be maintained by member the Securities Exchange Act of 1934, as amended banks with Federal Reserve Banks, so as to in- (relating to investigations, injunctions, jurisdictions, crease the reserve requirements of member banks, and other matters), shall be as fully applicable with effective as to banks in reserve and central reserve respect to the exercise by the Board of Governors cities at the opening of business on September 24, of consumer instalment credit controls as they are 1948, and as to other member banks at the opening now applicable with respect to the exercise by the of business on September 16, 1948. In connection Securities and Exchange Commission of its func- with this action, the Board also amended Regulations under that Act, and the Board shall have the tion D in certain respects, effective September 16, same powers in the exercise of such consumer instal- 1948, for the purpose of bringing the language of ment credit controls as the Commission now has the Regulation into conformity with the law. There under the said sections. is set forth below the text of the amended Supple- SEPTEMBER 1948 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT merit to Regulation D together with the amend- "The amount of the reserves required to be ments to the Regulation. maintained by any such member bank as a result of any such change may not be less than the SUPPLEMENT TO REGULATION D amount of the reserves specified above nor more Effective as to member banks not in reserve and than twice such amount, except that through central reserve cities at opening of business on June 30, 1949, the required reserves for time September 16, 1948, and as to member banks in deposits may be not more than 7l/ per cent and 2 reserve and central reserve cities at opening of those for demand deposits of banks in central business on September 24, 1948. reserve cities, reserve cities, and other places may RESERVES REQUIRED TO BE MAINTAINED be not more than 30 per cent, 24 per cent, and BY MEMBER BANKS WITH FEDERAL 18 per cent, respectively." RESERVE BANKS 3. Subsection (b) of section 2 is amended by Pursuant to the provisions of section 19 of the striking out the following in the first sentence Federal Reserve Act and section 2(a) of its Regu- thereof: lation D, the Board of Governors of the Federal "and until six months after the cessation of Reserve System hereby prescribes the following hostilities in the present war as determined by reserve balances which each member bank of the proclamation of the President or concurrent reso- Federal Reserve System is required to maintain on lution of the Congress, no deposit payable to the deposit with the Federal Reserve Bank of its dis- United States by any member bank arising solely trict: as the result of subscriptions made by or through 7/4 per cent of its time deposits plus— such member bank for United States Govern- 16 per cent of its net demand deposits if not ment securities issued under authority of the in a reserve or central reserve city; Second Liberty Bond Act, as amended, shall be 22 per cent of its net demand deposits if in a included in net demand deposits or in time dereserve city, except as to any bank located in an posits which are subject to reserve requirements." outlying district of a reserve city or in territory Consumer Instalment Credit added to such city by the extension of the city's Regulation W corporate limits, which, by the affirmative vote of five members of the Board of Governors of There is set forth below the text of Regulation W the Federal Reserve System, is permitted to main- entitled "Consumer Instalment Credit" which was tain 16 per cent reserves against its net demand adopted by the Board of Governors of the Federal deposits; Reserve System, effective September 20, 1948. A brief statement regarding the reissuance of this 26 per cent of its net demand deposits if loregulation is published at page 1066 of this issue cated in a central reserve city, except as to any bank located in an outlying district of a central of the BULLETIN. reserve city or in territory added to such city by REGULATION W the extension of the city's corporate limits, which, Effective September 20, 1948 * by the affirmative vote of five members of the CONSUMER INSTALMENT CREDIT Board of Governors of the Federal Reserve System, is permitted to maintain 16 per cent or 22 SECTION 1. SCOPE AND APPLICATION OF REGULATION per cent reserves against its net demand deposits. This regulation is issued by the Board of Governors of the Federal Reserve System (hereinafter AMENDMENTS TO REGULATION D called the "Board") under authority of section Section 2 of Regulation D is amended, effective 5(b) of the Act of October 6, 1917, as amended, September 16, 1948, in the following respects: Executive Order No. 8843, dated August 9, 1941 1. Subsection (a) of section 2 is amended by (hereinafter called the "Executive Order"), and striking out the words "the sixth paragraph of" in Public Law 905, approved August 16, 1948. the last sentence thereof. The regulation applies, in general, to any person who is engaged in the business of making exten- 2. Footnote numbered 6 appended to subsection * This regulation shall apply to extensions of credit made, (a) of section 2 is amended to read as follows: renewed, revised or consolidated on or after the effective date. 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT sions of instalment credit in amounts of $5,000 or SECTION 3. INSTALMENT SALES: GENERAL RULES less, or discounting or purchasing obligations aris- Except as otherwise permitted by this regulation, ing out of such extensions of credit. It applies each instalment sale shall comply with the followwhether the person is a bank, loan company, or ing requirements: finance company, or a person who is so engaged (a) Down Payment and Maturity There shall be in connection with any other business, such as by a down payment not less than that specified for the making such extensions of credit as a dealer, relisted article in the Supplement, such down paytailer, or other person in connection with the sellment to be calculated as therein specified; and the ing of consumers' durable goods. maturity shall not exceed that specified for the listed article in the Supplement. SECTION 2. GENERAL REQUIREMENTS AND REGISTRA- (b) Amounts and Intervals of Instalments.—Ex- TION cept as permitted by section 6(a) for seasonal in- (a) General Requirements—Each person engaged comes, the time balance shall be payable in instalin the business of making instalment sales x or inments which shall be (1) substantially equal in stalment loans,2 or engaged in the business of lendamount or so arranged that no instalment is subing on the security of or discounting or purchasing stantially greater than any preceding instalment, obligations arising out of such extensions of credit, (2) payable at approximately equal intervals not is referred to in this regulation as a "Registrant"; exceeding one month, and (3) not less than $5.00 and no Registrant shall make or receive any payper month or $1.25 per week on the aggregate inment which constitutes or arises directly or indistalment indebtedness of one debtor to the same rectly out of any such extension of credit made by creditor. him or out of any such obligation lent on or dis- (c) Statement of Transaction—The instalment counted or purchased by him, except on the followsale shall be evidenced by a written instrument or ing conditions: record which shall set forth the information speci- (1) He must have a license, and each Regis- fied in section 6(c). trant is hereby granted such a license, but such license of a Registrant may be suspended in the SECTION 4. INSTALMENT LOANS: GENERAL RULES manner and on the grounds stated in section Except as otherwise permitted by this regulation, 8(£); and each instalment loan shall comply with the follow- (2) The extension of credit made, renewed, ing requirements: revised or consolidated by him, or giving rise to (a) Instalment Loans to Purchase Listed Articles. the obligation discounted or purchased by him —If the Registrant knows or has reason to know or acquired by him as collateral, must comply that the proceeds of an instalment loan are to be with the applicable requirements of this regula- used to purchase any listed article: tion. (1) The principal amount lent (excluding any (£) Registration—Within 60 days after the effec- interest or finance charges and the cost of any tive date of this regulation, or 60 days after he insurance) shall not exceed the maximum loan becomes subject to section 2(a), whichever is later, value specified for the article in the Supplement, each Registrant shall file, with the Federal Reserve such loan value to be calculated as therein speci- Bank or any branch thereof in the district in which fied; and the main office of the Registrant is located, a regis- (2) The maturity shall not exceed the maxitration statement on a form obtainable from any mum maturity specified for the listed article in Federal Reserve Bank or branch. Such statement the Supplement. shall be filed regardless of whether or not the Regis- (b) Unclassified Instalment Loans In the case trant had filed such a statement under Regulation of an instalment loan which is not subject to section W as in effect prior to November 1, 1947. 4(#), the maximum maturity shall not exceed the maximum maturity specified therefor in the Supple- 1 It is to be noted that "instalment sale" is defined to include only instalment credit arising out of the sale of an ment. article listed in the Supplement, hereinafter called a "listed article." (V) Amounts and Intervals of Instalments; Record. 2 Both "instalment sale" and "instalment loan" are defined to exclude credits in a principal amount exceeding $5,000. —Whether subject to section 4(<z) or section SEPTEMBER 1948 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the instalment loan, except as permitted by section (2) The renewed, revised or consolidated obli- 6(a) for seasonal incomes, shall be payable in instal- gation may, in so far as the maturity and instalments which shall be (1) substantially equal in ment requirements are concerned, be treated as if amount or so arranged that no instalment is sub- it were a new credit with the maximum maturity stantially greater in amount than any preceding calculated from the date of the renewal, revision instalment, (2) payable at approximately equal in- or consolidation. The payments on such retervals not exceeding one month, and (3) not less newed, revised or consolidated obligation shall than $5.00 per month or $1.25 per week on the not be less than $5.00 per month or $1.25 per aggregate instalment indebtedness of one debtor week on the aggregate instalment indebtedness to the same creditor. It shall be evidenced by a of one debtor to the same creditor. written instrument or record which shall set forth (£) Statement of Changed Conditions—Notwiththe terms of payment. standing any other provision of this regulation, if a (d) Statement of the Borrower.—No Registrant Registrant accepts in good faith a Statement of shall make any instalment loan subject to section Changed Conditions as provided in the following 4{a) or 4(£) unless he shall have accepted in good paragraph, an extension of instalment credit that faith a signed Statement of the Borrower as to the refinances any outstanding obligation (whether or purposes of the loan. Such Statement shall state not such obligation is held by the Registrant or is whether or not any of the proceeds of the loan are itself payable in instalments) may have a maturity to be used to make a down payment on the pur- not exceeding that specified in the Supplement for chase of a listed article or to be used to purchase refinancing pursuant to such Statements, but such any listed article, and if any of the proceeds of the maturity shall be applicable only to the credit reloan are to be used for the latter purpose such financed. The payments on the credit refinanced Statement shall identify such listed article and shall need not be as large as $5.00 per month or $1.25 state the cash price thereof and the value of any per week. trade-in. If a Registrant relies in good faith on The requirements of a Statement of Changed the facts set out by the obligor in such Statement, Conditions will be complied with only if the Regisit shall be deemed to be correct for the purposes of trant accepts in good faith a written statement the Registrant. signed by the obligor that the contemplated re- (^>) Loans to Make Down Payments Prohibited financing is necessary in order to avoid undue A Registrant shall not make any instalment loan hardship upon the obligor or his dependents resultif he knows or has reason to know that any part of ing from contingencies that were unforeseen by the proceeds thereof is to be used to make a down him at the time of obtaining the original extenpayment on the purchase price of any listed article. sion of credit or which were beyond his control, which statement also sets forth briefly the principal SECTION 5. RENEWALS, REVISIONS AND ADDITIONS facts and circumstances (1) with respect to the original extension of credit and (2) with respect (a) General Requirements—In the case of an into such contingencies, and specifically states in addistalment sale or instalment loan which results from tion that the contemplated refinancing is not pura renewal or revision of any such credit already suant to a preconceived plan or an intention to outstanding, or which results from the combinaevade or circumvent the requirements of this regution of any such outstanding credit with an addilation. tional extension of instalment credit, the renewed, (<;) Bona Fide Collection Effort; Servicemen's Prerevised or consolidated obligation shall (regardless induction Debt—Nothing in this regulation shall of when the outstanding credit originated) comply be construed to prevent any Registrant from makwith all the requirements of this regulation as if it ing any renewal or revision, or taking any action were a new extension of credit except that: that he shall deem necessary in good faith (1) for (1) The requirements as to Statement of Bor- the Registrant's own protection in connection with rower and down payment or maximum loan any obligation which is in default and is the subvalue, if any, shall not apply to the outstanding ject of bona fide collection effort by the Registrant, credit already held by the Registrant; and or (2) with respect to any obligation of any mem- 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ber or former member of the armed forces of the of a coupon boo\ or similar medium of instalment United States incurred prior to his induction into credit upon which there has been made a cash such service. down payment at least as great as the highest down payment required by this regulation on any article SECTION 6. CERTAIN TECHNICAL PROVISIONS sold by the Registrant. The instrument or record (tf) Special Payment Schedules for Seasonal In- need not include the information called for by comes—If the income received by an obligor from items (2) and (4) if the Registrant is one who the main sources of his income customarily fluctu- quotes to the public a time price for the article ates materially from month to month or from sea- which includes the finance charge if any, provided son to season, the payment schedule may be he sets forth such time price in such instrument or adapted, within the applicable maximum maturity, record, and provided he obtains a cash down payto such customary flow of income, provided the ment which is at least as large as would be required obligation complies with one or the other of the fol- if the percentage specified for the article in the lowing requirements: (1) at least half of the credit Supplement were applicable to the time price. is to be repaid within the first half of the applicable (d) Extension of Credit for Mixed Purposes—In maximum maturity; or (2) payments are reduced case an extension of credit is partly subject to one or omitted in not more than 4 months of any calen- section of this regulation and partly subject to andar year but are otherwise in equal monthly other section, the amount and terms of such extenamounts. In all such cases, a statement of the facts sion of credit shall be such as would result if the relied upon shall be preserved in the Registrant's credit were divided into two or more parts and files for the life of the obligation. each part were treated as if it stood alone. In case (£) Calculating Maximum Maturity of Contract an extension of credit is partly subject to this regu- In calculating the maximum maturity of an instal- lation and partly not subject to the regulation, the ment sale or instalment loan, a Registrant may, at amount and terms of such extension of credit shall his option, use any date not more than 15 days be such as would result if the credit were divided subsequent to the actual date of the sale or loan. and the part subject to the regulation were treated (c) Record of Instalment Sale—The instrument according to the applicable provisions of the reguor record evidencing an instalment sale pursuant lation; the part not subject to the regulation may be to section 3(V) shall set forth (in any order) the treated as if the regulation did not exist. following information: (e) "Lay-away" Plans—With respect to any ex- (1) A brief description identifying the article tension of credit involving a bona fide "lay-away" purchased; plan, or other similar plan by which a purchaser (2) The cash price of the article; makes one or more payments on an article before (3) The amount of the purchaser's down pay- receiving delivery thereof, the Registrant may, for ment (i) in cash and (ii) in goods accepted in the purposes of this regulation, treat the extension trade, together with a brief description identify- of credit as not having been made until the date ing such goods and stating the monetary value of the delivery of the article to the purchaser. assigned thereto in good faith; (/) Mail Orders—An instalment sale shall not be (4) The amount of any insurance premium deemed to be in violation of the down payment refor which credit is extended and of any finance quirement of section 3(a) if the sale is made upon charges or interest by way of discount included the receipt of a mail order for one or more articles in the principal amount of the obligation, or the and the cash deposit received with the order fails by sum of these amounts; less than $1.00 to equal the sum of the down pay- (5) The time balance owed by the purchaser, ments required by this regulation for all of the which is the sum of items (2) and (4) minus articles included in the order. item (3); and (g) Delivery in Anticipation of Instalment Sale— (6) The terms of payment. In case a listed article is delivered in anticipation The instrument or record need not include a de- of an instalment sale of that article or a similar scription of the article if it is purchased by means article (such as a delivery "on approval", "on trial", SEPTEMBER 1948 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or as a "demonstrator"), the Registrant shall re- SECTION 7. EXEMPT CREDITS quire, at or before the time of such delivery, a de- This regulation shall not apply to any of the posit equal to the down payment that would be refollowing: quired on such an instalment sale. (h) Sets and Groups of Articles.—In determining (a) Business or Agricultural Loans—Any loan for whether an article is a "listed article", the word business purposes to a business enterprise or for "article" shall be deemed to include any set, group agricultural purposes to a person engaged in agrior assembly commonly considered, sold or used as culture, provided the loan is not for the purpose of a single unit, if the component parts thereof are purchasing a listed article. sold or delivered at substantially the same time. (£) Credit,to Dealers and Certain Salesmen Any (/) Evasive Side Agreements—No extension of extension of credit to a wholesaler or retailer to credit complies with the requirements of this regu- finance the purchase of any article for resale, or lation if at the time it is made there is any agree- any extension of credit which is made to a bona ment, arrangement, or understanding (1) by which fide salesman of automobiles in order to finance the the obligation is to be renewed or revised on terms purchase of a new automobile to be used by him which would permit final payment to be deferred principally as a demonstrator. beyond the date permitted by this regulation for (V) Credit to Governmental Agencies, Religious such credit at its inception, or (2) by which the Institutions, etc—Any extension of credit to the obligor is to be enabled to make repayment on con- Federal Government, any State government, any ditions inconsistent in any other respect with those political subdivision, or any department, agency or required by this regulation, or (3) by which there establishment thereof, or to any church, hospital, is to be any evasion or circumvention, or any con- clinic, sanitarium, school, college, or other religious, cealment of any evasion or circumvention, of any educational, charitable or eleemosynary institution. requirement of this regulation. (d) Credits Under Government Rehabilitation and (j) Side Loan to Make Down Payment A Regis- Readjustment Programs—Any extension of credit trant shall not make an extension of instalment (1) made by the Land Bank Commissioner on becredit to finance the purchase of any listed article half of the Federal Farm Mortgage Corporation or if he knows or has reason to know that there is, or by any Federal land bank and found, pursuant to that there is to be, any other extension of credit of regulations issued by the Commissioner, to be necesany kind in connection with the purchase of the sary to maintain or increase production of essential listed article which would bring the total amount agricultural commodities, (2) made or insured by of credit extended in connection with such purchase the Farmers' Home Administration, (3) made in beyond the amount of instalment credit permitted accordance with the regulations of the Secretary of by this regulation; but, if the Registrant accepts in the Interior for the economic development or regood faith a written statement signed by the habilitation of Indians, (4) made under section obligor that no such other extension exists or is to 4(^)(4) of the Reconstruction Finance Corporation be made, such statement shall be deemed to be Act, as amended, because of floods or other catascorrect for the purposes of the Registrant. trophes, or (5) made, guaranteed or insured in (&) Purchase of Article in Lieu of Trade-in whole or in part by the Administrator of Veterans' Anything which the seller of a listed article buys, or Affairs pursuant to the provisions of Title III of the arranges to have bought, from the purchaser at or Servicemen's Readjustment Act of 1944, or by any about the time of the purchase of the listed article State agency pursuant to similar State legislation. shall be regarded as a trade-in for the purposes of (<f) Loans to Pay Fire and Casualty Insurance this regulation. Premiums—Any loan to finance a premium in ex- (/) Misuse of Coupon Plans—No coupon, ticket cess of one year on a fire or casualty insurance or similar medium of credit, whether paid for in policy, if the loan is fully secured by the unearned instalments or otherwise, shall be accepted by any portion of such premium. Registrant in payment, in whole or in part, for any (^) Credit for Purchasing Securities Any extenlisted article if such acceptance, in effect, would sion of credit which is subject to the Board's regupermit the article to be sold on terms not comply- lations under the Securities Exchange Act of 1934 ing with the requirements of this regulation. or which is otherwise for the purpose of purchasing 1108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or carrying stocks, bonds, or other investment tions of his business operations as the Board or securities. Federal Reserve Bank may deem necessary or ap- (g-) Real Estate and Home Improvement Loans.— propriate, including inspections of books of account, Any extension of credit which is for the purpose of contracts, letters or other relevant papers wherever financing or refinancing (1) the construction or located, and, for such purpose, shall furnish such purchase of an entire residential building or other reports as the Board or the Federal Reserve Bank entire structure or (2) repairs, alterations, or im- may require. When ordered to do so by the Board, provements upon urban, suburban or rural real every Registrant shall furnish, under oath or otherproperty in connection with existing structures, wise, such information relative to any transaction except to the extent that such repairs, alterations, within the scope of the authority cited in section 1 or improvements incorporate any listed article. as the Board may deem necessary or appropriate (/j) Loans to Meet Medical Expenses, etc.—Any for such purpose, including the production of books loan as to which the Registrant accepts in good of account, contracts, letters or other papers in the faith a written statement signed by the borrower custody or control of such person. certifying that the proceeds are to be used for bona (£) Suspension of License.3—The license of any fide educational, medical, hospital, dental, or funeral Registrant may, after reasonable notice and opporexpenses, or to pay debts incurred for such ex- tunity for hearing, be suspended by the Board, in penses, and that such proceeds (unless they are to its entirety or as to particular activities or particular be used exclusively for educational expenses) are to offices or for specified periods, because of any willbe paid over in amounts specified in such statement ful or negligent failure to comply with any provito persons whose names, addresses, and occupations sion of this regulation or any requirement of the are stated therein. Board pursuant thereto. (/) Disaster Credits—Any extension of credit A license which is suspended for a specified to finance the repair or replacement of property period will again become effective upon the expiradamaged or lost as a result of a flood or other tion of such period. A license which is suspended similar disaster which the Federal Reserve Bank of indefinitely may be restored by the Board, in its the district in which the disaster occurred finds has discretion, if the Board is satisfied that its restoracreated an emergency affecting a substantial num- tion would not lead to further violations of this ber of the inhabitants of the stricken area, provided regulation and would not be otherwise incompatisuch extension is made prior to the end of the sixth ble with the public interest. calendar month following the month in which the (c) Enforceability of Contracts—Except as may disaster occurred and a statement describing the subsequently be otherwise provided, all provisions damage or loss is preserved in the Registrant's files. of this regulation are designated, pursuant to section 2(d) of the Executive Order, as being "for ad- SECTION 8. MISCELLANEOUS PROVISIONS; DEFINITIONS ministrative purposes" within the meaning of said (#) Preservation of Records; Inspections Every section 2(d), which provides that noncompliance Registrant shall preserve, for the life of the obliga- with provisions of the regulation so designated tion to which they relate, such books of account, shall not affect the right to enforce contracts. records, and other papers (including any statements (d) Clerical Errors—Any failure to comply with required by or obtained pursuant to this regulation) this regulation resulting from a mistake in deteras are relevant to establishing whether or not an mining, calculating, or recording any price, down extension of credit within the scope of this regula- payment, or extension of credit, or other similar tion was in conformity with the requirements 3 In addition, the authority cited in section 1 authorizes the thereof, provided, however, that the Registrant Board to institute court proceedings to restrain violations and to compel compliance with the regulation or any order of the may preserve photographic reproductions in lieu of Board made in pursuance thereof. Furthermore, any Registrant who willfully violates or knowingly participates in a violation such books of account, records or papers. of this regulation is subject to the penalties prescribed in section 5(b) of the Act of October 6, 1917, as amended, which For the purpose of determining whether or not reads in part as follows: "Whoever willfully violates any of the there has been compliance with the requirements provisions of this subdivision or of any license, order, rule, or regulation issued thereunder, shall, upon conviction, be fined of this regulation, every Registrant shall permit the not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, Board or any Federal Reserve Bank by its duly director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, authorized representatives, to make such inspec- or both." SEPTEMBER 1948 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT matter, shall not be construed to be a violation of (4) "Instalment Credit" means an extension this regulation if the Registrant establishes that of credit which the obligor undertakes to repay in such failure to comply was the result of excusable two or more scheduled payments or as to which error and was not occasioned by a regular course the obligor undertakes to make two or more of dealing. scheduled payments or deposits usable to liqui- (^) Noncompliance Due to Facts Outside Regis- date the credit, or which has a similar purpose or trant's Knowledge—The prohibitions of this regu- effect. lation shall not apply to a Registrant with respect (5) "Instalment Sale" means an instalment to any failure to comply with this regulation in credit in a principal amount of $5,000 or less connection with (1) an extension of credit made which is made as principal, agent or broker, by by him if, at the time he made it, he did not know any seller of any consumers' durable good listed or have reason to know any fact by reason of which in the Supplement to this regulation (herein such extension failed to comply; (2) any obligation called a "listed article") and which arises out of a purchased, discounted or acquired as collateral by sale of such listed article. For this purpose, him if, when he purchased or discounted the obli- "sale" includes a lease, bailment, or other transgation or acquired it as collateral, the obligation action which is similar in purpose or effect to a did not show on its face any failure to comply and sale. he did not know any fact by reason of which the (6) "Instalment Loan" means an instalment extension of credit giving rise to the obligation credit, other than an instalment sale, in the form failed to comply; or (3) an obligation renewed, of a loan which is in a principal amount of revised, or consolidated by him if, at the time when $5,000 or less; but the definition does not inhe renewed, revised or consolidated it, he did not clude any loan upon the security of any obligaknow or have reason to know any fact by reason tion which arises out of any instalment sale or of which such renewal, revision or consolidation instalment loan. failed to comply. With respect to any loan on the (7) "Cash Price" means the bona fide cash security of an obligation which arises out of an purchase price of an article, including the bona extension of credit subject to this regulation, the fide cash purchase price of any accessories, any prohibitions of this regulation shall be deemed to bona fide delivery, installation and service charges apply only to payments arising out of the obligation (other than interest, finance or insurance rather than to payments arising out of the loan. charges), and any applicable sales taxes. (^) Transactions Outside United States.—Nothing (8) "Principal Amount" in the case of an inin this regulation shall apply with respect to any stalment sale means the total amount to be paid extension of credit made in Alaska, the Panama under the obligation minus the finance charge, Canal Zone, or any territory or possession outside and in the case of an instalment loan means the the continental United States. amount lent exclusive of interest (whether or not (gr) Right of Registrant to Impose Stricter Require- such interest is deducted in advance). ments—Any registrant has the right to refuse to SUPPLEMENT TO REGULATION W extend credit, or to extend less credit than the Effective September 20, 1948 amount permitted by this regulation, or to require that repayment be made within a shorter period Part 1. Listed Articles, Down Payments, Loan Values—For the purpose of Regulation W, the than the maximum permitted by this regulation. following articles, whether new or used, are "listed (^) Definitions—For the purposes of this regu- articles", and the following required down payment purchase contract, any conditional sales contract, or any lation, unless the context otherwise requires: sale or contract of sale under which part or all of the price is (1) "Person" means an individual, partner- payable subsequent to the making of such sale or contract; any ship, association, or corporation. rental-purchase contract, or any contract for the bailment or leasing of property under which the bailee or lessee either has (2) "Registrant" has the meaning given it in the option of becoming the owner thereof or obligates himself to section 2(a). pay as compensation a sum substantially equivalent to or in excess of the value thereof; any contract creating any lien or (3) "Extension of Credit" has the meaning similar claim or property to be discharged by the payment of given it in the Executive Order.4 money; any purchase, discount, or other acquisition of, or any extension of credit upon the security of, any obligation or * The pertinent part of the Executive Order reads as follows : claim arising out of any of the foregoing; and any transaction "Extension of credit" means any loan or mortgage; any instal- or series of transactions having a similar purpose or effect. 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ments and maximum loan values are prescribed Part 4, Calculation of Down Payments for Automo- (such down payments and loan values to be calcu- biles.—The maximum loan value of any automobile lated as specified in Parts 4 and 5 of this Supple- shall be the specified percentage of the cash price ment); but no article having a cash price of less or of the "appraisal guide value", whichever is than $50.00 shall be considered a listed article: lower, and the required down payment shall be the difference between the cash price and the maximum Group A—33^/3 per cent minimum down payment, loan value as so calculated. Such required down 66% per cent maximum loan value: payment in the case of an automobile may be obtained in the form of cash, trade-in, or both. I. Automobiles (passenger cars designed for the "Appraisal guide value" means the estimated purpose of transporting less than 10 passenaverage retail value as stated in the current edition gers, including taxicabs). of any regularly published automobile appraisal Group B—20 per cent minimum down payment, guide that the Board designates for this purpose 80 per cent maximum loan value: for use in the territory in which such automobile is sold, plus any applicable sales taxes. Information 1. Cooking stoves and ranges, designed for as to the guide or guides designated for any given household use. territory may be obtained from any Federal Re- 2. Dishwashers, mechanical, designed for houseserve Bank or branch. hold use. 3. Ironers designed for household use. Part 5. Calculation of Down Payments for Articles 4. Refrigerators, mechanical, of less than 12 in Group B.—If any article is traded in by the purcubic feet rated storage capacity (including chaser on an article listed in Group B, the required food freezers). down payment and the maximum loan value shall 5. Washing machines designed for household be the specified percentage of the net price of the use. article after deducting from the cash price the 6. Combination units incorporating any listed amount allowed for the trade-in; and such down article in the foregoing classifications of this payment shall be obtained in cash in addition to. Group B. the trade-in. 7. Air conditioners, room unit. 8. Radio or television receiving sets, phono- CONSUMER INSTALMENT CREDIT graphs, or combinations. 9. Sewing machines designed for household use. Status of Rulings under Previous Regulation 10. Suction cleaners designed for household use. After Regulation W was revised effective De- II. Furniture, household, (including ice refrigercember 1, 1946, summaries of all the more imporators, bed springs, mattresses and lamps); tant published rulings which were still applicable and floor coverings, soft surface. were printed in the Federal Reserve BULLETIN for Part 2. Maturities—The maximum maturity for March 1947 beginning at page 271, together with all listed articles and for unclassified instalment a list of other published rulings which were not loans is 15 months in case the extension of credit is of general interest but which likewise were still in a principal amount of $1,000 or less and 18 applicable. Three other rulings were printed on months in case the extension of credit is in a prin- page 270. cipal amount of more than $1,000, except that when All of these rulings are still applicable under the such principal amount is more than $1,000 the in- new Regulation W (effective September 20, 1948), stalment payments shall not be less than $70 per with the exception of one dealing with "principal month. amount," which has been superseded by a definition appearing in the new regulation. Of course, Part 3. Refinancing Pursuant to Statement of wherever "$2,000" appears in the summaries, Changed Conditions—The maximum maturity of "$5,000" should be substituted. Likewise, in a any refinancing pursuant to a Statement of Changed number of the older rulings in the list, the section Conditions as specified in section 5(b) shall be 20 numbers and maximum loan values and maturities months. do not correspond with those in the new regulation. SEPTEMBER 1948 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Calculation of $70 Monthly Payments price less down payment), the cost of insurance The Board has been asked about the application and the finance charge being included in the payof Part 2 of the Supplement to Regulation W which ments. The balances which can be financed at specifies a maximum maturity of 15 months for various maturities can be determined from the extensions of credit of $1,000 or less and a maxi- charts by following the principle that a balance mum maturity of 18 months for extensions of credit can be financed at 18 months, at 17 months, or at of moare than $1,000 with the exception that for 16 months if the payments specified in the chart credits of more than $1,000 the instalment payments applicable to the transaction for the particular mashall not be less than $70 per month. The par- turity desired are at least $70 per month. ticular question is whether the $70 figure applies This principle is illustrated by the following to the total monthly payment or only to the amount procedure. The Registrant can ascertain from the of that payment applicable to the principal of the chart the smallest balance which requires monthly obligation not including interest or finance charge. payments of $70 or more with an 18-months' ma- The instalment payment referred to in the $70 turity. That balance and all larger balances may clause is the total monthly payment. An example be written with an 18-months' maturity. If the of its use in connection with the purchase of an chart shows payments for a 17-months' maturity, automobile is as follows: the Registrant can ascertain the smallest balance which requires monthly payments of $70 or more $1,500.00 Purchase price with a 17-months' maturity. That balance and all 500.00 Down payment larger balances may be written with a 17-months' 1,000.00 Balance of purchase price maturity. A similar procedure can be followed if 90.00 Insurance (15-18 months) the chart shows payments for a 16-months' maturity. 1,090.00 Unpaid balance (principal amount) The charts will in many instances be set up by the 98.10 Finance charge at 6% for 18 months financial institutions to show these breaking points and it is of course optional with the financial insti- 1,188.10 Amount of total obligation tution whether or not it will take contracts with 66.01 Monthly payment at 18 months. 16-months' or 17-months' maturities. For ease in As this amount of monthly payment is less than handling, the financial institution may prefer to $70, the number of months over which the con- omit the 16-months' and 17-months' maturities, in tract is payable must be reduced. The longest term which case no balance smaller than the balance available for this transaction with equal monthly which requires monthly payments of $70 or more payments would be 16 months as shown by the fol- with an 18-months' maturity could be written with lowing calculation: a maturity of more than 15 months. $1,090.00 Unpaid balance as above 87.20 Finance charge at 6% for 16 months State Bank Membership 1,177.20 Amount of total obligation Amendment to Regulation H 73.58 Monthly payment at 16 months The Board of Governors of the Federal Reserve In the usual case, the Registrant will not need System, effective September 1, 1948, has amended to go through these calculations in detail as he will Regulation H entitled "Membership of State Bankhave an appropriate payment chart which will give ing Institutions in the Federal Reserve System," so him the necessary figures directly. as to eliminate certain conditions of membership The Board has also been asked about the appli- which are not considered essential as standard cation of Part 2 in cases where the insurance and conditions of membership for State member banks finance charge are not separated and it is not of the Federal Reserve System. The text of the possible to determine the exact "principal amount." amendment to the regulation is as follows: These are usually cases in which the obligation is "Regulation H is amended effective September 1, purchased from a dealer by a financial institution 1948, by striking out paragraph numbered 3 (conwhich furnishes the dealer with charts showing the dition of membership numbered 3) of section 6(a), payments necessary for various balances (purchase the catch line of section 6(a), all of section 6 (£), 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and footnotes numbered 10, 11, 12, 13, and 14; by "Two trusts are created by the same settlor. renumbering the succeeding footnotes accordingly; The first trust is for her benefit for life, then and by adding to footnote numbered 6 appended to for the benefit of the life of a second party paragraph numbered 1 (condition of membership with remainder over to a third .party. The numbered 1) of section 6(a) a new paragraph second trust is for the life benefit of the second reading as follows: party with remainder over to a third party. " 'For many years the Board prescribed, as stand- The beneficial interest might merge for a time ard conditions of membership, a condition which, for the remaining period of the life of the in general, prohibited banks from engaging as a second party if he should survive the settlor, business in the sale of real estate loans to the public and then upon the second party's death there and certain conditions relating to the exercise of would be an ultimate merger upon vesting of trust powers, including one, which prohibited self- the principal of both trusts in the third party." dealing in the investment of trust funds. The The Board pointed out that this situation was elimination of these conditions as standard condivery similar to the one considered in a ruling pubtions of membership does not reflect any change in the Board's position as to the undesirability of the lished in the 1941 Federal Reserve BULLETIN at page 618, the only difference being in the possible practices formerly prohibited by such conditions; and attention is called to the fact that engaging as merger of the beneficial interests for a time in one a business in the sale of real estate loans to the of the two life tenants before ultimate merger upon public or failing to conduct trust business in ac- vesting of the principal of both trusts in the recordance with the applicable State laws and sound mainderman. The Board concluded that this situaprinciples of trust administration may constitute tion came within the scope of the 1941 ruling and unsafe or unsound practices and violate condition that investments in a common trust fund might numbered 1/ " be made without considering the two trusts as one for the purpose of applying the limitations of sec- Common Trust Funds tion 17(c)(5) quoted above. Limitations on Participation The Board also stated that the merger of the beneficial interests through vesting thereof in one Section 17(<r)(5) of Regulation F, dealing with person at some future date would not necessitate limitations upon investments in common trust funds, provides in part as follows: at such time withdrawal or reduction of the participation by either trust in the common trust fund, "No funds of any trust shall be invested in as section 17(c)(5) is intended to deal only with a participation in a Common Trust Fund if the act of investing in participations in common such investment would result in such trust trust funds and does not require the withdrawal having invested in the aggregate in the Common Trust Fund an amount in excess of 10 or reduction of participations once legally acquired. per cent of the value of the assets of the Common Trust Fund at the time of investment, as Criminal Code determined by the trust investment committee, Amendments to Federal Reserve Act or the sum of $50,000, whichever is less. * * # j applying the limitations contained By Act of Congress approved June 25, 1948, Title n in this paragraph, if two or more trusts are 18 of the United States Code entitled "Crimes and created by the same settlor or settlors and as Criminal Procedure" was revised and codified. much as one-half of the income or principal Section 21 of the Act repeals, among others, ceror both of each trust is payable or applicable tain criminal provisions of the Federal Reserve Act to the use of the same person or persons, such and related statutes, but the substance of such protrusts shall be considered as one." visions has been incorporated in the revised Title The Board of Governors has considered an in- 18. The pertinent provisions of the Act of June 25, quiry with respect to the application of the above- 1948, are quoted below, preceded by a table showquoted provisions of the Regulation in the follow- ing where the repealed provisions are contained in ing situation: the revised Code. 1113 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT REPEALED PROVISIONS OF FEDERAL RESERVE ACT AND (1) Any offense punishable by death or imprison- RELATED STATUTES WITH CORRESPONDING SECTIONS ment for a term exceeding one year is a felony. OF TITLE 18, U. S. CODE (2) Any other offense is a misdemeanor. (3) Any misdemeanor, the penalty for which Federal Reserve Act Title 18, U. S. Code does not exceed imprisonment for a period of six months or a fine of not more than $500, or both, is Sec. 12B(s) § 1007 Sec. 12B(t) § 493 a petty offense. Sec. 12B(u) §§ 657, 1006 # # # # # Sec. 12B(v)(l) § 709 § 6. DEPARTMENT AND AGENCY DEFINED Sec. 12B(w) § 433 As used in this title: Sec. 12B(x) § 3056 The term "department" means one of the execu- Sec. 22(a) §§ 217, 218, 655 tive departments enumerated in section 1 of Title Sec. 22(b) §§ 1906, 1909 5, unless the context shows that such term was Sec. 22(c) § 220 intended to describe the executive, legislative, or Sec. 22(h) § 1014 Sec. 22(i) §§ 656, 1005 judicial branches of the government. Sec. 22(5) § 433 The term "agency" includes any department, in- Sec. 22(k) 219 dependent establishment, commission, administration, authority, board or bureau of the United Related Statutes Title 18, U. S. Code States or any corporation in which the United States has a proprietary interest, unless the context shows Sec. 5208, Rev. Stats. § 1004 that such term was intended to be used in a more (last sentence) Sec. 5209 §§ 334, 656, 1005 limited sense. Act, May 18, 1934 §§ 2113, 3231 Act, April 13, 1934 § 955 § 217. OFFER OF LOAN OR GRATUITY TO BANK EXAMINER Act, May 24, 1926 § 709 Sec. 5243, Rev. Stats. § 709 Whoever, being an officer, director or employee of a bank which is a member of the Federal Reserve System or the deposits of which are insured by the [PUBLIC LAW 772—80TH CONGRESS] Federal Deposit Insurance Corporation, or of any National Agricultural Credit Corporation, or of any [CHAPTER 645—2D SESSION] land bank, national farm loan association or other [H. R. 3190] institution subject to examination by a farm credit examiner, makes or grants any loan or gratuity, to AN ACT any examiner or assistant examiner who examines To revise, codify, and enact into positive law, Title 18 or has authority to examine such bank, corporaof the United States Code, entitled "Crimes and Criminal tion, or institution, shall be fined not more than Procedure". $5,000 or imprisoned not more than one year, or Be it enacted by the Senate and House of Repre- both; and may be fined a further sum equal to the sentatives of the United States of America in Con- money so loaned or gratuity given. gress assembled, That Title 18 of the United States The provisions of this section and section 218 of Code, entitled "Crimes and Criminal Procedure", this title shall apply to all public examiners and is hereby revised, codified, and enacted into positive assistant examiners who examine member banks of law, and may be cited as "Title 18, U.S.C., § ", the Federal Reserve System or insured banks, or as follows: National Agricultural Credit Corporations, whether appointed by the Comptroller of the Currency, by TITLE 18—CRIMES AND CRIMINAL PROCEDURE the Board of Governors of the Federal Reserve # # # # # System, by a Federal Reserve Agent, by a Federal § 1. OFFENSES CLASSIFIED Reserve bank or by the Federal Deposit Insurance Notwithstanding any Act of Congress to the Corporation, or appointed or elected under the laws contrary: of any state; but shall not apply to private examin- 1114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ers or assistant examiners employed only by a clear- or renewal of loan or substitution of security, or the ing-house association or by the directors of a bank. purchase or discount or acceptance of any paper, note, draft, check, or bill of exchange by any such § 218. ACCEPTANCE OF LOAN OR GRATUITY BY BANK bank or corporation, shall be fined not more than EXAMINER $5,000 or imprisoned not more than one year, or Whoever, being an examiner or assistant examboth. iner of member banks of the Federal Reserve Sys- # # # # * tem or banks the deposits of which are insured by the Federal Deposit Insurance Corporation, or a § 334. ISSUANCE OF FEDERAL RESERVE OR NATIONAL BANK NOTES farm credit examiner or examiner of National Whoever, being a Federal Reserve Agent, or an Agricultural Credit Corporations, accepts a loan or agent or employee of such Federal Reserve Agent, gratuity from any bank, corporation, association or or of the Board of Governors of the Federal Reorganization examined by him or from any person serve System, issues or puts in circulation any Fedconnected therewith, shall be fined not more than eral Reserve notes, without complying with or in $5,000 or imprisoned not more than one year, or violation of the provisions of law regulating the both; and may be fined a further sum equal to the issuance and circulation of such Federal Reserve money so loaned or gratuity given, and shall be notes; or disqualified from holding office as such examiner. Whoever, being an officer acting under the provi- § 219. OFFER FOR PROCUREMENT OF FEDERAL RESERVE BANK sions of chapter 2 of Title 12, countersigns or de- LOAN AND DISCOUNT OF COMMERCIAL PAPER livers to any national banking association, or to any Whoever stipulates for or gives or receives, or other company or person, any circulating notes conconsents or agrees to give or receive, any fee, com- templated by that chapter except in strict accordmission, bonus, or thing of value for procuring or ance with its provisions— endeavoring to procure from any Federal Reserve Shall be fined not more than $5,000 or imbank any advance, loan, or extension of credit or prisoned not more than five years, or both. discount or purchase of any obligation or commit- # # # # # ment with respect thereto, either directly from such § 433. EXEMPTIONS WITH RESPECT TO CERTAIN CONTRACTS Federal Reserve bank or indirectly through any Sections 431 and 432 of this title shall not extend financing institution, unless such fee, commission, to any contract or agreement made or entered into, bonus, or thing of value and all material facts with or accepted by any incorporated company for the respect to the arrangement or understanding theregeneral benefit of such corporation; nor to the purfor shall be disclosed in writing in the application chase or sale of bills of exchange or other property or request for such advance, loan, extension of where the same are ready for delivery and payment credit, discount, purchase, or commitment, shall therefor is made at the time of making or entering be fined not more than $5,000 or imprisoned not into the contract or agreement. Nor shall the promore than one year, or both. visions of such sections apply to advances, loans, § 220. RECEIPT OF COMMISSIONS OR GIFTS FOR PROCURING discounts, purchase or repurchase agreements, ex- LOANS tensions, or renewals thereof, or acceptances, re- Whoever, being an officer, director, employee, leases or substitutions of security therefor or other agent, or attorney of a member bank of the Federal contracts or agreements made or entered into under Reserve System of a Federal intermediate credit the Reconstruction Finance Corporation Act, the bank, or of a National Agricultural Credit Corpora- Agricultural Adjustment Act, the Federal Farm tion, except as provided by law, stipulates for or Loan Act, the Emergency Farm Mortgage Act of receives or consents or agrees to receive any fee, 1933, the Federal Farm Mortgage Corporation Act, commission, gift, or thing of value, from any per- the Farm Credit Act of 1933, or the Home Ownson, firm, or corporation, for procuring or endeavor- ers' Loan Act of 1933, the Farmers' Home Ading to procure for such person, firm, or corporation, ministration Act of 1946, the Bankhead-Jones or for any other person, firm, or corporation, from Farm Tenant Act, or to crop insurance agreements any such bank or corporation, any loan or extension or contracts or agreements of a kind which the SEPTEMBER 1948 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Secretary of Agriculture may enter into with banks of the Federal Reserve System or banks the farmers. deposits of which are insured by the Federal De- Any exemption permitted by this section shall posit Insurance Corporation, whether appointed by be made a matter of public record. the Comptroller of the Currency, by the Board of Governors of the Federal Reserve System, by a Federal Reserve Agent, by a Federal Reserve bank, or § 493. BONDS AND OBLIGATIONS OF CERTAIN LENDING AGEN- by the Federal Deposit Insurance Corporation, or CIES appointed or elected under the laws of any State; Whoever falsely makes, forges, counterfeits or but shall not apply to private examiners or assistant alters any note, bond, debenture, coupon, obligaexaminers employed only by a clearing-house astion, instrument, or writing in imitation or pursociation or by the directors of a bank. porting to be in imitation of, a note, bond, debenture, coupon, obligation, instrument or writing, § 656. THEFT, EMBEZZLEMENT, ©R MISAPPLICATION BY BANK issued by the Reconstruction Finance Corporation, OFFICER OR EMPLOYEE Federal Deposit Insurance Corporation, Home Whoever, being an officer, director, agent or em- Owners' Loan Corporation, Farm Credit Adminis- ployee of, or connected in any capacity with any tration, Federal Housing Administration, Federal Federal Reserve bank, member bank, national bank Farm Mortgage Corporation or any land bank, or insured bank, or a receiver of a national bank, intermediate credit bank, bank for cooperatives or or any agent or employee of the receiver, or a Fedany lending, mortgage, insurance, credit or savings eral Reserve Agent, or an agent or employee of a and loan corporation or association authorized or Federal Reserve Agent or of the Board of Goveracting under the laws of the United States, shall be nors of the Federal Reserve System, embezzles, abfined not more than $10,000 or imprisoned not stracts, purloins or willfully misapplies any of the more than five years, or both. moneys, funds or credits of such bank or any Whoever passes, utters, or publishes, or attempts moneys, funds, assets or securities intrusted to the to pass, utter or publish any note, bond, debenture, custody or care of such bank, or to the custody or coupon, obligation, instrument or document know- care of any such agent, officer, director, employee ing the same to have been falsely made, forged, or receiver, shall be fined not more than $5,000 or counterfeited or altered, contrary to the provisions imprisoned not more than five years, or both; but of this section, shall be fined not more than $10,000 if the amount embezzled, abstracted, purloined or imprisoned not more than five years, or both. or misapplied does not exceed $100, he shall be fined not more than $1,000 or imprisoned not # # # # # more than one year, or both. § 655. THEFT BY BANK EXAMINER As used in this section, the term "national bank" Whoever, being a bank examiner or assistant is synonymous with "national banking association"; examiner, steals, or unlawfully takes, or unlaw- "member bank" means and includes any national fully conceals any money, note, draft, bond, or bank, state bank, or bank and trust company which security or any other property of value in the poshas become a member of one of the Federal Resession of any bank or banking institution which serve banks; and "insured bank" includes any is a member of the Federal Reserve System or bank, banking association, trust company, savings which is insured by the Federal Deposit Insurance bank, or other banking institution, the deposits of Corporation, or from any safe deposit box in or adwhich are insured by the Federal Deposit Insurance jacent to the premises of such bank, shall be fined Corporation. not more than $5,000 or imprisoned not more than five years, or both; but if the amount taken or con- § 657. LENDING, CREDIT AND INSURANCE INSTITUTIONS cealed does not exceed $100, he shall be fined not Whoever being an officer, agent or employee of more than $1,000 or imprisoned not more than one or connected in any capacity with the Reconstrucyear, or both; and shall be disqualified from hold- tion Finance Corporation, Federal Deposit Insuring office as a national bank examiner or Federal ance Corporation, Home Owners' Loan Corpora- Deposit Insurance Corporation examiner. tion, Farm Credit Administration, Federal Hous- This section shall apply to all public examiners ing Administration, Federal Farm Mortgage Corand assistant examiners who examine member poration, Federal Crop Insurance Corporation, 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Farmers' Home Corporation or any land bank, "Federal" or the words "United States" or any intermediate credit bank, bank for cooperatives or other words implying Government ownership, obliany lending, mortgage, insurance, credit or savings gation or supervision in advertising or offering for and loan corporation or association authorized or sale any bond, note, mortgage or other security not acting under the laws of the United States, and issued by the Government of the United States whoever, being a receiver of any such institution, under the provisions of said chapter 7 or some other or agent or employee of the receiver, embezzles, ab- Act of Congress; or stracts, purloins or willfully misapplies any moneys, funds, credits, securities or other things of value belonging to such institution, or pledged or other- Shall be punished as follows: a corporation, partwise intrusted to its care, shall be fined not more nership, business trust, association, or other busithan $5,000 or imprisoned not more than five years, ness entity, by a fine of not more than $1,000; an or both; but if the amount or value embezzled, officer or member thereof participating or knowabstracted, purloined or misapplied does not exceed ingly acquiescing in such violation or any individf 100, he shall be fined not more than $1,000 or im- ual violating this section by a fine of not more prisoned not more than one year, or both. than $1,000 or imprisonment for not more than one year, or both. This section shall not make unlawful the use of any name or title which was lawful on the date of § 709. FALSE ADVERTISING OR MISUSE OF NAMES TO INDICATE FEDERAL AGENCY enactment of this title. Whoever, except as permitted by the laws of the A violation of this section may be enjoined at United States, uses the words "national", "Federal", the suit of the United States Attorney, upon com- "United States", "reserve", or "Deposit Insurance" plaint by any duly authorized representative of any as part of the business or firm name of a person, department or agency of the United States. corporation, partnership, business trust, association or other business entity engaged in the banking, loan, building and loan, brokerage, factorage, in- § 955. FINANCIAL TRANSACTIONS WITH FOREIGN GOVERNMENTS surance, indemnity, savings or trust business; or Whoever, within the United States, purchases or Whoever falsely advertises or represents, or pub- sells the bonds, securities, or other obligations of lishes or displays any sign, symbol or advertise- any foreign government or political subdivision ment reasonably calculated to convey the impres- thereof or any organization or association acting for sion that a nonmember bank, banking association, or on behalf of a foreign government or political firm or partnership is a member of the Federal subdivision thereof, issued after April 13, 1934, reserve system; or or makes any loan to such foreign government, Whoever uses the words "Federal Deposit In- political subdivision, organization or association, surance Corporation" or a combination of any three except a renewal or adjustment of existing indebtedof these four words, as the name or a part thereof ness, while such government, political subdivision, under which he or it does business, or advertises organization or association, is in default in the or otherwise represents falsely by any device what- payment of its obligations, or any part thereof, to soever that deposit liabilities are insured or guaran- the United States, shall be fined not more than teed by the Federal Deposit Insurance Corporation, $10,000 or imprisoned for not more than Rve or by the United States, or any instrumentality years, or both. thereof, or falsely advertises or otherwise represents This section is applicable to individuals, partnerthe extent or manner in which such deposit liabili- ships, corporations, or associations other than public ties are insured by the Federal Deposit Insurance corporations created by or pursuant to special au- Corporation; or thorizations of Congress, or corporations in which Whoever, not being organized under chapter 7 the United States has or exercises a controlling inof Title 12, advertises or represents that it makes terest through stock ownership or otherwise. While Federal Farm loans or advertises or offers for sale any foreign government is a member both of the as Federal Farm loan bonds any bond not issued International Monetary Fund and of the Internaunder chapter 7 of Title 12, or uses the word tional Bank for Reconstruction and Development, SEPTEMBER 1948 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT this section shall not apply to the sale or purchase of tion, the deposits of which are insured by the Fedbonds, securities, or other obligations of such gov- eral Insurance Corporation. ernment or any political subdivision thereof or of § 1006. FEDERAL CREDIT INSTITUTION ENTRIES, REPORTS AND any organization or association acting for or on be- TRANSACTIONS half of such government or political subdivision, Whoever, being an officer, agent or employee, of or to making of any loan to such government, politior connected in any capacity with the Reconstruccal subdivision, organization, or association. tion Finance Corporation, Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Farm Credit Administration, Federal Housing § 1004. CERTIFICATION OF CHECKS Administration, Federal Farm Mortgage Corpora- Whoever, being an officer, director, agent, or emtion, Federal Crop Insurance Corporation, Farmployee of any Federal Reserve bank or member ers' Home Corporation, or any land bank, interbank of the Federal Reserve System, certifies a check mediate credit bank, bank for cooperatives or any before the amount thereof has been regularly delending, mortgage, insurance, credit or savings and posited in the bank by the drawer thereof, or resorts loan corporation or association authorized or acting to any device, or receives any fictitious obligation, under the laws of the United States, with intent directly or collaterally, in order to evade any of the to defraud any such institution or any other comprovisions of law relating to certification of checks, pany, body politic or corporate, or any individual, shall be fined not more than $5,000 or imprisoned or to deceive any officer, auditor, examiner or not more than five years, or both. agent of any such institution or of department or agency of the United States, makes any false entry § 1005. BANK ENTRIES, REPORTS AND TRANSACTIONS in any book, report or statement of or to any such Whoever, being an officer, director, agent or eminstitution, or without being duly authorized, ployee of any Federal Reserve bank, member bank, draws any order or bill of exchange, makes any national bank or insured bank, without authority acceptance, or issues, puts forth or assigns any note, from the directors of such bank, issues or puts in debenture, bond or other obligation, or draft, bill circulation any notes of such bank; or of exchange, mortgage, judgment, or decree, or, Whoever, without such authority, makes, draws, with intent to defraud the United States or any issues, puts forth, or assigns any certificate of deagency thereof, or any corporation, institution, or posit, draft, order, bill of exchange, acceptance, note, association referred to in this section, participates debenture, bond, or other obligation, or mortgage, or shares in or receives directly or indirectly any judgment or decree; or money, profit, property, or benefits through any Whoever makes any false entry in any book, retransaction, loan, commission, contract, or any other port, or statement of such bank with intent to injure act of any such corporation, institution, or associaor defraud such bank, or any other company, body tion, shall be fined not more than $10,000 or impolitic or corporate, or any individual person, or to prisoned not more than five years, or both. deceive any officer of such bank, or the Comptroller of the Currency, or the Federal Deposit Insurance § 1007. FEDERAL DEPOSIT INSURANCE CORPORATION TRANS- Corporation, or any agent or examiner appointed ACTIONS to examine the affairs of such bank, or the Board Whoever, for the purpose of obtaining any loan of Governors of the Federal Reserve System— from the Federal Deposit Insurance Corporation, Shall be fined not more than $5,000 or imprisoned or any extension or renewals thereof, or the acceptnot more than five years, or both. ance, release, or substitution of security therefor, As used in this section, the term "national bank" or for the purpose of inducing the Federal Deposit is synonymous with "national banking associa- Insurance Corporation to purchase any assets, or tion"; "member bank" means and includes any for the purpose of obtaining the payment of any national bank, state bank, or bank or trust com- insured deposit or transferred deposit or the allowpany, which has become a member of one of the ance, approval, or payment of any claim, or for the Federal Reserve banks; and "insured bank" in- purpose of influencing in any way the action of cludes any state bank, banking association, trust the Federal Deposit Insurance Corporation, makes company, savings bank, or other banking institu- any statement, knowing it to be false, or willfully 1118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT overvalues any security, shall be fined not more or either House duly authorized, shall be fined than $5,000 or imprisoned not more than two years, not more than $5,000 or imprisoned not more than or both. one year, or both. m # # # # § 1014. LOAN AND CREDIT APPLICATIONS GENERALLY; RENEWALS AND DISCOUNTS; CROP INSURANCE § 1909. EXAMINER PERFORMING OTHER SERVICES Whoever knowingly makes any false statement Whoever, being a national-bank examiner, Fedor report, or willfully overvalues any land, prop- eral Deposit Insurance Corporation examiner, farm erty or security, for the purpose of influencing in credit examiner, or an examiner of National Agriany way the action of the Reconstruction Finance cultural Credit Corporations, performs any othei Corporation, Farm Credit Administration, Federal service, for compensation, for any bank or banking Crop Insurance Corporation, Farmers' Home Cor- or loan association, or for any officer, director, or poration, any Federal intermediate credit bank, or employee thereof, or for any person connected therethe Federal Farm Mortgage Corporation, or any with in any capacity, shall be fined not more than division, officer, or employee thereof, or of any $5,000 or imprisoned not more than one year, or corporation organized under sections 1131-1134m both. * # # # # of Title 12, or in which a Production Credit Corporation holds stock, or of any regional agricul- §2113. BANK ROBBERY AND INCIDENTAL CRIMES tural credit corporation established pursuant to law, (a) Whoever, by force and violence, or by inor of the National Agricultural Credit Corporation, timidation, takes, or attempts to take, from the a Federal Home Loan Bank, the Federal Home person or presence of another any property or Loan Bank Board, the Home Owners' Loan Cor- money or any other thing of value belonging to, or poration, a Federal Savings and Loan Association, in the care, custody, control, management, or posa Federal land bank, a joint-stock land bank, a session of, any bank; or National farm loan association, or of a Federal Whoever enters or attempts to enter any bank, or Reserve bank, upon any application, advance, dis- any building used in whole or in part as a bank, with count, purchase, purchase agreement,- repurchase intent to commit in such bank or building, or part agreement, commitment, or loan, or any change or thereof, so used, any felony aflecting such bank extension of any of the same, by renewal, defer- and in violation of any statute of the United States, ment of action or otherwise, or the acceptance, re- or any larceny— lease, or substitution of security therefor, shall be Shall be fined not more than $5,000 or imprisoned fined not more than $5,000 or imprisoned not more not more than twenty years, or both. than two years, or both. (b) Whoever takes and carries away, with intent to steal or purloin, any property or money or any other thing of value exceeding $100 belonging to, §1906. DISCLOSURE OF INFORMATION BY BANK EXAMINER or in the care, custody, control, management, or Whoever, being an examiner, public or private, possession of any bank, shall be fined not more than discloses the names of borrowers or the collateral $5,000 or imprisoned not more than ten years, or for loans of any member bank of the Federal Re- both; or serve System, or bank insured by the Federal De- Whoever takes and carries away, with intent posit Insurance Corporation, examined by him, to to steal or purloin, any property or money or any other than the proper officers of such bank, without other thing of value not exceeding $100 belonging first having obtained the express permission in writ- to, or in the care, custody, control, management, ing from the Comptroller of the Currency as to a or possession of any bank, shall be fined not more national bank, the Board of Governors of the than $1,000 or imprisoned not more than one year, Federal Reserve System as to a State member bank, or both. or the Federal Deposit Insurance Corporation as (c) Whoever receives, possesses, conceals, stores, to any other insured bank, or from the board of barters, sells, or disposes of, any property or money directors of such bank, except when ordered to do or other thing of value knowing the same to have so by a court of competent jurisdiction, or by di-been taken from a bank in violation of subsection rection of the Congress of the United States, or (b) of this section shall be subject to the punisheither House thereof, or any committee of Congress ment provided by said subsection (b) for the taker. SEPTEMBER 1948 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (d) Whoever, in committing, or in attempting or impair the jurisdiction of the courts of the several to commit, any offense defined in subsections (a) States under the laws thereof. and (b) of this section, assaults any person, or puts * * * ** in jeopardy the life of any person by the use of a Approved June 25, 1948, 12:23 p.m., E. D. T. dangerous weapon or device, shall be fined not more than $10,000 or imprisoned not more than Foreign Funds Control twenty-five years, or both. Treasury Department Release (e) Whoever, in committing any offense defined The following release relating to transactions in in this section, or in avoiding or attempting to foreign exchange, etc., in addition to those heretofore avoid apprehension for the commission of such published in the Federal Reserve BULLETIN, has been ofTense, or in freeing himself or attempting to free issued by the Office of the Secretary of the Treasury himself from arrest or confinement for such offense, under authority of the Executive Order of April 10, kills any person, or forces any person to accompany 1940, as amended, and the Regulations issued purhim without the consent of such person, shall be suant thereto: imprisoned not less than ten years, or punished by Treasury Department death if the verdict of the jury shall so direct. Foreign Funds Control (f) As used in this section the term "bank" July 19, 1948 means any member bank of the Federal Reserve AMENDMENT TO GENERAL LICENSE NO. 53 System, and any bank, banking association, trust Under Executive Order No. 8389, as Amended, Executive company, savings bank, a Federal Savings and Order No. 9193, as Amended, Section 5(b) of the Trad- Loan Association, or other banking institution or- ing with the Enemy Act, as Amended by the First War ganized or operating under the laws of the United Powers Act, 1941, Relating to Foreign Funds Control.* States and any bank the deposits of which are in- Paragraph (d)(l) of §131.53 (Paragraph (4) (a) of General License No. 53) is hereby amended to read as sured by the Federal Deposit Insurance Corporafollows: tion- • • • • • § 131.53*** § 3056. SECRET SERVICE POWERS (d) As used in this general license: The Secretary of the Treasury is authorized to (1) The term "generally licensed trade area" shall include all foreign countries except the following: direct and use the Secret Service Division of the (i) Germany and Japan; Treasury Department to detect, arrest, and deliver (ii) Bulgaria, Hungary, Roumania, and Italy; into custody any person violating any of the pro- (iii) Sweden, Switzerland, Portugal, and Liechtenstein; visions of sections 508 and 509 of this title and, (iv) France (including Monaco), Belgium, Norway, Fininsofar as the Federal Deposit Insurance Corpora- land, the Netherlands, Czechoslovakia, Luxembourg, Denmark, Greece, Poland, Estonia, Latvia, Lithuania, tion, Federal land banks, joint-stock land banks and Austria, but not including any colony or other and national farm loan associations are concerned, non-European territory subject to the jurisdiction of of sections 218, 221, 433, 493, 657, 709, 1006, 1007, any such country except French West Africa, Algeria, 1011, 1013, 1014, 1907 and 1909 of this title. Tunisia, and French Morocco. * # * * * (Signed) JOHN W. SNYDER Secretary of the Treasury § 3231. DISTRICT COURTS * Section 131.53, issued under sec. 5(b), 40 Stat. 415, 966, sec. The district courts of the United States shall 2, 48 Stat. 1, 54 Stat. 179, sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Sup., 5(b); E. O. 8389, Apr. 10, 1940, have original jurisdiction, exclusive of the courts as amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26, 1941, E O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, of the States, of all offenses against the laws of the E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, Apr. 10, United States. 1940, as amended June 14, 1941, Feb. 19, 1946, June 28, 1946, and Jan. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. Nothing in this title shall be held to take away 1769, 7184, 12 F. R. 6. 1120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 26 and released for publication August 28] Industrial output declined somewhat in July and 4 per cent in July, mainly because of reduced acregained part of the loss in August. Unusually tivity in the textile and paper industries. Cotton favorable weather in July resulted in a further consumption declined 18 per cent from June to marked gain in crop prospects. Prices of basic July as compared with a decrease of 11 per cent commodities generally decreased somewhat further during the same period last year. Pork production from mid-July to the latter part of August, reach- was reduced more than seasonally in July while ing the lowest levels since the end of August 1947. beef production was maintained. Activity in most The general wholesale price level showed little other nondurable goods industries showed little change and was 10 per cent higher than a year ago. change. Minerals production declined 3 per cent in July INDUSTRIAL PRODUCTION mainly because of reduced output of bituminous The Board's seasonally adjusted index of indus- coal. Total coal production for the month, howtrial production declined 5 points in July to a level ever, was about one-fifth above the rate in July of 187 per cent of the 1935-39 average. This 1947. Crude petroleum production continued at decline reflected in large part the effects of em- an exceptionally high rate in July and rose further ployee vacations, especially in certain nondurable in the early part of August. industries. Preliminary information for the first CONSTRUCTION part of August indicates a somewhat higher rate Value of new construction put in place, accordof total production than in July. ing to joint estimates of the Departments of Com- Output of durable goods showed a slight demerce and Labor, rose further in July to a new crease in July. Production of iron and steel derecord of over 1,700 million dollars, an increase clined 3 per cent, but recovered during August of 100 million from June. The number of new to about the June rate. Activity in the automobile houses started in July was estimated at 94,000, industry showed a substantial further gain in 2,000 units fewer than in June, but 13,000 more July as assembly of passenger cars and trucks than the number started in July 1947. reached a new postwar peak rate. Lumber production increased more than seasonally in July. DISTRIBUTION Output of most other durable goods declined Department store sales in July and August somewhat. showed chiefly seasonal changes. Value of sales Production of nondurable goods declined about in the first half of August was substantially larger DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935 - 39 • 100 - - 240 - 220 J \ - - 2Q0 / \ - I V 180 / Y 160 / - / 140 - - 120 - - 100 1941 1942 1943 1944 1945 1946 1947 1948 1941 1942 1943 1944 1945 1946 1947 1948 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for July. for July. SEPTEMBER 1948 1121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS than in the corresponding period last year when indicated to be 12 per cent larger than last year. sales were temporarily limited by unfavorable Marketings of livestock and products in August weather. Also, sales in recent weeks appear to have continued below the same period a year ago, reflectbeen stimulated by prospective restrictions in terms ing mainly the reduced number of meat animals resulting from the reimposition of instalment credit on farms. regulations on September 20. BANK CREDIT Shipments of railroad revenue freight were main- Support purchases of Treasury bonds and certifitained in July at about the June rate. Loadings cates by the Federal Reserve System were large of coal were reduced further, while shipments of in July and the first three weeks of August. These grain and forest products continued to show marked additions to the portfolios of the Reserve Banks gains. Loadings of coal and most other classes of were in excess of reductions in holdings of bills freight were in somewhat larger volume in the as a result of Treasury cash retirement and market first half of August. sales, and total System holdings of Government securities increased somewhat. A further increase COMMODITY PRICES in gold stock also added to bank reserves. Prices of most basic commodities decreased fur- Commercial and industrial loans increased subther from the middle of July to the latter part of stantially at banks in leading cities during July August. Cotton and grains reached Federal price and the first three weeks of August. Real estate support levels. Nonferrous metal prices, however, and consumer loans rose further. Government were raised sharply. Wholesale prices of meats security holdings expanded somewhat over the were generally maintained at the advanced levels period; bill and note holdings were increased and reached in mid-July and some additional increases certificate and bond holdings reduced. occurred in prices of other manufactured products. INTEREST RATES AND SECURITY MARKETS The consumers' price index rose further by 1.2 In August the Treasury announced a rate of 1J4 per cent from mid-June to mid-July, reflecting per cent on the October issue of one-year certificates chiefly higher retail prices for foods and automoand yields on outstanding short- and medium-term biles, and increased transportation fares. Government securities rose. The Federal Reserve AGRICULTURE Banks increased discount rates from 1% to \l/z per cent. Some increases also occurred in other During July and August weather conditions conshort-term money market rates and in rates on tinued to be unusually favorable for crop developcommercial bank loans. ment. The August 1 official forecast of cotton was 15.2 million bales, more than a fourth larger Prices of corporate bonds declined further in than last year's crop. The outlook for grains the first three weeks of August. Common stock showed further marked improvement and total prices fluctuated near the reduced level reached in production of these and other principal crops was the third week of July. WHOLESALE PRICES LOANS AT MEMBER BANKS IN LEADING CITIES 1841 1942 1943 1944 1945 1946 1947 1948 Bureau of Labor Statistics' indexes. Weekly figures, latest Excludes loans to banks. Wednesday figures, latest shown shown are for week ending Aug. 21. are for Aug. 25. 1122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1125 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1126 Federal Reserve Bank statistics 1127-1130 Guaranteed war production loans 1131 Deposits and reserves of member banks 1131-1132 Money in circulation 1133-1134 Gold stock; bank debits and deposit turnover 1134 Deposits and currency; Postal Savings System; bank suspensions. . 1135 All banks in the United States, by classes 1136-1137 All insured commercial banks in the United States, by classes. . 1138-1139 Weekly reporting member banks 1140-1143 Commercial paper, bankers' acceptances, and brokers' balances. . 1144 Money rates and bond yields 1145 Security prices and new issues 1146-1147 Corporate earnings and dividends 1148 Treasury finance 1149-1151 Government corporations and credit agencies 1152 Business indexes 1153-1162 Department store statistics 1163-1166 Cost of living 1166 Wholesale prices 1167 Gross national product, national income, and income payments. 1168-1169 Consumer credit statistics 1170-1172 Current statistics for Federal Reserve chart books 1173-1177 August crop report, by Federal Reserve districts 1177 Number of banking offices on Federal Reserve par list and not on par list 1178 Changes in number of banking offices in the United States. . 1179 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. SEPTEMBER 1948 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 1 0 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for August 25. See page 1125. 1124 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 c v o a D a a n u n d i c n s d - - e ts s To U t . a l S. s e T c G b u a r u o e i r n r l v i a y d l t s e s i - e r s nm o e A t n h l t e l r ot A h l e l r1 Total s G t o o l c d k T s r t o c e r u i a u e n u n r n y r a g c t d - - y s - - M in o c n i e r y - T h c i u r o n a e r l s g y a d h s s - - u F T B p s r w e r R e o y a d e i r s n e e t a v d i h - k t r s e e s s a - - l b p m N e o r e o s m d n it - e s - - c O s F o e R e a t u e r r h c e a d v n - e - l - e t r s To b t a a l l anc c e E es s x s - 2 certificates Monthly averages of daily figures: 1947—May 13021,782 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 1,339 557 950 632 6,154 785 July 11921,877 20,781 1,096 346 22,34221,399 4,552 28,259 1,325 735 994 63216,347 781 1948—May 30120,315 12,073 8,242 427 21,04224,243 4,560 27,749 1,323 1,420 874 54516,933 743 June 33020,752 12,627 8,125 418 21,50123,457 4,561 27,846 1,324 1,487 890 57617,396 852 July 32621,340 13,011 8,329 22,02123,615 4,562 27,955 1,324 1,829 957 60717,526 824 End-of-month figures: 1947—May 31. .. 17922,088 20,984 1,105 471 22,73820,933 28,261 1,330 728 1,044 62916,238 991 June 30. .. 7021,872 20,775 1,097 228 22,17021,266 28,297 1,314 756 881 62916,112 738 July 31. .. 13721,549 20,454 1,095 18921,87521,537 28,149 1,327 795 1,066 62116,007 399 1948—May 31. .. 30620,662 12,386 8,276 60821,57623,304 4,562 27,812 1,322 1,684 1,057 54617,021 848 June 30... 26521,366 13,193 8,173 26821,90023,532 4,565 27,903 1,327 1,928 859 59217,389 742 July 31. .. ,325 12,615 8,710 392 22,03523,679 4,565 27,866 1,323 1,755 1,067 57217,696 877 Wednesday figures: 1947—Oct. 1. . . 22,392 21,195 1,196 383 22,93121,955 4,551 28,559 1,316 1,053 832 64317,034 985 Oct. 8. . . 11122,355 21,148 1,207 385 22,85222,092 4,551 28,632 1,328 909 837 64617,142 1,069 Oct. 15... 14622,218 21,013 1,205 443 22,80722,153 4,551 28,656 1,324 836 817 64817,229 1,154 Oct. 22... 125 21,772 20,564 1,208 451 22,348 22,225 4,552 28,569 1,337 608 924 17,037 857 Oct. 29... 37322,129 20,689 1,440 28722,78922,294 4,552 28,519 1,338 1,355 917 16,589 721 Nov. 5 . . . 20422,119 20,552 1,567 317 22,64022,336 4,551 28,635 1,324 926 922 63217,088 952 Nov. 12 . . . 42922,052 20,343 1,708 208 22,68922,442 4,550 28,709 1,328 1,224 950 63216,839 766 Nov. 19. .. 19922,222 20,117 2,105 62023,04122,513 4,553 28,595 1,327 1,560 926 63117,068 883 Nov. 26. .. 37022,239 19,913 2,327 325 22,93422,597 4,554 28,725 1,330 1,314 969 62617,121 954 Dec. 3 . . . 26222,120 19,587 2,533 22,83022,680 4,553 28,817 1,342 1,256 986 62417,038 854 Dec. 10. .. 250 21,985 19,273 382 22,61722,708 4,556 28,874 1,331 934 992 61817,132 935 Dec. 17. .. 16821,657 18,772 91322,728 22,723 4,557 28,923 1,332 616 951 61517,581 1,165 Dec. 24. .. 28321,900 18,659 3,241 82723,01122,743 4,556 29,111 1,318 929 967 60917,377 1,073 Dec. 31. .. 8522,559 18,230 4,329 53623,18122,754 4,562 28,868 1,336 870 961 17,899 1,99 1948—Jan. 7... 21,683 17,148 4,536 47322,32022,762 4,560 28,658 1,340 562 1,009 17,503 1,166 Jan. 14... 16521,896 17,018 4,878 22,56822,790 4,559 28,374 1,333 819 959 56817,863 1,537 Jan. 21... 16821,540 16,311 5,229 22,22722,829 4,559 28,211 1,323 1,268 913 56517,334 993 Jan. 28... 28121,987 15,904 6,082 391 22,65822,894 4,558 28,086 1,332 1,945 55517,305 1,040 Feb. 4... 240 20,523 13,882 6,641 41321,17522,934 4,560 28,124 1,309 616 974 56217,084 913 Feb. 11... 57820,817 13,815 7,002 21,73222,933 4,559 28,189 1,308 1,177 944 55917,037 1,001 Feb. 18... 29521,782 13,704 7,240 543 21,78222,981 4,557 28,053 1,335 1,725 899 16,750 765 Feb. 25 . . . 27921,034 13,645 7,389 39421,70723,028 4,557 28,054 1,326 1,656 901 55716,799 964 Mar. 3 . . . 21,071 13,575 7,496 523 21,85123,036 4,559 28,024 1,333 954 1,027 55717,552 1,157 Mar. 10. .. 20,678 13,145 7,532 35021,32623,983 4,559 28,006 1,331 751 955 17,366 977 Mar. 17. .. 36320,373 12,956 7,417 21,18723,119 4,559 27,920 1,325 677 1,006 58617,351 904 Mar. 24. .. 44720,607 13,168 7,439 21,42923,135 4,557 27,851 1,336 1,458 1,018 58916,870 684 Mar. 31. . . 43020,887 13,332 7,555 291 21,60723,137 4,559 27,781 1,325 1,972 899 16,639 655 Apr. 7 . . . 20,477 12,816 7,662 347 21,08523,147 4,558 27,833 1,329 1,140 994 59016,905 822 Apr. 14... 22120,593 12,832 7,762 315 21,13023,152 4,558 27,774 1,320 1,177 929 59017,050 894 Apr. 21. . . 23420,394 12,537 7,857 338 20,96623,159 4,557 27,718 1,336 1,283 911 590 16,845 701 Apr. 28. .. 259 20,440 12,400 8,040 253 20,95223,167 4,561 27,682 1,326 1,185 756 17,043 879 May 5. . . 23020,251 12,085 8,166 20,85623,176 4,561 27,762 1,329 1,114 810 54517,033 817 May 12. .. 20,348 12,110 8,238 21,03823,225 4,560 27,762 1,319 1,319 792 54417,087 884 May 19. .. 20,098 11,823 8,275 351 20,67423/245 4,559 27,690 1,329 1,612 795 54616,506 294 May 26. .. 32120,592 12,323 8,270 21,20123,295 4,561 27,700 1,333 1,788 788 16,901 723 June 2. . . 23920,683 12,543 8,141 369 21,29223,343 4,562 27,895 1,33 1,567 754 55117,094 941 June 9... 31220,349 12,224 8,125 29420,95523,362 4,560 27,864 1,337 1,144 828 17,154 908 June 16. .. 294 20,749 12,638 8,112 476 21,51923,515 4,560 27,808 1,331 984 879 17,999 1,132 June 23 . . . 35321,010 12,900 8,110 358 21,72123,523 4,561 27,792 1,317 1,863 82 59817,408 72& June 30. .. 26521,366 13,193 8,173 21,90023,532 4,565 27,903 1,327 1,928 859 17,389 742 July 7... 398 21,535 13,367 8,168 310 22,24323,584 4,562 28,142 1,334 1,841 87 61217,584 1,003 July 14... 21,521 13,243 8,278 30: 22,13923,59. 4,562 27,959 1,331 1,861 898 17,631 937 July 21. .. 21,326 12,919 8,407 277 21,88823,650 4,561 27,864 1,324 1,879 920 17,503 723 July 28... 32721,209 12,692 8,517 18' 21,72323,670 4,563 27,821 1,329 1,822 875 57617,534 759 Aug. 4. . . 28221,378 12,510 8,868 237 21,89723,679 4,564 27,922 1,330 1,852 860 56917,606 786 Aug. 11. .. 29321,566 12,486 9,081 20522,06423,688 4,564 27,966 1,324 1,756 865 57017,834 1,059 Aug. 18. .. 30121,551 12,2, 9,267 27322,12523,708 4,565 27,979 1,322 1,963 965 56i 17,603 7 Aug. 25... 32421,460 12,064 9,396 21021,99323,711 4,564 27,965 1,324 1,902 843 56 17,668 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 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. 1125 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect August 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o i e s v c c e u o r r u n e n m d ts e b n y o t f o e a b li n l g i d i g b a l a t e i d o v n p a s a n p c a e e n r s d Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances o b b a l n i ( g k l s a a t s i s t o e p n c s a u r r . e o d f S e t b c h y . e 1 d U 3 i ) r . e c S t . (Sees. 13 and 13a)i Rate Effective Rate Effective Rate Effective Boston Aug. 13,1948 Aug. 13,1948 Jan. 14,1948 New York. . . Aug. 13,1948 Aug. 13,1948 Apr. 6,1946 Philadelphia.. Aug. 23,1948 Aug. 23,1948 Aug. 23,1948 Cleveland Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 Richmond Aug. 13,1948 Aug. 13,1948 Mar. 16,1946 Atlanta Aug. 13,1948 Aug. 13.1948 Jan. 24,1948 Chicago Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 St. Louis Aug. 19,1948 Aug. 19,1948 Jan. 12,1948 Minneapolis.. Aug. 13,1948 Aug. 13,1948 Aug. 23,1948 Kansas City.. Aug. 16,1948 Aug. 16,1948 Jan. 19,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 San Francisco. Aug. 13,1948 Aug. 13,1948 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 obligation! of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous [In effect August 31. Per cent per annum] Maturity Aug. 31 ginning— rate To industrial or 1- 90 days i Aug. 13, 1948 commercial To financing institutions 91-120 days *Aug. 13, 1948 businesses 121-180 days lAug. 13, 1948 1 Date on which rate became effective at the Federal Reserve Bank Federal On discounts or of New York. The same rates generally apply to any purchases made Reserve purchases by B t a h c e k ot f h ig e u r r F es e . d — e S ra e l e R B es a e n r k v i e n g B a a n n k d s . Monetary Statistics, Table 117, Bank On com O m n it- Portion com On mitpp. 443-445. loans l ments for which Re- ments MEMBER BANK RESERVE REQUIREMENTS institu- maining [Per cent of deposits] tion is portion obligated Net demand deposits1 Time Boston 8 deposits New York Period in effect C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r P C R h l i e c il v h a e m d l e a o n l n p d d hia f banks Atlanta Chicago June 21, 1917-Aug. 15, 1936.. 13 10 7 ¥ St. Louis Aug. 16, 1936-Feb. 28, 1937.. 19H 15 IOJ-S Minneapolis.... Mar. 1, 1937-Apr. 30, 1937.. 22H £* 12M Kansas City May 1, 1937-Apr. 15, 1938.. 26 14 Dallas Apr. 16, 1938-Oct. 31,' 1941.. 22M 12 San Francisco... A S N e u o p g t v . . . 2 1 0 4 1 , , , 1 1 1 9 9 9 4 4 4 2 2 1 - - - O A Se c u p t g . t . . 1 1 2 3 9 , , , 1 1 1 9 9 9 4 4 4 2 2 2 . . . . . . 2 2 2 2 6 4 2 2 1 0 0 7^ 1 1 1 4 4 4 6 6 1 Including loans made in participation with financing institutions. Oct. 3, 1942-Feb. 26, 1948.. 20 20 14 6 2 Rate charged borrower less commitment rate. Feb. 27, 1948-June 10, 1948.. 22 20 14 6 * Rate charged borrower. June 11, 1948-Sept. 15, 1948. . 24 20 14 6 4 Rate charged borrower but not to exceed 1 per cent above the Sept. 16-24, 1948 and after*.. . 26 2 2 0 2 16 6 IK dis * c C ou h n a t r g r e a t o e f . K 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). 2 Change effective Sept. 16 at Country banks; Sept. 24 at other Classes. MARGIN REQUIREMENTS* MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1,1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan. 31,1935 Dec.31,1935 Jan. 1, 1936 Regulation T: Savings deposits For extensions of credit by brokers Postal savings deposits and dealers on listed securities 75 100 75 Other deposits payable: For short sales 75 100 75 In 6 months or more I* Regulation U: In 90 days to 6 months For loans by banks on stocks 75 100 75 In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504 under the laws of the State in which the member bank is located. and BULLETIN for March 1945, p. 235. 1126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1948 1948 1947 Aug. 25 Aug. 18 Aug. 11 Aug. 4 July 28 July 21 July 14 Aug. July Aug. Assets Gold certificates 21,837,67221,827,670 21 811,67121,791,67121,784,670 ,764,67121,699,67321,852,67121,793,66919,850,675 Redemption fund for F. R. notes 611,921 612,463 608,462 612,505 612,133 615,080 615,080 611,922 613,132 683,443 Total gold certificate reserves 22,449,59322,440,13322,420,13322,404,176 22,396,803 22,379,75122,314,75322,464,593 22,406,80120,534,118 Other cash 270,758 267,842 262,073 272,058 279,535 270,559 254,509 265,725 288,523 257,366 Discounts and advances: For member banks.. . 91,238 68,893 60,066 49,830 94,031 54,269 84,775 63,371 85,251 155,633 For nonmember banks, etc 232,700 232,700 232,700 232,700 232,700 231,000 231,000 259,700 232,700 29,500 Total discounts and advances 323,938 301,593 292,766 282,530 326,731 285,269 315,775 323,071 317,951 185,133 Industrial loans 795 688 635 598 789 844 840 883 802 1,858 U. S. Govt. securities: Bills: Under repurchase option 2,269,129 Other 7,051,057 7,154,957 7,325,312 7,388,012 7,734,681 7,963,781 8,311,331 7,029,257 7,555,931 11,937,708 Certificates: Special Other 5,013,339 5,128,407 5,160,407 5,121,707 4,957,407 4,955,407 4,931,407 4,958,339 5,059,407 6,896,216 Notes 1,808,300 1,857,600 1,865,100 1,902,300 1,953,300 1,957,800 1,957,800 1,808,300 1,953,300 369,300 Bonds 7,587,369 7,409,756 7,215,408 6,966,185 6,563,921 6,448,763 6,320,519 7,781,027 6,756,765 719,690 Total U. S. Govt. securities 21,460,06521,550,720 21 566,22721,378,20421,209,309 21,325,75121,521,057 21,576,923 21 325,40322,192,043 Other Reserve Bank credit outstanding. . . 208,658 272,212 204,180 235,545 186,012 276,105 300,931 205,927 390,701 379,648 Total Reserve Bank credit outstanding 21,993,456 22,125,213 22,063,808 21,896,877 21,722,841 21,887,969 22,138,603 22,106,804 22,034,857 22,758,682 Liabilities Federal Reserve notes. . 23,864,218 23,862,648 23,846,643 23,806,903 23,725,348 23,756,237 23,826,775 23,935,390 23,771,287 24,345,032 Deposits: Member bank — reserve account 17,667,895 17,602,520 17,834,17617,605,90117,533,59517,502,51317,630,86417,678,66017,695,90116,601,053 U. S. Treasurer—general account 1,901,838 1,963,304 1,756,258 1,851,532 1,821,784 1,878,842 1,861,300 1,919,155 1,755,067 750,608 Foreign 370,547 393,783 385,392 387,941 377,171 430,365 441,920 425,879 374,812 651,690 Other 472,213 571,713 479,986 471,624 497,680 489,856 456,260 438,172 692,157 691,312 Total deposits 20,412,493 20,531,320 20,455,812 20,316,998 20,230,230 20,301,576 20,390,344 20,461,866 20,517,937 18,694,663 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. . 50.7 50.5 50.6 50.8 51.0 50.8 50.5 50.6 50.6 47.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: July 28 326,731 108,360 12,577 119,772 86,022 Aug. 4 282,530 53,283 93,911 42,979 82,717 9,640 Aug. 11 292,766 59,088 107,620 43,331 82,727 Aug. 18 301,593 72,280 103,843 63,057 62,413 Aug. 25 323,938 183,394 22,299 55,241 63,004 Industrial loans: July 28 789 607 104 42 2 4 16 Aug. 4 598 407 72 49 35 2 6 12 Aug. 11 635 441 78 26 56 2 6 12 Aug. 18 688 559 32 17 46 2 6 12 Aug. 25 795 672 35 26 28 2 5 12 U. S. Government securities: July 28 21,209,309 1,551,643 ,379,752 3,397,7313,600,422 351,350 4364,490 ,148,3515,415,570 Aug. 4 21,378,204 1,666,777 ,362, ,659,340 1,822,146 516,100 4385,040 ,152,0915,814,094 Aug. 11 21,566,227 1,844,295 ,308,904 4,569,9351,638,345 498,800 4 490,540 ,162,156 6,053,252 Aug. 18 21,550,720 1,924,941 ,961,6223,732,2741,552,787 480,800 4488,540 ,164,156 6,245,600 Aug. 25 21,460,065 1,892,362 ,871,327 3,457,5221,762,213 458,100 4 431,172 ,164,156 6,423,213 SEPTEMBER 1948 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a Cl la e n ve d - 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 S r i a a s n c n o - Assets Gold certificates: July 28 21,784,670 853,837 6,968,4161,042,5871,450,6611,020,5011,020,0164,338,547 596,932 472,859 797,375 543,3172,679,622 Aug. 4 21,791,671 809,403 6,961,9421,008,7411,429,8701,015,6031,028,6544,396,414 603,420 473,948 811,930 543,2002,708,546 Aug. 11 21,811,671 806,042 6,948,1921,025,6551,433,6961,018,2081,031,0224,364,420 580,048 478,042 797,598 544,2852,784,463 Aug. 18 21,827,670 807 414 7,009,7021,129,4821,459,803 994,8681,018,2474,312,139 612,427 467,800 790,427 532,0892,693,272 Aug. 25 21,837,672 810,583 6,936,9371,053,1371,433,6811,040,2761,020,7864,412,452 596,485 477,651 799,372 533,5222,722,790 Redemption fund for F. R. notes: 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 Aug. 4 612,505 53,931 63,407 57,514 72,180 56,169 36,046 96,182 45,608 22,437 34,764 26,284 47,983 Aug. 11 608,462 53,728 62,582 57,169 71,885 54,644 35,846 95,899 45,536 22,410 34.709 26,234 47,820 Aug. 18 612,463 53,728 62,582 58,169 72,885 56,644 35,846 95,899 45,536 22,410 34,709 26,234 47,821 Aug. 25 611,921 53,703 62,388 58,129 72,853 56,610 35,827 95,836 45,520 22,403 34,684 26,225 47,743 Total gold certificate reserves: July 28 22,396,803 907,814 7,032,6821,100,1461,522,8631,074,8721,057,3804,434,762 642,550 495,300 832,151 568,6192,727,664 Aug. 4 22,404,176 863,334 7,025 3491,066,2551,502,0501 071 7721 064 7004 492 596 649 028 496,385 846,694 569,4842,756,529 Aug. 11 22,420,133 859,770 7,010,7741,082,8241,505,5811,072,8521,066,8684,460,319 625,584 500,452 832,307 570,5192,832,283 Aug. 18 22,440,133 861,142 7,072,2841,187,6511,532,6881,051,5121,054,0934,408,038 657,963 490,210 825,136 558,3232,741,093 Aug. 25 22,449,593 864,286 6,999,3251,111,2661,506,5341,096,8861,056,6134,508,288 642,005 500,054 834,056 559,7472,770,533 Other cash: 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 Aug. 4 272,058 25,928 50,545 16,553 26,067 15,829 20,380 41,787 12,806 7,630 9,746 10,873 33,914 Aug. 11 262,073 26,081 48,563 14,351 22,735 15.683 20,764 40,374 12,500 9,028 9,782 9,564 32,648 Aug 18 267,842 27,160 50,427 14,861 23,876 15,973 19,376 39,914 12,933 8,166 10,221 10,776 34,159 Aug. 25 270,758 27,730 49,415 15,677 21,495 16,464 22,502 39,822 13,316 10,250 10,740 10,745 32,602 Discounts & advances: Secured by U. S. Govt. sec J u u r l it y i es 2 : 8. . 92,287 8,725 24,887 2,935 17,140 5,640 11,517 10,600 4,218 500 3,375 500 2,250 Aug. 4. . 47,697 3,910 4,744 1,555 11,195 3,880 8,347 520 922 530 8,894 500 2,700 Aug. 11. . 58,001 3,635 22,884 8,080 9,685 2,880 6,497 1,616 480 1,094 600 550 Aug. 18. . 65,988 3,460 18,914 1,430 7,265 10.690 9,262 500 6,300 505 6,162 850 650 Aug. 25. . 88,074 3,370 31,309 2,710 10;265 7,390 4,762 16,300 5,001 605 3,662 950 1,750 Other: 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 Aug. 4. . 234,833 14,660 74,602 18,711 21,582 11,702 9,800 31,647 9,777 5,818 8,144 7,912 20,478 Aug. 11.. 234,765 14,660 74,464 18,849 21,480 11,702 9,777 31,647 9,833 5,818 8,145 7,912 20,478 Aug. 18. . 235,605 14,660 74,464 18,849 21,476 11,702 9,764 31,647 10,690 5,818 8,145 7,912 20,478 Aug. 25. . 235,864 14,660 74,464 18,849 21,461 11,702 9,799 31,647 10,929 5,818 8,145 7,912 20,478 Industrial loans: July 28 789 475 258 56 Aug. 4 598 275 258 65 Aug. 11 635 312 258 65 Aug. 18 688 376 258 54 Aug 25 795 483 258 54 U. S. Govt. securities: B i JA ll uu s l : gy. 248........ 7 7 , , 7 3 3 8 4 8 , , 6 0 8 1 1 2 4 5 9 1 6 9 , , 6 9 5 5 3 7 1 1 , , 8 7 5 7 4 1 , , 6 5 3 1 5 0 5 5 5 2 2 7 , , 4 7 8 2 8 4 7 7 0 4 8 1 , , 2 5 9 2 1 5 4 5 7 0 9 2 , , 8 3 0 2 9 3 3 3 7 8 0 7 , , 3 7 8 6 2 3 1 1 , , 0 11 6 6 8 , , 1 5 5 7 9 0 4 3 0 8 9 9 , , 9 0 0 9 3 4 2 2 2 3 6 6 , , 1 7 3 5 9 0 3 3 4 60 4 , , 5 3 2 6 1 2 3 33 5 4 0 , , 8 5 1 2 7 7 6 7 7 0 0 2 , , 6 1 6 3 1 0 Aug. 11. ...7,325,312 492,437 1,756,476 523,246 702,279 475,737 367,2381,062,805 381,412 224,221 341,440 331,975 666,046 Aug. 18 7,154,957 480,985 1,715,628 511,078 685,947 464,673 358,6981,050,479 360,126 219,007 333,500 324,254 650,582 Aug. 25.... 7,051,057 474,000 1,690,715 503,656 675,986 457,926 353,4901,017,278 372,828 215,826 328,657 319,545 641,150 Cer J t u i l f y ic a 2 te 8 s . . ... 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 Aug. 4.... 5,121,707 344,302 1,228,093 365,843 491,018 332,624 256,766 727,733 282,784 156,770 238,728 232,112 464,934 Aug. 11 5,160,407 346,902 1,237,373 368,608 494,728 335,137 258,707 733,232 284,922 157,955 240,532 233,864 468,447 Aug. 18 5,128,407 344,752 1,229,699 366,322 491,661 333,059 257,103 728,685 283,154 156,976 239,040 232,414 465,542 Aug. 25. ... 5,013,339 337,016 1,202,109 358,103 480,629 325,586 251,334 712,335 276,801 153,454 233,676 227,200 455,096 Notes: 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 Aug. 4.... 1,902,300 127,880 456,137 135,881 182,374 123,543 95,368 270,294 105,032 58,228 88,668 86,210 172,685 Aug. 11. ... 1,865,100 125,380 447,217 133,224 178,807 121,127 93,503 265,008 102,978 57,089 86,934 84,525 169,308 Aug. 18 1,857,600 124,875 445,419 132,688 178,088 120,640 93,127 263,943 102,564 56,859 86,585 84,185 168,627 Aug. 25.... 1,808,300 121,561 433,598 129,167 173,362 117,438 90,655 256,938 99,842 55,350 84,287 81,950 164,152 Bonds: 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 Aug. 4.... 6,966,185 468,295 1,670,366 497,595 667,848 452,412 349,236 989,811 384,624 213,228 324,701 315,700 632,369 Aug. 11.... 7,215,408 485,049 1,730,125 515,397 691,741 468,598 361,7301,025,223 398,384 220,856 336,317 326,995 654,993 Aug. 18.... 7,409,756 498,114 1,776,727 529,279 710,373 481,219 371,4731,052,837 409,115 226,805 345,376 335,803 672,635 Aug. 25.... 7,587,369 510,054 1,819,314 541,965 727,401 492,755 380,3781,078,074 418,922 232,241 353,655 343,852 688,758 Total U. S. Govt. securities: July 28 21,209,3091,425,775 5,085,6081,514,9812,033,3381,377,4191,063,2863,030,7421,153,878 649,195 988,587 961,1841,925,316 Aug. 4 21,378,2041,437,130 5,126,1061,527,0432,049,5311,388,3881,071,7523,056,4081,161,534 654,365 996,459 968,8391,940,649 Aug. 11 21,566,2271,449,768 5,171,1911,540,4752,067,5551,400,5991,081,1783,086,2681,167,696 660,1211,005,223 977,3591,958,794 Aug. 18 21,550,7201,448,726 5,167,4731,539,3672,066,0691,399,5911,080,4013,095,9441,154,959 659,6471,004,501 976,6561,957.386 Aug. 25 21,460,0651,442,631 5,145,7361,532,8912,057,3781,393,7051,075,8573,064,6251,168,393 656,8711,000,275 972,5471,949,156 Total loans and securities: July 28 21,536,8291,449,160 5,185,3061,537,1022,072,3191,394,8171,084,6133,072,9891,167,473 655,5131,000,047 969,5961,947,894 Aug. 4 21,661,3321,455,700 5,205,4521,547,5842,082,5661,404,0351,089,8993,088,5751 172,233 660,7131,013,497 977 2511 963 827 Aug. 11 21,859,6281,468,063 5,268,5391,567,7162,098,9781,415,2461,097,4523,117,9151,179,145 666,4191,014,462 985,8711,979,822 Aug. 18 21,853,001 1,466,846 5,260,8511,560,0222,095,0681,422,0371,099,4273,128,0911,171,949 665,9701,018,808 985,4181,978,514 Aug. 25 21,784,7981,460,661 5,251,5091,554,9332,089,3621,412,8511,090,4183,112,5721,184,323 663,2941,012,082 981,4091,971,384 Due from foreign banks: July 28 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Aug. 4 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Aug. 11 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Aug. 18 49 3 M6 4 4 2 2 7 2 1 2 2 4 Aug.! 5 49 3 i 16 4 4 2 2 7 2 1 2 2 4 i After deducting $33,000 participations of other Federal Reserve Banks on July 28; Aug. 4; Aug. 11; Aug. 18; and Aug. 25. 1128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo St u . is M a i p n o n li e s - Ka C n it s y as Dallas F S r a a n ncisco Federal Reserve notes of other Banks: 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 Aug. 4 120,495 7,852 16,707 7,974 5,435 12,266 8,726 16,438 5,853 10,307 7,207 4,491 17,239 Aug. 11 125,609 7,743 15,481 7,679 5,548 11,594 12,320 15,372 6,986 11,233 7,150 5,056 19,447 Aug. 18 126,724 7,477 18,335 9,930 5,548 12,034 10,776 13,329 7,432 12,474 7,514 4,931 16,944 Aug. 25 130,424 7,234 17,756 11,122 5,292 12,803 11,709 14,616 6,955 13,600 7,263 4,810 17,264 Uncollected items: 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 Aug. 4 2,389,022 183,083 432,697 170,460 227,111 202,530 155,310 383,170 100,602 66,008 138,180 106,419 223,452 Aug. 11 2,472,249 188,231 432,276 163,223 239,245 219,434 160,552 383,458 117,653 67,022 148,771 122,583 229,801 Aug 18 2,847,211 218,114 523 031 194,793 278,095 249,918 190,130 437,796 124,084 78,576 155,522 138,591 258,561 Aug. 25 2,434,400 184,318 439,231 165,672 241,928 216,282 153,358 364,575 109,675 68,895 141,971 119^885 228^610 Bank premises: 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 Aug. 4 32,433 1,208 8,115 3,094 4,849 2,593 1,535 3,027 1,973 1,190 2,409 771 1,669 Aug. 11 32,492 1,208 8,116 3,094 4,849 2,593 1,592 3,027 1,974 1,190 2,409 771 1,669 Aug. 18 32,489 1,208 8,116 3,094 4,845 2,593 1,592 3,027 1,975 1,190 2,409 771 1,669 Aug. 25 32,465 1,208 8,116 3,082 4,845 2,586 1,586 3,031 1,972 1,190 2,409 771 1,669 Other assets: 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 Aug. 4 147,578 10,023 34,602 10,186 14,590 9,494 7,497 20,763 8,482 4,566 6,953 6,733 13,689 Aug. 11 153,966 10,492 36,647 10,626 14,866 10,003 7,732 21,519 8,882 4,640 7,336 6,810 14,413 Aug. 18 159,607 10,860 37,677 11,026 15,589 10,355 8,002 22,444 9,195 4,824 7,455 7,230 14,950 Aug. 25 164,355 11,305 38,930 11,287 15,936 10,645 8,255 23,157 9,372 4,983 7,689 7,400 15,396 Total assets: July 28 46,928,4S82 583 41612 759 9622,828,4333,886,1492,716,6652,335 0627 958 7831,947,9981 235 5882,006 4031,696,3714,973,628 Aug. 4 47,027,1432,547,13112,773,4832,822,1103,862,6722,718,5212,348,0498,046,3631,950,9791,246,8002,024,6881,676^0245,010323 Aug. 11 47,326,1992,561,59112,820,4122,849,5173,891,8062,747,4072,367,2828,041,9911,952,7261,259,9852,022,2191,701,1765,110,087 Aug. 18 47,727,0562,592,81012,970,7372,981,3813,955,7132,764,4242,383,3988,052,6461,985,5331,261,4112,027,0671,706,0425,045,894 Aug. 25 47,266,8422,556,74512,804,2982,873,0433,885,3962,768,5192,344,4438,066,0681,967,6201,262,2672,016,2121,684,7695,037,462 Liabilities Federal Reserve notes: July 28 23,725,3481,424 692 5 459,1141,627,8012,093,9791,603,7631,310,3034,532 9041,076,731 610,688 921,081 600,5112,463,781 Aug. 4 23,806,9031,425,453 5,472,4981,629,3062,096,3561,616,2671,316,6664,545,9151,082,275 613,363 928,572 605,6622,474,570 Aug. 11 23,846,643 1,422,762 5,468,2791,632,6842,107,8761,620,2111,317,2694,551,8481,083,330 614,596 931,682 609,7422,486,364 Aug. 18 23,862,6481,418,429 5,473,1081,634,5182,109,8801,631,9681,316,8034,559,5851,082,663 613,175 929,827 609,9872,482,705 Aug. 25 23,864,2181,419,768 5 474 9261,635,7972,116,8601,635,2511,312,5194 558 1291,080,539 613,362 929,826 611,2092,476,032 Deposits: Member bank reserve account: 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 Aug. 4..17,605,901 734,352 5,807,439 806,0221,288,020 734,405 736,7352,751,463 598,452 429,244 803,874 833,2582,082,637 Aug. 11.. 17,834,176 748,846 5,902,442 838,5771,295,283 741,770 734,0862,755,858 609,772 437,787 821,894 834,5992,113,262 Aug. 18.. 17,602,520 740,515 5,817,194 818,5581,302,967 719,102 716,9552,732,481 616,225 425,650 813,926 824,4712,074,476 Aug. 25. . 17/667,895 717,032 5,785,330 831,7471,285,957 743,205 722,1492,773,881 616,720 426,952 825,290 822,8172,116,815 TLTJ • "O^. Tir.P i5cta«S" urer-general account: 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 Aug. 4. . 1,851,532 146,423 351,456 147,323 153,123 125,973 93,837 258,669 117,139 113,102 122,582 96,561 125,344 Aug. 11.. 1,756,258 139,347 279,389 140,063 159,387 120,050 104,115 225,140 103,295 116,746 100,291 101,529 166,906 Aug. 18.. 1,963,304 155,497 435,391 165,366 195,683 129,910 108,099 204,462 120,771 123,001 107,151 101,242 116,731 Aug. 25. . 1,901,838 171,827 370,499 167,269 154,623 129,928 108,605 252,353 122,301 129,416 91,942 96,906 106,169 Foreign: July 28.. 377,171 22,944 H3O,162 29,411 33,405 17,792 14,887 49,382 13,072 9,078 12,708 12,345 31,985 Aug. 4. . 387,941 23,234 1137,790 29,784 33,828 18,017 15,076 50,007 13,237 9,193 12,869 12,502 32,404 Aug. 11. . 385,392 23,001 U37,742 29,484 33,488 17,836 14,924 49,504 13,104 9,100 12,740 12,376 32,093 Aug. 18.. 393,783 23,435 1141,433 30,043 34,123 18,174 15,207 50,442 13,352 9,273 12,982 12,611 32,708 Aug. 25. . 370,547 21,810 1135,787 27,953 31,749 16,910 14,149 46,934 12,424 8,628 12,079 11,733 30,391 Other* 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 Aug. 4. . 471,624 1,305 410,390 2,196 6,598 1,844 530 2,275 4,961 4,363 638 426 36,098 Aug. 11.. 479,986 3,164 416,889 2,562 6,212 2,164 411 2,789 5,476 1,536 223 403 38,157 Aug. 18.. 571,713 3,515 405,908 103,811 6,063 1,938 577 2,734 5,427 1,573 593 528 39,046 Aug. 25. . 472,213 3,168 407,639 2,810 5,240 908 1,582 2,956 5,208 2,176 949 1,160 38,417 Total deposits: 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 Aug. 4. . .?0 316,998 905,314 6 707 075 985,3251,481,569 880 239 846,1783 062 414 733,789 555,902 939,963 942,7472,276,483 Aug. 11 20,455,812 914,358 6,736,4621,010,6861,494,370 881,820 853,5363,033,291 731,647 565,169 935,148 948,9072,350,418 Aug. 18 20,531,320 922,962 6,799,9261,117,7781,538,836 869,124 840,8382,990,119 755,775 559,497 934,652 938,8522,262,961 Aug. 25 20,412,493 913,837 6,699,2551,029,7791,477,569 890,951 846,4853,076,124 756,653 567,172 930,260 932,6162,291,792 Deferred availability items: 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 Aug. 4 2,153,526 168,515 364,182 147,435 215,181 183,684 153,084 336,071 106,567 57,626 128,013 100,363 192,805 Aug. 11 2,268,118 176,282 384,566 145,717 219,880 206,720 164,112 354,159 109,119 59,161 126,980 115,174 206,248 Aug. 18 2,575,048 202,987 465,954 168,414 236,895 224,475 193,199 399,627 118,314 68,585 134,059 129,625 232,914 Aug. 25 2,225,791 174,318 396,467 146,423 220,311 203,002 152,568 327,744 101,336 61,398 127,330 113,102 201,792 Other liab. incl. accrued div.: July 28 14,618 964 4,274 783 1,530 712 664 2,104 606 453 551 663 1,314 Aug. 4 12,261 835 2,930 704 1,566 651 545 1,846 566 402 535 616 1,065 Aug. 11 13,780 799 3,302 773 1,320 703 579 1,899 577 1,422 511 525 1,370 Aug. 18 11,928 836 2,974 695 1,261 623 554 1,925 518 391 517 558 1,076 Aug. 25 13,794 875 3,865 747 1,413 792 651 2,062 584 437 533 601 1,234 Total liabilities: July 28 46,194,7602,536,58712,534,1782,769,3883,818,5512,679,2042,303,6787,859,2481,920,3261,216,1851,978,8681,669,9214,908,626 Aug. 4 46,289,6882,500,11712,546,6852,762,7703,794,6722,680,8412,316,4737,946,2461,923,1971,227,2931,997,0831,649,3884,944,923 Aug. 11 46,584,3532,514,20112,592,6092,789,8603,823,4462,709,4542,335,4967,941,1971,924,6731,240,3481,994,3211,674,3485,044,400 Aug. 18 . . 46,980,9442,545,21412,741 9622,921,4053,886,8722,726,1902,351,3947,951,2561,957,2701,241,6481,999,0551,679,0224,979,656 Aug. 25 46,516,2962,508,79812,574,5132,812,7463,816,1532,729,9962,312,2237,964,0591,939,1121,242,3691,987,9491,657,5284,970,850 1 After deducting $246,908,000 participations of other Federal Reserve Banks on July 28; $250,036,000 on Aug. 4; $247,520,000 on Aug. 11; $252,212,000 on Aug. 18 and $234,668,000 on Aug. 25. SEPTEMBER 1948 1129 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: 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 Aug. 4.... 199,117 11,323 69,006 14,611 19,053 8,522 7,787 24,620 6,569 4,395 6,862 7,724 18,645 Aug. 11 199,189 11,323 69,017 14,619 19,014 8,523 7,789 24,713 6,561 4,395 6,867 7,729 18,639 Aug. 18 199,226 11,323 69,021 14,621 19,021 8,524 7,796 24,714 6,561 4,395 6,870 7,729 18,651 Aug. 25.... 199,241 11,323 69,016 14,622 19,021 8,524 7,796 24,721 6,561 4,396 6,871 7,732 18,658 sClui rV pIt 1l11u Os *. (section 7): 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 Aug. 4 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Aug. 11 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Aug. 18 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Aug. 25 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 (section lou). 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 Aug. 4 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 11 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 18 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 25 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts. : 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 Aug. 4 62,606 4,563 11,877 4,890 5,768 4,599 3,917 7,851 3,720 2,806 3,458 3,494 5,663 Aug. 11 66,925 4,939 12,871 5,199 6,167 4,871 4,125 8,435 3,999 2,936 3,746 3,681 5,956 Aug. 18 71,154 5,145 13,839 5,516 6,641 5,151 4,336 9,030 4,209 3,062 3,857 3,873 6,495 Aug. 25 75,573 5,496 14,854 5,836 7,043 5,440 4,552 9,642 4,454 3,196 4,107 4,091 6,862 lotai iiauiiiLieb and cap. accts.: July 28 46,928,458 2,583,416 12,759,9622,828,4333,886,1492,716,6652,335,062 7,958,783 1,947,998 1,235,588 2,006,4031,696,3714,973,628 Aug. 4.... 47,027,143 2,547,131 12,773,4832,822,1103,862,6722,718,5212,348,0498,046,363 1,950,979 1,246,800 2,024,688 1,676,024 5,010,323 Aug. 11 47,326,199 2,561,59112,820,4122,849,5173,891,8062,747,4072,367,282 8,041,991 1,952,726 1,259,985 2,022,219 1,701,176 5,110,087 Aug. 18 47,727,056 2,592,810 12,970,7372,981,3813,955,7132,764,4242,383,3988,052,646 1,985,533 1,261,411 2,027,067 1,706,042 5,045,894 Aug. 25.... 47,266,842 2,556,745 12,804,2982,873,0433,885,3962,768,5192,344,4438,066,068 1,967,620 1,262,267 2,016,212 1,684,769 5,037,462 Contingent liability on bills purchased for foreign correspondents: July 28 1,576 99 1 504 128 145 77 65 214 57 39 55 54 139 Aug. 4 1,772 112 1567 143 163 87 73 241 64 44 62 60 156 Aug. 11 1,769 111 1566 143 163 87 72 241 64 44 62 60 156 Aug. 18 1,820 115 1582 147 167 89 75 247 66 46 64 62 160 Aug. 25 1,529 96 1489 124 141 75 63 208 55 38 54 52 134 Commit, to make indus. loans: July 28.... 6,424 75 208 1,233 144 16 478 400 3,750 120 Aug. 4.... 5,888 75 198 1,114 140 16 478 3 750 117 Aug. 11.... 6,252 75 562 1,108 146 16 478 3,750 117 Aug 18 6 190 75 497 1,108 149 16 478 3 750 117 Aug.' 25.'... 6,275 75 591 1,108 140 16 478 3,750 117 i After deducting $1,072,000 participations of other Federal Reserve Banks on July 28; $1,205,000 on Aug. 4; $1,203,000 on Aug. 11; $1,238,000 on Aug. 18 and $1,040,000 on Aug. 25. FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F.R. notes outstanding (issued to Bank): July 28 24,541,669 1,482,358 5,643,9601,680,9812,163,3531,663,6291,360,8844,621,2041,121,493 630,573 945,523638,660 2,589,051 Aug. 4 24,530,205 1,476,5335,641,1541,676,1822,163,7661,669,3601,356,8024,624,4381,118,118 628,908 952,255643,310 2,579,379 Aug. 11 24,561,891 1,480,7775,641,6251,678,9142,164,8491,672,6151,365,3984,626,0091,122,571 629,897 954,276 643,8532,581,107 Aug. 18 24,585,731 I,,-475,785 5,637,6921,683,5072,171,9581,688,7231,362,1234,633,7251,120,079 629,880 953,451643,726 2,585,082 Aug. 25 24,605,989 1,477,985 5,645,1851,688,4402,171,5041,696,5081,359,8434,635,0981,117,246 630,214 956,517642,9132,584,536 Collateral held against notes outstanding: Gold certificates: July 28 13,539,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000169,000 2,000,000 Aug. 4 13,539,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000 116699,,000000 2,000,000 Aug. 11 13,639,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000 169,000 2,100,000 Aug 18 13,539,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000169,000 2,000,000 Aug. 25 13,539,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,760,000 315,000 200,000 280,000169,000 2,000,000 Eligible paper: July 28 52,905 8,725 24,262 2,935 5,640 5,218 500 3,375 2,250 Aug. 4 28,53 3,910 4,744 1,555 3,880 2,322 530 8,894 2,700 Aug. 11 38,875 3,635 19,084 8,080 2,880 3,072 480 1,094 550 Aug. 18 50,299 3,460 18,789 1,430 10,690 8,613 505 6,162 650 Aug. 25 57,779 3,370 31,159 2,710 6,990 7,533 605 3,662 1,750 U. S. Govt. sec: July 28 11,925,000 1,100,0001,000,000 ,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000500,000 800,000 Aug. 4 11,925,000 1,100,0001,000,000 ,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000500,000 800,000 Aug. 11 11,925,000 1,100,000 ,000,000 ,200,0001,500,0001,075,000 750,0001,900,000 950,000 450,000 700,000500,000 800,000 Aug. 18 11,925,000 1,100,0001,000,000 ,200,0001,500,000 ,075,000 750,0001,900,000 950,000 450,000 700,000500,000 800,000 Aug. 25 11,950,000 1,100,0001,000,000 ,200,0001,500,000 ,100,000 750,0001,900,000 950,000 450,000 700,000500,000 800,000 Total collateral: July 28 25,516,905 1,568,725 5,794,262 ,752,9352,235,000 ,705,6401,425,000 4,660,0001,270,218 650,500 983,375669,000 2,802,250 Aug. 4 25,492,535 1,563,910 5,774,744 ,751,5552,235,000 ,703,8801,425,000 4,660,0001,267,322650,530 988,894669,000 2,802,700 Aug. 11 25,602,875 1,563,635 5,789,084 ,758,080 22,,223355,,000000 ,702,8801,425,000 4,660,0001,268,072650,480 981,094669,000 2,900,550 Aug. 18 25,514,299 1,563,460 5,788,789 ,751,4302,235,000 ,710,690 1,425,000 4,660,0001,273,613 650,505 986,162669,000 2,800,650 Aug. 25 25,546,779 1,563,370 5,801,159 ,752,710 2,235,000 ,731,9901,425,000 4,660,0001,272,533 650,605 983,662669,000 2,801,750 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] f\ll city banks Re- Month, or mem- serve Coun- Guaranteed loans Guaranteed Additional week ending Thursday ber city try authorized loans amount banks * New Chi- banks banks * to date outstanding available to York cago borrowers End of month under guar- Portion antee agree- Total reserves held: Num- Amount Total guaran- ments 1947—June 16,153 4,196 940 6,377 4,640 ber amount teed outstanding July 16,347 4,239 964 6,438 4,706 1948—June 17,396 4,808 1 132 6,534 4,922 July 17,533 4,861 1 163 6,567 4,942 1942—June... 565 310,680 81,108 69,674 137,888 Dec... 2,665 2,688,397 803,720 632,474 1,430,121 July 1 17,446 4,898 1 152 6,516 4,880 July 8 17,409 4,828 1 150 6,527 4,904 1943—June.. . 4,217 4,718,818 1,428,253 1,153,756 2,216,053 July 15 17,578 4,848 1 162 6,597 4,971 Dec... . 5,347 6,563,048 1,914,040 1,601,518 3,146,286 July 22 17,596 4,876 1 167 6,592 4,961 July 29 17,500 4,868 1 172 6,557 4,903 1944—June... 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Aug. 5 17,686 4,940 1 187 6,606 4,953 Dec... 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Aug. 12 17,670 4,871 1 183 6,624 4,992 Aug. 19 17,779 4,906 1 192 6,659 5,022 1945—June... 8,422 10,149,351 1,386,851 1,190,944 3,694,618 Dec... 8,757 10,339,400 510,270 435,345 966,595 Excess reserves: 1947—June 785 14 10 224 538 1946—June... 8,771 10,344,018 70,267 60,214 142,617 July 781 12 -1 222 548 Dec.... 8,771 10,344,018 18,996 17,454 28,791 1948—June 852 44 12 241 556 July 824 22 5 229 567 1947—June.. . 8,771 10,344,018 3,589 3,218 6,726 Dec... 8,771 10,344,018 2,412 2,183 July 1 793 30 9 225 529 July 8 825 15 6 255 549 1948—Jan 8,771 10,344,018 2,357 2,133 July 15 916 30 9 266 611 Feb.. . . 8,771 10,344,018 1,959 1,777 July 22 810 17 5 219 569 Mar.... 8,771 10,344,018 1,835 1,666 July 29 732 20 4 188 520 Apr.. . . 8,771 10,344,018 1,787 1,623 Aug. 5 896 69 6 223 598 May... 8,771 10,344,018 1,761 1,599 Aug. 12 886 10 5 226 645 June... 8,771 10,344,018 1,609 1,463 Aug. 19 P947 51 6 238 *652 July... 8,771 10,344,018 1,605 1,460 Borrowings at Federal u a o n f n d N d l e O o a r a u T n t g E s h u . o — a o r r i u T a z t n a h s t e t t i e a o d e n n i d f s f a i e n g e r g r e x e n p e c a i m r e n e d e d b n e t o a t s w d r d e o w i e u t i n i t t o s h n g t d a a u r n l a a d r w a a i m n n n g . t o e u e r d n e t p s lo r e a a s n v e s a n i a t l s u a t b h a l o e m r o i t z o u e n d b t s o a r n r r d o e p w s a u e i m r d s R 1 19 9 e 4 4 s 8 7 e — — rv J J e J J u u u u l l n n B y y e e anks: 1 1 0 9 9 3 0 2 5 5 3 2 1 1 3 1 2 "3* 1 5 3 3 7 1 7 6 3 3 3 2 5 9 7 7 0 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS J J u u l l y y 8 1 1 12 6 2 5 9 5 7 3 3 3 4 4 3 3 2 2 5 [Amounts in thousands of dollars] J J u u l l y y 2 1 2 5 8 4 2 9 19 2 3 2 0 7 3 2 3 0 July 29 89 15 1 42 31 Applications Ap- Aug. 5 67 1 42 24 Date (last approved proved Loans Commit- Partici- Aug. 12 110 43 13' 26 28 Wednesday to date but not out- ments pations Aug. 19 75 14 34 27 or last day com- standing2 out- outof period) pleted i (amount) standing standing Nu be m r - Amount (amount) (amount) (amount) 1 p W Pr e e e li k m ly i na fi r g y u . res of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal 1934 984 49,634 20,966 13,589 8,225 1,296 Reserve Bank discounts and advances for nonmember banks, etc. 1935 1,993 124,493 11,548 32,493 27,649 8,778 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGB AND 1940 2,908 212,510 13,954 9,152 5,226 6,386 SMALL CENTERS * 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 [Averages of daily figures. In millions of dollars] 1943 3,471 491,342 926 10,532 9,270 17,930 1944 3,489 525,532 1,295 3,894 4,165 2,706 In places of 15,000 In places of under and over population 15,000 population 1945 June 30... 3,502 537,331 70 3,252 5,224 2,501 Dec 31... 3,511 544,961 320 1,995 1,644 1,086 Demand Demand deposits deposits 1946 except Time except Time June 29... 3,524 552,711 615 1,210 5,366 1,110 inter- deposits inter- deposits Dec. 31... 3,542 565,913 4,577 554 8,309 2,670 bank bank 1947 Mar. 31... 3,548 569,825 4,595 1,081 8,160 2,727 July 1947 '15,115 '8,468 '11,633 '6,010 June 30... 3,555 572,836 195 1,778 7,018 4,043 June 1948 16,337 8,819 11,806 6,045 Sept. 30... 3,566 577,614 1,229 1,892 7,395 5,019 Dec 31... 3,574 586,726 945 1,387 7,434 4,869 July 1948 16,325 8,814 11,960 6,059 1948 Boston 1,896 866 343 232 Jan. 31. .. 3,576 589,986 1,025 1,972 7,077 5,213 New York 2,961 2,217 1,048 1,162 Feb. 28... 3,582 596,048 145 4,906 7,918 6,770 Philadelphia 1,240 817 912 901 Mar. 31... 3,587 600,322 45 3,785 7,700 5,109 Cleveland 1,323 905 1,058 825 Apr. 30. .. 3,593 604,623 70 1,394 6,646 4,234 May 31... 3,595 606,305 120 916 6,612 3,272 Richmond 1,092 398 857 469 June 30... 3,599 610,956 1,045 851 6,482 3,238 Atlanta 1,530 484 656 217 July 31... 3,600 611,694 620 802 6,417 3,346 Chicago 2,196 1,591 1,694 961 St. Louis 650 338 965 275 i d s n e i c t r 2 1 i v l o u I I e n n n d c c e B o l d l u a u f d n d F i e k e n e s s s d i i a e n a n n r d p d a d u p u l s l s u i R t t c r n r i e a i d a a s t e l i e l o r r l n l v o o c s e o a a n n n a B s s s p a i p d p o n r e a u k o r s t s a v t s . t e t i d a d o u n n e d c i b o 3 n y n g m d a i o i t p n i n o p t w n l h i a s c e l a e l o y n k r l t y . m b y s o t r a e th t , e e w m h F e i e n c d t h e r o a a f r l e c R n o o n e t - - D S M K a a a i n l n n l n s a F a e s r s a a p n C o c i l i t i s y s co. . . 1 1, , 2 0 5 5 7 1 6 8 7 1 4 6 6 2 1 1 4 9 4 0 8 6 7 4 1 1 , , 6 5 5 7 0 1 3 6 3 9 6 9 3 4 2 0 0 5 6 0 4 0 5 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- ' 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. SEPTEMBER 1948 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Class of bank and de- Time ances at Federal Reserve district Total I b n a t n er k - Other p m o d s a e i n t - s d * po d s e i - ts 3 m f d r d e o u o s m - e tic Total qu R i e re - d c E e x s - s s F e e R e r r e a d v - l - e banks Banks First half of July 1948 All member banks 88,161 10,895 77,267 77,067 28,823 5,440 17,481 16,626 854 120 Central reserve city banks: New York 21,346 3,993 17,352 19,660 1,684 43 4,837 4,819 17 56 Chicago 5,051 1,094 3,957 4,547 948 141 1,153 1,148 5 Reserve city banks 32,683 4,953 27,730 28,115 11,311 1,806 6,554 6,302 253 35 Boston 1,883 274 1,609 1,708 192 33 365 353 11 2 New York 549 26 523 477 300 25 117 113 3 1 Philadelphia 2,145 349 1,796 1,883 235 75 395 391 4 2 Cleveland 3,924 462 3,462 3,437 1,421 166 810 773 36 6 Richmond 2,059 311 1,747 1,778 430 106 401 381 20 2 Atlanta 1,990 403 1,586 1,680 406 130 394 360 34 2 Chicago 3,890 446 3,445 3,329 1,997 281 817 786 32 6 St. Louis 1,904 546 1,358 1,613 335 89 356 343 14 5 Minneapolis 1,030 279 752 845 179 74 185 180 5 Kansas City 2,751 783 1,968 2,238 358 266 493 469 24 Dallas 2,448 531 1,917 2,000 376 279 461 423 38 1 San Francisco 8,110 542 7,568 7,126 5,084 283 1,760 1,730 30 5 Country banks 29,083 855 28,228 24,745 14,881 3,450 4,936 4,357 579 29 Boston 2,316 87 2,228 2,004 1,097 181 383 346 37 3 New York 4,096 87 4,010 3,574 3,379 309 787 703 84 10 Philadelphia 2,167 16 2,152 1,886 1,718 212 412 367 45 3 Cleveland 2,394 24 2,369 2,065 1,735 265 452 393 59 2 Richmond 2,053 112 1,941 1,704 865 270 339 290 48 3 Atlanta 2,346 154 2,191 1,974 703 308 354 318 35 2 Chicago 3,936 65 3,871 3,354 2,551 498 710 623 88 1 St. Louis 1,656 46 1,610 1,417 613 208 265 235 30 2 Minneapolis 1,414 61 1,353 1,201 746 180 243 213 31 Kansas City 2,220 62 2,157 1,840 308 359 322 276 46 i Dallas 2,634 111 2,523 2,139 213 453 363 312 51 San Francisco 1,851 28 1,822 1,586 952 208 306 279 27 i Second half of July 1948 All member banks 88,613 10 ,755 77,858 77,896 28,813 5,321 17,582 16 ,786 796 71 Central reserve city banks: New York 21,348 3,937 17,411 19,811 1,695 42 4,884 4,856 27 Chicago 5,127 1,089 4,038 4,624 946 135 1,171 1,167 5 Reserve city banks 32,963 4,891 28,072 28,469 11,306 1,772 6,580 6,372 207 37 Boston 1,907 291 1,617 1,739 191 33 369 359 10 3 New York 559 26 532 491 297 24 119 116 3 Philadelphia 2,129 335 1,793 1,882 238 70 396 391 5 Cleveland 4,037 468 3,569 3,528 1,432 179 841 792 49 Richmond 2,046 297 1,750 1,788 430 93 399 383 16 Atlanta 1,980 374 1,605 1,683 404 119 375 361 14 Chicago 3,951 449 3,502 3,394 1,996 275 823 798 25 St. Louis 1,917 533 1,384 1,626 334 108 353 345 7 Minneapolis 1,027 268 759 859 179 64 187 182 5 Kansas City 2,814 800 2,014 2,294 358 264 499 480 18 Dallas 2,465 513 1,952 2,014 375 265 458 425 32 San Francisco 8,131 536 7,595 7,171 5,071 277 1,761 1,738 23 Country banks 29,175 838 28,337 24,992 14,866 3,372 4,947 4,391 556 26 Boston 2,330 81 2,249 2,032 1,099 180 387 350 37 New York 4,091 84 4,007 3,601 3,379 306 781 707 74 8 Philadelphia 2,167 15 2,152 1,907 1,719 197 411 370 41 3 Cleveland 2,414 24 2,391 2,089 1,726 265 454 396 58 2 Richmond 2,070 112 1,957 1,726 870 268 335 294 41 3 Atlanta 2,329 146 2,183 1,984 698 288 352 320 32 2 Chicago 3,976 68 3,908 3,398 2,551 497 712 629 84 St. Louis 1,668 48 1,620 1,429 613 209 277 237 40 "2" Minneapolis 1,416 59 1,356 1,216 746 169 244 215 29 Kansas City 2,238 62 2,176 1,863 308 357 321 279 41 1 Dallas 2,644 109 2,535 2,161 212 441 367 315 52 San Francisco 1,832 28 1,804 1,587 945 196 304 279 25 ' '2 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i.e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 8 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 70,100 million dollars in the first half and 70,400 million in the second half of July. 1132 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 x Total Coin 3 $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 ,342 1,360 364 618 125 237 10 8 1934 5,536 4,292 452 423 32 771 1,288 ,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 ,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 ,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 1,800 489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 35 ,693 4,051 4,096 837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 ,973 5,194 5,705 580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 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—April 28,114 19,684 1,351 972 63 2,065 6,253 ,979 8,432 2,442 4,769 431 773 12 1 May 28,261 19,773 1,351 985 63 2,089 6,303 ,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 2,466 4,808 430 810 12 2 July 28,149 19,622 1,356 980 63 2,058 6,230 ,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 4,874 428 804 12 2 September. 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 8,689 2,503 4,941 428 800 12 2 October. . . 28,552 19,833 1,385 1,011 63 2,078 6.233 9,064 8,721 2,499 4,986 427 793 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 ,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 ,858 8,745 ,511 5,022 424 771 12 3 February. . 28,019 19,335 1,385 972 63 2,005 6,084 ,826 8,687 2,492 4,996 421 762 12 3 March 27,781 19,169 1,394 975 62 1,986 6,013 ,738 614 ,470 4,962 416 749 11 1 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 ,456 4,951 412 739 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 ,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 July 27,866 19,309 1,422 994 62 2,010 6,059 8,762 8,559 2,452 4,940 404 748 9 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Ju 1 l 9 y 4 3 8 1, g a o s g l i d a l v in a er s n t d Tr c e a a s s h ury B R F an e e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Ju 1 ly 9 4 3 8 1, Ju 1 n 9 e 4 8 30, Ju 1 V 9 4 3 7 1, certificates agents Gold 23,679 22,452 21,227 Gold certificates 22,452 19,591 2,815 45 45 48 Federal Reserve notes 24,564 52* 924 23,588 23,600 23,887 Treasury currency—total 4,565 3 2,266 43 289 4,233 4,257 4,214 Standard silver dollars 493 309 24 3 157 156 149 Silver bullion 1,956 1,956 Silver certificates and Treasury notes of 1890. . S2,266 219 2,046 2,062 2,034 Subsidiary silver coin 956 9 30 917 919 875 Minor coin 360 6 6 348 346 332 United States notes 347 3 26 318 321 317 Federal Reserve Bank notes 353 1 3 349 353 400 National Bank notes . 100 1 1 98 99 106 Total—July 31, 1948 (4) 24,717 1,323 19,591 4,028 27,866 June 30, 1948 (4) 24,563 1,327 19,442 3,929 ' 27,903' July 31 1947 (4) 22,583 1,327 17,481 3,912 28,149 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. 1125, and seasonally adjusted figures in table on p. 1134. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note of explanation of 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. SEPTEMBER 1948 1133 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 ad se ju as s o te n d al ad s j e u a s s te o d n a f l or 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 1 o 9 f 3 y 9 ear figures: 7,598 +742 r T 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 •2,224.9 1,866.3 210.0 75.8 1947—July 28,259 28,316 -62 1947—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 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 23,532 228.5 177.7 81.7 5.7 May 27,749 27,945 -45 July . 23 679 146 4 P266.7 -188.4 6.2 June 27,846 27,986 +41 August P23.725 P46.0 (4) •59.5 (*) July 27,955 28.011 +25 August 27,977 28,118 +107 P Preliminary. 1 Annual figures are estimates of the United States Mint. For am 1 o F u o n r t s e i n n d fi o rs f t y c e o a l r u m fig n u . res, represents change computed on absolute exp 8 l I a n n c a lu ti d o e n s o g f o l m d o i n n t h t l h y e fi I g n u a r c e t s i v s e e e A t c a c b o le u n o t n a p m . o 1 u 1 n 8 ti 3 n . g to 1,228 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. * Change includes transfer of 687.5 million dollars gold subscrip- Because of an apparent recent change in the seasonal pattern around tion to International Monetary Fund. a th ff e e c y t e e a d r , e b n e d g , i a n d n j i u n s g t m w e i n th t f D ac e t c o e r m s b h e a r v e 1 b 9 e 4 e 2 n ; s re e v as is o e n d a l s ly o m a e d w ju h s a t t e d fo r f i d g a u t r e e s s * 1 N Go o l t d y h e e t l a d v u a n il d a e b r l e e . armark 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 3,930.5 million dollars on Aug. 31, 1948. Gold under earof adjustment factors. mark is not included in the gold stock of the United States. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except 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* centers * centers 2 City centers City* cities» City* cities» 1942 * 641,778 226,865 347,837 67,074 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s * • Jl,050,021 417,475 527,336 105,210 19.0 10.0 | 3 40 7 7 4 , , 9 3 4 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1947—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 18.7 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 ••108,639 40,633 56,667 '11,339 25.4 13.0 38,942 55,442 28.0 19.1 July 102,940 35,832 55,972 11,136 22.5 12.8 36,350 55,233 26.6 19.1 r Revised 1 National series for which bank debit figures are available beginning with 1919. * Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 4 Depos t i ts * a W n e d e k d l e y b i r t e s p f o o r r t i f n i g rs t m f e o m ur b e m r o b n a t n h k s a se re ri e p s a . rtly estimated. 1 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total de T m ot a a n l d Time deposits deposits deposits United adjusted adjusted Total Demand States Currency End of month c o u u r a r t n s e d i n d c e y c o u u r a r t n s e d i n d c e y a d d e j p u o s s te it d s a d d e j p u o st s e it d s 1 d G e m p o o v e s e n i r t t n s - 2 Total b m a C n e o r k c m s i « a - « l b M s a a n v u k i t n s u g a * s l « S S P y a s o v t s i e n t m a g l s • o b u a t n si k d s e 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 165,455 108,433 139,156 82,134 1,367 55,655 34,835 17,428 3,392 26,299 1947—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) P. 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)P... . 167,800 108,400 142,400 83,000 2,500 56,900 35,500 18,000 3,400 25,400 May (May 26)*.... 168,000 108,600 142,600 83,200 2,400 57,000 35,500 18,100 3,400 25,400 June (June 30) P 167,900 108,300 142,300 82,700 2,200 57,400 35,800 18,200 3,400 25,600 July (July 28) * 168,700 109,000 143,200 83,500 2,400 57,300 35,700 18,200 3,400 25,500 p Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 1 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 1 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 8 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks all banks Na- State In- Non- Depos- U. S. Government tional sured insured itors' Cash securities Cash End of month bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n ry ks Total r D ec i- t G t a e u n e a - d r- f e u t n c d .* s, 1 19 9 4 3 1 4-40 313 8 1 4 6 6 207 3 84 1 1942 9 6 3 1943 4 2 2 1939—Dec... 1,279 L,319 53 1,192 1,046 146 74 1944 1 1 1940—Dec... 1,304 1,348 36 1,224 L.O78 146 88 1945 0 1941—Dec... 1,314 1,396 26 L.274 L ,128 146 95 1946 0 1942—Dec... 1,417 1,464 16 L.345 1,220 126 102 1947 1 1 1943—Dec.. . 1,788 1,843 10 1,716 L ,716 118 1948—Jan -Aug. 1944—Dec... 2,342 2,411 8 2,252 2,252 152 1945—Dec... 2,933 5,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec... 3,284 5,387 6 5,182 5,182 200 (in thousands of dollars) :8 1934-40 . . .. 131,934 14,872 26,54849,689 40,825 1947—Sept.. 3,407 5,542 6 5,325 5,325 212 Oct... 3,412 5,524 6 5,314 5,314 205 1941 3,726 3,144 503 79 Nov... 3,413 5,527 6 5,314 5,314 207 1942 1,702 1,375 327 Dec... 3,417 5,525 6 5,308 5,308 212 1943 . ... 6,223 4,982 1,241 1944 405 405 1948—Jan.. . 3,432 5,541 6 5,332 5,332 204 1945 0 Feb.. . 3,441 5,551 6 5,336 5,336 209 1946 . . .. ... 0 Mar... 3,435 5,546 6 5,346 5,346 194 1947 167 167 Apr... 3,415 5,528 6 5,316 5,316 205 1948—Jan.-Aug May.. 3,395 5,509 6 5,291 5,291 211 J J u u n ly e . . . . P 3 3 , . 3 3 7 5 9 9 5,494 6 5,291 5,291 196 po 1 r a R ri e l p y re o s r e n p t e s r m b a an n k en s tl w y h o ic n h , a c d c u o r u in n g t o t f h e f in p a e n ri c o ia d l s d s i h f o fi w cu n l , t ie c s l ; o s d ed o es t e n m o - t include banks whose deposit liabilities were assumed by other banks P Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 1 Includes working cash with postmasters, 5 per cent reserve fund 2 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.-—See Banking and Monetary Statistic*, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. SEPTEMBER 1948 1135 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] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U o b v l . e i e g n S r a t . n - - O r s i e t t i c h e u e s - r as C s a e s t h s l Total1 b In an te k r - 1 m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23., 292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 30 * 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 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 30* »•.... 133,080 45,130 87,950 76,750 11,200 34,990 156,330 11,410 90,830 54,090 12,250 14,719 July 28 e. 134,090 45,470 88,620 77,280 11,340 34,080 156,200 11,260 90,950 53,990 12,300 14,717 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 V 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14.183 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«»".... 113,860 39,900 73,960 64,760 9,200 34,160 138,120 11,410 90,810 35,900 10,300 14,187 July 28* 114,760 40,170 74,590 65,270 9,320 33,350 137,990 11,260 90,930 35,800 10,340 14,185 All member banks: 1939—Dec. 30. 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31. . 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31. 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28,655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Jan. 28* 98,046 32,767 65,279 57,989 7,290 29,387 119,105 11,397 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 30 95,449 33,871 61,578 54,139 7,439 30,303 117,452 10,833 77,796 28,823 8,624 6,925 July 28* 96,213 34,087 62,126 54,575 7,551 29,407 117,128 10,701 77,694 28,733 8,657 6,919 All mutual savings banks: 1 19 9 4 3 0 9 — — D D eecc 3 3 9 1 1 1 0 0 , , 2 2 1 4 6 8 4 4 ,9 9 2 5 7 6 5 5, , 2 2 9 8 2 9 3 3, , 2 1 1 0 5 1 2 2 , , 1 0 8 7 8 8 9 8 6 1 6 8 1 10 0 , , 6 5 5 2 9 4 3 4 1 1 0 0 , ,6 5 5 2 5 1 1 1, , 2 3 9 0 2 9 5 5 5 5 1 1 1941—Dec. 31 10,379 4,'901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 L,236 546 1943—Dec 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—June 30 2 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 1,842 533 Dec. 31 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Jan. 28 • 18,770 4,960 13,810 12,040 1,770 850 17,880 1 10 17,870 1,880 533 Feb. 25. • 18,850 4,990 13,860 12,040 1,820 850 17,950 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 1,960 760 18,090 20 18.070 1,930 533 June 30« '•19,220 r5,230 13,990 11,990 n, 000 r830 18,210 20 18,190 1,950 532 July 28" 19,330 5,300 14,030 12,010 2,020 730 18,210 20 18,190 L.960 532 e Partly estimated. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O r s i e t t c i h e u e s - r a C ss a e s t h s Total I b n a t n e k r- m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er tions AH insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 114,274 37,583 76,691 67,941 8.750 36,926 141,851 12,670 94,300 34,882 9.734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 National member banks: 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944— Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82.023 8.410 54.335 19,278 5,409 5,005 1948—June 30 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 State member banks: 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 Dec. 31 32,566 11,200 21,365 19,240 2,125 10.822 40.505 3.993 27,449 9.062 3.055 1,918 m 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Insured nonmember commercial banks: 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6,535 1944—Dec. 30 11,824 2,678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1,022 6,452 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—June 30 15,896 4,597 11,299 9,949 1,350 3,498 18,240 201 11,550 6,488 1,245 6,461 Dec. 31 16.444 4.958 11.486 10.039 1.448 4.083 19.340 266 12.515 6.558 1,271 6,478 1948—June 30 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 Noninsured nonmember commercial banks: 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—June 30 2 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 1,993 472 1,521 1,266 255 575 2,236 363 1,411 462 324 783 All nonmember commercial banks: 1943—Dec. 31 10,847 2,832 8,014 6,899 ,115 3,889 13,671 448 9,131 4,092 1,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 ,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 ,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 ,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—June 30 2 17,970 5,027 12,943 11,352 ,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec. 31 18,438 5,430 13,008 11,305 ,703 4,658 21,575 629 13,926 7,021 1,595 7,261 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 1,218 191 Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 Noninsured mutual savings banks: 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1.260 448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 538 3,833 705 206 5,442 5,439 611 350 1947—June 30 2 5,964 1,316 649 3,924 724 181 5,541 5,539 624 342 Dec. 31 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1 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 totalloans 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. SEPTEMBER 1948 1137 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] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n l a o v e n a e n d n s t s t s - Total* o c m p p i k p l i n u e n a e a e r g d - r n t - * - - - A t c u u g r r l- - i- b d a e e s T r n e e r o r o a s d s c k l u - - ri o t e T i t e r h o s s - l R t o e a e a s t - a n e l s s l u C o m a o n n e s r -O lo t a h n er s Total Total Bills C o d c n e e f a e r e d b t t i s e i n - t f s D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p s d s t a i i u o o a i o c n v b l f t a n i d i e - t l - s - s O s ri e t t c h ie u e s - r All insured commercial banks: 1941—Dec. 31.. 49,290 21,2 9 9,2141,450 614 6624,773 4,545 28,031 21,046 988 3,15912,797 4,102 3,6513,333 1943—Dec. 31.. 83,507 18,841 7,777 1,,5.0.5.1 .,414 9224,437 868 918 64,666 58,6834,63613,218 7,67230,656 2,5013,2872,696 1944—Dec. 30.. 103,382 21,352 7,920 1,723 2,269 2,2654,343 888 944 82,030 75,8753,971 15,30015,778 39,848 978 3,4222,733 1945—Dec. 31..121,809 25,765 9,461 1,314 3,164 3,606 4,677 2361 96,043 88,9122,45519,07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,3581,5171,609 7,103 4031 098 81,445 73,5541,27112,288 6,780 53,200 154,2983,592 1947—June 30.. 110,682 33,250 14,7651,549 1,5171,278 8,2014,893 77,433 69,136 835 9,441 5,34153,505 144,826 3,471 Dec. 31.. 114,274 37,583 18,0121,610 8231,190 9,266 5 654 1,028 76,691 67,9412,124 7,552 5,91852,334 14 5J129 3,621 1948—June 30.. 111,794 39,372 17,8341,974 1,1831,07710,103 64121,119 72,421 63,4902,327 9,451 5,069 46,630 125,434 3,497 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 5983,494 3,692 25,50019,539 971 3,007 11,729 3,832 3,090 2,871 1943—Dec. 31.. 74,258 16,288 7,4211,0231,398 8393,274 1,484 848 57,97052,9484,36012,071 6,906 27,265 2!,3452,729 22,294 1944—Dec. 30.. 91,569 18,676 7,5311,198 2249 21083,209 ,505 877 72,89367,6853,74813,98214,12734,927 9022,8572,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3133 378 3,4551,9001,104 84,40878,3382,27516,98514,27144,792 16 3,2542,815 1946—Dec. 31.. 96,362 26,69613,154 884 506 5,358 3,308 1,020 69,66663,042 1,16710,043 5,602 46,219 11 33,5"4 '8 3,077 1947—June 30.. 94,802 28,655 13,820 972 507 6,240 3,998 965 66,14659,198 773 7,544 4,369 46,502 10 3,9822,966 Dec. 31.. 97,846 32,628 16,9621,046 811 7,130 4,662 952 65,21857,914 ,987 5,816 4,815 45,286 10 4,1993,105 1948—Apr. 12.. 95,896 33,062 62,83455,364 4,452 3,018 June 30.. 95,449 33,871 16,7341^2391,171 956 7,779 5,2491,040 61,57854,1392,188 7,597 4,104 40,242 8 41436 3,003 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1943—Dec. 31.. 19,994 4,428 2,515 1,054 323 107 252 15315,56614,563 ,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 S96 1945—Dec. 31. . 26,143 7,334 3,044 2,4531,172 80 287 29818,809 17,574 477 3,433 3,32510,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 25014,465 13,308 387 1,725 99210,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 29113,78412,571 137 1,103 77510,555 1 631 582 Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1948—Apr. 12..19,547 7.169 12,37811,129 721 528 June 30.. 19,019 7,550 5',275 "963 250 37211,46910,358 *693 "983 "520 8,i62 583 528 Chicago:1 1941—Dec. 31.. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31.. 4,554 1,004 763 102 52 45 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 163 163 45 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 211 233 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 117 101 105 3,266 2,912 60 498 146 2,207 167 187 1947—June 30.. 4,802 1,565 1,178 100 84 130 3,237 2,890 106 368 132 2,284 175 173 Dec. 31.. 5,088 1,801 1,418 73 87 149 3,287 2,890 132 235 248 2,274 213 185 1948—Apr. 12.. 4,681 1,663 3,018 2,620 223 174 June 30.. 4,742 1,714 1,357 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 ,527 1,512 8,243 6,467 295 751 4,248 ,173 956 820 1943—Dec. 31.. 27,521 6,201 3,058 279 217 267 ,420 658 30121,321 19,6821,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 ,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 4401,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 ,503 ,459 855 404 31,59429,552 1,034 6,982 5,65315,878 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 ,436 ,52722,250 441 3,799 1,99316,013 1,2721,004 1947—June 30.. 34,611 11,441 5,726 197 185 540 2,713 ,675 405 23,17020,845 334 3,038 1,50315,967 1,364 962 Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 ,969 366 22,591 20,196 373 2,358 1,901 15,560 1,3421,053 1948—Apr. 12.. 34,969 13,352 21,617 19,234 1,3431,039 June 30.. 35,065 13,373 6,823 *260 "i26 428 3,333 2,158 369 21,692 19,222 *783 3^244 i',56113,692 1,4461,024 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 1831,823 1,530 6,628 4,377 110 481 2,926 1,2221,028 1943—Dec. 31.. 22,188 4,654 1,084 713 1971,725 528 38117,53415,465 1,032 3,094 2,096 8,705 5381,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 3101,719 547 35123,61021,552 882 3,466 4,42212,540 2411,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 4711,881 707 363 29,40726,999 630 5,102 4,54416,713 91,342 1,067 1946—Dec. 31.. 35,412 8,004 2,433 681 273 2,970 1,312 306 27,40824,572 279 4,020 2,47017,797 1,5511,285 1947—June 30.. 35,057 9,102 2,744 774 244 3,3811,693 240 25,95522,893 197 3,035 1,96017,696 1,8131,250 Dec. 31.. 36,324 10,199 3,096 818 227 3,8271,979 229 26,125 22,857 480 2,583 2,10817,681 6 2,0061,262 1948—Apr. 12.. 36,699 10,877 25,82222,381 2,1651,277 June 30.. 36,623 11,234 3,279 *977 204 4,238 2,318 267 25,38921,892 552 3,121 1,86816,345 2,2231,275 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 ,282 854 2,535 1,509 17 152 1,069 271 563 462 1943—Dec. 31.. 9.258 2,556 356 482 ,165 385 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. If, 824 2,678 389 525 156 1,136 383 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 228 ,224 460 11,64710,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 142 ,748 723 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—June 30.. 15,896 4,597 945 576 125 ,963 895 11,299 9,949 62 1,897 972 7,013 4 845 505 Dec. 31.. 16,444 4,958 1,049 563 1252,139 992 11,48610,039 136 1,736 1,104 7,058 4 931 517 1948—June 30.. 16,360 5,504 1,101 735 1212,328 1,163 10,856 9,362 138 1,855 966 6,399 4 999 494 * 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 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 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. 8 Central reserve city banks. 1138 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 cleposits Cla c s a s l a l o n d d f a b te aiik F s w e e R R d r i e e v t e - - h e r s al v C a i a n u s l h t m a w B d n e i a o c s t - l t e h - i s c p m D a o d a d s e e n i - - - t d s In d t e e p r o b s a it n s k U G . o S v- . p S o a t li a n t t i d e c s al C a O f e n ie f r d f d i t - i- p v s a i I h d r n t i u d p n a i e s - l , r s - , Inter- U m G er . e o n n S v - t - . S p a i o t c n a l a i d t l t e - s p vi a s I d h r n u t i d n p a i e s l - s , r - , r B in o o w g r s - - c C o a t a u a c p n l - i t - s B se a r n v k e s banks4 justed6 m D es o t - ic8 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c r c k s . ' s, an p t d i o o r n c a o s - r- bank P S a o a n s v d t - al v s i u i s c i b a o d i n i s - an p t d i o o r n c a o s - rings All insured commercial banks: 1941—Dec, 31.. 12,396 1,358 8 570 37,845 >,823 673 1,761 3,677 1 077 36 544 158 59 492 15,146 10 6,844 1943—Dec. 31.. 12,834 1,445 8 445 59,921 5>,743 893 9,950 4,352 1 669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9 787 65,960 11,063 948 19,754 4,518 1 354 64, 133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15,810 1,829 11 075 74,722 12,566 1,248 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 82,085 1C1,888 1,364 2,930 5,967 2 361 79,887 68 119 664 32,742 39 9,286 1947—June30.. 16,039 1,804 8 498 80,869 S>,8O7 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 2,145 9 736 85,751 11,236 1,379 1,325 6,692 2 559 83,723 54 111 826 33, 946 61 9,734 1948—June 30.. 17,355 2,063 8 238 81,420 S• ,628 1,357 2,052 7,132 2 020 78,287 50 111 1,061 34,246 63 9,955 Member banks * ,T total: 31.. 12,396 1,087 6 246 33,754 S>,714 671 1,709 3,066 1,009 33 061 140 50 418 11,878 4 5,886 11994413——DDeecc.. 31. . 12,835 1,132 5 450 52,642 >,603 891 9,444 3,602 1,573 51 820 62 120 327 14 822 39 6,475 1944—Dec. 30.. 14,261 1,271 6 354 57,308 1C),881 945 18,509 3,744 1,251 56 270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7 117 64,184 i:5,333 ,243 22,179 4,240 2,450 62 950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 1,576 5 936 70,243 10,644 ,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 c>,612 ,369 1,095 5,376 1,976 67 933 60 106 649 27,259 50 8,315 Dec. 31.. 17,797 1,672 6 270 73,528 10,978 ,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 >,133 ,375 2,115 5,570 1,755 68 093 42 102 872 27,616 235 8,610 June30.. 17,356 1,606 5 419 70,051 c>,433 1,353 1,846 5,873 1,873 68 204 47 106 912 27 805 53 8,624 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 $,595 607 866 319 450 11 282 6 29 778 1,648 1943—Dec. 31. . 3,596 92 61 13,899 I>,867 810 3,395 252 710 14 373 4 5 26 816 29 1,862 1944—Dec. 30.. 3,766 102 76 14,042 5,179 851 6,722 199 361 14 448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 J.535 1,105 6,940 237 1,338 15 712 17 10 20 1 206 195 2,120 1946—Dec. 31.. 4 046 131 87 16,429 J.031 1,195 651 218 942 17 216 20 15 39 1 395 2,205 1947—June 30.. 4,166 123 50 16,494 ]2,898 1,228 179 260 915 17 202 22 14 17 1 407 1 2,234 Dec. 31.. 4,639 151 70 16,653 J.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 ?,776 1,220 375 232 725 16 345 10 14 54 1 460 119 2,268 June30.. 4,883 122 46 15,592 :J,830 L.183 333 272 748 16 306 15 14 41 1 621 26 2,262 Chicago:* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 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 ,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 June3ft 1,144 28 152 3,505 1,055 22 105 320 47 3 539 1 11 940 436 Reserve city banks: 1941—Dec. 31., 4,060 425 2,590 11,117 ti 302 54 491 1,144 286 11 127 104 20 243 4 542 1 967 1943—Dec. 31.. 5,116 391 1,758 18,654 i1,770 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 <S.307 110 8,221 1,763 611 22 281 30 38 160 9 563 2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24 288 25 43 235 10 580 4 2,729 1947—June 30.. 6,274 470 1,864 24,166 t1,773 109 311 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 i1,539 124 793 2,314 524 24 123 17 40 455 10 792 60 2,869 June30.. 6,462 521 1,852 24,316 1,751 140 728 2,442 562 24 198 18 42 496 10 771 3 2,870 1 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 1943—Dec. 31.. 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15 561 17 56 149 7 599 10 2,153 1944—Dec. 30.. 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9 650 16 2,321 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12 224 11 2,525 1946—Dec. 31.. 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13 727 26 2,757 1947—June 30.. 4,628 780 3,444 25,508 885 8 424 2,511 451 23,380 17 49 308 14 101 38 2,869 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 June30.. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 14 49 364 14 473 24 3,056 Insured non member commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3 276 6 959 1943—Dec. 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3 750 6 979 1944—Dec. 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4 553 10 1,022 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5 579 7 1,083 1946—Dec. 31 437 3,547 11 842 244 11 258 1,052 154 10,761 6 5 113 6 232 9 1,193 1947—June 30.. 395 2,979 11,274 194 3 152 1,119 135 10,144 4 e 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 1948—June 30 457 2,820 11,368 195 4 207 1,259 147 10,083 4 6 149 6,457 10 1,333 * 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. 6 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 andlO8-113. SEPTEMBER 1948 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a ri d n a u d l s , - and dealers To others e l R s o t e a a a n t l e s L ba o t n a o k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c ie u e s r a c g u r l i - - G U o .S v . t. OtherG U o . v S t . .Other Total Bills o d f e b in t- - Notes Bonds2 tural ob- se- ob- se- edliga- curi- liga- curi- ness tions ties tions ties Total— Leading Cities 1947—July 63,401 20,232 11,860 523 514 472 3,029 160 3,086 43,169 39,025 950 4,595 2,643 30,8374,144 1948—March. . . . 63,366 23,472 14,522 437 415 282 479 3,595 3,510 39,894 35,600 1,995 3,918 2,496 27,191 294 April 63,030 23,311 14,258 398 435 277 477 3,649 250 39,719 35,3982,096 3,825 2,401 27,076 4321 May 63,208 23,421 14,218 502 401 279 479 3,722 3,593 39,787 35,5602,315 3,835 2,415 26,9954,227 June 62,993 23,646 14,223 580 466 278 497 3,787 208 3,655 39,347 35,134 1,995 4,814 2,400 25, 213 July 62,930 23,917 14,469 547 489 272 5033,842 293 3,74439,013 34,709 1,848 4,478 2,449 25,934 4,304 June 2 . . . 62,936 23,521 14,113 644 414 279 493 3,755 3,604 39,41535,218 1,986 4,880 2,335 26,0174,197 June 9... 63,426 23,564 14,152 505 534 278 502 3,771 202 3,620 39,86235,6672,368 4,915 2,400 25,984 4,195 June 16... 63,085 23,615 14,245 482 469 282 482 3,788 222 3,645 39,47035,2502,124 4,841 2,413 25,8724,220 June 23 . . . 62,872 23,788 14,259 590 440 276 5013,798 248 3,676 39,08434,869 1,793 4,765 2,442 25,869 ,215 June 30. . . 62,646 23,740 14,345 678 474 275 5053,825 151 3,729 38,90634,666 1,704 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 1,593 4,543 2,388 25,907 4,243 July 14. .. 62,857 23,901 14,481 588 456 273 5033,837 263 38,95634,656 1,758 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 1,997 4,447 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 Aug. 4. . . 63,168 23,804 14,627 271 510 256 3,873 242 3,76439,36435,0232,303 4,290 2,539 25,8914,341 Aug. 11... 63,034 24,033 14,813 341 452 250 502 3,887 250 3,780 39,001 34,6602,081 4,208 2,542 25,829 ,341 Aug. 18. .. 63,399 24,090 14,872 217 464 250 500 3,894 346 3, ,30934,9042,318 4,218 2,554 25,8144,405 Aug. 25. . . 63,741 24,122 14,847 336 441 249 493 3,910 3,79039,11934,7022,186 4,182 2,551 25,783 4,417 New York City 1947—July 20,014 6,186 4,176 47: 351 191 130 65813,828 12,600 398 1,013 766 10,4231,228 1948—March. . . . 19,238 7,108 5,164 376 304 188 113 150 76812,13010,918 923 975 501 8,519 1,212 April 19,182 7,074 5,087 350 324 189 119 180 77612,108 10,891 ,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 July 18,648 7,412 5,190 479 363 200 158 236 82611,236 10,108 771 892 509 7,9361,128 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 ,274 5,060 454 414 198 138 179 78511,904 10,835 1,139 1,115 554 8,0271,069 June 16. .. 18,820 ,262 5,129 427 3*53 190 145 189 78411,558 10,478 876 1,063 551 7,9881,080 June 23... 18,730 ,354 5,146 527 314 197 146 188 79211,376 10,308 726 1,034 557 7,991 1,068 June 30... 18,659 ,437 5,202 612 349 200 151 136 82911,222 10,131 672 970 504 7,9851,091 July 7 . . . 18,542 7,476 602 329 200 152 215 82711,066 9,979 603 922 487 7,9671,087 July 14.. 18,613 7,415 517 338 201 159 216 83011,198 10,056 704 897 508 7,9471,142 July 21.. 18,781 7,445 415 413 200 159 289 82711,336 10,196 884 871 520 7,921 1,140 July 28... 18,655 7,312 382 374 200 161 223 82211,343 10,202 892 879 521 7,910 1,141 Aug. 4. . . 18,659 7,144 5,255 227 349 201 165 179 81911,515 10,3841,142 846 525 7,871 1,131 Aug. 11. .. 18,512 7,313 5,358 297 320 201 170 191 82611,199 10,069 916 824 487 7,8421,130 Aug. 18. .. 18,636 7,326 5,376 181 319 199 173 307 82211,31010,137 1,042 802 485 7,8081,173 Aug. 25. . . 18,677 7,358 5,355 293 311 195 175 262 81911,319 10,1441,061 813 496 7,7741,175 Outside New York City 1947—July 43,387 14,046 7,684 172 2,929 2,428 29,341 26,425 552 3,582 1,877 20,4142,916 1948—March 44,128 16,364 9,358 111 237 2913,482 2,74227,76424,682 1,072 2,943 1,995 18,6723,082 April 43,848 16,237 9,171 111 228 288 3,530 2,79127,611 24,507 ,067 2,935 1,905 18,6003,104 May 44,140 16,311 9,151 110 232 2953,593 2,826 27,82924,688 1,230 2,959 1,859 18,640 3,141 June 44,128 16,332 9,106 121 233 3023,644 2,86227,79624,658 1,140 3,745 1,855 17,9183,138 July 44,282 16,505 9,279 126 227 303 3,684 2,91827,77724,601 1,077 3,586 1,940 17,9983,176 June 2... 43,996 16,276 9,065 121 232 3023,622 2,830 27,720 24,588 1,125 3,713 1,778 17,9723,132 June 9... 44,248 16,290 9,092 120 232 3043,633 2,83527,958 24,832 1,229 3,800 1,846 17,9573,126 June 16... 44,265 16,353 9,116 116 237 2923,643 2,86127,912 24,772 1,248 3,778 1,862 17,884 3,140 June 23... 44,142 16,434 9,113 126 232 304 3,652 2,88427,708 24,561 1,067 3,731 1,885 17,878 3,147 June 30... 43,987 16,303 9,143 125 231 305 3,674 2,900 27,684 24,535 1,032 3,699 1,908 17,896 3,149 July 7... 44,064 16,456 9,210 118 227 3,679 2,91227,608 24,452 990 3,621 1,901 17,940 3,156 July 14. .. 44,244 16,486 9,286 118 229 3023,678 2,91227,758 24,600 1,054 3,603 1,943 18, ,158 July 21. .. 44,394 16,533 9,321 132 226 300 3,684 2,92127,861 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 ,881 24,668 1,150 3,541 1,953 18,024 3,213 Aug. 4. . . 44,509 16,660 9,372 161 222 302 3,708 2,945 27,849 24,639 1,161 3,444 2,014 18,020 3,210 Aug. 11. .. 44,522 16,720 9,455 132 215 3013,717 2,954 27,802 24,591 1,165 3,384 2,055 17,987 3,211 Aug. 18. .. 44,763 16,764 9,496 145 217 3013,721 2,967 27,999 24,767 1,276 3,416 2,069 18,006 3,232 Aug. 25... 44,564 16,764 9,492 130 216 298 3,735 2,971 27,800 24,558 1,125 3,369 2,055 18,009 3,242 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. 1140 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 r i e n a d t v h - l k - e s v C a i a n u s l h t b m a w a n d e n i c o s t e k - h ti s s c j p m u o s a d a t d s e e n i - - d t d s * s p p u v n c h a o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t n d i i e l t - - s - s c C c O h a e f e e i e n t f e r r c f c d d i t s . k - i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o e i n i d r p r l r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t n d i i e l t - - s - s P U m G S e i a n o r a . n o e g s n v d v n S t s - - a - t . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it a e s n b 4 - k tions tions Total— Leading Cities 1947—July 11,792 762 2,308 46,890 46,794 3,096 1,491 58614,058 327 9,1531,339 138 5,740 81,551 1948—March 12,576 758 2,297 46,724 46,737 3,318 ,523 1,14114,236 475 8,8481,358 320 5,871 95,020 April 12,441 780 2,256 46,394 46,416 3,425 ,382 1,30014,232 491 8,594 ,343 197 5,892 89.620 May 12,397 788 2,237 46,550 46,555 3,456 ,376 1,42214,236 503 8,5151,315 174 5,907 88,617 June 12,883 783 2,331 46,973 3,442 ,463 1,18214,333 515 8,7771,329 123 5,916 94,384 July 12,989 812 2,299 46,559 46,831 3,333 ,390 1,20214,352 535 8,9201,371 230 5,908 91,583 June 2.. . 12,636 764 2,269 465,646 46,627 3,478 ,665 1,25214,283 517 8,5721,310 134 5,924 19,169 June 9... 12,610 805 2,334 465,996 46,724 3,463 ,333 1,30114,296 514 8,7401,319 112 5,922 19,336 June 16... 13,384 775 2,467 477,259 48,153 3,395 ,410 1,00114,324 510 9,1481,330 127 5,916 22,904 June 23... 12,897 803 2,209 46,64746,689 3,359 ,464 1,09214,346 512 8,5881,351 216 5,915 22,528 June 30... 12,889 767 2,378 46,414 46,671 3,517 ,444 1,26514,417 520 8,8351,334 28 5,904 21,948 July 7... 13,054 797 2,33146,24746,318 ,655 1,07214,353 532 9,0471,347 306 5,911 19,218 July 14... 12,994 844 2,457 46,,44227 47,357 ,366 1,19314,358 545 9,2421,372 185 5,904 20,544 July 21... 12,922 792 2,234 46,726 46,984 ,298 1,28214,360 532 8,7611,369 229 5,904 21,765 July 28... 12,988 816 2,174 46 839 46,666 ,241 1,25914,337 532 8,6311,395 200 5,912 19,771 Aug. 4.. . 13,013 743 2, ,777 46,458 3,401 ,190 1,30614,306 538 8,8851,370 130 5,930 20,569 Aug. 11... 13,215 803 2,255 46,706 46,967 3,274 ,262 1,38714,308 543 8,9821,385 142 5,935 19,125 Aug. 18... 12,985 771 2,270 46,746 47,161 3,263 1,210 1,43314,283 549 8,9141,389 249 5,928 21,618 Aug. 25... 13,073 796 2,140 47,05946,937 3,283 1,193 1,29414,273 547 8,5801,400 225 5,936 18,839 New York City 1947—July 4,098 124 16,22416,651 231 827 134 1,348 2,908 1,194 65 2,181 33,026 1948—March 4,586 117 15,73316,290 277 835 308 1,385 2,803 1,200 93 2,208 38,648 April 4,535 124 15,57416,067 325 725 347 1,397 2,777 1,188 91 2,211 36,880 May 4,469 122 15,47015,994 279 726 377 1,405 2,741 1,157 91 2,208 37,060 June 4,761 122 15,48416,135 219 781 300 1,497 2,824 1,164 64 2,205 38,942 July 4,856 126 15,20715,813 246 718 319 1,532 2,823 1,197 154 2,210 36,350 June 2.. . 4,561 125 15,44516,058 215 989 319 1,462 2,787 1,145 69 8,285 June 9... 4,500 129 15,61116,128 202 699 333 1,473 2,770 1,156 58 7,800 June 16.., 5,079 117 15,63416,425 219 694 249 1,507 2,975 1,168 44 9,555 June 23... 4,868 123 15,44416,060 201 788 272 1,507 2,760 1,182 125 2,200 9,029 June 30... 4,795 116 15,28816,003 258 737 325 1,537 2,826 1,170 25 2,208 9,244 July 7... 4,926 129 15,06515,752 215 955 270 1,517 2,895 1,176 264 2,210 8,057 July 14... 4,852 130 15,14615.830 245 696 299 1,532 2,917 1,201 114 2,211 7,922 July 21... 4,820 119 15,34115,924 265 627 357 1,543 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 Aug. 4... 4,810 114 15,29315,693 246 550 367 1,500 2,795 1,196 44 2,220 8,350 Aug. 11... 4,922 124 15,22615,728 238 617 377 1,510 2,768 1,211 78 2,220 7,120 Aug. 18... 4,816 115 15,22815,794 270 555 386 1,493 2,765 1,212 90 2,216 8,046 Aug. 25... 4,805 118 15,39515,827 254 555 342 1,492 2,637 1,218 116 2,217 6,786 Outside New York City 1947—July 7,694 638 2,273 30,666 30,143 2,865 664 45212,710 312 6,245 145 73 3,559 48,525 1948—March.... 7,990 641 2,235 30,99130,447 3,041 688 83312,851 419 6,045 158 227 3,663 56,372 April 7,905 656 2,223 30,820 30,348 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 31,308 30,838 3,223 682 88212,836 474 5,953 165 59 3,711 55,442 July 8,133 686 2,265 31,35231,018 3,087 672 88312,820 502 6,097 174 76 3,698 55,233 June 2... 8,075 639 2,236 31,20130,569 3,263 676 93312,821 474 5,785 165 65 3,716 10,884 June 9... 8,110 676 2,303 31,385 30,596 ,261 634 96812,823 470 5,970 163 54 3,716 11,536 June 16... 8,305 658 2,43131,625 31,728 3,176 716 75212,817 472 6,173 162 83 3,713 13,349 June 23... 8,029 680 174 31,203 30,629 3,158 676 82012,839 473 5,828 169 91 3,715 13,499 June 30... 8,094 651 346 31,126 30,668 3,259 707 94012,880 481 6,016 157 3 3,696 12,704 July 7... 8,128 668 2,298 31,182 30,566 3,137 700 80212,836 494 6,152 171 42 3,701 11,161 July 14... 8,142 714 2, ,28131,527 3,015 670 89412,826 506 6,325 171 71 3,693 12,622 July 21... 8,102 673 2,196 31,38531,060 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 Aug. 4... 8,203 629 2,21031 484 30,765 3,155 640 93912,806 511 6,090 174 86 3,710 12,219 Aug. 11... 8,293 679 2,227 31 480 31,239 3,036 645 1,01012,798 515 6,214 174 64 3,715 12,005 Aug. 18... 8,169 656 2,236 31,518 31,367 2,993 655 1,04712,790 521 6,149 177 159 3,712 13,572 Aug. 25... 8,268 678 2,10731,664 31,110 3,029 638 95212,781 519 5,943 182 109 3,719 12,053 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 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. SEPTEMBER 1948 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e st d r e ic ra t l a R nd e se d r a v t e e i m n lo a v e n a e n n d s t s t s - Total1 i t a t c n a c u r g i d u n i r a r a d u l a l i - l , - l s- G a U t T l i o i n o o o . g b d v n a S - b - s t . d . r e o O a k c t l e u t i e h e r r r s s i e s - r G l U t T o i x i g o O b . o a S V n - - t s . o . t O h c t u e t i h e r r s i s e - r e l R o st a e a n a t l s e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t f e a e i e e f d t b s i e i r - - t s n - s - - Notes Bonds2 O s ri e t t h c i e u e r s - Boston July 28 837 1,080 721 11 16 127 2 197 1,757 1,622 130 232 126 1,134 135 Aug. 4 832 1,076 720 5 17 127 2 199 1,756 1,621 136 230 123 1,132 135 Aug. 11 819 1,077 716 4 16 127 8 201 1,742 1,605 139 208 128 1,130 137 Aug. 18 816 1,072 720 4 16 128 2 197 1,744 1,603 133 210 129 1,131 141 Aug. 25 813 1,080 715 5 16 129 10 200 1,733 1,591 126 206 129 1,130 142 New York* July 28 828 8,055 5,542 385 378 220 352 223 99712,773 11,437 935 959 599 8,944 1,336 Aug. 4 848 7,* 5,611 228 352 221 358 179 99312,959 11,631 1,193 927 603 8,908 1,328 Aug. 11 713 8,068 5,715 306 323 221 365 191 ,00012,645 11,318 984 904 572 8,858 1,327 Aug. 18 829 8,076 5,734 185 322 219 366 307 99712,753 11,379 1,104 881 570 8,824 1,374 Aug. 25 870 8,109 5,713 296 315 215 370 262 99412,761 11,385 1,122 891 581 8,791 1,376 Philadelphia July 28 525 892 524 2 16 9 81 261 1,633 1,353 53 134 96 1,070 280 Aug. 4 53 902 523 2 17 9 84 262 1,635 1,357 75 105 105 1,072 278 Aug. 11 552 905 526 2 16 9 85 263 1,647 1,369 90 113 105 1,061 278 Aug. 18 579 916 527 1 21 10 84 275 1,663 1,379 101 114 105 1,059 284 Aug. 25 533 909 530 2 17 9 85 267 1,624 1,341 72 103 102 1,064 283 Cleveland July 28 361 911 14 17 23 258 228 2,859 2,513 96 231 123 2,063 346 Aug. 4 391 920 12 18 23 259 217 2,870 2,523 108 230 123 2,062 347 Aug. 11 361 926 11 15 23 260 218 2,870 2,524 112 229 120 2,063 346 Aug. 18 383 931 13 18 22 261 215 2,883 2,534 113 233 121 2,067 349 Aug. 25 390 1,493 924 12 16 22 262 217 2,897 2,547 128 234 122 2,063 350 Richmond July 28 526 822 377 6 24 196 196 1,704 1,573 44 221 66 1,242 131 Aug. 4 544 840 383 6 24 197 205 1,704 1,573 38 210 82 1,243 131 Aug. 11 554 844 388 5 23 197 206 ,710 1,579 45 211 85 1,238 131 Aug. 18 553 847 387 6 23 198 208 ,706 1,574 39 209 85 1,241 132 Aug. 25 547 856 392 6 23 199 211 ,691 1,558 33 203 84 1,238 133 Atlanta July 28 290 807 494 7 36 63 183 ,483 1,293 32 256 131 874 190 Aug. 4 284 804 492 10 35 63 183 ,480 1,290 31 252 131 876 190 Aug. 11 307 798 492 7 36 63 183 ,509 1,318 34 269 139 876 191 Aug. 18 308 795 489 7 36 63 182 ,513 1,322 35 274 136 877 191 Aug. 25 302 791 489 7 35 63 180 ,511 1,320 36 277 135 872 191 Chicago* July 28 ,733 2,709 1,849 44 69 326 387 6,024 5,412 358 561 472 4,021 612 Aug. 4 ,737 2,743 1,871 67 69 329 391 5,994 5,382 327 535 497 4,023 612 Aug. 11 ,722 2,759 1,886 48 69 330 388 5,963 5,355 305 520 501 4,029 608 Aug. 18 ,788 2,765 1,899 51 69 331 390 6,023 5,412 333 521 521 4,037 611 Aug. 25 ,745 2,748 1,897 41 69 332 390 5,99 5,380 291 517 522 4,050 617 St. Louis July 28 ,033 914 533 5 13 151 195 1,119 973 41 132 90 710 146 Aug. 4 ,023 918 537 5 12 151 197 1,10: 959 35 132 91 701 146 Aug. 11 ,043 926 545 6 12 152 198 1,117 972 50 129 95 698 145 Aug. 18 ,041 930 548 6 12 152 198 1,111 965 36 138 94 697 146 Aug. 25 ,041 929 547 6 12 152 198 1,112 967 42 136 91 698 145 Minneapolis July 28 ,170 426 246 2 6 59 107 744 661 30 105 56 470 83 Aug. 4 ,169 428 250 2 6 59 106 741 658 27 103 58 470 83 Aug. 11 ,172 431 250 2 6 59 108 741 657 28 103 57 469 84 Aug. 18 ,168 429 246 2 6 60 109 739 656 32 104 51 469 83 Aug. 25 ,163 425 244 2 6 60 107 738 655 36 104 47 468 83 Kansas City July 28 404 848 550 4 12 124 153 1,556 1,346 126 290 115 815 210 Aug. 4 379 850 551 4 12 124 154 1,529 1,323 108 286 110 819 206 Aug. 11 400 855 556 4 12 125 153 1,545 1,339 121 285 115 818 206 Aug. 18 441 862 562 4 12 125 154 1,579 1,373 151 286 116 820 206 Aug. 25 428 868 569 4 11 125 154 1,560 1,354 136 285 114 819 206 Dallas July 28 241 1,012 697 43 84 168 1,229 1,113 49 196 98 770 116 Aug. 4 249 1,019 700 42 87 170 1,230 1,113 45 187 113 768 117 Aug. 11 269 1,02 706 42 86 171 1,244 1,123 47 186 122 768 121 Aug. 18 283 1,026 707 42 86 171 1,257 1,137 57 191 123 766 120 Aug. 25 278 1,033 712 42 87 172 1,24. 1,124 45 191 123 765 121 San Francisco July 28 135 4,792 2,046 352,03 680 6,34. 5,574 148 1,103 502 3,821 769 Aug. 4 175 4,814 2,069 332,035 687 6,361 5,593 180 1,093 503 3,817 768 Aug. 11 122 4,854 2,107 332,038 691 6,268 5,501 126 1,051 503 3,821 767 Aug. 18 210 4,872 2,122 332,040 693 6,338 5,570 184 1,057 503 3,826 768 Aug. 25 131 4,881 2,115 332,046 700 6,250 5,480 119 1,035 501 3,825 770 City of Chicago* July 28 400 1,845 1,436 60 69 208 3,555 3,164 216 314 324 2,310 391 Aug. 4 44; 1,872 1,454 60 71 209 3,571 220 304 350 2,307 390 Aug. 11 403 1,881 1,466 60 72 206 3,522 173 297 353 2,312 387 Aug. 18 458 1,881 1,477 60 73 208 3,577 193 299 377 2,320 388 Aug. 25 425 1,874 1,476 60 72 209 3,551 3,158 156 295 378 2,329 393 * 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. For other footnotes see preceding table. 1142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r i r e a n t d v h - l k - e s v C a i a n u s l h t m b a w n a d e n i c o s t e k - h ti s s c m p u o a d s a d t s e n e i - - t d d s 3 s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d a i s o i t i c n o u a v l a d n i t b i l t e - s - - s c C h c O a f e e e e i n t f e c r r f c d d i t k s . - i ' s - u m G er o . e n v n - s - t . s u p p v n c a h a o o i a e n i d l p r r r r d s a - - - t s , - - , S p s d s a i i o t u c i o n a v l a b n d i t i l t - e - s - s P U m G S e i a o n r . a n o e s g n v d n v S t s - - a t - . l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - C it a a p l - B d it a e s n b * - k tions tions Boston July 28 499 60 96 2,315 2,302 141 40 93 489 259 24 14 317 809 Aug. 4 495 56 97 2,305 2,305 136 38 91 490 271 24 6 318 799 Aug. 11 508 60 99 2,307 2,310 140 36 97 489 272 24 3 318 762 Aug. 18 500 58 97 2,283 2,306 131 36 93 489 271 25 15 319 821 Aug. 25 483 59 94 2,289 2,283 128 40 81 261 26 9 319 689 New York* July 28 ,108 170 118 6,73017,023 497 635 392 ,371 2,779 ,225 119 2,400 8,246 Aug. 4 ,098 156 119 6,75816,964 500 591 413 ,338 2,862 ,199 60 2,413 8,858 Aug. 11 ,185 169 12316,692 7,022 496 655 424 ,347 2,835 ,215 88 2,413 7,627 Aug. 18 ,114 158 12916,70417,093 507 609 434 ,330 2,836 ,216 111 2,408 8,614 Aug. 25 ,083 161 11116,86617,104 521 597 3872,329 2,701 ,222 116 2,409 7,253 Philadelphia July 28 472 44 100 2,012 2,073 89 34 56 414 328 13 14 302 727 Aug. 4 471 40 100 2,062 90 26 57 414 342 13 7 303 719 Aug. 11 496 44 103 2,093 102 26 61 412 352 12 21 303 658 Aug. 18 479 42 107 2,126 96 24 66 411 348 14 33 303 1,269 Aug. 25 491 43 99 2,089 101 30 60 411 331 13 11 303 859 Cleveland July 28 788 88 155 3,060 3,096 212 62 91 1,274 456 5 15 467 1,181 Aug. 4 771 81 153 3,047 3,045 207 62 981,274 473 5 8 467 1,152 Aug. 11 797 85 152 3,028 3,088 203 61 1091,275 478 5 7 469 1,018 Aug. 18 800 83 166 3,058 3,110 210 61 1111,272 491 5 2 468 1,225 Aug. 25 796 87 149 3,074 3,099 200 73 1,272 461 4 19 468 1,107 Richmond July 28 488 67 154 2,039 1,978 202 42 66 584 345 5 3 214 659 Aug. 4 489 61 154 2,030 1,987 202 38 67 584 358 5 1 214 674 Aug. 11 498 67 163 2,039 2,021 192 44 72 583 380 5 215 1,019 Aug. 18 479 64 151 1,998 1,980 188 43 72 583 371 5 "13 215 777 Aug. 25 493 68 161 2,033 2,004 186 43 65 583 373 6 5 215 719 Atlanta July 28 434 44 172 1,762 1,628 298 22 39 530 420 7 9 180 611 Aug. 4 44: 41 185 1,751 1,618 305 21 41 530 446 7 5 182 625 Aug. 11 436 44 197 1,763 1,668 289 21 43 529 468 7 5 181 609 Aug. 18 433 42 192 1,766 1,673 282 21 42 528 455 7 181 669 Aug. 25 431 44 175 1,765 1,646 282 21 39 527 441 182 630 Chicago* July 28 ,852 102 347 6,170 6,065 611 102 2362,413 1,448 28 676 2,732 Aug. 4 ,875 97 356 6,138 6,000 585 101 2402,413 1,492 29 679 2,961 Aug. 11 ,872 102 341 6,114 6,079 560 97 2532,411 1,494 28 682 2,562 Aug. 18 ,852 98 357 6,131 6,121 565 107 2762,409 1,476 29 682 3,020 Aug. 25 102 321 6,18 6,084 593 96 2452,407 1,417 30 682 2,751 St. Louis July 28 383 31 106 1,339 1,403 104 18 34 462 537 2 173 563 Aug. 4 374 29 116 1,313 1,399 106 19 37 462 550 2 173 540 Aug. 11 373 31 118 1,319 1,413 107 16 42 462 564 2 173 534 Aug. 18 380 28 104 1,317 1,406 106 17 42 462 546 2 173 605 Aug. 25. 378 29 106 1,342 1,410 107 18 38 462 530 2 173 528 Minneapolis July 28 224 14 84 841 754 184 14 2 247 278 3 96 351 Aug. 4 225 1 90 834 756 179 14 27 247 289 3 96 389 Aug. 11 229 13 89 833 776 174 12 29 247 295 2 96 366 Aug. 18 21. 1 88 820 763 172 14 31 247 284 2 96 426 Aug. 25 220 13 86 821 757 173 14 28 247 286 3 97 388 Kansas City July 28 504 31 281 1,789 1,77 239 29 58 373 4 809 1 189 814 Aug. 4 492 29 284 1,73 1,772 244 27 57 373 4 821 1 188 725 Aug. 11 511 31 295 1,792 1,796 246 27 62 373 4 823 1 189 742 Aug. 18 497 29 297 1,830 ,839 241 27 63 373 4 806 1 189 874 Aug. 25 513 30 273 1,843 ,813 24. 26 58 373 4 782 1 189 781 Dallas July 28 484 35 283 1,905 ,861 199 40 3 342 59 536 4 191 679 Aug. 4 500 31 284 1,916 ,845 206 38 33 34: 62 542 4 191 630 Aug. 11 503 34 282 1,911 ,877 197 38 35 342 69 562 4 191 585 Aug. 18 474 32 302 1,919 ,913 184 35 3 342 69 556 4 191 740 Aug. 25 488 34 291 1,930 ,886 186 37 35 34: 69 545 4 192 665 San Francisco July 28 ,752 130 278 6,877 6,708 624 203 1354,838 265 436 78 7o: 2,399 Aug. 4 ,781 110 302 6,940 6,705 641 215 1454,839 266 439 78 706 2,497 Aug. 11 ,807 123 293 6,878 6,824 568 229 1604,838 264 459 80 705 2,643 Aug. 18 ,762 125 280 6,892 6,831 581 216 1664,837 269 474 79 703 2,578 Aug. 25 ,808 126 27 6,878 6,76: 561 198 1564,83: 269 45: 81 707 2,469 City of Chicago* July 28 ,252 37 168 3,923 3,961 307 44 1221,227 39 1,070 22 457 1,698 Aug. 4 ,29' 37 187 3,97 3,968 30: 49 12 1,227 39 1,096 24 46C 1,895 Aug. 11 ,289 38 16- 3,918 3,995 281 48 1301,226 39 1,098 23 460 1,628 Aug. 18 ,27 36 176 3,940 4,043 27: 49 1391,227 39 1,081 24 459 1,871 Aug. 25 ,288 38 156 3,960 4,oo: 28 44 1261,226 39 1,038 2. 459 1,769 For footnotes see opposite page and preceding table. SEPTEMBER 1948 1143 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 - in l g To A ta c l cept O b in i w l g l n s ban b k o B s u il g ls ht ( a R F F c B e o e c a d s o r n e e u o k r r n w v s a t e l ) n Others I U m S i t n n p a i t o t t o e e r d s ts E U S x f n r t p a o i o t t m e e r d s ts c D h e o a x l n - l g ar e G U s o h n o i i d p t p e s p d o e s i d n to i b , r s e e F d i t n w o r i e n e e i n g o n r States countries 1947—june 234 183 132 69 63 50 111 46 20 6 July 244 187 148 75 74 39 115 45 21 7 August 244 206 158 71 87 48 133 47 1 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 (2) 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 Mi arch 311 241 162 70 92 79 151 48 2 23 17 April 275 242 151 71 80 91 143 54 4 19 22 May 254 256 161 71 90 95 155 57 3 19 21 Tune 270 253 142 61 81 111 155 56 2 19 20 July 284 235 134 67 67 102 151 47 1 19 18 * As reported by dealers; includes some finance company paper sold in open market. «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 inmillions of dollars] Debit balances Credit balances Customers' Debit Debit credit balancesl Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t c )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i t n s 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 v d p e t a s r t r a m t d n e i e n n r g t s' a in n I v d n e t s r t f a m ir d m e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 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... ••789 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... ••540 5 •"312 ••456 ••218 ••694 '120 30 10 ••290 1947—June 552 6 333 395 •"223 650 162 24 9 271 1947—August 3 550 3 241 3 656 September. . 3 570 3 280 3 630 October 3 606 3 257 3 616 November. . 3 593 3 247 3617 December... 578 7 315 393 240 612 176 23 15 273 1948—January.... 3 568 3217 3 622 February. .. 3 537 »208 3 596 March 3 550 3 229 3 592 April 3 572 3 241 3 614 May 3615 3 258 3619 June 619 7 326 332 283 576 145 20 11 291 July « 608 3 288 3 577 r Revised. 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. J Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): May, 69; June, 68; July, 74. 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. 1144 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 o r m m t c e h 6 i - r e a s , - l 1 a a P b d c n e a r a 9 c r i c n s y m 0 e e ' k s p s e - 1 , t- ch n l c a e o r a e a e x l a n w - s l - n l g 3 - e m bi o 3 ll n - s t 8 h 9 c m o - c e t f a o r o t t n i i e f n t s 1 i h - - 2- 3 t - a y x t e o a a b r 5 l - e 1 T 9 o c t i a ti l es N Y C o e it w r y k e E 7 N r c a n o i o s t r t t i a t e e h n h s r e - d n r 1 W e 1 r c n e S i s t o i a t e e u n s r t d n hdebted- issues 1938 average1. . . . 2.53 1.69 2.75 3.26 ness 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1 1 1 9 9 9 4 4 4 5 6 7 a a a v v v e e e r r r a a a g g g e e e . . 1 . .0 7 8 5 1 3 . . 4 8 6 4 7 1 1 1 . . 0 3 0 8 . . 3 6 7 0 5 4 . . 8 8 1 8 1 .3 1 1 2 6 ft 1 1 1 1 9 9 9 9 4 4 4 4 2 4 1 3 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 2 2 2 2 . . . . 6 7 5 5 1 2 4 9 2 2 2 1 . . . . 1 0 3 9 1 7 0 7 2 2 2 . . . 6 8 5 5 8 0 5 8 3 3 3 3 . . . . 0 1 1 2 2 9 3 6 1947— S O A e c u p t g o t u e b s m e t r b . e . r . . 1 1 1 . . . 0 0 0 0 6 6 . . . 8 9 9 8 4 4 . . . 3 3 3 8 8 8 . . . 8 7 8 0 4 5 4 8 7 . . . 8 8 9 7 5 7 . . .3 2 3 5 8 1 1 1 1 9 9 9 4 4 4 5 7 6 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 3 3 2 9 4 8 1 1 1 . . . 9 8 8 9 2 1 2 2 2 . . . 5 4 3 1 3 3 2 2 2 . . . 7 8 7 3 5 6 N D o ec v e e m m b b e e r r . . . 1 1 . . 0 1 6 9 1. . 0 94 3 . .3 3 8 8 . . 9 9 3 5 2 0 1. . 0 9 4 9 L . . 4 5 7 4 1944— S Ju e n p e tember. 2 2 . .6 6 9 3 2 2. . 1 2 8 3 2 2. . 8 5 2 5 3 3 . . 1 1 8 4 1948—January... 1.31 1.06 L.50 .977 .09 L.63 December. 2.39 1.93 2.61 2.65 F A J M M u e p a a n b r y r e i r c l u h ary.. 1 1 1 1 1 . . . . 3 3 3 3 3 8 8 8 8 8 1 1 1 1 1 ^ . . . . 0 0 0 0 0 6 6 6 6 6 L L L . . . . 5 5 5 5 S 0 0 0 0 O . . . . 9 9 9 9 9 9 9 9 9 98 7 6 6 7 . . . . . 1 0 0 0 1 0 9 9 9 0 L L L [ . . . . . 5 6 5 6 4 1 0 8 3 9 1945— J S D M u e e n a p c e r t e c e m h m b b e e r r . 2 2 2 2 . . . . 5 0 4 5 3 9 5 0 2 2 1 1 . . . . 0 2 7 9 5 0 1 9 2.23 2 2 2 2 . . . . 3 8 8 9 8 0 1 1 A Ju u ly gust.... 1 1 . .4 3 4 8 1 1 . . 0 1 6 3 1 1. . 6 5 3 0 1. . 0 9 5 97 3 1 L . . 1 1 0 5 1 1. . 6 5 5 6 1946— J M un ar e ch 2 2 . . 4 3 1 1 1 1 . . 7 8 5 4 2 2 . . 3 5 4 1 2 2. . 9 9 7 3 Week ending: September 2.32 1.83 2.43 2.75 July 31.... i !N 11/16 1/^ .997 L.10 L.59 December. 2.33 1.85 2.43 2.76 A A A A u u u u g g g g u u u u s s s s t t t t 2 2 1 1 8 7 4 . . . . l l i I / / K ^ ^ % 1 1 1 1 3 3 1 1 / / / / 1 1 1 1 6 6 6 6 1 2 / - ^ 1 % 1 1 1 . . . . 0 0 0 9 7 6 9 7 7 2 6 5 L L L 1. . . . 1 1 1 1 7 6 6 0 L 1 1 1. . . 6 6 6 .6 7 6 6 1 1947— J S D M u e e n a p c e r t e c e m h m b b e e r r . 2 2 2 2 . . . . 2 3 3 2 2 1 8 1 1 1 1 1 . . . . 8 8 7 8 2 2 7 3 2 2 2 2 . . . . 2 3 2 4 5 7 7 4 2 2 2 2 . . . . 9 6 8 6 5 9 0 1 1 Monthly figures are averages of weekly prevailing rates. 1948—March 2.46 2.09 2.52 2.83 '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. 1 Rate on new issues offered within period. 1 Prior to March 1939 figures were reported monthly on a basis not Back figures.—See Banking and Monetary Statistics. Tables 120-121, strictly comparable with the current quarterly series. pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October Back figures.—See Banking and Monetary Statistics, Tables 124-125, 1947, pp. 1251-1253. pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Corpo- Year, month, or week rate By ratings By groups 15 (high- 7 to 9 years grade) 3 Total years and Aaa Aa Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues, 1-5 1-8 15 10 120 30 30 30 40 40 40 1945 average .60 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average .45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average .59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1947—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.S7 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 2.45 2.45 2.85 3.12 2.86 2.94 3.17 3.52 2.91 3.44 3.03 February. 2.08 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 March. .. 2.03 2.45 2.52 2.81 3.10 2.83 2.90 3.13 3.53 2.89 3.40 3.01 April 1.99 2.44 2.38 2.77 3.05 2.78 2.87 3.08 3.47 2.85 3.34 2.97 May 1.89 2.42 2.31 2.74 3.02 2.76 2 86 3.06 3.38 2.82 3.27 2.95 June 1.89 2.41 2.26 2.73 3.00 2.76 2.85 3.03 3.34 2.80 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 August... 2.05 2.45 2.45 2.86 3.09 2.84 2.94 3.13 3.44 2.89 3.31 3.07 Week ending: 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 August 7 2.03 2.45 2.40 2.85 3.07 2.83 2.93 3.11 3.41 2.87 3.29 3.05 August 14 2.06 2.45 2.45 2.88 3.09 2.85 2.95 3.12 3.43 2.89 3.31 3.07 August 21 2.05 2.45 2.46 2.87 3.10 2.85 2.94 3.14 3.45 2.90 3.33 3.07 August 28 2.05 2.45 2.47 2.86 3.10 2.84 2.94 3.15 3.45 2.88 3.33 3.07 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 1 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 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. SEPTEMBER 1948 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS^ Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39=100) of trading7 (in Year, month, or week U. S. Munic- thou- Gov- ipal Medium-grade Pre- sands of m e e rn n - t2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c ferrede Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c shares) Number of issues... 1-8 15 12 14 5 5 4 15 416 365 20 31 1945 average 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 i03'.2' ''97.5' 102.6' ' * 88". 2"'i02'.8' 184.7 123 128 105 103 953 1947—August 103.89 134.3 104.5 98.5 103.3 89.5 103.5 188.7 rl24 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 1948—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 IVtarch 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 M^ay 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 '100 1,171 August . . ... 100.73 124.4 98.3 93.2 98.1 86.9 95.0 167.5 127 134 120 97 684 Week ending: July 31 100.76 126.2 98.9 94.2 99.2 88.9 95.1 169.5 130 137 122 98 898 August 7 100.74 125.3 98.6 93.6 98.6 87.9 94.8 169.5 129 135 122 98 773 August 14 100.73 124.4 98.2 93.2 98.2 87.1 94.7 167.9 125 132 118 96 790 August 21 , . 100 73 124 1 98 2 92 9 97 9 86 4 94 8 166 3 127 134 118 97 615 August 28 100.71 123.9 98.3 93.0 97.8 86.4 95.5 166.3 127 133 121 97 572 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from 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] ]^or new capita For refunding Total Domestic Domestic (new Total Total Year or month fu i r n n e g d - ) - m e a ( f i o e d g n s r o n d - t - ) ic Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 2 m e ( a f i e d o g n s r o n d t - - i ) c Total S n a m p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks F ei o g r n - 2 notes notes 1939 5,790 2,277 2 239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940. 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941. 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942. 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944. 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946. 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,611 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—July 3l,O33 3 863 619 124 12 483 311 172 170 170 11 40 118 107 11 August. . . 517 326 326 185 8 132 121 11 191 191 3 40 147 140 7 September 785 621 621 277 85 258 175 84 165 165 42 122 113 9 October. . 813 713 713 114 599 410 189 101 101 5 20 76 51 25 November 705 571 571 101 470 336 134 134 134 2 48 84 78 6 December 1,160 1,029 1,024 99 925 780 144 ""5' 130 130 2 45 83 80 3 1948—January.. 541 495 495 114 16 365 323 41 46 46 2 42 3 3 February. 837 782 781 217 39 526 348 178 j- 56 56 3 39 14 13 1 March. . . 1,374 1,222 1,221 630 31 560 531 29 2 152 152 1 54 97 87 10 April 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 i June 954 888 888 283 21 584 436 149 66 66 3 34 29 29 July 763 679 679 118 67 494 484 10 85 85 2 68 15 15 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 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. 1146 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 proceeds' Repayment Other Total P eq la u n i t p m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd 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—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 15O63 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 Tune ••654 '642 '563 449 '114 '29 '4 26 '45 5 July 539 528 403 287 116 8 8 85 32 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 pose*.4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1 208 180 943 86 831 469 226 136 16 g 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 t941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 i943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1 436 115 1 320 2 291 69 2 159 63 1 969 811 1 010 148 206 85 65 56 1946 . ... 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,121 2,122 923 76 2,429 1,740 364 325 279 169 56 54 1947—juiy 28 22 6 307 234 68 4 239 175 43 21 14 3 1 10 August. . . . 23 23 140 28 95 16 79 65 9 6 2 2 1 September.. 5 4 2 306 157 136 13 71 45 13 13 51 38 4 9 October.... 35 31 4 303 280 8 16 259 193 20 45 16 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 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 1S2 120 1 31 4 3 Tune 83 69 14 '403 363 '29 11 '93 '70 '23 '62 '60 2 July 68 68 175 148 27 241 148 3 90 45 39 6 ' 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 notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. SEPTEMBER 1948 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividendi Year or quarter Mis- Total s I a r t n e o e d n l c M § 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 o e r h n t i n n e a s p t r - - f m e p N u a r r e r o c n o t o t d n a d s u l - - s s O d go u b th o l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n f n n d i i g g d n 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 - - r s n c s i e c e e o l e r l v u s a 1 - s - pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 ... 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 703 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 » 165 356 28! 273 302 321 31.139 82 657 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 61 102 444 50 '57 124 85 77 91 66 •415 21 209 1947—1 871 126 70 94 449 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—i ••1,029 '120 rgg '129 r4<54 r46 r64 r77 r192 r9l 101 57 r529 22 207 2 1,107 117 94 152 4 71 51 72 80 194 97 100 79 569 22 218 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad • Electric power 6 TelephoneJ 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 i e n e r g n a u t e - I i b n n t e c c a f o o x o m m * re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r g n a u t e - I b n in e t c a f c o 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 L,067 227 191 173 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 L 992 277 200 171 I947 8,685 778 480 236 4,244 961 652 470 J.149 192 131 133 Quarterly 1946—l 1,869 39 14 56 967 303 196 107 475 84 54 11 2 1,703 -57 -45 52 919 225 151 109 497 75 53 3 4 2 2 . , 0 0 4 0 7 8 1 13 6 0 1 1 19 2 1 8 4 8 1 5 9 9 3 9 1 8 2 2 1 2 2 9 1 15 4 7 3 1 1 3 0 0 9 5 5 0 1 2 9 5 6 6 2 4 4 4 9 4 4 3 2 I947—1 2,039 166 89 44 1,075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 4 2 2 , , 1 3 7 5 7 7 2 1 3 8 9 4 1 1 5 1 7 2 1 3 0 8 3 1 1 . , 0 1 2 1 4 8 2 1 2 9 8 6 1 1 3 6 5 0 1 1 1 2 1 9 5 5 5 8 5 9 3 5 8 8 2 3 7 9 3 3 2 0 1948—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 274 185 60 1,118 233 156 115 627 71 48 44 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 1 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. • 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. K 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). 1148 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 End of month d T g d i r o r e o e t b s a c t s l t i b n d T e d t i a o e e r r e t r n i a e c n t l t s g t- Total 2 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 2 s b a U o v . n i n d S g s . s T t s a r a n x e v o a i t a s n e u n g s d r s y S is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s t g e b e t c F u e e e u a a r u d e r r r l i i a s l t i n y t n i n - 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—Aug. 260,097 257,110 168,390 15,735 25,025 8,142 119,323 59,499 51,664 5,642 29,220 2,987 73 Sept 259,145 256,107 167,946 15,725 24,894 7,840 119,323 58,640 51,759 5,531 29,520 3,038 70 Oct 259,071 256,270 167,109 15,732 24,808 7,840 118,564 59,714 51,897 5,618 29,447 2,801 78 Nov 258,212 255,591 166,404 15,335 24,501 7,840 118,564 59,670 52,008 5,534 29,517 2,621 83 Dec 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1948—Jan 256,574 253,958 164,917 14,838 20,677 11,375 117,863 59,893 52,479 5,403 29,148 2,616 72 Feb 254,605 252,100 162,759 14,438 18,920 11,375 117,863 60,095 52,793 5,327 29,246 2,505 74 Mar 252,990 250,634 161,339 13,945 20,331 11,375 115,524 60,023 52,988 5,100 29,272 2,356 73 Apr 252,240 249,920 160,875 13,748 20,065 11,375 115,524 59,843 53,065 4,886 29,201 2,320 70 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 60,822 54,607 4,386 30,787 2,206 51 Aug 253,049 250,875 159,132 12,838 22,294 11,375 112,462 60,856 54,704 4,340 30,887 2,175 47 1 Including amounts held by Government agencies and trust funds, which aggregated 5,447 million on July 31, 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 AUGUST 31, 1948 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- penou maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills * Treasury bonds—Cont. Sept. 2, 1948 1,101 Dec. 15, 1949-52 '• 3 y% 491 Fiscal year Sept. 9, 1948 1,105 Dec. 15, 1949-53 2• 2 y2 1,786 ending: S S e e p pt t. 7 16 3 , 1 1 9 0 4 4 8 8 1 1 , , 1 0 0 0 4 6 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 . s . . .2 1 1 , , 9 1 6 8 3 6 June—1 1 9 9 4 4 1 2 . . . . 1 4 0 , , 3 1 1 8 4 8 5 1 , ,4 9 9 9 2 4 3,5 2 2 0 6 3 43 6 5 7 2,0 3 3 9 2 5 2 1 0 4 7 8 Sept. 30. 1948 1,102 Sept. 15, 1950-52.. . .2 4,939 1943.. 21,256 11,789 8,271 758 2,759 848 O O c c t t . . 1 7 4 , 1 1 9 9 4 4 8 8 1,1 9 0 0 2 6 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 0 1 . -545.2% 2 1 , ,6 6 2 3 7 5 1 1 9 9 4 4 5 4 . . . . 3 4 4 5 , , 6 5 0 8 6 6 1 1 4 5 , , 8 4 9 9 1 8 1 1 1 1 , , 5 8 5 2 3 0 8 6 0 7 2 9 2 2 , , 8 6 7 5 6 8 4 2 , , 2 3 9 7 8 1 Oct 21 1948 909 Sept. 15, 1951-53. . . .2 7 986 1946.. 49,035 9,612 6,739 407 2,465 6,717 Oct. 28, 1948 910 Sept. 15, 1951-55 2. ..3 755 1947.. 51,367 7,208 4,287 360 2,561 5,545 Nov. 4, 1948 804 Dec. 15, 1951-53 2 1,118 1948.. 53,274 6,235 4,026 301 1,907 5,113 N N o o v v . . 1 18 2 , , 1 1 9 9 4 4 8 8 9 8 0 9 1 0 D M e a c r . . 1 1 5 5 , , 1 1 9 9 5 5 2 1 - - 5 5 4 5 . .'. 2 . y . ^ 2 1,0 5 2 1 4 0 1947—Aug.... 51,664 460 294 21 144 404 Nov. 26, 1948 . . . 1,000 June 15 1952-54 2 5 825 Sept.... 51,759 466 304 21 142 431 June 15, 1952-55. .2H 1,501 Oct.. . . 51,897 488 304 22 162 404 Dec. 15, 1952-54. . . .2 8,662 Nov.... 52,008 412 263 17 131 357 June 15, 1953-55 2. . .2 725 Dec.. . . 52,053 487 325 24 137 434 June 15, 1954-56 2• 2 }/i 681 1948—Jan 52,479 770 479 44 248 454 Cert. of indebtedness Mar. 15, 1955-60 22 y% 2,611 Feb.. . . 52,793 607 367 40 201 364 Oct. 1, 1948 Ser."J" 1 1,354 Mar. 15, 1956-58. .2Yi 1,449 Mar.... 52,988 588 383 30 175 462 Oct. 1, 1948 Ser."K" 1 1,467 Sept. 15, 1956-59 2 982 Apr.. . . 53,065 468 320 20 128 452 J F M a e n a b . r . . 1 i 1 , , 1 1 1 9 9 9 4 4 4 9 9 9 . 1 1 iy H Y8% 3 2 2 , , ,1 5 5 8 9 5 9 2 3 J J S u u e n n p e e t. 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 9 8 6 - - - 6 6 5 2 3 9 . 3 2 ' ' . 2 2H V 3 5, , 2 8 9 8 2 19 4 3 J J M u u n a l y e y . . . . . . . . . 5 5 5 4 3 3 , , , 6 2 1 0 7 4 7 4 3 1,6 4 4 7 9 3 3 7 2 3 3 3 4 7 0 1 9 5 24 1 1 6 9 7 1,0 1 1 4 3 1 8 6 0 4 4 4 6 2 3 5 8 8 J A* u p^ n r e • 1 1 , 1 1 9 9 4 4 9 9 1 1 H Y% 4 1 , , 3 05 0 5 1 D De ec c . 1 1 5 5 , 1 1 9 9 6 5 0 9 - - 6 6 5 2 3 2 • 2XA 3 1 , ,4 4 8 7 5 0 Aug 54,704 473 334 18 122 442 July i, 1949 iy8 5,783 J J D D u u e e n n c c e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 4 4 3 - - - - 6 6 6 6 7 9 9 8 3 3 3 3 • • • 2 2 2 2 y y y y 2 2 2 2 3 3 2 2 , , , , 7 1 8 8 6 1 3 3 1 8 1 8 m Y a e t a u M r r i o a ty f turities s a e A n r d i l e l s amoun S t C s e - r D i o e u s tstand S i e n E r g ie s Augus S t e F r 3 ie 1 s , 1948 Se G ries Mar. 15, 1965-703.2H 5,197 Treasury notes Mar. 15, 1966-713 2 y2 3,481 S O Ja e c n p t . . t. 15 1 1 , , , 1 1 1 9 9 9 4 4 4 8 8 9 1 \ \ ) y 4 2 3 4 3 , , , 0 5 7 9 3 4 2 5 8 J S D u e e n p c e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 . 3 3 • • 2 2 2 y y y 2 i 2 1 2 7 1 , , , 7 9 6 1 6 8 6 7 9 1 1 1 9 9 9 4 4 5 8 9 0 9 2 8 3 9 2 7 4 4 8 9 23 2 9 7 4 4 Postal savings 1951 1,559 435 1,124 1952 4,120 4,120 T J S S D r u e e e e n p p a c e t t . s . . u 1 1 1 1 r 5 5 5 5 y , , , , 1 1 1 1 b 9 9 9 9 o 4 4 4 4 n 8 8 9 9 d - 2 - - 5 5 s 5 0 1 1 2 2Y 2 2 2 i 1 1 , , 2 0 4 5 9 1 5 7 2 4 1 1 P G F a u b T e n a d o o a r e n t m a a r d a l n a l s d t . H i e C r e o e a d c u n t s a s i i n l s e s g c L u u A e o r s a d i • t m n i 2 . e i U 3 n s . 159,1 1 3 5 1 2 0 3 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 7 5 3 4 6 9 8 . 9 8 6 5 2 5 7 , , , , , , , 2 4 9 4 1 0 2 1 2 6 3 8 4 3 3 8 1 2 9 8 3 3 6 5 2 5 2 , , , , , , 1 8 4 9 8 3 4 2 5 6 7 7 0 2 1 9 6 3 3 5 6 5 2 2 5 2 1 4 9 0 2 6 3 3 5 5 5 3 4 2 2 2 2 2 2 1 , , , , , , , 1 0 5 4 1 2 1 9 5 1 6 0 8 8 9 9 4 1 4 3 3 Dec. 15, 1949-51 2 2,098 Various 14 1960 2,479 415 2,064 Unclassified. . -13 1 Sold on discount basis. See table on Open-Market Money Rates, p. 1145 2 Partially tax exempt. Total 54,704 2,490 31,876 3,484 16,868 3 Restricted. SEPTEMBER 1948 1149 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 jy nonbank investors Total End of interest- I Other State U. S. Governmonth s b ec e u ar r i it n i g es Total Total m b C a e n o r k m ci s a - 2 l F R 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 av a u n i t n u k g a s s l a r c s a o a s t o r i n p o c d o n ia - s - l g e a o o r n c n v d a - - l a S m n p d e e n c t i t a r u l a s g t e P n f u c u i b n e l d s ic 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—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 June... 250,132 252,366 86,366 65,000 21,366 166,000 66,800 23,200 12,000 21,000 7,200 30,211 5,538 1 Revised to include noninterest bearing debt. 2 Including holdings by banks in territories and insular possessions, amounting to 100 milliondollarslon June 30, 1942, and 400 million on Apr. 30, 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 ern- Fed- Com- Mu- Insur- Total ern- Fed- Com- Mu- Insurout- ment eral mer- tual ance out- ment eral mer- tual ance End of month stand- agen- Re- cial sav- com- Other End of month stand- agen- Re- cial sav- com- Other ing cies serve banks ings panies ing cies serve banks ings panies and Banks C1) banks and Banks 0) banks 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 1948—May 160,916 5,42020,66258,44911,52921,90442,952 1948—May.... 15,459 20 2,077 7,240 192 304 5,626 June 160,373 5,40221,36657,59911,52221,70542,779 June 13,411 19 2,070 5,922 171 273 4,956 Treasury bills: 1-5 years: 1945—Dec 17,037 512,831 2,476 1 1,724 1945—Dec 35,376 408 693 25,165 701 1,742 6,673 1946—June 17,039 214,466 1,142 3 1 1,425 1946—June 35,055 443 797 25,285 709 1,506 6,319 Dec. 17,033 2 14,745 1,187 11 1,088 Dec 39,570 576 831 28,470 1,047 2 101 6,550 1947—June".... 15,775 11 14,496 787 1 1 479 1947—June 42,522 469 698 29,917 1,574 2,671 7,193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,377 33,415 1,876 3,046 9,890 1948—May 13,761 11 8,245 2,521 58 133 2,793 1948—May 46,413 324 2,72230,604 1,904 2,781 8,078 June.... 13,757 15 8,577 2,345 58 112 2,650 June 46,124 318 2,63630,580 1,829 2,790 7,971 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 6,81316,676 243 576 10,438 1946—June 32,847 716 135 21,933 1,609 2,822 5,632 Dec 29,987 64 7,49611,221 257 490 10,459 Dec 27,283 529 72 16,657 2,042 2,826 5,156 1947—June 25,296 48 6,280 8,536 249 362 9,821 1947—June 18,932 423 40 11,577 1,245 2,002 3,645 Dec 21,220 30 6,797 6,538 200 269 7,386 Dec 10,270 370 426 6,090 576 880 1,928 1948—May.... 20,065 27 4,140 7,276 313 441 7,868 1948—May 10,270 315 499 6,175 511 879 1,891 June.... 22,588 14 4,616 8,552 317 479 8,610 June 10,464 314 546 6,251 506 911 1,936 Treasury notes: 10-20 years: 1945—Dec 22,967 9 2,120 15,701 179 576 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 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—May 11,375 1 1,958 4,523 116 223 4,554 1948—May.... 54,757 4,687 2,979 4,607 8,54617,352 16,586 June. 11,375 1,968 4,531 98 223 4,555 June.... 53,838 4,685 2,921 3,922 8,63917,12916,542 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 117,863 5,173 2,85347,42411,22622,21328,974 Dec 1948—May 115,524 5,345 6,31944,10411,03721,09427,625 1948—May June 112,462 5,336 6,20642,14611,04720,88026,847 June * 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. 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] y m F e i o a s r n c a t o h l r p b I W l h n y o e c y i l e t o e d h m e 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 l a v i e l e s u l a e r - 1 s - - - S t r c S a e i i x o t c a y - e u l s - O ce r t i e h p - e ts r c T e r o i e p t - a t l s ce N r ip e 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 i e a s d - v s r e - T c f t e o e r r a r a u t u c s c n s n - . t t s 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 o p d u e t g r a n e e l - s t s B ( d u + e ( u r - f ) d p i ) o c g lu r i e t s 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 e n e r n r c 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 o d ) s t r s Fiscal year: June 1946 9,392 21,493 7,725 1,7143,953 44,27643,0384,722 48,870 1,918 8,204 63,714 -20,676 -524 -10,460 +10,740 June 1947 10,013 19,2928,0492,039 5,325 44,71843,2594,958 17,279 1,355 18,913 42,505 +754 -1,103 '+555 -10,930 -11,136 June 1948 11,436 19,7358,301 2,396 4,494 46,362 44,7465,211 11,524 54,17718,414 539,326 +5,419 +2,706 -507 +1,624 -5,994 1947—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 53,077 1,746 57,261 -2,159 +2,315 -226 -14 +56 July 535 719 677 67 '302 '2,300 '2,236 286 41.155 611 H,646 43,698 -1,462 -178 4+700 + 141 +1,082 Aug. 1,165 403 742 410 228 2,948 2,569 114 P924 9 Pi,160 2,207 +362 + 10 -289 -241 -324 Details of trust accounts, stc. General fund of the Treasury (end of period) F o i r s c m al o n y t e h ar c N e r i e e p - t t S s oc a ia c I m l c n e o v S n u e e t n s c s t t u - s rit p y t e u E n r x d e - s i- m R o o t f r a i e o c o r d s f o i s n k n e a e r s e G c p l m t , e t u o h o p ( e r r e ( v n i a t t t i t - — c e i . o e . t n s ) ) ce R i e p - ts I m O nv e th e n s e ts t r - p t e u E n r x e d - s i- Total R F p e e D o d s i s n e e e i r - r t v a s A e l sse d t s p s p e D o p e i s n c e o i i - s t a s i l - a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n in n l e a d r n a c l e 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 June 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—Aug 574 150 135 3 400 281 26 3,705 4 749 1,362 4 1,593 304 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 4,612 May. . . . 577 106 142 4 101 10 39 5,327 1,714 2,007 1,606 381 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 Aug 607 100 186 5 100 21 385 5,229 1,919 1,741 1,568 397 4,832 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 o t 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 245 78,979 -53,735 Fiscal year: 1944 984 94,079 -46,095 June—1942 3,263 3,069 1,618 57 433 3,405 1945 041 95,986 -44,945 1943 686 5,944 4,521 5,064 84 447 4,124 1946 784 65,683 -17,899 1944 7,823 10,438 5,284 9,345 137 511 4,842 1947 637 39,978 +6,659 1945 10,264 8,770 4,880 11,004 144 643 6,317 1948 600 38,647 +8,952 1946 9,858 8,847 4,640 7,822 91 677 7,036 1947—July 564 3,390 -827 1947 9,842 9,501 6,055 3,566 55 779 7,285 Aug 193 3,152 +41 1948 11,534 9,464 9,852 305 18 899 7,412 Sept 711 3,959 +753 Oct 630 2,612 + 18 1947—July 1,133 297 370 49 2 66 618 Nov 348 2,533 +816 Aug 1,495 62 276 43 1 79 572 Dec 030 3,520 +510 S O N e c o p t v t 1 1 , , 4 1 9 8 2 1 8 6 1,1 2 2 4 6 8 6 7 1,5 3 2 1 8 4 4 4 9 3 2 2 5 8 2 2 1 1 6 5 6 5 4 4 6 6 7 2 2 3 7 5 6 1948— F Ja e n b 5 7 4 1 2 8 2 2 , , 8 5 9 5 5 6 + +1 1 , , 8 9 2 8 4 6 Dec 36 408 1,463 24 1 65 691 Mar 472 3,871 +2,601 Apr 960 2,956 +4 1948—Jan 645 2,338 473 17 1 72 562 May 330 2,868 +462 Feb 2,250 1,004 326 22 4 56 586 June 100 4,335 +765 Mar 279 2,034 2,276 20 1 125 603 July 404 2,765 -361 A J J M u u p a n l r y y e 1 1 , , 1 6 8 1 7 6 4 5 0 5 9 4 1,1 2 6 1 1 0 2 6 1 2 8 7 1,8 3 2 4 7 7 3 6 7 6 2 8 1 1 1 1 7 3 7 6 2 1 1 1 9 6 1 7 5 1 8 5 5 5 6 6 7 8 2 0 8 4 9 8 i b ( n — o 1 r t r ) D o h . w e if f i F g e n o r e g e n r n e c ( d r e a + e l s ) c b f r e u o i t p n r w d t i e o n e n b e n , a t la t s r h n e e e e c p s e a e T y r r m f e e ig p a e u r s n e u r t e s r s e y o n f a t s B n b u d n l o l e r e c r t t h o i n a w c n a i f g n s o e h g r s September 1947. SEPTEMBER 1948 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES* [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items » Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i - a l v e n - s m m C p s r t a l u i i o o a n i a e p e m t d d l - s e s s i , , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O r s t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - c u h f t u e n a D a r r t n r d i e r e b g d - e i d - s e d - s1 O s a t e s h - ts er b a t y B F g u n a u u o r t U n e e a l n d l s . e r d y S - d s . d p , e a n b y O o e a t t n b h e - l e s e , r l O i i a t t i b h e i e s l r - i U m G n e e r . t o e s e n n t v S r - t - - . o v in w P a e t r t s e n i e t - r e l - y d All agencies: Mar. 31, 1947 32,337 1,588 7,294 1,003 ,985 3,42615,486 3801,176 169 1,250 3,14227,268 509 June 30, 1947 *29,6661,792 7,662 851 ,777 3,56512,691 1651,163 83 506 2,04526,763 269 Sept. 30, 1947 31,037 1,556 9,212 1,093 ,725 3,55312,662 283 953 84 667 2,14428,005 138 Dec. 31, 1947 30,966 1,481 9.714 822 ,685 3.53912,600 247 879 82 689 2,03728,015 143 Mar. 31, 1948 31,107 1,369 10,134 570 ,845 3,52612,535 245 882 76 781 1,868 28,233 150 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 2 Federal Farm Mortgage Corp 125 16 86 121 Rural Electrification Administration 817 22 785 () 817 F C a o r m m m er o s d ' i H ty o m Cr e e d A it d C m o i r n p istration.... 1, 3 0 5 4 4 8 37 2 9 2 2 2 6 7 0 0 ( 2 ) 59 (•) 1 5 4 3 8 43 498 4 3 5 5 0 0 7 Federal Crop Insurance Corp 35 24 9 4 32 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 666 21 374 270 321 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: D Pu e b fe li n c s e H o H u o s m in e g s A C d o m rp inistration... 53 5 0 4 295 8 203 1 13' 10 52 5 0 4 Federal Housing Administration.... 210 "*24 'l42 1 28 4 178 Federal National Mortgage Association 10 10 1 10 Reconstruction Finance Corp.6 1,387 911 173 100 30 (6 8)5 82 236 1,152 Export-Import Bank 2,113 () 2,097 15 177 1,936 Federal Deposit Insurance Corp 1,065 4 1,052 () 8 9 35 1,031 F T e e d n e n r e a s l s e W e o V rk al 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 <*) 13 2 7 3 8 3 8 U. S. Maritime Commission: Maritime Commission functions 7... 4,192 560 3,305 29 212 393 3,799 War Shipping Adm. functions 8 7,003 163 1 6,507 115 191 333 6,670 Allother" 8,889 33 3,805 19 3,385 1,574 10 47 8,844 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1948 Purpose of loan M C F F a o e o r r d r m p . t . . b c i m F n r a a e e e t n t e d d d e k r i i . - s - t f o B t o p i a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u d l o i e r c m n c a a - l . - F A H e a d r o r s m m ' m . e - H C O L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic . - b h F l a o o e n a m d k n . e s R a a a . f F t f n i e l d . s i C - . B p p I E o a m o x r n r - t - t k - ot A h l e l r a c g A i e e l n l s - a D g e 1 e c 9 a . n 4 l 7 c l , i 3 e 1 s , To 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 5 374 5 379 442 238 2,105 3,750 6,093 5,673 Other 295 209 109 613 714 Less: Reserve for losses 15 (5) 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. * 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. * Deferred charges included under "Other assets" prior to Mar. 31, 1947. «Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 6 Less than $500,000. « 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. '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. 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year and month Tota In l (p d h u 1 y 9 s s t 3 r i 5 c ia - a 3 l l 9 v f p M a o r = c a o l t u d n u 1 m u u r 0 c - e e 0 t ) s i * o 1 n M era in ls - To a t w 1 a C 9 l a 2 o r c d 3 n o - e s R n d 2 d t e t e r 5 s r n u a i ( - c v c = - t t a i s o l 1 u n o 0 e A t 0 ) h 2 l e l r N a c g u o r l n E - i- - 1 m 9 p 3 l 9 o y F = m a c 1 e t 0 n o 0 t r 3 y 1 r F 9 p t o 1 o a 3 a l 0 c l r 9 y s - 0 y - = 3 c 1 F a 9 i r r n 3 e l g 1 5 o i s 0 g - a * 3 0 d h 9 - t 1 D 9 m u s s ( e 3 v t a e p o e a 1 5 l ) e l ^ a r n 0 - - e s r 3 t 0 t 9 1 s p 9 u C r 3 m i o 1 5 c n e 0 - e r - 3 0 s s 9 ' p W m = c 1 r s o i o 9 h a c 1 m 2 d l o e 0 e 6 i l - s 0 t e 3 y - Dur- Non- tial tural durable able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920. 7 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. 12 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941. 162 201 142 125 122 89 149 119.4 132.1 167.5 130 133 105.2 87.3 1942. 199 279 158 129 166 82 235 131.1 154.0 245.2 138 150 116.5 98.8 1943. 239 360 176 132 68 40 92 138.8 177.7 334.4 137 168 123.6 103.1 1944. 235 353 171 140 41 16 61 137.0 172.4 345.7 140 187 125.5 104.0 1945. 203 274 166 137 68 26 102 132.3 151.8 293.4 135 207 128.4 105.8 1946.. 170 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139.3 121.1 1947.. 187 220 172 149 157 142 169 145.2 157.3 332.1 143 '286 159.2 r152.1 1946 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 '272 145.9 124.0 October 182 184 214 168 145 145 140 148 141.5 151.4 151.8 297.9 139 '260 148.6 134.1 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 '266 153.3 '141.0 February 189 185 222 176 146 151 152 149 144.1 156.9 156.6 317.6 142 267 153.2 r145.2 March 190 187 225 175 148 132 129 134 144.2 156.7 157.0 320.9 146 272 156.3 '150.0 April 187 185 222 172 143 133 123 142 143.4 156.8 155.9 317.6 137 r278 156.2 '148.0 May 185 185 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 '290 156.0 '147.3 June 184 185 219 168 148 136 116 152 144.8 155.2 154.7 327.2 137 '288 157.1 '147.7 July 176 178 207 163 140 155 136 170 144.8 154.5 153.3 321.8 ••135 '287 158.4 150.6 August 182 18 210 169 150 166 150 179 145.2 156.3 157.8 331.5 143 '284 160.3 '153.7 September 187 191 217 172 153 183 168 195 146.2 158.9 160.2 345.3 142 '294 163.8 157.4 October 190 194 223 176 155 184 170 196 147.1 160.0 160.4 350.1 145 '279 163. 158.5 November 192 193 224 179 155 193 163 217 147.3 160.4 160.8 353.4 147 302 164.9 '159.6 December. 192 189 229 173 156 197 161 227 147.9 161.1 161.9 365.7 149 '303 167.0 163.2 1948 January 193 189 229 178 154 191 152 223 148.6 161.2 160.5 358.7 145 '286 168.8 165.7 February 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 139 '286 167.5 '160.9 March 191 188 229 177 142 181 148 208 147.9 160.1 160.3 358.4 130 '285 166.9 161.4 April 188 186 217 177 147 181 154 202 147.2 157.1 156.1 347.1 130 '306 169.3 162.8 May 192 192 '221 178 162 188 165 206 147.7 156.7 155.5 346.9 141 310 170.5 163.9 June 192 193 222 179 159 201 177 220 148.9 158.7 158.1 359.2 139 '312 171.7 166.2 July P187 P189 P219 P154 P212 P191 P229^149.3 159.4 138 316 173.7 168.6 * Average per working day. P Preliminary. ' Revised. 1 For indexes by groups or industries, see pp. 1154-1157. For points in total index, by major groups, see p. 1176. 2 Based'on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1161 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 1163-1166. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. SEPTEMBER 1948 1153 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 July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Industrial Production—Total. 176 182 187 190 192 192 193 194 191 188 192 192 187 Manufactures—Total 183 188 192 197 199 198 200 201 200 195 197 198 vl93 Durable Manufactures.... 207 210 217 223 224 229 229 226 229 217 221 222 P219 Iron and Steel 181 188 195 204 202 205 203 203 207 177 207 207 201 Pig iron 174 187 188 198 197 196 197 196 193 196 186 Steel 198 205 214 224 222 226 224 226 234 208 '235 r236 228 Open hearth. 166 170 177 184 182 185 180 184 154 183 180 176 Electric 429 454 477 509 503 516 526 551 587 591 '607 r628 595 Machinery 266 267 276 280 281 285 284 283 r275 272 276 P268 Manufacturing Arsenals and Depots ! Transportation Equipment 217 213 227 232 234 244 244 232 240 237 '218 223 P235 Automobiles (including parts) 185 180 197 198 200 206 206 192 202 197 '179 187 P203 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products... 171 170 174 179 185 189 195 199 201 200 196 193 P186 Smelting and refining 181 180 182 176 177 183 188 190 192 203 203 194 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 , Fabricating 167 167 171 180 188 192 198 202 204 199 "194 193 '186 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 133 142 140 143 150 153 755 145 142 140 P143 Lumber.. . 121 133 128 128 137 139 143 135 137 132 131 129 P135 Furniture. . 155 160 164 172 176 181 179 178 178 169 163 P159 Stone, Clay, and Glass Products... 195 199 202 201 201 205 202 207 211 211 '206 207 P199 Glass products 207 211 219 210 207 199 187 197 205 212 201 199 185 Plate glass 124 151 151 156 143 141 149 166 160 165 152 170 123 Glass containers 235 231 243 229 229 218 200 208 219 227 218 -•208 206 Cement 164 171 171 174 178 196 199 208 196 193 187 190 188 Clay products 160 162 160 161 162 166 179 168 176 173 172 176 Pill Gypsum and plaster products 224 225 221 230 236 236 246 246 248 --249 -•240 237 P247 Abrasive and asbestos products. . . 220 216 226 224 226 244 215 242 248 244 244 248 P248 Other stone and clay products l. . . Nondurable Manufactures. .. 163 169 172 176 179 173 178 180 177 177 178 179 P171 Textiles and Products 142 154 160 164 172 163 179 179 175 174 176 174 Textile fabrics 129 142 147 152 159 149 165 166 161 161 162 159 H43 Cotton consumption 118 130 130 139 149 131 153 153 147 147 147 140 115 Rayon deliveries 263 267 278 280 290 287 300 295 302 297 r3O7 '313 324 Nylon and silk consumption l. . . Wool textiles 130 156 168 167 172 166 181 185 177 179 179 177 Carpet wool consumption . . 141 184 192 194 196 183 212 212 216 227 r226 220 Apparel wool consumption. 149 176 184 185 182 171 192 202 190 196 191 184 Wool and worsted yarn. . . 121 147 162 160 164 161 172 176 166 164 163 162 Woolen yarn 108 134 144 140 142 141 152 154 144 146 145 146 Worsted yarn 139 165 188 188 194 189 200 206 196 190 189 185 Woolen and worsted cloth. . 132 148 159 159 167 164 175 181 171 171 172 173 Leather and Products.. . 101 116 122 126 124 120 123 115 110 108 109 P97 Leather tanning 106 115 120 121 122 113 116 116 102 105 109 107 Cattle hide leathers 121 130 131 136 141 129 132 133 115 119 124 121 Calf and kip leathers 78 93 103 94 88 83 85 80 69 78 '82 80. Goat and kid leathers... . 90 87 94 100 93 89 96 95 92 91 '91 88 Sheep and lamb leathers. 84 101 118 112 108 101 101 100 92 91 93 94 Shoes 97 117 123 128 126 114 127 123 107 111 P96 122 113 Manufactured Food Products. . . . 155 157 158 156 158 158 160 158 159 163 P159 158 157 Wheat flour 143 148 136 136 143 133 134 122 139 138 Cane sugar meltings x 140 134 Manufactured dairy products. . P138 P\39 '139 '145 P151 '152 P152 Butter 85 74 76 75 66 66 67 65 69 71 72 71 72 Cheese 197 174 167 163 151 148 156 150 159 170 171 171 169 Canned and dried milk.... 188 158 160 157 137 130 127 134 158 175 185 192 195 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 1154 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 ofGovernors. 1935-39 average= 100] 1947 1948 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing .... 156 145 146 142 170 160 150 147 131 125 127 152 135 Pork and lard 171 155 144 141 185 173 156 161 140 136 145 176 149 Beef 149 140 153 146 159 154 154 141 131 122 116 135 124 Veal . 154 158 174 171 190 149 128 115 98 102 104 134 140 Lamb and mutton 93 91 99 109 114 107 98 102 91 83 74 94 89 Other manufactured foods 156 160 163 161 160 164 165 168 167 166 168 169 P165 Processed fruits and vegetables 133 138 149 134 129 138 141 144 155 147 159 P140 Confectionery . . . 119 118 125 134 144 150 144 149 143 138 138 124 Other food products 168 173 174 172 171 173 174 177 174 176 178 179 P182 A Icoholic Beverages. . ...164 176 198 229 219 167 167 198 191 182 167 170 173 Malt liquor 157 168 196 204 203 165 169 171 157 153 141 145 155 Whiskey . ... 55 56 78 71 1 5 37 115 152 160 157 114 86 Other distilled spirits . . 329 385 277 323 119 94 220 431 526 383 294 393 402 Rectified liquors 231 238 297 468 562 376 264 310 239 255 245 243 242 Industrial A Icohol from Beverage Plantsl .. . ... Tobacco Products ... 156 160 163 175 169 149 153 155 164 183 163 166 148 Cigars 98 107 113 126 124 100 104 113 102 101 105 108 98 Cigarettes 210 211 213 229 224 201 204 203 225 257 222 226 200 Other tobacco products . 72 80 83 80 68 61 69 70 67 75 68 68 63 Paper and Paper Products . . 146 158 159 163 165 158 163 163 166 168 169 165 P152 Paper and pulp ... . . 140 153 153 157 160 153 157 158 160 163 164 159 Pulp 160 178 171 177 182 168 174 177 178 180 187 182 Groundwood pulp 108 113 110 105 97 96 88 94 90 97 104 106 Soda pulp 98 105 104 107 112 107 109 110 103 108 112 111 Sulphate pulp 253 278 259 275 281 255 276 269 285 293 309 301 Sulphite pulp 131 151 149 154 159 148 151 161 153 151 151 146 Paper 137 149 150 154 156 150 155 155 157 160 160 156 146 Paperboard . . ... 166 178 182 184 186 177 187 179 192 192 191 187 165 Fine paper . 75 86 87 89 89 86 86 88 85 87 86 85 77 Printing paper 147 157 157 167 168 162 162 170 161 166 169 168 158 Tissue and absorbent paper . 136 148 151 152 158 158 163 161 161 171 169 157 159 Wrapping paper 124 138 135 141 146 139 145 150 148 151 150 145 143 Newsprint . 91 94 97 91 90 88 82 83 82 89 95 94 93 Paperboard containers (same as Paperboard) Printing and Publishing ... 139 145 144 152 152 146 148 157 150 154 156 157 P151 Newsprint consumption 131 133 131 138 137 131 134 144 139 143 143 146 145 Printing paper (same as shown under Paper) Petroleum and Coal Products. P195 P201 P203 P204 P205 P208 P214 P215 P211 P213 P220 P221 P220 Petroleum refining ^ Gasoline . . . 157 163 162 162 159 160 159 155 154 164 170 173 Pi 74 Fuel oil 178 180 183 187 186 193 201 206 200 194 196 194 Lubricating oil 157 164 154 160 162 170 163 164 164 158 159 155 Kerosene 186 177 169 177 178 187 199 213 210 197 187 196 Other petroleum products * Coke 161 171 170 177 177 179 178 179 166 137 174 175 By-product coke . . 156 164 162 169 170 171 171 171 164 135 166 168 Beehive coke 307 415 439 449 440 442 421 237 186 421 408 P300 414 Chemical Products 251 249 248 248 254 255 252 250 249 r249 256 P255 251 Paints 152 152 153 152 155 158 158 154 150 151 154 P160 Soap ... 135 135 137 138 155 150 151 147 140 123 124 124 P\26 Rayon 291 294 295 294 219478 299 298 301 303 305 304 309 Industrial chemicals . 438 431 425 427 431 438 437 434 433 439 449 P440 Explosives and ammunition * Other chemical products * Rubber Products ... . . .. ... 207 210 217 223 225 230 223 215 205 200 200 205 P197 Minerals—Total 140 150 153 155 155 156 154 155 142 147 162 159 P!54 Fuels 144 155 160 162 163 162 160 161 146 149 168 164 P160 Coal 113 143 153 156 *159 153 152 148 99 103 160 147 P134 Bituminous coal. 117 151 161 163 169 164 161 155 97 102 171 157 P143 Anthracite 93 114 122 126 119 111 112 118 108 105 116 105 P100 Crude petroleum. . ... 160 161 164 166 165 166 165 167 169 171 172 173 P173 Metals .... ... 117 117 111 107 109 117 117 120 118 137 128 128 P115 ]Metals other than gold and silver . .... 1160 163 153 145 146 159 159 163 161 193 179 179 P156 Iron ore (Copper* Lead* Zinc)* Gold . ... 60 56 55 53 55 55 59 59 58 57 57 55 Silver . . . . 51 47 55 63 73 78 67 64 59 68 67 v Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision." NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. SEPTEMBER 1948 1155 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total . . 178 185 191 194 193 189 189 190 188 186 '192 193 P189 Manufactures—Total . 184 191 197 200 200 196 197 197 197 193 '197 199 P194 Durable Manufactures .. 208 212 219 224 224 227 226 223 228 217 221 223 P220 Iron and Steel . . . .. 181 188 195 204 202 205 203 203 207 177 '207 207 201 Pig iron . . 174 187 188 198 197 196 197 196 190 151 193 196 186 Steel 198 205 214 224 222 226 224 226 234 208 '235 '236 228 Open hearth .. . 166 170 177 184 182 185 182 180 184 154 183 '180 176 Electric . ... 429 454 477 509 503 516 526 551 587 591 '607 '628 595 Machinery . . Z66 267 276 280 281 288 285 284 283 r275 272 276 P268 Manufacturing Arsenals and Depots1 . . Transp ortation Equipment 217 213 227 232 234 244 244 232 240 237 '218 223 P235 Automobiles (including parts) 185 180 197 198 200 206 206 192 202 '197 187 P2Q3 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 171 170 174 179 185 189 195 199 201 200 196 193 P185 Smelting and refining 180 180 182 176 178 183 188 190 193 203 203 193 P183 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating . 167 167 171 180 188 192 198 202 204 199 r194 193 P186 (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 '144 148 P152 Lumber . . 133 147 143 138 133 119 117 116 125 131 134 141 P148 Furniture 155 160 164 172 176 181 179 178 178 169 '163 161 P159 Stone, Clay, and Glass Products 196 207 210 210 206 200 190 193 201 208 211 209 P201 Glass products 200 218 223 215 209 187 184 193 205 212 212 '197 179 Plate glass 124 151 151 156 143 141 149 166 160 165 152 170 123 Glass containers . . 225 241 248 236 231 203 196 201 219 227 233 '206 198 Cement 181 193 198 202 192 178 161 158 160 183 196 203 207 Clay products 160 166 166 169 169 172 166 160 169 168 171 175 P172 Gypsum and plaster products 224 226 225 236 240 242 236 235 238 '246 '242 242 P247 Abrasive and asbestos products 220 216 226 224 226 244 215 242 248 244 244 248 P248 Other stone and clay products *• Nondurable Manufactures 164 173 178 181 180 171 173 176 173 174 177 179 P173 Textiles and Products 142 154 160 164 172 163 179 179 175 174 176 174 P159 Textile fabrics . ... 129 142 147 152 159 149 165 166 161 161 '162 159 P143 Cotton consumption 118 130 130 139 149 131 153 153 147 147 147 140 115 Rayon deliveries 263 267 278 280 290 287 300 295 302 297 '307 '313 324 Nylon and silk consumption J .' . Wool textiles 130 156 168 167 172 166 181 185 177 179 179 177 Carpet wool consumption 141 184 192 194 196 183 212 212 216 227 '226 220 Apparel wool consumption . ... 149 176 184 185 182 171 192 202 190 196 191 184 ^^oolen and worsted yarn 121 147 162 160 164 161 172 176 166 164 163 162 Woolen yarn , 108 134 144 140 142 141 152 154 144 146 145 146 Worsted yarn 139 165 188 188 194 189 200 206 196 190 189 185 Woolen and worsted cloth 132 148 159 159 167 164 175 181 171 171 172 173 Leather and Products .. 99 116 121 126 126 113 120 126 114 110 108 108 P98 Leather tanning 100 114 118 123 126 112 117 124 101 105 109 104 Cattle hide leathers 114 126 129 137 146 129 135 144 115 119 '124 116 Calf and kip leathers . . .. 77 97 101 96 91 82 83 84 68 74 78 81 Goat and kid leathers 89 84 95 100 90 90 96 99 91 94 '89 89 Sheep and lamb leathers 78 105 115 112 114 96 94 110 89 89 100 93 Shoes . . .. 97 117 123 128 126 114 122 127 123 113 107 111 P96 Manufactured Food Products . . 166 178 182 167 161 154 146 144 141 143 153 163 P171 Wheat flour . . .. . .. 141 147 148 144 144 132 140 136 120 128 134 132 P141 Cane sugar meltings 1 Manufactured dairy products P229 P192 P156 P121 P91 P88 P87 P99 P119 P155 P2@1 P224 P223 Butter 104 81 73 64 50 52 55 58 63 72 93 98 88 Cheese 242 195 170 147 113 106 116 123 143 176 229 242 207 Canned and dried milk 218 163 147 127 99 100 103 120 155 197 257 265 226 Ice cream . . . p Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 1156 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 ofGovernors. 1935-39 average= 100J 1947 1948 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued TMf. eat packing . . . 146 127 136 144 189 187 175 141 121 116 127 151 126 Pork and lard 150 119 114 133 216 229 204 158 130 124 145 176 132 Beef 151 141 165 159 165 154 157 130 119 115 116 132 125 Veal 154 155 191 195 203 140 119 101 92 100 108 134 140 Lamb and mutton . 90 89 106 113 114 104 133 103 89 80 76 87 86 Other manufactured foods 163 186 196 179 167 161 152 152 149 148 152 160 P173 Processed fruits and vegetables 173 263 290 173 118 108 92 91 85 90 122 P181 C01 fectionery 97 128 162 176 170 152 148 151 133 114 106 92 Other food products . . 171 176 177 181 180 176 167 168 167 169 175 181 j>185 Alcoholic Beverages 182 181 206 252 196 146 142 176 172 178 173 186 188 M!alt liquor 196 192 197 190 157 132 139 154 146 160 161 183 194 Whiskey 55 56 78 71 1 5 37 115 152 160 157 114 86 Other distilled spirits 191 208 379 837 251 103 143 259 342 230 177 243 233 Rectified liquors 231 238 297 468 562 376 264 310 239 255 245 243 242 Industrial A Icohol from Beveraee Plants * Tobacco Products 162 165 172 181 172 139 153 147 155 173 163 173 154 Cigars . . 98 107 113 126 124 100 104 113 102 101 105 108 98 Cigarettes . . . 221 222 228 238 228 185 204 190 209 239 222 237 210 Other tobacco products 72 78 89 85 70 54 67 68 67 75 68 70 63 Paper and Paper Products 145 158 159 163 165 157 163 163 167 169 170 165 P151 Paper and pulp 140 152 153 157 160 152 157 159 160 163 164 160 P147 Pulp 159 176 170 177 182 168 174 178 179 182 188 182 Groundwood pulp 96 100 98 97 103 97 91 98 96 107 112 107 Soda pu'p . . 98 105 104 107 112 107 109 110 103 108 112 111 Sulphate pulp . . 253 278 259 275 281 255 276 269 285 293 309 301 Sulphite pulp , 131 151 149 154 159 148 151 161 153 151 151 146 Paper 137 149 150 154 156 150 155 156 157 160 160 156 145 Paper board 166 178 182 184 186 177 187 179 192 192 191 187 165 Fine paper 75 86 87 89 89 86 86 85 87 86 85 77 Printing paper . . . 147 157 157 167 168 162 162 170 161 166 169 168 158 Tissue ' nd absorbent paper 131 148 151 154 158 153 161 167 161 173 169 160 152 Wrapping paper. . . 124 138 135 141 146 139 145 150 148 151 150 145 143 Newsprint 89 93 97 91 91 87 82 83 82 91 95 95 91 Printing and Publishing . . 130 139 145 156 158 150 144 155 153 159 159 156 P141 Newsprint consumption 113 120 132 145 149 138 125 141 145 151 149 144 125 Petroleum and Coal Products P195 P201 P203 P204 P205 P208 P214 P215 P211 P213 P220 P221 P220 Petroleum refining 2 Gasoline . . 157 163 162 162 159 160 159 155 154 164 170 173 P174 Fuel oil 178 180 183 187 186 193 201 206 200 194 196 194 P195 Lubricating oil . 156 162 154 160 162 168 158 163 162 164 166 155 Kerosene . . . . 173 170 168 177 183 192 203 224 214 201 189 184 Other petroleum products * Coke .... . . 161 171 170 177 177 179 178 179 166 137 174 175 By-product coke 156 164 162 169 170 171 171 171 164 135 166 168 Beehive coke 307 415 439 449 414 440 442 421 237 186 421 408 P300 Chemical Products . . 247 245 248 251 252 255 253 253 252 251 249 253 P251 Paints 150 151 151 152 153 155 155 157 154 151 156 158 P159 Soap 134 136 143 145 149 150 148 146 140 120 120 122 P124 Rayon 291 294 295 294 297 299 298 301 303 305 304 309 P310 Industrial chemicals 438 431 425 427 431 438 437 434 433 439 r436 449 P440 Other chemical products x Rubber Products 207 210 217 223 225 230 223 215 205 200 200 205 P197 Minerals—Total . .... 145 155 158 158 155 151 149 149 136 145 164 163 P159 Fuels . . . . . . 144 155 160 162 163 162 160 161 146 149 168 164 P160 Coal . ... 113 143 153 156 159 153 152 148 99 103 160 147 P134 Bituminous coal 117 151 161 163 169 164 161 155 97 102 171 157 P143 Anthracite 93 114 122 126 119 111 112 118 108 105 116 105 P100 Crude petroleum 160 161 164 166 165 166 165 167 169 171 172 173 P173 Metals 151 151 145 132 106 85 81 83 82 126 144 154 P149 iMetals other than gold and silver 220 219 206 183 136 101 97 103 103 178 210 226 P216 Iron ore ... 334 326 298 257 159 76 70 73 77 228 '302 331 325 (Copper; Lead; Zinc)1 Gold 58 61 63 62 62 57 56 53 51 51 50 52 Silver 50 46 55 63 73 78 68 65 61 68 67 P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1157 SEPTEMBER 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 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 154.7 153.3 160.3 156.1 155.5 158.1 155.2 319.3 327.2 321.8 358.4 347.1 346.9 359.2 Durable goods 183.9 178.7 188. 185.1 183.9 184.4 184.7 363.0 375.5 359.4 402.0 393.4 390.9 401.3 Nondurable goods 131.7 133.4 138.4 133.3 133.1 137.5 137.2 276.6 280.0 285.1 315.7 301.9 303.9 318.0 Iron and Steel and Products 160.1 158.2 164.8 161.7 161.4 162.4 162.7 310.2 319.2 307.2 340.8 329.6 334.4 340.5 Blast furnaces, steel works, etc 129 130 133 132 133 135 238 249 238 261 253 265 268 Steel castings 204 200 216 214 214 217 400 407 399 457 453 454 470 Tin cans and other tinware 135 139 140 132 135 141 252 266 298 290 275 286 311 Hardware 140 138 153 149 146 140 308 307 300 355 342 326 319 Stoves and heating equipment 172 168 169 158 162 160 351 356 347 369 345 353 360 Steam, hot-water heating apparatus 198 187 194 185 188 187 394 405 374 417 394 406 410 Stamped and enameled ware 187 185 193 190 187 187 412 403 447 440 441 440 Structural and ornamental metal 415 work 166 171 171 169 168 328 320 343 341 346 345 317 Electrical Machinery 225.5 218.9 222.9 217.4 211.6 210.8 207.4 440.5 430.0 459.1 444.3 431.6 438.2 Electrical equipment 207 202 204 200 196 195 414.4 409 396 420 408 398 405 Radios and phonographs 224 212 222 212 205 202 390 465 461 469 451 458 491 Machinery except Electrical 228.5 221.7 233.1 227.4 228.5 230.4 228.2 437.7 443.0 427.4 475.2 463.8 466.4 480.7 Machinery and machine-shop products 241 236 241 239 236 238 463 471 456 496 494 491 501 Engines and turbines 285 285 293 289 287 280 587 589 579 632 612 618 601 Tractors 182 182 199 143 180 193 305 314 314 354 249 285 356 Agricultural, excluding tractors.... 236 226 266 267 264 267 441 475 463 577 572 571 595 Machine tools 147 138 135 130 130 128 265 265 242 249 240 241 243 Machine-tool accessories 229 214 217 215 214 214 398 391 362 389 393 390 385 Pumps 310 298 287 281 279 272 627 633 614 618 610 610 597 Refrigerators 224 220 230 227 235 241 397 431 426 455 450 472 509 Transportation Equipment, except Autos. 297.5 253.7 292.7 290.9 276.0 273.7 271.1 572.1 571.1 492.5 600.4 601.4 566.4 561.2 Aircraft, except aircraft engines. . . 337 326 343 346 315 322 639 622 622 676 695 634 649 Aircraft engines 303 301 277 278 282 291 477 482 485 474 481 494 518 Shipbuilding and boatbuilding 203 127 182 177 168 157 396 394 243 384 374 346 320 Automobiles 188.5 187.3 195.0 191.9 190.5 183.2 194.1 335.0 363.6 355.3 396.5 386.2 362.6 380.9 Nonferrous Metals and Products 178.0 171.4 180.0 176.9 173.7 173.8 170.6 354.8 352.0 332.1 377.1 368.3 362.5 368.1 Primary smelting and refining 146 148 148 148 150 152 287 299 299 307 314 322 329 Alloying and rolling, except aluminum 148 140 141 138 136 135 285 282 263 284 272 269 278 Aluminum manufactures 185 170 192 188 182 179 351 332 302 362 357 347 338 Lumber and Timber Basic Products 172.9 171.5 178.3 179.4 183.6 190.0 192.9 383.3 409.8 394.2 427.6 433.4 462.0 497.9 Sawmills and logging camps 171 169 171 172 176 183 385 412 397 412 415 447 488 Planing and plywood mills 163 160 171 171 172 174 351 367 345 404 413 421 430 Furniture and Lumber Products 137.7 135.7 147.8 143.4 139.7 139.8 137.9 302.1 308.0 298.6 349.2 333.0 325.6 326.0 Furniture 128 126 139 135 131 130 279 285 274 331 315 307 304 Stone, Clay, and Glass Products 150.4 146.5 153.9 153.7 154.7 156.0 153.2 299.5 311.5 298.8 336.6 337.9 343.4 347.9 Glass and glassware 169 159 165 165 165 163 333 341 313 358 355 353 349 Cement 145 147 149 151 152 155 203 279 284 287 297 314 324 Brick, tile, and terra cotta 126 126 130 131 134 139 276 279 276 297 306 321 333 Pottery and related products 164 160 170 167 169 170 324 322 309 353 349 351 357 Textile-Mill and Fiber Products 105.6 103.8 114.7 113.7 113.0 113.2 107.8 254.5 248.6 243.7 315.6 307.1 303.8 304.6 Cotton goods except small wares. . 120 118 127 126 125 126 317 308 , 303 385 375 370 366 Silk and rayon goods 80 79 88 88 88 89 213 206 203 268 267 269 272 Woolen and worsted manufactures. 103 100 113 111 110 110 253 253 243 322 309 308 312 Hosiery 74 75 84 83 81 81 153 143 149 198 189 184 186 Dyeing and finishing textiles 118 114 125 125 124 123 260 261 241 309 306 299 298 Apparel and Other Finished Textiles. . . . 125.7 125.7 147.5 139.8 137.1 138.6 136.5 259.8 262.3 266.2 343.2 306.5 297.9 303.6 Men's clothing, n.e.c 124 121 137 135 135 137 271 273 260 325 317 312 313 Shirts, collars, and nightwear 101 97 111 111 109 108 229 229 219 280 275 267 259 Women's clothing, n.e.c 136 140 168 154 149 152 260 264 283 376 307 299 311 Millinery 79 80 108 92 80 79 119 128 146 213 171 128 133 Leather and Leather Products 106.6 107.5 114.1 107.1 103.7 107.8 108.2 220.9 225.9 229.0 251.7 227.1 216.5 234.5 Leather 91 91 92 89 88 89 184 185 187 192 184 187 191 Boots and shoes 93 94 99 92 89 93 197 202 205 226 198 184 204 Food and Kindred Products 139.5 153.4 134.5 122.6 127.7 147.4 157.9 270.4 286.7 317.1 285.8 267.4 281.3 330.1 Slaughtering and meat packing.... 131 135 134 72 86 140 249 260 281 277 180 211 315 Flour 136 142 136 135 134 139 275 302 326 276 285 294 317 Baking 112 114 115 114 115 118 208 213 218 227 228 235 245 Confectionery 108 104 118 110 101 103 232 229 211 260 241 210 231 Malt liquors 175 183 167 172 164 185 288 319 350 293 316 300 351 Canning and preserving 103 164 81 84 92 111 218 249 402 205 217 234 282 Tobacco Manufactures 90.2 89.8 93.4 92.4 90.5 90.6 8.5 182.8 194.8 200.0 204.6 205.7 201.3 205.8 Cigarettes 122 120 121 121 121 121 221 240 254 247 254 253 263 Cigars 77 77 83 81 78 78 169 174 170 187 183 175 176 NOTE.—Indexes shown here for major \ Security of the Federal Security Agen have been adjusted to final 1945 dat; ._ Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for July 1948 are preliminary. 1158 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 June July Mar. Apr. May June July May June July Mar. Apr. May June Paper and Allied Products 146.1 143.3 148.0 146.8 146.4 146.7 144.6 296.3 303.4 304.2 330.8 325.7 331.9 338.3 Paper and Pulp 141 141 146 145 146 145 289 302 310 330 328 339 343 Paper goods, n.e.c 154 150 152 150 151 151 307 302 297 328 324 328 331 Paper boxes . 140 134 137 134 132 134 283 284 274 305 293 290 304 Printing avid Publishing 131.5 131.2 132.8 131.8 132.2 132.3 131.6 238.6 240.3 238.0 258.5 259.5 262.6 265.1 Newspaper periodicals 120 120 122 122 123 124 209 210 209 229 235 236 238 Book and job 138 138 139 137 138 138 255 258 259 280 279 284 286 Chemicals and Allied Products 194.6 195.0 203.6 201.4 198.4 198.4 196.7 389.1 384.1 387.7 425.1 422.1 422.5 432.6 Drugs, medicines, and insecticides. 246 242 237 233 231 231 462 458 450 488 480 482 486 Rayon and allied products 109 126 132 131 131 133 250 215 250 272 275 275 280 Chemicals nee 284 283 281 283 280 284 521 528 534 559 565 563 586 Explosives and safety fuses 290 269 307 304 306 317 507 519 495 585 562 592 638 Ammunition small arms 165 161 183 183 182 181 354 362 359 397 399 404 410 Cottonseed oil .... 78 76 115 100 89 83 220 201 194 316 270 246 228 Fertilizers 133 126 184 177 156 131 423 350 335 492 483 428 377 Products of Petroleum and Coal 153.5 156.2 155.4 154.9 157.3 160.4 160.9 280.6 291.4 300.5 320.0 316.7 335.7 342.1 Petroleum refining 150 153 151 152 153 155 263 273 286 299 303 318 323 Coke and by-products ... . 133 134 141 137 143 146 272 282 271 315 287 320 330 Rubber Products 170.9 165 1 168 9 163 8 160 8 161 4 158 0 347 .5 342 3 331 2 320 6 312 8 320 9 332 6 Rubber tires and inner tubes ..... 217 212 201 193 190 192 399 396 390 330 324 346 364 Rubber goods, other 153 148 165 162 158 158 326 320 305 356 347 339 345 Miscellaneous industries 178.4 174.1 182.6 178.4 176.6 175.4 173.5 364.6 363.5 349.2 394.0 382.6 384.2 386.1 Instruments, scientific 248 243 245 244 243 2 A3 441 468 453 489 494 493 489 Photographic apparatus 211 217 220 217 214 216 383 392 386 422 416 431 436 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 1948 Group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 155.2 154.5 156.3 158.9 160.0 160.4 161.1 161.2 159.8 160.1 157.1 156.7 158.7 P159.4 Durable 183 4 178 8 180 7 183 2 184 8 186 8 188 6 188 7 186 4 188 4 185 5 184 1 183 9 P184.9 Nondurable 133.0 135.4 137.1 139.7 140.4 139.7 139.3 139.4 138.7 137.7 134.7 135.1 138.9 P139.3 Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1947 1948 1948 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June All manufacturing 40.1 40.2 40.2 40.4 40.1 120.7 122.6 128.7 128.9 129.2 130.2 131.7 Durable goods 40.5 40.7 40.5 40.9 40.5 40.1 40.7 127.8 130.3 135.2 135.2 135.7 136.6 138,5 Iron and steel and products 40.3 40.5 40.4 40.6 39.9 40.3 40.3 133.3 136.3 140.9 141.2 141.6 142.3 143.1 Electrical machinery 39.8 39.8 40.4 40.3 39.9 39.6 39.9 126.4 129.5 134.8 135.0 135.0 135.7 137.1 Machinery except electrical 41.4 41.3 41.4 41.6 41.4 41.1 41.4 133.4 136.3 141.71 142.1 143.1 144.1 146.1 Transportation equipment, except autos. . . 40.2 40.1 39.6 40.3 40.5 40.0 39.8 137.6 138.7 148.2 147.2 147.8 148.1 148.8 Automobiles 38.3 38.7 38.1 38.9 38.6 35.2 38.1 146.3 148.5 154.8 153.9 153.3 154.8 160.9 Nonferrous metals and products 40.6 40.5 41.2 41.1 40.9 40.6 40.8 126.0 128.6 133.8 134.4 134.3 135.4 136.8 Lumber and timber basic products 42.0 42.8 41.7 42.3 42.1 42.5 43.6 102.5 105.3 108.0 107.1 108.3 111.6 113.5 Furniture and finished lumber products 41.5 41.7 41.4 41.8 41.0 40.8 40.6 104.6 106.1 112.7 112.6 113.1 113.6 114.5 Stone, clay, and glass products 40.3 40.8 39.8 40.8 40.7 40.7 40.6 117.3j 119.0 125.5; 126.0 127.1 128.5 129.2 Nondurable goods 39.7 39.8 39.9 39.9 39.6 39.5 39.8 113. o\ 114.0\ 121.7\ 122.0 122.0 123.1 124.2 Textiles—mill and fiber products 38.9 38.6 40.2 39.9 39.6 39.5 102.5 102.4 113.9 114.0 113.8 114.1 114.7 Apparel and other finished products 35.8 36.0 36.7 36.2 35.8 35.6 98.81 99.4| 109.81 109.2 104.0 104.0 105.5 Leather and manufactures 38.1 38.1 39.0 36.2 35.4 37.0 103.5 105.3 110.2] 110.6 111.6 112.4 112.0 Food and kindred products 43.0 43.2 41.6 41.6 42.4 42.4 42.8 111.0 111.9 118.1 118.7 120.1 120.6 121.7 Tobacco manufactures 36.3 38.2 36.2 37 38.2 37.7 37.8 94.8 95.0 96.8 96.8 97.3 98.4 100.2 Paper and allied products 43.1 42.9 43.1 43 42.7 42.8 42.8 113.3 116.5 124.5 124.9 125.0 127.3 129.7 Printing, publishing and allied industries... 40.1 39.9 39.1 39.5 39.2 39.1 39.1 148.6 149.9 160.4 162.1 164.6 166.4 167.7 Chemicals and allied products 41.1 41.1 41.1 41.2 41.0 41.0 41.4 121.0 123.2 131.5 131.5 132.7 134.7 136.9 Products of petroleum and coal 40.0 40.7 40.8 40.6 40.3 41.2 40.7 144.8 146.4 158.1 159.3 160.0 163.0 164.9 Rubber products 39.0 39.1 38.5 37.8 37.8 38.9 39.7 141.6 141.9 142.1 140.8 141.2 143.5 145.1 Miscellaneous industries 40.3 40.3 40.8 40.6 40.4 40.3 40.4 115.3 116.7 123.0 122.9 122.8 124.4 126.1 NOTE.—Preliminary July 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.8 and 133.0; Durable 40.1 and 140.4; Nondurable 39.5 and 125.1, respectively. Back figures are available from the Bureau of Labor Statistics. SEPTEMBER 1948 1159 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 a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government1 1939 30,287 10,078 845 1,150 2,912 6,705 1,382 3,228 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 1.419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7.567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 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—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 August 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 1,999 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 February 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 44,584 16,045 820 1,972 3.995 9,721 1,696 4,768 5,567 May 44,737 16,031 934 2,032 4,028 9,689 1,699 4,738 5,586 June 45,090 16,218 945 2,101 4,057 9,780 ,700 4,663 5,626 July 45,232 16,311 908 2,062 4,082 9,783 1,737 4,648 5,701 UNADJUSTED 1947—june 43,816 15,672 919 1,957 4,129 9,324 ,650 4,711 5,454 July 43,686 15,580 890 2,043 4 155 9,316 ,675 4,686 5,341 August 44,125 15,962 923 2,096 4,163 9,356 ,688 4,619 5,318 September .... 44,513 16,175 921 2,107 4 134 9,471 ,668 4,634 5,403 October 44,758 16,209 922 2,099 4,097 9,684 ,671 4,662 5,414 November 44 918 16 256 923 2 046 4 077 9,886 ,673 4,670 5,387 December 45,618 16,354 925 1,978 4,071 10,288 ,676 4,688 5,638 1948—January 44,603 16,267 922 1,871 4,020 9,622 ,680 4,723 5,498 February 44,279 16,183 914 1,731 4,019 9,520 ,690 4,730 5,492 March 44,600 16,269 924 1,805 4 032 9,598 ,697 4,729 5,546 April 44,299 15,950 817 1,933 3,974 9.576 ,704 4,768 5,577 May 44,626 15,904 933 2,052 4 042 9,617 .716 4,738 5,624 June 45,046 16,161 948 2,164 4,106 9,671 1,726 4.663 5,607 July 45,059 16,181 915 2,186 4,141 9,638 1,754 4,648 5,596 'Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. July 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p i t t u a u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Total In E m no p n lo a y g e ri d c u 1 l- 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 2 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1947—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 July 108,597 65,135 63,842 61,615 52,452 9,163 2,227 43,462 1 Includes self-employed, unpaid family, and domestic service workers. * Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through inter views 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. 1160 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 29.6 111.2 161.4 184.7 674.7 970.8 254.1 369.8 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 1947 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district July June July 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 83,910 50,548 35,624 April 735 602 874 127 177 236 608 425 638 New York 152,811 159,845 84,690 May 952 675 971 197 234 298 756 441 673 Philadelphia 67,756 64,884 43,698 June . . 808 605 935 215 226 324 593 379 611 Cleveland 102,783 91,977 75,862 July 718 660 963 202 203 335 516 458 628 Richmond 89,692 97,734 64,276 August 680 823 205 218 475 605 Atlanta 91,352 105,090 71,578 September. . 620 650 187 193 433 457 Chicago 169,359 160,249 109,902 October 573 793 134 209 439 584 St. Louis 86,808 49,008 49,064 November. . 504 715 130 224 373 492 Minneapolis 33,099 30,130 27,927 December .. 457 625 109 207 348 418 Kansas City 12,118 65,145 44,318 Dallas 72,997 60,588 53,315 Year 7,490 7,760 1,7542,296 5,7355,464 Total (11 districts) 962,685 935,198 660,254 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN 1 1 1 9 9 9 Y 3 3 3 9 8 7 ear or month T 4 9 o 6 8 5 8 ta 9 4 0 l p P m e r i r o m r e o 2 1 t v n y 5 0 - 5 p e 4 t 1 4 - - 1 s S h c t t o m i r o o u m n a n 2 1 c - l e 3 5 - l 1 f h ( a - o T m I t u 4 4 I 6 i o ) s t i 2 7 6 l l e 4 4 3 y e 9 s - h R g ( o a T e r I u o n n i D s t d u 4 5 t 1 i l a p n 8 e 1 1 l g W h e ( o V V a T r u r a e I i s n a t ) t i l 2 n - s n e ' d g End of m P o O n R th TFO T L o I t O al , [ In B b C m Y c a m o i n e a m i r k l l C - l s - i L o A n b s M s t i S a n u a n o S g v u a f k l s - - s O do F a l a l S l s i a a t o n s a I n i r a o g o N v s d n c s n ] - S i s - T p I I c a n T a o n n s m U c u i e e - r T s - IO a c F e g N i e e r e a s d n l - * - Other* 1940. 1,017 242 26 736 13 1941 1,172 249 21 877 13 13 1942 1,137 141 15 691 6 284 1936—Dec. 365 228 8 56 41 5 27 1943 935 87 1 245 (') 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 (•) 347 3 85 1940—Dec 2,409 1,162 130 224 542 201 150 1947 1,787 534 (") 446 808 1947— A Ju u l g y ust 1 1 6 7 3 5 4 5 3 0 ( ( 3 3 ) ) 3 3 7 9 9 7 5 4 1941— D Ju e n c e . 2 3, , 1 7 0 5 7 5 1 1, , 4 3 6 1 5 8 1 1 5 8 7 6 2 2 3 5 7 4 6 7 6 8 8 9 2 23 2 4 0 1 1 7 5 9 4 S O N e o c p v t t o e e b m m e b b r e e .. r r . . . . . . 2 1 1 4 9 8 4 2 3 4 4 4 6 7 6 ( ( ( 3 3 3 ) ) ) 4 4 3 1 8 9 1 1 9 5 0 6 0 6 1942— D Ju e n c e ... 3 3 , , 4 6 9 2 1 0 1 1, , 6 6 6 2 9 3 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 6 9 3 5 December. . 228 68 (3) 48 112 1943—June 3,700 1,700 252 284 1,071 235 158 1948—January 224 56 (8) 48 120 Dec 3,626 1,705 256 292 1 134 79 159 February... 228 45 8 45 137 March 272 49 53 170 1944—June 3,554 1,669 258 284 1,119 73 150 April 292 63 51 177 Dec 3,399 1,590 260 269 1,072 68 140 May 265 54 1 53 158 June 329 59 (3) 72 197 1945—June 3,324 1,570 265 264 1,047 43 134 July 286 50 (3) 71 164 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 1 Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. : SEPTEMBER 1948 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports • Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January . . 1,124 903 798 1 .114Pl.092 301 334 394 r532 P546 823 569 405 r582 P546 February 1,107 887 670 1,146 Pl.086 314 325 318 437 P582 793 561 352 .709 P504 March 1,197 1,030 815 1,326 358 365 385 445 P666 839 665 431 882 P475 April 1,231 1,005 757 1,295 PI.123 361 366 406 512 P527 870 639 351 782 P595 May 1,455 1,135 851 1,414 Pl.103 386 372 393 474 P549 1,069 763 457 940 P554 June 1,296 870 878 1,235 Pl.013 332 360 382 463 P616 965 511 496 772 P398 July 1,197 893 826 1,155 294 356 431 P450 903 537 395 P705 Au trust 1 191 737 883 1,145 304 360 422 P400 887 378 461 P745 September.... 1,194 514 643 1,112 282 335 377 P473 912 180 266 »639 October . 1,144 455 537 1,235 329 344 394 P492 815 111 142 P744 November 1 185 639 986 1 138 323 322 478 P455 862 317 508 P683 December 938 736 1,097 1,114 336 297 529 P603 602 439 56T P511 Jan.-June 7,410 5,831 4,769 7,529 P6,558 2,052 2,122 2,277 2,862 P3.486 5,359 3,709 2,492 4,667 P3,072 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 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 I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grains L to iv ck e- p e ro st d- Ore l c a e n l- e- c d h i a se n- Total Total Net ucts ous I.C.I. r o r e p a v i e e l r w n a u a ti e y n s g e r x a p il e w n a se y s o r i p a n e i c l r o w a m t a i y e ng in N co e m t e Annual 1939 . . 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 .. . 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1 1 1 1 9 9 9 9 4 4 4 4 6 7 5 4 1 1 1 1 3 3 4 4 2 5 3 0 1 1 1 1 4 3 3 4 7 4 0 3 1 1 1 1 8 7 4 8 2 2 6 5 1 1 1 1 5 3 5 3 0 8 1 9 1 1 1 1 0 2 2 2 7 9 5 4 1 1 1 1 5 4 2 4 3 3 9 3 1 1 1 1 3 8 6 8 6 1 9 0 1 1 1 1 3 4 4 4 9 8 2 7 6 6 7 7 9 7 8 5 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 6 5 3 2 4 9 9 8 7 7 , , , , , 9 0 4 4 6 0 5 3 6 2 2 5 7 6 8 8 5 8 7 7 , , , , , 0 3 9 0 6 3 4 8 0 9 1 7 2 9 5 1 1 1 , , , 8 6 1 4 3 5 2 0 8 6 2 0 6 5 0 8 9 6 4 2 7 0 6 8 5 3 2 7 9 0 SEASONALLY 1947 P8.685 P7.904 P781 P480 ADJUSTED SEASONALLY ADJUSTED 1947—March 146 147 180 159 121 159 171 151 78 April 137 119 173 151 110 148 184 147 79 May 142 155 185 138 104 148 184 145 76 1947—March 723 642 81 48 June . 137 141 174 140 107 145 184 142 74 April 685 637 48 15 Tulv 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 March .... 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 July 138 144 183 158 86 165 185 141 64 May 795 701 94 62 UNADJUSTED June 856 719 137 P105 UNADJUSTED 1947—March .... 137 147 182 146 95 159 50 143 79 April.. 134 119 169 133 98 148 157 145 80 1947—March 719 645 74 47 May 144 155 183 121 94 154 267 146 76 April 650 631 59 36 J J u u l n y e 1 1 4 4 2 0 1 11 4 5 1 1 16 7 5 0 2 1 0 4 2 3 8 8 7 7 1 1 5 5 1 3 2 3 8 1 6 1 1 14 4 5 6 7 7 3 1 J M u a n y e . . . . : . . . . . . . ' 7 6 2 9 5 8 6 6 4 3 9 7 ' 7 6 7 1 r 3 4 8 9 August...... 148 146 177 175 87 160 284 150 73 July 705 644 61 37 September... 153 153 178 153 139 161 272 157 77 August 745 664 81 51 October 156 156 188 152 161 155 235 163 78 September. 727 679 48 20 November... 150 160 195 142 133 147 163 158 77 October... 794 718 76 49 December. . . 139 155 201 130 92 141 60 147 71 November. 755 690 66 43 December. 807 727 80 60 1948—January...... 133 155 192 132 81 137 45 139 65 February.... 129 150 188 101 61 135 49 137 69 1948—January... 751 709 41 19 March 122 98 163 100 62 146 57 142 73 February.. 716 676 39 18 April 128 105 134 108 94 141 212 143 70 March 777 716 61 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 64 July 143 144 177 189 66 165 296 142 63 June 838 713 125 P94 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for P Preliminary. r Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district Year or month United States Boston1 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 h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas c F i S r s a a c n n o - 2 SALES » 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 119 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 150 140 128 143 153 170 162 149 158 129 149 157 171 1943 168 148 135 151 167 194 204 161 179 148 184 212 204 1944 187 162 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 220 235 257 '292 345 250 292 247 287 352 311 1947 286 235 239 261 281 303 360 275 314 274 311 374 336 SEASONALLY ADJUSTED 1947—July 287 237 251 257 281 '302 336 281 320 268 298 378 331 August 284 '237 246 258 273 282 352 266 307 271 307 376 352 September '294 '241 239 266 290 303 361 290 337 287 323 368 345 October 279 211 225 265 271 297 348 266 308 276 320 360 340 November '302 '244 248 280 296 310 383 298 339 281 335 415 348 December 303 '239 241 in 309 322 394 293 337 277 334 389 361 1948—January '286 '224 240 272 284 286 355 271 291 286 306 390 348 February 286 '226 241 280 284 306 359 281 307 267 292 368 327 March 285 '228 229 263 270 317 368 274 318 278 307 384 339 April '306 '243 255 278 295 321 390 289 343 283 337 448 362 May 310 242 268 284 320 313 394 289f 1 340 306 336 418 365 June '312 '252 265 283 306 335 397 346 291 328 406 372 July 316 254 266 288 313 328 392 312 355 293 317 436 365 UNADJUSTED 1947—juiy- 220 164 171 185 220 '216 269 219 249 '216 250 288 282 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 December 485 419 408 460 479 542 619 455 516 424 505 633 571 1948—Tanuary 225 170 192 204 216 214 284 217 239 214 245 316 281 February . 238 174 202 216 233 245 316 225 258 206 254 324 295 March 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 300 240 252 287 304 311 375 289 333 294 326 393 339 June 289 '242 246 266 288 294 333 290 311 277 301 345 338 July 242 175 181 207 244 235 314 243 277 237 266 331 311 STOCKS 3 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 '115 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 r180 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 '174 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 '183 1946 213 182 195 191 205 250 258 205 225 211 210 250 '238 1947 255 202 225 220 243 289 306 246 274 266 259 321 '300 SEASONALLY ADTUSTED 1947—July 231 '186 204 205 217 265 270 226 247 254 212 276 '273 August.... '228 '186 206 206 219 261 273 221 250 241 214 282 '251 September '232 '191 210 210 222 252 282 225 246 246 224 285 '264 October. . . . '252 '211 224 231 238 281 300 245 274 251 239 306 '293 November '273 '219 234 238 268 310 337 259 290 281 266 357 '327 December '285 '224 236 245 272 323 344 264 297 306 300 397 '353 1948—January '289 '224 233 243 277 332 345 274 309 310 316 385 '360 February... . '304 227 250 253 286 339 378 290 331 324 329 424 '377 March '313 '240 255 261 298 334 370 304 329 343 353 420 '388 April '309 '238 249 264 286 340 379 293 331 363 325 422 '386 May '297 '228 243 257 277 337 368 289 313 333 315 417 '347 June '284 212 '237 '248 273 304 343 '275 302 '325 '300 '396 '335 July. .. . 273 204 228 237 257 308 333 264 293 322 266 358 328 UNADJUSTED 1947_july '233 181 '192 195 217 268 278 222 257 259 236 299 '289 August 245 195 215 214 236 294 295 236 273 255 240 318 '276 September '257 206 227 231 246 283 311 250 273 265 251 319 '298 October '284 239 253 263 274 320 336 275 307 279 272 345 '325 November. '296 249 263 262 283 329 354 285 310 303 284 382 '346 December '244 201 211 208 225 269 289 238 250 268 246 333 '289 1948—January '253 199 205 211 243 283 311 236 265 282 273 346 '317 February '279 214 232 246 266 320 352 264 298 309 296 377 '331 March '303 233 254 261 287 333 370 294 319 345 317 399 '360 April '308 233 251 270 295 342 376 293 331 347 315 409 '381 May '297 226 247 259 280 330 357 289 313 331 309 396 '360 June.. . '278 204 '228 '235 262 291 346 '270 302 '315 '300 '384 '341 July 274 198 216 225 257 304 343 258 305 327 296 386 347 SEPTEMBER 1948 1163 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 froni a year ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly sales=10C)2 Department b s N e t u o r r m e - o s f Sale pe s r d i u o r d ing ( S m e t n o o d . c ) k o s f June Sale pe 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 Six 1948 1947 1948 1947 J 1 u 9 n 4 e 8 m 1 o 9 s 4 . 8 J 1 u 9 n 4 e 8 1948 1947 June May June June May June GRAND TOTAL—entire store* 356 +10 +5 +13 2.7 2.6 MAIN STORE—total 356 +9 +4 +13 2.9 2.8 210 213 192 601 651 533 Piece goods and household textiles 314 +6 +3 +7 3.3 3.2 210 214 198 686 717 641 Piece goods 290 +11 +5 +4 2.9 3.1 254 294 228 738 797 709 Silks, velvets, and synthetics 184 -1 +1 +3 3.1 3.0 197 257 194 610 718 573 Woolen dress goods 156 -5 -3 -8 8.4 8.7 94 106 99 795 612 809 Cotton wash goods 173 +29 +12 +12 1.9 2.1 388 408 301 725 821 618 Household textiles 307 +2 +1 +9 3.5 3.3 188 177 183 661 690 607 Linens and towels 275 +2 +2 +1 3.9 3.9 185 160 182 717 714 706 Domestics—muslins, sheetings 239 +6 +4 +38 3.2 2.4 202 200 190 652 678 478 Blankets, comforters, and spreads 242 -1 -4 -2 3.3 3.4 175 169 178 582 631 611 Small wares 341 +6 +1 +5 3.3 3.3 179 178 169 594 629 563 Laces, trimmings, embroideries, and ribbons 214 + 16 +8 +5 2.4 2.7 278 288 240 673 712 671 Notions 238 +13 +11 + 18 2.4 2.4 283 281 250 704 736 592 Toilet articles, drug sundries 328 +5 0 0 3.6 3.8 142 139 135 503 527 500 Silverware and jewelry 319 +4 -2 + 10 3.6 3.4 207 205 199 736 793 664 Silverware and clocks4 208 +9 +4 +21 3.6 3.3 Costume jewelry4 260 4-1 +4 2.6 2.7 Fine jewelry and watches4 75 * -2 +12 5.8 5.1 Art needlework 240 +4 -1 +4 5.0 5.1 126 123 121 634 669 614 Books and stationery 274 +2 -3 -2 3.4 3.6 156 154 153 537 576 541 Books and magazines 140 -2 -7 -1 3.2 3.2 138 137 141 448 485 536 Stationery 232 +4 -2 -2 3.5 3.7 156 149 150 546 570 470 Women's and misses' apparel and accessories 352 +11 +5 +12 2.2 2.1 203 219 183 438 488 391 Women's and misses' ready-to-wear accessories. 351 +7 +2 +14 2.7 2.5 192 208 179 519 569 457 Neckwear and scarfs 309 -4 +7 +7 2.6 2.3 176 228 183 460 545 439 Handkerchiefs 293 +4 o -11 3.5 4.1 137 143 132 482 527 535 Millinery 174 -1 -2 +3 1.1 1.0 121 154 121 128 153 114 Women's and children's gloves 331 -3 -9 -6 5.0 5.2 100 135 103 503 543 525 Corsets and brassieres 337 +8 0 +15 2.4 2.2 278 268 258 658 713 572 Women's and children's hosiery 349 +17 +15 +29 2.2 2.0 146 173 125 324 314 250 Underwear, slips, and negligees 343 +11 +3 + 16 2.3 2.2 235 251 212 529 582 458 Knit underwear . 249 +9 +3 +23 2.3 2.0 248 252 228 563 632 460 Silk and muslin underwear, and slips 280 +15 +6 + 18 2.3 2.2 242 269 210 550 608 466 Negligees, robes, and lounging apparel 244 0 -5 +1 2.2 2.2 192 218 191 417 491 406 Infants' wear . .. 329 +2 -5 + 16 3.3 2.9 221 218 216 737 793 632 Handbags and small leather goods 335 +9 +4 +11 2.0 2.0 178 193 162 359 417 328 Women's and children's shoes 244 +6 + 1 + 15 3.5 3.3 218 230 206 770 886 659 Children's shoes4 200 +6 +2 + 17 3 6 3 3 Women's shoes4 212 +6 + 1 +15 3.5 3.2 Women's and misses' ready-to-wear apparel 352 +14 +8 +8 1.7 1.7 213 230 187 352 401 325 Women's and misses' coats and suits 343 +4 +6 +18 2.4 2.1 105 177 101 247 259 209 Coats4 \. 222 +1 +10 +24 2.2 1.8 Suits4 208 +6 +1 +13 2 6 2.4 Juniors' and girls* wear 315 +18 +8 + 10 1.7 1.8 242 253 204 404 479 374 Juniors' coats, suits, and dresses 288 +21 +10 + 13 1.1 1.2 276 294 228 314 374 298 Girls' wear. . . 312 +15 +6 +9 2.5 2.7 213 214 186 537 623 483 Women's and misses' dresses 341 +16 +9 + 11 1.1 1.1 280 295 241 294 368 267 Inexpensive dresses4 256 +21 + 14 + 10 0.8 0.9 Better dresses4 265 +10 +3 + 13 1.4 1.4 Blouses, skirts, and sportswear 342 +13 +13 +5 1.6 1.7 298 275 264 482 592 457 Aprons, housedresses, and uniforms 290 +21 +8 +9 1.3 1.4 303 279 252 385 446 35ft Furs 268 -11 -11 -4 19.9 18.6 19 33 21 371 324 364 Men's and boys' wear 325 +6 -1 +20 3.0 2 7 233 183 219 695 781 580= Men's clothing 249 +8 + 1 +52 3.3 2.3 227 211 211 753 817 494 Men's furnishings and hats 308 +7 +8 2.4 2.4 255 166 240 623 725 580^ Boys' wear 297 +6 -2 +7 4.0 4.0 175 173 164 701 785 657 Men's and boys' shoes and slippers 187 -5 -3 +7 3.9 3.4 213 172 224 833 925 773 Housef urnishings 314 +12 +9 +18 3.6 3.4 234 240 208 856 884 723 Furniture and bedding 242 + 18 +12 +20 3.9 3.9 209 208 177 819 839 680 Mattresses, springs and studio beds4 155 +21 + 15 +22 1.9 1.9 Upholstered and other furniture4 156 +17 +12 + 19 4.5 4 4 Domestic floor coverings 272 + 14 +14 +29 4.2 3.7 212 236 187 894 882 683 Rugs and carpets4 147 + 14 +16 +27 4.3 3.8 Linoleum4 99 +2 — 1 +69 4.0 2.4 Draperies, curtains, and upholstery 298 +5 0 + 12 3.8 3.6 209 234 199 790 841 702 Lamps and shades 244 +9 +8 +6 3.5 3.7 189 198 173 670 713 621 China and glassware 246 + 14 + 10 +20 5.9 5.6 172 153 152 1,015 950 817 Major household appliances 242 + 11 +11 +49 2.0 1.4 363 379 328 712 785 463 Housewares 251 +9 +6 + 13 3.3 3.2 296 303 273 968 1,043 848 Gift shop4 152 + 15 + 11 +4 4.2 4.7 Radios, phonographs, records, and instruments4. 227 +20 0 +7 4.1 4.5 Radios and phonographs4 178 +28 + 1 +6 3.4 4.2 Records, sheet music, and instruments4 137 +6 +2 +13 6.2 5.8 Miscellaneous merchandise departments 309 +5 -1 +4 2.7 2.8 195 199 185 536 628 515 Toys, games, sporting goods, and cameras 286 +7 + 1 +11 4.1 3.9 181 145 169 734 727 659 Toys and games 228 +4 -4 +4 4.9 4.9 120 102 115 585 589 533 Sporting goods and cameras 134 +11 +5 +16 3.3 3.2 218 169 197 720 744 660 Luggage 251 +6 + 1 +22 2.4 2.1 337 263 317 793 850 663 Candy4 184 -9 -15 -10 1.4 1.4 For footnotes see following page. 1164 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=100s Department r b N s e t e p u o r o r m e o r - s t f - Sale p s e r d io u d ring ( S e m t n o o d c . ) k o s f June Sal p es e r d io u d ring Sto o c f k m s o at n t e h nd ing 1948 1947 1948 1947 J 1 u 9 n 4 e 8 m 1 S 9 o i 4 x s. 8 J 1 u 9 n 4 e 8 1948 1947 June May June June May June BASEMENT STORE—total 197 +14 +11 +9 1.9 1.9 221 214 194 411 450 377 Domestics and blankets4 136 +10 +3 +6 2.4 2.6 Women's and misses' ready-to-wear 195 +19 +14 +7 1.4 1.6 223 225 188 322 355 298 Intimate apparel4 171 +26 +18 +14 1.8 2.0 Coats and suits4 . ... 179 +12 +10 +21 1.8 1.7 Dresses4 175 +23 +17 0 0.8 0.9 Blouses skirts and sportswear4 156 + 11 + 16 -8 1.4 1.7 Girls' wear4 . .. 120 + 14 +9 +9 1.8 1.8 Infants' wear4 116 + 17 +9 + 12 2.4 2.5 Men's and boys' wear 156 +14 +11 +13 2.0 2.0 260 206 228 525 598 469 Men's wear* 137 +14 + 12 + 18 1.9 1.8 Men's clothing4 93 +20 +16 +29 2.2 2.0 Men's furnishings4 112 + 11 +9 + 11 1.7 1.7 Boys' wear4 118 +11 +9 -3 2.6 3.0 Housef urnishings 102 +5 +6 +9 2.6 2.5 189 205 180 497 499 435 Shoes 132 -2 +6 +8 2.7 2.4 187 179 191 501 559 458 NONMERCHANDISE—total* 179 +13 +7 (5) (6) (5) Barber and beauty shop4 104 +13 +5 (5) (6) (6) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1163. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included In group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average = 1001 Amount Without seasonal adjustment (In millions of dollars) 1946 1947 1947 1948 Year or month ( S t a o l t e a s l ( S e t n o d c k o s f st o a O r n d u d e t i - r n s g Oct. 1 5 2 . . : . : .. . . . 2 2 7 8 7 1 Oct. 1 4 1 . . : . : : . . . . 3 3 0 2 4 6 Apr. 1 5 2 . . : . : . . .. . 2 3 6 1 5 9 Apr. 1 3 0 . . 2 2 8 9 0 8 for month) (end of 19 .295 18..: . .299 19... ..271 17 .294 month) month) 26.... .287 25..::..306 26... ..267 24 .2<?6 Nov. 2 .277 Nov. 1... ..313 May 3... ..27Q May 1 .300 9 .314 8... ..347 10... ..311 8.... .330 1939 average 128 344 16.... .342 15... 17... ..273 15.... .293 1940 average 136 353 108 23 .363 22.-....395 24... ..277 22 .295 1941 average 156 419 194 30..:. .334 29... ..367 31... ..250 29.... .297 1942 average 179 599 263 Dec. 7.... .475 Dec. 6... ..508 Jure 7... . . 293June 5 .282 1943 average 204 508 530 14.... .519 13... ..570 14... ..300 12.... .304 1944 average 227 534 560 21.... .532 20... ..576 21... ..256 19.... .310 1945 average 255 563 729 28.... .281 27... ..358 28... ..245 26... '262 1946 average 318 714 909 July 5 ....208 July 3 .265 1947 average 336 823 553 1947 1948 12..: ..228 10.... .217 19... ..217 17.... .236 1947—July 253 '731 '602 Jan. 4.::. .188 Jan. 3.:. ..204 26... ..213 24 .231 August ... 274 789 622 11 .232 10..: ..251 Aug. 2... ..220 31.... .235 September 341 823 676 18.... .223 17... ..232 9... ..223 Aug. 7 .261 October. .. 367 912 663 25.... .220 24... . .226 16... ..225 14 .258 November. 416 941 605 Feb. 1 .217 31... ..233 23... ..243 21 .271 December. 584 770 544 8.... .219 Feb. 7... ..240 30... ..277 28 .254 15.... .246 14... . .238 Sept. 6... .. 265 Sept. 4 1948—January... 271 789 633 22.... .216 21... ..249 13... ..291 11.... February. 263 878 575 Mar. 1 .238 28... ..248 20... . .301 18 March. . . . 355 941 420 8.... .254 Mar. 6... 266 27... ..316 25 April 331 938 356 15.... .267 13... ..279 May 339 919 339 22 .286 20... ..313 June 337 859 462 29.... .283 27... ..331 July P275 P829 P559 ' Revised. *» Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 1 These figures are not estimates for all department stores in the 874-875 of BULLETIN for September 1944. United States. Back figures.-—Division of Research and Statistics. SEPTEMBER 1948 1165 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] July July June Seven July July June Seven 1948 948 1948 m 19 o 4 s 8 . 1948 1948 1948 1948 1948 m 19 o 4 s 8 . United States.. +11 +13 +8 Cleveland-com, Chicago '+12 +12 + 9Kansas City— B N N S P D W P B B o e p o r e o o r s w o o r B i r w t s w i d v t r o n t o l c g o i n n a g Y s d e H n e t n f t s e o o p o i d t a e n r A w o n e v l k c r r d n r e e t e n * a . . . . . . . . + + + + + + + + + + 2 1 1 1 3 4 3 6 3 8 6 0 5 7 r + + + + + - 2 1 1 1 1 9 0 1 0 1 + + + + + + + + 2 2 8 3 2 3 1 6 R W P E W W B R C G L i i r c y a a h r t h i a i h e t l l e n a n e s e s t e m r c i h s e b i * n m l g h t l i e u o v o i n h b s o n n r i n g , t u g l r g d o - l t e r h e N S o n g x , n a , x . l S . S 1 e C . . . m . . . . C C . . . . . , + + + + + + + + + + + 1 1 1 1 1 1 9 8 6 7 6 2 6 3 6 3 8 + + + + + + + 1 1 + + + 1 1 1 1 1 5 6 7 9 1 8 4 0 3 9 ! + + + + + + + + + + + 1 8 9 6 5 2 2 5 8 9 4 1 F C L T G P I D F G D M n o e l a e h r e r e d i i o e n r a r s n l i t t i r w e r n r c s a t e i o n i M a d a W n a n i i g H u a t g l o B R o a p k a i i y 1 a o e a n u . n y e p l e t i . e e i s s 1 d . . . l 1 . . l s . . . . l . . . P P + + + + + + + + + + + + 1 1 1 1 1 1 1 6 7 9 9 9 8 9 3 8 3 8 2 + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 8 8 7 5 8 3 3 3 1 1 0 1 + + + + + + + + + + + 1 1 1 1 1 5 4 8 8 9 6 0 6 4 1 7 D S F S D H C O O T a a h o u o c o k a m l n r r l o r l u l l e t a s p a a l n s A a v a s h h u t t W e o s a o s n . 1 p n m t o o C o l a r n r h t t i C r o h is i . . t t . y . . i . . . . . . + + + + + + + + + + 3 2 1 1 1 1 8 9 6 4 8 7 4 4 6 5 + + + + + + + + + + 2 1 3 1 1 1 1 1 1 4 7 3 6 8 2 6 8 2 8 + + + + + + + + + + 2 2 1 1 1 1 1 1 6 6 6 2 8 2 1 1 1 Newark l -4 +11 +5 Norfolk + 13 +20 + 14 Madison + 15 +21| + 14San Francisco. •p+12 + 16 +10 A E N B B N l u l e i i m b a n f w f a g g i a n r a l h Y a o y r a a o m i r F k t a o C l n ls i . t . . y . . . . + + + + + + 2 2 1 1 1 4 2 5 2 8 8 ! ! ' + + + + + 1 + 1 1 1 1 4 0 3 1 7 3 1 + + + + + 1 1 1 6 5 3 0 4 C R R H W h i o u c a a h n . r n m l t o V e i k o n s a t e n g o d t n o , n.... + + + + 2 2 1 1 4 4 9 6 + + + + 2 2 1 1 6 3 8 1 + + + + 1 1 9 6 6 S F L L E t. o o i v t r u a t L t l i n e o s s v S u v R i m i l i l s o l . e l i c . e t . k 1 h . . . . . . l . . . . . p+ + + + + 3 1 1 1 1 6 3 5 8 7 ! ! | + + + + + 3 2 1 1 0 1 3 3 0 : | , + + + + + 1 2 1 1 5 ' 0 0 2 P T F L L B h r u o o a e o c s n k s e s g A n e o n o r n B n i s x g x f e e i a 1 e l c e l h s d 1 l 1 . . . . . . . . . . P + + + + + 1 1 1 4 9 4 7 7 9 + + + + + + 2 1 1 1 6 3 8 4 6 1 + + + + + + 1 1 9 4 8 2 2 7 Poughkeepsie.. . + 13 +13 + 11Atlanta '+17 +131 +9 Quincy + 11 + I61 +6 Oakland and R Sc o h c e h n e e st c e t r a d x y. . . + +1 1 0 0 ) + + 1 7 9 ++ 1r1 B M i o rm bi i l n e gham J. . '+ + 1 3 4 0 + + 1 4 5 + + 1 14 S E t a . s L t o S u t. i s L l o . u . i s . +30 + + 2 2 2 7 ! + + 2 9 1 Riv B e e r r s k i e d l e e y a nd l.... + 11 + 19 +10 Syracuse l +5 +6 +5 Montgomery l. . + 19 +3 St. Louis Area + 10; +26! + 10 San Bernardino + 11 +8 +5 P T Y L W U R P h r a h o e t i i e i l n i a r l c a n l k k c d a a d t a e i d o e i n s s e n l g t - p l e B p h l r x h a i 1 a i r a r . e * 1. . . . + + + + + + 1 + 1 2 -2 1 1 1 1 4 2 3 4 5 6 4 2 l | + + + + + + + + 1 1 2 1 1 1 1 1 6 2 3 6 5 7 3 7 | + + + + + + + + 1 1 1 1 1 1 8 4 O J A A M T C R M a a r o o u t c i a l l m a l m g k a a c u m u n s n o p m e o s d n t i a a t n b o a i l l v u l i s lle 1... P '+ + + + + + + + + 4 2 2 1 1 1 3 5 6 9 3 8 0 4 3 1 + + + + + + + + - 3 2 i 1 1 1 o l 6 3 0 4 9 1 2 j | , + + + + + - 2 1 1 1 9 1 0 8 1 M K S S M M D a p t i u . n n e i S r n i m l n s u P n u n a e p a g p e t s a e u h f h a p i r l - p i e i o s o o l i C l d r x l i i . . s i s x t . y . . . l . . . . . p p + + + + + + 1 + 1 1 2 9 6 8 0 8 0 ! ! + + + + + + 1 2 1 u 1 9 ? 2 2 ! i j + + + + + + + 1 9 6 8 8 4 8 5 S V S S S S S B a a a t a a a o o N n c n n n l i c l s r t e a a e k F a J D j p m o t o r a i o R a a s e n e n e n a g o n 1 d c n o x s t i d o a s x 1 c . * o . . . l . . . . P P + + + + + + + 1 1 1 1 7 8 5 5 6 7 3 + + + + + + + 1 1 1 1 1 1 1 0 9 6 5 2 4 1 + + + + + + + 1 1 8 5 3 3 3 1 1 C A C C le a k in v n r e o c t l o n i a n n n l n d l atix. . . + + + + 2 1 1 1 1 5 0 1 + + + + 1 1 1 9 2 1 0 + + 1 9 J S N B a a e a c v w t k o a s n n O o n n R r a l h o e l a u n g s e 1 l. . . . + + + + 2 1 1 8 1 4 7 + + + + 3 9 9 6 + + + 1 1 8 2 0 D T P H u o e u e p n t b c e v l k h e o a i r nson. . M + 7 + + + + 2 1 1 6 4 2 5! + + + 1 9 6 8 P S B a o e N l r l t l t i a l L n a m g a n k h p d e a a m C i 1 t . y . 1 . . P+ - + + 1 1 0 8 8 7 + + + - 1 1 3 4 3 4 + + - - 1 1 3 4 0 S C C p l o e r l i v u n e m g l f a b i n e u l d s d 1 1 1 . . . . . . + + + 2 9 9 0 + + + 1 1 4 1 3 + + 1 • 2 C M B h r e i a s r t i t t d o a l i n , a n o T o e g n a n . * . . . + + + 2 1 6 7 8 + + -1 1 1 0 1 4 +2 W J K o a p ic n l h i s n a it s a City. + 10! + + 1 l 3 ll 1 + + + 1 1 8 0 0 S S E e p v a o e t k r t e a le t n t 1 e l l + + + 1 5 4 1 + + + 1 1 1 1 2 3 + + + 3 5 1 T Y o o l u e n d g o s t i own l. + + 1 1 3 4 +7 + 1 N K a n s o h x v v i i l l l l e e l 1.. . . '+ + 4 8 7 + + 4 2 3 0 + + 2 6 0 S L t i . n c J o o l s n eph . . . +8! + + 1 8 7 + + 8 1 T Y a a c k o im m a a l 1 p + + 2 7 1 + + 1 8 4 + +8 2 P Preliminary. »• Revised. 1 Indexes for these cities may be obtained on'request from'the Federal Reserve Bank in the district in which the city is located. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Fuel, Year or month All items Food Apparel Rent el a e n ct d r i i c c i e ty, fur H ni o s u h s in e gs Miscellaneous 1929... 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933... 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 . 100 2 96 6 101 7 104.6 99 7 100 5 101 1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 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 I947—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 JVIay 170.5 210.9 197.5 C116.7 131.8 193.6 147.5 June . .. . . . . 171 7 214 1 196 9 117 0 132.6 194.8 147.5 July 173.7 216.8 197.1 117.3 134.8 195.9 150.8 c Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 « 100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i n c t o d h t d d e s e - s r- T p u e r x c o t t d i s l - e li m g F r a i h 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 s d - - 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 e o l 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 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936.. 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 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 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 1. 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1947—January * 142.0 165.0 156.6 128.4 176.2 138.2 97.7 139.0 170.2 128.3 126.5 110.9 152.3 137.3 February., 145.2 170.4 162.3 129.4 174.1 139.5 98.2 139.6 174.8 129.3 128.3 111.7 154.9 140.5 March.. . . 150.0 182.6 167.9 131.7 175.1 140.5 100.7 141.1 177.5 132.2 129.0 115.6 163.1 143.8 April 148.0 176.9 162.4 132.4 172.1 140.3 103.2 141.3 178.1 133.5 129.1 116.1 160.1 142.1 May 147.3 175.4 159.6 132.3 171.5 139.9 103.4 141.9 176.2 127.1 129.5 116.9 158.4 142.0 June 147.7 177.8 161.8 131.6 173.8 139.9 104.0 142.0 174.1 120.8 129.7 113.5 160.2 142.0 July 150.6 181.4 167.1 133.5 179.1 140.5 109.0 143.1 175.5 118.8 129.8 113.2 158.3 144.2 August. . . 153.7 181.6 172.3 136.2 182.8 141.8 112.6 148.5 179.6 117.5 129.9 113.1 167.0 147.9 September 157.4 186.4 179.2 138.3 185.6 142.4 114.2 150.1 183.4 122.3 131.3 115.9 170.9 151.8 October... 158.5 189.7 177.7 140.1 193.1 143.4 116.1 150.5 185.8 128.6 132.4 117.1 175.2 151.2 November. 159.6 187.9 177.9 142.1 202.5 145.2 118.2 150.8 187.7 135.8 137.5 118.8 175.5 152.4 December. 163.2 196,7 178.4 145.5 203.4 148.0 124.6 151.5 191.0 135.0 139.4 121.5 182.0 154.9 1948—January i. 165.7 199.2 179.9 148.3 200.3 148.4 130.0 154.3 193.3 138.8 141.3 123.6 183.9 157.8 February. 160.9 185.3 172.4 147.6 192.8 148.9 130.8 155.3 192.7 134.6 141.8 120.1 174.9 154.5 March. ... 161.4 186.0 173.8 147.7 185.4 149.8 130.9 155.9 193.1 136.1 142.0 120.8 174.7 155.8 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' 189.1 177.4 149.1 188.4 150.2 132.6 157.1 196.4 134.7 142.6 121.5 177.6 158.5 June 166.2 196.0 181.4 149.6 187.7 149.6 133.1 158.8 196.8 135.8 143.5 121.5 182.6 159.7 July 168.6 194.9 188.3 151.1 189.2 148.9 135.7 162.8 199.4 134.4 144.5 120.3 184.1 162.7 Week ending: 2 1948—June 5... 164.2 192. 178.0 149.3 187.0 149.2 133.8 156.8 196.6 135.2 145.1 121.0 180.9 158.6 June 12... 164.9 193 180.1 149.3 186.7 148.8 133.8 157.1 196.9 137.1 145.1 120.9 181.6 159.3 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 Tuly 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 July 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 Tuly 24... 168.2 194.6 190.4 150.6 189.5 148.1 136.5 160.9 :198.0 132.9 145.9 119.2 184.6 163.1 July 31... 168.3 192.2 187.7 152.1 189.6 148.3 136.8 167.3 200.7 133.1 146.0 118.6 183.4 163.5 Aug. 7... 169.2 193.6 190.0 152.4 188.5 148.1 136.9 169.2 201.6 132.0 146.4 118.2 184.3 164.3 Aug. 14... 169.0 190.4 190.3 152.9 188.3 147.8 137.3 170.9 202.0 131.6 146.8 118.3 182.5 164.7 Aug. 21... 169.2 191.0 189.5 153.1 189.6 148.0 137.3 171.5 202.0 131.7 146.8 118.7 182.8 164.9 Aug. 28... 168.4 189.3 187.8 153.2 189.9 147.7 137.4 171.7 202.3 132.2 146.8 118.4 181.7 164.2 1947 1948 1947 1948 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 202 217.9 213.5 209.2 190.6 Agricultural mach. & equip.. 119.9 129.8 130.5 132.2 133.9 Livestock and poultry 209 204.4 219.0 239.2 250. Farm machinery 121.2 131.3 132.1 134.1 136.1 Other farm products 157 166.4 163.3 165.4 161.9 Iron and steel 131.7 149.4 148.9 149.4 153.1 Foods: Motor vehicles 150.4 161.6 161.7 164.5 169.9 Dairy products -•153 181.0 176.6 181.3 182.9 Nonferrous metals 141.8 149.8 150.0 152.1 153.7 Cereal products 154 158.0 156.3 155.1 154.5 Plumbing and heating 123.4 138.7 143.2 145.3 145.3 Fruits and vegetables 139 148.6 147.0 147.7 151.2 Building Materials: Meats 217 226.0 233.2 241.3 263.8 Brick and tile 143.3 152.5 152. 153.3 157.9 Other foods -•141. 144.4 144.2 148.1 148.5 Cement. 114.9 127.5 128.2 128.8 130.8 Hides and Leather Products: Lumber '268.8 309.2 312.9 313.2 316.7 Shoes 174. 191.7 185.6 185.8 186.3 Paint and paint materials... 155.4 158.6 158.4 158.7 157.8 Hides and skins 203. 199.3 218.0 215.2 220.3 Plumbing and heating 123.4 138.7 143.2 145.3 145.3 Leather 187. 183.6 188.2 186.9 189.2 Structural steel 130.8 155.8 153.3 153.3 159.6 Other leather products8 138. 143.3 '•150.9 150.9 149.9 Other building materials.... 146.1 162.2 163.1 163.5 166.9 Textile Products Chemicals and Allied Products: Clothing 135 145.8 145.8 145.2 146.7 Chemicals 119.9 126.8 125.9 126.2 127.8 Cotton goods -198 219.2 217.8 213.1 209.2 Drugs and Pharmaceuticals. 137.4 153.8 153.3 153.7 153.6 Hosiery and underwear 100 105.4 105.4 105.3 104.6 Fertilizer materials 103.8 115.2 115.0 113.9 115.0 Silk 68 46.4 46.4 46.4 46.4 Mixed fertilizers 97.2 103.1 103.2 103.2 104.4 Rayon 37. 40.7 40.7 40.7 40.7 Oils and fats. 134.9 212.3 205.0 212.7 193.2 Woolen and worsted goods. 130 147.5 147.5 147.5 147.5 Housefurnishing Goods: Other textile products 171 170.0 174.2 183.1 184.5 Furnishings.. .' 138.1 145.2 145. 147.1 148.5 Fuel and Lighting Materials: Furniture 128.9 139.6 139.6 140.0 140.6 Anthracite 114 124.6 125.5 127.1 131.6 Miscellaneous: Bituminous coal 163. 178.9 181.8 182.6 192.8 Auto tires and tubes 60.8 63.4 '63.5 '63.5 66.2 Coke 160 197.5 205.4 206.6 212.3 Cattle feed 269.4 296.9 291.1 292.4 239.6 Electricity 65. 66.1 65.4 Paper and pulp 156.6 167.5 167.4 167.3 166.8 Gas 85. 89.1 89.3 90.7 Rubber, crude 34.6 46.7 47.6 47.1 49.6 Petroleum products 89. 121.8 122.1 122.1 122.1 Other miscellaneous 121.9 130.2 129.7 129.8 130.0 r Revised. c Corrected. 1 Monthly figures revised, Jan. 1947-June 1948. 3 Weekly figures not directly comparable with monthly data. 'Additional items included beginning May; beginning with that date, therefore, figures are not comparable with those for earlier months. Back heures.— Bureau of Labor Statistics, Department of Labor. SEPTEMBER 1948 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 226.4 228.3 227.9 243.8 '243.8 248.2 Less: Capital consumption allowances... ......... 8.8 7.2 8.1 9.3 11.9 11.8 13.3 12.8 13.3 13.4 13.8 14.0 14.2 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.0 17.5 18.5 18.0 18.1 18.4 19.4 18.9 19.4 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 -2.4 -2.7 -5.4 -3.3 -5.2 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .7 .9 -.1 -.1 .3 -.3 -.4 -.3 Equals: National income 87.4 72.5 103.8 182.4 179.3 202.5 197.3 199.3 200.6 212.8 215.1 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 21.8 25.2 24.3 27.5 '26.2 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 5.9 5.6 6.2 6.1 5.2 5.1 '5.0 5. O Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.1 9.9 13.6 10.6 10.9 10.6 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.4 4.4 4.5 4.5 4.6 4.7 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 6.4 6.7 6.9 7.1 7.3 7.3 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 164.5 178.1 195.2 190.9 189.6 196.7 203.1 207.3 208! 8 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 21.2 21 A 21.7 22.2 '23.6 21.6 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 19.3 19.4 19.8 20.2 "•21.5 19.4 State and local , 1.4 1.0 1.2 1.3 1.4 1.7 2.0 1.9 1.9 2.0 2.0 2.1 Equals: Disposal personal income 82.5 45.2 70.2 92.0 145.6 159.2 173.6 169.7 168.2 175.0 180.9 183.7 187!$ Less Personal consumption expenditures.... 78.8 46.3 67.5 82.3 110.4 147.4 164.8 158.1 164.2 165.6 171.1 '•172.0 175.1 Equals: Personal saving 3.7 -1.2 2.7 9.8 34.2 11.8 8.8 11.6 4.1 9.4 9.7 '11.7 12.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 National income 87.4 39.6 71.5 103.8 182.4 179.3 202.5 197.3 199.3 200.6 212.8 215.1 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 125.0 125.3 127.6 132.2 '133.7 133.9 Wages and salaries* 50.2 28.8 45.7 61.7 116.9 111.7 122.2 119.3 119.6 122.5 127.1 128.8 129.1 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 101.7 102.3 105.3 109.5 111.1 111.0 Military .3 .3 .4 1.9 20.7 7.8 3.9 4.3 3.9 3.7 3.6 3.5 3.6 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 13.3 13.4 13.5 14.0 14.2 14.5 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.7 5.7 5.1 5.0 '4.9 4.9 Proprietors1 and rental income • 19.7 7.2 14.7 20.8 34.1 41.8 46.0 46.4 44.6 44.4 48.6 50.6 51.9 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 22.5 22.7 23.0 24.7 25.0 25.4 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 16.9 14.9 14.3 16.5 18.0 18 9 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.7 7.1 7.0 7.0 7.1 7.4 7.5 7.6 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 21.8 25.2 24.3 27.5 '26.2 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 21.8 29.8 28.9 28.8 29.1 32.4 31.4 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.0 11.7 11.4 11.3 11.4 12.7 12.2 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 10.8 12.8 18.1 17.5 17.5 17.7 19.7 19.2 n.a. Inventory valuation adjustment .5 —2.1 -.7 -2.6 -.3 -5.0 -5.1 -7.1 -3.6 -4.8 -4.9 '-5.3 -2.5 Net interest 6.5 5.0 4.2 4.1 3.1 3.4 4.3 4.1 4.2 4.4 4.5 4.6 4.7 r Revised. n.a. Not available. 1 Less than 50 million dollars. 8 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, 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, together with annual data for the period 1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 1168 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 1947 1948 1929 1933 1939 1941 1944 1946 1947 1 2 3 4 1 2 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 226.4 228.3 227.9 243.8 '243.8 248.2 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147.4 164.8 158.1 164.2 165.6 171.1 '172.0 175.1 9 4 3 5 6 7 9 8 6.9 16.2 21.0 19.6 21.1 21.1 22.1 21.4 22.3 Nondurable goods 37.7 22.3 35.3 44.0 67.5 87.5 96.5 92.5 96.3 96.8 100.2 '101.0 102.4 Services 31 7 20 6 25 5 28 5 37 0 43 6 47.3 46.0 46.7 47.7 48.8 49.6 50.4 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 32.6 26.4 25.6 35.4 '38.5 37.2 New construction * 7 8 I I 4 0 5 7 2 3 8 9 11 7 10.8 10.3 11.6 14.0 14.3 14.3 Producers' durable equipment 6 4 1 8 4 6 7.7 5 4 12.8 17.8 16.6 17.9 17.6 18.9 19.6 20.6 Change in business inventories 1.6 -1.6 .4 3.9 -1.4 4.8 .6 5.2 -1.8 -3.5 2.5 '4.6 2.3 Net foreign investment 8 2 9 1 l —2 1 4 7 8 9 8.8 10.2 8.4 8.2 3.9 3.9 Government purchases of goods and services 8 5 8 0 13 1 24 7 96 5 30.8 28 0 26.9 27.6 28.3 29.0 29.4 32.1 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.6 15.6 15.7 15.7 15.5 16.0 17.9 W No a n r war 2.0 3 1 .3 9 1 3 3 .8 2 8 1 8 .6 6 2 2 1 .2 5 }l6.9 17.7 17.0 16.6 16.3 17.3 18.6 Less: Government sales 8.... (a\ (3) (3) 1 2 2 9 1.3 2.1 1.4 .9 .8 1.3 .7 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 11.3 11.9 12.6 13.5 13.4 14.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month in so co n m al e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - d p m i C n u ro o g s o d t d m r u i i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S in e tr d r i v u e i s s c - e m G er o e n n v - t - b c i s u a o n o f t n s n c o i u c o t i r r a e r n i - l - s in l c a o b m or e5 in re c a n o n m t d al e6 i i n n s p t c o e e o n r r m a e - l s e t m p e f a e n y r t - s7 a in g t c u r o i r c m a u l e l- * 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 .1 .5 15.7 12.6 1.5 70.0 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 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944 164.5 114.8 117.1 50.3 22.7 10.5 33.5 2.2 1.3 34.1 10.6 3.6 149.0 1945 170.3 115.2 117.5 45.8 24.8 11.5 35 2.3 1.6 36.0 11.4 6.2 154.3 1946 178.1 109.8 111.7 46.1 31.2 13.8 20 2.0 1.6 41.8 13.5 11.4 159.4 1947 195.2 120.1 122.2 54.6 35.0 15.1 17.4 2.1 1.8 46.0 15.6 11.7 174.9 1947—June 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 1.8 45.3 15.6 11.1 172.9 August 190.8 120.1 122.2 54.3 35.4 15.3 17.2 2.1 1.8 42.8 15.6 10.5 173.1 September. 206.2 121.9 123.9 55.4 36.0 15.2 17.3 2.0 1.9 45.0 16.2 21.2 187.4 October... 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 November 201.4 125.5 127.3 57.4 37.1 15.2 17.6 1.8 1.9 47.1 16.1 10.8 181.4 December. 207.7 127.4 129.4 59.2 37.4 15.2 17.6 2.0 1.9 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 February.. 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 March 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 April 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 May 207.2 126.8 128.8 57.2 37.9 15.6 18.1 2.0 2.0 50.7 16.8 10.9 184.4 June? 211.9 129.1 131.3 59.0 38.2 15.8 18.3 2.2 2.0 53.0 16.8 11.0 187.1 P Preliminary. ' Revised. * 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. 8 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 exclusiye 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, together with annual data for the period 1929-43, and quarterly data for 1939, 1940 and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. SEPTEMBER 1948 1169 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 n r s e u d m it e 1 r ins T ta o l t m al ent Sale credit Loans* p S a lo i y n a m g n l e s e 1 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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 1,442 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 1,488 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 1,369 1,513 648 1943 5,315 1,938 814 175 639 1,124 1,192 1,498 687 1944 5,754 2,012 835 200 635 1,177 1,255 1,758 729 1945 6,613 2,340 903 227 676 1,437 1,520 L.981 772 1946 10,134 3,944 1,558 544 1,014 2,386 2,262 3,054 874 1947 . . 13,423 6,189 2,839 1,151 1,688 3,350 2,702 3,612 920 1947—june 11,244 4,933 2,036 880 1,156 2,897 2,508 2,887 916 July 11,321 5,063 2,092 922 1,170 2,971 2,549 2,786 923 August. . 11,454 5,198 2,167 965 L.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 1,452 3,214 2,680 3,309 917 December 13,423 6,189 2,839 1,151 1,688 3,350 2,702 3,612 920 13,096 6,219 2,818 1,202 1,616 3,401 2,713 3,240 924 •"12,977 »-6,283 2,835 1,254 1,581 '3,448 2,705 3,061 928 March 13,423 6,533 2,986 1,367 ,619 3,547 2,689 3,275 926 April 13,627 6,769 3,137 1,468 ,669 3,632 2,665 3,259 934 May 13,814 6,958 3,258 1,536 ,722 3,700 2,661 3,263 932 JuneP 14,128 7,144 3,366 1,602 1,764 3,778 2,678 3,364 942 July* 14,189 7,328 3,477 1,691 1,786 3,851 2,712 3,202 947 P Preliminary. r Revised. 1 Revised. See footnotes 2 and 3. 2 Includes repair and modernization loans insured by Federal Housing Administration. Total loans include recent revisions of consumer instalment loans of commercial banks and credit unions, shown on pp. 933-937 of the BULLETIN for August 1948. 3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). Includes recent revisions in single-payment loans shown on pp. 934-937 of the BULLETIN for August 1948. NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total* m b C a e o n r m c k i s - a x l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - ' p I c n a t lo o r n d i a m i u a e n l s - s - 1 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 r l z o e a o a a p n d t n i a d e o s i r r n 4 n- m b C a e o n r m c k i s - a 1 l 2 p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - ' p I c a n t l o o r n d i m a i u a e n l s - s - * u C n r i e o d n i s t 1 1929 643 43 263 219 95 463 413 38 1933 466 29 246 20 50 322 202 32 1937 1,209 258 374 221 83 125 148 368 662 409 150 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 1,793 1,251 231 210 286 1947 3,350 1,435 712 166 134 225 120 558 2,636 1,454 310 282 428 1947—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 N D O o e c c v to e e m b m e b b r e . e r r . 3 3 3 , , , 2 1 3 1 2 5 4 0 0 1 1 1 , , , 3 4 3 8 3 5 3 5 0 6 6 7 4 1 7 7 2 0 1 1 16 6 5 6 2 7 1 1 1 3 3 2 4 0 7 2 2 2 2 0 1 5 8 5 1 1 1 2 1 1 0 6 4 5 5 5 1 3 5 7 8 8 2 2 2 3 2 6 3 8 7 1 1 1 2 4 9 1 2 1 2 2 3 8 7 3 2 2 3 3 5 0 3 3 4 9 9 6 1948—January.. 3,401 1,462 717 165 137 227 121 572 ••248 110 27 26 38 February. •3,448 •1,482 721 167 140 230 121 587 221 107 25 25 38 March 3,547 1,530 733 173 143 241 123 604 ••287 140 32 29 48 April 3,632 1,570 739 180 146 252 123 622 269 121 31 27 50 May 3,700 1,597 748 189 147 260 124 635 258 123 31 25 47 JuneP.... 3,778 1,634 758 194 150 272 125 645 275 127 37 27 54 July? 3,851 1,669 770 199 152 282 126 653 277 130 33 26 52 P Preliminary. r Revised. 1 Includes recent revisions shown on pp. 933-937 of the BULLETIN for August 1948. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of July amounted to 112 million dollars, and loans made during July were 13 million. 3 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. 4 Includes only loans insured by Federal Housing Administration. 1170 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 CREDIT1 [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a b t lu a u i l l d t , e o - - s m m o t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s 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 ch P a u s r e r - d etai D l l o i a re n c s t c r d h e p a i a t r u n a s e r d i e c - 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 s l m n c o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1929 1,197 160 583 265 56 133 p 1 e 9 r 4 i 5 od: 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 94 4 6 7 2 1 , ,5 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—June 2,192 274 439 407 361 711 1938 , 1,343 302 485 266 70 220 July .. . 2,273 286 456 424 383 724 1939 1,525 377 536 273 93 246 August 2,348 298 470 433 408 739 1940 1,721 439 599 302 110 271 September.... 2,416 313 477 444 438 744 1941 1,802 466 619 313 120 284 October 2,499 322 492 462 465 758 1942 1,009 252 391 130 77 159 November.... 2,588 337 513 486 483 769 1943 639 172 271 29 66 101 December.... 2,701 346 536 523 500 796 1944 635 183 269 13 70 100 1945 676 198 283 14 74 107 1948—Januaiy . '2,787 '359 '5S6 567 504 '801 1946 1,014 337 366 28 123 160 February '2,825 '373 570 '569 '506 807 1947 1,688 650 528 52 192 266 M^arch '2,931 402 '602 '591 '517 819 April.. 3,057 '431 628 '628 '538 '832 3,137 448 649 646 555 839 1947 JuneP 3,229 472 668 661 572 856 June 1,156 423 395 37 119 182 July? 3,320 502 691 679 582 866 July 1,170 429 398 39 120 184 Volume extended dur- August ,.1,202 440 408 41 124 189 ing month: September. *1,253 462 423 43 128 197 1947—june # 406 59 82 96 44 125 October. .. 1,323 495 443 46 131 208 July 396 62 84 79 42 129 November. 1,452 555 474 49 145 229 August 375 58 79 73 45 120 December. 1,688 650 528 52 192 266 September.... 401 66 81 78 55 121 October..... 423 68 86 89 54 126 1948 November.... 421 69 94 91 43 124 December. . .. 484 70 103 115 47 149 January... 1,616 632 502 52 176 254 February.. 1,581 624 492 52 164 249 1948—January '456 '70 98 118 36 134 March. ... 1,619 653 497 54 160 255 February 398 '66 89 90 35 '118 April 1,669 680 511 60 155 263 March . .. 504 89 116 102 44 153 May 1,722 703 528 65 155 271 Anril 521 92 '122 52 143 June? 1,764 720 541 68 157 278 May 487 81 109 112 48 137 July? 1,786 732 545 72 156 281 JuneP 524 87 109 126 52 150 JulyP 508 89 115 111 44 149 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 3 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 2 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 2 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—June 199.2 40.6 23.1 35.0 100.5 1947—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 May 265.1 59.0 38.0 48.3 119.8 May 163.1 31.9 20.5 4.5 106.2 JuneP 271.6 61.4 40.1 48.8 121.3 JuneP 166.0 33.3 21.2 4.5 107.0 July? 277.6 64.3 42.0 49.1 122.2 July? 168.5 34.9 21.0 4.6 108.0 Volume extended Volume extended during month: during month: 1947—June 33.8 7.5 4.3 3.9 18.1 1947—June 27.3 4.8 2.7 0.5 19.3 Ju 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 40.8 10.1 6.8 4.2 19.7 May 27.7 5.7 3.7 0.4 17.9 June? 44.2 10.5 7.4 3.4 22.9 JuneP 30.6 7.1 3.5 0.4 19.6 JulyP 41.3 11.2 6.9 3.1 20.1 JulyP 29.1 6.7 3.3 0.5 18.6 P Preliminary. ' Revised. x Includes recent revisions shown on pp. 933-937 of the BULLETIN for August 1948. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 1 Includes both direct loans and paper purchased. SEPTEMBER 1948 1171 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 1 Pe fr r o c m en t p ag re e c e c d h i a n n g ge m f P ro o e m r n c t h e c n o t o a r f r g e e p s r p c e o h c n a e d n d i g i n n e g g Instalment accounts a C c h co ar u g n e ts month year 1 J 9 u 4 l 8 y ? J 1 u 9 n 48 e M 19 a 4 y 8 1 J 9 u 4 l 8 y P J 1 u 9 n 4 e 8 M 19 a 4 y 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 p H s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total -10 -2 +4 + 10 + 13 +5 June 28 23 45 24 54 C C a re s d h i t s a s l a e l s e . s : . -13 -3 +4 -15 -9 -13 J A u u ly gust 2 2 8 8 2 2 2 2 3 4 9 1 2 2 3 3 5 5 3 1 Instalment -11 -1 XI +23 +24 + 16 September 31 24 39 25 53 Charge account -9 -2 0 +4 +1 O N c o t v o e b m er ber 3 3 0 1 2 2 3 3 3 4 9 0 2 2 4 3 5 5 5 7 Accounts receivable, end December 29 20 39 31 54 of month: Total 0 +2 +4 +44 +48 +43 1948 Instalment 0 +2 +2 +47 +49 +47 January 24 18 36 19 53 February 23 17 32 18 49 Collections during March 27 19 35 20 53 month: April 25 19 33 20 52 Total 0 +1 +2 + 17 + 18 +11 May 24 19 34 20 52 Instalment -3 +2 + 1 +21 +27 + 14 June 24 20 33 20 52 July? 23 18 34 19 51 Inventories, end of month, at retail value.. -2 -3 -3 + 15 + 16 + 16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Pe rcentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Charge- 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 a t l- 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 m sa e le n s t ac s c a o le u s nt 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—June 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 ••214 52 7 41 June 217 228 178 211 136 193 176 217 52 7 41 JulyP 173 187 160 159 139 168 169 213 54 8 38 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1163. 1172 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 July Aug. Aug. Aug. Aug. page July Aug. Aug. Aug. Aug. 28 28 18 251 WEEKLY FIGURES 2 (In billions of dollars) WEEKLY FIGURES 2—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.-—Cont. Reserve Bank credit, total 2 21.72 21.90 22.06 22.13 21.99 Stock prices (1935-39=100): U. S. Govt. securities, total.. 3 21.21 21.38 21.57 21.55 21.46 Total 40 130 129 125 127 127 Bills 3 7.73 7.39 7.33 7.15 7.05 Industrial 40 137 135 132 134 133 Certificates 3 4.96 5.12 5.16 5.13 5.01 Railroad 40 122 122 118 118 121 Notes 3 1.95 1.90 1.87 1.86 1.81 Public utility 40 98 98 96 97 97 Bonds 3 6.56 6.97 7.22 7.41 7.59 Volume of trading (mill, shares) 40 .90 .77 .79 .62 .57 Gold stock 2 23.67 23.68 23.69 23.71 23.71 Money in circulation 2 27.82 27.92 27.97 27.98 27.97 Treasury cash and deposits... 2 3.15 3.18 3.08 3.29 3.23 BUSINESS CONDITIONS Member bank reserves 2,4 17.53 17.61 17.83 17.60 17.67 Required reserves 4 16.78 16.82 16.78^16.83 16.82 Wholesale prices: Excess reserves* 4 .76 .79 1.06 P.77- .85 Indexes (1926=100): Excess reserves (weekly avg.): Total 73 168.3 169.2 169.0 169.2 168.4 Total* 5 .73 .90 .89 P. 95 P. 80 Farm products 73 192.2 193.6 190.4 191.0 189.3 New York City 5 .02 .07 .01 .05 .01 Other than farm and foods. 73 152.1 152.4 152.9 153.1 153.2 Chicago 5 (3) .01 .01 .01 Selected farm products: Reserve city banks 5 .19 .22 .23 .24 .18 Wheat (cents per bushel) . 78 213.8 211.7 215.5 216.7 218.2 Country banks* 5 .52 .60 .65 P.65 P. 60 Corn (cents per bushel). . 78 209.3 204.9 207.9 196.3 186.3 Cotton (cents per pound). 78 33.0 32.3 31.5 31.2 30.8 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 78 29.70 30.43 29.63 30.64 30.23 All reporting banks: Butter (cents per pound) . 78 77.1 77.3 78.6 72.2 72.8 Loans and investments 16 63.08 63.17 63.03 63.40 63.24 Eggs (cents per dozen)... 78 42.3 43.8 45.0 46.3 46.5 U. S. Govt. securities, total. 16 34.87 35.02 34.66 34.90 34.70 Production: Bonds 18 25.93 25.89 25.83 25.81 25.78 Steel (% of capacity) 80 93.1 94.2 94.9 95.0 95.9 Certificates 18 4.42 4.29 4.21 4.22 4.18 Automobile (thous. cars)... 80 113 109 112 113 109 Notes 18 2.47 2.54 2.54 2.55 2.55 Paperboard (thou. tons).... 81 179 178 184 186 Bills \ 18 2.04 2.30 2.08 2.32 2.19 Crude petroleum (thous. 184 Other securities 20 4.35 4.34 4.34 4.41 4.42 bbls.) 81 5,455 5,505 5,507 5,521 Demand deposits adjusted.. 16 46.84 46.78 46.71 46.74 47.06 Electric power (mill. kw. 5,529 U. S. Govt. deposits 16 1.34 1.39 1.47 1.52 1.38 hrs.) 82 5,352 5,319 5,318 5,391 Loans, total 16 23.86 23.80 24.03 24.09 24.12 Basic commodity prices 5,478 Commercial 20 14.49 14.63 14.81 14.87 14.84 (Aug. 1939=100) 82 322.1 321.4 '318.6 316.3 Real estate 20 3.86 3.87 3.89 3.89 3.91 Total freight carloadings 311.1 For purchasing securities: (thous. cars) 83 894 879 891 901 Total 20 1.73 1.54 1.54 1.43 1.52 Department store sales 891 U. S. Govt. securities... 20 .72 .53 .59 .47 .59 (1935-39=100) 83 235 261 258 271 Other securities 20 1.01 1.01 .95 .96 .93 255 Other 20 4.02 4.01 4.03 4.14 4.09 New York City banks: 1948 Loans and investments 17 18.66 18.66 18.51 18.64 18.68 U. S. Govt. securities, total. 17 10.20 10.38 10.07 10.14 10.14 Bonds 19 7.91 7.87 7.84 7.81 7.77 May June July1 Certificates 19 .88 .84 .82 .80 .81 Notes 19 .52 .53 .49 .49 .50 Bills 19 .89 1.14 .92 1.04 1.06 MONTHLY FIGURES In billions of dollars Demand deposits adjusted.. 17 15.28 15.29 15.23 15.23 15.40 U. S. Govt. deposits 17 .36 .38 .39 .40 .36 RESERVES AND CURRENCY Interbank deposits 17 3.94 3.99 3.98 3.98 3.86 Time deposits 17 1.59 1.56 1.57 1.54 1.54 Reserve Bank credit 7 21.04 21.50 22.02 Loans, total 17 7.31 7.14 7.31 7.33 7.36 Gold stock 23.24 23.46 23.62 Commercial 21 5.19 5.26 5.36 5.38 5.36 Money in circulation 27.75 27.85 27.96 For purchasing securities: Treasury cash 7 1.32 1.32 1.32 To brokers: Treasury deposits 7 1.42 1.49 1.83 On U. S. Govts 21 .38 .23 .30 .18 .29 Member bank reserves: On other securities... 21 .37 .34 .32 .32 .31 Total 4, 7, 14 16.93 17.40 17.53 To others 21 .24 .24 .24 .23 .23 Central reserve city banks... 14 5.57 5.94 6.02 All other 21 1.21 1.16 1.19 1.30 1.26 Reserve city banks 1" 6.50 6.53 6.57 Banks outside New York City: Country banks 1 4.87 4.92 4.94 Loans and investments 17 44.43 44.51 44.52 44.76 44.56 Required reserves: U.S. Govt. securities, total.. 17 24.67 24.64 24.59 24.77 24.56 Total 16.19 16.54 16.71 Bonds 19 18.02 18.02 17.99 18.01 18.01 Country banks 1 4.35 4.37 4.37 Certificates 19 3.54 3.44 3.38 3.42 3.37 Excess reserves: Notes 19 1.95 2.01 2.06 2.07 2.06 Total 4, .74 .85 .82 Bills 19 1.15 1.16 1.17 1.28 1.13 New York City .02 .04 .02 U D . e m S. a G nd o v d t e . p d o e s p it o s s a it d s j usted. . 1 1 7 7 31. . 5 9 6 8 31 1 . . 4 0 8 1 31 1 . . 4 0 8 8 31 1 . . 5 1 2 2 31 1. . 0 6 2 6 C R h es ic e a rv g e o city banks . . 0 2 1 0 . . 0 2 1 4 (3) Interbank deposits 17 6.09 6.26 6.39 6.33 6.13 Country banks .51 .56 .23 Time deposits 17 13.32 13.34 13.33 13.33 13.32 Money in circulation, total. . . 27.81 27.90 .57 Loans, total 17 16.54 16.66 16.72 16.76 16.76 Bills of $50 and over 8.56 8.58 27.87 Commercial 21 9.30 9.37 9.46 9.50 9.4( $10 and $20 bills 14.78 14.82 8.56 Real estate 21 3.70 3.71 3.72 3.72 3.7 Coins, $1, $2, and $5 bills.... 4.48 4.50 14.82 For purchasing securities. 21 .73 .73 .69 .70 .69 4.49 All other 21 2.98 3.01 3.01 3.01 3.01 ALL BANKS IN THE UNITED STATES Deposits and currency:* MONEY RATES, ETC. Per cent per annum Total* , P168.00 P167.90 P168.70 Excluding U. S. Govt. U. S. Govt. securities: deposits' P165.60 P165.70 P166.30 Bills (new issues) 34, 35 .997 .997 1.066 1.072 1.075 Demand deposits adjusted*... P83.20 P82.70 P83.50 Certificates 34, 35 1.10 1.10 1.16 1.16 1.17 Time deposits adjusted* P57.OO P57.40 P57.30 3-5 years 34 1.59 1.61 1.66 1.66 1.67 Currency outside banks* P25.40 P25.60 P25.50 7-9 years 34 1.99 2.03 2.06 2.05 2.05 U. S. Govt. deposits* P2.40 P2.20 P2.40 15 years or more 34, 36 2.44 2.45 2.45 2.45 2.45 F. R. Bank discount rate 35 1.25 1.25 1.50 1.50 1.50 ALL COMMERCIAL BANKS Commercial paper 35 1.38 1.38 1.50 1.50 1.50 Bankers' acceptances 35 1.06 1.06 1.06 1.19 1.19 Cash assets* P32.60 P34.00 P33.40 Corporate bonds: Loans and investments, total* P114.50 P113.90 P114.80 Aaa 36 2.82 2.83 2.85 2.85 2. Loans* P39.40 P39.90 M0.20 Baa 36 3.39 3.41 3.43 3.45 3.45 U. S. Govt. securities* P65.90 P64.80 P65.30 High-grade (Treas. series)... 36 2.82 2.85 2.88 2.87 2.86 Other securities* P9.20 P9.20 P9.30 For footnote* see p. 1176. SEPTEMBER 1948 1173 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 May June July ] page May June Julyi MONTHLY FIGURES—Gont. In billions of dollars In billions of dollars MONTHLY FIGURES—Gont. MEMBER BANKS All member banks: TREASURY FINANCE Cont. Loans and investments, total 14 96.05 95.44 96.21 Loans 14 33.61 33.88 34.09 Ownership of U. S. Govt. securities—Cont. U. S. Govt. securities 14 55.06 54.15 54.58 Marketable public issues—Cont. Other securities 14 7.38 7.41 7.55 By earliest callable or due date: Demand deposits adjusted" 14 70.25 70.00 70.65 Within 1 year-Total outstanding 31 49.40 49.87 Time deposits 14 28.62 28.85 28.79 Commercial bank and F. R. Balances due to banks 14 10.32 10.62 10 Bank 31 31.51 32.09 •31.24 Balances due from banks 14 5.10 5.27 5.38 F. R. Bank 31 14.46 15.26 14.67 Central reserve city banks: 1-5 years—Total outstanding. 31 46.41 46.12 46.12 Loans and investments, total 14 24.20 23.76 23.8. Commercial bank and F. R. Loans 14 9.14 9.26 9.18 Bank 31 33.33 33.27 *33.31 U. S. Govt. securities 14 13.58 13.03 13.15 F. R. Bank 31 2.72 2.64 2.65 Other securities 14 1.48 1.47 1.52 5-10 years—Total outstanding 31 10.27 10.46 10.46 Demand deposits adjusted* 14 19.42 19.10 19.16 Commercial bank and F. R. Time deposits 14 2.49 2.64 2.64 Bank 31 6.67 6.75 • 6.81 Balances due to banks 14 4.89 5.01 5.06 F. R. Bank 31 .50 .55 .54 Reserve city banks: Over 10 years-Total outstanding 31 54.81 53.89 53.89 Loans and investments, total 15 35.07 35.09 35.46 Nonbank (unrestricted Loans 15 13.39 13.38 13.58 issues only), commercial U. S. Govt. securities 15 19.25 19.24 19.35 bank, and F. R. Bank. ... 31 8.91 8.02 * 8.60 Other securities 15 2.43 2.46 2.53 Commercial bank and F. R. Demand deposits adjusted8 15 24.48 24.35 24.76 Bank 31 7.59 6.84 * 7.39 Time deposits 15 11.27 11.33 11.30 F. R. Bank 31 2.98 2.92 3.46 Balances due to banks 15 4.63 4.79 4.92 Balances due from banks 15 1.71 1.78 1.79 Country banks: Lo L a o n a s n a s n d investments, total 1 1 5 5 3 1 6 1 . . 7 0 9 9 3 1 6 1 . . 5 2 9 3 3 1 6 1 . . 9 3 0 3 MONEY RATES, ETC. Per cent per annum U. S. Govt. securities 15 22.22 21.88 22.07 Other securities 15 3.48 3.48 3.50 Demand deposits adjusted* 15 26.35 26.55 26.73 U. S. Govt. securities: Time deposits 15 14.86 14.88 14.86 Bills (new issues) 33, 35 .997 .998 .997 Balances due from banks 15 3.21 3.30 3.41 Certificates 35 1.09 1.09 1.10 Bonds, 15 years or more 36 2.42 2.41 2.44 CONSUMER CREDIT* F. R. Bank discount rate 33, 35 1.25 1.25 1.25 Consumer credit, total 22 13.81 P14.13 C B o a m nk m er e s r ' c i a a c l c p ep ap ta e n r c es 3 3 5 5 1 1 . . 0 3 6 8 1 1. . 0 3 6 8 1 1 . . 3 0 8 6 Single-payment loans 22 2.66 P2.68 P2.71 Corporate bonds: Charge accounts 22 3.26 v3.36 P3.20 Aaa 33,36 2.76 2.76 2.81 Service credit 22 .93 P.94 P. 95 Baa 36 3.38 3.34 3.37 Ins I t n a s l t m al e m n e t n c t r e l d oa it n , s t otal 22, 2 2 3 3 6 3 . . 9 7 6 0 P P 3 7 . . 7 1 8 4 P P7 3 . . 3 8 3 5 High-grade (Treas. series) 36 2.74 2.73 2.80 Instalment sale credit, total 23 3.26 P3.37 P3AS Automobile 23 1.54 Pi. 60 Pl.69 Other 23 1.72 Pi. 76 Pi.79 In unit indicated TREASURY FINANCE Ca C sh a s i h n c i o n m co e m a e n d outgo: 27 3.33 5.10 2.40 Sto T c o k t a p l rices (1935-39=100): 39 130 135 132 Cash outgo 27 2.87 4.34 2.77 Industrial 39 137 143 139 Excess of cash income and outgo. .. 27 + .46 + .77 -.36 Railroad 39 123 126 125 U. D S i S S N B r . e p a o o c v e n t G t c i e d n i o s a a s g , v n l s c ( t d i . m e b s s r g o a t u s u n i r e e f a k d i c s c r e s u a a , t r a n t i s e b t t a i s e l e v , e e s i d n a i s g n o s s d u u n e t b s s o i t ) l t a l e s n s d , i e n tc g . : 2 2 2 2 2 8 8 8 8 8 2 1 4 5 2 5 1 9 9 5 0 5 . . . . . 3 7 2 5 0 2 5 0 2 3 2 1 3 5 4 5 1 0 9 7 0 2 . . . . . 7 2 5 1 4 2 1 1 3 6 2 1 6 3 4 5 1 0 0 1 6 2 . . . . . 8 2 7 9 4 2 2 9 3 6 V B o r P C M 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 e b a x t r o i t l t s a l r e r i ' a n r n t o d f y 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 i u , 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 6 6 2 .9 1 9 1 5 8 9 9 5 8 1 6 2 5 1 .4 7 1 8 0 1 6 9 3 1 1 • 6 5 2 . "1 1 0 7 8 0 7 8 7 8 0 Ownership of U. S. Govt. securities: Total: Commercial banks6 29 65.80 65.00 65.60 Fed. agencies and trust funds. . . 29 34.88 35.75 36.37 BUSINESS CONDITIONS F. R. Banks 29 20.66 21.37 21.33 Individuals* 29 66.80 66.80 67.00 Corporations* 29 21.60 21.00 21.00 Personal income (annual rate, bill. Insurance companies* 29 23.40 23.20 23.00 dollars);*4 Mutual savings banks* 29 12.00 12.00 12.00 Total 52 207.2 '•212.3 211.5 State and local govts.* 29 7.30 7.20 7.20 Total salaries and wages 52 126.8 129.7 130.5 Marketable public issues: Proprietors' income, dividends, and By class of security: interest 52 67.5 '69.6 67.8 Bills—Total outstanding 30 13.76 13.76 All other 52 12.9 13.0 13.2 Commercial bank and F. R. Labor force (mill, persons): * Bank 30 10.77 10.92 P10.34 Total 53 61.7 64.7 65.1 F. R. Bank 30 8.25 8.58 7.56 Civilian 53 60.4 63.5 63.8 Certificates—Total outstanding 30 20.06 22.59 22.29 Unemployment 53 1.8 2.2 2.2 Commercial bank and F. R. Employment 53 58.7 61.3 61.6 Bank 30 11.42 13.17 P13.19 Nonagricultural 53 50.8 51.9 52.5 F. R. Bank 30 4.14 4.62 5.06 Employment in nonagricultural estab- Notes—Total outstanding.... 30 11.37 11.37 11.37 lishments (mill, persons):*4 Co B m a m nk e rcial bank and F. R. 30 6.48 6.50 P6.52 T M o a t n al u facturing and min < in g 5 5 4 4 4 1 4 7 . . 7 0 4 1 5 7 . . 1 2 P P1 4 7 5 . . 2 2 F. R. Bank 30 1.96 1.97 1.95 Trade 54 9.7 9.8 P9.8 Bonds—Total outstanding.... 30 115.69 112.63 112.63 Government 54 5.6 5.6 P5.7 Nonbank (unrestricted Transportation and utilities 54 4.0 4.1 P4.1 issues only), commercial Construction 54 2.0 2.1 P2.1 bank, and F. R. Bank 30 69.80 66.79 «67.33 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 55 51.86 52.95 P53.06 Bank 30 50.44 48.37 «49.02 Hourly earnings (cents) 55 130.2 131.7 P133.1 F. R. Bank 30 6.32 6.21 6.76 Hours worked (per week) 55 '39.9 40.2 P39.9 For footnotes see p. 1176 1174 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 May June July1 page May June July* MONTHLY FIGURES—Cont. In unit indicated •MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS Cont. BUSINESS CONDITIONS — Cont. Industrial production:4 Prices paid and received by farmers Total (1935-39 = 100) 57,58 192 192 P187 (1910-14 = 100): Groups (points in total index): Paid 77 250 251 251 Durable manufactures 57 ^83 7 84 3 P83.1 Received 77 289 295 301 Machinery and trans, equip... 58 A3 0 43.7 P43.6 Cash farm income (mill, dollars): Iron and steel 58 m 8 22.8 P22.1 Total 79 •2,103 2,437 Nonferrous metals, lumber, and Livestock and products 79 •1,463 1,613 other durables 58 17 9 17 8 P17.5 Crops 79 '602 781 P1,129 Nondurable manufactures 57 83 2 83 9 P80A Govt. payments 79 38 43 n.a. Textiles and leather 58 22 3 22 0 P20.0 Food, liquor, and tobacco 58 22 5 23 0 P22A Chemicals, petroleum, etc 58 23 1 23 6 P23A Paper and printing 58 15 3 15 3 P14.5 INTERNATIONAL TRADE AND FINANCE Minerals 57, 58 24 6 24 2 P23.3 Selected durable manufactures Exports and imports (mill, dollars): No ( n 1 f 9 e 3 rr 5 o - u 3 s 9 = m 1 e 0 ta 0 l ) s : 59 203 194 *>184 Ex E p x o c rt l s u ding Lend-Lease exports... 8 8 5 5 P i> l l , f 1 1 0 0 3 3 P1,0 ,0 13 13 Steel 59 '235 236 228 Imports 85 P549 P616 Cement 59 187 190 188 Excess of exports or imports ex- Lumber 59 131 129 ^135 cluding Lend-Lease exports 85 P553 P398 P4.64 Transportation equipment 59 r218 223 P235 Foreign exchange rates: Machinery 59 272 276 P268 See p. 1197 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 60 191 184 Total liabilities 88 54.98 Cotton consumption. 60 147 140 115' Official 88 5 1.99 Manufactured food products.... 60 159 163 *159 Invested in U. S. Treasury bills Paperboard 60 191 187 165 and certificates 88 s .30 Leather 60 109 107 Private 88 5 2.99 Industrial chemicals 60 ^436 449 *>440 Total assets 88 « 1.11 Rayon 60 304 309 P310 Sales and inventories (bill, dollars): Sales: Manufacturing—Durable 61 6 6 '7.2 6.4 1947 1948 —Nondurable.... 61 10 2 no.7 9.6 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 13 2 8 0 0 7 13 2 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 8 13 .8 14.0 Wholesale —Nondurable.... 6 6 1 1 15 8 7 1 15 8 . . 9 1 16.1 TREASURY FINANCE In billions of dollars Construction contracts (3 mo. moving ayg., mill, dollars), total4 63 769 824 P87O Residential 63 304 326 *>351 Budget receipts and expenditures: Other 63 465 498 P518 Total expenditures 26 7.86 8.83 12.97 Residential contracts (mill, dollars): 4 National defense 26 3.09 2.77 2.77 Total. 64 309 316 324 Net receipts 26 9.38 14.95 10.62 Public 64 7 11 12 Internal revenue collections, total 26 7.85 13.69 9.48 Private, total 64 303 304 312 Individual income taxes 26 3.44 8.55 4.87 1- and 2-family dwellings 64 239 226 254 Corporate income taxes 26 2.17 3.14 2.57 Other 64 64 79 58 Misc. internal revenue 26 2.24 2.00 2.04 Value of construction activity (mill. dollars), total* 65 1,455 1,605 1,719 Nonresidential:e Public 65 334 372 394 MONEY RATES Per cent per annum Private 65 531 595 645 Residential:8 Public 65 5 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 3 o a o n 5 a i d e - n 3 o i t n 9 s u g s = i s n : 1 4 t 0 o 0 t ) a l index): 6 6 6 7 5 7 5 1 8 4 7 5 1 8 2 6 1 3 3 7 3 9 6.8 6 1 7 3 7 5 8 7.C N O S T o o t e h u w ta e t h r l, 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 y W 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 7 7 7 3 2 2 2 1 . . . . 8 2 2 6 2 2 7 1 2 2 2 2 . . . . 4 5 0 8 6 2 9 3 2 3 2 2 . . . . 1 5 0 7 C 6 3 1 Coal 67 34 6 32.6 30.7 All other 67 28.6 '29 .2 30.5 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): * BUSINESS FINANCE In unit indicated Sales 68 310 Ml 2 316 Stocks 68 ••297 ^284 273 296 stores: Corporate security issues: Sales (mill, dollars) 69 339 336 P275 Total (bill, dollars) • 42 2.22 1.61 1.66 Stocks (mill, dollars) 69 919 859 P829 New money, total (bill, dollars)«. . 42 1.87 1.40 r1.35 Outstanding orders (mill, dollars) 69 339 462 P559 Type of security (bill, dollars): Stocks-sales ratio (months' supply) 69 2.7 2.6 P3X Bonds 42 1.45 1.13 1.06 Consumers' prices (1935-39=100): Preferred stock 42 .12 .09 .18 All items 71 170.5 171. 7 173./ Common stock 42 .30 .18 .10 Food 71 210.9 214.1 216.5 Use of proceeds (mill, dollars): Apparel 71 197.5 196.9 197.1 Plant and equipment: Rent 71 116.7 117.0 117.3 All issuers 43 1,543 844 1,079 Wholesale prices (1926 = 100), total... 73 163.9 166.2 168. £ Public utility 43 981 531 803 Farm products 73 189.1 196.0 194.5 Railroad 43 87 97 126 Foods 74 177.4 181.4 188.3 Industrial .# 43 472 212 149 Other than farm and foods, total... 73 '149.1 149.6 151.1 Working capital: Textile products 74 150.2 149.6 148.5 All issuers 43 325 555 '274 Hides and leather products 74 '188.4 187. 7 189.: Public utility 43 24 5 2 Chemicals and allied products... 75 134.7 135.8 134.4 Railroad 43 3 Fuel and lighting materials 75 132.6 133.1 135./ Industrial 43 272 331 '195 Building materials 75 196.4 196.8 199.4 Bonds (bill, dollars) :• Metals and metal products 75 157.1 r158.8 162.8 Public 42 .91 .61 .87 Miscellaneous 74 121.5 '121 120.3 Private 42 .82 .72 .45 For footnotes see p. 1176 SEPTEMBER 1948 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS •—Continued Chart 1947 1948 Chart 1948 book book page Oct.- Jan.- Apr.- page June Dec. June Dec. Mar. June 30 31 30 QUARTERLY FIGURES—Cont. In unit indicated CALL DATE FIGURES 7 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 44 114.9 115.3 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 7.60 Inventories 44 41.7 43.0 Bills 12 .77 1.99 2.19 Receivables 44 35.6 35.4 Loans:8 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 7.78 Net working capital 44 60.9 62.4 Consumer 13 4.00 4.66 5.25 Plant and equipment expenditures For purchasing securities: (bill, dollars):«« To brokers and dealers 13 1.51 .81 1.17 All business 45 5.0 4.2 '4.7 To others 13 1.15 1.07 .96 Manufacturing and mining; rail- State and local govt. securities. 13 3.98 4.20 4.44 roads and utilities 45 3.3 2.7 3.2 Other securities 13 2.97 3.11 3.00 Manufacturing and mining 45 2.5 '2.0 2.2 Corporate profits, taxes, and dividends (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.p 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 1.4 Total holdings 24 231.5 236.8 Durable manufacturing (mill, dol- Deposits and currency 24 143.3 146.7 No la n r d s u ) rable manufacturing (mill. 47 508 •"512 55 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 ti h e a s r es 2 2 4 4 7 8 9 . . 4 8 8 9 0. . 6 5 Ele d c o t l r l i a c r s) power and telephone 47 446 ••461 471 Ind T i o v t i a d l u h a o ls l : dings 24 165.2 172.0 Ra ( i m lro il a l, d d s o ( l m la i r l s l ) , dollars) 4 4 7 7 199 229 2 1 0 8 4 5 S D a e v p i o n s g i s t s a a n n d d l o c a u n rr e sh n a c r y e s 2 2 4 4 10 8 1 . . 1 5 10 9 4 . . 2 7 157 72 U. S. Gov*. securities 24 55.6 58.1 Corporations: 1947 1948 Total holdings 24 38.9 38.4 Deposits and currency 24 23.5 23.8 Oct.- Jan- Apr.- U. S. Govt. securities 24 15.3 14.5 Dec. Mar. June 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 product4 48 243.8 '243.8 248.2 Govt. purchases of goods and serv- OWNERSHIP OF DEMAND DEPOSITS* ices 48 29.0 29.4 32.1 Feb. 26 Jan. 30* Personal consumption expenditures 48 171.1 '172.0 175.1 Durable goods 49 22.1 21.4 22.3 Individuals, partnerships, and corpora- Nondurable goods 49 100.2 '101.0 102 tions, total 25 77.8 82.4 Services 49 48.8 49.6 50 Nonfinancial: Private domestic and foreign invest- Total 25 37.2 39.8 ment 48 43.6 '42.4 41.1 Manufacturing and mining 25 16.0 17.3 Gross private domestic invest- Trade 25 12.5 13.4 ment: Public utilities 25 4.2 4.1 Producers' durable equipment. 50 18.9 19.6 20.6 Other 25 4.5 4.9 New construction 50 14.0 14.3 14.3 Financial: Change in business i nventories. 50 2.5 '4.6 2.3 Total 25 6.5 7.4 Net foreign investment 50 8.2 3.9 3.9 Insurance companies 25 2.1 2.7 Personal income, consumption, and Other 25 4.5 4.7 saving:4 Individuals: Personal income 51 203.1 207.3 208.8 Total 25 28.9 30.1 Disposable income 51 180.9 '183.7 187.3 Individuals excl. farmers 25 22.0 22.9 Consumption expenditures 51 171.1 '172.0 175.1 Farmers 25 6.9 7.2 Net personal saving 51 9.7 '11.7 12.2 Nonprofit assns. and other 25 5.2 5.1 * Estimated. P Preliminary. r Revised. c Corrected. n.a. Not available. * 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. * Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 8 Less than 5 million dollars. * Adjusted for seasonal variation. * As of Apr. 30, 1948. * 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. 7 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 dollaw, 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. 8 Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves; previously they were reported net of such reserves. * 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. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Con tinned CONSUMER CREDIT* 1948 1948 Chart Chart book book page1 May JuneP July? page1 May June* July* In millions of dollars In millions of dollars Consumer credit outstanding, total. 2 3 13,814 14,128 14,189 Consumer instalment sale credit out- Instalment credit, total* 3,5 6,958 7,144 7,328 standing, cumulative totals:8—Cont. Instalment loans 2.......... 5 3,700 3,778 3,851 Furniture and household appli- Instalment sale credit 5 3,258 3,366 3,477 ance stores 6 1,722 1,764 1,786 Charge accounts 3 3,263 3,364 3,202 Department stores and mail- Single-payment loans2 3 2,661 2,678 2,712 order houses 6 1,129 1,155 1,169 Service credit 3 932 942 94 All other 6 426 435 437 Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:3 granted, cumulative totals:4 Instalment credit2 4 13,814 14,128 14,189 Consumer instalment loan credit out- Charge accounts 4 6,856 6,984 6,861 standing, cumulative totals:8 Single-payment loans2 4 3,593 3,620 3,659 Commercial and industrial banks2 8 3,700 3,778 3,851 Service credit 4 932 942 947 Small loan companies 8 1,914 1,950 1,983 Consumer instalment sale credit out- Credit unions' 8 1,166 1,192 1,213 standing, cumulative totals:3 Miscellaneous lenders 8 906 920 931 Automobile dealers 6 3,258 3,366 Insured repair and modernization loans 8 635 645 653 P Preliminary. x Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 Includes revisions shown on pp. 933-937 of the BULLETIN for August 1948. 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. 4 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. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1948 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 i Aug. 1, 1948 1947 Aug. 1, 1948 1947 Aug. 1, 1948 1947 Aug. 1, 1948 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston ... 6 906 6 656 New York 24,385 31,880 10,448 13,309 80 100 Philadelphia 51,515 57,436 20,086 16,056 Cleveland 181,524 255,236 54,840 63,892 Richmond 1,121 1,650 164,313 174,878 30,684 27,135 Atlanta 2,185 2,810 167,485 179,111 8,203 8,193 Chicago... . . 885,728 1,443,953 70,492 87,057 1,509 1,703 St. Louis 23,21O 3 4,840 301,354 445,145 51,610 71,707 14 17 Minneapolis 311,826 425,616 32,194 44,555 253,898 257,918 Kansas City 274 291 242,282 420,033 552,571 457,254 5,207 4,630 Dallas 4,078 4,372 57,398 59,870 127,459 55,265 102 139 San Francisco 983 1,206 6,236 6,549 109,383 136,992 36,139 38,401 Total 11,851 15,169 2,400,952 3,506,363 1,067,970 981,415 296,949 302,908 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 Aug. 1, 1948 1947 Aug. 1, 1948 1947 Aug. 1, 1948 1947 Aug. 1, 1948 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . .... 4,101 4,623 4,108 3,930 35,499 34,552 72,227 71,379 New York 14,256 24,813 6,648 6,341 1,323 1,082 39,785 39,720 Philadelphia 12,576 17,071 2,646 2,548 58,518 57,770 21,280 21,302 Cleveland 27,834 63,298 5,863 5,452 128,945 129,602 11,820 11,939 Richmond 37,453 27,228 4,522 4,843 1,259,188 990,026 26,230 26,982 Atlanta . . 32,720 28,925 3,902 3,678 264,387 213,734 12,580 12,249 Chicago 448,519 618,875 18,080 15,375 36,431 32,858 23,209 22,772 St Louis 54,714 73,986 9,018 8,719 317,270 311,907 8,204 8,254 Minneapolis 362,585 415,952 9,893 9,547 2,876 2,497 41,946 40,006 Kansas City 153,260 146,275 9,578 9,930 3,326 3,755 32,590 31,421 Dallas 36,140 18,669 1,825 1,779 5,114 4,932 San Francisco 31,812 30,729 13,111 12,703 89,422 108,171 Total 1,215,970 1,470,444 89,194 84,845 2,107,763 1,777,783 384,407 399,127 1 As revised in August 1948. 2 Includes 10,000 bales grown in miscellaneous territory. 3 Includes 15,000 bales grown in miscellaneous territory. SEPTEMBER 1948 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list Not on par list and offices on which (Nonm 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 July 31, 1948* 14,084 4,248 12,070 3,931 6,913 3,129 5,157 802 2,014 317 By districts and by States July 31, 1948* District Boston . .... 496 298 496 298 336 219 160 79 New York 914 848 914 848 787 785 127 63 Philadelphia 843 137 843 137 646 100 197 37 Cleveland 1 141 258 1,141 258 709 222 432 36 Richmond 1,013 444 800 325 479 210 321 115 213 119 Atlanta 1,174 166 552 130 345 113 207 17 622 36 Chicago - .... 2,488 573 2,434 548 1,000 224 1,434 324 54 25 St. Louis 1 470 132 1,126 72 494 39 632 33 344 60 Minneapolis 1,279 111 621 43 476 26 145 17 658 68 Kansas Citv 1 750 9 1,741 9 758 6 983 3 9 Dallas 1 013 40 903 31 616 20 287 11 110 9 San Francisco 503 1 232 499 1 232 267 1 165 232 67 4 State Alabama 222 22 114 22 88 22 26 108 Arizona • . 10 41 10 41 5 31 5 10 Arkansas ^ 229 t9 104 5 66 1 38 4 125 14 California 193 909 193 909 114 866 79 43 Colorado 142 I 142 1 92 1 50 Connecticut 115 26 115 26 65 13 50 13 Delaware 39 14 39 14 17 4 22 10 District of Columbia.:. 19 39 10 39 16 36 3 3 Florida 178 2 117 2 73 2 44 61 Georgia 388 31 99 27 65 26 34 1 289 4 Idaho..:i 49 45 49 45 26 43 23 2 Illinois .. . 880 3 878 3 502 3 376 2 487 94 487 94 237 38 250 56 Iowa 665 162 665 162 163 502 162 KZansas 608 606 214 392 2 Kentucky 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 M^aryland 166 103 166 103 78 68 88 35 Massachusetts 184 159 184 159 147 144 37 15 Michigan 443 212 443 212 230 163 213 49 Minnesota ...... 679 6 263 6 206 6 57 416 Mississippi 206 56 40 8 32 1 8 7 166 48 Missouri 596 529 180 349 67 Montana 112 112 84 28 Nebraska 410 2 410 2 144 2 266 Nevada g 18 8 18 6 17 2 1 New Hampshire... J ... 74 2 74 2 52 1 22 1 New Jersey 338 138 338 138 290 123 48 15 New Mexico , 48 11 48 11 33 2 15 9 New York . 648 723 £48 723 567 672 81 51 North Carolina . 208 177 92 61 54 34 38 27 116 116 North Dakota 150 24 61 6 42 in" 19 6 89 18 Ohio 666 197 6f.6 197 424 242 26 Oklahoma 384 1 376 1 224 1 152 8 70 86 70 86 33 80 37 6 Pennsylvania , 988 154 988 154 756 129 232 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 4? 70 22 63 20 7 2 100 25 Tennessee 294 75 199 59 81 47 118 12 95 16 Texas 894 4 835 4 566 4 269 59 Utah 55 22 55 22 31 20 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 315 91 309 90 203 45 106 45 6 1 Washington 120 123 116 123 53 116 63 7 4 West Virginia 182 180 109 71 2 Wisconsin 553 151 446 101 163 21 283 80 107 50 55 55 40 15 * Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 1 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total Total x ti N on a- al m S e t m at b e er1 Total su I r n e - d 2 in N su o r n e - d 2 su I r n e - d 1 in N su o r n e - d Banks (Head Offices) Dec. 31, 1933 15 029 14,450 6,011 5,154 857 8,439 8,^39 I79 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941.. 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945 .... 14.553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 ^ 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 June 30, 1948 14,719 14,187 6,925 4,998 1,927 7,265 6,493 772 193 339 Branches and Additional Offices 4 Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 7^J5 ]25 D D e e c c . . 3 3 1 1 , , 1 1 9 9 3 4 4 1 3 3 ,1 6 3 9 3 9 3 3 , , 0 5 0 6 7 4 2 2 , , 2 5 2 8 4 0 1 1 , , 2 5 4 6 3 5 1,0 9 1 8 5 1 9 7 8 8 4 3 932 5 7c 52 32 61 26 103 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 ^ 4,332 4,161 3,051 1,870 1,181 1,110 1 ,043 67 124 47 June 30, 1948 4,426 4,247 •3,116 1,907 1,209 1,131 1 ,065 66 130 49 Bank Changes Jan. 1-June 30, 1948 New banks 6 +43 +43 +7 +5 +2 +36 +24 + 12 Cons B ol a i n d k a s ti o c n o s n v a e n r d te d ab i s n o t r o p t b io ra n n s c : hes. . -21 -21 -12 -6 -6 -9 -8 j Volu O nt t a h r e y r liquidations 7 -11 c -1 -5 0 -6 -6 - - 4 5 - - 3 3 - - 1 2 i Unclassified j Inter-class changes: -1 Conversions— National into State -1 -1 + 1 + 1 Federal R S e t s a e t r e v e in m to e n m a b ti e o r n s a h l ip:8 +1 + 1 -1 -1 Admissions of State banks + 15 +15 -15 -14 -1 Fede W ral i th d d ep ra o w si a t ls in o su f r S a t n a c te e :9 banks +2 +2 Admissions of State banks +17 -17 Withdrawals of State banks Net increase or decrease +5 +6 +2 -7 +9 +4 +15 -11 -1 Number of banks, June 30, 1948 14,719 14,187 6,925 4,998 1,927 7,265 6,493 772 193 339 Branch and Additional Office Changes Jan. 1-June 30, 1948 De novo branches +85 +77 -\-53 +33 +20 +24 +21 +3 +6 +2 Banks converted into branches +21 +21 +18 +9 +9 +3 +3 Branches and offices discontinued -12 -12 -9 -5 -4 -3 Inter-class branch changes: Nonmember to State member +3 +3 -3 -3 Noninsured to insured +4 -4 Net increase or decrease +94 +86 +65 +37 +28 +21 +22 -1 +6 +2 Number on June 30, 1948: Branches 4,354 4,175 3,049 1,853 1,196 1,126 1,060 66 130 49 Banking facilities at military reservations. 72 72 67 54 13 5 5 r Revised. 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all reporting banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations (shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Three of these banking facilities are in each case operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. SEPTEMBER 1948 1179 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. . 1182 Gold production 1183 Gold movements 1183 International capital transactions of the United States. . 1184-1189 International Monetary Fund and Bank. 1190 Central banks 1190-1194 Money rates in foreign countries 1195 Commercial banks . 1196 Foreign exchange rates. . 1197 Price movements: Wholesale prices 1198 Retail food prices and cost of living. . 1199 Security prices . 1199 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 aa 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. SEPTEMBER 1948 1181 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 S n ta i t t e e s d t g A i e n r n a - - 1 g B iu el m - Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m De a n rk - Egypt France Ger- Greece H ga u r n y - 1939—Dec... 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec... 21,995 416 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1941—Dec... 22,737 497 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec... 22,726 614 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec... 21,938 838 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec... 20,619 992 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec... 20,065 1,197 716 354 2 361 82 127 191 61 38 52 1,090 1946—Dec... 20,529 1,072 735 354 2 543 65 145 226 61 38 53 796 24 1947—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 53 548 34 June.. 23,532 202 622 354 9 46 32 53 548 34 July. . 23,679 637 9 548 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 N w o ay r- Peru Poland P g or a t l u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec.., 274 26 144 164 90 32 692 23 81 20 <84 152 249 1940—Dec... 274 26 120 164 140 47 617 23 75 20 158 367 1941—Dec... 274 26 124 M64 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—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 20 181 216 446 111 May., 274 28 78 183 23 66 20 179 216 388 111 June., 274 71 183 23 66 20 217 373 July., 43 183 End of month S d w e e n - Sw er i - tz- T k u e r y - U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 7 - r Government go p l r d e v r io e u se s rv f e ig s1 u re n s ot included in 1 1 9 9 3 4 9 0 — — D D e e c c . . . . , 3 1 0 6 8 0 5 50 4 2 9 2 8 9 8 6 9 8 0 5 2 2 9 5 8 9 2 1 7 2 1 17 7 0 8 End of month U St n a i t t e e s d U K d n i o i n m t g ed - France g B iu el m - 1941—Dec.. , 223 665 92 100 41 12 166 1942—Dec.. 335 824 114 89 68 21 185 1943—Dec.., 387 6 965 161 121 89 45 229 1938—Dec 80 *759 331 44 1944—Dec.. . 463 1,158 221 157 130 37 245 1939—Aug «876 1945—Dec.. . 482 1,342 241 195 202 39 247 Dec 156 17* 1946—Dec.. , 381 1.430 237 200 215 32 240 1940—Aug «293 Dec 48 292 17' 1947—Aug.. 126 1,373 174 183 215 26 240 1941—Sept.... 24 '151 Sept.. 93 1,386 169 183 215 29 240 Dec 25 17 Oct... 101 1,389 169 177 215 28 240 1942—Dec 12 17 Nov.. 101 1,372 170 175 215 30 240 1943—Dec 43 17 Dec. 105 1,356 170 175 215 30 240 1944—Dec 12 2,354 214 17 1948—Jan... 104 1,352 171 189 215 33 241 1945—Dec 18 2,341 457 17 Feb... 101 1,353 171 200 230 35 242 1946—June.... 71 2,196 Mar.. 97 1,353 171 200 240 40 242 Sept 113 2,535 Apr. . 96 1,352 168 203 243 39 P243 Dec 177 2,587 May. 93 1,351 168 203 263 32 P244 1947—Mar 163 2,345 Tune.. 85 1,345 164 203 263 30 P244 June 151 2,382 July.. 304 31 P244 Sept 129 •2,341 Dec 114 2,035 p Preliminary. 1948—Mar 79 2,200 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 Fucd 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. 4 Figure for first of month. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 5 Gross official holdings of gold and U. S. 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. 1187. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE.—For gold holdings of International Fund and Bank, see p. 1190 For back figures, gold transfers affecting the British and French gee Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of institutions, see p. 1190, footnote 4, and p. 1191, 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. 1182 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 Africa North and South America Other U o . u S t . s S i . d R e .1 r m ep o o n r th te ly d A So fr u ic th a I d R e h s o ia - I | A W fr e ic s a t 21 I B C e o l n g g ia o n 1 U St n a i t t e e s d 4 I | C a a d n a - M ic e o x- ( I Co b lom ia - I I Chile r N ag ic u a a * * $1 •15*/M trains of gold 9/wfine; i. e., an ounceof fine told = $35. 1938 1,142,400 968.320425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225 10,290 1,557 55,721 11,284 1939 1,219,400 ,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 1,311,450 ,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...... 1,265,600 ,110,379504,268 27,765 32,414 19,571209,175 187,081 27,969 22,961 9,259 7,525 52,384 10,008 1942 1,130,115 982,130494,439 26,641 29,225 17,992 130,963 169,446 28,018 20,882 6,409 8,623 ^0,383 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 745,430 683,011 427,862 19,888 18,865 12,144 32,511 94,385 17,458 17,734 6,282 6,985 23,002 5,893 1946 762,195 696,998 417,647 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 1..9 ,3.2..0 .1- 0,_7-8- 0 75,786 107,432 16,250 13,406 5,908 7,403 32,807 6,055 1947—June.. 59,655 33,984 ,498 1,680 980 5,664 9,418 973 1,065 553 520 2,830 490 July.. 64,148 35,396 ,554 1,855 980 6,866 9,149 1,525 1,112 513 636 4,003 560 Aug... 61,616 34,875 ,541 1,855 910 6,580 9,131 1,360 1,079 410 684 2,701 490 Sept.. 60,833 34,692 ,516 1,820 805 6,526 8,668 1,389 1,044 530 658 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.. . 60,387 34,775 ,504 1,890 910 6,042 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.. 60,870 34,384 ,431 1,820 910 6,372 10,070 1,166 809 474 634 2,275 525 Apr.. . 34,175 ,477 1,855 945 5,650 10,012 713 494 652 525 May. . 34,368 ,539 1,855 910 6,078 9,995 611 525 June. 33,941 980 5,719 •I- 592 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 c hanges irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annu al production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 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. a 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. 5 Gold exports, reported by the Banco Nacicnal 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 e t o t a r l ts U K d n i o i n t m g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- Canada A t r i g n e a n- Mexico c A O L a m n a th t e R i e r n r i e - - P p R i h i p n e i - l e - - t A ra u l s i - a A So fr u ic th a India c o o t A h u l e n l r publics public tries 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 24,306 152 307 -8,731 1944 -845,392 -695,483 46,210 -50,268 -109,695 •58,292 199 3,572 18,365 1945 -106,250 160 53,148 -5 15,094-41,743 103 106 357 1-133,471 1946 311,494 458 -14 344,130-134,002 3,591 -403 -156 41118,550-2,6132-18,083 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 July 219,201 -449 51,820 102,405 282 1,4891-1,111 60,081 -551 * 5,233 Aug 111,657 2 2,220 90,463 330 -94-1, 543 16,042 4 4,221 Sept 109,600 5 22,515 13,903 499 23,444 242 1,286 -286 37,760 <10,215 O N D c o e t c v 2 4 1 6 5 7 5 0 8 , , , 7 8 1 0 3 6 0 0 6 2 1 1 4 4 0 5 2 1 , , , 8 7 5 2 4 1 1 1 2 140,568 14,088 6 3 3 7 , , 5 6 7 5 9 3 2 7 5 4 3 5 5 8 6 , , , 4 8 1 4 3 9 9 6 0 2 1 10 0 5 3 8 2 2 1 1, , , 4 0 1 3 7 2 4 3 6 -2 -5 5 8 6 2 5 2 2 1 9 1 * ,0 4 9 2 9 9 6 7 0 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 6,13: -10,693 29,998 242 4,872 -208 22,756 5-6,871 J M u a n y e.... 1 1 5 77 1 , , 7 3 4 2 1 6 1 1 5 7 7 7 , , 1 8 3 2 1 9 . . . . . . . . 5,52 2 3 6 - -1 2 2 9 , , 0 6 3 3 1 5 4,145 1 1 6 9 1 87- - 2 2 7 4 , , 7 09 3 2 6 - - 2 1 2 4 8 4 3 4 9 0 , , 3 7 3 6 1 4 - - 1 1 , , 1 16 0 7 6 July*.... 266,691 178,038!. .. . 1,43! 30,512 6,942 3,904 6,523| -53 40,463 -1,078 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. 8 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. 6 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. SEPTEMBER 1948 1183 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 f a u n U n k d . i n s S g . se o R c f e u U t r u i . t r i S n e . s: s I e n f c o fl u r o e r w i i g ti n e o s f : b I b r n a o f l l k o a e n w r c a e g i s n e Total Official i Other in U.S. abroad funds funds 1935—Dec. (Jan. 1, 1936) 1.440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 ,162.0 47.5 1938—Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 ,436.2 550.5 646.? ,188.9 63.9 June 28 4,742.0 2,194.6 508.1 ,686.5 607.5 664.5 ,201.4 74.0 Sept. 27... 5,118.2 2,562.4 635.0 ,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 ,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 ,999.9 631.6 761.6 ,095.0 88.7 June (luly 3) 5,531.3 2,920.7 1,012.9 ,907.8 684.1 785.6 .042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 ,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 ,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 ,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2)..... 5,660.1 3,278.0 ,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).... 5,612.6 3,241.8 ,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 ,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30 s 5,636.4 3,217.0 ,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30. 5,798.0 3,355.7 ,482.2 ,873.5 858.2 830. 5 646.1 107.5 Dec. 31 5,980.2 3,465.5 ,557.2 ,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 ,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 ,939.7 888.6 929.3 708.1 114,8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 . .. 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31. . , 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 i946—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139.9 June 30 . 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Jan. 31 8,077.3 5,300.6 2,416.0 2,884.6 449.0 4G4.8 1,308.2 464.4 150.4 Feb. 28 9,959.9 5,047.3 2,006.2 3,041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31. . ... 9,736.7 4,841.3 ,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr. 30, . 9,771.5 4,815.4 ,718.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 May 31 . 9,508.2 4,498.0 ,448.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 June 30 9,440.8 4,591.9 ,447.2 3,144.7 2,694.3 202.5 1,398.0 393.4 160. S July 31 . 9,443.6 4,703.2 ,616.8 3,086.4 2.861.1 156.3 « 1,177.3 385.9 159.8 Aug. 31. . . 9,516.8 4,870.3 ,726.9 3,143,5 2,758 0 168.2 1,193.6 362.6 164.1 Sept. 30... 9,018.6 4,456.0 ,298.5 3,157.5 2,655.4 178.3 1,230.3 338.8 159.9 Oct. 31 8,693.5 4,324.1 ,232.9 3,091.2 2,481.4 172.1 1,243.6 310.0 162.2 Nov. 30 8,551.9 4,262.4 ,200.0 3,062.4 2,380.4 211.6 1,254,5 290.0 153.1 Dec. 31 r8,323.2 4,120.3 ,121.8 2,998.5 2,242.0 174.6 "1,276.9 '367.0 142.4 1948—Jan. 31 '8,174.2 4,094.8 ,13.7.2 2,957.6 2,185.0 106.5 ••1,287.7 359.6 140.6 Feb. 29 '•8,216.1 4,235.0 ,270.7 2 ,964.3 2,124.6 88.7 '1,292.4 340.3 135.2 Mar. 31 ••8,159.7 4,370.6 ,346.4 3,024.2 •1,985.3 51.7 rl,296.4 312.3 143.3 Apr. 30 7,950.1 4,250.1 1,281.8 2,968.3 1,955.2 22.0 1,304.4 272.4 146.1 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.) * 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 Bankint 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 194! see BULLETIN for September 1945, pp. 960-974. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total1 U K d n i o i n m t g 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 h l e l r 1939—Dec. (Jan. 3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 ,071.7 3,626.3 340.5 567.5 691 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 ,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 ,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.41,193.7! ,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 1,395.71,338.4 ,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.71,474.0 ,258.3 269.6 1947—May 31 6,688 453.5 319.8 356.8 804.6 198.7 ,161.5 3,294.9 763.1 ,318.6 ,072.6 239.6 June 30 6,746 441.7 390.2 340.5 799.3 181.2 ,093.2 3,246.2 803.4 ,447.1 ,018.7 231.1 July 31 26,582 614.1 306.2 336.0 811.8 161.2 ,112.2 3,341.6 794.7 ,477.0 972.1 2-2.9 Aug. 31 6,758 648.5 324.6 329.8 808.0 158.1 ,161.3 3,430.2 830.3 ,531.4 958.0 8.9 Sept. 30 6,363 486.7 308.2 311.4 800.8 145.1 ,131 3,183.6 780.6 ,470.0 931.6 -2 Oct. 31 6,212 447.7 359.6 258.7 810.6 139.8 1,135.6 3,152.0 681.0 ,446.4 937.3 -4 Nov. 30 6,171 464.2 318.8 240.4 820.5 140.4 1,124.7 3,109.0 684.9 ,406.1 981.0 -9.4 Dec. 31 1 437.0 234.3 213.8 839.3 150.1 rl, 088.6 '2,963.1 688.6 ,383.4 975.8 »70.2 1948—Jan. 31 '5,989 451.4 153.1 189.2 836.2 160.1 '•1,101.2 r2,891.1 727.8 ,338.2 946.3 85.9 Feb. 29 '6,091 523.9 161.8 188.7 840.0 180.7 1,088.8 r2,983.9 721.5 ,364.9 931.9 89.3 Mar. 31 '6,174 562.8 127.8 186.2 841.2 187.0 1,079.1 '"2,984.1 798.0 1,368.0 938.9 85.3 Apr. 30 5,994 488.8 97.9 150.0 850.6 205.8 1,060.8 2,853.9 838.4 ,360.8 892.1 49.7 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 Asia ot A he ll r 1939—Dec. (Jan. 3, 1940). 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941). 3,239.3 293.3 458.0 160.3 494.7 — .9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31, 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 1,369.1 212.9 1946—Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—May 31. 4,498.0 279.7 117.8 189.7 388.9 184.1 647.8 1,808.0 469.6 ,009.4 973.1 237.9 June 30. 4,591.9 267.2 190.2 192.6 381.5 166.8 589.0 1,787.2 478.8 ,120.9 966.7 238.2 July 31. 4,703.2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.8 ,168.9 932.6 245.3 Aug. 31. 4,870.3 471.2 125.6 210.0 385.5 143.1 669.2 2,004.5 484.2 ,221.0 910.8 249 Sept. 30. 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 1,769.4 420.5 ,144.6 884.4 237 Oct. 31. 4,324.1 275.5 188.5 156.3 392.2 126.3 637.2 1,776.0 319.2 ,116.3 877.0 235.6 Nov. 30. 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 1,749.8 319.3 ,081.3 883.5 228.5 Dec. 31. 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 ,095.0 877.3 224.9 1948—Jan. 31. 4,094.8 274.9 88.6 107.5 435.7 143.1 586.0 1,635.8 327.0 1,047.8 846.3 238.0 Feb. 29. 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 1,769.9 322.7 ,067.5 840.3 234.5 Mar. 31. 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.0 ,087.0 842.4 227.5 Apr. 30., 4,250.1 314.9 94.9 108.2 471.1 184.1 576.1 1,749.4 429.0 ,097.3 783.7 190.7 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 th ro 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 Asia ot A h l e l 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. 3i ^ 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—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 Julv 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 I94g— F ja e n b # . 3 2 i 9 1 8 0 8 6 . . 7 5 2 2 7 6 3 9 . . 1 5 — -3 4 18 .6 .7 — -3 3 3 2 .7 .5 2 1 . . 1 8 5 5 . . 6 4 1 1 8 7 0 5 . . 5 3 4 3 0 8 6 7 . . 0 8 6 6 7 7 . . 7 5 - -3 3 4 5 9 1 . . 5 3 — 2 5 . . 4 4 — -1 8 11 .3 .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 Apr. 30 .. 22.0 268.5 -36.9 -41.5 1.9 10.6 149.7 352.3 65.2 -391.6 7.6 -11.4 r Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions, 2 See Table 1, footnote 3. » See Table 1, footnote 4. SEPTEMBER 1948 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1939—Dec. (Jan. 3, 1940) 725.7 125 5 42.1 29.4 45.0 27.6 225.6 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803.8 128 6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31.:. 855.5 127 6 51.6 31. 5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31..:: 848.2 125 4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127 6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126 5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972.8 117 7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31 1,237.9 96 8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—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 1,177.3 104 2 48.3 7 31.2 26.7 266.4 477.5 389.1 481.8 61.2 1-232.2 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 1,276.9 94 9 47.1 -3 9 16.3 26.5 '275.8 '•456.7 441.8 537.6 61.6 -220.9 1948—Jan. 31 1,287.7 93.2 46.8 -4 4 13.7 26.4 '276.7 '452.5 451.3 542.1 61.7 -219.8 Feb. 29 1,292.4 93.3 46.6 —4 9 10.7 26.4 mi .1 '449.3 454.6 546.2 61.7 -219.4 Mar. 31 1,296.4 92 0 46.1 -5 9 7.4 26.5 -277.8 '443.9 458.6 549.3 62.0 -217.5 Apr. 30 1,304.3 90 7 45.2 -6 2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 -215.8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 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—DeCt 3i . . .. 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 1 19 9 4 4 5 6 — — £ o ) e e c c > 3 3 i 1 4 7 6 9 4 8. . 7 5 - — 1 5 1 7 94 .9 .9 8 7 1 4 . . 7 9 2 20 3 7 3 . . 0 5 3 33 5 7 5 . . 9 4 2 2 . . 2 1 6 5 8 7 . . 0 3 5 4 8 8 2 4 . . 9 3 - - 1 1 2 4 6 3 . . 6 0 8 8 1 7 . . 3 6 2 2 5 6 1 . . 8 3 9 8. . 8 9 1947—May 3i 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 2 367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 285.6 1948—Jan 31 359 6 —203.7 17.3 106.2 347.2 — 15.3 44.1 295 7 — 137 8 87 8 28 5 85 4 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 Apr. 30 272.4 -203.6 -24.5 78.0 330.4 -16.2 43.5 207.7 -142.0 90.6 31.0 85.1 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 Asia ot A h l e l r 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 16.2 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—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 .8 Aug. 31 164.1 18.3 19.4 17.0 43.4 14.2 112.8 20.0 23.5 7.1 .8 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 19.1 16.6 39.6 14.1 109. 19.0 17.3 6.5 .7 Dec. 31 142.4 18 19.1 12.7 38.2 14.2 102, 19.6 12.9 6.6 .7 1948—Jan. 31 140.6 17.5 19.1 12.4 37.8 13.7 101 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 10.7 7.7 .7 Apr. 30 3146.1 18.4 19.2 11.7 43.4 13.1 106.4 19.1 11.7 7.6 1.1 r ' xRveevviisseedu.. 1 Includes outflow of $249,300,000 resulting from the sale ooff ddeebbeennttuurreess iinn tthhee UUnniitted States by the International Bank for Reconstruction and Development. (Of the total issue of $250,000,000, $700,000000 wwaass ssoolldd ddiirreeccttllyy ttoo CCaannaaddiiaann ppuurrcchhaasseerrss..)) 2 Includes inflow of 74.5 million dollars resulting from purchase of domestic securities bb y iintetrnailt ionail tiinstitutions. 3 AAmmoouunntts outstanding Apr. 30 (in millions of dollars): foreign brokerage balances in United States, 96.0; United States brokerage balances abrooaadd,, 2266..77.. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total foreign Interna- countries1 United Neth- Switz- Date t i i n o s n ti a - l Official K do in m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia> o A th l e l r2 Official tutions private 1938—Dec.' : 2,157.8 473.8 436.1 187.4 101.8 218.8 20.4 273.3 1,237.8 201.8 248.5 435.5 34.1 1939—Dec.1 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882.6 274.6 336.0 055.7 72 5 1940—Dec.1 J 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 :s: 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373 2 417 7 780.0 113.6 1942—Dec. 31. * 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.71,108.8 175.3 I 1 9 9 4 4 4 5 — — D Deecc<. 3 3 1 1 5 6 , , 5 8 9 8 6 3 . . 8 1 4 3 , ,3 1 3 7 5 9 . . 2 3 8 7 6 0 5 7 . . 7 7 4 3 0 1 1 0 . . 2 0 2 28 0 1 9 . . 6 7 3 2 0 3 4 9 . . 2 3 2 7 7 0. . 4 3 9 7 0 7 9 4 . . 1 5 2 2 , , 5 5 8 1 3 7 . . 0 8 1,5 9 2 2 2 6 . . 2 5 1,0 90 4 9 6 .4 3 1 1 , , 5 0 4 6 9 9 . . 7 2 1 18 7 1 4 . . 8 0 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 * 931.8 1,104.81,316.4 232.8 1947—May 31.. t 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 L.130.91,153.7 206.7 June 30, .. 2,714.2 5,326.0 2,157.5 328.5 270.3 209.2 395.1 187.1 752.3 2,142.5 586.8 1,242.51,147.4 207.0 July 31.5-, 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.41,113.2 214.1 Aug. 31... 2.777.9 5,604.5 2,437.2 532.5 205.8 226.6 399.1 163.4 832.4 2,359.8 592.2 1,342.51,091.5 218.5 Sept. 30... 2.675.3 5,190.1 2,008.8 369.1 195.0 216.4 395.8 150.0 798.3 2,124.6 528.4 1,266.11,065.1 205.9 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 1,237.91,057.7 204.4 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 1,202.81,064.2 197.3 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 1,216.61,057.9 193.7 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 1,169.31,026.9 206.8 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 L,189.01,021.0 203.4 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 1,208.51,023.0 196.3 Apr. 30... 1,975.1 4,984.2 1,992.1 376.2 175.0 124.8 484.8 204.5 739.4 2,104.6 537.0 L.218.8 964.4 159.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu el m - m D a e r n k - l F a i n n d - m G a e n r y - 5 Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain Sweden USSR Y sl u a g v o ia - ot A h l e l r 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 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—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 Apr. 30... 739.4 128.1 56.1 30.9 106.1 39.9 18.9 54.4 32.9 7.9 19.7 50.3 74.0 23.9 96.4 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l b C o i m o a - - C R o i s c t a a Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- IPeru V zu en e e la - A L O i m a c th t a e i e n r r ana Surinam 1942—Dec. 31. .. 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31.. . 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31. .. 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31... 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—May 31.. . ,130.9 252.0 10.3 96.7 45.3 57.8 8.5 162.0 3.6 128.8 9.0 68.9 38.9 46.3 202.9 June 30... ,242.5 265.0 16.4 85.2 50.7 42.4 8.6 289.6 2.9 126.7 10.3 69.9 39.7 53.6 181.4 July 31 ... 1,290.4 309.3 14.6 98.8 41.2 32.0 6.9 284.0 3.2 137.7 10.1 69.7 38.2 66.2 178.6 Aug. 31... ,342.5 307.5 15.2 110.8 44.9 34.2 8.6 287.7 2.3 149.2 13.6 71.5 41. V 74.0 181.3 Sept. 30. .. 1,266.1 229.0 17.3 106.3 38.2 32.6 8.3 271.9 2.8 157.2 12.6 76.6 43.2 89.5 180.6 Oct. 31... 1,237.9 245.7 22.4 103.6 38.3 39.1 7.9 256.6 2.5 148.7 14.7 72.6 40.9 73.4 171.5 Nov. 30. .. 1,202.8 240.5 20.6 97.4 41.8 42.4 7.0 249.4 2.8 140.5 18.4 70.9 41.0 61.1 169.0 Dec. 31. . . L.216.6 236.2 17.8 104.7 46.3 46.1 7.3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176.8 1948—Jan. 31... L,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 Apr. 30... 1,218.8 202.4 15.7 112.3 50.5 26.9 10.4 272.6 1.7 119.6 17.2 79.2 33.6 84.5 192.2 For footnotes see following page. 1187 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F I C r n e h d n i o n c - h a 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 l i P a p I h n p s i d - i l n s - eT k u e r y -O A t s h ia e * r o A th l e l r A t l r u i a a s - -N l Z a e e n a w d - A E E a t g n i g n a g y y d n l p p o t - -F r r M o e c o n c - c o h A U So f n o r u i i f o c th n a Other Sucfcm 1942—Dec. 31.. 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31.. 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31.. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31.. 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31.. 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—May 31.. 1,153.7 354.3 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. . 1,147.4 339.1 37.2 41.1 41.2 8.8 16.7 94.9 448.851.0 68.5 207.0 47.8 8.6 22.6 13.9 39.5 74.5 July 31.. 1,113.2 309.6 36.2 47.2 43.3 11.8 17.6 85.8 452.640.4 68.7 214.1 42.4 9.4 19.4 13.7 49.5 79.7 Aug. 31. . 1,091.5 286.1 35.3 44.7 53.6 14.6 17.6 82.8 440.341.7 74.9 218.5 46.2 9.5 21.1 13.3 55.5 72.9 Sept. 30. . 1,065.1 269.7 8.2 45.5 54.4 13.8 17.8 70.8 464.341.7 79.1 205.9 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 59.7 470.9S9 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 65.9 476.039.2 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 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948— F j eanb- . 3 2 1 9.. 1 1 , , 0 0 2 2 6 1 . . 9 0 2 1 1 8 3 8 . . 5 7 6 6 . . 3 2 4 41 1 . . 6 1 6 5 7 7 . . 7 8 1 1 1 3 . . 8 1 3 5 7 3 . . 1 8 5 6 7 5 . . 0 7 4 4 8 6 4 6 . . 7 9 3 W 4 .6 ? 8 8 2 3 .4 7 2 2 0 0 3 6 . . 4 8 2 2 8 6. . 2 5 5 6. . 2 4 4 3 2 7 . . 7 6 9 9 . . 4 2 4 5 1 5 . . 5 1 7 7 5 3 . . 2 1 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 Apr. 30.. 964.4 150.2 4.8 37.6 41.9 12.3 76.3 51.8 474.225.7 89.6 159.5 19.7 4.6 31.3 8.2 21.0 74.7 iBeginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footnotes to table on preceding page. 1 Country breakdown is for "Official and private." * Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." » Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. < Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange C«*trol Board of Canada for 1946. 8 Beginning March 1947, figures include balances in accounts opened by Occupation Authorities for foreign trade purposes. 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 BUIXE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r * 193g—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 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 Apr 30 1,113.5 23.5 116.0 60.2 6.2 15.9 160.1 381.9 27.7 559.6 121.5 22.8 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l Ru- Spain S d w en e- USSR s Y la u v g i o a - o A th l e l r 1942—Dec. 31. 56.3 .8 0) 5.6 34.0 1.1 .2 2.4 C1) 3.2 .4 0) 8.4 1 19 9 4 4 4 3 — — D D e e c c . . 3 3 1 1 5 7 2 8 . . 9 3 . . 7 7 0 0 ) ) 7 0 . ) 6 3 3 3 3 . . 9 9 . . 6 6 35. . 1 2 1. . 4 8 8 3 1 . . 2 8 . . 2 2 0 0 ) ) 5 5 . . 1 0 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 7 8 4 2 . . 6 8 7. , 5 6 C1) 6 (l . ) 2 3 3 3 0 . . 9 4 12 . . 7 4 3 3 1 . .6 3 1. . 0 5 1 7 . . 6 2 4. . 9 9 0 0 ) ) 9 4 . . 4 7 1947—May 31 113.1 8.9 4 9.1 30.3 13.0 5.9 1.2 7.0 3.5 7.4 26.3 June 30 127.6 10.1 .6 11.4 30.3 12.9 6.3 .5 6.9 4.3 7.5 35.4 July 31 138.8 9.0 .6 17.8 30.3 13.0 C1) 7.0 .3 11.9 .6 8.7 37.5 Aug. 31 139.7 10.3 .4 17.9 30.3 12.6 8.0 .3 12.0 .3 9.3 36.2 Sept. 30 137.9 11.2 .6 17.5 30.3 12.4 9.4 .2 12.0 .2 9.3 32.6 Oct. 31 135.4 13.2 1.0 13.1 30.5 12.8 10.3 .3 12 0 .3 9.3 30.6 Nov. 30 135.6 12.9 1.1 11.9 30.5 12.8 0) 8.1 .1 12.0 .4 7.6 36.1 Dec. 31 130.9 15.0 2.2 8.0 30.5 10.6 9.2 .1 12.0 .9 5.4 35.8 1948—Jan. 31 129.2 12.7 1.5 8.3 30.6 10.1 8 11.3 1.2 12.0 1.5 4.0 35.8 Feb. 29 134.5 11.3 3.2 7.6 30,5 10.2 10 7 1.2 12.0 3.5 3.7 (0 40.5 Mar. 31 152.9 24.2 6.6 7.0 30.4 9.6 8.9 1.5 12.0 3.7 3.5 0) 45.4 Apr. 30 160.1 20.7 9.9 6.1 30.4 7.2 C1) 12.1 1.4 12.0 4.6 2.8 () 52.9 Latin America French Nether- Date A La m ic 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 G n a a d n n u e i d a i s e - t s Mexico I l W S n a a u d n n e r i d d s e i- s t s P m an a a- Peru V zu e e n l e a - O A L i a t m c h t a i e e n r r 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 0) 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 (i) 8.6 .3 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 .1 11.0 .5 1..18 1.9 6.1 33.4 1946—Dec. 31 226 8 41.8 49.8 14.6 26.4 2.9 25.7 .2 .8 1.3 3.7 23.1 2.3 25.5 8.7 1947—May 31 438.0 60.7 5.3 150.2 20.3 36.4 3.6 60.1 .1 34.8 L0 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 L.O 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 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 L.I 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 (i) 30.2 1 4.9 6.5 15.3 38.3 Oct 31 . . 466.7 67.4 4.2 162.3 22.8 32.0 4.0 73.8 « 39.5 L.2 4.9 6.7 14.6 33.4 N De o c v . . 3 3 0 1 4 5 7 1 7 4 .3 5 6 65 6 . . 2 4 2 2. . 0 9 1 1 6 6 2 5 . . 0 8 2 2 2 7 . . 3 8 3 3 1 2 . . 2 6 3 3. . 5 6 1 9 0 1 8 . . 5 6 ( (i i ) ) 3 5 8 2. . 2 3 ? 1 5 4 . .7 0 6 4 . .3 1 1 1 5 5 . . 1 3 3 3 1 1 . . 9 0 1948—janj 3i 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 36.9 106.4 A 1.1 3.9 16.9 26.8 Mar. 31 537 3 57 2 2 3 185 9 24 9 39 3 3 3 . . 2 5 109 1 .1 5 5 2 9 . 7 9 1 3 4 4 .2 1 4 1 17.6 28.5 Apr. 30 559.6 50.5 2.2 194.5 21.9 50.5 3.1 124.1 .1 58.3 1.3 4.2 3.8 17.0 28.1 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 g India l M B a is 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 ey r-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 e n 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 A U o f o n u r f i i t o c h a n 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 .1 0) 1.7 1.2 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 1 1. 5 2 1 6 4 3 1 1 . . 7 5 J n ) 1. . 0 9 2 2 2 . . 0 3 . . 5 1 . . 5 5 1 1 . . 7 5 1 1 3 3 . . 9 8 1.8 8 1 . . 8 8 1 3 1 . . 9 7 .6 .2 . . 1 2 ( 0 i ) ) 9 2 . . 7 4 1. . 0 7 1945—Dec. 31 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 ? 0 2.7 9.9 1.7 7 .3 4.7 2.5 1945—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 .4 0) 10.1 2.2 1947—May 3i 127 3 76.1 3 5 1 1 .2 1.5 23.2 ? 7 5.8 34.0 6.6 1 6 .4 .4 18.9 6.0 June 30 173.3 104.8 .1 3.5 32 8 2.2 .2 .5 20 2 5 8 30 5 9.0 0 .3 .1 15.2 5.0 July 31 185 0 110 7 .1 3 1 33 7 1 6 .3 ,5 25.1 3 ? 6 7 36.3 11.3 7 .2 .1 18.8 4.2 Aug. 31. . 177.7 108.2 .3 3.1 27.5 1.6 .3 .5 24 5 3.5 8 4 31 7 9 0 1.5 .2 .3 15.8 4.9 Sept. 30 177.5 103.7 3.2 2.1 27.5 .8 .3 .7 24.5 S 6 9.0 34.3 10 2 4 .7 .3 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 > 0 .2 .6 14.5 7.0 Nov. 30 127 7 41 3 3.3 1.9 .8 .3 .4 29.0 1? 9 9.6 33,3 10 2 .2 .4 14.2 6.0 Dec. 31 127.0 40.8 2.6 29.6 .9 .9 ,5 27.4 17 7 6.3 31 5 9 0 s .1 .5 14.4 6.0 1948—Jan. 31 126.6 37.1 2 2.9 27.0 .7 4.0 .4 29.3 17 6 7.4 29.7 8 5 4 .1 .3 14 3 5.0 Feb. 29 . 134 4 37 9 3 3.9 7 5.7 3.1 31 018 6 7.7 23.1 6 4 1 .1 .5 10 0 5 0 Mar. 31 131.1 38.1 3.7 26.0 .6 5.9 .6 31 .11S 5 9.4 22.1 4.7 9 .1 .4 10.1 6.0 Apr. 30 121.5 36.4 .2 3.5 26.1 .6 4.0 .5 33.7 7.3 9.3 22.8 4.3 .7 .2 .3 11.7 5.6 'Lees than $50,000. 2 Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 1189 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 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 C1) C1) 0) gations) 422 410 412 156 Member subscriptions 7,976 7,961 7,922 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) July June May May S C p a e p c i i t a a l l3 reserve , 1,657 3 1,653 2 1,645 1, ( 6 0 05 Accumulated net income , 3 1 -1 C D B h e a l i n g l i e i s a a h n n k f p r r e a o s n n o c e s s r 3 1 8 3 0 . . . 8 0 2 3 1 8 3 0 . . . 8 2 0 3 1 8 3 0 . . . 8 0 2 1 2 A Le s s o s f t h J a u n ly $ 3 5 1 0 , 0 , 1 0 9 0 4 0 8 . , the Fund had 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 44.1 36. May 1947 and 300 million Belgian francs in May 1948, and Norway Mexican pesos 22.5 22.5 22.5 received 100 million Belgian francs in June 1948 and an additional N No et r h w e e r g la ia n n d s k r g o u n i e ld r ers 7 9 5 . . 6 4 7 7 5 . . 3 4 7 5 5 . . 0 4 12.0 10 8 0 E m x i c l l l u io d n e s i n u n Ju ca ly ll e 1 d 9 4 p 8 o . rtions of capital subscriptions, amounting to Turkish liras 5.0 5.0 5.0 6,629 million dollars as of June 30, 1948, of which 2,540 million repre- Pounds sterling 300.0 300.0 300.0 sents the subscription of the United States. Total. 633.6 631.3 621.0 37.0 CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p gu o r u e n s d i s n s t m er il l l i i n o g n ) s of Other Cash reserves c D ou is n - ts Securi- ci t r i c o u n l * a- Deposits l O ia t b h i e li r - Gold 1 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 193g—Dec. 28 .... 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 <.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 . .. .2 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950 0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 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—Aug. 27 .2 1,450.0 2.5 56.8 16.6 332.0 L.393.4 282.0 14.0 93.4 18.4 Sept. 24 . . .. .2 1,450 0 2.3 73.7 14.6 325.9 1,376.5 289.6 16.2 92.1 18.5 Oct 29 .2 1,450.0 2.0 89.4 5.9 318.9 1,360.8 288.8 13.8 95.9 17.8 Nov. 26 .2 1,450.0 1.5 109.8 4.5 302.1 1,340.5 292.5 14.0 93.3 18.0 Dec 31 .2 1,450.0 .3 100.5 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Jan. 28 .2 81,400.0 .3 131.3 12.7 274.3 L,269.0 290.8 16.3 93.0 18.3 Feb. 25 .2 61,350.0 .2 118.6 11.3 284.3 1,231.6 290.6 12.1 93 3 18 4 Mar. 31 .2 "1,300.0 .5 54.4 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr 28 . .2 1,300.0 .7 62.4 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 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 1.300.0 .7 48.0 17.8 383.8 ,252.2 325.4 14.5 C92.2 18.2 July 28 .2 1,300.0 .8 15.2 13.4 400.5 L 285 0 311.0 11.2 89.4 18.3 c Corrected. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. * On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from 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. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) and United Other Note liabilities Gold d S o ta ll t a e r s s S te h r o m r t x - Other assets circulation2 Ch b a a r n te k r s ed D g o o m m v e e i n n r t i n o - n Other ca a p n it d al3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1 1 9 9 3 4 9 0 — —D D e e c c . . 3 3 1 0 . . 225.7 3 6 8 4 . . 4 3 4 1 4 8 8 1 . . 4 9 1 4 2 9 7 . . 9 3 1 5 2 . . 5 4 3 2 5 3 9 2 . . 9 8 2 2 1 1 7 7 . . 7 0 4 1 6 0 . . 3 9 1 9 7 . . 5 9 2 1 8 3 . . 5 3 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. 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Aug. 30 2.4 1,141.5 720.3 39.0 ,158.9 515.0 133.6 58.7 37.1 Sept. 30 1.9 1,088.0 744.7 49.5 ,172.2 481.1 128.2 62.0 40.5 Oct. 31 .7 1,136.4 799.4 53.1 ,179.4 548.7 143.4 71.2 46.9 Nov. 29 1.4 1,039.9 820.6 46.2 ,182.3 536.7 84.2 62.0 42.8 Dec. 31 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42 .4 1948—Jan. 31 931.3 863.2 48.2 ,157.5 538.3 44.6 60.6 41.7 Feb. 28 974.4 825.7 47.2 ,156.3 531.8 60.8 75.0 24.0 Mar. 31 985.2 806.7 62.7 ,180.8 519.2 42.2 86.7 25.9 Apr. 30 1,124.1 767.8 60.5 1,183.0 558.9 57.9 126.0 26.9 May 31 1,179.7 775.0 51.6 1,195.7 547.3 135.9 95.8 32.0 June 30 152.9 790.9 56.8 1,206.5 517.0 138.4 107.2 31.7 July 31 1,145.2 773.6 39.2 1,220.3 502.5 119.0 84.1 32.1 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 rk e e n t Special7 Other c F c u o o p r s a t o s ti c o 8 - n Othe: a O ss t e h t e s r 9 ci N t r i c o o u t n l e a- Govern- 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 41,400 27,202 3,586 1941—Dec. 31.. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31.. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26. 94.817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—July 31. 64,817 6 99,114 85,195 426,000113,600 120,046 831,587 792 71,329 5,075 Aug. 28. 64,817 3 97,490 20 98,224 426,000124,900 U05.639 838,442 750 70,651 7,250 Sept. 25. 52,817 7 107,877 130 101,935 426,000139,300 1103,067 852,195 779 71,299 6,861 Oct. 30. 52,817 10 108,050 250 132,913 426,000127,800 1108,155 867,700 762 81,030 6,502 Nov. 27. 65.225 13 111,368 285 150,065 426,000116,000 1110,303 879,492 846 87,513 11,408 Dec. 31. 65,225 12 137,397 64 117,826 426,000 147,400 1121,061 920,831 733 82,479 10,942 1948—Jan. 22i* 65,225 9 145,814 64 125,687 426,000120,700 1104,474 891,546 771 82,849 12,808 Mar. 25. 65,225 15 157,997 12 147,841 426,000155,000 U08.979 773,199 791 271,034 16,045 Apr. 29. 65,225 17 156,424 55 149,341 426,000129,500 U13.590 759,054 790 265,123 15,186 May 27. 65,225 22 149,849 27 165,265 426,000121,800 1113,938 768,567 812 256,948 15,800 June 24. 65,225 21 141,276 55 165,984 426,000122,800 HO2.4O5 790,639 738 216,026 16,362 July 29.. 65,225 45 148,812 156 169,674 426,000153,200 1113,212 836,662 764 225,251 13,646 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 1 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). * Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 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. 1191 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): —Cont. Gold reported separately 621 667 1,617 Deposits , 166,218165,502160,205175,440 Other gold and foreign exchange. 2,083 2,173 2,428 Other liabilities and capital.. 42,939 43,845 42,200 33,612 Government securities 880 881 952 Temporary advances to Govt.. National Bank of Costa Rica- Rediscounts and loans to banks1 17,170 16,814 11,434 Issue dept. (thousands of colones): Other assets 2,885 2,747 2,627 Gold 11,663 11,369 Currency circulation 2 5,955 5,787 4,526 Foreign exchange 36,591 7,881 Deposits—Member bank 579 739 453 Contributions to Int'l Fund and Government 1,748 1,716 1,332 to Int'l. Bank 30,321 30,321 Nationalized x 14,185 13,955 11,903 Loans and discounts 66,770 63,020 Other 253 217 73 Securities , 8,039 4,003 Other liabilities and capital. 918 868 771 Other assets 1,032 1,051 Note circulation 102,204 73,809 Commonwealth Bank of Aus- Demand deposits 45,064 37,310 tralia (thousands of pounds): Other liabilities and capital..., 7,149 6,527 Gold and foreign exchange 255,287247,574 178,971 Checks and bills of other banks.. 11,752 3,054 2,095National Bank of Czechoslovakia Securities (inch Government and (millions of koruny) : Treasury bills) 396,819 405,569 410 572 Gold and foreign exchange 8.... 3,403 3,736 3,705 4,694 Other assets 43,212 28,020 17,034 Loans and discounts 19,349 16,998 16,753 4,302 Note circulation 196,605 194,893 204,143 Other assets 50,736 51,749 51,610124,181 Deposits of Trading Banks: Note circulation—Old (9) (9) 930 Special 294,480 288,930248,064 New 61,518 60,238 59,479 45,037 Other 28,201 24,899 24,195 Deposits—Old (9) 68,784 Other liabilities and capita!... 187,785175,495132,270 New 1,773 1,374 1,597 9,288 Other liabilities and capital. 10,197 10,872 10,991 9,138 National Bank of Belgium (millions of francs): National Bank of Denmark Gold 27,922 27,240 26,939 28,214 (millions of kroner): Foreign exchange 11,336 12,099 12,186 12,227 Gold 70 70 71 Net claim on Int'l. Fund * 544 544 544 1,564 Foreign exchange 98 105 77 Loans to Government 51,045 49,461 51,026 47,169 Contributions to Int'l Fund and Other loans and discounts.. 10,280 9,088 6,732 6,456 to Int'l. Bank 65 65 Claim against Bank of Issue.» 64,597 64,597 64,597 64,597 Clearing accounts (net) 26 22 52 Other assets 1,762 1,967 1,944 2,327 Loans and discounts 19 16 14 Note circulation 81,112 78,365 77,856 77,597 Securities 99 104 107 Demand deposits 5,516 5,723 5,380 4,493 Govt. compensation account.. 5,229 5,405 6,005 Blocked accounts * 78,696 78,699 78,553 78,719 Other assets 172 174 272 Other liabilities and capital 2,162 2,209 2,179 1,745 Note circulation 1,477 1,486 1,462 Deposits—Government.... 1,741 1,754 2,340 Central Bank of Bolivia—Mone- Other 2,410 2,572 2,646 tary dept. (millions of bolivianos): Other liabilities and capital. 151 149 149 Gold at home and abroad...... 954 922 Foreign exchange 158 325 Central Bank of Ecuador Loans and discounts 354 225 (thousands of sucres): Government securities 771 632 Gold 277,274 276 774274,229 Other assets 16 9 Foreign exchange (net) , 2,151 ,828 18,447 Note circulation 1,844 1,679 Net claim on Int'l Fund »..,, 16,880 ,880 16,877 Deposits 167 209 Loans and discounts 234,000 215,389 255,887 Other liabilities and capita! 241 224 Other assets 104,510 95 932 133,955 Note circulation 321,201315;179 347,758 National Bank of Bulgaria's Demand deposits 244,313 227,531297,413 Other liabilities and capital. 69,300 74,094 54,224 Central Bank of Chile (millions of pesos): National Bank of Egypt (thou- Gold « 1,150 1,139 200 sands of pounds): Foreign exchange (net) 94 159 Gold 6 376 6,376 6,376 Net claim on Int'l. Fund 3 1 3 43 Foreign exchange 15 625 17,624 13,432 Discounts for member banks 996 1,132 868 Loans and discounts 2 122 2,077 3,289 Loans to Government 782 787 991 British, Egyptian, and other Other loans and discounts 1,508 1,536 1,239 Government securities...... 315 694310,345297,559 Other assets 1,346 1,251 1,647 Other assets 19.741 20,247 24,731 Note circulation 4,414 4,363 3,670 Note circulation 133,745137,510122,759 Deposits—Bank 754 846 586 Deposits—Government 82.154 80,302 83,836 Other 365 332 247 Other 134 483 130,220123,666 Other liabilities and capital.... 343 465 486 Other liabilities and capital.., 9 175 8,636 15,126 Sank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange7.... 162,260166, 162,555187 Gold 36,510 36,560 36,608 37,071 Net claim on Int'l. Fund * 21,868 21. 21,871 21 Foreign exchange (net) 39,820 42,776 45,633 40,570 Paid-in capital—Int'l. Bank 1,230 1, 1,225 1 Net claim on Int'l Fund* , 1,564 1,564 1,563 1,563 Loans and discounts 151,983146, 141,416112 Loans and discounts 1,190 1,282 223 2,028 Government loans and securitiei. 126,831127, 118,679 88, Government debt and securities 5,123 5,248 5,243 5,516 Other assets 54,375 46, 48,303 41 Other assets 1,596 1,682 1,548 1,710 Note circulation 309,390301,600 291,645244 Note circulation 50,855 52,207 53,282 50,484 Deposits 29,188 31,150 31,938 29,520 Other liabilities and capital..... 5,759 5,755 5,598 8,455 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 1 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. »This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 8 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 7 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. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1947 1948 1947 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July State Bank of Ethiopia—Issue Bank of Italy (millions of lire): dept. (thousands of dollars): Gold 525 523 Gold 2,891 2,500 2,157 Foreign exchange 11,992 4,304 Silver 2,632 2,486 2,486 9,055 Advances—Treasury 686,560496,846 Foreign exchange 35,786 35,641 31,671 32,178 Other Govt. agencies 15 15,622 Treasury bills 2,832 2,832 5,832 2,832 Loans and discounts 108,050102,408 Other assets 29,243 29,315 29,303 20,393 Government securities 142,683115,499 Circulation—Notes 43,749 43,141 42,091 44,060 Other assets 96,926 32,623 Coin 28,704 28,704 28,704 20,206 Bank of Italy notes 755,882538,530 Other liabilities and capital 930 930 655 192 Allied military notes 58,579 73,932 Deposits—Government 9,540 Bank of Finland (millions of Demand 50,072 62,541 markkaa): Other 145,290 72,385 Gold 268 268 268 2 Other liabilities and capital 27,387 20,437 Foreign assets (net) -222 -182 -352 1,438 Clearings (net) -4,060 -3,656 -3,065 -4,278 Bank of Japan (millions of yen) : Loans and discounts 38,071 37,627 37,119 32,033 Cash and bullion 615 590 1,429 Securities 902 365 366 407 Advances to Government 71,665 565 47,296 Other assets 887 876 1,164 75 Loans and discounts 52,296 768 44,093 Note circulation 27,371 27,204 27,112 22,956 Government securities 77,844 746 58,237 Deposits 1,601 1,269 1,233 1,216 Reconversion Fin. Bk. bonds. .. 51,417 562 14,582 Other liabilities and capital..... 6,873 6,826 7,155 6,185 Other assets 10,419 940 5,564 Note circulation 230,588 499143,746 Bank of Greece (billions of drach- (Dec. Deposits—Government 9,317 902 10,662 mae): 1947)] Other 15,735 603 12,004 Gold and foreign exchange (net). 636 707 Other liabilities 8,617 166 4,791 Loans and discounts 18 18 Advances—Government 935 684 Bank of Java 3 Other 1,168 885 Other assets 83 94 Bank of Mexico (millions of pesos): Note circulation 974 692 Monetary reserve * 607 598 594 646 Deposits—Government 56 79 "Authorized" holdings of securi- Other 343 168 ties, etc 1,545 1,455 1,447 1,485 Other liabilities and capital 1,468 1,448 Bills and discounts 74 724 693 627 Other assets 226 107 129 95 Bank of Guatemala (thousands of Note circulation 1,714 1,685 1,676 1,683 quetzales): Demand liabilities 714 709 701 900 Gold 27,228 27,229 Other liabilities and capital 697 491 487 268 Foreign exchange 22,244 22,456 Gold contribution to Int'l. Fund. 1,250 1,250Netherlands Bank (millions of Rediscounts and advances 2,142 2,504 guilders): Other assets 11,626 7,897 Gold 482 482 482 502 Circulation—Notes 30,805 29,209 Silver (including subsidiary coin) 1 2 2 Coin 2,912 2,822 Foreign bills 458 467 470 354 Deposits—Government 6,583 7,353 Loans and discounts 181 150 164 152 Banks 14,237 13,606 Govt. debt and securities 3,300 3,300 3,300 3,600 Other liabilities and capital. 9,953 8,345 Other assets 334 329 322 126 Note circulation—Old 118 120 122 126 National Bank of Hungary (mil- New 2,996 2,961 2,947 2,768 lions of forint): Deposits—Government 765 741 779 810 Gold 403 403 403 346 Blocked 51 81 71 82 Foreign exchange 50 49 57 155 Other 520 506 503 738 Discounts 1,731 1,999 1,928 921 Other liabilities and capital 305 320 317 210 Loans—Treasury 340 340 340 340 Other , 789 227 208 Reserve Bank of New Zealand Other assets 447 377 342 301 (thousands of pounds): Note circulation 2,224 2,070 2,015 1,592 Gold 2,802 2,802 2,802 Demand deposits—Government. 227 254 244 27 Sterling exchange reserve 79,522 78,162 92,428 Other 837 570 568 67 Advances to State or State un- Other liabilities and capital 471 501 452 377 dertakings 32,838 30,735 23,050 Investments 7,868 7,868 3,868 Reserve Bank of India (millions of Other assets 4,177 3,486 769 rupees): Note circulation 47,791 48,383 47,180 Issue department: Demand deposits 74,575 69,623 71,056 Gold at home and abroad.. 444 444 444 Other liabilities and capital 4,841 5,048 4,681 Sterling securities 11,353 11,353 11,353 Bank O T O D N N B R I L i n n r o a t u t e o o d h e h g l a p p t t a a i e e e e n o e a n r s r d s s e n s u c c e i l a o i t e r t i c p r o G s s y a s f o c s a b o i u i e G a b r i n s v l t t b l i s s a o i m l t u r t l t . v i o s e i e e o e S a s n d r n d d e n t i a c : e s m n u p c d r e a o i n r u t c i t t a n e m p s te . e i t d n . a . t . l . . . . . . 1 4 4 3 1 , , , , ( 0 3 3 6 6 4 2 1 2 0 1 0 ) 0 3 7 2 9 1 1 5 1 2 4 8 9 6 7 1 4 4 1 3 , , , , 1 4 6 2 2 5 2 2 5 2 9 1 9 8 7 8 1 9 3 6 5 0 2 8 9 9 9 1 5 4 1 , , , 5 2 5 2 0 7 7 9 0 0 3 7 8 9 5 5 7 3 1 1 7 8 8 8 0 6 0 6 Bank S O F L O D G N e o o t o c e o o c h r a c p l f t e u d e e n u o i N r r s p g s i c t n o i a a a i i t t r s e r s n i c a s s w — o d u e s n a s t l d B B G s a e y a i t t l a o s i s c ( o o n c m v c c n o ( k e o k i n s u r l u e l e n n d i n t o m t t ) s n e ( s n n o t e f t ) kroner): , , , . 3 4 8 2 1 0 2 9 9 0 1 7 7 6 5 2 4 0 1 2 2 0 7 4 2 7 1 2 7 9 4 3 7 1 1 , , , , 8 2 3 4 9 2 9 9 1 2 6 0 9 5 6 5 6 0 8 2 6 8 2 2 7 5 9 8 2 4 4 3 8 1 1 , , , , 3 3 8 3 1 9 9 0 1 3 9 5 2 3 0 5 2 0 6 7 9 8 2 6 6 5 4 8 4 8 9 Central Bank of Ireland (thousands Other 663 671 897 Other liabilities and capital of pounds): Gold 2,646 2,646 2,646 2,646 Sterling funds 40,228 39,832 40,393 37,759 Note circulation 42,874 42,478 43,039 40,405 1 Latest month available. 2 Less than 500,000. * For last available report (January 1942), see BULLETIN for March 1943, p. 278. • Includes gold silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. SEPTEMBER 1948 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 (Figures as of last report (Figures as of last report date of month) date of month) July June May July July June Bank of Paraguay—Monetary Swiss National Bank (millions of dept. (thousands of guaranies): francs): Gold 738 745 745 ,881 Gold 5,560 5,659 5,672 5,187 Foreign exchange (net) 18,158 ,360 22,107 ,579 Foreign exchange 124 117 107 96 Net claim on Int'l. Fund1 2,709 ,709 2,709 ,549 Loans and discounts 204 252 247 84 Paid-in capital—Int'l. Bank. . . -16 -16 -16 3 Other assets 93 102 92 82 Loans and discounts 36,808 ,647 27,240 ,642 Note circulation 4,233 4,221 4,158 3,980 Government loans and securities 6,493 ,694 7,059 ,728 Other sight liabilities 1,202 1,246 1 ,298 1,127 Other assets 1,568 ,666 1,703 447 Other liabilities and capital.. 546 663 663 342 Note and coin issue 52,628 ,228 51,078 ,328 Demand deposits 9,767 ,425 7,411 ,544 Central Bank of the Republic of Other liabilities and capital 4,063 ,153 3,058 ,957 Turkey (thousands of pounds): Gold* 458,5421470,296 517,08& Central Reserve Bank of Peru Foreign exchange and foreign (thousands of soles): clearings 146,630170,296 300,228 Gold and foreign exchange 101 108,513 116,297 Loans and discounts 649,338 630,241596,857 Net claim on Int'l. Fund * 20 ,496 ,491 Securities 178,332178,539187,122' Contribution to Int'l. Bank. . . 2 356 ,480 Other assets 35,292 30,694 33,061 Loans and discounts to banks .. . 99 486 ,534 Note circulation 865,517 881,567929,170 Loans to Government 748 999 699,095 Deposits—Gold 153,029153,021148,360 Other assets 49 62,468 548 Other 216,995224,732 324,330 Note circulation 723 256 717,302 455 Other liabilities and capital.. 232,592220,746 232,496 Deposits 226 232240,122 913 Other liabilities and capital 72 690 85,894113,077 Bank of the Republic of Uruguay (thousands of pesos): Bank of Portugal (millions of Gold 308,258308,258 286,419' escudos): Silver 12,387 12,342 13,004 Gold 4,345 Paid-in capital—Int'l. Bank. . 314 314 318 Foreign exchange (net) 10,139 Advances to State and govern- Loans and discounts 405 ment bodies 63,044 63,783 28.402 Advances to Government 1,283 Other loans and discounts 195,271192,838147,038 Other assets 496 Other assets 303,011292,161354,370 Note circulation 8,310 Note circulation 250,513250,759 214,095 Demand deposits—Government 1,240 Deposits—Government 75,635 76,465 55,788 Other 6,209 Other . 268,244265,668 242,226 Other liabilities and capital.... 910 Other liabilities and capital... 287,894276,804317,442 National Bank of Rumania Central Bank of Venezuela (thousands of bolivares): South African Reserve Bank Gold* 829,625705,716705. 617,912 (thousands of pounds): Foreign exchange (net) 72,346210,793 39, 31,267 Gold« 91 640 95,323 Other assets 78,528 96,419 84, 92,603 Foreign bills 71,258 81,235 Note circulation—Central Bank. 628,815638,266637, 487,579- Other bills and loans 85.876 86,154 National banks 3,248 3,371 3, 4,748 Other assets 7,791 11,934 Deposits 308,092310,058171, 210,858 Note circulation 64! 64,906 Other liabilities and capital... 40,343 61,233 16, 38,597 Deposits 184.255 203,269 Other liabilities and capital 7,569 6,469 Na o t f i o Y n u a g l o B sl a a n v k ia 2 of the Kingdom Bank of Spain (millions of pesetas): Bank for International Settle- Gold ments 7 (thousands of Swiss gold Silver.. 500 francs): Government loans and securities. ,857 Gold in bars 95,974 92,728 99,241 82,712 Other loans and discounts ,748 Cash on hand and on current Other assets 874 account with banks 30,153 32,426 35,286 14,429 Note circulation 825 Sight funds at interest 497 374 374 3,574 Deposits—Government 112 Rediscountable bills and accept- Other , 681 ances (at cost) 20,079 20,345 31,323 33,451 Other liabilities and capital 575 Time funds at interest 33,260 33,412 9,478 13,538 Sundry bills and investments. . 127,439100,259 83,857 66,676 Bank of Sweden (millions of kronor): Funds invested in Germany . . 297,201297,201297,197291,160 Gold 178 188 205 316 Other assets 1,259 2,575 2.893 2,506 Foreign assets (net) 188 170 181 298 Demand deposits (gold) 18,045 19,380 17,585 18,093 Swedish Govt. securities and ad- Short-term deposits (various vances to National Debt Office4 3,041 ,247 ,129 ,398 currencies): Other domestic bills and advances 150 60 99 224 Central banks for own ac- Other assets 463 367 347 371 count 109,568 82,268 49,076 11,666 Note circulation 2,784 ,824 ,734 ,543 Other 1,435 1,371 4,270 2,087 Demand deposits—Government. 645 732 602 570 Long-term deposits: Special ac- Other 119 133 334 113 counts 228,909228,909228,909 228,909 Other liabilities and capital.... 472 342 292 382 Other liabilities and capital 247,904247,390 259,808 247,291 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such. time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 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. 1 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. * Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern merit. 7 See BULLETIN for December 1936, p. 1025. 1194 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D tec a t t i e ve U K d n i o i n m t g e - d 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 a w e n r i d - t- ba C n e k n t o ra f— l A R 3 u a 1 t g e . ef D fec a t t i e ve ba C n e k n t o r f a — l • A R 3 u a 1 t g e . eff r) a a c t t e ive IneffectDec. 31, Albania i Mar.21, 1940 Ireland 2y2 Nov.23, 1943 Ma 1 y 9:7 10, 1938 2 3 4 2 4 2 2y2 iy2 A A u rg s e tr n i t a i . n a . . A M u a g r . . 3 1 , , 1 1 9 9 4 3 5 6 J I a ta p l a y n 5.11 S T e u p ly t. 6 5, , 1 1 9 9 4 4 8 7 M M a a y y 3 1 0 3 2y2 3 B B o el l g iv iu ia m 6 A N u o g v . . 27 8 , , 1 1 9 9 4 4 7 0 J L a a v tv a ia 3 5 J F a e n b . . 1 1 7 4 , , 1 1 9 9 3 4 7 0 Sept.28 .. 3 Oct. 27 Nov. 25 Jan. 4, 1939. . 2 Bulgaria Aug. 14, 1946 Lithuania. . . 6 Julv 15, 1939 Apr. 17 4 Canada. . . 1 Vft,Feb. 8, 1944 Mexico June 4, 1942 May 11 3 Chile Dec. 16, 1936 Netherlands . June27, 1941 July 6 Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Aug. 24. 4 2 Costa Rica .. 3 • Apr. 1, 1939 Norway Jan. 9, 1946 A Se u p g t . .2 2 8 9 3 3 Czechoslovakia 2y2 Oct. 28, 1945 Peru 6 Nov.13, 1947 Oct. 26 2 Dec. 15 3 Jan. 25, 1940 2 Denmark . . W2 Jan. 15, 1946 Portugal.... 2}/ Jan. 12, 1944 Apr. 9 Ecuador 7 June 8, 1943 Rumania. . . . 5 Mar.25, 1948 May 17 3K El Salvador 4 Oct. 15, 1946 South Africa 3 June 2, 1941 Mar. 17, 1941 1M Estonia Oct. 1, 1935 Spain Oct. 27, 1947 J M u a n y e 2 2 9 7.. 91/ 3 Finland 7K Feb. 6, 1948 Sweden 2y2 Feb. 9, 1945 Jan. 16 1945 IK J F a e n b. . 20 9 1% 2i/ France Oct. 9, 1947 Switzerland.. Nov.26, 1936 Nov. 7, 1946 &3 2 Turkey 4 July 1, 1938 Dec. 19... 3 Germany Apr. 9, 1940 United King- Tan 10, 1947. . Greece 12 July 12, 1948 dom 2 Oct. 26, 1939 Hungary . 5 Nov. 1, 1947 U. S. S. R. 4 July 1, 1936 Aug. 27 sy India 3 Nov.28, 1935 Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 2)4, 2 &3 In effect Aug. 31, NOTE.—Changes since July 31: None 1948 " 2 ' &3 2 "3'y2 -2H OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Year and Month Treasury Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills bills day allowance day bills day up to 3 discount 3 months 3 months money on deposits money 3 months money months rate 1932—June. .85 .99 1.50 1933—June. .40 .62 1.50 1934—June. .85 .92 1.50 1935—June. .64 .75 2.60 1936—June. .84 .78 .75 2.25 193 7—June. .64 .68 .79 4.61 .00 1938—June. .47 .59 .75 1.69 .00 1939—June. .61 .76 .77 1.50 .00 1940—June. .74 1.02 1.00 .50 1941—June. .59 1.00 1.00 1.47 .25 1942—June. .54 1.00 1.00 1.58 .25 1943—June. .50 1.00 1.06 1.67 .25 1944—June. .39 1.00 1.13 1.58 .25 1945—June. .36 1.00 1.13 .74 .25 1946—Tune. .39 .50 .63 1.32 1.42 1.00 .25 1947—June. .41 .51 .63 1.45 1.46 .86 .25 1947—July.. .41 .51 .63 1.51 1.52 1.09 .25 Aug. . .41 .51 .63 1.46 1.30 1.00 .25 Sept.. .41 .51 .63 1.44 1.08 .75 .25 Oct... .41 .51 .63 1.64 .95 .95 .38 Nov.. .41 .51 .63 2.12 .93 .74 .38 Dec.. .41 .51 .63 2.04 1.13 .53 .38 1948—Jan.. . .41 .51 .63 2.02 1.28 .57 .50 Feb.. . .41 .50 .63 2.00 1.38 .78 .50 Mar.. .41 .51 .63 2.09 1.45 .99 1.50 Apr.. . .41 .51 .63 2.00 1.38 .93 1.50 May. .41 .51 .63 1.33 .94 1.50 June. .41 .51 .63 1.36 .84 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1948 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » Assets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o l F o i n f n ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o a s l n h l e o a y r n t a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 ,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 ,667 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 ,523 1,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 ,560 1,427 994 505 5,685 3,823 1,862 342 1947—July 475 442 699 ,283 1,488 ,139 504 5,644 3,668 1,975 386 August. . . 479 455 724 ,248 1,492 ,154 473 5,628 3,663 1,965 396 September 465 472 758 ,193 1,493 ,155 476 5,615 3,653 1,962 397 October... 468 466 825 ,147 ,500 ,185 487 5,690 3,713 1,977 387 November 488 476 799 ,196 ,500 205 492 5,767 3,781 1,986 389 December. 502 480 793 ,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—January.. 476 460 800 ,217 ,480 1,231 513 776 3,821 1,955 401 February. 465 442 713 ,157 ,485 1,280 500 642 3,700 1,942 400 March... . 472 468 804 1,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 1,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 ,478 1,354 530 5,955 3,872 2,083 393 Assets Liabilities Canada E (1 n 0 d c o h f a r m te o r n e t d h b fi a g n u k r s e . s Entirely in Canada S a e l b o c r a u o n r a i s d ty Note e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s Other- Ca i n n a d m ia il n li o d n o s l l o a f rs) re C se a r s v h es Se lo c a u n ri s ty l d o i O a s n c t o s h u e a n r n t d s d a f u b n o e a r d e n f i r n k g o e s n m t Securities O as t s h e e ts r cir ti c o u n la- Total Demand Time li c a a b a p i n l i i d t t a ie l s 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 ,948 1,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—July 645 99 1,761 119 110 1,036 20 6,170 2,481 3,690 1,580 August. . . 670 82 1,805 116 109 1,014 19 6,186 2,412 3,774 1,591 September 663 83 2,027 113 963 933 19 6,193 2,387 3,806 1,570 October... 702 93 1,931 102 882 1,156 19 6,283 2,531 3,753 1,563 November 695 92 2,065 107 850 1,051 18 6,279 2,569 3,710 1,562 December. 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—January. . 698 77 1,953 97 1,029 18 6,281 2,457 3,824 1,526 February.. 679 70 1,933 108 968 1,017 18 6,227 2,346 3,881 1,531 March... . 698 65 1,922 106 036 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 June 685 84 1,930 135 4,143 1,129 17 6,528 2,592 3,936 1,561 France Assets Liabilities (4 o m f l i a m l r li g o o e n n s t b h a o n f f i k g f s u r . a re n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r 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 i d t e t a i r e l s 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—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 May 32,885 26,713 270,399 113,086 35,138 435,436 429,788 5,649 27,104 15,681 1 From Stepember 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. 3 Represent six-month loans to the Treasury at 1 K per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1196 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 N«w York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile (peso) (pound) (cruzeiro8) (dollar) (peso) Bel- Year or month 'Regu- "Non- Certain gium p l r a o r d " - re p g ro u d la - r' in tr d i u a s l - Official Free (franc) Official Free Official Free Official Export ucts 1 ucts 2 products 1941 29.773 23.704 322.80 321.27 6.0575 0705 90.909 87.345 4 5.1664 * 4.0000 1942 29.773 23.704 322.80 321.50 6.0584 1427 90.909 88.379 1943 29.773 24.732 322.80 4321.50 6.0586 1280 90.909 89.978 1944 29.773 25.125 322.80 6.0594 1469 90.909 89.853 1945 29.773 25.125 322.80 5321.17 2.2860 6.0602 1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 46.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1947—September 29.773 25.125 321.12 2.2833 5.4406 100.000 90.362 October. . 29.773 25.125 321.19 2.2830 5.4406 100.000 89.989 November 29.773 25.125 321.15 2.2812 5.4406 100.000 89.589 December. 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 1948—January.. 29.773 25.125 321.16 2.2784 5.4406 100.000 90.455 February. 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 March.... 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 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 29.773 25.125 20,000 321.23 2.2807 5.4406 100.000 92.829 August 29,773 25.125 20.000 321.23 2.2830 5.4406 100.000 92.701 Year or month C S ( h y h h a u a i n i a n ) g n a - C (p o b e l i s o a o m ) s ( C k lo z o v e ru c a n h k a o ia ) - ( m D kr e a o n r n k - e) ( l m F a k i a a n n r ) d - k- Offici F a (f l r r a an n c c ) e Free ( H K do o o l n n la g g r) ( I ru n p d e i e a ) I ( t li 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 2 2.0101 * 24.592 30.137 * 5.0703 20.538 1942.. 57.052 30.122 20.569 1943.. 57.265 30.122 20.577 1944. . 57.272 30.122 20.581 1945.. 57.014 41.9711 30.122 20.581 437.933 1946.. 57.020 2.0060 * 20.876 .8409 30.155 * .4434 20.581 37.813 1947.. 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 1947—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 .8400 30.172 20.576 37.654 February. . 57.010 2.0060 20.860 10.4671 10.3270 30.168 20.575 37.714 March.... 57.010 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 April 57.010 2.0060 20.860 .4671 .3277 !30.169 20.578 37.765 May 57.010 2.0060 20.860 .4671 .3272 "30.169 20.574 37.755 June !57.O1O 2.0060 20.859 .4671 .3268 U30.169 20.573 37.718 July (13) 2.0060 20.858 .4671 .3265 u30.169 1420.573 37.645 August (13) 2.0060 20.855 .4671 .3268 H30.169 (13) 37.621 United Year or month (p l Z N a o e n u e a w n d - d) N (k o r r o w ne a ) y P (e o s g r c a t u u l d - o) ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t a l t n l l i a t e t r s s - ) (k S d r w o e n n e- a) e S (f r w r l a a i n 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 4 9.130 47.133 23.829 4 23.210 403.50 403.18 65.830 43.380 1942 322.78 398.00 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 5403!02 65.830 55.159 1946 322.63 20.176 4.0501 400.50 4 9.132 25.859 4 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—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 August... 15353.87 20.158 4.0327 400.75 9.132 27.824 23.363 403.15 (13) (13) 1 Through June 22, 1948, shown as official rate. 8 Through June 22, 1948, shown as special export rate. I 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. * 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-Dec. 31, 5.3955. 7 Based on quotations through June 22. 8 Based on quotations beginning July 15. » Based on quotations through Jan. 23. 10 Based on quotations beginning Feb. 10. II Excludes Pakistan. l2 Based on quotations through June 10. 18 Temporarily omitted. M Based on quotations through July 21. 18 As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound. Average old rate Aug. 1, through Aug. 18, 321.5166; average new rate Aug. 19 through Aug. 31, 399.1542. SEPTEMBER 1948 1197 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 a 0 ) d = a ( M 19 1 e 2 0 x 9 0 i ) c = o K ( U 1 in 9 1 n g 3 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 n 8 0 c ) e = (1 I 9 1 t 3 a 0 8 l 0 y ) = ( J 1 a 9 1 3 0 p 3 0 a ) n = ( J J N u u = l n l e a y e t 1 n h 1 1 0 d e 9 9 0 s 3 r 3 ) - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u = w l l y a i 1 t n 0 z d 1 0 e 9 r ) 1 - 4 1926 100 100 i 124 106 132 150 i 126 144 1934 75 72 95 58 65 99 90 196 90 1935 80 72 95 89 52 72 103 87 100 90 1936 81 75 101 94 63 80 110 91 102 96 1937 86 85 119 109 89 94 133 108 114 111 1938 79 79 126 101 100 100 140 102 111 107 1939 77 75 127 103 105 104 155 105 115 111 1940 79 83 128 137 139 121 173 131 146 143 1941 87 90 136 153 171 136 183 150 172 184 1942 99 96 148 159 201 153 197 157 189 210 1943 103 100 182 163 234 209 160 196 218 1944 104 103 227 166 265 233 164 196 223 1945 106 104 247 169 375 308 181 194 221 1946 121 109 286 175 648 1,599 251 186 215 1947 152 129 302 192 989 5,159 5,103 271 199 224 1947—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 '5,526 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 5,343 9,288 279 209 234 March 161 147 303 217 1,536 5,318 9,480 279 210 235 April 163 149 303 219 1,555 5,241 9,537 279 213 234 May 164 150 313 220 1,653 P5.185 9,634 P279 214 233 June 166 152 321 222 1,691 P216 233 July 169 152 326 222 P 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 c a w a t r u n t r a l u e y n - d d F f u a c m l c h l a t i y e u n f a r u l e n y - d d Foods p I r n o tr d d i u a u l s c - ts Foods p tr I r i n o a d d l u u ra s c - w ts p f I i r n n o tr i d d s i u a h u l e s c - d ts goods goods 1926 100 100 100 100 100 100 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 . . 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 112 106 94 158 175 172 193 184 1946 149 131 110 118 110 99 158 184 200 282 261 1947 181 169 135 126 131 117 165 207 214 328 276 1947—August 182 172 136 126 133 117 167 209 204 338 276 September 186 179 138 127 134 123 165 213 205 339 277 October 190 178 140 129 139 128 167 218 213 339 277 November 188 178 142 133 143 131 171 221 227 341 279 December 197 178 146 137 145 132 172 222 236 342 279 1948—January 199 180 148 141 148 137 174 235 235 340 279 February 185 172 148 139 147 137 181 237 233 340 280 March 186 174 148 138 147 137 181 239 232 339 280 April 187 177 149 141 150 137 182 241 231 340 280 May 189 177 149 144 153 137 182 243 P230 P341 P281 June 196 181 150 148 156 138 184 244 July 195 188 151 147 155 139 184 244 P Preliminary. Sources— See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PR1N CIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o ar nth or ( U S = 1 n t 9 i a 3 1 t t 5 0 e e - s d 0 3 ) 9 ( = 1 C 9 a a 3 da 1 n 5 - 0 - 0 3 ) 9 ( K J d 1 u i 9 o n n m e 4 7 g- 17 F = ( r 1 a 9 1 n 3 0 8 ce 0) N ( = e 1 l 9 t a 1 h n 1 1 e ds 0 - r- 0 1 ) 3 ( l 1 J a er 9 u - n 1 n d 4 e Y m e o a n r t o h r ( U S = 1 n t 9 i a 3 1 t t 5 0 e e - s d 0 3 ) 9 ( = 1 C 9 a a 3 da 1 n 5 - 0 - 0) 39 ( K J d 1 u i 9 o n n m e 4 7 g- 17 F = ( r 1 a 9 1 n 3 0 8 ce 0) N (1 = l e 9 a t 1 n 1 h 0 1 d e 0 - s r 1 ) - 3 ( l 1 J e a 9 u r n - 1 d 4 ne = 100) = 100) = 100) = 100) 1936 101 98 130 120 120 1936 99 98 147 1132 130 1937 .. 105 103 139 127 130 1937 . 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 ioo 139 137 1939 . 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 124 127 161 174 191 200 1942 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 2101 1,043 222 1947 159 136 M 01 1,030 217 1947-August 197 161 99 1,089 222 1947-August 160 137 100 1,068 218 September 204 165 100 1,187 222 September 164 139 101 1,157 218 October. .. 202 171 101 1,309 229 October... 164 142 101 1,268 223 November. 203 174 103 1,378 230 November. 165 144 103 1,336 223 December. 207 179 103 1,393 230 December. 167 146 104 1,354 223 1948-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 M ay 211 191 108 1,541 229 M ay 171 153 108 1,511 223 June...... 214 194 113 1,560 230 June 172 154 110 1,529 224 July 217 201 July 174 157 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 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; M ay 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 g t ( n r a h i a t i t d g e h s e e d ) i C (1 = a 9 n 3 a 5 d - 10 3 a 0) 9 2 K 1 (D 9 U i 2 e n n 1 c g i e = t d m e 1 o d 0 b m 0 e ) r F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r * - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 = a 9 1 n 3 0 a 5 0 d -3 ) a 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e b 0 s 0 er ) (1 N l 9 e a 3 t n 8 h = ds er 8 1 - 00) 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 M40 1941 117.8 99.4 123.8 8143.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 . 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 ' "io9!6" 139.9 115.7 96.2 875 155.9 1947 i103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 J 14.Q 202.7 1947—August 104.5 119.2 126.4 128.6 106.3 '124.4 105.5 92.2 L.265 206.5 September. . . 103.6 119.0 126.4 125.2 106.6 123.1 104.1 88.7 L,298 218.7 October 101.1 118.8 128.0 122.0 105.9 125.1 105.5 89.3 L.245 225.1 November. . . 99.6 118.5 128.2 121.4 104.0 123.6 107.3 90.2 L.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 1,301 225.4 February.. . . 98.1 108.6 130.6 119.1 107.3 114.2 102.2 91.1 L.229 239.8 March 98.5 103.4 130.0 119.0 107.6 116.4 101.5 90.2 1,239 242.2 April 99.4 103.6 129.1 119.1 107.6 124.6 109.1 93.2 1,190 M ay 99.9 104.9 129.1 118.2 P1O7.3 130.2 116.5 94.8 1,127 June 100.2 104.8 129.5 118.6 135.1 120.3 93.9 L.086 July.. 99.2 104.6 129.3 131.9 116.3 r Revised. P Preliminary. 1 N ew series beginning 1947, derived from average yields of 12 bonds on basis of a 2^ per cent 30-year bond. Annual average for the old series 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 o both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 3 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. SEPTEMBER 1948 1199 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 EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary DIVISION OF BANK OPERATIONS LEGAL DIVISION EDWARD L. SMEAD, Director GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Associate 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 First Vice President LAWRENCE CLAYTON 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 CHESTER MORRILL, Secretary President S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JAMES H. PENICK, ST. LOUIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist HENRY E. ATWOOD, MINNEAPOLIS DISTRICT 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 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice rresidents 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. Sihler 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. Sandy D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom* W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner8 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis Helena R. E. Towle Cleveland. Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta.. . Birmingham P. L. T. Beavers Dallas. El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago.. Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis. Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 1 Cashier. B Also Cashier. 4 General Manager. 1201 SEPTEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS1 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 POSTWAR ECONOMIC STUDIES. (8 pamphlets) for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. FEDERAL RESERVE CHARTS ON BANK CREDTT. 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. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, December 31, 1947. July 1948. 122 pages. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations 1A more complete list, including periodical releases and re- with amendments. prints, appeared on pp. 750-53 of the June 1948 BULLETIN. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS # STATEMENT ON BEHALF OF THE BOARD OF GOVER- (From Federal Reserve Bulletin unless indicated by an asterisk.) NORS OF THE FEDERAL RESERVE SYSTEM BEFORE VALUES AND LIMITATIONS OF CONSUMER FINANCIAL THE JOINT COMMITTEE ON THE ECONOMIC REPORT. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Presented by Marriner S. Eccles on April 13, Young and Duncan McC. Holthausen. March 1948. 7 pages. 1947. 9 pages. # WHAT ABOUT MONEY AND CREDIT ? Address by METHODS OF RESTRICTING MONETIZATION OF PUBLIC M. S. Szymczak on May 7, 1948 at the 55th DEBT BY BANKS. April 1947. 4 pages. Annual Convention of the Alabama Bankers Association. 7 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 NEW COMMERCIAL BANKING OFFICES, 1936-1947, pages. by Caroline H. Cagle and Raymond C. Kolb. May 1948. 12 pages. SURVEY OF CONSUMER FINANCES. June, July, and August 1947. 44 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. June 1948. 2 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for RECENT DEVELOPMENTS IN BUSINESS FINANCE and nine separate trades. 41 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING, by Charles H. Schmidt. June 1948. BUSINESS LOANS OF MEMBER BANKS. March, May, 19 pages. June, July, and August 1947. 80 pages. 1948 SURVEY OF CONSUMER FINANCES— FINANCIAL POSITION OF MANUFACTURING AND TRADE I. EXPENDITURES FOR DURABLE GOODS. June 1948. IN RELATION TO SIZE AND PROFITABILITY, 1946, 15 pages. by Albert R. Koch and Charles H. Schmidt. September 1947. 12 pages. II. THE DISTRIBUTION OF CONSUMER INCOME IN 1947. June 1948. 8 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. III. CONSUMER OWNERSHIP AND USE OF LIQUID AND NONLIQUID ASSETS. July 1948. 15 pages. STERLING IN MULTILATERAL TRADE, by J. Burke Knapp and F. M. Tamagna. September 1947. IV. CONSUMER SAVING AND EXPENDITURE. August 8 pages. 1948. 19 pages. V. HOUSING EXPENDITURES AND FINANCE. Sep- FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1947. October 1947. 4 pages. tember 1948. 8 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND SALES FINANCE COMPANY OPERATIONS IN 1947, by CONTROLS, by Marriner S. Eccles. December Milton Moss. July 1948. 6 pages. 1947. 8 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- BANK LOANS TO FARMERS. October-December 1947. RENCY COMMITTEE. Presented by Thomas B. Mc- 36 pages. Cabe on August 2, 1948. 8 pages. REGULATION OF CONSUMER INSTALMENT CREDIT. BANKING ASSETS AND THE MONEY SUPPLY SINCE Statement by R. M. Evans before the House 1929, by Morris A. Copeland and Daniel H. Banking and Currency Committee on August 2, Brill. January 1948. 9 pages. 1948. 2 pages. PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- AGAINST THE DEMAND AND TIME DEPOSITS OF tember 1948. 16 pages. BANKS, by Marriner S. Eccles. January 1948. # MEANS OF COMBATING INFLATION. Statements of 10 pages. Marriner S. Eccles before House Banking and THE FEDERAL RESERVE CHART BOOK AS AN AID TO Currency Committee on August 3, 1948 and be- BANK MANAGEMENT, by Charles H. Schmidt. fore the Senate Banking and Currency Committee April 1948. 9 pages. on July 29 and 30 on S. J. Res. 157. 2 pamphlets. SEPTEMBER 1948 1203 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 I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES t-1 if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM s 0 FEDERAL RESERVE BANK CITIES I • FEDERAL RESERVE BRANCH CJTIES OCTOBER I, 1948 <ve srsTgit: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis