Federal Reserve Bulletin, 1948-11

F E D E R AL R E S ER BU NOVEMBER 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 Expenditures and Incomes in the Postwar Period. 1329-1338 The Significance of Membership in the Federal Reserve System. 1339-1343 Latin America's Postwar Inflation and Balance of Payments Problems, by David L. Grove and Gerald M. Alter. 1344-1354 United States Government Manual. 1354 Financial Position and Buying Plans of Consumers, July 1948. . 1355-1359 Member Bank Earnings, First Half of 1948. 1360-1363 Current Events and Announcements. 1363 Law Department—Consumer Instalment Credit. 1364-1368 National Summary of Business Conditions. . 1369-1370 Financial, Industrial, Commercial Statistics, U. S. (See p. 1371 for list of tables) 1371-1429 International Financial Statistics (See p. 1431 for list of tables) . 1431-1449 Board of Governors and Start; Open Market Committee and Staff; Federal Advisory Council . 1450 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1451 Federal Reserve Publications.. 1452-1453 Map of Federal Reserve Districts. . 1454 Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 34 November 1948 NUMBER 11 EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD Expenditures and incomes have expanded output. There have been intervals when further in the third quarter, continuing the demand seemed to slacken and when there generally upward movement which has were expectations of imminent general decharacterized the war and postwar period. clines in employment and income. How- Gross national product and national income ever, the general situation has continued exhave reached new peaks. At a 256 billion pansive and resources released by slowing dollar annual rate in the third quarter, gross down of demand for some products have national product was 30 per cent above the been absorbed in other uses. Some shortages postwar transition low reached in the first have persisted, especially in the field of quarter of 1946. metals and metal products. The postwar increase in national product The greatest increases in output, expenhas reflected sharp advances in prices and ditures, and prices occurred between early costs combined with more moderate ex- 1946 and the first quarter of 1947. This pansion of physical production. For exam- period witnessed rapid absorption into peaceple, the index of industrial production in the time production of manpower and equipthird quarter of 1948 was one-fifth higher ment resources earlier absorbed in waging of than in the first quarter of 1946, while con- war. It also witnessed spectacular price sumer and wholesale prices had advanced increases after elimination of controls. In by one-third and one-half respectively. Gains view of the high incomes and large holdings in real output since early 1947, by which of liquid assets and the relatively smaller suptime practically full peacetime employment ply of goods and services, controls had kept had been reached, have generally been lim- prices well below free market levels until ited by the amounts of materials and plant mid-1946. capacity available and by the necessarily Inflationary tendencies have continued to slow growth of the labor force. persist during the greater part of the period Although inflationary tendencies have since the first quarter of 1947. The magnifeatured the last two and one-half years, ex- tude of the earlier increases in prices has not pansive pressures have not consistently domi- been equaled, however, and output and emnated all fronts, nor has the course of prices ployment have increased more moderately, and production been invariably upwards. mainly because of limitations of supply Indeed, marked readjustments have taken rather than lack of demand. In spite of place in some prices and in some lines of rising prices and incomes, there has been NOVEMBER 1948 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD since early 1947 a noticeable degree of cau- agricultural employment, a rise of 75 per cent tion on the part of businessmen and investors in the physical volume of manufacturing and and some restraint on the part of consumers mineral production, a gain of more than a in using their liquid assets and spending their current incomes. In this connection GROSS NATIONAL PRODUCT DEPARTMENT OF COMMERCE ESTIMATES, ADJUSTED FOR SEASONAL VARIATION there is little evidence of excessive over-all inventory accumulation or extensive security market speculation, both of which tend to occur in the boom phase of the business cycle. On the other hand, real estate prices have attained relatively high levels, and urban mortgage debt has mounted at an exceptionally rapid rate. Major expansive factors in the current economic situation are the increasing Federal Government expenditures arising out of the foreign aid and defense programs and the further expansion of spendable income resulting from the reduction in taxes and the continuing trend of wage increases. Busi- fourth in farm production, and a rise in conness investment expenditures are sustained sumer prices of about 75 per cent. Not in heavy volume by these factors, and in only has total national product increased turn have important expansive effects. greatly, but significant shifts in its composi- Prices have been leveling off or declining tion also have taken place in recent years as in recent months, following sharp increases compared with the war and prewar periods, from February 1948 until midsummer. as is shown in the table. Price movements this year have been more The decline in the total national product diverse than in the two preceding years. immediately after the end of the war resulted Farm products and foods are currently lower from the drastic curtailment of Federal milithan at the first of this year, owing largely tary expenditures. By the first quarter of to bumper crops, while metals and their 1946 such expenditures were less than oneproducts are far higher. Average consumer third their wartime peak. Since then, outprices, which advanced steadily from March standing in its effects on the economy has until August, have since declined slightly, been the expansion of expenditures for conprimarily as a result of declines in meat sumer and producer durable goods, for conprices. struction, and for food. The further reduction in Federal Government expenditures GROSS NATIONAL PRODUCT for goods and services has been more than By the third quarter of 1948 gross na- offset by the rise in State and local governtional product had reached a level almost ment expenditures. Net foreign investment three times that in 1939. The higher level was lower in the third quarter of 1948 than in the first quarter of 1946, after increasing reflects an increase since 1939 of about 15 sharply to a peak in the second quarter of million persons, or 50 per cent, in total non- 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD GROSS NATIONAL PRODUCT FOR SELECTED PERIODS chart shows the trend of selected expendi- [Percentage of total by types of expenditures] ture groups. 1948, 1946, PRIVATE DOMESTIC INVESTMENT Type of expenditure q th u i a r r d - q f u ir a s r t - 1944 1939 1929 ter ter Expenditures for producers' durable equipment, new private construction (including Government purchases of goods end services 14.7 17.9 45.5 14.4 8.2 residential), and the accumulation of inven- Federal 8.7 13.4 41.9 5.7 1.3 State and local 6.1 4.6 3.5 8.7 6.9 tories (both farm and nonfarm) were being Cross private domestic investment 15.2 10.9 3.0 10.0 15.2 made at the annual rate of 39 billion dollars New construction 5.8 3.7 1.1 4.4 7.5 Producers' durable equip- in the third quarter of 1948. This amount ment 8.4 4.5 2.5 5.1 6.2 Change in farm and non- is more than four times that in 1939. Of farm inventories 1.1 2.7 -.6 .5 1.5 total national product in the third quarter Net foreign investment .3 1.5 -1.0 1.0 .7 of 1948, 15 per cent was devoted to such Personal consumption expenditures 69.8 69.8 52.5 74.6 75.9 Durable goods 9.2 6.2 3.2 7.4 9.0 private investment as compared with 10 per Nondurable goods 40.2 42.2 31.8 39.0 36.4 Services 20.3 21.3 17.5 28.2 30.5 cent in 1939. Gross national product, total: Per cent 100.0 100.0100.0 100.0 100.0 EXPENDITURES FOR SELECTED COMPONENTS Billions of dollars 1255.9U96.1 212.2 90.4 103.8 OF GROSS NATIONAL PRODUCT .DEPARTMENT OF COMMERCE ESTIMATES, ADJUSTED FOR SEASONAL VARIATION 1 Seasonally adjusted quarterly totals at annual rates. NOTE.—Basic data are from U. S. Department of Commerce. The figures on net foreign investment understate the share of total product represented by the net outflow of goods and services to foreign countries chiefly because some shipments abroad are classified as Federal Government expenditures. 1947. The rate of inventory accumulation which has fluctuated during the past two years has recently been well below the rate of early 1946. The dominant characteristics of the postwar period may be described, on the one hand, as a restocking boom throughout the economy following the restrictions on supplies during the war period and, on the EXPORT SURPLUS other hand, as an attempt by consumers to meet higher living costs and to increase their standards of living. Personal consumption expenditures for consumer durable goods * Government expenditures on goods and services excluding foreign aid in the form of Federal grants, which is included in and food (including purchased meals and the export surplus. liquor) increased 40 per cent between the From the first quarter of 1946 to the first first quarter of 1946 and the third quarter quarter of 1948, expenditures on private doof 1948. In the same period, expenditures mestic investment increased by four-fifths for services and all other nondurable goods and since then they have been maintained at increased only 23 per cent. Expenditures that level. The increase was largely the for producers' durable equipment and pri- result of strong upward movements of exvate new construction have more than penditures for producers' durable equipment doubled in this period. The accompanying and new private construction. Accumula- NOVEMBER 1948 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD tion of inventories, while generally at a high to advance generally at a time when imlevel, moved sharply contrary to the up- portant industries were still attempting to ward trend of other forms of investment in satisfy backlog demands. All major comthe second and third quarters of 1947. Since ponents—manufacturing, mining, railroads, the first quarter of this year the rate of in- other transportation, electric and gas utilities, ventory accumulation has declined while ex- and commercial and miscellaneous establishpenditures for construction and producers' ments—have participated in the broad postdurable equipment have continued to in- war increase. The largest relative increases crease. since 1946 have been in expenditures by Increases in expenditures on new private electric and gas utilities and railroads. construction, on a seasonally adjusted basis, Nonfarm inventories, which had been rehave been relatively moderate since the duced during the war, were built up rapidly fourth quarter of 1947. In fact, expenditures beginning in the first quarter of 1946. Acfor residential construction, which account cumulation continued heavy through the for about half of all new private construction first quarter of 1947 when it reached an and which increased very sharply in 1946 annual rate of almost 7 billion dollars. In and 1947, have shown little change from the the second and third quarters of 1947 there high level reached in the fourth quarter of was no net accumulation, but the fourth last year. The number of new housing units quarter of 1947 and the first quarter of 1948 started has been declining from the record witnessed another rapid increase. Since then level reached in April 1948 and since the rate of inventory expansion has been August has fallen below the high levels much lower. reached in the corresponding months of 1947. While this may indicate that housing GOVERNMENT EXPENDITURES construction is returning to something more The abrupt decline in Federal expendinearly like the usual seasonal pattern than tures on goods and services from an annual was the case last year, it also suggests re- rate of over 90 billion dollars in the first half sistance on the part of buyers to current high of 1945 to less than 30 billion in the first prices. Meanwhile, prices of building ma- quarter of 1946 freed resources for private terials have continued to rise although not use. The decline continued at more moderas rapidly as in the preceding two years. ate rates throughout 1946 and 1947, and such Wages of construction workers have also expenditures reached a low point of 16 bilcontinued to advance. Building material lion (annual rate) at the end of 1947. More production and inventories have increased. recently, they have risen again reflecting Business expenditures for new plant and mainly increases for defense and internaequipment are now about three and a half tional aid programs. In addition, wages of times their level in 1939. The greatest in- Federal employees were increased effective crease in such expenditures occurred in the in July, and crop loans have increased. reconversion period between 1945 and 1946 The full impact of the present defense prowhen they advanced from 6.6 billion dollars gram and the current foreign aid program to 12 billion. In 1947 they rose to 16.2 has not yet been felt. The 70-group air force billion and for 1948 they are estimated at program is barely under way and is expected 18.6 billion, as activity and profits continued to increase for a considerable period. The 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD rate of foreign aid expenditures will con- half of 1947 helped to offset the effects of tinue to rise for a short period at least, as the drastic decline in accumulation of inoperations under the European Recovery ventory which occurred in the second and Program gain momentum. third quarters of that year. The Federal Government, in addition to Exports of goods and services declined making direct purchases of goods and serv- from their peak of 21 billion dollars (anices for domestic purposes and to finance nual rate) in the second quarter of 1947 to foreign purchases, makes grants to State and a rate of 17 billion in the second quarter of local governments, pays interest, and makes 1948. Imports of goods and services, in transfer payments in such forms as social contrast, have risen steadily since the end security benefits, pensions, and veterans bene- of the war. The increase from the first fits. These payments are included in total quarter of 1946 to the second quarter of 1948 Federal outlays but not in Federal expendi- was from an annual rate of 7.2 billion doltures for goods and services included in the lars to 10 billion. As a result of these gross national product compilations. Such changes the export surplus declined sharply Federal payments are substantially below from its peak of 12.5 billion dollars (annual the levels reached in the last half of 1947 rate) in the second quarter of 1947 to 7 bilon the occasion of the cashing of veterans lion in the second quarter of 1948 and is leave bonds and are slowly receding. expected to have declined further in the third State and local governments have steadily quarter. increased their expenditures for goods and The export surplus measures the excess of services since the end of the war. These exports of goods and services over imports increases have been accounted for by rising regardless of how financed. That part of expenditures for wages and salaries, reflect- the export surplus that is financed by gifts ing both employment and wage increases, either from the Government or from indiand for construction. The volume of con- viduals is not included in net foreign investstruction, which had dropped to very low ment in the gross national product accounts. levels during the war years, has been steadily mounting. Highway construction has ac- EXPORT SURPLUS AND NET FOREIGN INVESTMENT counted for the largest proportion of con- [In billions of dollars] struction expenditures, but sharp advances have also occurred for schools, hospitals, and 1948, Item second 1947 1946 quarterx other public buildings. Transfer payments by State and local governments have in- Exports of goods and services 17.0 19.7 15.0 Less: Imports of goods and services 10.0 8.5 7.2 creased since the end of the war as many Equals: Export surplus 7.0 11.3 7.8 Less: Net Government grants 3.4 1.8 2.3 States have granted bonuses to veterans. Net private remittances .7 .6 .6 Equals: Net foreign investment 2.9 8.9 4.9 Government loans .2 3.9 2.8 Liquidation of gold and dollar NET FOREIGN INVESTMENT assets . 2.8 4.5 2.0 Other2 -.1 .5 .2 Foreign trade, which was a strongly ex- 1 At annual rates. pansive factor in the economic situation 2 Dollar disbursements by International Monetary Fund and International Bank for Reconstruction and Development, private through the second quarter of 1947, has loans, and errors and omissions. NOTE.—Data are from U. S. Department of Commerce. played a declining role since then. The sharp increases in net exports in the first This treatment avoids duplication in the NOVEMBER 1948 1333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD gross national product total since such gifts hand, transfer payments, which include vetare classified as Government and personal erans benefits and bonuses, relief payments, consumption expenditures. There has re- pensions, and social security benefits, have cently been a relative shift in the form of nearly quadrupled. Government aid from loans to gifts. As is The relative percentage changes over this shown in the table, this has resulted in net period must be considered in the light of foreign investment showing a sharper de- the varying factors affecting incomes in cline than the export surplus. 1939 as well as the differing effects of inflation since then. For example, prices of farm PERSONAL INCOME products were exceptionally low in 1939 in Total personal income has nearly tripled relation to prices of most other products. since 1939. At the record annual rate of Also, profits usually fluctuate more widely 214 billion dollars in the third quarter of than other types of income in response to 1948, it was more than one-fourth above the changes in general economic conditions. first quarter of 1946. All major components Since the first quarter of 1946, income of of personal income have shown gains in farm proprietors, wages and salaries, and varying amounts except that in the more returns from unincorporated business and recent period transfer payments have de- professional activities have each increased clined. about 30 per cent. Dividends have increased The gains in personal income have resulted 50 per cent, while rental and interest income from increased output and employment com- has increased less than one-fifth and transfer bined with sharply rising prices and wage payments have declined more than 10 per rates. Since 1939 wage and salary receipts cent. have almost tripled. Income of farm pro- More recently, in the year ending in Sepprietors and earnings from unincorporated tember, wage and salary receipts increased business and professional activities have about 10 per cent with nonagricultural emroughly quadrupled. So also have corpo- ployment up 3 per cent. The expansion of rate profits (after tax) which, however, are wage and salary income in recent months is included in personal income only to the due largely to the payment of third round extent they are paid out as dividends. Divi- wage increases in the mass production indusdends have only doubled because of business tries and the spreading of such increases to policy decisions to retain large proportions of other segments of the labor market. Averprofits chiefly for investment expenditures. age hourly earnings of factory workers in Dividends, which amounted to about 75 per September were 9 per cent above a year ago. cent of corporate profits (after tax) in 1939, Unemployment has held at the low level of were less than 40 per cent in the third quar- about 2 million persons, as has been the case ter of 1948. since completion of the demobilization proc- Rental income and interest income com- ess in mid-1946. bined have about doubled since 1939. The In the third quarter of 1948 net income fact that rental income has not gone up more of farm proprietors, seasonally adjusted, was may be attributed to the continuation of above a year ago but below the second fairly effective rent controls in a period of quarter of 1948. The bumper crops of widespread housing shortages. On the other this summer resulted in sharp declines in 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD prices of grains and cotton to levels close In the accompanying table, changes in to Federal support prices. Since August disposable income and the relative distribuprices of livestock products also have de- tion of such income by major categories are clined. In view of the large crops, the sup- shown for selected periods. It should be port program, and the underlying shortage noted that a declining percentage for a parof meats, net income of farm proprietors is ticular component from one date to another expected to continue at relatively high levels does not necessarily imply a decline in the although below those of the past year. dollar volume of such expenditures. In fact, every type of consumer expenditure pre- CONSUMPTION EXPENDITURES sented on the table has shown increasing Expenditures for personal consumption in dollar expenditures from both 1939 and early the third quarter of 1948 were more than 1946. two and one-half times those in 1939. A As compared with prewar years, the most large proportion of the increase in con- important changes have been the increases sumers' expenditures since 1939 has been in relative importance of expenditures for the result of advancing prices, but there also durable goods and foods and the relative has been a very substantial increase in real decline of services as a group, particularly consumption of goods and services. Recently housing. Purchases of new houses, however,, such expenditures have accounted for 70 are classified as investment rather than in per cent of total gross national expenditures, expenditures for current consumption. For as compared to about 50 per cent at the height durable goods the upward shift in relative of the war effort in 1944 and 75 per cent in importance is largely a result of the wartime 1939. curtailment in production of such goods and the resulting accumulation of backlogs of demand. The wartime scarcities of durable DISTRIBUTION OF DISPOSABLE INCOME FOR SELECTED PERIODS goods are evident in the reduction in their [In per cent] relative importance between 1939 and 1944. 1948, 1946, Continued limitation of supplies, especially Item q th u te i a r r r d - q f u t i e r a s r r t - 1944 1939 1929 for automobiles, presumably has prevented an even greater increase in relative impor- Personal consumption expenditures 92.2 90.7 76.5 96.2 95.5 tance than has actually occurred. Durable goods 12.2 8.1 4.7 9.6 11.4 Demand for consumer durable goods has Automobiles and parts.. 4.5 1.6 .5 3.0 3.9 Fu m rn e i n tu t re and equip- 5.7 4.2 2.5 4.9 5.5 remained exceptionally strong. A recent Other 2.0 2.3 1.7 1.7 1.9 survey of consumer attitudes and expecta- Nondurable goods 53.1 46.3 50.2 Clothing and shoes. . . . 10.2 11.9 10.6 10.0 tions, which is summarized in a special arti- Food and alcoholic beverages 31.6 27.0 27.5 23.9 cle in this BULLETIN, pages 1355 to 1359, indi- Other 11.4 10.7 8.7 12.7 10.8 cates that in July 1948 a slightly higher pro- Services 26.8 27.7 25.4 36.3 38.4 Household operation... 4.0 4.1 3.7 5.1 4.6 portion of spending units said that they Housing 8.4 8.4 8.1 12.7 Other 14.5 15.2 13.6 18.5 19.9 would, or probably would, buy a car during Personal saving 7.8 9.4 23.5 3.8 4.5 the next twelve months than had so indicated Disposable income, total: Per cent 100.0 100.0 100.0 100.0 100.0 at the beginning of the year. These inten- Billions of dollars H93.7 50.9 145.6 70.2 82.5 tions were declared with the knowledge that 1 Seasonally adjusted quarterly totals at annual rates. automobile prices had risen from the first of NOTE.—Basic data are from U. S. Department of Commerce. NOVEMBER 1948 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD the year. With respect to other types of played by consumption expenditures in the consumer durable goods it appears that in- early postwar period is being moderated. tentions to buy refrigerators, washing machines, and furniture remained unchanged, PRICE TENDENCIES but that demand for radios was moderately The course of wholesale prices during weaker in July than at the beginning of the 1948 reflects greater diversity in the presyear. sures of demand on supply for individual The increase in the relative importance commodities than was the case in the two of expenditures for food reflects the fact that preceding years. Strong upward pressures food prices have advanced more both from have been exerted by persistent shortages of prewar and from early 1946 levels than have metals and some other products, by rising prices for any other broad group of comtransportation costs, and by wage increases. modities and services purchased by con- Prices of iron and steel, nonferrous metals, sumers. Continued rent control explains the farm machinery, automobiles, and other sharp decline in the relative importance of metal products have advanced even more the housing component of consumer expen- sharply this year than in 1947. On the other ditures in comparison with prewar patterns. hand, the supply of many goods is now in better balance with demand at current prices PERSONAL SAVING than at any time since before the war. Record breaking crops are being harvested this During the war, price and other controls year in this country and the agricultural situand widespread shortages, coupled with ation abroad has improved greatly. Prices heavy reliance on borrowing as a means of of crops have declined considerably this year financing Federal war expenditures, resulted to about support levels, while prices of livein a record rate of personal saving, amountstock and meats have fluctuated widely. As ing to 24 per cent of disposable income in a result of these divergent influences, the 1944 as compared with 4.5 per cent in 1929 general index of wholesale prices increased and 3.8 per cent in 1939. Since the first steadily from February to August following quarter of 1946 practically all of the increase a sharp decline in February. Since August in disposable income has been spent for perthe index has again declined to a level sonal consumption rather than saved. This slightly below January, as prices of livestock means that while the total dollar volume of and products have dropped considerably and saving is now higher than in early 1946, the average prices of commodities other than rate of saving has declined. The rate of farm products and foods have shown little saving, however, is still well above that of change. any year prior to 1941. Industrial prices recently—at the begin- For a little over a year, there has been some ning of November—were about 3 per cent tendency for the proportion of income saved above those of January. Wholesale prices to increase slightly. It is still too early to of food were 5 per cent below that level and measure this change accurately, but recent prices of farm products were about 10 per indications of a stable or slightly rising sav- cent lower. As may be seen from the accoming rate suggest that the inflationary role panying chart, changes in wholesale price 1336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD movements this year have been markedly moved up steadily until August, but has diverse in contrast to the increases in 1947 since declined. In October it was moderand 1946 when every major group shared in ately above its January level. Since the bethe advance. Recently, the indexes for over ginning of the year substantial increases have half of the major groups—including farm occurred in some instances such as retail products, foods, hides and leather, textiles, prices of fuels, new automobiles, and public chemicals, and miscellaneous products—were transit fares. Smaller increases have taken below their January levels. Prices of metals place for apparel, housefurnishings, and and products, however, have advanced more miscellaneous commodities and services. than 11 per cent this year, and substantial Rents, still under control, have moved up price increases have also occurred in build- about 3 per cent since January. ing materials, coal, and housefurnishings. Since the initial termination of price controls at the end of June 1946, there have been WHOLESALE PRICES BY MAJOR GROUPS three periods of sustained price increase, BUREAU OF LABOR STATISTICS INDEXES, 1926 • 100 each of which has been followed by an interval of some downward readjustment in the broad averages. The table below compares percentage changes in wholesale and consumer prices for these three periods. The first period began with June 1946, just prior to the initial expiration of price controls, and ended in March 1947, the high point CHANGES IN WHOLESALE AND CONSUMER PRICES IN SELECTED PERIODS OF GENERAL ADVANCE Percentage increase, or decrease (—) Group June 1946 May 1947 February to to 1948 to March January August 1947 1948 1948 (9 months) (8 months) (6 months) * Revised furniture subgroup introduced into index in this month. Wholesale Prices NOTE.—Data for October 1948 are partly estimated by Federal Reserve. All commodities 32.9 12.5 5.3 Farm products 30.3 13.6 3.1 Foods 48.7 12.7 9.9 The course of consumer prices this year All other 24.7 12.1 3.7 Hides and leather products 43.1 16.8 -2.3 reflects somewhat erratic movements for re- Textile products 28.7 6.1 0, Fuel and lighting materials 14.7 25.7 4.4 Metals and metal products 25.8 8.7 10.1 tail food prices—resulting mainly from wide Building materials 36.6 9.7 5.7 Chemicals 37.1 9.2 -1.9 fluctuations in meats—and steady increases Housefurnishings 16.8 9.1 2.5 Miscellaneous 17.4 5.7 -.3 for groups other than foods. Meat prices de- Consumer Prices clined 5 per cent from January to March, All items 17.3 8.2 4.2 then advanced almost 20 per cent from March Food 30.2 11.8 5.8 Apparel 17.2 3.8 2.4 to August, and have subsequently declined F R u e e n l t , electricity, and ice. . . . 6. . 4 5 1 6 0 . . 1 0 5 1 . . 2 5 Housefurnishings 16.8 5.7 1.7 again. The consumer price index, after de- Miscellaneous 8.1 5.3 4.1 creasing moderately in February and March, NOTE.—Basic data are from U. S. Bureau of Labor Statistics. 1337 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN THE POSTWAR PERIOD just preceding the moderate decline in The recent course of prices furnishes some wholesale prices in April and May. In this grounds for the view that inflationary presperiod, wholesale prices advanced at an av- sures are being reduced. It should be noted, erage monthly rate of 3.2 per cent. The however, that similar evaluations of the outsecond period of advance began at the low look were being made in the spring of 1947 point in May 1947 and ended in January and again in the first quarter of 1948, and 1948, just prior to the sharp price breaks that many of the underlying forces operating of February. In this period the wholesale to bring about further advances after those price index moved up at an average monthly periods are still present. In particular, the rate of 1.5 per cent. The third period began programs designed to maintain the country's with February 1948 and extended to August, security in the face of the continued state of showing an average monthly increase of less international tension are expansive forces of ,than 1 per cent. uncertain magnitude. 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM* This annual meeting of the Stockholders of the citizens of Vermont to go to the United States Boston Federal Reserve Bank is a distinctly New Senate. Your latest president, Laurence Whitte- England custom. It is so favorably known through- more, has just been selected to run one of your great out the Federal Reserve System that I was very railroads. Two former governors of the Federal happy to accept the cordial invitation of your Chair- Reserve Board, W. P. G. Harding and Roy Young, man and my good friend, Albert Creighton, to who is now president of one of your leading banks, come here and participate in your discussions. also typify the high character and ability of your During the six months that I have been in my past presidents. It is a tribute to your Board of present position I have visited and attended meet- Directors that these men were chosen for such posiings in seven of the twelve Federal Reserve districts. tions and is the finest indicator of the public's high I expect to visit three districts within the next regard for the Boston Bank. Although the loss of month. During most of my business career it was good men creates temporary difficulties of replacemy practice to make frequent trips throughout the ment because it seems that in each instance they are country, for no man can follow the progress of his indispensable, yet broadly speaking, there is combusiness except on the firing line. When I was pensation in the loss of some of our good men to Foreign Liquidation Commissioner in 1945 and the community because these ex-officers are helpful 1946, I traveled 56,000 miles during a period of six in giving the various segments of our economy a months in order to obtain firsthand information better understanding of the nation's monetary and about what was taking place in various countries credit policies, of which there is a grave lack of of the world. My associates say that whenever I understanding. receive a call to go to a Federal Reserve district When I implore you to value your stockholder's I am ofT on the run like an old firehorse who has responsibility highly and discharge it with all the heard the gong again. I have always relied to a ability at your command, I do so from experience great extent on personal contact with the people and deep conviction. As you know, I was on the who are in daily touch with operating problems Board of the Philadelphia Bank for more than ten before making decisions. years before taking this assignment. Our Phila- Of course it is no hardship for me to come to delphia directors were of invaluable aid not only in New England, because I truly love this country. executive personnel matters but in advising the My family goes to Maine for most of each summer Bank on policies and procedure and in keeping it and I generally find plenty of excuses to join them. close to current economic and banking problems. I want to commend you Stockholders for your The directors of the twelve Banks, with their record in exercising one of the most important re- branch directors, are a representative cross-section sponsibilities of the member banks to the System— of the leaders in finance, commerce, and agriculture the election of six of the nine directors of the re- of their respective regions. Since going to Washgional Federal Reserve Bank and, through them, ington, I have found the directors* advice and judgthe selection and guidance of its management. Each ment, expressed both directly and through their Board of Directors also elects a member of the various officers and members of the Advisory Coun- Federal Advisory Council, a most important body cil, of the greatest help. in the development of Federal Reserve policy. As a result of my experience, I cannot urge you The Boston Bank has been noted for its distin- too strongly to continue your vigilance in selecting guished presidents. One of them, Ralph Flanders, and electing the most outstanding leaders. Some your good friend and mine, was drafted by the of the Banks have followed the principle of rotation in order to acquaint more of their leaders with * Address by Thomas B. McCabe, Chairman, Board of Gov- the problems of the System. ernors of the Federal Reserve System, at the annual meeting of the Stockholders of the Federal Reserve Bank of Boston, on This meeting afTords an excellent opportunity to October 26, 1948. NOVEMBER 1948 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM discuss the significance of membership in the Fed- institutions. These central banks are still organized, eral Reserve System. Two-thirds of all commercial however, as completely separate institutions. banks in New England, holding four-fifths of de- The truth is that central banks must function mand deposits, are members. Holders of 63 per cent solely in the public interest. In doing this effecof the demand deposits of State banks have volun- tively they must of course maintain close contact tarily chosen to become members. Those percen- and cooperation both with the private financial tages speak for themselves and indicate pretty gen- community and with the Executive, including pareral belief in the importance of membership. It is ticularly the Treasury. Whatever their form of especially noteworthy, I think, in this area of tradi- organization, they cannot escape this dual role. tional Yankee shrewdness. The financial history of the United States before As you men know, two of the earliest construc- the creation of the Federal Reserve System illustive plans to stabilize banking by cooperative effort trates repeatedly the difficulties of this problem. were made in New England. I refer to the Suffolk The First and Second Banks of the United States System and the Bank of Mutual Redemption. represented attempts to organize the central bank- These two were voluntary steps toward the estab- ing function in this country by chartering a lishment of more effective control over the issuance privately-managed single central bank. In both of money. So you might say that the seeds of the cases, this type of organization proved politically Federal Reserve System germinated right here. vulnerable. It was politically suspect because the This System is a unique creation in the history management was entirely in private hands and of central banking. All economic societies, except because the central bank, due to its eastern location, the most primitive, have some form of money. In was felt to be out of touch with conditions nearer highly productive societies such as ours, organized the frontiers. Both banks were allowed to lapse around personal enterprise and initiative, money without regard to the effects such action would will not manage itself. A positive provision for the have on the financial stability of the country. proper exercise of the central banking function is These attempts taught one lesson that has contherefore inescapable. The problem of how to or- ditioned our banking and financial structure ever ganize central banking functions, however, has no since, namely, that the American people are deeasy solution. Many experiments have been tried. termined to avoid centralized financial power Although central banking is a public function just whether it is public or private. It is in response as the administration of justice is a public function, to this determination that our dual banking system experience has proved that central banks should be has evolved with its emphasis on individual unit organized independently of the Executive and of banks. It is also because of this inherent characthe Treasury, just as Courts of Law are organized teristic of our people that the banks of this country independently of the Executive and of the Depart- operated for nearly three generations under the ment of Justice. constant overhanging threat of recurrent money In Europe the solution to this difficulty long panic. The passage of the Federal Reserve Act took the form of privately-owned central banks, put an end to this danger, and with its provisions operating under special charters from the sovereign. for decentralization of power, organized the func- This type of organization has tended to insure tion of central banking in an ingenious combinarelative freedom to central banks from political tion of public and private management. I am encroachment but it has left them vulnerable to thoroughly convinced that the authors of the Fedaccusations that they were operated for private eral Reserve Act gave us a monumental piece advantage, at the expense of the public interest. of legislation—a system tailor-made for the eco- Recently, the pendulum has swung away from nomic expansion of our country. The System this pattern in many countries. In order to accent might be compared to a great pyramid with its the public nature of the functions which central base in the grass roots of our economy, and its banks perform and the public responsibilities with apex in the Board of Governors. The breadth which they are entrusted, some governments have and strength of the pyramid is in its base, with purchased the privately-held shares of their central the member banks and the Reserve Banks as banks and have made them wholly publicly-owned elevations in the slope toward the top. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The history of the Federal Reserve is singularly of the danger to the whole community. However, free of political bias. Although in the light of in the existence and majority support of the hindsight there may not be agreement that the organization there lies great security. System has always done the right thing at the I don't need to tell this audience of the day-to-day right time, there is general agreement that partisan- tangible advantages of Federal Reserve membership has had no place in its operations. For this, ship. These include the supplying of coin and again much credit must be given to the framers currency as needed, collection of checks, collection of the Federal Reserve Act, who were meticulous of noncash items, telegraphic transfers of funds, in their efforts to safeguard the System from the safekeeping of securities, purchase and sale of pressure of special interests or partisan groups. government securities, and examinations conducted The operation of the System is also free from in a helpful and practical spirit. It is the policy profit motivation. Whether the Federal Reserve of the System constantly to improve all of these earns income over and above expenses has no in- operations. Your suggestions as to improvement fluence on its policies. As you know, at present of any of these operations will be appreciated. our earnings are large. Last year 90 per cent One of the primary objectives of the Federal of the System's net earnings were turned over Reserve System when it was organized was to the Treasury. to improve methods of check clearing and collection The System is thus free of the two influences in this country. A great efTort has been made which might distract it from acting with impartial, to obtain this objective with the minimum studied judgment on matters of monetary and of disturbance to correspondent and interbank credit policy, solely in the public interest. relationships. In addition to this great continuing responsibil- I know you also value highly the research ity for nonpolitical, nonprofit administration of services of the Federal Reserve, not only the regumoney in the public interest, the System is the lar services, but special studies such as the lender of last resort, with vast powers to extend exhaustive one by Alfred Neal of the Boston Bank, credit in time of need. Its powers in this respect which points out that the New England economy is have been greatly liberalized, so that the Reserve far from static, as some sob-sisters would have you Banks may now lend on all sound assets of member believe. On the contrary, it is still growing and has banks. excellent opportunities for much further growth. Our banking and credit economy consists of My first over-all impression of the System gave an incredibly complex structure of interlocked me a wholesome respect for the highly professionalassets and liabilities. No bank can operate that ized work of the research organizations of the cannot convert its assets quickly into cash when banks and the Washington staff. Many of you depositors' use of funds results in a drain. Our have cooperated with the members of the research markets are so organized that in normal times group and I know you will agree with me that this conversion can take place in enormous magni- the end product has established a new level tude without resort to the Reserve Bank. In periods of professional competence in this field. We of financial strain, however, there is no alternative must strive to increase their effectiveness still but recourse to the Reserve System. This recourse further. They supply the yardsticks of the present to funds is always available to a member bank, and are our eyes for the future. with full assurance that the Federal Reserve Membership makes possible the performance will be in a position to meet its requirements, of these services. You and I know, however, whatever they may be. Membership from this that members are subject to certain limitations point of view may be thought of as that of a relative to nonmembers. Members are prohibited contributing member to a local volunteer fire from charging exchange on checks, are required company. So long as enough neighbors contribute, to have larger capital to maintain out-of-town the protection will be adequate. Of course, in case branches, are subject to greater restrictions on of a conflagration noncontributors can also receive investments and loans of member banks, and on service. This is somewhat inequitable but is holding companies and interlocking directorates; both humane and necessary to prevent spreading are required to carry deposit insurance, and must NOVEMBER 1948 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM carry large reserves with the Federal Reserve Banks. spite of it loans at commercial banks have increased These limitations have been developed out of over 6 billion dollars in the year ending June 1948. experience, especially in periods of banking diffi- In addition, commercial banks' holdings of securiculty, and are in the interests of sound banking. ties, other than Governments, have increased over By far the most serious and burdensome to you 700 million dollars during this period. This expanat this time is the requirement on reserves. sion of credit occurred at banks located in all sec- Because of the large gold inflow of the 1930's tions of the country and at banks of all sizes, but and the legacies of war finance in the 1940's, particularly in rural areas and small cities. reserves have had to be substantially increased. One of the principal reasons for the increase in It has been said that the recent increase of reserve requirements was to immobilize the reserves reserve requirements was politically inspired. That which have been created in the banking system allegation does not deserve the dignity of a denial. during very recent months as a result of sales of The increase was one of the moves that we, in our Government bonds to the Federal Reserve from best judgment, felt was necessary to restrain the nonbank portfolios. Since June these purchases growth of the money supply. have been far in excess of the recent increase in I fully realize that this instrument of monetary reserve requirements. In other words, this action management has definite shortcomings. It is has not reduced either the earning assets or the neither as flexible nor as selective as we would like. lending power of the member banks as a whole Especially, it is unfair under present conditions below what they were as late as midyear. In the because it restricts the commercial banking system meantime, the moves of Treasury and the Federal while leaving unfettered other segments of the Reserve to raise short-term interest rates have had credit structure which have access to the Federal the incidental effect of increasing the earning power Reserve System through sales of Government of bank assets. I fully appreciate, however, that securities. It is also unfair in that the increases in some individual cases the reserve increase has have not been made applicable to all nonmember worked a temporary hardship and it will take exbanks. Some states, however, have been quick pert management to adjust to the situation. to respond to the action of the Federal Reserve As I see it, reserves are each bank's contribution by raising their requirements. to an effective national monetary policy. It is un- Quite naturally, a member banker may ask, fortunate that this contribution is not made equally "Why am I the goat when so many of my com- by all, for the benefits are enjoyed by all. I do not petitors go Scot-free?" There is no question but see that any threat to our dual banking system is that many other agencies, public as well as private, involved in the request that reserve requirements are extending credit freely. But, gentlemen, we of apply equally to member and nonmember banks. the Federal Reserve have a grave responsibility to I am heartily in favor of the dual banking system, curb the rapid expansion of credit in the area in as I stated at the Louisville meeting of the National which we operate. As a member of the Board of Association of Supervisors of State Banks. But I do Governors I could not be true to myself or my think that in respect to a credit control instrument oath of office unless I fulfilled my responsibilities. as powerful as reserves and one so vitally affecting You as members of the System also have a responsi- the earning assets of banks, some degree of unibility. If we live in a community where there are formity of application is essential to the strength other citizens who do not accept their civic responsi- and soundness of banking in this country. I do not bilities, that does not excuse us from doing our feel that the need for preserving the respective auduty. You who live in New England and carry the thorities and jurisdictions of the State and national burden of a New England conscience will under- authorities in this matter presents any great diffistand me, I am sure. culty. I am confident that it could be worked out I have frequently stressed that this inflation will satisfactorily in consultation with the State banking not be cured by the action of any one agency. The authorities. cooperative action of the American Bankers Asso- There are many in this audience, I know, who ciation to persuade their members to restrain un- would like me to say something about the support necessary lending has been very laudable, but in of Government bonds which made it possible for 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM nonbank bond sales to swell commercial bank Never has it had the potential that it has today. reserves. Our external relations, however, our place in the I will here repeat what I told the House Banking world environment that is emerging, indicate reand Currency Committee on August second, and said sponsibilities beyond the power of man to evaluate. again in a talk just a month ago at Philadelphia: What will be the role of the Federal Reserve System, It is my view that the System is obligated to of the Board of Governors, of the twelve Federal maintain a market for Government securities Reserve Banks, and of the member banks in that and to assure orderly conditions in that market, future ? not primarily because of an implied commitment This much we can surely say, at present. The to wartime investors that their savings would be Board of Governors in Washington will continue to protected, nor to aid the Treasury in refunding bear the major responsibility for the broad formulamaturing debt, but because of the widespread tion of monetary and credit policies, adapted to the repercussions that would ensue throughout the necessities of our domestic and foreign economic reeconomy if the vast holdings of the public debt lations. The twelve Federal Reserve Banks, each were felt to be of unstable value. in its region, will continue to bear the major operating responsibilities. They are the eyes, the ears, When you consider that the public debt is one the hands of the System, adapting their operations and a half times all other debt in the country comto the regional requirements of our economy. They bined, it seems obvious to me that the market for are also our principal advisers, providing wise counthe Government debt securities must be one where sel for System policies. They are staffed by an investors can deal at all times with confidence. I exceptionally competent group of individuals of remain of the conviction that for the foreseeable the highest professional caliber. We must vigorfuture the support program should be continued. ously strive to raise the caliber even higher. You, This conviction is shared by all the members of the who are in charge of the member banks, will con- Board of Governors, the members of the Federal tinue to be primarily responsible for the ultimate Open Market Committee, and by the Treasury. It decisions that make an enterprise system operate. is also supported by the weight of financial opinion Specifically, you determine who is financed and for in the country. how much. In the last twenty years monetary influences have assumed new prominence in the eyes of the people. The responsibilites of you, the Reserve Banks, Whether this is because such influences have indeed and the Board of Governors are inextricably bound become more prominent or because the public, made together. No one of them can be performed sucmore economically sophisticated by education, has cessfully without parallel performance by the come to realize the true significance, I will leave to other two. Personally, however, I feel that your the theorists. Suffice it to say that the boom of the role is the most indispensable of all. Not least late 20's, the disastrous collapse, war financing, the is your part in shaping the business leadership in huge public debt, and our present inflation have this country. When you exercise your individual all focused the attention of the public on the im- credit judgment, you really decide who, among all portance of money and credit. the applicants for credit, will be financed. In mak- So far I have dealt with the Federal Reserve Sys- ing that decision in the past you have played a tem in its relation writh its members in the past. part in providing this country with the virile, enter- In conclusion, let us turn the telescope toward the prising, economic leadership for which it is famous. future. Admittedly, the horizon is low and the May you continue to play your role with wisdom, readings are very obscure. We can see, on the one for in the days to come the world will need that hand, great promise for the American economy. leadership as never before. 1343 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS by DAVID L. GROVE AND GERALD M. ALTER 1 At the end of the war, authorities in many Latin In the long run, substantial improvement in liv- American countries expected that their major task ing conditions and further economic development would be to protect their economies from the de- in Latin America will require a greater measure of flationary impact of a postwar recession in the internal economic stability and a better adjustment United States. Latin America's postwar problem of the balance of payments, particularly in the has proved to be of a different sort. The increased direction of curtailing consumption of nonessential demand for gobds in the United States, Europe's imported consumer goods. reconstruction needs, and the availability of shipping have raised Latin America's exports to new POSTWAR INFLATION PROBLEMS peaks. As a result, domestic economic activity has The Latin American economies are extremely continued at a high level and the inflationary prob- vulnerable to inflationary forces because they canlems originating in the war years have become in- not readily expand their production of consumer creasingly serious. The cost of living has risen at goods. Their production of agricultural foodstuffs, an even more rapid rate than during the war, al- to which a large part of their economic resources is though living levels in general are still higher than devoted, is not easily enlarged, and their output of before the war. Monetary, fiscal, and other meas- other consumer goods is relatively small. In the ures to restrain inflationary forces have not been postwar period, inflationary forces have been of unvigorously applied; in fact, government fiscal policy precedented magnitude. The purchasing power of has been an active contributor to inflation in many the population has been greatly expanded by sharp countries. increases in the value of exports and by substantial Notwithstanding the rise in exports, severe bal- domestic capital expenditures. The resulting presance-of-payments problems have been created for sure on domestic prices has been intensified by the many of the Latin American republics by the tre- tendency of Latin American consumers to save very mendous inflow of imports, particularly from the little. Imports normally relieve upward pressure on United States. During the earlier phases of the domestic prices. In the postwar period, however, postwar period, backlog demands were probably imports, though high in volume, have been accomprimarily responsible for the enormous influx of panied by special circumstances tending to minimize imports; in the later phases, demand originating their anti-inflationary effects. in sharply rising domestic incomes has largely The impact of exports. Demand for exports is a sustained the inflow. very large part of total demand for Latin America's As a result of the great expansion of imports, the domestic production. This fact is a major reason large wartime accumulations of international, re- for the area's vulnerability to world-wide postwar serves have been considerably reduced and a gen- inflation. In Argentina, exports amounted to over eral tightening of exchange and import controls 20 per cent of the gross national product in 1946; has been necessary. The present situation, in which in some of the smaller countries, they probably controls are being greatly extended during a period amounted to as much as 30 per cent. The expanof rising exports, is unique in the economic history sion in demand for goods in the United States of the area. In the past such controls have been after the war, supplemented by the availability of generally extended and tightened only when exports shipping and Europe's reconstruction needs, has were declining. caused an unprecedented increase in Latin America's 1 Mr. Grove and Mr. Alter are members of the research staff exports. Latin American exports to the world as of the Board's Division of Research and Statistics. Miss Dorothy J. Lichens, Mr. Ernest C. Olson, and Mr. Harry A. a whole, which amounted to 3.3 billion dollars in Gillis, Jr., also of the Division of Research and Statistics, prepared much of the factual material incorporated in this article. 1945, increased by 42 per cent between 1945 and 1344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS 1946, and by 29 per cent between 1946 and 1947. crease in the value of imports between 1945 and Each of the 20 Latin American republics, with the 1946, in 1947 the expansion of imports far exceeded exception of Bolivia and Paraguay, had an increase that of exports. On balance, as is indicated by the in exports in both 1946 and 1947. Increases in chart on page 1346, 14 of the 20 Latin American reexport values have been due almost entirely to publics experienced new or greater trade deficits, or higher prices rather than to larger export volume. smaller surpluses, in the two years 1946-47 as com- Latin American export trade has long been pared with the war years 1944-45. Only Argentina, concentrated on a relatively small number of com- Cuba, the Dominican Republic, Haiti, and Venemodities, mostly foodstuffs and raw materials. zuela had a greater export surplus in 1946-47 than This concentration has not been materially reduced in 1944-45; only Costa Rica had a smaller deficit. in the past 10 years, except possibly in Brazil, Mexico, and Argentina. It has accentuated the vulner- FOREIGN TRADE OF LATIN AMERICA 1944-47 ability of Latin American countries to external forces, since the prices of these products rise relatively more than other prices during inflationary periods.. This has been particularly true of the war and postwar periods, as is later noted in more detail in the comparison of import and export prices. Higher export values in the postwar period have provided additional personal income in the form of wages, salaries, profits, etc., and have thereby produced additional demand for domestic goods and services. Thus, the result of the increase in exports has been to raise national income by an amount greater than the increase in exports itself. Inasmuch as the increased demand has not been immediately matched by an increase in the supply of consumer goods, domestic prices have been driven upward. An unusual combination of circumstances has The role of imports. Because of the limited supprevented the tremendous inflow of imports from ply and variety of consumer goods produced locally, halting the course of inflation in the Latin American a large part of any additional income accruing to republics. Only a part of the increase in imports the Latin American population is spent on imports since the end of the war has added to the supply of such goods. This tends to reduce the extent to of goods available for immediate consumption by which national income rises in response to an inthe populace. Almost one-half of the increase has crease in exports; it also tends to reduce the pressure been in the form of machinery and equipment or on domestic prices. durable consumer goods of the luxury type, such During the postwar period, Latin American deas automobiles and refrigerators. Moreover, liquid mand for imports has been greatly stimulated by assets built up by businesses and consumers durlarge wartime accumulations of liquid assets and ing the war were used for the purchase of these by rising national incomes. The satisfaction of goods as they became available. The use of such such demand became possible as exportable goods assets for the purchase of imports has been more became more readily available abroad. It is estiextensive in the postwar period than it was in the mated that the volume of imports approximately prewar period and has neutralized to some extent doubled between 1945 and 1947. The value of the usual anti-inflationary impact of imports. Eviimports amounted to 2.3 billion dollars in 1945, dence of this development is found in the fact that as may be seen from the chart, and increased the turnover of bank deposits, after declining almost by 49 per cent between 1945 and 1946 and by 67 universally during the war years, has since risen per cent between 1946 and 1947. While the increase above the prewar levels in the majority of Latin in the value of exports slightly exceeded the in- 1345 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS must have been considerable since United States TRADE BALANCES OF THE LATIN AMERICAN REPUBLICS 1944-45 AND 1946-47 trade data indicate that Latin American imports ANNUAL AVERAGES M U. I L S L . IO D N O S LL O A F RS of machinery and other capital goods from this 200 !00 C) 100 200 300 400 500 country have been very large in the postwar period. ARGENTINA CUBA mtttttfmmm Imports of industrial and agricultural machinery, BRAZIL railway rolling stock, industrial electrical apparatus, VENEZUELA automotive equipment (excluding new passenger CHILE cars), and merchant vessels (excluding sales to BOLIVIA IF Panama) together amounted to 621 million dollars DOMINICAN REPUBLIC URUGUAY S3 in 1946 and 1,267 million in 1947, as compared EL SALVADOR with 167 million in 1939.2 These figures do not PERU 1 include imports of steel-mill products, the volume ECUADOR of which was five times larger in 1947 than before GUATEMALA the war. COLOMBIA NICARAGUA Domestic effects of inflation. The inflationary PARAGUAY impetus of exports and domestic investment ex- HAITI K M » i r l a i 1 1 9 9 4 4 6 4 -4 -4 7 5 penditures has been reflected in rising prices and HONDURAS 1 wage rates, social and political unrest, and growing COSTA RICA i PANAMA wSm foreign exchange problems. Domestic prices have MEXICO w—mwMBSl advanced at an even more rapid rate in the post- 200 100 0 100 200 300 400 500 war period than during the war. | MILLIONS OF IMPORT SURPLUS -*--*• EXPORT SURPLUS 0. S. DOLLARS During the war period there was a wide disparity American countries for which such information is between price increases in Latin America and in available. the United States. While the cost of living advanced In addition, some portion of the increase in im- by about 30 per cent in the United States during ports in 1946-47, particularly of consumer goods, the war, it advanced by over 60 per cent in all of was absorbed by business inventories, which were the Latin American countries for which data are at an extremely low level at the end of the war.available, except Argentina, Uruguay, and Vene- Also, the expansion of business inventories was zuela. As may be seen from the accompanying financed to a considerable extent by an increase table, however, this disparity did not continue into in bank credit, facilitated in many cases by the use the postwar period, largely because the relaxation of central bank credit. The use of credit has thus and removal of price controls in the United States partly counteracted the reduction in domestic means during 1946 released inflationary pressures here of payment which is normally associated with im- which in Latin America had generally been perports. Moreover, as imports became available on mitted to exert their full force on prices during a larger scale, employment increased in the import the war. and auxiliary trades, which are of considerable im- One of the chief factors accounting for the inportance in most Latin American countries. Larger crease in the cost of living has been the advance payments of salaries and profits were thereby gen- in food prices. Any increase in incomes in Latin erated. For all of the foregoing reasons, the anti- America is likely to be spent in large part on addiinflationary effect of imports in the postwar period tional consumption of foodstuffs, since the level of has been considerably less than might have been food consumption of a large part of the population expected. is very low and the variety limited. Although food Finally, imports of capital goods and construc- consumption has increased on the whole more than tion materials in the postwar period have permitted food production during the war and postwar years the acceleration of government developmental pro- (as a result of a decrease in food exports and a small grams as well as private investment. This has in- increase in food imports), the expansion of the creased demand for the domestic goods and services domestic food supply has not kept pace with the that complement imparts in the investment process. 2 Includes small amounts for European islands and posses- Complementary domestic expenditures of this type sions. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS INCREASE IN COST OF LIVING AND FOOD PRICES IN SELECTED Notwithstanding price advances, living conditions LATIN AMERICAN COUNTRIES, END OF 1945 TO END OF 1947 are somewhat better than they were before the war. [Per cent] According to estimates prepared by the Food and Agriculture Organization, per capita food consump- Cost of Food tion in 16 Latin American republics increased from Country 1 living prices approximately 2400 calories a day in 1935-39 to 2600 in 1946-47.3 Residential construction has as- Argentina. 39 2 49 sumed boom proportions in many of the republics Bolivia . . .. 34 50 and housing conditions in general have improved; Brazil 46 32 for the most part, however, better housing has not Chile 60 59 Colombia 36 36 been provided for the mass of the workers. Costa Rica . . . 22 25 The persistent upward movement in domestic Dominican Republic 18 28 prices must have brought considerable hardship to Guatemala 11 21 the many people who did not participate fully in Mexico 32 37 the growth of national income. Wage rates in many Paraguay 43 47 Peru 64 86 nonmanufacturing industries have probably not Uruguay... 24 40 kept pace with the postwar rise in living costs. In Venezuela... 3 35 manufacturing industries, which employ a relatively small part of the working population, the United States. . 29 46 relationship between movements in living costs and 1 Capital city only, except in United States. wage rates has not been consistent as between 2 3 E In n c d lu o de f s 1 9 o 4 n 7 ly d f i o v o id d e , d c o b a y l, a a n n n d u a so l a a p v . erage for 1945. countries. In some countries, such as Mexico, wage rates in manufacturing appear to have lagged berise in incomes. As may be seen from the accom- hind the cost of living. In other countries, such as panying table, food prices have been one of the chief Argentina and Chile, they appear to have outfactors in the higher cost of living during the post- paced the cost of living, at least in so far as official war period. The relatively more important role of indexes adequately reflect the rise in the cost of food expenditures in Latin America, as compared living. The incomes of landowners and commercial with the United States, is illustrated by the fact that interests have risen disproportionately, and this has before the war between 50 and 60 per cent of the contributed to exceptionally heavy expenditures for total expenditures of the average Latin American expensive homes and luxury imports. The specuworker's family was on food, as compared with lative environment of inflation has encouraged the 34 per cent in the United States. use of capital resources for undertakings that yield a high return quickly and has discouraged invest- The impact of food-price increases on consumpment in undertakings that might have been of much tion in Latin America is somewhat softened by the greater benefit to the economy at large. Dissatisfact that much of the food consumed is not purfaction with the inequities produced by inflation has chased in the market. A large proportion of the been reflected in the unstable political situations that employed population is engaged in agriculture— have developed in some of these countries since roughly two-thirds were estimated to be so emthe war. ployed in most of the countries before the war. Domestic economic policies. Despite general recog- Lack of dependence on the market should not be nition within Latin America of the danger preexaggerated, however, since a large part of the sented to domestic economic and political stability agricultural population is engaged in producing by the current inflation, government measures to specialized crops for export, and thus relies on the reduce or contain inflationary pressures have not market for part of its food and most of its other been consistently applied and have proved inadeconsumption goods. Furthermore, the "self-sufquate. In the early postwar period there was a ficient" portion of the total population has become smaller as a result of the great movement into urban 3 Weighted averages^ of estimates for individual countries. Tn 1946-47 these estimates ranged from 1900 calories in areas during the war and postwar periods. Ecuador to 3300 calories in Argentina. NOVEMBER 1948 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS widely prevailing belief in Latin America that a when agricultural prices were falling have been rerecession was about to occur in the United States placed by a tax on exports during the current boom. and that anti-deflationary rather than anti-infla- But even in that country the tax, which operates tionary policies would be required. This belief later through government purchases from farmers at gave way to uncertainty. As a consequence, the prices much lower than the export price, was not adoption of vigorous measures to meet the new designed to be primarily an anti-inflationary measphase of inflation was hampered. ure. The proceeds of the tax were to be employed Fiscal policies. In 1946, government budgetary in financing expenditures under Argentina's fivedeficits continued to increase in all the principal year development program initiated in 1947. Latin American countries except Mexico and Cuba. Credit policies. Commercial and central bank In most of the countries the public was reluctant to credit expansion has generally oflset the depressive invest in government securities, and there was no impact on the domestic money supply of the balancevigorous program to overcome this reluctance. As of-payments deficits which developed in many couna result, deficits were largely financed by borrow- tries during 1946 and 1947. The money supply coning from the banking system, especially the central tinued to increase in the postwar period in all of the banks. Budget surpluses emerged in 1947 in such republics, except Mexico and Ecuador; in Mexico, major countries as Brazil and Chile, but they were despite substantial balance-of-payments deficits, the not general, despite substantial increases in revenues money supply was not greatly reduced. The effects from income taxes and customs charges. Further- of the expanded money supply were further intensimore, inasmuch as certain developmental and mili- fied in most of the countries by a reversal of the tary expenditures are not always included in gov- wartime reduction in the turnover of bank deernment budgets, the inflationary impact of fiscal posits. By far the largest part of the borrowing policy has been even greater than the budget deficit was nongovernmental, but net government borrowwould reveal. Existing data indicate, however, that ing from the banking system continued in most of government expenditures of the major Latin Ameri- the countries. can countries rose between 1945 and 1946 and, The monetary authorities have generally enwith the exception of Brazil, also between 1946 deavored to restrain the expansion of bank credit, and 1947. Military budgets have not declined from particularly in the field of speculative real estate their high wartime levels and in many important loans, but there is little evidence that their efforts countries they have risen during the postwar period. have been successful. Nevertheless, as real estate Although income tax rates were increased and and construction loans have become more specucoverage was greatly extended in many Latin lative, banks have shown some tendency to shift American countries during the war period, since funds to meet the expanding credit requirements then there has been no concerted action to increase of importers and other merchants. tax rates. Nevertheless, owing to the wartime tax- Commercial banks in all countries except Nicarate increases and the higher levels of national in- ragua increased their loans and investments after come, income tax revenues have been much larger the war, and in Argentina, Chile, Colombia, Cuba, and of greater relative importance to total govern- and Venezuela the increases were especially large. ment revenues in the postwar than in the prewar Central banks have also contributed to the expanperiod. Customs revenues, which declined dras- sion of bank credit by increasing their loans and tically during the war, have risen considerably investments to the public, the government, and the with the postwar increase in imports. Export commercial banks. Credit expansion by the central taxes might have been used to absorb some of the banks has been especially important in Chile, Arincreased income accruing to export industries in gentina, and Colombia. the postwar period, but they have not generally Direct controls. Some postwar efforts have been been increased; in some countries they have even made to arrest the continuing rise in the prices of been reduced (or their counterparts in the form of basic commodities by restoring wartime controls or exchange premiums have been increased). In by imposing new controls. In most cases, however, Argentina, however, the export subsidies granted price controls have been less extensively employed 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS than during the war, and with even less avail. The structure of the balance of payments. In pre- Prohibitions or restrictions on exports of essential war years, Latin America's balance of payments consumer goods have been used to increase do- normally showed a considerable surplus on trade mestic supplies in Brazil and Mexico, and to some account and a deficit on nontrade account. This extent in Ecuador and Peru. Government agencies structure remained essentially unchanged during the in several countries (Argentina, Peru, Mexico, and war period, except that trade surpluses were of Uruguay, for example) have mobilized stocks or unprecedented magnitude. During 1946, the first subsidized high-priced basic food items. In a tew full calendar year of the postwar period, Latin instances governments have made sales directly to America's trade surplus did not decline from the consumers. Rationing of goods to consumers has high wartime level of approximately 1.0 billion been attempted on a very restricted scale. Direct dollars. In fact, the area had a trade surplus of controls to restrain price increases have met with 1.2 billion dollars in 1946. In 1947, however, the little success. This is understandable in view of the trade surplus dropped sharply to 288 million dolfragmentary character of the controls adopted and lars, an amount which was insufficient to offset a the absence of vigorous enforcement. deficit of 461 million dollars on nontrade account. As may be seen in the accompanying table, the POSTWAR BALANCE-OF-PAYMENTS PROBLEMS reduction in the over-all trade surplus in 1947 was The extraordinarily high postwar volume of im- the result of the deficit of 1.0 billion dollars with ports has made possible a higher standard of living the United States. It is estimated that Latin Amerand a greatly accelerated rate of capital formation ica incurred a further deficit of over 462 million in Latin America. This level of imports has not dollars in its trade with this country during the been wholly sustained by current earnings of for- first half of 1948.4 eign exchange, however, nor is it likely that it can FOREIGN TRADE OF LATIN AMERICA, BY GEOGRAPHIC AREAS, be supported by prospective earnings. As a conse- 1946 AND 1947 quence, most of the Latin American republics are [In billions of U. S. dollars] currently confronting serious balance-of-payments deficits. In the past, such deficits have generally 1946 1947 1 been associated with periods of recession and falling Area Ex- Im- Bal- Ex- Im- Balprices; now they are being encountered in the midst ports ports ance ports ports ance to from to from of boom prosperity. As was mentioned earlier in this article, a con- United States 2.0 2.0 2.6 3.6 -1.0 Latin America (insiderable part of Latin America's imports in 1946 Un t i e t r e c d o u K n i tr n y g d tr o a m de .. ) . . . . 0 0 . . 6 5 0 0. . 2 6 +6.3* 0 0 . . 6 9 0 0 . . 7 3 2 + -0 0 . . 1 6 and in the first half of 1947 went to restock in- Other countries in European Recovventories and to satisfy the backlog of deferred ery Program 0.8 0.3 +0.5 1.0 0.6 +0.4 All other countries. . . 0.7 0.3 +0.4 0.9 0.5 +0.4 demand for both consumer goods and capital goods. Total 4.6 3.4 + 1.2 6.0 5.7 +0.3 It might have been expected that the bulk of these requirements would have been filled by the end of 1 Partly estimated. 2 Discrepancy arising from different bases of evaluation and 1947 and that the level of imports would be sub- different timing in the recording of trade. stantially lower from then on. But the sharp con- rep S u o b u l r ic c s e . . — S C u o rp m lu p s i e l s e d a r f e r o d m es i o g f n fi a c t i e a d l s ( t + at ) i , s t d ic e s fi c o i f t s t h ( e — L ) a . tin American tinued rise in national income has apparently cremated sufficient additional demand to offset most if For some of the republics, the financing of postnot all of the decline in inventory and backlog war trade deficits with the United States has been requirements; as a result, balance-of-payments defi- considerably facilitated by large trade surpluses cits have persisted. Although there is evidence that with other areas. As may be seen from the accomsome reduction in imports has occurred in recent panying table, Latin America's trade surpluses with months in the countries having the most serious such areas amounted to 2.6 billion dollars during trade deficits, the reduction seems to be more a 4 Derived from United States trade statistics, and thus not consequence of import and exchange controls than fully comparable with the figures for 1946 and 1947, which were compiled from official statistics of the Latin American «of weakened demand. republics. [NOVEMBER 1948 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS the two-year period 1946-47. Of this amount, 0.9 celed by the lower purchasing power of the rebillion dollars was with the United Kingdom and serves which have been spent. This is one of the another 0.9 billion dollars was with other countries costly consequences of having an unfavorable balparticipating in the European Recovery Program. ance of payments in a period of high prices. These trade surpluses with areas other than The decline in official reserves. Largely as a rethe United States were well in excess of necessary sult of the trade deficits with the United States, net nontrade payments to such areas. Although re- the official gold and foreign exchange assets of strictions on the dollar convertibility of balance- Latin America have fallen from the 1946 of-payments surpluses in sterling and other Euro- peak of 4 billion dollars to a level of 3 billion pean currencies have to some extent handicapped dollars at the middle of 1948. The loss of reserves Latin America, dollar receipts from areas other has not been distributed uniformly among the than the United States have been substantial. In countries; in fact, eight of the republics increased 1946 and 1947, the United Kingdom alone made their gold and foreign exchange holdings between dollar payments of roughly 600 million dollars. the end of 1946 and the middle of 1948.5 About half of this amount went to the Caribbean As would be expected, the decline in gold and area for oil and sugar and the remainder went to dollar reserves began earlier and has been relatively Argentina and other South American countries for much greater than the decline in holdings of other meat and cereals. Ability to support deficits with currencies. The official gold and dollar reserves of the United States in the future will depend in large Latin America declined from the peak of 3.2 billion part, therefore, on the continuance of balance-of- dollars reached at the end of 1945 to 3 billion payments surpluses with other areas, and on success dollars at the end of 1946, and then dropped off in converting a portion of such surpluses into sharply to 2 billion dollars at the end of 1947.. dollars. As a result of the surpluses of a few countries Comparison of import and export prices. The and a reduction in the rate of loss of many of the prices paid abroad by Latin America for its imports countries, the net decline was negligible during have advanced rather sharply in the postwar period, the first half of 1948. Nevertheless, the drain but the prices received for exports have risen much continued to be serious for several of the republics, more rapidly in most cases. Thus, the disappear- notably Argentina and Mexico. ance of Latin America's large trade surpluses can- For the postwar period as a whole, the loss of not be attributed to adverse price movements. gold and dollar reserves has been especially large In times of world prosperity or inflation it is to for Argentina, Mexico, Chile, and Colombia. be expected that the export prices received by Latin Only Cuba, Venezuela, and Bolivia had larger America and other undiversified export economies gold and dollar reserves at the end of June will rise more rapidly than the prices they pay for 1948 than at the end of December 1945. In addiimports. Their exports are largely foodstuffs and tion to reducing their reserves, Mexico and Chile raw materials, the prices of which ordinarily together drew 31 million dollars from the Interadvance more rapidly than do the prices of their national Monetary Fund in the second half of 1947. imports, which are largely highly fabricated articles. Mexico also drew 20 million from the United States The reverse process occurs in times of recession or Stabilization Fund during the final quarter of last depression. year and another 17 million during the first five It should be pointed out that the advance of months of 1948. import prices has considerably reduced the purchas- Liquidation of British investments. Although ing power of the large international reserves which Latin America obtained substantial quantities of Latin America accumulated during the war years. dollars from the United Kingdom on current trans- The reduction in purchasing power represents a actions in 1946 and 1947, the bulk of the large real loss only in so far as Latin America spends its wartime accumulations of sterling has not been conreserves during the present period of high prices, vertible into dollars. Partly for this reason, the but such spending has been very great. Thus, the Latin American countries with the largest sterling benefits derived from the more rapid rise in export prices in the postwar period has been partly can- 5 Cuba, Venezuela, Honduras, Guatemala, El Salvador, the- Dominican Republic, Nicaragua, and Costa Rica. 1350 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS holdings—Argentina, Brazil, and Uruguay—have ing cannot continue indefinitely. In the first place, been employing their sterling resources to repatri- the remaining volume of suitable investments is ate British investments in their countries. Argen- limited; secondly, the growing need of most of the tina has purchased British railway properties in Latin American republics for dollars increases their that country for 150 million pounds sterling reluctance to extend credit. Without the aid of the (roughly 600 million dollars) and has also liqui- European Recovery Program, it is unlikely that dated most of the 56 million pounds sterling of Europe could continue to import from Latin Amerpublic debt that was outstanding at the end of ica at the 1947 rate. With the program, Europe 1942.6 Brazil has reached an agreement with the should be able to maintain its 1947 level of imports United Kingdom permitting use of its sterling from the area and should be in a better position to holdings, which are estimated at 50 million pounds, settle its trade deficits with Latin America through for the purchase of British-owned railways and transfers of dollars. The program has therefore utility companies in Brazil and for liquidation of greatly improved the balance of payments and genpart of its sterling public debt of approximately eral economic prospects of Latin America. 73 million pounds. Uruguay has been authorized During the second and third quarters of 1948, to make similar use of its sterling holdings of 17 total authorizations by the Economic Cooperation million pounds and has already used half of this Administration for purchases from Latin America amount for purchase of railway and tramway amounted to 116 million dollars. It is currently properties. It is estimated that British long-term estimated that ECA authorizations during the last investments in Latin America as a whole have been quarter of 1948 and the first quarter of 1949 will reduced from 4.5 billion to 2.6 billion dollars since be made at the much higher rate of about 100 1939. million dollars a quarter. It should be empha- Trade and financial agreements with continental sized, however, that the amount of dollars accru- Europe. Unlike the United Kingdom, the conti- ing to Latin America as a result of the European nental European countries did not have suitable Recovery Program is not adequately revealed by Latin American investments to liquidate. Latin the volume of authorizations alone, because the America financed a substantial part of the 1946-47 program should make it possible for Europe to trade deficit of these countries (0.9 billion dollars) spend more of its non-ECA dollar receipts on by extending credit under bilateral trade and finan- Latin American products. cial agreements. Argentina, Uruguay, and Brazil The estimates presented above do not provide have been most active in concluding such agree- for any large ECA-financed purchases in Argenments. Argentina alone negotiated agreements in tina. Whether Argentina will be a major recipient 1946 and 1947 which provided the equivalent of of dollar expenditures by European countries will over 400 million dollars in credits to continental depend in large measure on Argentine policy with Europe. It should be noted, however, that the respect to the prices charged for its products and prices of the exports which Argentina has financed the manner in which it administers its import and by means of such agreements have in many in- exchange controls. stances been considerably above the prevailing The role of foreign capital. Should Latin American world prices. This not only inflated the size of exports decline appreciably, foreign assistance in Europe's trade deficit but also exaggerated the financing the development programs of the repubextent of the assistance received from Argentina. lics will be necessary if there is to be any continuity European Recovery Program. The financing of in their industrialization and diversification. Since Europe's trade deficits with the Latin American re- the total amount of potential foreign financial assistpublics through liquidating investments and borrow- ance is clearly not unlimited, intergovernmental and international development loans should in general be reserved until there is evidence that the recipient It has purchased the operating properties of the United River country would not be able to finance essential capi- Plate Telephone Co., Ltd. (a subsidiary of the International Telephone and Telegraph Corporation) for approximately 95 tal requirements from its own resources. million dollars and has liquidated its dollar public debt of 135 million. In view of Argentina's current dollar shortage, The United States Government (through the the liquidation of the dollar public debt may now appear to have been premature. Export-Import Bank) and the International Bank NOVEMBER 1948 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS for Reconstruction and Development have extended In most of Latin America, the most pressing need some financial assistance to Latin American coun- is for hydro-electric and transportation developtries since the end of the war. The Export-Import ment. These are projects in which private foreign Bank granted credits amounting to 128 million capital is unlikely to make an important contribudollars to nine Latin American countries during tion, either because the nature of the project does the period January 1, 1946 to June 30, 1948. The not lend itself to equity investment or because the International Bank entered into loan commitments governments concerned are reluctant to permit of 16 million dollars with Chile in the first quarter foreign investors to have an active voice in the of 1948 for hydro-electric projects and for the pur- management of such ventures. As Latin America chase of agricultural machinery. acquires better transportation facilities and lower- Many of the Latin American republics believe cost power, the opportunities for fruitful foreign that much greater assistance is required. So far, investment in industry and commerce should however, it appears that they have had sufficient broaden considerably. Whether private foreign resources to finance a high rate of capital forma- capital will enter in volume will, of course, depend tion. Nevertheless, unless measures to restrict greatly on the extent to which it is assured freenonessential imports are vigorously applied, most dom from discriminatory treatment and unreasonof the countries may soon be without sufficient able exchange controls. international means of payment to sustain their Measures to halt loss of reserves. Alarm over the present rate of economic development. rapid rate of depletion of gold and dollar reserves The present and future role of private foreign has led to the imposition of numerous exchange and capital in Latin America is difficult to appraise. import control measures in Latin America. Al- New private foreign investment is now limited though most of the countries carried over into the almost exclusively to direct investment, and will war period many of the controls which they had probably continue to be so limited. In 1947, for adopted in earlier periods of exchange shortages, example, the net increase in private American wartime conditions did not require the strict applidirect investment in Latin America amounted to cation of these controls. Their principal function 408 million dollars. Portfolio investments, on the in most cases was reduced to that of scrutinizing other hand, decreased by 61 million dollars in the foreign exchange transactions, and this scrutiny did same year. The bulk of the direct investment— not greatly affect the volume or character of the 263 million dollars—was in the petroleum indus- transactions. During 1946, however, the outflow of try.7 Another 16 million dollars was in mining reserves in some countries became so heavy that enterprises. Thus nearly 70 per cent of the total the monetary authorities began to tighten and redirect investment was in extractive industries. impose controls. Controls have since been adopted While this type of investment undoubtedly brings more generally and made more stringent. many benefits to the countries involved, it makes Adequacy of existing exchange rates. With the only a limited contribution to the greater indusexception of Mexico, no Latin American country trialization and diversification of their economies. has attempted to bring its balance of payments Private foreign capital investment in manufacinto equilibrium by reducing the par value of its turing and distribution in Latin America has played currency. Despite the considerable rise in domestic a useful role, and will undoubtedly continue to do prices and costs during the war and postwar periods, so. Compared with total foreign capital investments existing exchange rates for most Latin American in the area, however, investment of this sort has not currencies do not appear to be interfering with a been large. In 1947, for example—a year in which high level of exports. Moreover, few of the counnew American investment in Latin America was tries could count on devaluation to produce larger considered to be unusually high—net new Ameriforeign exchange receipts over the next year or can investment in manufacturing was only 51 mil- *two; exporters would receive higher prices in terms lion dollars, and in distribution only 32 million. of local currency, but this would not in general 7 This includes 95 million dollars of ship sales by the United evoke an increase in production for export. On the States Maritime Commission to Panamanian-flag operators conother hand, existing exchange rates have permitted trolled by American petroleum companies. 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS far more imports than Latin America can support cost of nonessential foreign products. These measfrom its current earnings of foreign exchange. ures include upward revision of tariffs, multiple Measures to reduce imports. From the stand- exchange rates, and exchange taxes. point of short-run adjustment in the balance of Tariffs have been revised upward by four counpayments, curtailment of capital goods imports tries—Mexico, Brazil, Chile, and Peru. Conservwould be very effective. It would not only reduce ing foreign exchange resources has not been the sole such imports but, by eliminating complementary aim in every case, however; protecting domestic domestic expenditures, would also reduce infla- industries, raising government revenues, and readtionary pressures and thus the demand for im- justing the incidence of import duties have been ported consumer goods. Adjusting the balance important considerations. of payments in this manner, however, would There has been an increasing tendency in Latin retard capital development. This would involve a America to establish multiple selling rates of exsacrifice which the Latin American republics are change and to restrict imports by transferring an naturally loath to make. Accordingly, the import ever larger number of transactions to less favorable control measures adopted in the postwar period exchange-rate categories. Of the 13 Latin Amerihave been designed to discriminate against "luxury" can republics having exchange controls, all but or "nonessential" imports, while maintaining the Honduras and Venezuela have multiple exchange flow of capital goods and essential consumer goods. rates for imports. Foreign exchange is sold at a As long as demand for exports remains high, it lower rate for "essential" imports than for "semiappears that balance-of-payments equilibrium could essential" or "nonessential" imports. Thus, imbe achieved in many of the countries by a drastic ports of the latter types are penalized by the higher curtailment of nonessential imports. Large reduccost of exchange. In some of the countries, such tions in development programs, or in the standard as Brazil and Ecuador, multiple rates are achieved of living of the populace, would not be required. or made more extensive by imposing exchange Mexico, Brazil, and Chile—three of the republics taxes on certain classes of imports. with extensive plans for economic development— The effectiveness of the various measures to curcould probably have eliminated nearly all of their tail imports cannot yet be appraised fully. Largely 1947 deficit in this way.8 Argentina, which also as a result of such controls, however, the level of plans substantial industrialization during the next Latin American imports from the United States few years, has had a different type of balance-ofin the first half of 1948 was about 268 million dolpayments problem. Its principal problem has not lars, or 14 per cent, lower than in the correspondbeen one of excessive imports, but rather one of ing period of last year. Moreover, the reduction limited ability of European customers to pay in in "nonessential" imports from the United States dollars. was marked in the case of many of the countries Three types of selective measures, often used which had had serious dollar deficits in the prein combination, have been adopted by Latin ceding periods, including Argentina, Mexico, and American countries to restrict imports in the post- Chile. war period: In the past, measures to restrict imports have (1) Direct control over "nonessential" imports, generally been adopted in periods of deflation or either by prohibiting them or making them subject depression. In these circumstances, the measures to a quota. Mexico, Chile, and Ecuador are among the countries using this type of control. supported national policy in that they helped to (2) Restriction on purchases of exchange for im- sustain domestic incomes and prices. In the presporting goods declared to be nonessential. Argen- ent Latin American environment, however, it tina, Nicaragua, and Chile have adopted measures should be recognized that a curtailment of imports of this kind. of the magnitude necessary to prevent further loss (3) Measures designed to reduce the demand for of international reserves might intensify the already foreign exchange by raising the wholesale or retail serious inflation. This tendency would of course 8 This statement is based on a study of the composition of be weakened somewhat by the reverse operation of United States exports to the Latin American republics for the factors discussed on pages 1345-46. selected prewar, war, and postwar periods. NOVEMBER 1948 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LATIN AMERICA S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS Encouragement of exports. The Latin American to promote exportation of the products concerned. authorities have given much less attention to meas- Regulation of capital. Twelve of the republics ures designed to increase the volume of exports have subjected outward remittances of capital, inthan they have to measures to reduce imports. terest, and dividends to control. Such measures However, measures to stimulate exports have not tend to discourage the entry of foreign capital. been entirely neglected. For example, Bolivia has Much will depend, however, on the spirit in which reduced export taxes on tin produced by small the controls are administered and on the general mining companies as an inducement to continued economic and political conditions in each of the .production in the face of rising operating costs. countries concerned. In several cases capital con- Uruguay, Peru, and several other countries have trols have been accompanied by companion measincreased their subsidization of certain minor or ures which give preferential treatment to new forsecondary exports by making the foreign exchange eign capital if it enters under officially approved proceeds of these products eligible for higher ex- circumstances. These measures may somewhat change rates. In some instances the granting of reduce the reluctance of foreign investors to invest preferential rates appears to have been unnecessary in countries having capital controls. UNITED STATES GOVERNMENT MANUAL The United States Government Manual, an au- Register, the National Archives. Copies may be thoritative 722-page handbook describing the or- obtained at a cost of $1.00 each from the Superinganization and functions of the legislative, executive, tendent of Documents, United States Government and judicial branches of the Government, is now Printing Office, Washington 25, D. C. issued annually by the Division of the Federal 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1948 * At midyear, the majority of American consum- and on buying intentions. The report did not ers expected the continuation of good times in the cover many phases of consumer finances included immediate future. This optimism was reflected in the annual study, such as the distribution of in stated intentions to buy consumer durable goods income and liquid assets and the analysis of savat a continued high rate notwithstanding increased ing and dissaving patterns. Nevertheless, the reprices. Their plans were backed, in many cases, sults are useful in understanding the atmosphere by larger incomes and the ability to make rela- in which business will operate, at least at the tively large expenditures for durable goods. Not retail level, during the remainder of 1948 and quite as many consumers shared this optimism in early 1949. July as at the beginning of the year, however, and As emphasized previously in connection with the number who felt that they were not as well the series of articles on the Consumer Finances off financially as they had been a year earlier had Survey, these studies represent a relatively new increased somewhat. development in the field of economic research. This, in brief, characterizes the findings of a Considerable experience derived from the analysis survey of consumer attitudes and expectations con- and interpretation of results of a number of surveys ducted during July 1948 by the Survey Research repeated under varying conditions is needed before Center of the University of Michigan. Sampling this type of research can be of maximum value. and interviewing methods of the recent survey It should also be noted that sample interview surwere similar to those used in the annual Survey of veys yield information concerning the order of Consumer Finances, but the interview sample was magnitude of data and that they are not expected only about half as large.2 The 1,655 spending to produce exact values.4 units interviewed may be considered, however, as representative of all American consumers living in HIGHLIGHTS OF THE INTERIM SURVEY private households.3 1. In July 1948, two of every five spending units Most of the questions in the July survey were reported they were making more money than they directed toward determining consumer opinion on had made a year earlier; two indicated no change; general economic conditions, on price expectations, and the remaining unit reported smaller earnings. This was similar to the distribution obtained in 1 This article summarizes the results of a special surveyconducted in July 1948 by the Survey Research Center of the the January-February interviews. University of Michigan. While this survey was not made for the Board of Governors, the information is comparable to that 2. Despite the higher incomes received by many obtained in the annual Surveys of Consumer Finances. This article was prepared by Clarke L. Fauver of the Board's of the respondents, the feeling that people were not Division of Research and Statistics on the basis of the data quite as well of! financially as they had been was made available to the Board by the Survey Research Center. From the Survey Research Center, University of Michigan, slightly more widespread than in July 1947. About Rensis Likert, Director, and Angus Campbell, Assistant Director, were in general charge of the special survey. Respon- 40 per cent of the spending units felt that their sibility for its planning, for the interviewing, and for tabulating and analyzing the results was carried by George Katona financial position had deteriorated over the past in collaboration with Robert L. Kahn. year, whereas only 25 per cent felt that their situ- 2 The Survey of Consumer Finances, sponsored by the Board, has been conducted for three successive years. The first annual ation had improved. survey was made early in 1946 by the Division of Program 3. Spending units who were optimistic about the Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. The Survey Research Center staff currently in general economic outlook for the coming months charge of the survey work was associated with the Division of Program Surveys at the time of the first study. Results of constituted a smaller proportion of all spending that survey were reported in the June, July, and August 1946 issues of the BULLETIN, under the general title "National Sur- units in July 1948 than they did in the earlier vey of Liquid Assets." The second survey was made for the Board of Governors early in 1947 by the Survey Research surveys. Since the survey early in 1947, the pro- Center and the results were reported in the June, July, and portion has gradually declined from 55 per cent to August 1947 issues of the BULLETIN. The third survey was made early in 1948 and the results were published in the June, 41 per cent. July, August, and September 1948 issues of the BULLETIN. 3 The consumer spending unit is defined as all persons living 4 A full description of the methods of sampling and interin the same dwelling and related by blood, marriage, or adoption viewing used in the Surveys of Consumer Finances is presented who pooled their incomes for their major items of expense. in the Federal Reserve BULLETIN, June 1948, pp. 643-46. NOVEMBER 1948 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS 4. Two of every three consumer spending units reports of income decreases were most frequent believed that prices would at least remain at their among business men and unskilled workers. By present levels, or possibly go higher during the way of comparison, the annual survey at the benext year. Only about one in six saw definite ginning of this year showed that professional prospects of price declines. people and skilled workers generally experienced 5. The demand for consumer durable goods the most frequent increases in annual income durshowed little sign of abatement. Between the be- ing 1946 and 1947. Decreases in income, on the ginning of 1948 and July, there were no significant other hand, were fairly evenly distributed among changes in the proportion of spending units which the various occupational groups with business men contemplated buying furniture, refrigerators, and having the largest percentage of those reporting other household appliances. In the case of auto- income decreases. mobiles, there was a slight increase in the number Although the figures do not permit definite conwho said they would, or would probably, buy clusions on the matter, it appears that there is a during the coming year. growing feeling among consumers that their financial situation is not as good as it was some months FINANCIAL POSITION OF CONSUMERS ago. There were somewhat fewer reports of being The general effect of the upward spiral of wages better off, and more frequently reports of being and salaries during the postwar period is re- worse off, in the July survey than in the survey flected in the finding that about 40 per cent of at the beginning of the year. the spending units interviewed in July reported It becomes increasingly clear from the successive that they were making more money than a year surveys that consumers do not measure the adeago. On the other hand, as is shown in Table 1, quacy of their financial position in terms of higher roughly 34 per cent of the units said their incomes incomes alone. The number of spending units who were about the same as a year earlier, and more thought their particular situation had deteriorated than 20 per cent pointed to actual declines in in- in the past year was much larger than the number come during this period. who reported declines in income. At the same time, the number who believed they were better off was TABLE 1 much smaller than the number who had increases CHANGES IN INCOMES AND FINANCIAL POSITIONS OF in income. Among those whose income did not CONSUMERS increase, there were few who thought they were [Percentage distribution of all spending units] better off, but many persons with the same amount Time of survey of income or even with higher incomes complained Item that they were worse off. July Earlv July Early Early 1948 1948 1947 1947 1946 In explaining this situation, most people pointed to price increases. It was found again that a sub- Making mo O re w n n o i w n c t o h m an e a * year ago. 41 43 36 i stantial proportion of American consumers were Making about the same 34 33 34 not only aware of the price increases but discussed Making less now than a year ago. . 22 21 27 Don't know: not ascertained 3 3 3 their financial situation in terms of the purchasing All cases 100 100 100 100 100 power of their incomes. In replying to the ques- Financial situation 3 tion, "Would you say that you people are better Better off now than a year ago 25 29 26 31 20 off or worse off financially now than you were a Same. 30 28 31 30 42 Worse off now than a year ago 42 39 41 34 31 year ago," 41 per cent of the spending units in Uncertain 1 2 1 2 2 Not ascertained 2 2 1 3 5 July 1948 referred to difficulties caused by price increases, against 33 per cent who did so at the All cases 100 100 100 100 100 beginning of this year. 1 The question was: "Are you making as much money now as a year ago, more, or less?" 2 Data not available. THE ECONOMIC OUTLOOK OF CONSUMERS 3 The question was: "Would you say you people are better or worse off financially now than you were a year ago?" As indicated earlier, the average American con- During the period from July 1947 to July 1948, sumer was optimistic about general business conreports of income increases were most frequent ditions during the coming months. It is signifiamong skilled workers and white-collar workers; cant, however, that the proportion of those inter- 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS viewed who felt that good times were ahead has comes would be about the same, and more than decreased steadily from the high point reported one-fifth indicated an uncertainty about future early in 1947. At that time, as is shown in Table 2, prospects. People's expectations concerning the movement TABLE 2 of prices have varied considerably during the past CONSUMER EXPECTATIONS CONCERNING INCOMES AND THE few years, as is shown in Table 3. There have GENERAL ECONOMIC OUTLOOK [Percentage distribution of all spending units] TABLE 3 Time of survey CONSUMER EXPECTATIONS CONCERNING PRICES [Percentage distribution of all spending units] Expectations July Early July Early Early 1948 1948 1947 1947 1946 Time of survey Price expectations * Inc n o o m w e wil O l w be n la in r c g o er m a e x year from 26 27 23 23 J 1 u 9 l 4 y 8 F M e 1 b a 9 . r 4 . 1 8 4 5 - J 1 a 94 n 8 . 1 Ju 94 ly 7 E 1 a 9 r 4 l 7 y E 1 a 9 r 4 l 6 y Income will be about the same.... 42 38 49 42 (*) Income will be smaller a year from now . . . .... 8 10 8 14 Prices will go up 42 15 50 32 13 53 U N n ot c e a r s t c a e in rt , a i i t n e d d epends 22 2 23 2 1 2 8 1 2 9 ( (2 2) ) Pri s c a e m s e will remain the 25 29 22 29 22 21 Prices will go down 15 39 16 29 46 8 All cases ... 100 100 100 100 100 Conditional answers 16 15 10 9 17 13 Not ascertained 2 2 2 1 2 5 General economic outlook 3 Good times ahead 41 47 50 55 35 All cases 100 100 100 100 100 100 Uncertain, no change 26 19 13 21 23 Bad times ahead . 30 26 34 22 369 l The question was: "What do you think will happen to the Not ascertained 3 8 3 2 6 pprriicceess ooft tthhee tthhiinnggss yyoouu bbuuyy bbeettwweeeenn nnooww aanndd aa yyeeaarr ffrroomm nnooww—— do you think they will go up, or down, or stay where they are All cases 100 100 100 100 100 now?" !The question was: "How about a year from now—would you been times, for instance at the beginning of 1946 say that you will be making more money or less money than you and 1948, when the majority of spending units exare now, or will you be making the same?" In early 1947 and early 1948 the question was asked of nonfarm spending units only. pected prices to go up. At other times, as at the 2 Data not available. 3 The question was: "Now considering the country as a whole, beginning of 1947 and the end of February 1948, do you think we will have good times or bad times or what during the next 12 months or so?" the consensus seemed to be that prices would go 55 per cent of the consumer units thought that down. When the latest reactions were determined the next 12 months would be a period of high in- in July 1948, relatively few people expected that come, employment, and production. Six months the next 12 months would bring lower prices, and later, the proportion had dropped to 50 per cent, about two of every £LVC thought that prices would and at the beginning of 1948 to 47 per cent. In advance further. July of this year, 41 per cent were still of this con- Opinion on price movements appears to be inviction, but there were also 30 per cent who believed fluenced largely by market developments just prior things were beginning to move in the opposite to the making of the survey. For instance, after direction. the price break in agricultural commodities in Feb- Opinion on economic conditions seemed to vary ruary of this year, many people changed their in relation to the amount of income received—the opinions and anticipated price declines because, as higher the income, the more frequent the belief many of them said, "Prices have already started to that good times were ahead. Three of every five go down." During the recent survey, the most spending units with incomes of $5,000 or more frequent comments made by those looking for still held this opinion when the July interviews were higher prices consisted of statements such as "Prices conducted. Conversely, the lower the income the went up recently" or "Wages went up recently." more frequent was uncertainty or pessimism about There was a time, at the beginning of 1947, when the future. the expectation of prosperous economic conditions The number of spending units who expected was associated with the expectation of price dehigher incomes a year from the date of the survey clines, and the expectation of bad times with that was substantially greater in July 1948 than the of price increases. In July 1948, however, there number who expected to receive less than their was no clear-cut relationship between the two kinds present earnings. Two of every five felt their in- of expectations. About the same proportion of NOVEMBER 1948 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS those who expected prices to go up and of those frigerators, and other household appliances, the who expected the opposite trend thought that the same findings have been obtained in four consecugeneral economic outlook was good. tive surveys extending over the past 18 months. Likewise, no apparent connection was made be- Comparative figures are given in Table 4. tween anticipated price and income changes. Even Consumer demand for automobiles appeared from among those who thought that prices would go the survey to be slightly larger in July 1948 than down, more believed that their incomes would in- it had been at the beginning of this year, as indicrease than believed they would decrease. Finally, cated by those who said they would, or would price expectations did not appear to be related to probably, buy a car within the next 12 months. the size of income received. High and low income The increase occurred in the planned purchases of groups did not differ greatly in their price ex- both used and new cars; its size is so small, howpectations in July 1948, as they did with respect ever, relative to the size of the sample and the to the general economic outlook. sampling errors involved, that it cannot be considered significant. The major conclusion to be CONSUMER BUYING CONTINUES STRONG drawn from the findings is that demand for auto- The interim survey, although limited in scope, mobiles did not decline during the first half of 1948. provided an up-to-date report on the buying plans Prospective buyers of automobiles appeared to of American consumers during the next 12 months.5 be aware of the fact that car prices were higher As yet there is no evidence that there has been any than at the beginning of the year, but this did not relaxation in the demand for durable goods. In have a dampening effect on their buying plans. five consecutive surveys extending over the past The prices that people expected to pay for their two and one-half years, no significant differences cars were closely in line with prices prevailing durhave been found in the proportion of consumer ing recent months. Most of those who planned to units who planned to buy automobiles in the buy used cars some time in the next 12 months did succeeding year. With respect to furniture, re- not own a car at the time of the survey. Among those who planned to buy new cars, more than TABLE 4 three of every four already owned a car and in one- CONSUMER INTENTIONS TO BUY AUTOMOBILES AND OTHER fourth of the cases it was a postwar model. SELECTED DURABLE GOODS DURING FOLLOWING 12 MONTHS [Percentage distribution of all spending units] For other selected durable goods, the plans expressed in July were similar to those expressed Time of survey early this year. According to both surveys, about Type of purchase the same proportion of spending units intended to July Early July Early Early 1948 1948 1947 1947 1946 purchase specific commodities. It appears that demand for refrigerators, washing machines, and Automobiles: furniture remained unchanged, while the demand Will buy 7 8 Will probably buy 4 3 for radio sets declined somewhat during the first Undecided 5 2 Will not buy 84 84 half of the year. Not ascertained 0) 3 In addition to future buying plans, information All cases 100 100 100 100 100 was collected on actual purchases of consumer dur- Other selected durable goods: able goods during the first half of this year. Ap- Will buy 22 Will probably buy 6 proximately one of every 10 spending units re- Undecided 5 Will not buy 63 ported having bought either a new or a used Not ascertained 4 automobile during this period and nearly one of All cases 100 100 100 100 every four units reported the purchase of some 1 Less than one-half of 1 per cent. other selected durable good. The number of automobile purchasers during the 5 Consumer intentions to buy durable goods during the latter half of this year and the first part of 1949 may have changed first six months of 1948 exceeded one-half the numsomewhat since July 1948 as a result of the reinstatement of Regulation W. Higher down-payment requirements and tighter ber of those who reported buying cars in 1947. maturity limits for instalment contracts, according to trade This may be explained in part by the slight inreports, have already cut into the current demand for used automobiles, television sets, and the higher priced console-type crease in car production and in part by the fact radio combinations. Results of the July survey do not reflect these developments. that there is usually a seasonal stimulus to used- 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS car sales during the spring and early summer frigerators have increased slightly; that the same months. The median purchase price for the new number of spending units has bought radios; and cars bought in 1948 was only slightly higher than that purchases of furniture have been somewhat that reported for cars bought last year. For those less frequent. who bought used cars, however, the median price Technical note: In evaluating the data presented was $100 above the 1947 figure. in this article, it must be emphasized that findings Results of the interim survey added further conobtained in sample surveys are subject to sampling firmation of the fact that since 1946 more and more and reporting errors. It follows that not all difconsumers have been relying on instalment conferences in measurements made in consecutive surtracts to finance their current purchases of durable veys are significant. Differences are not signifigoods. Nearly 40 per cent of the car sales during cant, and do not indicate changes in the magnitude the first six months of 1948 involved the use of of the variables, if they are within the limits of instalment credit, as compared to 34 per cent last sampling errors. Sampling errors differ for differyear and only 21 per cent in 1946. According to ent values but in general the following rule applies: indications obtained in July 1948, prospective buy- The difference between data from the July 1948 ers of automobiles planned to make still greater Survey and the 1948 Survey of Consumer Finances use of credit than did those who actually bought a must be four percentage points or larger to be car during the first half of the year. statistically significant, provided the magnitudes The interim survey indicates that the volume of compared are between 20 and 80 per cent. If magsales of consumer durable goods other than auto- nitudes under 20 or over 80 are compared, differmobiles from January through June of this year was ences of two or three percentage points are sigabout equal on an annual basis to the 1947 rate. nificant. Reporting errors are not considered in From a comparison of actual purchases of selected the calculation of significant differences; no items during the first six months of 1947 and 1948, measures are available for them but their direction it appears that sales of washing machines and re- is probably the same in consecutive surveys. NOVEMBER 1948 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1948 Net current earnings before income taxes of all Despite higher net current earnings before income member banks—that is, gross current operating taxes, reported net profits of all member banks, 292 earnings less gross current operating expenses, be- million dollars for the first half of 1948, were lower fore adjustments for losses, recoveries, and transfers by 58 million than for the corresponding period of to and from valuation reserve accounts, and before 1947. The major factor contributing to this decline taxes on net income—aggregated 513 million dollars in net profits was the amount charged to income for the first half of 1948. This was 53 million or for the purpose of providing reserves for bad debts; 12 per cent higher than in the corresponding period such charges are permitted under a recent ruling of 1947 and 44 million higher than in the second of the Bureau of Internal Revenue. half of that year.1 On an annual basis net current Details of earnings, expenses, etc., in the first half earnings before income taxes were 12.0 per cent of of 1947 and 1948 are shown on page 1428 of this total capital accounts, as compared with 11.2 per BULLETIN. cent for both the first half of 1947 and for the full Earnings. As is shown in the accompanying table, year 1947. total current earnings of all member banks amounted to 1,379 million dollars in the first half of 1948, 129 * Normal differences in some items do not invalidate compari- million and 51 million more than in the first and sons of earnings in the first half of a year with those in the second half, but they are sufficiently important to warrant care second halves, respectively, of 1947. in interpreting the results for any first half. For example, bonuses paid to officers and employees and losses and charge-offs The main feature of the current earnings pattern are usually reported in larger volume in the second half of a year than in the first. in the postwar period—that is, successive semi- MEMBER BANK EARNINGS [Amounts in millions of dollars] 1944 1945 1946 1947 item First Second First Second First Second First Second First half half half half half half half half half Earnings 901 973 1,016 1,086 1,175 1,228 1,250 1,328 1,379 O O n n o U th . e S r . s G e o c v ur e i r t n ie m s ent securities ) / 453 507 547 589 \ / 5 7 46 5 50 7 8 3 46 7 5 3 45 7 6 6 43 7 6 8 On loans 276 287 284 304 348 425 487 557 620 Service charges on deposit accounts 43 43 44 43 47 53 57 62 69 Other earnings 129 141 150 159 170 168 177 176 136 Expenses 547 580 601 667 694 775 790 860 866 Salaries and wages 253 272 272 308 325 374 375 422 414 Interest on time deposits 68 76 87 96 103 109 117 119 125 Taxes other than on net income 40 43 41 42 40 42 43 45 44 Other expenses 185 190 201 221 226 249 255 274 283 Net current earnings before income taxes... 355 392 415 420 482 452 460 469 513 Recoveries, profits on securities, etc.1 107 Transfers from reserve accounts on loans and 214 216 140 117 115 securities 20 Losses and charge-offs 2 74 Transfers to reserve accounts on loans and 116 101 129 110 137 85 166 securities 147 Profits before income taxes 403 430 529 530 588 455 492 418 419 Taxes on net income 90 94 138 132 159 126 142 115 127 314 335 391 398 429 329 350 303 Net profits 292 Cash dividends declared 3 108 118 116 130 124 143 132 149 140 6,773 6,814 6,840 6,884 6,887 6,900 6,928 6,923 6,925 Number of banks at end of period 1 Not including recoveries credited to reserve accounts. 2 Not including losses charged to reserve accounts. 3 Includes interest on capital notes and debentures. 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 194S annual declines in earnings on United States Gov- occurred from 1946 to 1947. Growth in the number ernment securities which are more than offset by of officers and employees, which has been in process increases in earnings on loans—continued into the since 1938, continued. The number in June 1948 first half of 1948. Earnings on Government securi- was 9,000 larger than six months earlier. ties were 436 million dollars for the first half of Interest paid on time deposits—125 million dolthis year, 29 and 20 million lower than for the first lars—was higher by 8 and 6 million, respectively, and second halves, respectively, of 1947. Earnings than in the first and second halves of 1947. The on loans aggregated 620 million dollars, 133 and 63 increase reflects continued expansion of time and million higher than in the semiannual periods of savings deposits and an increase in the average rate last year. of interest paid. For the first half of 1948 the Decreases in earnings on Government securities average rate paid was 0.87 per cent, as compared have accompanied declines in aggregate bank hold- with rates of 0.84 per cent for the first half of 1947 ings of these assets, offset somewhat by rising yields and 0.85 per cent for the year. on short-term Government obligations. The average Net profits, dividends, and income taxes. Beginning annual yield to all member banks from their total with the last half of 1947, reported bank profits are (short- and long-term) Government security hold- affected considerably by the fact that, under the ings was 1.56 per cent in the first half of this year, December 8, 1947 ruling of the Commissioner of as compared with 1.52 per cent for the first half of Internal Revenue, banks are permitted to accumu- 1947 and 1.56 per cent for the second half of that late limited amounts of tax-free reserves for bad-debt year. losses on loans. Prior to the issuance of this ruling Increases in holdings of loans, combined with many banks had followed the practice of providing some increase in interest rates and a tendency on for such losses by accumulation of valuation rethe part of banks to hold larger proportions of their serves out of taxable income, or by earmarking loan portfolios in the higher-yielding consumer and portions of net profits after taxes and cash dividends. real estate categories, have resulted in steadily in- The setting up of reserves for bad debts under the creasing earnings on loans since the end of the war. recent ruling has had the effect of increasing con- Total loans of member banks aggregated 26.7 billion siderably the aggregate amounts charged to income dollars at the end of 1946, 32.6 billion a year later, in order to build up valuation reserves, thus deand 33.9 billion on June 30, 1948. The average creasing reported net profits. yield on member bank loan holdings was 3.7 per As a result, and despite increases in net current cent for the first half of 1948, as compared with earnings, reported net profits of 292 million dollars 3.5 per cent for the corresponding period of last year. in the first half of 1948 were 58 million, or 17 per Member bank earnings from securities other than cent, lower than in the corresponding period of those of the United States Government were 78 1947 and 11 million lower than in the second half million dollars in the first half of 1948, 5 million of that year. On an annual basis net profits were more than in the first half of 1947. Service charges 6.8 per cent of total capital accounts, as compared on deposit accounts were 12 million dollars higher with 8.5 per cent for the first half of 1947 and 7.9 than in the first half of last year and amounted to per cent for 1947 as a whole. 69 million. Over 50 per cent of net profits in the first half of Expenses. Current expenses of all member banks 1948 was retained by member banks to improve continued to grow and aggregated 866 million dol- their capital positions, while the remainder, amountlars for the first half of 1948, 76 million more than ing to 140 million dollars, was distributed as cash in the first half of 1947 but only 6 million more dividends. Both the amount and proportion of net than in the second half of last year. Salaries and profits retained in the first half of 1948 were apwages, the largest single item of expense and one proximately the same as in the second half of last that has shown successive semiannual increases since year; in the first half of 1947, when net profits were 1945, were 8 million dollars lower than in the higher, a larger proportion and a larger dollar second half of 1947. Although they were consider- amount of net profits were retained. ably higher than in the first half of 1947, the per- Taxes paid or accrued on net income were 127 centage of increase was smaller than that which million dollars, 15 million less than in the first half NOVEMBER 1948 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1948 of 1947 and 12 million more than in the second half. figure irrespective of the accounting practice of the Losses, recoveries, and valuation reserves. Losses, reporting banks—that is, whether they are on an charge-offs, and transfers to valuation reserve ac- actual charge-off and recovery basis, or have counts during the first six months of 1948 exceeded adopted the valuation reserve basis. Similarly, all recoveries, transfers from valuation reserve accounts, recoveries on loans, including recoveries credited to and profits on securities, etc., by 94 million dollars. valuation reserve accounts, have been combined in In the second half of 1947 the corresponding net a single amount. All losses and recoveries on secucharges were 51 million dollars, while in the first rities have been treated in like manner—whether half of 1947 net recoveries, transfers from reserve charged or credited by the reporting banks directly accounts, and profits were 32 million. to the undivided profits account or to a valuation For the first time it is possible to segregate losses reserve account. (2) Transfers to and from valuaand charge-offs from transfers to reserve accounts tion reserve accounts are on a net basis, thus elimi- (provisions for losses), and likewise to segregate nating the effect of transfers from old reserve acrecoveries from transfers from reserve accounts, for counts to the newly authorized reserves for bad those banks that have established reserves for bad debts. Amounts actually deducted from reserve debts or other valuation reserve accounts. By June accounts by some banks are also netted against the 30, 1948, almost 60 per cent of the 6,925 member amounts added to reserve accounts by other banks. banks had established such accounts. This is similar to the practice of netting profits and Although the volume of transfers to or from re- losses of banks and obtaining one figure of a net serve accounts was not reported separately hereto- profit or a net loss. fore, some indication of the effect on net profits of Earnings by class of bank. The accompanying these transfers is given in the following table, which table shows earnings by class of bank for the last compares recoveries, losses, etc., in the first half of three semiannual periods. All classes of banks re- 1948 with the corresponding period last year, when ported successive increases in total current earnings increases in valuation reserves are estimated to have for the three periods, the greatest dollar and relative been relatively small. increase in the latest period being at country banks. As indicated earlier, decreases in earnings on Government securities were more than offset by in- First half creases in earnings on loans at all classes of banks. Item 1948 1947 Current expenses of all classes of banks, except (In millions of dollars) central reserve city banks in New York, continued Net current earnings before income taxes 513 460 to grow in the successive semiannual periods, as they have done for some years. Current expenses Recoveries and profits ... ... 117 117 On securities: of central reserve city banks in New York were the Recoveries . . 22 23 Profits 32 54 same for the first half of 1948 as for the second half On loans 25 23 All other ... 38 17 of 1947. Losses and charge-offs 96 85 Increases in net current earnings before income On securities 44 37 On loans 32 25 taxes in the first half of 1948 as compared with the All other 20 23 second half of 1947 were reported by all classes of Net additions to valuation reserve accounts 116 (9 On securities 17 V) banks except central reserve city banks in Chicago, On loans 99 (0 where they remained unchanged. Profits before income taxes 419 492 The excess of losses, charge-offs, and transfers to reserve accounts over recoveries, transfers from re- *Not reported separately; any transfers to these reserves were included with losses, and any transfers from such reserves were serve accounts, and profits on securities, etc., was included with recoveries. Such amounts are estimated to have been relatively small. larger for the first half of 1948 than for the second half of 1947 at all classes of banks except central The 1948 figures in the above table differ from reserve city banks in Chicago; here the excess was those in other tables for this period as shown in about the same. this BULLETIN in the following respects: (1) In At central reserve city banks in New York and this table all losses on loans are combined in one Chicago, reported net profits (after all charges, in- 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1948 eluding transfers to reserve accounts) were suc- slightly higher in the first half of 1948 than in the cessively smaller in the three semiannual periods. preceding semiannual period, but still considerably At reserve city and country banks net profits were smaller than net profits for the first half of 1947. MEMBER BANK EARNINGS BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1947 AND FIRST HALF OF 1948 [In millions of dollars] Central reserve city banks Reserve Country city banksl banks] New York Chicago First Second First First Second First First Second First First Second First half half half half half half half half half half half half 1947 1947 1948 1947 1947 1948 1947 1947 1948 1947 1947 1948 Earnings 222 229 233 55 58 60 466 501 514 507 542 572 On U. S Government securities 89 88 80 23 23 22 161 158 149 192 188 185 12 13 12 4 4 5 25 26 25 32 33 35 On loans . . ... 68 76 85 18 20 22 197 227 249 203 233 264 Service charges on deposit accounts 5 6 7 1 1 1 21 23 25 30 32 35 Other earnings 47 46 48 9 9 9 62 66 65 50 55 54 Expenses . . 135 139 139 34 36 38 304 327 332 317 357 358 Salaries and wages 77 83 79 16 17 18 143 159 158 139 163 159 Interest on time deposits 4 4 4 5 5 5 47 48 50 62 63 65 Taxes other than on net income 5 5 5 2 2 2 18 18 19 18 20 19 49 48 51 11 12 13 96 102 105 99 112 114 Net current earnings before income taxes. 87 89 r95: 21 22 22 162 173 182 190 184 215 Recoveries profits on securities etc2 . ] 1" {38 1" Transfers from reserve accounts on loans and [ 21 27 10 8 44 44 42 36 c: (ll Losses and charge-offs3 ] i: I" {30 Transfers to reserve accounts on loans and } 12 32 6 9 35 69 32 56 159 153 Profits before income taxes 95 85 81 25 21 21 171 148 149 200 164 169 Taxes on net income ... 28 19 27 6 3 6 48 45 44 60 47 51 Net profits 67 66 54 19 18 15 123 103 105 141 116 117 Cash dividends declared 5 39 41 40 7 7 7 49 55 53 37 46 40 1 Figures for the first half of 1948 not entirely comparable with previous periods because of changes in the reserve classification of cities and individual banks, resulting in a net transfer from reserve city to country banks amounting to less than 2 per cent in any item. * Not including recoveries credited to reserve accounts. 1 Not including losses charged to reserve accounts. < Less than $500,000. 6 Includes interest on capital notes and debentures. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Mr. Erickson as President of the Admissions of State Banks to Membership in the Federal Reserve Bank of Boston Federal Reserve System The following State banks were admitted to Mr. Joseph A. Erickson, formerly Executive Vice membership in the Federal Reserve System during President of the National Shawmut Bank of Boston, the period September 16, 1948 to October 15, 1948: was appointed President of the Federal Reserve Georgia Bank of Boston effective on the date he assumes of- Atlanta—Citizens Trust Company fice in December. He succeeds Mr. Laurence F. Oklahoma Whittemore who resigned to become President of Waynoka—The Commercial Bank, Waynoka, Oklahoma ~ the New York, New Haven and Hartford Rail- Texas road Company. Dallas—Empire State Bank of Dallas 1363 NOVEMBER 1948 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. Amendment to Regulation W referred to in the preceding paragraph or the return of the article. Every such case shall be evidenced The Board of Governors of the Federal Reserve by a written agreement signed by the respective System has adopted an amendment to Regulation W—Consumer Instalment Credit—which per- parties, of which a copy shall be given the prosmits customer trials of appliances without prior pective purchaser at or before the delivery of the down payment under certain specified conditions. article, and such written agreement shall clearly The amendment, which became effective Novem- and prominently state that (1) the delivery is exber 1, 1948, is designed to reduce certain technical clusively for the purpose of a bona fide trial, apdifficulties experienced by instalment dealers sub- proval, or demonstration, and (2) the prospective ject to the regulation, and is not intended to result purchaser will make the required down payment in any relaxing of the credit restrictions. (the amount of which shall be stated in the agreement) within ten days after delivery of the article It has been the custom for some dealers to deliver for trial, approval, or demonstration or will return appliances and other articles subject to the customer's approval or for demonstration purposes. or release the article within such ten-day period. When such deliveries were made in anticipation of In calculating the maximum maturity in conan instalment sale, the regulation has heretofore nection with transactions under either of the two required a down payment at or before the time of preceding paragraphs, the date of delivery of the delivery. The amendment provides that if certain article sold shall be considered the date of the sale. specified conditions are followed the seller may Consumer Instalment Credit allow a trial period of not more than ten days without previously obtaining the down payment. Air Conditioners The text of the amendment appears below. The classification "Air conditioners, room unit" contained in Group B of the Supplement to Regu- AMENDMENT NO. 1 TO REGULATION W lation W does not include portable units in excess Issued by the Board of Governors of the Federal of one horsepower (one ton of refrigeration) rated Reserve System capacity, nor does it include evaporative air coolers Effective November 1, 1948, section 6(g) of which do not incorporate a refrigerating unit. Regulation W is amended to read as follows: Medical Expenses (g) Delivery in Anticipation of Instalment Sale— Loans to finance the purchase of artificial limbs, Except as provided in the following paragraph, in hearing aids, contact lenses, other such corrective apcase a listed article is delivered in anticipation of pliances, and wheel chairs can qualify for exemption an instalment sale of that article or a similar article under section 7(h) of Regulation W if the statement (such as a delivery "on approval," "on trial," or required by that section clearly indicates the article as a "demonstrator"), the Registrant shall require, to be purchased in addition to the other information at or before the time of such delivery, a deposit required by that section to be incorporated in the equal to the down payment that would be required statement. on such an instalment sale. In order to qualify as an exception to the pre- Summaries of Previously Published Interpretations ceding paragraph, the article must be an article When Regulation W was revised in 1946 sumlisted in Group B, the delivery must be exclusively maries of all the more important published rulings for the purpose of a bona fide trial, approval, or which were still applicable were printed in the demonstration, and the Registrant must, within ten March 1947 Federal Reserve BULLETIN, together days after such delivery, obtain the down payment with a list of other published rulings which were not 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of such general interest but which likewise were Balloon note—A note which calls for 11 equal still applicable. Since Regulation W, which be- monthly payments followed by one larger payment came effective September 20, 1948, is similar in meets the requirements of the Regulation if there is very many respects to the old regulation, the Sep- an express agreement that when the twelfth paytember 1948 BULLETIN contained a statement that ment falls due, only a portion of it will be paid the rulings contained in the summaries and list on that date and the rest will be refinanced into previously published were still applicable under the three monthly payments in such a manner that the new regulation with the exception of one ruling net result will be 15 substantially equal monthly dealing with "principal amount" which has been payments. superseded by a definition appearing in the new Small deficiencies—Deficiencies in down payregulation. However, it was also stated that wherments, even in small amounts, are not permissible, ever "$2,000" appears in the summaries "$5,000" except as permitted by section 6(/) of the Regushould be substituted, and in a number of the older lation. rulings in the list the section numbers and maximum loan values and maturities do not correspond Transfer of equity—Where the original instalwith those in the new regulation. In order to ment purchaser of a listed article transfers his make this material more conveniently available for equity to another purchaser by transferring the present use the summaries have been reissued and article subject to the original debt and lien, the published below with the necessary corrections transfer being arranged directly between the parties made and there have also been included summaries and not by or through any Registrant, the transfer of the rulings which were merely listed in the may be made without restriction under the Regula- March 1947 BULLETIN. The summaries are ar- tion provided the original purchaser (who is not a ranged approximately in the same order as the Registrant) remains liable on the contract and there provisions of the revised regulation to which they is no change in the contract except the addition of relate. the signature of the new purchaser. However, if Isolated transaction—Although an automobile the original purchaser is released, or the terms of salesman may sell his demonstrator as an isolated the contract are altered, the same requirements transaction on terms which do not comply with the would apply as if the Registrant were making an Regulation, the dealer-employer, if a Registrant, ordinary instalment sale of the listed article. may not purchase the resulting obligation unless it Statement of Borrower.—Where there are several complies with the requirements of the Regulation. parties to a note, some of whom are accommodation Of course, if the relation of the salesman and the makers, the Statement of the Borrower required by dealer is such that the automobile is in effect the section 4(d) need be obtained only from the party property of the dealer rather than of the salesman, who receives the proceeds of the loan. the sale would be subject to the Regulation. Advance by insurance company to agent.—An An electric company which purchases substantial advance made by an insurance company to one of numbers of automobiles for cash and sells them to its agents which is repayable in instalments is subits salesmen on a monthly payment plan is "engaged ject to the Regulation to the same extent as any in the business" described in section 2(a) of the other instalment loan. It would not be subject to Regulation and the sales must comply with the the Regulation if it is an isolated loan made by a down payment and other requirements. company not "engaged in the business" of making Excess down payment—A purchaser who has instalment loans; or if it is exempt under section made a down payment in excess of the amount re- 7(a) "Business or Agricultural Loans" as, for exquired by the Regulation may not later have the ample, a loan to a general agent to pay office rent or excess applied as part of the down payment on salaries of his employees; or if the circumstances are another listed article. such as to indicate that the advance is not a loan, Instalments in decreasing amounts Sections as where the agent is under no personal obligation, 3(£)(1) and 4(V)(1) are worded in the alternative. express or implied, to repay and no interest is Consequently, a first instalment of $65, for example, charged, the company having only the right to may be followed by 14 instalments of $23. make deductions from commissions earned. 1365 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Add-on sale over $5,000.—An add-on sale of a tion 6(b) of making the 15-day adjustment perlisted article having a cash price of $900 which is mitted by that section with respect both to the consolidated with an existing obligation of $4,200 maximum maturity and the date of the first instalresulting in a total credit of more than $5,000, ment. is not subject to the Regulation, and therefore no Record of Instalment Sale.—The "Record of Indown payment is required in connection with the stalment Sale" described in section 6(c) need not add-on sale. However, if the total credit is less be on a single sheet of paper and need not use the than $5,000, the down payment is required. terminology used in that section. The cash price Loan over $5,000.—A loan over $5,000 is not sub- may be shown as a total without itemizing taxes ject to the Regulation even if a part of it is to be and accessories, but the accessories must be idenused to pay off an indebtedness which was subject tified. to the Regulation. The renewal or revision of a Agreement to convert charge account.—The sale of loan which was originally more than $5,000 is not a listed article in a charge account with an agreesubject to the Regulation even though the balance ment or understanding that the credit will later be at the time of renewal or revision is less than $5,000. converted into an instalment contract violates sec- If instead of renewing or revising such an obligations 3(a) and 6(/). tion, the lender makes one instalment loan of less than $5,000, part of the proceeds of which are to Side loan to make down payment.—The words be used to pay off the old obligation, only the part "any other extension of credit" in section 6(;) inof the loan representing new money is subject to clude but are not confined to other extensions of the Regulation. In such cases, however, it would instalment credit. ordinarily be better practice for the lending insti- Section 6(/) refers to the down payment required tution to keep the two credits separate. by the Regulation. Accordingly, if a seller asks for a larger down payment than is required by the Defaulted obligations—Section 5(c)(l) permits a Regulation, this subsection (/') would not prevent Registrant to renew or revise an obligation on such the lender from lending the difference between the terms as he deems necessary in good faith, where down payment required by the Regulation and the the obligation is in default and the subject of bona down payment required by the seller. fide collection effort by him and the action is for his own protection. Only the Registrant holding Veterans' loans.—Section 7(i)(5) includes loans the obligation is permitted to make such renewals guaranteed or insured under Chapter 23B of Title or revisions. Another Registrant, however, may 38 of the New Jersey Statutes. discount and receive payments upon an obligation Investment securities.—Savings passbooks are not which prior to discount has been renewed or re- "investment securities" under section 7(/). vised as permitted by this section. The section also permits a Registrant who has purchased a delin- Loans to carry securities.—The word "carrying" quent instalment obligation and who has exercised in section 7(/) means the refinancing of any ina bona fide collection effort, to revise the obligation debtedness originally incurred for the purpose of on terms not initially permissible. Any renewal or purchasing investment securities. revision pursuant to this section must be the last Section 7(/) would not exempt a loan made by a resort (except, of course, litigation) and a measure credit union secured by its shares to enable the borto be taken only after other means of collection have rower to purchase such shares if there were an agreebeen exhausted. ment that the borrower would be permitted to withdraw any portion of the share account at any time Delay in delivery.—If in an instalment sale subif the credit union felt that the loan was otherwise ject to the Regulation the article sold is not going to adequately secured, because such a loan would have be delivered until a date subsequent to the date of a dual purpose and not the single purpose menthe contract, the maximum maturity may be caltioned in section 7(/). culated from the date of delivery and the first instalment may fall due one month after the date of Single payment or instalment credit—An extension delivery with, of course, the usual option under sec- of credit, which upon its face is repayable in only 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT one scheduled payment, is an extension of instal- is not a listed article. However, an instalment loan ment credit if at the time it is made the lender and by a bank for the purpose of paying such premiums the borrower have an understanding that the bor- is subject to the Regulation, except as provided in rower will be required to make only a partial pay- section 7(e), ment at maturity and that the balance will be re- Consumer-violator.—A consumer who knowingly newed. However, if a Registrant makes a sale on violates or induces violations of the Regulation may credit under an agreement which does not expressly subject himself to criminal penalties. provide for instalment payments by the customer, the transaction need not be treated as an "instal- Listed article installed in house.—Section 7(gr)(l) ment sale" even though the customer has previously exempts a loan to purchase a house even if the made partial, divided, or serial payments in his house is one in which certain listed articles had preaccount, or, regardless of previous practice, indi- viously been incorporated. However, this section cates an intention to do so in this instance, provided does not exempt a mortgage loan to be used to purthere is no bilateral understanding between the cus- chase a listed article. tomer and the seller that the customer is required In view of section 6(d), an extension of credit to make payments in such manner. Likewise, an which combines an exempt credit such as one to ordinary bank loan evidenced by a promissory note repair a house as referred to in section 7(g)(2) and payable in full at maturity is not an "instalment" a credit subject to the Regulation such as one to loan subject to the Regulation even though the finance a listed article cannot exceed in amount the bank may anticipate that at the maturity of the cost of the repairs plus the cost of the listed article note it may accept partial payment and a renewal minus the down payment required thereon by the note, provided the bank makes no commitment to Regulation, and the instalments in which the credit do so and the transaction is entered into in good is payable must be sufficiently large to repay the balfaith and not as a means of evading the Regulation. ance of the cost of the listed article within the maturity specified for the listed article in Part 2 Lease with option to purchase.—A lease with an of the Supplement to the Regulation. option to purchase is an "extension of credit" within the meaning of the Regulation, and the lessor should Bank discounting obligation—A bank which purobtain the down payment and periodic payments chases or discounts an obligation is not required to which would be required in the event of a sale. If ascertain whether the seller is licensed under the the lessee decides not to exercise his option to pur- Regulation. chase, the Registrant may return to him the dif- If a bank lends to a finance company on the secuference between these payments and the amount of rity of instalment obligations arising from sales of rental agreed upon. Of course, the Regulation does listed articles, there could be no violation of the not apply to a bona fide rental without an option Regulation in making such a loan or receiving payto purchase. ments on the loan from the finance company so Obligation payable to seller or financial institution. long as the payments do not arise directly from the —If the seller of a listed article takes an instalment underlying obligations held as collateral. However, note in payment, the transaction is a sale subject to if and when the bank wishes to resort to the colthe Regulation, whether the note is payable to the lateral and to obtain payments directly out of the seller or to a bank or finance company. If the seller underlying obligations, it may not do so unless the of an unlisted article takes a note payable to himself, requirements of section 8(<?)(2) were met. the transaction is exempt from the Regulation be- Accessories sold with automobile.—Where a new cause the Regulation does not apply to the sale of automobile is sold equipped with accessories, such an unlisted article. However, if the seller of an as radio and heater, the cost of the accessories is part unlisted article takes an instalment note payable to of the "cash price" of the automobile under section a bank or finance company, the transaction (if for 8(A)(7), and the maximum loan value is limited $5,000 or less) is subject to the Regulation as an to two-thirds of the total cash price. instalment loan. Notes payable to insurance agents for premiums Listed articles.—The classification "automobiles" are not subject to the Regulation, because insurance includes station wagons and the "Jeep Station NOVEMBER 1948 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Wagon" (trade name). It does not include trailers, furniture, the article should be classified as a radio. ambulances, hearses, or jeeps. Furniture of the type used in households is subject The classification "Cooking stoves and ranges" to the Regulation even though the particular piece does not include cooking and baking equipment may be sold for use in an office, hospital, store, or designed for commercial use in restaurants and other commercial building. hotels, or a deep-fat fryer designed for such use. Calculating down payment on automobiles.—Taxes The classification "Ironers designed for household and fees payable as a prerequisite to obtaining liuse" does not include hand irons. cense plates may be included in the "cash price" of The classification "Refrigerators, mechanical" the automobile. does not include cabinets to hold or display ice The equity in a used car may be used as a down cream or other products for sale; nor coin-operated payment on another car, and for this purpose the machines for dispensing beverages; nor water cooldealer may accept the first car and pay off the coners; nor milk coolers designed for household use. tract on it. However, if the owner obtains a loan to The classification "Refrigerators, mechanical" inpay off the contract on his old car, and in addition cludes a system consisting of one or more cabinets, uses the car as a trade-in, the loan would violate each of which has less than 12 cubic feet capacity, section 6(/). with a separate mechanical refrigeration unit serv- Where a fictitious amount is added to the price ing these cabinets, even though the total capacity of an automobile and is later eliminated from the of the system is more than 12 cubic feet. The price actually paid by the purchaser (either by an classification "Refrigerators" does not include a increase in trade-in allowance or by way of discount locker in a locker plant. or otherwise) the "cash price" of the automobile The classification "Air conditioners" includes under section 8(h)(7) and Part 4 of the Suppleportable units of one horsepower or less. ment, does not include the fictitious amount thus The classification "phonographs or combinations" added. does not include coin-operated phonographs. Repairs and replacement parts for automobiles, Calculating down payment on other articles refrigerators, and other listed articles are not them- When an article is traded in on a listed article other selves listed articles. than an automobile, Part 5 of the Supplement re- The classification "Furniture" does not include quires that the value of the article traded in (or an ice refrigerator of 12 cubic feet or more rated the value of the purchaser's equity in it) be deducted capacity; nor does it include a prefabricated decora- in order to ascertain the net price to be used in caltive fireplace not suitable for heating purposes. culating the down payment or loan value of the The classification "Furniture" includes mirrors, un- article being purchased. However, Part 5 of the painted furniture, kitchen or breakfast room sets, Supplement does not prohibit the seller from taking and swings. It does not include pictures, china- back an article which is unsatisfactory to the purware, cooking utensils, or silver-plated flatware. A chaser if the seller allows the full purchase price piece of furniture, such as a table, lamp, or a bed as a credit against the price of the new article. Of having a radio built into it, is to be classified in course, if the price of the new article in such a case accordance with the relative value of the compo- is inflated in order to offset depreciation in the nent parts so that if the value of the radio is greater original article, the transaction would violate Part than the value of the lamp as a separate piece of 5 of the Supplement and section 6(/). 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 21 and released for publication October 23] Industrial output and employment were main- and rubber products showed small further gains tained in September at August levels. Value of from the reduced summer levels. Food production department store sales in September and the early was in larger volume in September, reflecting inpart of October showed about the usual seasonal creased meat production and a recovery in canning increase, Prices of foods declined from earlier operations from the sharply curtailed rate in August. record levels, while prices of most other commodi- Output of petroleum products was reduced someties showed little change. what in September mainly because of labor disputes at refineries in California. INDUSTRIAL PRODUCTION Production of minerals declined in September, The Board's seasonally adjusted index of indus- reflecting chiefly the reduced output of crude petrial production was maintained in September at troleum on the West Coast In the early part of 191 per cent of the 1935-39 average. Manufactur- October petroleum output recovered to the August ing output showed a small gain, while minerals rate. Coal production declined somewhat in production declined 3 per cent. September and the first half of October and was Steel mill activity in September was at a rate below year-ago levels, reflecting some reduction in of 96 per cent of capacity as compared with 93 per demand, mainly for export. cent in August. Output of electric steel reached a new record level. In the third week of October CONSTRUCTION total steel production was scheduled at a rate of 99 Contracts awarded for construction, reported by per cent of capacity. Activity at most metal fabrithe F. W. Dodge Corporation, declined further in cating plants showed little change in September. September reflecting mainly seasonal decreases in Automobile production was curtailed further but most types of awards. The number of new houses increased sharply in the last week of September, restarted, according to Department of Labor prelimiflecting mainly settlement of strikes at suppliers' nary estimates, declined from 83,000 in August to plants. Output of lumber and stone, clay and glass 81,000 in September. Last year the number of new products declined somewhat in September. units started was 86,000 in August and 94,000 in Production of nondurable goods rose slightly in September. September and was at a level close to the June rate. Cotton consumption and production of paperboard CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION r 100 I 1941 1942 944 1945 1946 1947 1948 F. W. Dodge Corporation data for 37 Eastern States. Other Federal Reserve index. Monthly figures, latest shown are for includes nonresidential buildings and public works and utilities. September. Monthly figures, latest shown are for September. NOVEMBER 1948 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION against net demand and time deposits. The increase in required reserves necessitated substantial sales of Value of department store sales in September and Government securities by banks to the Federal Rethe early part of October was maintained close to serve in the latter part of September, but the inthe advanced level prevailing since last May, after crease was about equal to the volume of reserve allowance is made for the usual seasonal changes. funds that had been supplied to banks in the period Railroad freight carloadings showed less than the June through September by gold inflow and net usual seasonal rise in September and the early part sales of Government securities to the Federal Reof October, and shipments of most classes of freight serve Banks by nonbank investors. during this period were in smaller volume than in Federal Reserve support purchases of long-term the same period a year ago. Government securities from insurance companies COMMODITY PRICES and other nonbank investors continued large during the first three weeks of October. Banks used The general level of wholesale commodity prices the reserve funds supplied them by Federal Reserve declined 3 per cent from the middle of September transactions with nonbank investors to purchase to the first week of October, reflecting chiefly sharp short-term securities from the Reserve Banks. decreases in prices of livestock products. During Total holdings of Government securities at the the subsequent two weeks prices of these products Reserve Banks declined somewhat. increased somewhat. Spot prices for corn dropped sharply in September and the first three weeks of Business loans showed further rapid growth at October and were moderately below the support banks in leading cities during September and the level for the new crop. Wholesale prices of tex- first half of October. Real estate and consumer tiles, leather, lumber, and coal declined somewhat, loans also continued to rise. During the first half while further marked advances were reported in of October, banks in leading cities added someprices of various metal products. what to their holdings of Government securities, Retail food prices in mid-October were estimated following reductions in late September to meet to be about 5 per cent below the record high reached higher reserve requirements. in July, while consumer prices of most other groups INTEREST RATES AND SECURITY MARKETS of items advanced somewhat further in this period. Yields on short-term Government securities rose BANK CREDIT slightly in late September and early October. Required reserves of all member banks were in- Prices of high-grade corporate and municipal bonds creased by about 2 billion dollars in the latter part were relatively stable during the first three weeks of September as a result of the action of the Board of October, and common stock prices rose someof Governors in increasing reserve requirements what, following moderate declines in September. LOANS AT MEMBER BANKS IN LEADING CITIES WHOLESALE PRICES 1941 1942 1943 1944 1945 1946 !947 1948 Bureau of Labor Statistics' indexes. Weekly figures, latest Excludes loans to Banks. Wednesday figures, latest shown shown are for week ending Oct. 23. are for Oct. 27. 1370 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 1373 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1374 Federal Reserve Bank statistics 1375-1378 Guaranteed war production loans 1379 Deposits and reserves of member banks 1379-1380 Money in circulation 1381-1382 Gold stock; bank debits and deposit turnover 1382 Deposits and currency; Postal Savings System; bank suspensions. . 1383 All banks in the United States, by classes 1384-1385 All banks in the United States and possessions, by States, June 30, 1948 1386-1387 All insured commercial banks in the United States, by classes. . 1388-1389 Weekly reporting member banks 1390-1393 Commercial paper, bankers' acceptances, and brokers' balances. . 1394 Money rates and bond yields 1395 Security prices and new issues 1396-1397 Corporate earnings and dividends 1398 Treasury finance 1399-1401 Government corporations and credit agencies. . 1402 Business indexes 1403-1412 Department store statistics 1413-1416 Cost of living 1416 Wholesale prices 1417 Gross national product, national income, and income payments. 1418-1419 Consumer credit statistics 1420-1422 Current statistics for Federal Reserve chart books. . . 1423-1427 October crop report, by Federal Reserve districts. . 1427 Member Bank Earnings, 1948 1428 Number of banking offices on Federal Reserve par list and not on par list 1429 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. NOVEMBER 1948 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS 1940 1942 1944 1946 30 30 TOTAL RESERVE BANK HOLDINGS 25 OF U. S. GOVERNMENT SECURITIES 20 I 5 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for Oct. 27. See page 1373. 1372 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 u. s Government Treas- u T r r y e a d s e - - Other balances Date c v o D a a a u n n d is n d c - - e ts s Total is , e T c b u a r u e i n r r l a y i d l t s s i - es o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t o c e u i a u n n u r n r g c y t d - - y - M in c t u o i c o l n a i n e r - y - T h c i u r o n a e r l s g y a d h s s - - F B p s w e R o e a d i r s n e t e v i - h k t r e s s al b p m N e o r e o s m d n it - e - s - c s F o e e R a e u r r c e a d v n - - l - e ts Total c E es x s - 2 i certificates Monthly'aTerages of daily figures: 1947—July 11921,877 \ 20\781 1,096 346 22,342 21,399 4,552 28,259 1,325 735 994 632 16,347 781 Attg 16522,055 20,964 1,091 302 22,521 21,648 4,551 28,252 1,326 957 1,079 624 16,481 800 Sept 163i22,067 20,886 1,181 386 22,§16 21,866 4,551 28,654 1,315 553 1,007 638 16,866 931 10.48—-Tuiv 326 21,340 13,011 8,329 355 22,021 23,615 4,562 27,955 1,324 1,829 957 607 17,526 824 Aug 321 21,411 12,225 9,186 310 22,042 23,700 4,564 27,977 1,323 1,834 912 568 17,690 837 Sept : 38$|21,632 11,35710,275[ 394£2,40923,829 4,570 28,152; 1,320 1,321 927 578 18,509 884 Eiwt-of-nionih figures; 1947—July 31 i 137at ,549 20,454; 1,095: 189*21,875!21,5371 4,552 28,149] 1,327 795 1,066 62116,007 399 Aug m 185122,192 21J031 1,089i 382122,75921,7661 4,553 28% 434 1,323 1 751 1,343 62616,601: 828 Sept. 36 <n22*329 \ 21,13* 1,191 30»(22,73021,955! 4,5-521 28,567 1,309 1 ,091 842! 64316,784 841 1948—Jtrl-y \ 31821 ns: 12,615 8,710! 39222,035'23,679 4,565 27,866' 1,3231 1,755 1,067 572if 7,696 877 Aug 31.... 32321, 5r77: 11,988' 9,589 207'22,10723,725 4,571 28,055 1,321 1,919 8<54 $6$17.6-79! 837 Sept.30.... 32523r413 12,19911,214 333 24,07123,872 4,575 28,118 1,321 , 1,664 843 585 19,986- 1,038 Wednesday figures: 1947—Dec. 3.... i 26222,120; 19,587 2,533 448 22,83022,680 4,553 28,817 1,342 1,256 986 624 17,038 854 Dec. 10.... [ 25021,985 19,273 2,713 382 22,61722,708 4,556 28,874 1,331 934 992 618 17,132 935 Dec. H:::: 16821,657 18,772 2,886 913 22,73822,723 4,557 28,923 1,332 616 951 615 17,581 1,165 Dec. 283 21,90© 18,659 3,241 827 23,01122,743 4,556 29,111 1,318 929 967 609 17,377 1,073 Dec. 31.... 8522,559 18,230 4,329 536 23,18122,754 4,562 28,86$ 1,336 870 961 56317,899 1,499 1948—Jan. 7.... 164 21,683 17,148 4,536 473 22,32022,762 4,560 28,658 1,340 562 1,009 569 17,503 1,166 Jan, 14.... i 16521,896 17,018 4,878 507 22,56822,790 4,559 28,374 1,333 819 959 568 17,863 1,537 Jan. 21.... 16821,340; 16,311 5,229 518 22,22722,829 4,559 28,211 1,323 1,268 913 565 17,334 993 Jan. 28 281 21,987 15,904 6,082 391 22,65822,894 4,558 28,086 1,332 1,945 888 555 17,305 1,040 Feb. 4. . 240 20,523 13,882 6,641 413 21,17522,934 4,560 28,124 1,309 616 974 562 17,084 913 Feb. If... . 578 20,817 13,815 7,002 337 21,73222,933 4,559 28,189 1,308 1,187 944 559 17,037 1,001 Feb. 18.... 295 20,943 13,704 7,240 543 21,78222,981 4,557 28,053 1,335 1,725 899 558 16,750 765 Feb. 25.... 279 21,034 13,645 7,389 394 21,70723,028 4,557 28,054 1,326 1,656 901 557"16,799 964 Mar 3 I 25721,071 13,575 7,496 523 21,85123,036 4,559 28,024 1,333 954 1,027 557 17,552 1,157 Mar 10 298 20,678 13,145 7,532 350 21,32623,083 4,559 28,006 1,331 751 955 559 17,366 977 Mar 17 ; 36320,373 12,956 7,417 451 21,18723,119 4,559 27,920 1,325 677 1,006 586 17,351 904 Mar 24..,. 447 20,607 13,168 7,439 375 21,42923,135 4,557 27,851 1,336 1,458 1,018 589 16,870 684 Mar 31 430 20,887 13,332 7,555 291 21,60723,137 4,559 27,781 1,325 1,972 999 588 16,639 655 Apr. 7.... 26020,477 12,816 7,662 347 21,08523,147 4,558 27,833 L.329 1,140 994 590 16,905 822 Apr. 14 221 20,593 12,832 7,762 315 21,13023,152 4,558 27,774 1,320 1,177 929 590 17,050 894 Apr. 21 234 20,394 12,5-37 7,857! 3-3820,96623,159 4,557 27,718-; L,336 1,283 911 590 16,845 701 Apr. 28.... 259 20r440 12,400 8,040 255 2®,95223,167 4,561 27,6®2: 1,326 j 1,185 856 587 17,043 879 May 5.... 230 20,251 12,085 8,166 3-7420,85623,176 4,561 27,762 1,329 1,114 810 545 17,033 817 May 12 250 20,348 12,110 8,238 440 21,03-823 ,225 4,560 27,762 L.319 1,319 792 544 17,087 884 May 19.... 225 20,098 11,823 8,275 351 20,67423,245 4,559' 27,690 L.3291 1,612 795 546 16,506 294 May 26.... 321 20,592 12,323 8,270; 2«721,20123,295 4,561 27,700 1,333 1,788 788 54716,901 723 June 2 239 20,683 12,543 8,141 369 21,29223,343 4,562 27,895 1,335 1,567 754 551 17,094 941 June 9 312 20,349 12,224 8,125 294 20,95523,362 4,560 27,864 1,337 1,144 828 551 17,154 908 June 16.... 294 20,749 12,638 8,112 476 21,51923,515 4,560 27,808 1,331 984 879 593 17,999 1,132 June 23 353 21,010 12,900 8,110 358 21,72123,523 4,561 27,792 1,317 1,863 827 598 17,408 728 June 30.... 265 21,366 13,193 8,173; 26821,90023,532 4,565 27,903 1,327 1,928 859 592 17,389 742 July 7.... 398 21,535 13,367 8,168 310 22,24323,584 4,562| 28,142 1,334 1,841 877 612 17,584 1,003 July 14 316 21,521 13,243 8,278 302 22,13923,593 4,562 27,959 1,331 1,861 898 613 17,631 937 July 21.... 285 21,326 12,919 8,407' 27721,88823,650 4,561 27,864 1,324 1,879 920 611 17,503. 723 July 28.... 327 21,209 12,692 8,517 187 21,72323,670• 4,563 27,821 1,329 1,822 875 576 17,534 759 Aug. 4.... 282 21,378 12,510 8,868 237 21,89723,679 4,564' 27,922 1,330 1,852 , 860 569 17,606 730 Aug. 11 293 21,566 12,486 9,081 205 22,06423,688 4,564 27,966 1,324 1,756 865 570 17,834 1,003 Aug. 18 301 21,551 12,283 9,267 273 22,12523,708 4,565 27,979 1,322 1,963 965 566 17,603 729 Aug. 25 324 21,460 12,064 9,396 210 21,99323,711 4,564k 27,965 1,324 1,902 843 567 17,668 811 Sept. 1 318 21,411 11,818 9,594 208 21,93723,725; 4,568 28,072 1 ,323 1,693 855 564 17,724 853 Sept. 8 310 21,240 11,588 9,652 284 21,83423,793, 4,571i 28,287 1,326 1,331 872 56517,817 926 Sept. 15.,.. 283 21,205 10,96310,242 433 21,92123,850 4,571 28,156 1,321 661 875 592 18,737 1,647 Sept.22 309 21,860 11,07210,788 376 22,54523,865 4,570 28,083, 1,319 1,436 858 591 18,694 979 Sept.29 357 23,282 12,13711,145 314 23,95323,872 4,573 28,080 1,324 1,660 864 586 19,884 940 Oct. 6. ... 29623,143 12,74710,396 268 23,70723,888 4,572 28,202 1,324 1,596 867 596 19,584 607 Oct. 13 500 23,303 12,65510,648 164 23,96723,965 4,572 28,284 1,317 1,551 916 596 19,840 929 Oct. 20 289 23,192 12,15811,034 388 23,86923,983 4,574 28,157 1,326 1,530 913 590 19,910 P911 Oct. 27 300 23,242 11,68011,562 254 23,79723,996 4,575 28,091 1,322 1,524 888 583 19,960 PS77 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 3 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 sam« publication. NOVEMBER 1948 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, Advances secured by partnerships, or corpora- Government obligations and tions other than member discounts of and advances Other secured advances banks secured by direct Federal Reserve Bank secu ( r S e e d e s b . y 1 3 e a li n g d ib l 1 e 3 a p )» aper [Sec. 10(b)] obli ( g l a a t s i t o p ns a r. o f S e t c h . e 13 U ) . S. Rate Effective Rate Effective Rate Effective Boston Aug. 13,1948 Aug. 13, 1948 2 Jan. 14, 1948 New York. . . Aug. 13,1948 Aug. 13, 1948 2 Apr. 6, 1946 Philadelphia.. Aug. 23,1948 Aug. 23, 1948 2 Aug. 23, 1948 Cleveland.... Aug. 13,1948 Aug. 13, 1948 2 Aug. 13, 1948 Richmond Aug. 13,1948 Aug. 13, 1948 2 Mar. 16, 1946 Atlanta Aug. 13,1948 Aug. 13, 1948 2 Jan. 24, 1948 Chicago Aug. 13,1948 Aug. 13, 1948 2 Aug. 13, 1948 St. Louis Aug. 19,1948 Aug. 19, 1948 2 Jan. 12, 1948 Minneapolis.. Aug. 13,1948 Aug. 13, 1948 2 Aug. 23, 1948 Kansas City.. Aug. 16,1948 Aug. 16, 1948 2 Jan. 19, 1948 Dallas Aug. 13,1948 Aug. 13, 1948 2 Feb. 14, 1948 San Francisco Aug. 13,1948 Aug. 13, 1948 2 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum) OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity R O a c t t e . 3 o 1 n In g i e n f n fe in ct g — be- Pre ra v t i e ous [In effect October 31. Per cent per annum] 1- 90 days IK lAug. 13, 1948 m To c o in m d m us e t r r c ia ia l l or To financing institutions 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s lit l l A A u u g g . . 1 1 3 3 , , 1 1 9 9 4 4 8 8 businesses 1 Date on which rate became effective at the Federal Reserve Bank Federal On discounts or of New York. The same rates generally apply to any purchases made Reserve purchases by the other Federal Reserve Banks. Bank Back figures.—See Banking and Monetary Statistics, Table 117, On On On pp. 443-445. commit- Portion commit- MEMBER BANK RESERVE REQUIREMENTS loans! ments for which Re- ments institu- maining [Per cent of deposits] tion is portion obligated Net demand depositsi Time deposits Period in effect C r b e e c a s n i e n t t r y k r v a s 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 ba e ( n m a k l b l s e ) r N P C B h l o e e i w s l v t a o e d Y l n a e o n lp r d k hia Richmond June 21, 1917-Aug. 15, 1936.. 13 10 7 3 Atlanta () A M M u a a g y r . . 1 1 1 6 , , . 1 1 1 9 9 9 3 3 3 7 6 7 - -A F A e p p b r r . . . 2 3 1 8 0 5 , , , 1 1 1 9 9 9 3 3 3 7 7 8 . . . . . . 2 2 1 6 2 93 M ^ S 15 * 1 1 12 0 4 M H l 4 H K S M C t h . i i n c L n a o e g u a o i p s olis. . . . 234 (3 - ) 5 Apr. 16. 1938-Oct. 31,1941.. 22^ 12 Kansas City.... N Au o g v . . 20 1 , . 1 1 9 94 4 1 2 - - A Se u p g t . . 1 19 3 , , 1 1 9 9 4 4 2 2 . . . . 2 2 6 4 2 2 0 0 1 1 4 4 6 5 S D a a n l la F s rancisco... Sept. 14, 1942-Oct. 2, 1942. . 22 20 14 6 O F J S u e e c b n p t. . e t . 2 1 1 3 7 6 1 , , - , 2 1 1 1 4 9 9 9 , 4 4 4 2 1 8 8 9 - - 4 F J S 8 u e e n b p a e . t n . d 2 1 1 6 0 5 a , , , f 1 1 1 t 9 e 9 9 4 r 4 4 * 8 8 8 . . . . . . . . . 2 2 2 2 4 6 0 2 2 2 2 2 0 0 0 2 1 1 1 1 4 4 4 6 6 6 6 6 2 4 8 1 R R R In a a a c t t t l e e e u d c c c i h h h n a a a g r r r g g g l e e e o d d d a n b b s b o o o r r m r r r r o o a o w w d w e e e e r r r i . l n e b s p u s a t c r o t n i m o ci t m pa t i o t t m i o e e n x n c t w e e r i d t a h t e 1 f . in p a e n r ci c n e g n t in a s b t o it v u e t io th n e s. dem 1 D an e d m a d n e d p os d it e s p o m s i i n ts u s s c u a b s j h e c i t t em to s in re s p e ro rv c e e ss r e o q f u c i o re ll m ec e t n io ts n , an i. d e d ., e m 7tV a o2 n ta d l dis 6 c C ou h n a t r g r e a t o e f . \i per cent is made on undisbursed portion of loan. balances due from domestic banks (also minus war loan and series E Back figures.—See Banking and Monetary Statistics, Table 118, bond accounts during the period Apr. 13, 1943-June 30, 1947, and all pp. 446-447. 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 REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1,1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan.31,1935 Dec.31,1935 Jan. 1, 1936 Regulation T: Savings deposits For extensions of credit by brokers Postal savings deposits and dealers on listed securities 75 100 75 Other deposits payable: For short sales 75 100 75 In 6 months or more 2H Regulation U: In 90 days to 6 months For loans by banks on stocks 75 75 In less than 90 days 1 i 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. 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1948 1948 1947 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Sept. 22 Sept. 15 Oct. Sept. Oct. Assets Gold certificates 22,098,43122,078,43122,058,433 ,990,43121,987,670 21 987,67021,970,67222,096,43221,982,67120,362,670 Redemption fund for F. R. notes 630 960 630,961 630,961 632,772 615,531 618,674 620,975 629,501 620,529 681,710 Total gold certificate reserves. . . 22,729,39122,709,392 22,689,394 22,623,203 22,603,201 22,606,344 22,591,647 22,725,93322,603,200 21,044,380 Other cash 277,472 267,173 257,832 252,283 275,792 271,377 264,365 278,757 276,128 274,807 Discounts and advances For member banks.. . 55,739 42,714 253,432 49,685 103,906 56,341 30,565 93,946 77,733 256,884 For nonmember banks, etc 244,575 246,275 246,275 246,275 253,150 253,000 253,000 244,575 247,150 39,500 Total discounts and advances 300 288,989 499,707 295,960 357,056 309,341 283,565 338,521 324,883 296,384 Industrial loans 1,129 1,110 1,057 1,009 956 930 1,116 1,011 1,901 Acceptances purchased. 1,802 U. S. Govt. securities: Bills: 5,518,151 5,947,342 6,444,346 ,532,979 6,975,405 6,182,242 6,135,872 5,098,305 7,023,625 13,562,934 Certificates: Special Other 6,162 6,210,169 6,210,469 ,213,969 5,161,569 4,889,369 4,827,139 6,147,469 5,175,569 7,086,566 Notes 879 100 901,600 912,100 912,600 1,942,500 1,844,500 1,787,400 871,100 1,953,500 810,800 Bonds 10,682 68210,132,397 9,735,954 ',483,303 9,202,433 8,943,826 8,454,594 10,925,036 9,260,342 707,690 Total U. S. Govt. securities 23,242, 23,191,508 23 302,869 23,142,85123,281,907 21,859,937 21,205,005 23,041,910 23,413,036 22,167,990 Other Reserve Bank credit outstanding. . . 253 387,267 163,498 267,297 312,929 375,109 431,718 493,415 331,848 437,531 Total Reserve Bank credit outstanding 23,796,771 23,868,893 23,967,184 23,707,165 23,952,901 22,545,34321,921,218 23 ,874,962 24,070,778 22,905,608 Liabilities Federal Reserve notes. . 23,998,911 24,041,356 24,127,187 24,076,710 23,992,059 23,996,907 24,056,310 24,062,288 24,024,39024,481,439 Deposits: Member bank — reserve account 19,959,966 19,910,03619,839,60319,583,77419,883,51118,694,01318,736,59919,735,97119,986,14016,956,062 U. S. Treasurer—general account 1,524,372 ,530,366 1,551,417 595,529 1,659,907 1,436,112 661,043 1,609,957 1,664,184 1,400,266 Foreign 440,554 454,873 455,269 399,920 410,299 401,201 411,891 446,435 400,141 416,047 Other 447,007 458,375 460,694 466,763 454,082 457,256 463,300 627,631 443,068 467,992 Total deposits 22,371,899 22,353,650 22,306,983 22 ,045,986 22 ,407 ,799 20,988,58220,272,83322,419,994 22,493,53319,240,367 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 48.9 50.3 51.0 48.9 48.6 48. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to30 31 to 60 61 to 90 91days to 6 months 1 year to 2 years to Over Total 15 days day3 days days 6months to 1 year 2 years 5 years 5 years Discounts and advances: Sept 99 .. 357,056 139,252 48,387 31,657 137,746 14 Oct 6 295 960 73 746 45 SS7 122 381 44 ,235 10,011 Oct. 13 499,707 292,020 22,328 127,938 39,034 18,387 Oct 20 288,989 79,164 13,1 SS 127,706 58,958 10.006 Oct. 27 300,314 69,083 14,334 133,237 53,659 30,001 Industrial loans: Sept. 29 1,009 803 33 13 80 2 51 15 12 Oct. 6 1,057 844 20 42 67 2 56 14 12 Oct 13 1,110 996 6 31 9 ss 1S 19 Oct. 20 1,129 926 10 50 54 2 60 15 12 Oct 97 1,136 917 7 63 67 9 S4 14 U. S. Government securities: Sept ?Q 23 281 907 2,939 494 906 ?S7 ?,013,705 9 433 366 1 368 SSO 3 777 699 640 SSO 1 894 S66 7 377 867 Oct. 6 23,142,851 1,501,968 739,8302,067,803 2,656,228 1,002,4005,050 769 640 550 1,824 5667,658 737 Oct 13 23 302 869 1 295,275 799 7669,142,828 9,625 397 981 9005081 969 640 1,847 7907,888 934 Oct 20 23,191,508 1,156 489 821 9,S79,007,523 9 600 9S4 400 5 1S9 969 640 SSO 1 888 439 8 943 9S8 Oct. 27 23,242,002 724,491 1,269 795 2,012,716 1,798,099 879,9005,233 769 640 550 1,908 241 8,774 441 NOVEMBER 1948 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: Sept. 29 21,987,670 799,673 7,077,715 983,1881,441,5081,013,3601,015,8684,382.536 627,212 471,039 788,523 537,2262,849,822 Oct. 6 21,990,431 810,393 6,986,3101,018,1931,406,8671,053,6101,012,3294,367,801 638,374 490,165 809,741 562,9752,833,673 Oct. 13 22,058,433 782,939 7,063,9921,025,4621,374,1571,031,3101,025,3094,317,251 644,674 494,492 833,846 597,6652,867,336 Oct. 20 22,078,431 795,685 7,207,512 997,0651,416,9891,024,0051,010,5684,283,724 645,822 487,065 806,407 577,2992,826,290 Oct. 27 22,098,431 798,781 7,136,5171,023,6981,405,9101,040,6451,021,6114,371,939 642,109 473,693 798,912 584,2462,800,370 Redemption fund for F. R. notes: Sept. 29. . . 615,531 53,138 59,903 58,152 72,990 57,598 40,259 95,028 45,296 22,321 36,520 27,054 47,272 Oct. 6 632,772 53438 59,903 58,152 73,990 57,598 45,500 105,028 45,296 23,321 36,520 27,054 47,272 Oct. 13. 630,961 52,935 59,149 57,836 73,700 58,247 45,293 104,731 45,219 23,285 36,466 26,991 47,109 Oct. 20 630,961 52,935 59,149 57,836 73,700 58,247 45,293 104,731 45,219 23,285 36,466 26,991 47,109 Oct. 27 630,960 52,934 59,149 57,836 73,700 58,247 45,293 104,731 45,219 23,285 36,466 26,991 47,109 Total gold certificate reserves: Sept. 29 22,603,201 852,811 7,137,6181,041,3401,514,4981,070,9581,056,1274,477,564 672,508 493,360 825,043 564,2802,897,094 Oct. 6 22,623,203 863,531 7,046,2131,076,3451,480,8571,111,2081,057,8294,472,829 683,670 513,486 846,261 590,0292.880,945 Oct. 13 22,689,394 835,874 7,123,1411,083,2981,447,8571,089,5571,070,6024,421,982 689,893 517,777 870,312 624,6562,914,445 Oct. 20 22,709,392 848,620 7,266,6611,054,9011,490,6891,082,2521,055,8614,388,455 691,041 510,350 842,873 604,2902,873,399 Oct. 27 22,729,391 S51.715 7,195,6661,081,5341,479,6101,098,8921,066,9044,476,670 687,328 496,978 835,378 611,2372,847,479 utner casn. Sept. 29 275,792 26,472 49,280 14,074 24,117 15,974 19,664 40,779 11,293 11,641 12,713 12,637 37,148 Oct. 6 252,283 25,249 40.857 12,534 21,021 16,213 18,636 39,057 10,648 12,087 11,031 11,794 33,156 Oct. 13 257,832 23.317 43,106 11,293 23,799 16,239 21,205 39,294 12,603 12,412 10,847 12,828 30,889 Oct. 20 267,173 26,128 45.016 12,617 21,751 17,867 21,404 41428 11,282 13,443 11,464 11,973 32,800 Oct. 27 277,472 28,329 47,839 12,535 24,498 17,995 21,062 42,363 12,365 13,482 11,879 13,141 31,984 Discounts & advances: Secured by U. S. Govt. securities: Sept. 29. . 102,148 2,356 40,895 11,289 5,665 13,290 4,825 5.250 5,895 663 7,170 1,750 3,100 Oct. 6. . 49,042 1,025 13,250 2,518 8,275 3,630 4,750 1,700 3,576 1,738 3,850 3,380 1,350 Oct. 13.. 252,737 20,736 73,240 15,763 30,050 18,005 2,800 81,100 1,775 3,238 4,550 380 1,100 Oct. 20. . 42,403 2,161 4,265 4.046 4,600 6.180 2,240 1,500 2.786 1,175 12.220 280 950 Oct. 27.. 55,466 3,211 9,115 5,275 2,640 6,766 2,690 4,360 6,811 298 7,170 280 6,850 Other: Sept. 29. . 254,908 15,948 81,008 20,505 23,330 12f7O4 10,479 34.428 10,392 6,329 8,860 8.648 22,277 Oct. 6.. 246,918 15,515 78,808 19,948 22,697 12,267 10,197 33,493 9,130 6,157 8,620 8,414 21,672 Oct. 13.. 246,970 15,515 78,808 19,948 22,690 12,267 10,295 33,493 9,091 6,157 8,620 8,414 21,672 Oct. 20. . 246,586 15,515 78,808 19,948 22,687 12,067 10,275 33,493 8,936 6,157 8,620 8,408 21,672 Oct. 27.. 244,848 15,408 78,264 19,811 22,518 11,984 10,205 33,262 8,805 6,114 8,610 8,345'• 21,522 Industrial loans: Sept 29 1,009 764 199 46 Oct. 6 1,057 805 200 52 Oct 13 1,110 861 199 50 Oct 20 1,129 883 192 54 Oct. 27 1,136 900 187 49 U. S. Govt. securities: Bills: Sept. 29 6,975,405 451,743 1,672,576 498,253 668,733 453,013 349,7001,030,249 309,531 213,509 325,129 316,118 686,851 Oct. 6.... 6,532,979 422,069 1,566,489 466,650 626,318 424,281 327,519 950,094 332,422 199,967 304,508 296,069 616,593 Oct. 13.... 6,444,346 433,217 1,545,236 460,319 617,820 418,525 323,076 929,807 305,450 197.254 300,377 292,052 621,213 Oct. 20.... 5,947342 399,807 1,426,064 424,817 570,173 386,249 298,160 859,188 280,150 182,041 277,211 269,527 573,955 Oct. 27.... 5,518,151 357,946 1,323,152 394,161 529,026 358,376 276,643 811,213 272,485 168,904 257,205 250,076 518,964 Certificates: Sept. 29 5,161,569 346,981 1,237,651 368,691 494,840 335,213 258,765 733,397 284,986 157,991 240,585 233,917 468,552 Oct. 6.... 6,213,969 417,727 1,489,998 443,864 595,733 403,559 311,526 882,930 343,092 190,204 289,640 281,611 564,085 Oct. 13 6,210,469 417,492 1,489,159 443,614 595,398 403,333 311,349 882,433 342,899 190,096 289,477 281,452 563,767 Oct. 20 6,210,169 417,473 1,489,087 443,593 595,369 403,313 311,335 882,390 342,882 190,087 289,463 281,438 563,739 Oct. 27.... 6,162,069 414,238 1,477,554 440,157 590,758 400,190 308,923 875,555 340,226 188,615 287,220 279,259 559,374 Notes: Sept. 29.... 1,942,500 130,583 465,777 138,753 186,227 126,154 97,383 276,006 107,251 59,458 90,542 88,032 176.334 Oct. 6 912,600 61,349 218,825 65,187 87,491 59,268 45J51 129,670 50,387 27,934 42,537 41,358 82,843 Oct. 13 912,100 61,315 218,705 65,151 87,443 59,235 45.726 129,599 50,360 27,919 42,514 41,335 82,798 Oct. 20.... 901,600 60,609 216,187 64,401 86,436 58,554 45,200 128,107 49,780 27,597 42,024 40,860 81,845 Oct. 27 879,100 59,097 210,792 62,794 84,279 57,092 44.072 124,910 48,538 26,908 40,976 39,840 79,802 Bo S n e d p s t : . 29 9,202,433 618,624 2,206,578 657,330 882,237 597,643 461,3461,307,555 508,094 281,677 428,935 417,045 835,369 Oct. 6.... 9,483,303 637,506 2,273,926 677,392 909,164 615,884 475^4261,347,463 523,602 290,274 442,026 429,774 860,866 Oct. 13 9,735,954 654,490 2,334,506 695,439 933,386 632,292 488,0931,383,362 537,551 298,008 453,802 441,224 883,801 Oct. 20.... 10,132,397 681,140 2,429,567 723,757 971,393 658,038 507,9671,439,692 559,440 310,143 472,281 459,190 919,789 Oct. 27.... 10,682,682 718,133 2,561,515 763,0641,024,149 693,776 535,5551,517,881 589,823 326,986 497,930 484,128 969,742 Total U. S. Govt. securities: Sept. 29 23,281,907 1,547,931 5,582,5821,663,0272,232,0371,512,0231,167,1943,347,2071,209,862 712,6351,085,1911,055,1122,167,106 Oct. 6 23,142,851 1,538,651 5,549,2381,653,0932,218,7061,502,9921,160,2223,310,1571,249,503 708,3791,078,7111,048,8122,124,387 Oct. 13 23,302,869 1,566,514 5,587,6061,664,5232,234,0471,513,3851,168,2443,325,2011,236,260 713,2771,086,1701,056,0632,151,579 Oct. 20 23,191,508 1,559,029 5,560,9051,656,5682,223,3711,506,1541,162,6623,309,3771,232,252 709,8681,080,9791,051,0152,139,328 Oct. 27 23,242,002 1,549,414 5,573,0131,660,1762,228,2121,509,4341,165,1933,329,5591,251,072 711,4131,083,3311,053,3032,127,882 Total loans and securities: Sept. 29 23,639,972 1,566,235 5,704,4851,695,5852,261,2311,538,0631,182,4983,386,8851,226,149 719,6271,101,2211,065,5102,192,483 Oct, 6 23.439,868 1,555,191 5,641,2961.676,3642,249.8781,518,9411,175,1693,345,3501,262,209 716,2741,091,1811,060.6062,147,409 Oct. 13 23,803,686 1,602,765 5,739,6541,701,0952,286,9861,543,7071,181,3393,439,7941,247,126 722,6721,099,3401,064,3572,174,351 Oct. 20 23,481,626 1,576,705 5,643,9781,681,4452,250,8501,524,4551,175,1773,344,3701,243,974 717,2001,101,8191,059,7032,161,950 Oct. 27 23,543,452 1,568,033 5,660,3921,686,1622,253,5571,528,2331,178,0883,367,1811,266,688 717,8251,099,1111,061,9282,156,254 Due from foreign banks: Sept. 29 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Oct. 6 49 3 *16 4 4 2 2 7 2 1 2 2 4 Oct. 13 49 3 1 16 4 4 2 2 7 2 1 2 2 4 Oct. 20 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Oct. 27 49 3 U6 4 4 2 2 7 2 1 2 2 4 1 After deducting $33,000 participations of other Federal Reserve Banks on Sept. 29; Oct. 6; Oct. 13; Oct. 20; and Oct. 27. 1376 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 v d e- m Ri o c n h d * Atlanta Chicago Lo S u t. is M a i p n o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Federal Reserve notes of other Banks: Sept. 29 153,720 9,077 17,325 7,511 7,989 19,823 10,647 20,428 6,607 18,480 9,494 5,571 20,768 Oct. 6 135,981 5,310 13,502 5,832 6,337 19,972 11,425 17,580 6,801 16,911 8,421 5,831 18,059 Oct. 13 115,361 4,899 11,975 4,508 8,266 18,145 8,219 14,916 6.295 12,342 7,472 3,900 14,424 Oct. 20 139,407 5,478 17,087 6,074 8,553 21,288 9,346 17,158 7,880 13,316 8,171 6,206 18,850 Oct. 27 150,897 5,320 17,176 5,555 7,838 23,412 10,901 18,543 8,456 15,173 9,953 8,144 20,426 Uncollected items: Sept. 29 2,757,693 199,842 524,400 190,474 291,458 248,101 162,636 403,319 129,239 75,285 152,244 119,148 261,547 Oct. 6 2,455,455 184,051 421,567 164,612 232,944 226,880 166,176 388,060 123,542 76,554 151,862 106,093 213,114 Oct 13 2,866,281 209,097 539,937 190.705 299,072 254,589 185,210 447,007 146,276 94,667 163,032 120,005 216,684 Oct. 20 3,151,063 254,512 557,285 206,729 313,067 285,789 197,283 483,840 141,509 89,819 172,123 156,783 292,324 Oct. 27 2,666,200 199,053 484.854 174,869 255,039 229,354 171,612 423,182 124,098 78,970 153,718 125,120 246,331 Bank premises: Sept. 29 32,338 1,199 8,106 3,069 4,814 2,578 1,580 3,027 1,953 1,185 2,403 767 1,657 Oct. 6 32,309 1 199 8,085 3,069 4.814 2,578 1,580 3,027 1,953 1,185 2,398 764 1,657 Oct. 13 32,309 1,199 8085 3,069 4,814 2,578 1,580 3,027 1,953 1,185 2,398 764 1,657 Oct. 20 32,304 1,199 8,085 3,069 4,810 2,578 1,579 3,027 1,953 1,185 2,398 764 1,657 Oct. 27 32,267 1,194 8,085 3,064 4,803 2,571 1,574 3,028 1,952 1,182 2,399 764 1,651 Other assets: Sept. 29 171,385 11,463 40,800 11,683 16,561 11,042 8,537 24,221 9,696 5,143 8,095 8,206 15,938 Oct. 6 165,412 11,225 39,598 11,331 16,045 10,544 8,233 23,387 9,312 5,040 7,821 7,521 15,355 Oct. 13 172,826 11,720 41,685 11,820 16,446 11,038 8,625 24,555 9,778 5,267 7.993 7,765 16,134 Oct. 20 182,708 12,441 43,613 12,699 17,794 11,642 9,173 25,885 10,319 5,595 8,469 8,292 16,786 Oct. 27 194,758 13,122 46,233 13,488 18,875 12,491 9,763 27,729 11,006 5,969 9,107 9,115 17,860 Tot Se a p l t a . s s 2 e 9 ts: 49,634,1502,667,10213,482,0302,963,7404,120,6722,906,5412,441,6918,356,2302,057,4471,324,7222,111,2151,776,1215,426,639 Oct. 6 49,104,5602,645,75913,211,1342,950,0914,011,9002,906,3382,439,0508,289,2972,098,1371,341,5382,118,9771,782,6405,309,699 Oct. 13 49,937,7382,688,87413,507,5993,005,7924,087,2442,935,8552,476,7828,390,5822,113,9261,366,3232,161,3961,834,7775,368,588 Oct. 20 49,963,722 2,725,08613,581,7412,977,5384,107,5182,945,8732,469,8258,304,1702,107,9601,350,9092,147,3191,848,0135,397,770 Oct. 27 49,594,4862,666,76913,460,2612,977,2114,044,2242,912,9502,459,9068,358,7032,111,8951,329,5802,121,5471,829,4515,321,989 Liabilities Federal Reserve notes: Sept. 29 23,992,059 1,412,061 5,485,2721,639,4212,126,7881,679,3501,327,4504,560,5401,097,460 627,383 933,052 618,3962,484,886 Oct. 6 24,076,7101,417,060 5,500,7971,638,1242,130,8551,692,9901,333,1894,570,9521,103,867 633,769 939,142 624,8052,491,160 Oct. 13 24,127,187 1,424,291 5,502,4091,648,7972,134,9651,694,7761,332,6424,577,5471,109,932 633,867 936,334 626,5322,505,095 Oct. 20 24,041,356 1,413,998 5,476,4041,637,4872,124,5051,688,5101,332,4484,570,2181,115,372 632,840 935,370 625,6082,488,596 Oct. 27 23,998,911 1,406,272 5,466,0351,636,8332,123,4511,683,6651,333,0974,559,5031,119,165 630,956 932,679 624,2572,482,998 Deposits: Member bank reserve account: Sept. 29.. 19,883,511 853,268 6,498,544 948,6971,454,668 828,403 808,9583,036,415 703,181 501,440 908,298 921,7212,419,918 Oct. 6. .19,583,774 855,153 6,229,277 959,7951,426,099 863,874 819,9103,022,945 713,362 513,746 916,085 925,5162,338,012 Oct. 13..19,839,603 852,815 6,471,791 924,7541,424,353 839,797 821,5903,039,118 708,944 501,783 915,883 933,6672,405,108 Oct. 20..19,910,036 886,308 6,546,290 923,2801,456,176 849,628 802,3252,975,103 702,946 505,796 915,151 938,8392,408,194 Oct. 27..19,959,966 857,584 6,509,347 953,0021,413,842 846,425 827,3583,088,755 712,609 506,960 921,508 946,7612,375,815 U. S. Treasurer-general acc S o ep u t n . t : 29. . 1,659,907 140,904 277,622 118,868 191,324 117,613 92,883 222,884 90,332 95,909 88,522 80,630 142,416 Oct. 6.. 1,595,529 130,204 319,025 110,992 133,659 89,843 80,864 198,705 106,872 94,719 86,600 88,841 155,205 Oct. 13..1,551,417 123,478 202,576 151,061 145,049 80,385 87,664 176,853 122,576 115,467 113,900 111,324 121,084 Oct. 20..1,530,366 121,988 247,191 138,351 145,566 91,731 95,554 166,576 106,834 103,491 102,047 100,540 110,497 Oct. 27. . 1,524,372 136,577 248,093 144,681 154,814 105,182 76,862 168,166 112,892 91,122 85,785 97,321 102,877 Foreign: Sept. 29. . 410,299 22,510 1167,313 28,941 32,872 17,508 14,649 48,593 12,863 8,933 12,505 12,148 31,464 Oct. 6.. 399,920 21,470 1168,137 27,605 31,354 16,699 13,973 46.349 12,269 8,520 11,928 11,587 30,029 Oct. 13.. 455,269 22,516 1212,199 28,949 32,881 17,513 14,654 48,606 12,866 8,935 12,509 12,152 31,489 Oct. 20.. 454,873 24,488 1190,501 31,485 35,760 19,046 15,937 52,863 13,993 9,718 13,604 13,216 34,262 Oct. 27.. 440,554 22,787 1194,533 29,298 33,276 17,723 14,830 49,191 13,021 9,043 12,659 12,298 31,895 Other: Sept. 29. . 454,082 2,755 387,147 1,722 5,020 1,712 1,088 3.025 8,433 1,410 180 3,477 38,113 Oct. 6.. 466,763 3,707 387,833 4,096 5,998 2,885 708 2,503 17,615 1,808 1,932 614 37,064 Oct. 13.. 460,694 3,473 390,109 1,868 5,339 5,335 412 3,989 5,668 2,441 1,967 388 39,705 Oct. 20.. 458,375 2,589 394,678 1,716 5,848 2,118 428 3,169 5,747 2,596 769 524 38,193 Oct. 27.. 447,007 2,862 385,099 1,096 6,449 1,976 1,396 3,219 5,227 2,323 247 453 36,660 Total deposits: Sept. 29 22,407,799 1,019,437 7,330,6261,098,2281,683,884 965,236 917,5783,310,917 814,809 607,6921,009,5051,017,9762,631,911 Oct. 6 22,045,986 1,010,534 7,104,2721,102,4881,597,110 973,301 915,4553.270,502 850,118 618,7931,016,5451,026,5582,560,310 Oct. 13 22,306,983 1,002,282 7,276,6751,106,6321,607,622 943,030 924,3203,268,566 850,054 628,6261,044,2591,057,5312,597,386 Oct. 20 22,353,650 1,035,373 7,378,6601,094,8321,643,350 962,523 914,2443,197,711 829,520 621,6011,031,5711,053,1192,591,146 Oct. 27 22,371,899 1,019,810 7,337,0721,128,0771,608,381 971,306 920,4463,309,331 843,749 609,4481,020,1991,056,8332,547,247 Deferred availability items: Sept. 29 2,444,813 185,397 426,669 163,159 236,879 221,133 162,587 376,594 114,765 68,585 138,722 110,694 239,629 Oct. 6 2,188,207 167,600 365,650 146,239 210,284 198,977 156,165 339,209 113,541 67,696 133,197 102,039 187,610 Oct. 13 2,702,832 211,293 486,376 186,596 270,650 256,497 185,230 434,772 122,938 82,166 150,352 121,254 194,708 Oct. 20 2,763,845 224,319 483,536 181,165 265,080 253,065 188,325 425,944 131,865 74,934 149,767 139,562 246,283 Oct. 27 2,412,930 189,093 412,183 147,865 237,277 215,858 171,275 378,746 117,442 67,479 137,777 118,406 219,529 Other liab. incl. accrued div. Sept. 29 15,945 848 4,158 965 1,713 846 728 2,512 660 461 633 769 1,652 Oct. 6 14,979 799 3,839 921 1,725 787 646 2,219 665 517 587 714 1,560 Oct. 13 16.022 847 4,211 1,033 1,518 902 718 2,474 659 724 607 663 1,666 Oct. 20 14,908 828 3,947 932 1,567 769 672 2,296 599 432 595 679 1,592 Oct. 27 15,288 743 4,452 918 1,549 749 673 2,340 616 417 553 648 1,630 Total liabilities: Sept. 29 48,860,6162,617,74313,246,7252,901,7734,049,2642,866,5652,408,3438,250,5632,027,6941,304,1212,081,9121,747,8355,358,078 Oct. 6 48,325,8822,595,99312,974,5582,887,7723,939,9742,866,0552,405,4558,182,8822,068,1911,320.7752,089,4711,754,1165,240,640 Oct. 13 49,153,0242,638,71313,269,6712,943,0584,014,7552,895,2052,442,9108,283,3592,083,5831,345,3832,131,5521,805,9805,298,855 Oct. 20 49,173,7592,674,51813,342,5472.914,4164,034,5022,904,8672,435,6898,196,1692,077,3561,329,8072,117,3031.818,9685,327,617 Oct 27 48,799,0282,615,91813,219,7422,913,6933,970,6582,871,5782,425,4918,249,9202,080,9721,308,3002,091,2081,800,1445,251,404 i After deducting $242,964,000 participations of other Federal Reserve Banks on Sept. 29; $231,744,000 on Oct. 6; $243,032,000 on Oct. 13; $264,- 316,000 on Oct. 20; and $245,956,000 on Oct. 27. NOVEMBER 1948 1377 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 o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Capital Accts.: Capital paid in: Sept. 29 199,859 11,335 69,012 14,630 19,025 8,529 7,806 25,206 6,596 4,403 6,877 7,768 18,672 Oct. 6 200,000 11,337 69,013 14,630 19,024 8,529 7,823 25,208 6,599 4,403 6,877 7,769 18,788 Oct. 13.... 200,002 11,340 68.998 14,639 19,025 8,528 7,823 25,210 6,599 4,403 6,879 7,770 18,788 Oct. 20.... 199,985 11,340 68,979 14,640 19,008 8,529 7,823 25,218 6,601 4,403 6,883 7,771 18,790 Oct. 27 200,017 11,340 68,986 14,640 19,008 8,529 7,830 25,218 6,601 4,407 6,887 7,778 18,793 Surplus: (section 7): Sept. 29 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Oct. 6 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Oct. 13 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Oct. 20 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Oct, 27.... 448,189 28,117 138,596 35,350 42^173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 (section 13b): Sept. 29.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 6 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 13 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 20 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 27.... 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.: Sept. 29 97,943 6,896 20,378 7,498 9,204 6,888 5,670 12,815 5,664 3,892 5,141 5,100 8,797 Oct. 6.... 102,946 7,301 21,648 7,850 9,723 7,195 5,900 13,561 5,854 4,054 5,344 5,337 9,179 Oct. 13.... 108,980 7,693 23,015 8,256 10,285 7,563 6,177 14,367 6,251 4,231 5,680 5,609 9,853 Oct. 20.... 114,246 8,100 24,300 8,643 10,829 7,918 6,441 15,137 6,510 4,393 5,848 5,856 10,271 Oct. 27 119,709 8,383 25,618 9,039 11,379 8,284 6,713 15,919 6,829 4,567 6,167 6,111 10,700 Total liabilities and S e c p a t p . . 2 ac 9 c . t . s . . . : 49,634,150 2,667,102 13,482,0302,963,7404,120,6722,906,5412,441,6918,356,2302,057,447 1,324,7222,111,215 1,776,1215,426,639 Oct 6 49,104,560 2,645,759 13 211 1342,950,0914 011,9002,906,3382.439,0508,289,297 2,098,137 1,341,5382,118,977 1 782,6405,309 699 Oct! 13!!.! 49',937,738 2,688,874 13.507,5993,005,7924,087,2442,935,8552,476,7828,390,582 2,113,926 1,366,3232,161,396 1,834,7775,368,588 Oct 20 49 963 722 2,725,086 13 581.7412,977,5384,107,5182,945,8732,469,8258,304,1702,107,960 1,350,9092,147,319 1.848,0135,397,770 Oct. 27 49,594,486 2,666,769 13,460,2612,977,2114,044,2242,912,9502,459,9068,358,7032^111,8951,329,5802,121,547 1,829,4515,321,989 Contingent liability on bills purchased for foreign correspondents: Sept. 29 774 49 1248 63 71 38 32 105 28 19 27 26 68 Oct. 6 774 49 1248 63 71 38 32 105 28 19 27 26 68 Oct. 13 1,273 80 1407 103 117 63 52 173 46 32 45 43 112 Oct. 20 1,274 80 1408 103 117 63 52 173 46 32 45 43 112 Oct. 27 1,674 105 1536 135 154 82 69 228 60 42 59 57 147 Commit, to make indus. loans: Sept. 29.... 6,262 75 306 1,091 140 300 487 3 750 113 Oct. 6'. . '. 6 191 75 262 1.084 124 300 486 3 750 110 Oct. 13. ... 6J23 75 206 1,076 120 300 486 3 750 110 Oct! 20'.'..'. 6,099 75 182 1,075 121 300 486 3,750 110 Oct. 27 6,070 75 165 1,075 121 288 486 3,750 110 i After deducting $526,000 participations of other Federal Reserve Banks on Sept. 29; and Oct. 6; $866,000 on Oct. 13; and Oct. 20; and $1,138,000 on Oct. 27. 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 - l A a t nt - a Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank): Sept. 29 24,765,998 1,476,4915,665,325 1,683,6812,193,2941,728,5601,374,4954,664,2251,138,570 642,248 960,360 647,1582,591,591 Oct. 6 24,794,187 1,470,8385,673,897 1,688,170 2,194,5931,734,8881,379,9344,665,7281,140,888 646,430 961,,'977 649,1522,587,692 Oct. 13 24,812,389 1,471,6155,675,077 1,689,289 2,,195,2251,740,7301,376,8444,664,7011,142,141 961,257654.2132,595,928 Oct. 20 24,824,740 1,469,7125,667,047 1,693,0152,194,2541,732,6441,383,8124,663,3421,157,150 646,100 957,597655,9172,604,150 Oct. 27 24,800,033 1,470,0635,650,471 1,685,3542,185,517 1,729,5031,386,6974,665,4421,158,519 644,656 960,451662,618 2,600,742 Collateral held against notes outstanding: Gold certificates: Sept. 29 13,579,000 460,000 4,770,000 550,000 735,000 625,000 675,000 2,800,000 315,000 200,000 280,000169,000 2,000.000 Oct. 6 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,000 2,600,000 315,000 200,000 280,000169,000 2,000,000 Oc:. 13 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,000 2,600,000 315,000 200,000 280,000169,000 2,000,000 Oct. 20 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,000 2,600,000 315,000200,000 280,000169,0002,000,000 Oct. 27 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,000 2,600,000 315,000 200,000 280,000169,0002,000,000 Eligible paper: Sept. 29 85,567 2,356 40,595 11,289 13,290 7,104 663 7,170 3,100 Oct. 6 31,091 1,025 13,200 2,518 3,630 3,770 1,748 3,850 1,350 Oct. 13 133,512 20,736 68,190 15,763 18,005 1,930 3,238 4,550 1,100 Oct. 20 33,533 2,161 4,015 4,046 6,180 2,786 1,175 12,220 950 Oct. 27 43,850 3,211 8,315 5,275 5,870 6,811 298 7,220 6,850 U. S. Govt. sec: Sept. 29 11.975,000 1,100,0001,000,0001,200,0001,500,0001,125,000 750,000 1],900,000 950,000 450,000 700,000 500,000 800,000 Oct. 6 12.275,000 1,100,0001,000,0001,200,0001,500,0001,125,000 850,000 :2,100,000 950,000 450,000 700,000 500,000 800,000 Oct. 13 12,300,000 1,100,0001,000,0001,200,0001,500,0001,150,000 850,000 :2,100,000 950,000 450,000 700,000500,000 800,000 Oct. 20 12.300,000 1,100,0001,000,0001,200,0001,500,0001,150,000 850,000 22,,1100,000 950,000 450,000 770000,,000000 550000,,000000 800,000 Oct. 27 12,300,000 1,100,0001,000,0001,200,0001,500,0001,150,000 850,000 2,100,000 950,000 450,000 700,000500,000 800,000 Total collateral: Sept. 29 25,639,567 1,562,356 5,810,5951,761,289 2,235,0001,763,2901,425,000 4,700,0001,272,104 650,663 987,170 669,000 2,803,100 Oct, 6 25,585,091 1,561,0255,783,200 1,752,5182,235,000 1,753,6301,425,000 4,700,0001,268,770 651,748 983,850 669,000 2,801,350 Oct. 13 25,712,512 1,580,7365,838,190 1,765,7632,235,000 1,793,0051.425,0004,700,0001,266,930 653,238 984,550 669,000 2,801,100 Oct. 20 25,612,533 1,562,1615,774,015 1,754,0462,235,0001,781,1801,425.000 4,700,0001,267,786 651,175 992,220 669,000 2,800,950 Oct. 27 25,622,850 1,563,2115,778,315 1,755,2752,235,000 1,780,8701,425,000 4,700,0001,271,811650,298 987,220 669,000 2,806,850 1378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve All city banks Re- Month, or mem- serve Coun- Guaranteed loans Guaranteed Additional week ending Thursday ber city try authorized loans amount 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—August 16,481 4,203 979 6,543 4,757 ber amount teed outstanding September.... 16,866 4,270 1,001 6,688 4,906 1948—August 17,690 4,909 1,186 6,626 4,970 1942—June... 565 310,680 81,108 69,674 137,888 September. . . .18,509 5,037 1,207 6,869 5,396 Dec 2,665 2,688,397 803,720 632,474 1,430,121 Sept. 2 17,753 4,963 1,184 6,655 4,950 1943— D J e u c n . e . . . . . . 4 5 , , 2 3 1 4 7 7 4 6, , 5 7 6 1 3 8 , , 0 8 4 1 8 8 1 1 , , 4 9 2 1 8 4 , , 2 0 5 4 3 0 1 1 , , 1 6 5 0 3 1 , , 7 5 5 1 6 8 3 2 , , 1 2 4 1 6 6 , , 2 0 8 5 6 3 S S S e e e p p p t t t . . . 2 1 9 3 6 1 1 1 7 8 8 , , , 7 5 3 5 2 1 8 0 0 4 5 4 , , , 8 9 0 6 2 3 9 7 5 1 1 1 , , , 1 1 1 8 9 8 2 0 1 6 6 , , 6 8 7 7 0 10 6 9 5 5 5 , , , 7 0 2 0 3 7 1 2 5 1944— D Ju e n c e .. . . . . . 6 7, , 4 4 3 3 4 3 9 8 , , 3 0 1 46 0 , , 6 5 7 8 2 2 2 1 , , 0 7 6 3 4 5 , , 3 9 1 7 8 0 1 1 , , 7 4 3 8 5 2 , , 7 0 7 3 7 8 3 4 , , 8 4 1 5 0 3 , , 7 5 9 8 7 6 S O O e c c p t t t . . . 3 1 7 0 4 1 1 19 9 9 , , , 6 6 8 8 8 7 1 1 8 5 5 5 , , , 3 2 3 5 5 4 7 8 0 1 1 1 , , , 2 2 3 8 9 0 4 3 3 7 7 , , 3 4 3 5 5 9 7 2 7 5 5 5 , , , 7 7 6 5 6 8 1 5 3 1945—June... 8,422 10,149,351 1,386,8511,190,944 3,694,618 Oct. 21 19,935 5,382 1,303 7,445 5,804 Dec... 8,757 10,339,400 510,270 435,345 966,595 Excess reserves: 1946— D Ju e n c e .. . . . . . 8 8 , , 7 7 7 7 1 1 1 1 0 0 , , 3 3 4 4 4 4 , , 0 0 1 1 8 8 7 1 0 8 , , 2 9 6 9 7 6 6 1 0 7 , , 2 4 1 5 4 4 1 2 4 8 2 , , 7 61 9 7 1 1 19 9 4 4 8 7 — —A S A u e u g p g u t u e s s m t t ber. . . . 8 9 8 3 0 3 1 0 7 2 4 1 4 6 1 2 2 2 5 2 2 6 2 6 6 5 5 4 6 5 6 2 9 1947—June... 8,771 10,344,018 3,589 3,218 6,726 September. . . . 884 63 249 566 Dec 8 771 10 344 018 2 412 2 183 Sept. 2 879 97 240 534 1948— F A J J M M J u a u e p n a a n l b r y r y e . . . . . . . . . . . . . . . . . . . . . 8 8 8 8 8 8 8 , , , , , , 7 7 7 7 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 , , , , , , 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , 0 0 0 0 0 0 0 1 1 1 1 1 1 1 8 8 8 8 8 8 8 2 1 1 1 1 1 1 , , , , , , , 7 8 3 9 6 6 7 8 3 5 0 0 6 5 7 5 9 5 9 1 7 2 1 1 1 1 1 1 , , , , , , , 7 6 6 1 5 4 4 7 6 2 9 6 6 3 7 6 3 9 3 0 3 S S S S O O O e e e e c c c p p p p t t t . . . t t t t . . . . 3 2 2 1 1 9 0 7 3 1 6 4 1, P 9 8 1 7 7 9 7 5 0 6 0 7 6 6 8 2 3 1 0 1 8 1 1 5 9 1 2 2 0 1 1 8 1 7 5 2 5 3 2 2 2 2 2 1 1 5 4 0 9 2 9 7 8 4 5 0 6 4 P 4 5 4 5 5 7 5 6 7 4 8 2 3 7 5 9 9 8 6 8 O Aug 8,771 10,344,018 1,414 1,282 Borrowings at Federal Sept.. . 8,771 10,344,018 1,332 1,208 Reserve Banks: 1947—August 127 26 57 42 NOTE.—The difference between guaranteed loans authorized and sum September. . . . 133 44 59 28 of loans outstanding and additional amounts available to borrowers 1948—August 87 17 33 28 under guarantee agreements outstanding represents amounts repaid September. . . . 128 55 32 27 and authorizations expired or withdrawn. Sept. 2 64 1 30 33 Sept. 9 73 19 25 20 Sept. 16 39 3 15 21 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Sept. 23 89 17 17 28 27 Sept. 30 328 197 36 55 40 [Amounts in thousands of dollars] Oct. 7 68 5 43 20 Oct. 14 258 113 43 72 30 Oct. 21 52 29 23 Applications Ap- Date (last approved proved Loans Commit- Partici- Wednesday to date but not out- ments pations P Preliminary. or last day com- standing2 out- out- 1 Weekly figures of excess reserves of all member banks and of of period) pleted l (amount) standing standing country banks are estimates. Weekly figures of borrowings of all mem- Num- (amount) (amount) (amount) ber banks and of country banks may include small amounts of Federal ber Amount Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1 1 9 9 3 3 5 6 2 1 , ,9 2 9 8 3 0 1 1 2 3 4 9, , 8 4 2 9 9 3 1 8 1 , , 2 5 2 4 6 8 3 25 2 , , 5 4 2 9 6 3 2 2 7 0 , , 6 9 4 5 9 9 8 7 , ,2 7 0 7 8 8 DEPOSITS OF COUN S T M RY AL M L E C M E B N E T R E R B S A 1 NKS IN LARGB AND 1 1 9 9 3 3 7 8 2 2 , , 6 40 5 6 3 1 1 5 7 0 5 , , 9 0 8 1 7 3 3 1 , , 3 94 6 6 9 2 1 0 7 , , 2 3 1 4 6 5 1 1 2 4 , , 7 1 8 6 0 1 1 7 2 , , 2 7 3 2 8 2 [Averages of daily figures. In millions of dollars] 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10,337 14,597 19,600 In places of 15,000 In places of under 1942 3,423 408,737 4,248 14,126 10,661 17,305 and over population 15,000 population 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 1945 3,511 544,961 320 1,995 1,644 1,086 Demand Demand deposits deposits June 1 9 2 4 9 6 . .. 3,524 552,711 615 1,210 5,366 1,110 e i b x n a c t n e e r k p - t de T p i o m s e its e i b x n a c t n e e r k p - t de T p i o m s e its Dec. 31.. . 3,542 565,913 4,577 554 8,309 2,670 J D u e n c e 1 . 9 3 4 3 7 1 0 . . . .. . 3 3 , , 5 5 5 7 5 4 5 58 7 6 2 , , 7 8 2 3 6 6 9 1 4 9 5 5 1 1 , ,3 7 8 7 7 8 7 7 , , 4 0 3 1 4 8 4 4, , 8 0 6 4 9 3 S A e u p g t . . 1 1 9 9 4 4 8 7 '1 1 5 6 , , 5 3 6 7 7 6 8 8 , , 7 5 9 0 9 8 '1 1 2 2 , , 1 1 5 1 1 9 6 6, , 0 0 7 6 0 4 Sept. 1948 16,637 8,796 12,293 6,074 1948 J A F M M a e p n a a b r y . r . . . 3 3 3 3 2 1 0 1 1 8 . . . . . . . . . . . . . . . 3 3 3 3 3 , , , , , 5 5 5 5 5 8 9 8 9 7 2 5 7 3 6 6 6 6 5 5 0 0 0 9 8 0 6 4 6 9 , , , , , 3 3 6 0 9 2 0 2 4 8 2 5 3 8 6 1,0 1 1 2 4 7 4 2 5 5 0 5 0 3 4 1 1 , , , , 7 9 3 9 9 7 9 8 0 1 2 4 5 6 6 6 6 7 7 7 , , , , , 6 0 7 6 9 1 7 0 1 4 2 7 0 8 6 3 6 5 4 5 , , , , , 2 1 2 2 7 7 0 1 3 7 2 9 3 4 0 N P C B h l o e e i w s v l t a o e d Y l n a e o n lp r d k hia. . . . 2 1 1 1 , , , , 2 9 9 3 6 1 4 9 9 7 8 1 2,2 9 8 8 2 0 1 6 1 0 6 4 1 1 , , 1 0 3 9 0 8 6 4 1 1 0 4 1,1 8 2 9 6 2 3 0 7 2 4 3 A J J S u u e u n l p g y e t . . 3 3 3 3 1 1 0 0 . . . . . . . . . . . . 3 3 3 3 , , , , 6 5 6 6 9 0 0 0 9 3 4 0 6 6 6 6 1 1 1 1 2 1 0 3 , , , , 0 6 9 8 9 5 9 2 9 6 4 0 1,0 6 4 2 6 4 5 0 5 5 1,0 8 8 8 1 0 8 5 1 2 3 1 6 6 6 6 , , , , 4 1 4 2 1 8 8 4 7 7 2 6 3 3 3 4 , , , , 2 3 2 3 3 4 1 5 8 6 2 3 A S R C t h i t . c l i a h c L n a m o g t u a o o i n s d 2 1 1 , , , 1 2 5 6 3 3 4 6 9 0 7 5 1,5 3 4 3 8 9 7 3 9 8 8 9 1,7 8 6 9 2 4 9 7 6 9 6 1 4 9 2 2 7 7 6 1 2 7 4 6 1 Includes applications approved conditionally by the Federal Re- Minneapolis 609 296 811 451 serve Banks and under consideration by applicant. Kansas City. . . . 569 104 1,650 204 a Includes industrial loans past due 3 months or more, which are not Dallas 1,035 145 1,550 66 included in industrial loans outstanding in weekly statement of con- San Francisco. .. 1,317 647 554 299 dition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- r Revised. vances, and applications for loans and commitments withdrawn or 1 Includes any banks in outlying sections of reserve cities that have expired. been given permission to carry the same reserves as country blinks, NOVEMBER 1948 1379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND SORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings de- Time ances at Class of bank and mand de- due Fed- Federal Reserve district Total I b n a t n e k r- Other po d s e it - s 2 posits 3 m fr d e o o s m - tic Total qu R i e r - ed c E e x s - s s e R e r r e a v - l e banks Banks First half of September1948 All member banks 89,574 11,036 78,538 78,791 28,769 5,441 17,949 16,946 1,003 58 Central reserve city banks : New York 21,323 3,988 17,334 19,889 1,653 43 4,936 4,873 64 10 Chicago 5,151 1,098 4,053 4,681 947 129 1,182 1,180 2 4 Reserve city banks ... ... 33,343 5,086 28,257 28 ,877 11,298 1,718 6,730 6,453 277 22 Boston 1,853 260 1,593 1,698 191 29 367 351 16 2 New York 585 26 559 519 295 23 125 121 4 Philadelphia 2,164 349 1,814 1,926 242 71 407 400 8 1 Cleveland 4,049 496 3,552 3,579 1,448 170 843 803 41 3 Richmond 2,103 341 1,762 1,821 429 104 414 390 24 5 Atlanta . . 2,022 409 1,613 1,717 403 124 392 368 25 1 Chicago 3,955 460 3,495 3,403 1,982 268 832 799 32 4 St Louis 1,937 533 1,404 1,647 334 95 363 349 13 2 Minneapolis 1,089 322 767 896 179 70 198 190 8 Kansas City 2,802 778 2,024 2,313 356 241 503 484 19 2 Dallas 2,473 541 1,932 2,052 381 247 479 433 45 San Francisco 8,312 571 7,742 7,307 5,059 277 1,807 1,765 42 2 Country banks 29,758 863 28,895 25,343 14,871 3,552 5,101 4,440 661 21 Boston 2,341 80 2,261 2,042 1,096 178 395 352 43 2 New York 4,167 86 4,081 3,656 3,389 319 817 715 102 5 Philadelphia 2,202 16 2,186 1,919 1,719 218 428 372 56 2 Cleveland 2,451 21 2,430 2,105 1,723 286 470 398 72 1 Richmond 2,159 126 2,033 1,773 869 298 353 300 53 3 Atlanta . ... 2,345 155 2,191 1,982 694 299 358 319 39 2 Chicago 4,047 70 3,977 3,452 2,553 512 739 636 102 St. Louis 1,689 46 1,643 1,446 615 214 272 239 33 2 M Ka in n n sa e s a p C ol i i t s y 2 1, , 4 2 7 8 5 4 6 6 5 0 2 1 , , 2 41 2 0 3 1 1, , 9 2 1 3 0 6 3 7 0 4 9 6 3 2 5 0 2 4 3 2 2 5 8 3 2 28 1 6 8 3 4 5 2 i" Dallas.... 2,696 110 2,586 2,196 212 455 374 320 54 I San Francisco 1,902 29 1,873 1,626 946 218 314 284 29 i Second half of September 1948 All member banks 90 ,074 10,956 79,118 79,023 28,783 5,210 19,070 18,305 764 198 Central reserve city banks: New York 21,599 4,024 17,576 19,914 1,661 49 5,138 5,075 63 100 Chicago 5,159 1,069 4,090 4,652 946 124 1,232 1,223 9 25 Reserve city banks 33,485 4,998 28,487 28,803 11,307 1,741 7,008 6,787 221 41 Boston . . 1,899 267 1,631 1,726 191 33 389 374 15 2 New York 587 28 559 515 294 26 132 128 5 Philadelphia 2,185 344 1,841 1,921 253 73 426 419 7 2 Cleveland 4,091 483 3,608 3,579 1,454 167 878 847 32 5 Richmond 2,108 346 1,761 1,814 431 106 425 409 17 6 Atlanta 1,996 393 1,604 1,680 402 125 391 379 12 4 Chicago 3,963 447 3,517 3,378 1,978 270 869 840 29 4 St Louis 1,941 514 1,427 1,637 334 87 376 365 11 8 ^Minneapolis 1,099 321 779 900 179 67 206 200 5 Kansas City 2,799 751 2,048 2,281 357 254 523 501 21 9 Dallas 2,480 524 1,956 2,051 377 241 481 455 27 San Francisco 8,335 580 7,756 7,321 5,056 292 1,912 1,871 40 2 Country banks 29,831 866 28,965 25,655 14,868 3,296 5,691 5,220 471 33 Boston 2,372 80 2,292 2,065 1,098 181 446 413 34 3 New York 4,191 87 4,104 3,700 3,388 298 918 846 72 9 Philadelphia 2,258 18 2,240 1,978 1,720 207 486 445 41 3 Cleveland 2,449 21 2,428 2,130 1,722 258 523 470 53 2 Richmond 2,167 129 2,038 1,791 870 280 385 352 33 4 Atlanta 2,315 149 2,167 1,987 693 265 393 370 23 2 Chicago 4,037 67 3,969 3,485 2,552 466 822 749 73 1 St. Louis 1,676 48 1,628 1,453 615 193 299 279 20 4 IVIinneapolis 1 497 66 1,431 1,270 747 192 284 259 25 Kansas City 2,273 58 2,215 1,929 309 325 364 332 33 1 Dallas 2,695 111 2,584 2,217 209 433 415 370 45 1 San Francisco . 1,901 31 1,870 1,648 946 198 355 335 20 1 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 71,300 million dollars in the first half and 71,150 million in the second half of September. 1380 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 tion1 Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 ,409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 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—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 8,935 8,529 2,453 4,824 428 806 12 2 August 28,434 19,837 1,362 990 64 2,092 6,308 9,020 8,600 2,477 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 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 17 3 1948—January 28,111 19,369 1,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 12 3 February.... 28,019 19,335 1,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 12 3 March 27,781 19,169 1,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 11 1 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 8,581 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 August 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4.977 403 748 11 2 September... 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2, 4665,011 402 739 10 2 unassorted currency in Treasury and Federal Reserve Banks, id currency of unknown denominations reported by the Treasury as des Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal Se 1 p 9 t. 4 3 8 0, g a o s g l i d a lv i n a e s n r t d Tr c e a a s s h ury B R F a e n e d k se e s r r a v a n e l d B R a a n e g s k e e s n r t a v s n e d Se 1 p 9 t. 4 8 30, Au 1 g 9 . 4 8 31, Se 1 p 9 t 4 . 7 30, certificates agents Gold 23,872 22,648 21,225 Gold certificates . 22 648 19,788 2,815 45 45 47 Federal Reserve notes 24,758 52 886 23,820 23,760 24,289 Treasury currency—total 4,575 *2,265 45 276 4,254 4,250 4,231 Standard silver dollars . 493 303 28 3 160 159 151 Silver bullion 1 963 1,963 Silver certificates and Treasury notes of 1890. . *2,265 212 2,053 2,055 2,044 Subsidiary silver coin 964 9 24 930 924 887 Minor coin 363 4 7 352 350 337 United States notes 347 2 25 319 321 317 Federal Reserve Bank notes 347 1 4 342 345 391 National Bank notes 99 1 97 98 105 Total—Sept 30, 1948 24 913 1 321 19 788 3 978 28 118 Aug 31,1948 24,767 1,321 19,649 3,911 28,055 Sept 30, 1947 23,016 1,309 17,907 3,954 28,567 1 Outside Treasury and Federal Reserve Banks* Includes any paper currency held outside the continental limits of the United States; totals ffor other end-of-month dates shown in table above, totals by weeks in table on p. 1373, and seasonally adjusted figures in table on p. 1382. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special .•significance and is not shown. See note of explanation of these duplications. * Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on -receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face .amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount -of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted &s 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. NOVEMBER 1948 1381 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- Dounadjusted adjusted for seasonally Gold Net marked mestic Date for seasonal seasonal adjusted stock Increase .gold gold: de- gold variation variation series l Period at end in gold import crease proof stock or export or in- ducperiod (-) crease (—) tion^ End of year figures: 1939 7,598 +742 1940 8,732 +1,134 1937 *12,760 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.a 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—September 28,654 28,711 +317 1947—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.a February... 23,036 101.5 159.4 -72.2 5.5 1948—January 28.394 28,309 -341 March 23,137 100.4 99.9 -63.4 6.4 February 28,096 28,096 -213 April 23,169 32.2 234.2 —111.5 5.7 March 27,941 28,025 -71 May 23,304 135.2 151.3 -2.8 6.1 April 27,766 27,990 -35 June 23,532 228 5 177.7 81.7 5.7 May 27,749 27,945 -45 July. ... 23,679 146.4 266.7 -188.4 6.2 June 27,846 27,986 +41 August 23,725 46.2 39.1 59.5 7.7 July 27,955 28.011 +25 September.. 23,872 147.2 P53.3 98.1 7.4 August 27,977 28,118 +107 October.... P24.004 P131.6 (4) « 1.0 (4) September 28,152 28,208 +90 October 28,188 28,188 -20 * Preliminary. 1 Annual figures are estimates of the United States Mint. For 1 For end of year figures, represents change computed on absolute explanation of monthly figures see table on p. 1433. amounts in first column. * Includes gold in the Inactive Account amounting 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 change in the seasonal pattern around the tion to International Monetary Fund. a y f e f a e r c te e d n , d , b a e d g j i u n s n t i m ng e n w t it f h a c D to e rs c e h m a b v e e r b 1 e 9 e 4 n 2 ; r e s v e i a s s e o d n a s l o ly m e a w dj h u a s t t e f d o r f i d gu at r e e s s < 1 G N o o l t d y h e e t l d a v u a n i d la 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 3,831.4 million dollars on Oct. 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 irn the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government; Year and month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centers * centers 2 City centers City « cities 8 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 891,010 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — n o e ld 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 4 7 0 4 7 , , 3 94 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.a 1947—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 T 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 90,273 32,271 48,507 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 1 102,349 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 August 97,940 33,031 54,118 10,791 20.9 12.3 32,540 r53 757 23 9 18 5 September 104,729 37,531 55,975 11,223 24.6 13.2 36,354 54,635 27.5 19.4 * Revised. 1 National series for which bank debit figures are available beginning with 1919. 1 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 8 Weekly reporting member bank series 4 Total deposits, except interbank accounts, and debits to those deposits at all reporting centers are partly estimated for first four monthSc. 1 Statistics tor 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. 1382 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 d T em ot a a n l d Time deposits deposits deposits United End of month c a o u d u r j a u r t n e s s d i n t d e c e d y c a o u d u r j i u r t n e s s d i n t d e c e d y a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G e S m p o t o v a e s e t n e i r t t s n s - * Total b m a C n e o r k m c s i a - * l * b M s a a n v u k i t n u s g a * s l * S S P y a s o v t s i e n t m a g l s 6 C o u b u r a t r n s e i k n d s c e y banks banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December. 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10.631 ,292 6,699 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 December. 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 1,786 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—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)... 170,200 112,400 144,400 86,600 ,300 56,500 35,200 17,900 3,400 25,800 February (Feb. 25) .. 168,900 110,300 143,200 84,600 ,800 56,800 35,500 17,900 3,400 25,700 March (Mar. 31)... 166,400 107,100 140,800 81,500 2,400 56,900 35,500 18,000 3,400 25,600 April (Apr. 28) 167,500 108,100 142,100 82,700 2,500 56,900 35.500 18,000 3,400 25,400 May (May 26) 167,600 108,200 142,200 82,800 2,400 57,000 35,500 18,100 3.400 25,400 June (June 30) 167,875 108,335 142,237 82,697 2,180 57,360 35,788 18,194 3.378 25 638 July (July 28) P 168,600 108,900 143.100 83,400 2,400 57,300 35,700 18,200 3,400 25,500 August (Aug. 25)P.. 169,100 109.400 143,500 83,800 2,400 57,300 35,700 18,200 3,400 25,600 September (Sept.29)* 169,700 109,600 144,000 83 ,900 2,800 57,300 35,700 18,300 3,300 25,700 P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 8 Beginning with December 1938, includes United States Treasurer's time deposits, open account. *Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. B Prior to June 30, 1947, includes a relatively small amount of demand deposits. • Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks all banks Na- State In- Non- Depos- U. S. Government tional sured insured End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h ances* Total posi- serve Number of banks suspended: b t a o n ry ks Total r D e i c - t G t a e u n e a - d r- f e u t n c d .8 s, 1 19 9 4 3 1 4-40 31 8 3 1 4 6 6 20 3 7 84 1 1942 9 6 3 1943 4 2 2 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1944 1 1 1940—Dec... 1,304 1,348 36 1,224 1,078 146 88 1945.. . o 1941—Dec... 1,314 :1,396 26 1,274 ,128 146 95 1946 0 1942—Dec... 1,417 1,464 16 1,345 L,220 126 102 1947 1 1 1943—Dec... 1,788 1,843 10 1,716 1,716 118 1948—Jan.-Oct 1944—Dec... 2,342 2,411 8 2,252 J.252 152 1945—Dec... 2,933 J.022 6 2,837 »,837 179 Deposits of suspended banks 1946—Dec... 3,284 *,387 6 3,182 $.182 200 (in thousands of dollars) :J 1934-40 131,934 14,87226,54849,689 40,825 1947—Nov... 3,413 J.527 6 3,314 $.314 207 Dec... 3,417 $.525 6 3,308 $.308 212 1941 3,726 3,144 503 79 1942 1,702 1,375 327 1948—Jan.. . 3,432 $,541 6 3,332 $.332 204 1943 6,223 4,982 1,241 Feb... 3,441 5,551 6 3.336 $.336 209 1944 405 405 Mar... 3,435 $,546 6 3,346 5,346 194 1945 0 J A M u p a n r y e .. . . . . . 3 3 3 , , , 4 3 3 1 7 9 5 9 5 • -5 5 5, , , 4 5 5 9 0 2 4 9 8 6 6 6 3 3 3 , , , 2 3 2 9 1 9 1 6 1 5 5 5 , , , 3 2 2 1 9 9 6 1 1 2 2 1 0 1 9 5 1 6 1 1 19 9 9 4 4 4 7 6 8—Jan.-Oct 167 o 167 July.. 3,368 5,483 6 3,275 5,275 202 A Se u p g t . . . . . P P 3 S . , 3 3 4 4 0 7 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks * Preliminary. at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks susaiiu iiusc:cii<ouicuuo wuiKJ.ug luiiuo wiiii ncasuici ui UIULCU OLCILCS, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. NOVEMBER 1948 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank U.S. as C s a e s t h s l Inter- a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total Loans Govern- Other Total* bank! Total ment secu- m D a e n - d Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 30 * 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—Mar. 31". .. 132,620 43,900 88,720 77,560 11,160 33,390 153,990 10,920 89,450 53,620 12,080 14,730 Apr. 28". .. 133,430 43,950 89,480 78,330 11,150 33,380 154,970 10,900 90,420 53,650 12,110 14,731 May 26". .. 133,690 44,680 89,010 77,870 11,140 32,940 154,640 10,640 90,350 53,650 12,220 14,727 June 30 133,081 45,099 87.982 76,774 11,208 35,000 156,353 11,436 90,823 54,093 12,241 14,719 July 28". .. 134,090 45,440 88,650 77,320 11,330 33,970 156,090 11,290 90,810 53,990 12,300 14,717 Aug. 25 ". . . 134,440 46,000 88,440 77,020 11,420 33,850 156,340 11,220 91,140 53,980 12,360 14,719 Sept. 29 • 132,890 47,140 85,750 74,230 11,520 36,880 157,520 11,280 92,150 54,090 12,400 14,720 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 2. . 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14,183 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—Mar. 31". 113,600 38,860 74,740 65,470 9,270 32,590 135,960 10,920 89,440 35.600 10,170 14,197 Apr. 28". 114,340 38,850 75,490 66,270 9,220 32,630 136,910 10,900 90,400 35,610 10,200 14,198 May 26". 114,570 39,520 75,050 65,870 9,180 32,180 136,550 10,640 90,330 35,580 10,290 14,194 June 30. .. 113,855 39,865 73,990 64,798 9,192 34,168 138,142 11,435 90,806 35,900 10,287 14,187 July 28". 114,760 40,140 74,620 65,310 9,310 33,240 137,880 11,290 90,790 35,800 10,340 14,185 Aug. 25 ". 115,100 40,630 74,470 65,100 9,370 33,110 138,110 11,220 91,120 35,770 10,390 14,187 Sept. 29 •. . 113,600 41,720 71,880 62,460 9,420 36,000 139,240 11,280 92,130 35,830 10,420 14,188 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—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 Aug. 25 •. . 96,475 34,495 61,980 54,371 7,609 29,300 117,274 10,624 77,937 28,713 8,698 6,919 Sept. 29 «. . 94,895 35,453 59,442 51,789 7,653 32,021 118,191 10,669 78,776 28,746 8,724 6,923 All mutual savings banks: 1939—Dec. 30. .. 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1940—Dec. 31. .. 10,248 4,956 5,292 3,215 2,078 966 10,659 10,655 1,292 551 1941—Dec. 31. .. 10,379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1942—Dec. 31. .. 10,754 4,695 6,059 4,572 1,487 663 10,668 10,662 1,236 546 1943—Dec. 31. .. 11,871 4,484 7,387 6,090 1,297 797 11,738 11,730 1,276 545 1944—Dec. 30. .. 13,931 4,370 9,560 8,328 1,232 584 13,376 13,366 1,378 543 1945—Dec. 31... 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31. .. 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 1,784 541 1947—June 30 2.. 18,339 4,686 13,653 12,140 1,513 839 17,442 17,428 1,842 533 Dec. 31. .. 18,641 4,944 13,696 11,978 1,718 886 17,763 17,745 1,889 533 1948—Mar. 31 «. . 19,020 5,040 13,980 12,090 1,890 800 18,030 18,020 1,910 533 Apr. 28 •. . 19,090 5,100 13,990 12,060 1,930 750 18,060 18,040 1,910 533 May 26*. . 19,120 5,160 13,960 12,000 1,960 760 18,090 18,070 1,930 533 June 30... 19,226 5,234 13,992 11,976 2,016 832 18,211 18,193 1,955 532 July 28 •. . 19,330 5,300 14,030 12,010 2,020 730 18,210 18,190 1,960 532 Aug. 25 «. . 19,340 5,370 13,970 11,920 2,050 740 18,230 18,210 1,970 532 Sept. 29«. . 19,290 5,420 13,870 11,770 2,100 880 18,280 18,260 1,980 532 • Partly estimated. «• 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. 1384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o m U o b v l . e i S e g n r . a t n - - O r s i e t t c i h e u e s - r assets Total I b n a t n e k r- m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions All 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— D ju e n c e 3 3 0 1 1 1 1 1 0 4 , , 6 2 8 7 2 4 3 37 3 , , 5 2 8 5 3 0 7 7 6 7 , ,4 6 3 9 3 1 6 6 9 7 , , 1 9 3 4 6 1 8 8 , , 2 7 9 5 7 0 3 36 2 , , 9 1 2 9 6 0 1 1 4 3 1 3, , 6 8 5 5 9 1 1 1 1 2 , , 2 6 4 7 3 0 9 8 4 7 , , 3 93 0 0 0 3 3 4 4 , , 4 8 8 8 6 2 9 9 , , 7 5 3 5 4 8 1 1 3 3 , , 3 3 8 9 6 8 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: I943—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 I947—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: I943—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 69ft 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 I945—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 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 I944—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 I947— D ju e n c e . 3 30 1. 1 1 5 6 , , 8 4 9 4 6 4 4 4 , , 5 9 9 5 7 8 1 11 1 , , 4 2 8 9 6 9 1 9 0 , . 9 0 4 3 9 9 1 1 . , 4 3 4 5 8 0 3 4 , . 4 0 9 8 8 3 1 1 8 9 , , 2 3 4 4 0 0 2 2 0 6 1 6 1 12 1 . , 5 5 1 5 5 0 6 6. , 5 4 5 8 8 8 1 1. , 2 2 7 4 1 5 6 6 , . 4 4 6 7 1 8 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 I944—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 .903 472 1.521 .966 255 575 2.236 363 1.411 462 324 783 1948—June 30 2,062 493 1,569 1.308 261 469 2,197 400 1,315 482 331 772 All nonmember commercial banks: 1943—Dec. 31 10,847 2,832 8,014 6,899 1.115 3,889 13,671 448 9,131 4,092 1.245 7,299 1944—Dec. 30 .... 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 L.298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 L.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 ]1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec 31 18 438 5.430 13.008 11.305 1.703 4.658 21.575 6?9 13.926 7.021 595 7.261 1948—June 30 18,422 5,997 12,425 10,670 .755 3,867 20,706 602 13,010 7,093 .664 7,265 Insured mutual savings banks: I943—Dec 31 7 525 3 073 4 452 3 844 608 559 7 534 7 7 527 808 184 1944—Dec 30 9 223 3,110 6,113 5,509 604 400 8 910 8 8,902 RQ? 192 1945—Dec 31 10 846 3 081 7,765 7,160 606 429 10 363 12 10 351 I 034 192 1946—Dec 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 I 173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 1 12 11,889 1,218 191 Dec. 31 12.683 3,560 9.123 8,165 9.58 675 12,207 1 14 12,192 L.252 194 1948—TUne 30 13,142 3,769 9,373 8,169 1,204 644 12,581 15 12,566 30? 193 Noninsured mutual savings banks: 1943—Dec 31 4 345 1 .411 2,935 2,246 689 238 4,204 1 4,203 468 361 1944—Dec 30 4 708 I 260 3 448 2,819 629 184 4 466 2 4 464 485 351 1945—Dec 31 5 361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 1947—June 30 s 5.964 1,316 4,649 3,924 724 181 5,541 2 5,539 624 342 Dec. 31 5.957 1,384 4 573 3.813 760 211 5,556 3 5,553 637 339 1948—June 30 6,084 I 465 4,619 3,808 811 188 5,630 2 5,627 653 339 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 total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. NOVEMBER 1948 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1948 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollarsl oo ON Loans1 Investments Cash, Total i T n o v t e a a s l n t m l d o e a n n t s s Total » 'o C p i o n e m c n l m u m d e a i r n r c k g ia e l t , Rea lo l a e n s s tate O lo t a h n e s r Total U ob . l S ig . a G tio o n v s 't o O f p b S o l t i l a g i t t a e i t c s i a o a l n n s d se O cu th ri e ti r es b d r a e u n s e k e s r f , v r o e a m s n , d e a R s s t s e a e a t t l e s O as t s h e e ts r l a ia s t b s o e i t l t a i s t l — ies paper subdivisions cash items and capital United States and possessions. 133,791,604 45,379,380 18,151,504 15,668,312 £12,111,747 88,412,224 77,160,671 5,689,158 5,562,395 35,164,357 1,200,133 825,394 170,981,488 United States. . 133,081,063 45,098,841 18,028,262 15,590,625 12,032,101 87,982,222 76,774,148 5,667,774 5,540,300 35,000,332 1,191,520 778,612 70,051,527 Possessions 710,541 280,539 123,242 77,687 79,646 430,002 386,523 21,384 22,095 164,025 8,613 46,782 929,961 State Alabama 927,687 339,128 125,726 82,313 133,194 588,559 478,823 86,719 23,017 304,623 9,267 3,885 1,245,462 Arizona 346,196 162,604 57,595 54,844 51,012 183,592 155,204 15,003 13,385 84,934 4,510 2,229 437,869 Arkansas 555,059 175,720 43,906 45,009 87,212 379,339 316,450 51,365 11,524 206,010 3,664 754 765,487 California 10,999,764 4,674,606 1,598,315 2,269,367 866,655 6,325,158 5,601,253 561,412 162,493 2,600,314 117,081 63,369 13,780,528 Colorado 802,760 249,282 81,599 54,095 114,475 553,478 502,558 29,817 21,103 295,956 3,275 3,088 1,105,079 Connecticut 2,596,968 704,242 134,239 456,913 119,558 1,892,726 1,581,014 81,144 230,568 391,232 23,568 15,840 3,027,608 Delaware 451,372 137,227 46,719 59,313 31.491 314,145 220,338 18,348 75,459 102,171 4,354 911 558,808 District of Columbia 802,456 263,214 99,198 88,447 76,458 539,242 496,313 4,086 38,843 273,624 16,128 2,375 1,094,583 Florida 1,330,763 327,649 146,238 68,598 114,755 1,003,114 897,696 82,125 23,293 429,449 17,069 4,166 1,781,447 Georgia 1,261,352 588,406 239,922 130,889 220,109 672,946 599,466 51,471 22,009 446,295 13,977 4,366 1,725,990 Idaho 339,238 109,065 31,825 34,238 43,727 230,173 220,448 8,118 1,607 84,340 2,829 251 426,658 Illinois 9,203,915 2.658,777 1,625,200 394,092 660,300 6,545,138 5,750,654 462,265 332,219 2,907,693 49,495 38,592 12,199,695 Indiana 2,452,413 681,135 191,881 286,499 207,724 1,771,278 1.595,641 106,161 69,476 690,498 17,411 5,292 3,165,614 Iowa 1,873,729 544,764 129,833 188,413 228,794 1,328,965 1,145,011 141,661 42,293 488,040 10,910 2,090 2,374,769 Kansas 1,210,448 371,364 100,877 74,556 196,616 839,084 728,149 77,412 33,523 403,995 6,356 2,069 1,622,868 Kentucky 1,197,350 428,780 135,216 134,325 161,666 768,570 692,910 37,047 38,613 339,716 7,657 1,731 1,546,454 Louisiana 1,205,974 355,144 161,885 76,422 120,111 850,830 713,843 122,091 14,896 432,957 12,001 7,344 1,658,276 Maine 654,221 187,765 54,868 89,230 44,501 466,456 394,514 16,272 55,670 100,335 4,522 1,327 760,405 Maryland 1,674,981 423,698 112,959 181,801 130,731 1,251,283 1,127,622 25,835 97,826 382,509 14,161 11,907 2,083,558 Massachusetts 6,778,200 2,207,106 747,048 1,137.023 348,856 4,571,094 4,005,129 96,088 469,877 1,035,166 52,190 49,782 7,915,338 Michigan 4,121,572 1,273,493 335,250 593,987 347,989 2,848,079 2,483,514 231,847 132,718 1,016,835 29,721 12,193 5,180,321 Minnesota 2,407,219 780,056 279,650 247,732 258,615 1,627,163 1,416,704 101,990 108,469 674,449 15,039 7,220 3,103,927 Mississippi 586,301 171,720 49,870 47,638 75,080 414,581 299,930 107,778 6,873 189,724 5,141 752 781,918 Missouri 3,084,737 1,251,222 530,085 343,791 383,230 1,833,515 1,597,592 124,098 111,825 1,078,962 22,245 10,733 4,196,677 Montana 410,063 104,202 28,137 25,325 51,432 305,861 283,708 12,633 9,520 122,174 2,311 1,140 535,688 Nebraska 959,124 256,682 82,062 40,341 136,877 702,442 625,453 49,881 27,108 337,217 5,388 1,960 1,303,689 Nevada 138,818 54,179 10,557 28,341 15,434 84,639 75,689 8,156 794 34,862 1,008 769 175,457 New Hampshire... 530,310 189,444 35,919 127,861 25,892 340,866 270,013 17,326 53,527 63,675 3,791 356 598,132 New Jersey 4,398,153 1,171,325 293,225 600,762 289,862 3,226,828 2,655,969 262,279 308,580 809,998 54,582 16,091 5,278,824 New Mexico 211,287 91,406 29,836 24,393 37,781 119,881 108,109 10,171 1,601 76,246 1,912 325 289,770 N Ne o w rth Y C o a rk ro . l . i%na. . . . 35 1 , , 1 3 7 6 5 7 , , 0 5 6 9 9 7 12, 5 6 2 6 0 5 , , 4 3 3 0 9 0 5, 2 9 0 5 0 5 , , 4 6 7 3 2 3 4,1 1 8 1 1 9 , , 5 0 6 0 3 0 2,8 2 2 0 7 4 , , 4 2 7 4 3 4 22, 8 5 4 0 7 9 , , 1 76 5 9 8 20,2 7 8 2 4 1 , ,8 9 3 3 1 3 88 7 7 6 , , 0 8 7 7 2 5 1,3 4 3 8 7 , , 4 7 5 6 2 4 8, 4 58 3 0 9 , , 8 5 3 6 1 0 29 1 5 0 , , 2 9 5 3 9 8 38 9 8 , ,7 2 8 4 2 8 44 1 , , 4 8 3 2 9 7 , , 9 3 4 4 1 3 North Dakota 484,363 66,282 16,280 14,254 36,046 418,081 387,145 19,578 11,358 113,966 1,681 909 600,919 s Ohio 5,929,912 1,959,403 655,832 737,500 583,711 3,970,509 3,423,996 335,213 211,300 1,568,712 53,963 16,064 7,568,651 Oklahoma 1,157,929 380,757 165,633 56,175 160,290 777,172 676,004 89,126 12,042 530,687 7,814 3,072 1,699,502 Oregon 1,057,246 350,267 144,387 94,285 111,772 706,979 598,507 98,424 10,048 303,075 13,385 7,026 1,380,732 Pennsylvania 9,555,349 2,797,741 1,252,841 844,708 725,222 6,757,608 5,403,861 384,686 969,061 2,256,027 120,943 41,751 11,974,070 Rhode Island 957,921 244,327 73,967 125,406 47,390 713,594 614,341 9,369 89,884 130,825 12,694 3,831 1,105,271 South Carolina 500,128 152,999 53,290 40,406 59,823 347,129 299,882 32,673 14,574 176,815 3,301 847 681,091 South Dakota 402,754 102,276 20,257 23,709 59,227 300,478 272,800 18,470 9,208 108,827 1,987 993 514,561 Tennessee 1,419,119 562,334 217,610 113,302 235,073 856,785 717,718 112,219 26,848 474,405 16,862 4,434 1,914,820 Texas 4,294,458 1,750,686 902,984 204,123 652,165 2,543,772 2,230,842 249,396 63,534 1,963,966 56,840 9,636 6,324,900 i td U Ve ta rm h ont 3 4 1 3 8 1 , , 9 9 9 0 2 8 1 1 8 8 1 3 , , 7 0 4 2 2 0 4 2 9 1 , , 1 3 9 6 5 7 1 7 1 1 9 , , 7 6 9 5 3 5 6 4 2 1 , , 9 3 3 6 9 0 2 1 4 3 8 7 , , 8 2 8 5 8 0 2 1 2 0 9 6 , , 9 6 0 1 2 9 1 1 3 5, , 0 4 1 3 5 0 1 3 7 , , 9 2 7 0 1 1 1 4 2 2 0 , , 6 8 2 3 3 6 3 3 , , 4 7 9 2 3 7 4 8 5 9 7 5 3 5 6 5 5 7 , , 7 1 9 3 9 2 Virginia 1,421,602 632,298 177,041 228,452 229,851 789,304 705,842 47,510 35,952 419,768 18,742 4,370 1,864,482 Washington 1,676,849 619,498 272,793 209,256 140,451 1,057,351 902,923 123,821 30,607 474,449 11,086 4,388 2,166,772 West Virginia 764,945 255,982 56,685 116,725 84,342 508,963 461,757 28,560 18,646 237,200 8,465 1,860 1,012,470 Wisconsin 2,479,130 682,591 237,984 288,621 162,385 1,796,539 1,590,772 117,937 87,830 592,990 17,594 6,945 3,096,659 Wyoming 173,362 57,494 14,371 15,134 28,200 115,868 104,756 7,801 3,311 60,771 1,183 197 235,513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1948— Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS ? [Amounts in thousands of dollars] Deposits Total Interbank G an o S d v U a e v . r P i n n o m S g s s t e . a n l t s S u p t b a o d t l i e i v s t i i s c a i a n o l d ns a c n h C d e e c r k o t s i f f , f i i e e c d e t r c s . ' In D d e i m v an i a d d n u d a c l o s r , p p o a ra rt t n i T o e i n r m s sh e ips d d e e T m p o o t a a s n i l t d s de T t p i o m o t s a e i l ts B a l o i n a r d b r o i o l w i t t h i i n e e s g r s a c c T a c o p o i t u t a n a l l ts N ba u n o m k f s b e 2 r United States and possessions.. 157,176,754 11,449,538 2,255,604 ,510,479 2,057,305 79,722,443 53,181,385 102,437,740 54,739,014 1,488,839 12,315,895 14,772 United States.. 156,352,518 11,435,773 2,185,750 ;, 364,680 2,041,760 79,453,131 52,871,424 102,001,719 54,350,799 1,457,644 12,241,365 14,719 Possessions 824,236 13,765 69,854 145,799 15,545 269,312 309,961 436,021 388,215 31,195 74,530 53 State Alabama 1,159,874 53,720 14,284 115,867 6,798 713,927 255,278 902,501 257,373 5,671 79,917 222 Arizona 413,945 4,274 4,515 53,893 6,114 248,876 96,273 317,191 96,754 3,712 20,212 11 Arkansas 716,025 40.753 7,861 67,686 3,345 501,771 94,609 620,662 95,363 1,477 47,985 229 California 12,944,510 415,075 163,713 838,907 215,977 5,934,264 5,376,574 7,270,681 5,673,829 127,764 708,254 202 Colorado . 1,037,649 70,840 13,820 45,056 9,200 679,870 218,863 815,753 221,896 3,641 63,789 146 Connecticut 2,740,119 37,311 28,182 74,942 27,021 860,181 1,712,482 1,025,172 1,714,947 14,120 273,369 188 Delaware 494,285 4,813 26,573 21,940 5,200 289,937 145,822 341,499 152,786 2,615 61,908 41 District of Columbia. . . 1,019,385 47,257 24,150 123 17,398 713,963 216,494 801,366 218,019 7,441 67,757 19 Florida 1,670,897 109,360 20,591 187,469 13,657 1,027,761 312,059 1,317,450 353,447 6,150 104,400 186 Georgia 1,597,737 143,429 22,961 122,973 7,589 980,465 320,320 1,274,215 323,522 15,997 112,256 387 Idaho 406,352 4,772 5,430 49,837 3,066 250,596 92,651 312,971 93,381 1,052 19,254 48 Illinois 11,393,275 1,170,075 186,280 721,783 97,838 6,423,098 2,794,201 8,424,006 2,969,269 74,910 731,510 886 Indiana 2,976,925 100,079 50,114 292,856 34,662 1,602,567 896,647 2,074,702 902,223 9,066 179,623 492 Iowa 2,239,633 107,191 54,563 201,285 18,154 1,323,342 535,098 1,700,813 538,820 2,477 132,659 664 Kansas 1,528,659 84,167 24,664 205,158 12,013 1,046,398 156,259 1,369,116 159,543 3,062 91,147 609 Kentucky 1,432,875 119,233 22,573 101,721 40,010 930,787 218,551 1,212,417 220,458 6,710 106,869 386 Louisiana 1,563,292 160,222 18,265 205,875 9,988 892,913 276,029 1,280,754 282,538 9,418 85,566 161 Maine 685,682 8,036 6,569 19,082 4,114 210,594 437,287 245,745 439,937 2,874 71,849 96 Maryland 1,911,400 98,896 23,952 100,380 9,026 852,500 826,646 1,079,604 831,796 9,344 162,814 175 Massachusetts.. 7,089,499 324,740 67,711 132,123 60,526 2,505,129 3,999,270 3,084,854 4,004,645 89,480 736,359 379 Michigan 4,868,757 153,945 108,688 217,185 53,661 2,202,519 2,132,759 2,725,468 2,143,289 24,307 287,257 448 Minnesota 2,904,608 296,193 40,338 228,719 30,959 1,297,910 1,010,489 1,885,436 1,019,172 13,888 185,431 682 Mississippi.... 733,813 43,802 8,381 105,702 2,208 439,722 133,998 599,040 134,773 1,692 46,413 206 Missouri 3,925,227 654,347 57,863 245,335 22,498 2,288,916 656,268 3,260,919 664,308 17,103 254,347 600 Montana 510,736 18,691 6,871 59,504 5,349 326,125 94,196 415,694 95,042 1.165 23,787 112 Nebraska 1,227,059 144,356 21,461 53,971 8,162 859,881 139,228 1,087,686 139,373 5,006 71,624 416 Nevada , 165,411 1,155 2,126 18,454 2,356 87,956 53,364 109,201 56,210 1,664 8,382 8 New Hampshire. 534,453 7,020 4,705 10,604 4,339 118,200 389,585 144,257 390,196 1,956 61,723 109 New Jersey 4,876,890 41,070 65,410 280,409 59,086 1,897,159 2,533,756 2,327,281 2,549,609 24,293 377,641 366 New Mexico... . 275,578 6,926 5,100 44,256 4,304 175,924 39,068 234,457 41,121 511 13,681 48 New York 39,786,328 4,465,115 448,641 809,753 838,646 19,093,167 14,131,006 25,327,500 14,458 828 747,301 3,906,312 782 North Carolina. . 1,700,157 159,630 28,899 221,355 22,818 924,304 343,151 1,346,009 354,148 16,385 110,801 227 North Dakota. . 569,960 13,228 6,876 88,230 2,639 347,179 111,808 415,618 154,342 1,926 29,033 151 Ohio 7,072,589 268,767 128,606 448,153 79,735 3,461,233 2,686,095 4,246,093 2,826,496 36,018 460,044 669 Oklahoma- . . 1,591,165 159,117 22,033 194,701 23,718 1,080,971 110,625 1,473,281 117,884 5,844 102,493 386 Oregon 1,298,491 31,329 15,496 72,227 18,556 769,481 391,402 900,465 398,026 7,982 74,259 72 Pennsylvania. . . 10,746,396 585,521 161,413 372,631 84,933 5,534,893 4,007,005 6,592,417 4,153,979 73,848 1,153,826 1,001 Rhode Island. . . 997,408 10,401 13,687 28,705 7,908 361,134 575,573 420,844 576,564 12,372 95,491 29 South Carolina. 640,986 16,034 12,543 72,696 6,018 445,516 88,179 550,854 90,132 3,056 37,049 149 South Dakota. . 488,590 10,382 10,093 47,321 3,224 335,554 82,016 403,629 84,961 1,272 24,699 170 Tennessee 1,789,466 192,463 23,505 176,839 12,479 972,215 411,965 1,366,550 422,916 8,439 116,915 296 Texas 5,947,033 661,607 68,590 513,505 56,221 4,149,161 497,949 5,361,035 585,998 20,477 357,390 897 Utah 523,623 33,814 4,021 34,524 3,411 273,998 173,855 348,884 174,739 1,925 31,584 59 Vermont........ 328,356 1,521 2,052 6,505 2,818 80,127 235,333 91,142 237,214 2,394 35,049 77 Virginia 1,715,622 107,642 29,882 94,572 20,138 910,622 552,766 1,131,542 584,080 12,112 136,748 315 Washington. . 2,045,627 73,574 28,007 137,953 19,376 1,065,915 720,802 1,321,770 723,857 7,148 113,997 123 West Virginia. 934,390 33,595 16,444 60,004 11,046 547,224 266,077 665,237 269,153 4,050 74,030 182 Wisconsin. .. . 2,910,292 132,843 54,033 142,141 31,370 1,273,179 1,276,726 1,602,213 1,308,079 6,078 180,289 557 Wyoming. . . . 221,489 7,442 3,215 19,770 2,088 144,007 44,967 175,725 45,764 451 13,573 55 1 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 Includes 12 banks for which asset and liability data are not available* 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 Class of bank loans in- securities Direct of and and clud- Agn- Keal Con- StatesOther call date i m nv e e n s t t s - Total* o m i p n a e g r n - - t c a u u P r l - - b T ro o k- To l t o e a a s t - n e s s l u o m an e s rO lo t a h n e s r Total Total C c e a r t t e if s i- G a u n a - r- p a i o c n l a d it l - s r e it c i u es ket ers oth- Bills of in- Notes Bonds teed subpa- and ers debt- diviper' deal- ed- sions ers ness All insured commercial banks: 1941 Dec. 31 49,290 21,259 9 2141,450 614 662 4 773 4 545 28,031 21,046 988 3,159 12 7974,102 3,651 3 333 1943—Dec! 31!! 83',507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230^6562,501 3^87 2^696 1944—Dec. 30.. 103,382 21,352 7,9201,723 2,2692,2654,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,422 2,733 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,873 3,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—June 30.. 110,682 33,250 14,765 1,549 1,517 1,278 8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505 144,8263,471 Dec. 31., 114,274 37,583 18,012 1,610 823 1,1909,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,8341,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Member banks, totals 1941—Dec 31 43 52118,021 8,671 972 594 598 3,494 3, >92 25,500 19,539 971 3,007 11,7293,832 3 0902,871 1943—Dec. 31.. 74^258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,90627,265 2,3452^7292,294 1944—Dec. 30.. 91,569 18,676 7,531 1,198 2,2492,1083,209 1,505 87772,893 67,685 3,74813,98214,12734,927 902 2,8572,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,27516,98514,27144,792 163,254 2,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,602 46,219 113,548 3,077 1947—June 30.. 94,802 28,655 13,820 972 1,507 1,154 6,2403,998 965 66,146 59,198 773 7,544 4,36946,502 103,982 2,966 Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,1993,105 1948—Apr. 12.. 95,896 33,062 62,834 55,364 4,4523,018 June 30.. 95,449 33,871 io\734 1,171 '9567^7775,249 1,040 61,578 54,139 2 488 7,597 * 4", 10440,242 *"*8 4,4363,003 New York City:* 1941 T)PC 31 12,896 4,072 2,807 8 412 169 123 554 8 823 7,265 311 1 623 3 6521 679 729 830 1 X^ 9 T 4 X 3— J D L>/ e \^V c « . a 3 »J 1 i • . . • 19!994 4,428 2,515 24 1,054 323 107 252 153 15,'566 14,563 1,328 3,409 1^829 7!014 '984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 291 13,784 12,571 137 1,103 775 10-, 555 1 631 582 Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1948—Apr. 12.. 19,547 7,169 12,378 11,129 721 528 June 30 19,019 7,550 5!275 963 250 1.61 616 37211,469 10,358 693 983 520 8,162 583 528 Chicago:* 1941—Dec. 31.. 2,760 054 732 6 48 52 22 9> 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30.. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5 931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—June 30.. 4,802 1,565 1,178 1 100 84 42 130 29 3,237 2,890 106 368 132 2,284 ..... 175 173 Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 ..... 213 185 1948—Apr. 12.. 4,681 1,663 3,018 2,620 223 174 June 30.. 4,742 L.714 1,357 2 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 1,527 512 8,243 6,467 295 751 4,248 1 173 956 820 1943—Dec! 31"!! 27^521 6! 201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 '749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30.. 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Apr. 12. 34,969 13 352 21,617 19,234 1 3431,039 June 30.'. 35,065 13,373 6,823 260 126 428 3,333 2,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,'4461,024 Country banks: 1941—Dec. 31.. 12 518 5,890 1,676 659 20 183 1 823 1 >30 6,628 4,377 110 481 2,926 861 1,222 1,028 1943—Dec. 31.. 22^188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 l',230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—-June 30.. 35,057 9,102 2,744 774 26 244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696 51,813 1,250 Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Apr. 12.. 36,699 10,877 25,822 22,381 2,165 1,277 June 30.. 36,623 11,234 3,279 "979 "22 "2044! 236 "267 25,389 21,892 552 3,121 1,868 16,345 52,223 1,275 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—June 30.. 15,896 4,597 945 576 11 125 1,963 895 82 11,299 9,949 62 1,897 972 7,013 4 845 505 Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30.. 16,360 5,504 1,101 735 12 121 2,328 1,163 79 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. 1 Central reserve city banks. 1388 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 <ieposits Cla c s a s l a l o n d d f a b te ank F s B s w e e R R e a d r r i n v e e e t v - h - k e r e s s al v C a i a n u s l h t m b a w B a n d e n i c a o s t k l e - t h - i s s c 4 j p m u D o a d s a d t s e e n e i - - - t d d s 6 m D e I s n d o t e - i t c e p 8 r o b s a F i e t n i o s g k r n - U m G er . o e n S v n - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h a O c f e e e n e i t f e c r r c d f d k i t s . - i ' s - , p a v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - l - , r r s - - , I b n a t n er k - P U m G S i e a n o r a . n e o s g n v S n d v t s - - a t - . l v p s S i a u i s o t c n i a b l a o i d t d l t n e - i s s - p v a i a n s p t I d h r i d n o u o t i d r n p n a c a i e s o l s - - s , r r , - - r B in o o w g r s - - c C o a t a u a c p l n - i t - s All insured commercial banks: 1941—Dec 31.. 12,396 11,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1943—Dec. 31.. 12,834 11,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 11,622 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 1,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—June 30.. 16,039 :1,804 8,498 80,869 9,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 M45 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 J.063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Member banks total: 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 11994431——DDeecc. . 3311.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30.. 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 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 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—June 30.. 16,040 1,409 5,521 69,595 9,612 1,369 1,095 5,376 1,976 67,933 60 106 649 27,259 50 8,315 Dec. 31.. 17,797 L.672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Apr. 12.. 16,750 1,563 5,375 69,781 9,133 1,375 2,115 5,570 1,755 68,093 42 102 872 27,616 235 8,610 June 30.. 17,356 L,606 5,419 70,051 9,433 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 3,595 607 866 319 450 11,282 6 29 778 1,648 1943—Dec. 31.. 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "*29 1,862 1944—Dec. 30.. 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 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 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—June 30.. 4,166 123 50 16,494 2,898 1,228 179 260 915 17,202 22 14 17 1,407 1 2,234 Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Apr. 12.. 4,481 141 46 15,701 2,776 1,220 375 232 725 16,345 10 14 54 1.460 119 2,268 June 30.. 4,883 122 46 15,592 2,830 1,183 333 272 748 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. 3i 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 I I 9 9 4 4 7 5 — ,— T p uecn%e 3 3 0 1 _ 9 9 2 7 8 3 2 3 9 6 1 1 7 6 2 2 3 3 , , 3 42 5 7 6 1 1, , 0 1 5 3 6 0 2 2 4 4 1 18 5 1 2 3 2 0 2 4 8 5 4 5 7 3 3 , , 4 4 9 1 5 7 2 2 4 6 8 8 2 6 3 4 4 41 0 6 4 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 June 30.. 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 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1943-^Dec. 31 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 I944—Dec. 30 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec 31.'. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—June 30.. 6,274 470 1,864 24,166 4,773 109 311 2,301 554 23,934 21 41 319 10,888 11 2,796 Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Apr. 12.. 6,403 511 1,791 24,182 4,539 124 793 2,314 524 24,123 17 40 455 10,792 60 2.869 June 30.. 6,462 521 1,852 24,316 4,751 140 728 2,442 562 24,198 18 42 496 10,771 3 2,870 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 Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Apr. 12.. 4,815 884 3,391 26,466 814 8 844 2,772 468 24,136 15 46 354 14,456 55 3,048 June 30.. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 14 49 364 14,473 24 3,056 Insured nonmember 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 I944—Dec 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 t,022 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—june 30 395 2,979 11,274 194 3 152 1,119 135 10,144 4 5 122 6,361 10 1,245 Dec 31 473 3,466 12,223 258 4 149 1 188 158 11,019 4 6 132 6,420 7 1,271 1948—June 30 457 2,820 11,368 195 4 207 1,259 147 10,083 4 6 149 6,457 10 1,333 4 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. 1 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. NOVEMBER 1948 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Tocai mer- Date or month in lo a v n a e n d s s t- Total1 i t c n r i i d a a u l l , s , - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e ^o to ans Other Total C ti e fi r - - O se th c e u r ments and loans :>anks cates rities t a c u g u r r l a - i- l G U t l i o i o o . g b S v n a - . - s t. O c t s u t i e h e r - s i e - r G t l U i o i o o g . b S v n a - . - s t. O c t s u t i e h e r - s e i- r Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2 Total— Leading Cities 1947—September... 64,343 21,371 12,757 573 444 501 4753 199 224 3 19842 972 38 689 791 4 133 2 686 31,0794,283 1948—May 63 708 ?3 4?1 14 718 502 401 279 4793 777 227 3 59.339 787 35 560 2,315 3 835 7 41 S 76 Q9S4 ??7 June 6? QQ3 7.3 646 14,773 580 466 278 497 3 787 208 ,3655 39 347 .35 134 1,995 4 814 7 400 75 975 4 713 July 6? ,930 ?3 917 14 469 547 489 272 503 3 847 293 3 744 39 013 34 709 1,848 4 478 ? 449 ?s Q344 304 August 63 ?11 74 013 14 790 291 467 251 500 3 891 284 3 781 39 198 .34 877 2,222 4 775 7 546 ?s 879 4 376 September.. . 63,033 24,472 15,088 448 400 235 4903 944 265 3 84638,561 34,118 1,969 4 060 2 582 25 5074,443 Aug. 4 63 168 73,804 14,627 271 510 256 5033 873 242 3 76439,364 35,023 2,303 4 290 2 5.39 75 8914 341 Aug. 11.. 63 034 74 03.3 14 813 341 452 250 502 3 887 250 3 780 .39 001 .34 660 2,081 4 708 7 54? ?S 879 4 341 Aug 18 63,3OQ ?4 0Q0 14 87? 217 464 250 500 3 894 346 3 789 30 30Q 34 904 2,318 4 718 ? 554 ?s 814 4 40 S Aug. 25 63 ?41 74 17? 14,847 336 441 249 493 3 910 299 3 790 .39 119 34 707 2,186 4 187 7 551 75 783 4 417 Sept. 1 63 ?31 ?4 0O.S 14,887 336 407 243 494 3 97,0 239 3 813 .39 136 34 714 2,148 4 164 7 600 7.S 80? 4 4?? Sept 8 63,291 74 ??3 14 931 384 379 242 486 3 93.3 282 3 8.3039 068 34 657 2,084 4 181 7 608 ?S 779 4 4-16 Sept. 15 63 718 74 499 15,183 405 388 234 492 3 951 241 3 850 .39 719 .34 744 2,488 4 174 7 670 75 41? 4 47S Sept. 22 63 0?0 74 643 1S 701 525 376 229 486 3 957 246 3 867 38 .377 33 971 1,980 4 037 ? 59? ?S 31? 4 4S6 Sept. 29 61 90S 74,899 15 7,39 592 451 225 492 3 961 315 3 870 37,006 .37 559 1,142 3 745 7 447 75 7.304 447 Oct. 6 6? 174 74,531 15,311 269 410 225 489 3 970 239 3 866 ,37 64.3 3.3 2,35 1,827 4 475 1 718 75 7,154 408 Oct. 13 62,114 24,714 15,458 309 464 220 4873 989 171 3 86537,400 33,022 1,698 4 456 1 717 25 1514 378 Oct. 20 62,296 24,539 15,374 194 414 216 4854 002 224 3 87737,757 33,416 2,257 4 444 1 683 25 0324 341 Oct. 27 6?,441 74 63S 1S410 213 439 209 4904 010 226 3 88637 806 33 576 2,503 4 389 1 678 ?4 9S64 ?80 New York City 1947—September.. . 20,031 6,566 4,525 490 311 91 185 102 170 692 13,465 12,173 255 712 747 10 459 1 292 1948—May 19,068 7,110 5,067 445 291 47 184 129 180 76711,958 10,872 1,085 876 556 8 355 1 086 June 18 86S 7,314 5,117 521 345 45 195 143 173 79311,551 10,476 855 1 069 545 8 007 07 5 July 18,648 7 41? S 190 479 363 45 200 158 236 876 11 736 10 108 771 89? SOQ 7 Q36 178 August 18 6?1 7 785 5,336 249 325 34 199 171 235 871 11,3,36 10,184 1,040 871 499 7 874 157 September.. . 18,541 7,503 5,464 389 280 29 192 184 221 83011,038 9,835 877 769 520 7 669 203 Aug. 4 .... 18,6S9 7 144 ,S755 227 349 34 201 165 179 81911,515 10,384 1,142 846 575 7 871 131 Aug. 11 18,S1? 7 313 S 3S8 297 320 35 201 170 191 876 11 199 10 069 916 874 487 7 84? 130 Aug. 18 18 636 7, 376 5 376 181 319 33 199 173 307 87? 11,310 10 137 1,042 807 485 7 808 173 Aug. 25 18,677 7 3S8 S 3SS 293 311 33 195 175 262 819 11 319 10 144 1,061 813 496 7 774 17S Sept. 1 18 617 7 788 5,.367 289 283 32 195 176 209 87? 11,379 10 157 1,057 806 57,1 7 773 177 Sept, 8 .. 18,S?0 7 36? 5 394 334 267 31 191 187 223 8?6 11 158 9 987 908 80? S09 7 768 171 Sept 15 18,878 7 5? 3 s S43 354 272 27 194 185 203 831 11 3SS 10 17? 1,173 794 554 7 601 733 Sept. 22 18 S61 7 546 5,489 453 266 27 188 188 187 834 11 015 9 793 848 804 5.38 7 603 1 ??,?, Sept. 29 . 18,1?7 7 794 S S77 515 313 27 193 187 282 835 10 33,3 9 115 401 638 476 7 600 1 718 Oct. 6 18,259 7,478 5,585 232 290 27 192 191 215 832 10,781 9,613 853 867 291 7 602 1 168 Oct 13 18,037 7 S33 S663 254 329 26 193 197 126 831 10 S04 9 .364 665 8?4 793 7 58? 1 140 Oct. 20 18,197 7,393 5,585 169 299 28 190 205 185 81810,804 9,690 1,024 865 294 7.507 1 114 Oct. 27 18,30? 7 447 5 601 173 327 26 197 704 185 87010 855 9 799 1,198 846 786 7 4691 0S6 Outside New York City 1947—September... 44,312 14,805 8,232 83 133 410 2903,097 54 2,50629,507 26,516 536 3,421 1,939 20,6202 991 1948—May 44,140 16,311 9,1S1 57 110 232 2953 593 47 ? 8?6?7,8?9 ?4,688 1,230 ? 959 1 8S9 18 640 141 June 44,1?8 16 33? 9 106 59 121 233 302 3 644 35 ? 86? ?7 796 ?4,658 1,140 3 745 1 855 17 918 3 138 July 44,282 16,505 9,279 68 126 227 3033,684 57 2,91827,777 24,601 1,077 3,586 1,940 17,9983,176 August 44,590 16,778 9,4S4 42 142 217 3013 770 49 ? 960?7,86? ?4,638 1,182 3,404 ?,047 18,00S ??4 September... 44,492 16,969 9,624 59 120 206 2983,760 44 3,01627,523 24,283 1,092 3,291 2,062 17,8383,240 Aug. 4 44,509 16,660 9,372 44 161 222 3023,708 63 2,94527,849 24,639 1,161 3,444 2,014 18,0203,210 Aug. 11 44 S?? 16 770 9 45.5 44 132 215 301.3717 59 7 95477 80? 74 591 1,165 3 384 ? OSS 17 987 3 711 Aug. 18 44,763 16 764 9 496 36 145 217 301 3 771 39 7 967 ?7,999 ?4,767 1,276 3 416 ?,069 18 006 3 73? Aug. 25 44,S64 16 764 9 49? 43 130 216 298 3 73 S 37 ? 971 77,800 74 558 1,125 3 369 ?,oss 18 009 3,74? Sept, 1. 44,614 16,807 9 5?0 47 124 211 299 3 744 30 ? 991 77 807 74, 5571,091 3 358 ?,079 18 0?9 3 ^SO Sept. 8 44,771 16,861 9,537 50 112 211 2953,751 59 3,00427,910 24,665 1,176 3,379 2,099 18,0113,245 Sept. 15 44,840 16,976 9,640 51 116 207 2983,766 38 3,01927,864 24,622 1,315 3,380 2,116 17,8113,242 Sept. 22 44,459 17,097 9,712 72 110 202 2983,769 59 3,03327,362 24,128 1,132 3,233 2,054 17,7093,234 Sept. 29 43,778 17,105 9,712 77 138 198 2993,774 33 3,03526,673 23,444 741 3,107 1,966 17,6303,229 Oct. 6 43,915 17,053 9,726 37 120 198 2973,779 24 3,03426,862 23,622 974 3,608 1,427 17,6133,240 Oct. 13 44,077 17,181 9,795 55 135 194 2943,792 45 3,03426,896 23,658 1,033 3,632 1,424 17,5693,238 Oct. 20 44,099 17,146 9,789 25 115 188 2953,797 39 3,05926,953 23,726 1,233 3,579 1,389 17,5253,227 Oct. 27 44,139 17,188 9,809 40 112 183 2933,806 41 3,06626,951 23,727 1,305 3,543 1,392 17,4873,224 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. 1390 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 m b a w a n d e o n i c s t - e k h ti s s c j p m u o a d s a e t d s e n - i - d t d s 5 s p p u n v 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 s a i t i o u c i a o n v b l a t n i d - i e l t - s - s c C c O h a f e e e i t e n f c e r r f c d . i t s d k - i ' - s, U m G er . o e n v n S - - t . s p p u n h v c a o a a o e n i i r d p r l r r d a s t - - s - - , - , S p s d s a i t i o u i c o a n v b l a t n i d - i e l t - s - s P U m G S e i a o n r a . n o e s n g v n d v t S - s a - t - . l m D t D e i o s c - e - man F ei d o g r n - Time r B i o n o w g r s - - i c C o i a a t u c a p - n - l ts B d i e t a s b n - ^ k tions tions Total- Leading Cities 1947—September 12,257 809 2,370 47,276 47,460 3,056 1,393 931 14,134 333 9,6961,431 203 5,783 81,583 1948—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 2,33146,792 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 ,202 14,352 535 8,9201,371 230 5,908 91.583 August. . . 13,072 778 2,226 46,82246,881 3,305 ,214 ,355 14,293 544 8,8401,386 187 5,932 '86,297 September 13,624 803 2,25946,987 47,439 3,251 ,350 ,355 14,301 540 9,0341,413 165 5,949 90,989 Aug. 4... 13,013 743 2,240 46,777 46,458 3,401 ,190 ,306 14,306 538 8,8851,370 130 5,930 20,569 Aug. 11... 13,215 803 2, 706 46,967 3,274 ,262 ,387 14,308 543 8,9821,385 142 5,935 19,125 Aug. 18... 12,985 771 2,270 46,746 47,161 3,263 ,210 ,433 14,283 549 8,9141,389 249 5,928 21,618 Aug. 25... 13,073 796 2,140 47,05946,937 3,283 ,193 ,294 14,273 547 8,5801,400 225 5,936 18,839 Sept. 1... 13,099 748 2,16747,056 46,919 3,370 ,255 ,217 14,271 539 8,7771,408 107 5,953 19,717 Sept. 8... 13,200 815 2,209 46,93246,993 3,264 ,099 ,204 14,277 539 9,0941,422 178 5,956 15,451 Sept. 15...13,709 803 2 ,540 47,446 49,078 3,208 ,717 ,234 14,315 534 9,8051,420 87 5,941 22,415 Sept. 22... 13,487 813 2,259 46,838 47,263 3,171 ,399 ,416 14,322 548 8,8961,416 169 5,942 24,048 Sept. 29...14,625 833 2,12246,660 46,940 3,241 ,281 ,704 14,317 541 8,5991,396 285 5,954 -22,000 Oct. 6... 14,273 788 2,208 46,44146,491 3,202 ,122 1,59014,337 541 9,0241,407 127 5,978 22,721 Oct. 13... 14,538 886 2,31546,59348,385 3,124 ,431 1,58114,335 532 9,1271,425 284 5,973 17,710 Oct. 20... 14,585 820 2,318 46,998 47,951 3,055 ,248 1,49814,324 536 9,1261,429 121 5,970 24,696 14,687 842 2,20147,42248,019 3,182 ,361 1,45914,321 533 8,9071,406 143 5,982 22,685 Oct. 27... New York City 4,233 128 16,03816,503 210 714 232 1,371 3,0001,276 11 133 2,189 31,605 1947—September 4,469 122 15,47015,994 279 726 377 2,741 1,157 91 2,208 37,060 1948—May 4,761 122 15,48416,135 219 781 300 2,824 1,164 9 64 2,205 38,942 June 4,856 126 15,20715,813 246 718 319 2,8231,197 21 154 2,210 36,350 July 4,838 118 15,28615,761 252 569 368 2,741 1,209 28 82 2,218 32,540 August. . . 5,067 122 15,31315,932 264 669 350 1,498 2,833 1,232 28 98 2,216 36,354 September A A A A u u u u g g g g . . . . 1 2 1 4 1 5 8 . . . . . . . . . . . . 4 4 4 4 , , , , 9 8 8 8 2 1 1 0 2 0 6 5 1 1 1 1 1 1 1 2 4 5 8 4 1 1 1 1 5 5 5 5 , , , , 2 3 2 2 9 9 2 2 3 5 6 8 1 1 1 1 5 5 5 5 , , , , 7 6 8 7 9 2 2 9 3 8 7 4 2 2 2 2 4 3 7 5 6 8 0 4 5 6 5 5 1 5 5 5 7 0 5 5 3 3 3 3 6 7 4 8 7 7 2 6 1 1 1 1 , , , ,4 5 5 4 9 0 1 9 2 0 0 3 2 2 2 2 , , , , 7 7 7 6 9 6 3 6 5 5 7 8 1 1 1 1 , , , , 2 1 2 2 1 9 1 1 2 6 1 8 2 2 2 2 8 7 8 8 11 4 9 7 6 4 0 8 2 2 2 2 , , , , 2 2 2 2 1 1 2 2 7 6 0 0 8 8 6 7 , , , , 7 3 0 1 8 5 4 2 6 0 0 6 Sept. 1... 4,843 113 15,38915,831 308 572 315 1,492 2,733 1,227 28 28 2,222 7,696 Sept. 8... 4,939 126 15,26715,767 230 474 306 1,495 2,767 1,248 28 114 2,220 5,436 Sept. 15... 5,195 121 15,52316,493 269 982 322 1,497 3,174 1,235 28 32 2,218 9,107 Sept. 22... 5,004 121 15,23615,793 245 697 371 1,502 2,818 1,234 27 111 2,211 9,839 Sept. 29... 5,355 130 15,15515,778 268 620 436 1,505 2,671 1,218 28 203 2,210 9,123 Oct. 6... 5,082 124 14,98415,444 277 466 529 1,501 2,749 1,230 30 65 2,22 9,394 Oct. 13... 5,313 143 3014,91215,652 270 803 516 1,493 2,814 1,245 30 100 2,225 6,816 Oct. 20... 5,400 123 15,25815,941 268 586 469 1,484 2,838 1,244 31 22 2,221 9,652 Oct. 27... 5,375 135 15,45716,091 280 680 44 1,485 2,715 1,218 33 87 2,219 9,374 Outside New York City 1947—September 8,024 681 2,33331,23830,957 2,846 679 699 12,763 318 6,696 155 70 3,594 49,978 1948—May 7,928 666 2,20631,080 30,561 3,177 650 1,04512,831 460 5,774 158 83 3,699 51,557 June 8,122 661 2,29831,30830,838 3,223 682 88 12,836 474 5,953 165 59 3,711 55,442 July 8,133 686 2,26531,35231,018 3,087 672 883 12,820 502 6,097 174 76 3,698 55,233 August. . . 8,234 660 2,19531,536 31,120 3,053 645 98 12,795 516 6,099 177 10 3,714 '53,757 September 8,557 681 2,224 31,674 31,507 2,987 681 1,00. 12,803 513 6,201 181 67 3,733 54,635 Aug. 4... 8,203 629 2,21031,484 30,765 3,155 640 939 12,806 511 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 1,04' 12,790 521 6,149 177 159 3,712 13,572 Aug. 25... 8,268 678 2,10731,66431,110 3,029 638 95: 12,781 519 5,943 182 109 3,719 12,053 Sept. 1... 8,256 635 2,136 31,667 31,088 3,062 683 902 12,779 512 6,044 181 79 3,731 12,021 Sept. 8... 8,261 689 2,178 31,665 31,226 3,034 625 898 12,782 511 6,327 174 64 3,736 10,015 Sept. 15... 8,514 682 2,503 31,92332,585 2,939 735 912 12,818 508 6,631 185 55 3,723 13,308 Sept. 22... 8,483 692 2,220 31,602 31,470 2,926 702 1,04512,820 522 6,078 182 58 3,731 14,209 Sept. 29... 9,270 703 2,085 31,50531,162 2,973 661 1,26812,812 515 5,928 178 3,744 12,877 Oct. 6... 9,191 664 2, 166 31,45731,047 2,925 656 1,061 12,836 514 6,275 177 62 3,753 13,327 Oct. 13... 9,225 743 2, ,68132,733 2,854 628 1,065 12,842 511 6,313 180 184 3,748 10,894 Oct. 20... 9,185 697 2,274 31,74032,010 2,787 662 1,029 12,840 513 6,288 18. 99 3,749 15,044 Oct. 27... 9,312 707 2,16731,96531,928 2,902 681 1,01 12,836 510 6,19: 188 56 3,763 13,311 r Revised. cCorrected. s 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. NOVEMBER 1948 1391 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] Loansl Investments For purchasing U. S. Government obligations or carrying securities d F is e t d r e ic r t a l a R n e d s e d r a v t e e i m T n lo a v o e n a e t n d n a s t s l t s - Total1 i C t m a c t n a c u r g o i d n u i e a r r m a d u l a r l i - l , - - l s - - G a U T t l i o n i o . o o g b d v n a S - - t b s . . d r e o O a k c t l s e u t i e e h e r r r - s s e i s - r G l U t T o i i o g . o b o v a n - S - t s . o . t O h c t s e u t i e h e r r - s s e i- 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 n C t f e a e i e f e d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t h c ie e u s r - Boston Sept 29 2,782 1,111 731 14 8 13 17 131 11 203 1,671 1,530 93 211 125 1,101 141 Oct 6 .... 2,800 1,102 738 7 8 13 18 131 2 202 1,698 1,561 118 246 89 1,108 137 Oct 13 2,801 1,119 742 6 8 13 16 131 17 203 1,682 1,546 119 233 89 1,105 136 Oct. 20 2,791 1,105 743 5 8 13 17 132 1 203 1,686 1,552 123 242 85 1,102 134 Oct 27 2,815 1,110 743 2 9 13 17 132 9 202 1,705 1,572 141 237 89 1,105 133 New York* Sept 29 20,294 8,550 5,886 518 317 35 213 383 282 1,013 11,744 10,321 439 711 549 8,622 1,423 Oct 6 20,433 8,235 5,945 234 294 35 212 388 2151,010 12,198 10,823 900 947 354 8,622 1,375 Oct. 13 20,199 8,293 6,028 255 332 34 212 396 1261,008 11,906 10,562 697 902 356 8,607 1,344 Oct 20 20,356 8,146 5,945 169 303 34 209 404 185 995 12,210 10,892 1,058 945 358 8,531 1,318 Oct. 27 20,452 8,200 5,961 173 330 32 216 402 187 998 12,252 10,993 1,227 928 349 8,489 1,259 Philadelphia Sept 29 2,566 932 544 1 17 3 9 88 4 273 1,634 1,352 64 115 107 1,066 282 Oct. 6 2,563 935 548 1 19 3 9 88 1 273 1,628 1,349 65 138 80 1,066 279 Oct 13 2,560 937 550 1 16 3 9 89 4 272 1,623 1,344 69 132 75 1,068 279 Oct 20 2,560 936 548 1 16 3 9 89 6 271 1,624 1,345 85 125 70 1,065 279 Oct. 27 2,570 928 539 1 17 3 9 90 5 271 1,642 1,365 107 124 70 1,064 277 Cleveland Sept 29 4 291 1 481 915 18 11 42 22 269 1 216 2,810 2,464 119 213 154 1,978 346 Oct 6 4,302 1,480 912 14 13 42 22 271 1 218 2,822 2,477 122 236 139 1,980 345 Oct 13 4 316 1 488 923 14 11 42 21 272 1 217 2,828 2,482 123 244 140 1,975 346 Oct 20 4,294 1,482 916 12 13 41 21 272 1 219 2,812 2,466 131 243 140 1,952 346 Oct 27 4,334 1,477 914 10 12 41 21 273 1 218 2,857 2,514 178 236 146 1,954 343 Richmond Sept 29 .... 2,511 873 410 6 19 23 199 5 217 1,638 1,507 32 184 83 1,208 131 Oct 6 2,520 875 413 1 6 19 23 200 4 215 1,645 1,514 36 206 66 1,206 131 Oct 13 .... 2 543 872 415 5 17 23 200 4 214 1,671 1,540 61 207 66 1,206 131 Oct 20 2,521 873 416 5 16 23 200 4 215 1,648 1,518 46 205 59 1,208 130 Oct 27 2,533 876 417 2 6 16 23 200 4 214 1,657 1,525 55 205 60 1,205 132 Atlanta Sept 29 2,236 819 508 7 19 35 65 7 186 1,417 1,225 15 243 115 852 192 Oct 6 2,244 829 514 7 19 35 66 6 189 1,415 1,224 24 278 69 853 191 Oct 13 2,254 832 519 6 19 35 66 6 189 1,422 1,232 27 282 69 854 190 Oct 20 2,273 840 523 6 19 35 66 6 192 1,433 1,243 35 286 69 853 190 Oct 27 2,272 853 538 6 19 35 66 5 192 1,419 1,229 25 282 69 853 190 Chicago* Sept 29 8,536 2 847 1 951 35 56 29 67 334 399 5,689 5,083 129 491 494 3,969 606 Oct 6 8,510 2,778 1,933 9 34 29 67 333 398 5,732 5,114 212 570 375 3,957 618 Oct 13 8,533 2,833 1,942 29 55 29 67 333 403 5,700 5,082 184 599 373 3,926 618 Oct 20 .... 8,604 2,791 1,932 4 33 27 66 333 14 406 5,813 5,200 317 594 369 3,920 613 Oct 27 8,499 2,768 1,912 11 32 26 65 335 5 406 5,731 5,109 272 581 370 3,886 622 St. Louis Sept 29 1,993 963 574 2 6 15 13 154 4 202 1,030 888 24 109 98 657 142 Oct 6 2,030 964 574 1 6 15 13 155 4 203 1,066 925 63 143 69 650 141 Oct 13 2,075 975 584 1 6 14 13 156 4 204 1,100 959 94 147 70 648 141 Oct 20 2,081 993 598 1 6 15 13 156 6 206 1,088 948 85 147 68 648 140 Oct 27 2,091 1,007 614 1 5 13 13 156 3 209 1,084 945 83 146 67 649 139 Minneapolis Sept 29 1,193 439 257 2 7 6 61 110 754 673 45 114 59 455 81 Oct 6 1,201 435 254 2 7 6 61 109 766 685 55 138 37 455 81 Oct 13 1,209 439 264 2 7 6 61 2 101 770 689 56 141 38 454 81 Oct 20 1 191 433 251 2 7 6 62 109 758 681 43 143 36 459 77 Oct 27 1,188 434 251 2 7 5 62 110 754 677 48 139 31 459 77 Kansas City Sept 29 2,333 883 581 1 4 6 12 125 1 156 1,450 1,244 73 264 118 789 206 Oct 6 2,317 874 574 4 6 12 125 1 156 1,443 1,239 85 273 92 789 204 Oct 13 2,352 877 575 4 6 12 126 1 157 1,475 1,270 107 289 90 784 205 Oct 20 2,363 880 575 4 6 12 127 1 158 1,483 1,278 137 275 89 777 205 Oct 27 2,376 884 578 4 6 12 127 1 160 1,492 1,286 147 274 87 778 206 Dallas Sept 29 2,245 1,044 716 6 17 42 89 180 1,201 1,081 29 183 115 754 120 Oct 6 2,245 1,053 728 6 17 41 88 1 178 1,192 1,072 23 212 80 757 120 Oct 13 2,255 1,064 738 7 17 41 89 178 1,191 1,071 29 210 80 752 120 Oct. 20 2,277 1,077 748 6 16 42 89 182 1,200 1,079 35 214 77 753 121 Oct 27 2,281 1,085 753 5 15 42 89 187 1,196 1,076 30 219 76 751 120 San Francisco Sept 29 10,925 4,957 2,166 3 11 20 332,063 4 715 5,968 5,191 80 907 425 3,779 777 Oct 6 11,009 4,971 2,178 2 11 20 312,064 715 6,038 5,252 124 1,088 268 3,772 786 Oct 13 11,017 4,985 2,178 3 12 19 322,070 6 719 6,032 5,245 132 1,070 271 3,772 787 Oct 20 10,985 4,983 2,179 2 12 19 322,072 721 6,002 5,214 162 1,025 263 3,764 788 Oct 27 11,030 5,013 2,190 13 11 18 322,078 6 719 6,017 5,235 190 1,018 264 3,763 782 City of Chicago* Sept 29 5,314 1,956 1,523 35 49 23 58 72 213 3,358 2,978 70 264 370 2,274 380 Oct 6 5,326 1,892 1,505 9 30 23 58 72 212 3,434 3,042 152 350 278 2,262 392 Oct 13 . . .. 5,328 1,944 1,516 29 51 23 58 71 213 3,384 2,992 116 355 276 2,245 392 Oct 20 5,409 1,894 1,498 4 29 21 57 71 14 217 3,515 3,129 258 355 272 2,244 386 Oct 27 5,313 1,878 1,483 11 28 21 57 72 5 217 3,435 3,040 211 322 267 2,240 395 * 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. 1392 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 depc>sits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s F w e R e a e r r i e a n d t v h - l k - e s v C a i a n u s l h t m b a w a d n e i n o c s t e - k h ti s s c j p m u o a s d a t d 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 i n r d r p l r r d s a t - - - s - , - , p S s d a i s o i t c i o u n a v l a i n d b t i l t e - s - - s c C h c O a e f e e e i n t f e c r r c f d d t i s k . - i ' s - , U m G er . o e n n v S - - t . s p u p v n c h a o a o a i e n i d l p r r r r d s a - - - s t , - - , S p s d s a i o i t u i c o n a v l a b n i d t i l t - e - s - s P U m G S e i a o n r a . o n 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 C o i a t u a c a p n - l - ts B d it a e s n b < - k tions tions Boston Sept. 29 581 61 98 2,333 2,341 136 43 92 487 4 272 23 8 320 795 Oct. 6 579 59 99 2,363 2,352 138 42 67 486 1 4 287 21 7 320 882 Oct. 13 582 65 108 2,371 2,415 143 43 66 486 \ 4 291 21 18 321 652 Oct. 20 602 64 117 2,402 2,422 149 43 66 485 1 4 294 23 321 908 Oct. 27 584 62 104 2,408 2,388 171 51 63 484 1 4 287 23 2 321 890 New York* Sept. 29 5,688 176 121 16,622 17,071 511 660 487 2,357 30 21 2,738 1,221 29 215 2,404 9,662 Oct. 6 5,413 169 128 16,464 16,745 499 521 578 2,353 31 21 2,819 1,233 31 69 2,419 10,080 Oct. 13 5,641 194 128 16,393 17,033 496 846 565 2,345 25 21 2,883 1,248 31 106 2,418 7,264 Oct. 20 5,741 171 135 16,715 17,264 482 631 519 2,335 27 21 2,907 1,247 32 52 2,414 10,313 Oct. 27 5,719 183 120 16,935 17,406 517 719 495 2,336 27 21 2,782 1,221 34 91 2,412 9,957 Philadelphia Sept. 29 554 45 103 2,046 2,117 97 39 124 415 43 1 334 12 12 303 864 Oct. 6 565 43 104 2,055 2,121 81 34 102 415 44 1 346 12 19 305 834 Oct. 13. ... 535 49 105 2,041 2,187 86 25 103 415 42 1 339 12 16 305 630 Oct. 20 528 46 125 2,076 2,186 88 26 96 411 42 337 12 2 304 909 Oct. 27 554 46 107 2,093 2,194 89 28 89 410 41 1 340 12 11 304 804 Cleveland Sept. 29 881 89 143 3,009 3,072 193 52 146 1,301 55 2 448 • 5 3 2 459 1,303 Oct. 6.... 857 85 142 2,994 3,015 205 49 127 1,311 54 2 451 4 3 6 461 1,255 Oct. 13 862 92 164 3,025 3,185 196 56 127 1,311 56 1 444 4 3 29 461 989 Oct. 20.... 881 89 149 3,030 3,134 188 54 120 1,310 55 1 453 5 3 3 461 1,317 Oct. 27 853 92 155 3,082 3,169 192 50 117 1,309 54 2 428 5 3 1 461 1,212 Richmond Sept. 29 540 69 164 2,019 1,985 199 57 71 580 9 11 391 5 1 9 217 764 Oct. 6 559 66 167 2,050 2,021 200 44 56 581 10 11 410 6 1 1 217 748 Oct. 13 544 72 190 2,049 2,111 184 35 60 581 9 11 428 6 1 16 218 686 Oct. 20.... 560 68 158 2,024 2,024 186 52 57 581 9 11 423 7 1 8 218 869 Oct. 27 550 69 173 2,065 2,064 191 88 54 580 9 11 405 6 1 7 218 818 Atlanta Sept. 29 480 44 160 1,736 1,638 280 22 43 524 6 5 430 9 3 3 183 658 Oct. 6 487 42 181 1,744 1,651 272 22 33 525 6 5 466 10 2 3 184 697 Oct. 13 493 48 196 1,768 1,749 285 20 34 524 6 5 482 10 3 1 179 606 Oct. 20 474 43 185 1,760 1,673 290 26 34 525 6 4 473 10 3 184 814 Oct. 27 489 46 175 1,764 1,665 292 24 33 524 6 4 473 11 3 188 699 Chicago* Sept. 29 2,038 104 319 6,091 6,056 557 100 327 2,402 50 11 1,390 28 1 29 687 2,866 Oct. 6 2,018 100 328 6,014 5,929 562 99 306 2,408 49 11 1,461 28 1 6 689 3,044 Oct. 13 2,040 111 335 6,031 6,303 535 100 300 2,408 49 1,436 29 1 82 688 2,464 Oct. 20 1,976 105 351 6,104 6,169 529 103 296 2,410 49 11 1,431 29 1 34 688 3,497 Oct. 27 2,096 105 338 6,155 6,193 542 108 289 2,412 49 11 1,409 30 1 11 689 3,058 St. Louis Sept. 29. . . . 439 30 104 1,329 1,419 107 24 68 462 11 526 2 1 174 620 Oct. 6 446 29 130 1,331 1,426 105 20 64 463 11 593 2 2 175 661 Oct. 13 447 32 123 1,366 1,504 104 20 63 463 11 604 2 175 581 Oct. 20 436 29 123 1,359 1,481 104 22 56 463 1 1 605 2 5 175 746 Oct. 27 444 30 127 1,378 1,481 105 22 55 463 11 605 2 6 175 662 Minneapolis Sept. 29 254 14 100 845 788 176 17 36 247 338 2 3 97 461 Oct. 6 266 12 96 840 795 173 14 26 248 359 3 2 i 98 495 Oct. 13 250 14 103 854 869 158 14 25 248 347 3 2 5 97 385 Oct. 20 250 13 93 846 823 153 13 26 248 319 3 3 7 97 525 Oct. 27 255 13 94 863 818 175 14 24 248 1 314 4 2 98 436 Kansas City Sept. 29 554 32 273 1,796 1,793 228 25 73 374 4 3 753 3 6 191 771 Oct. 6 560 29 283 1,772 1,799 212 26 53 374 4 3 797 3 3 191 753 Oct. 13 553 32 289 1,815 1,913 204 26 53 374 4 3 791 3 4 191 710 Oct. 20 546 30 291 1,814 L.889 204 27 51 374 4 3 792 3 10 191 953 Oct. 27 560 32 273 1,827 1,858 212 25 55 374 4 3 791 3 4 192 833 Dallas Sept. 29 542 35 241 1,900 L ,852 195 32 55 342 65 529 4 193 648 Oct. 6 547 33 276 1,900 L.856 190 34 39 343 65 578 4 3 194 648 Oct. 13 545 37 297 1,916 L.960 189 33 40 343 65 7 595 4 195 562 Oct. 20 542 34 288 1,926 1,933 183 39 37 343 65 7 596 4 195 830 Oct. 27 558 35 272 1,928 L.900 188 38 35 343 64 7 602 4 195 705 San Francisco Sept. 29 2,074 134 296 6,934 6,808 562 210 182 4,826 268 17 450 84 3 726 r2,588 O O c c t t . . 1 6 3 2 1 , , 0 97 4 6 6 1 14 2 0 1 2 2 7 7 7 4 6 6 , , 9 9 1 6 4 4 6 7 , , 7 1 8 5 1 6 5 54 6 4 5 2 2 1 1 3 7 1 1 4 3 5 9 4 4, , 8 8 3 3 7 0 2 26 6 4 6 1 1 7 7 4 4 5 8 7 7 8 8 5 3 3 2 7 7 7 72 2 5 5 2 2 , , 6 1 2 8 4 1 Oct. 20 2,049 128 303 6,942 6,953 499 212 140 4,839 267 20 496 86 2 722 3,015 Oct. 27 2,025 129 263 6,924 6,883 508 194 150 4,838 267 20 471 87 2 ""9 729 2,611 City of Chicago* Sept. 29 1,392 38 149 3,924 3,998 276 45 178 1,225 39 1 1,021 23 25 463 1,846 Oct. 6 1,383 37 156 3,882 3,900 294 45 195 1,229 39 1 1,067 23 5 465 2,025 Oct. 13 1,400 44 154 3,856 4,141 280 44 194 1,230 39 1 l!042 23 81 463 1,553 Oct. 20 1,323 41 174 3,933 4,057 280 45 183 1,231 39 1 1,056 24 20 464 2,226 Oct. 27 1,416 38 158 3,955 4L.048 285 51 172 1,234 39 1 1,031 24 9 464 1,940 For footnotes see opposite page and preceding table. NOVEMBER 1948 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - in l g Tot A al ccept O b in i w l g l n s ban b k o B s u il g ls ht a ( R F B f c o e e c a r d s o n e e u o k r r w n v s a t e l n ) Others I U m S i n t n p a i t o t t o e e r s d ts E U S x fr n t p o a i o m t t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d o e s d i t n o 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—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—January 290 262 188 85 103 74 168 53 1 27 13 February 301 253 174 79 94 79 168 43 2 24 17 March . ... 311 241 162 70 92 79 151 48 2 23 17 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 August 309 221 122 60 62 99 143 40 1 20 17 September 305 214 120 65 55 94 136 37 1 20 20 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n n s g t a b n a d n k i s n borrowed1 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a m u t d n n e i e t n n s r g s t ' a in n a I v d c n e c t s o r t f a u m ir d n m e i t n n s g t I a n c ( c c n o a e u p t n ) it t a s l 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 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—October «606 8 257 8616 November. . »593 8 247 8617 December... 578 7 315 393 240 612 176 23 15 273 1948—January.... 8 568 8217 8 622 February. . . 8 537 8 208 8 596 March 8 550 8 229 8 592 April 8 572 8 241 8614 May 8615 8 258 8619 June 619 7 326 332 283 576 145 20 11 291 July 8 608 3 288 8577 August 3 573 3 252 3551 September... 3 570 3 238 355O 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. 1 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): July, 74; August, 54; September, 47. 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 C3lumn 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. 1394 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 m 4 p P - c o a e r o t n p i r o m m c t e h i r - e a 6 , s - l 1 a a P b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l a c e o r e a l e a x s a w n - l - n l g 2 - e m bi o 3 ll n - s t h 3 9 d c m o - c e e t f a o r b o t t n t i e i e f n t s 1 i h d - - 2 - - 3 ta i - y s x s t e a o u a b e r 5 l s e - 1938 average1. . .. 1 T 9 2 o . c 5 t i a 3 ti l es N Y C 1. e o i 6 t w r y 9 k e E 7 N r c 2 a n o i o s . t 7 r t i t a t e e h 5 h n s r e - n d r 1 W e 1 r c 3 n e S i . t s 2 o i t a e 6 e u n s r t d n hness 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1945 average .75 .44 1.00 .375 .81 1.18 1 19 9 4 4 2 1 a a v v e e r r a a g g e e 2 2 . . 6 5 1 4 2 1 . .9 0 7 7 2 2. . 5 5 8 5 3 3. . 2 1 6 9 1946 average .81 .61 1.16 .375 .82 1.16 1943 average 2.72 2.30 2.80 3.13 1947 average 1.03 .87 1.38 .604 .88 1.32 1944 average 2.59 2.11 2.68 3.02 1947—October. . . 1.06 .94 1.38 .857 .97 1.35 1 1 9 9 4 4 5 6 a a v v e e r r a a g g e e 2 2 . . 3 3 9 4 1 1 . .8 9 2 9 2 2 . . 5 4 1 3 2 2 . .8 7 5 3 November. 1.06 .94 1.38 .932 .99 1.47 1947 average 2.28 1.81 2.33 2.76 December.. 1.19 1.03 1.38 .950 1.04 1.54 1948—January. . . 1.31 1.06 1.50 .977 1.09 1.63 1944—September. 2.69 2.18 2.82 3.14 December. 2.39 1.93 2.61 2.65 February. . 1.38 1.06 1.50 .996 1.10 1.63 A M M p a a r y r i c l h 1 1 1 . . . 3 3 3 8 8 8 1 1 1 . . . 0 0 0 6 6 6 1 1 1 . . . 5 5 5 0 0 0 . . . 9 9 9 9 9 9 7 7 6 1 1 1 . . . 0 0 1 9 9 0 1 1 1 . . . 6 5 5 0 8 1 1945— J S M u e n a p e r t c e h mber. 2 2 2 . . . 4 5 5 5 0 3 2 2 1 . . .9 2 0 9 0 5 2 2 2 . . . 5 7 5 5 3 3 2 2 2 . . . 8 8 9 0 1 1 June 1.38 1.06 1.50 .998 1.09 1.49 December. 2.09 1.71 2.23 2.38 July 1.38 1.06 1.50 .997 1 10 1 56 August.... 1.44 1.13 1.63 1.053 1.15 1.65 1946—March 2.31 1.75 2.34 2.93 September. 1.56 1.19 1.63 1.090 1.18 1.69 June 2.41 1.84 2.51 2.97 October. . . 1.56 1.19 1.63 1.120 1.23 1.71 September. 2.32 1.83 2 A3 2.75 Week ending: December. 2.33 1.85 2.43 2.76 O O O O O c c c c c t t t t t . . . . . 3 2 1 9 3 0 6 2 . . . . . . . . . . . . 13^-1 % I I 1 1 1 V V 3 3 3 / / / 1 1 1 1 1 6 6 6 6 6 1 1 1 1 1 . . . . . 1 1 1 1 1 2 2 1 1 1 9 0 4 8 8 1 1 1 1 1 . . . . . 2 2 2 2 2 3 0 3 3 3 1 1 1 1 1 . . . . . 7 7 7 7 7 2 1 0 1 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 2 3 3 2 1 1 8 1 1 1 1 . . . . 8 8 7 8 2 2 7 3 2 2 2 2 . . . . 2 2 3 4 5 7 7 4 2 2 2 2 . . . . 9 8 6 6 5 0 9 1 1948—March 2.46 2.09 2.52 2.83 1 Monthly figures are averages of weekly prevailing rates. June n.59 2.10 2.71 3.03 2 The average rate on 90-day stock exchange time loans was 1.50 Sep tember 2.70 2.26 2.76 3.13 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 3 Rate on new issues offered within period. r Revised. Back figures.—See Banking and Monetary Statistics. Tables 120-121, 1 Prior to March 1939 figures were reported monthly on a basis not pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October strictly comparable with the current quarterly series. 1947, pp. 1251-1253. Back figures,—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years and Indus- Rail- Public over Aaa Aa A Baa trial road utility Number of issues. . 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1945 average 1.60 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1946 average 1.45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1947—October 1.58 2.27 2.02 2.68 2.95 2.70 2.79 2.95 3.35 2.76 3.22 2.87 November 1.72 2.36 2.18 2.75 3.02 2.77 2.85 3.01 3.44 2.84 3.30 2.93 December.... 1.86 2.39 2.35 2.86 3.12 2.86 2.94 3.16 3.52 2.92 3.42 3.02 1948—January 2.09 2.45 2.45 2.85 3.12 2.86 2.94 3.17 3.52 2.91 3.44 3.03 February 2.08 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 March 2.03 2.44 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 September 2.04 2.45 2.46 2.85 3.09 2.84 2.93 3.13 3.45 2.88 3.32 3.07 October... 2.05 2.45 2.45 2.85 3.11 2.84 2.94 3.15 3.50 2.90 3.35 3.07 Week ending: Oct. 2 2.02 2.45 2.46 2.85 3.09 2.83 2.93 3.13 3.47 2.89 3.32 3.06 Oct. 9 2.02 2.45 2.46 2.84 3.10 2.84 2.93 3.14 3.48 2.89 3.34 3.06 Oct. 16 2.06 2.45 2.44 2.84 3.10 2.83 2.94 3.14 3.49 2.89 3.35 3.06 Oct. 23 2.06 2.45 2.43 2.84 3.11 2.84 2.94 3.15 3.50 2.90 3.35 3.07 Oct. 30 2.08 2.45 2.45 2 .88 3.13 2.86 2.95 3.17 3.52 2.92 3.36 3.09 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 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. NOVEMBER 1948 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS i Bond prices Stock prices8 Corporate4 Common (index, 1935-39=100) V of o t l r u a m d e ing7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Total I M n tr d e i u d al s iu - m-g R r r o a a a i d d l e - P ut u i b li l t i y c fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e s o ) f Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1945 averasre 102 04 139 6 189 1 122 123 137 106 1,443 1$46 average 104 77 140 1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1947—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 March .. 100 78 123.1 98.5 90.7 94.5 82.2 96.3 170.1 116 122 105 93 974 April 100 84 125 7 99 4 91.4 94.9 83.5 96 7 169.9 125 131 115 96 1,467 May 101 20 127.1 99.9 92.8 96.8 87.2 95.0 171.1 130 137 123 99 1,980 June 101 23 127 8 100 2 94 4 98 2 89.8 95 6 173.4 135 143 126 101 1,406 July 100 82 126.6 99.2 94.6 99.3 89.1 95.6 170.8 132 139 125 100 1,171 August 100.73 124.4 98.3 93.2 98.1 86.9 95.0 166.9 127 134 120 97 684 September . ... 100 70 124.0 98.2 92.9 97.5 86.8 94.6 166.5 126 132 120 97 836 October 100.69 124.5 97.8 91.9 95.6 85.8 94.4 163.8 128 134 121 97 929 Week ending: Oct 2 . 100 70 124.1 97.9 92.5 96.7 86.4 94.5 165.1 123 129 117 96 ••858 Oct. 9 100.70 124.1 98.0 92.2 95.7 86.3 94.6 163.6 125 131 119 97 645 Oct 16 100 69 124.6 98.0 92.1 95.9 85.8 94.7 163.6 127 133 120 97 824 Oct. 23 100.70 124.8 97.8 91.9 95.3 85.7 94.5 163.6 129 136 121 98 1,284 Oct. 30 100.69 124.4 97.4 91.5 95.1 85.6 93.6 164.3 130 137 123 98 999 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. * Average of taxable bonds due or callable in 15 years and over. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from average yields, as computed by Standard and Poor's Corporation. 6 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. T Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp, 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d d - ) - m e ( a f i d o e g n s o r n d - t - ) ic Total S n m a p t i n a c a u d l i t - - e a F c e g i e r e e a d n s 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 e i o d n g s r o d n t - - i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 1 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 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 If 43 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— O N D Se c o e p t c v o t e e e b m m m e b b r b . e e e r r r . 1,1 8 7 7 6 1 8 0 0 3 5 5 1,0 6 5 7 2 2 7 1 9 1 1 3 1,0 6 5 7 2 2 7 1 4 1 1 3 2 1 1 7 9 0 1 7 9 1 4 85 5 9 2 4 2 9 5 7 5 9 8 0 4 3 7 1 3 1 8 7 6 0 0 5 1 1 1 8 4 8 3 4 4 9 4 5 1 1 1 1 0 6 3 3 1 5 0 4 1 1 1 1 6 0 3 3 5 1 4 0 5 2 2 ' 2 4 4 4 0 2 8 5 12 8 8 7 2 4 3 6 1 5 8 1 7 1 0 3 8 25 9 6 3 1948—January.. 541 495 495 114 16 365 323 41 46 46 2 42 3 3 February. 837 782 781 217 39 526 348 178 1 56 56 3 39 14 13 1 March. . . 1,374 1,222 1,221 630 31 560 531 29 2 152 152 1 54 97 87 10 April 936 769 768 156 50 562 432 131 2 166 166 1 114 50 50 May 652 591 591 182 35 374 293 81 61 61 8 49 4 3 1 June 954 888 888 283 21 584 436 149 66 66 3 34 29 29 July 763 679 679 118 67 494 484 10 85 85 2 68 15 15 August... 706 531 528 237 35 256 194 61 3 175 175 50 123 2 2 September 660 571 569 118 450 364 87 2 89 89 1 62 26 13 13 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 8 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. 1396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s ro t g i c r m o e s e a s d te s d 2 E p s r t o i n c m e et e a d te s d 3 Total N P e e q l w a u n i m p t m o a n n e e d n y t W ca o p rk it i a n l g Tot R al etirem B e o n n n t o d t o s e f s a n se d cur P it r i s e e t f s o e c r k red R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 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—September 441 434 244 179 65 154 154 1 9 26 October 622 612 510 388 122 33 15 18 45 24 November 561 547 425 354 71 81 74 7 22 18 December 1,078 1,063 932 800 132 93 91 2 12 26 1948—January 346 340 294 193 101 6 6 26 14 February 613 594 546 309 237 26 14 12 22 1 March 688 679 560 343 217 84 83 30 6 April 636 626 434 334 100 62 62 104 25 May 405 395 356 297 60 1 1 20 18 June 654 642 563 449 114 29 4 26 45 5 July 574 564 424 307 117 8 8 91 40 August 244 238 222 164 58 4 4 11 1 September 473 465 399 293 106 38 10 28 4 24 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937.. . . 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 . 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 4' 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 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—September.. 5 4 2 306 157 136 13 71 45 13 13 51 38 4 9 October.... 35 31 4 303 280 8 16 259 193 20 45 16 7 8 November.. 37 37 277 245 31 1 213 129 49 35 21 15 i 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 ii' 21 16 15 1 March 80 42 ""'37' 320 281 34 5 123 83 13 27 157 153 3 April 51 32 19 265 233 14 17 269 154 24 91 41 15 5 21 May 24 24 216 209 7 152 120 1 31 4 3 June 83 69 "14' 403 363 29 11 93 70 23 62 60 2 July 68 68 176 149 27 275 168 3 104 45 39 6 August 30 29 75 73 2 123 113 10 10 8 2 September.. 41 41 262 226 14 '"'23' 118 108 10 43 25 19 1 Estimates of new issues sold for cash in the United States. Revised figures for 1947 will be published in BULLETIN for December 1948. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. NOVEMBER 1948 1397 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 Profits and dividends Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e o r h n t i n n e s a p t r - - - f m e p N u a r r e r o c n o t o t n d a d s u l - - s s O g d o u b t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r e a o O i i f n 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 u b t o h o l r n e a d e - - r s n c s ic e e e e o l r l s v u a 2 - - s pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,965 189 164 241 207 109 90 199 224 187 155 202 996 85 628 1946 32,552 282 3 171 131 129 135 3 163 357 281 275 302 324 31,144 81 662 1947 3,671 437 334 417 205 198 239 354 480 345 370 293 1,786 88 841 Quarterly 1946—1 340 22 -3 -34 4 -5 20 13 65 56 63 61 82 116 20 146 2 586 67 31 22 450 26 35 74 62 66 73 81 250 20 154 3 705 96 33 43 4 40 40 41 95 77 67 77 95 312 20 149 4 3 855 97 3 62 100 444 49 3 56 124 86 79 91 66 3417 21 213 1947—i 871 126 70 94 4 49 47 51 98 89 88 96 63 421 20 177 2 866 100 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 23 283 1948—1 1,029 120 89 129 4 64 46 64 77 192 91 101 57 529 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 5 Electric power 6 Telephone 7 Year or quarter 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 x o o m m r 8 e e e inc N o e m t e l d D e i n v d i- s O re 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 x o o m m r 8 e e e inc N o e m t e l d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n t e c a c f o x o o m m r 8 e e e inc N o e m t el d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 1,992 277 200 171 1947 8,685 778 480 236 4,244 961 652 470 2,149 192 131 133 Quarterly 1946—1 1,869 39 14 56 967 303 196 107 475 84 54 43 2 1,703 -57 -45 52 919 225 151 109 497 75 53 43 3 2,047 161 128 41 931 212 143 109 502 56 44 43 4 2,008 130 191 85 998 229 157 130 519 62 49 42 1947—1 2,039 166 89 44 1,075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 2,177 184 112 38 1,024 196 135 111 555 38 27 32 4 . . .. 2,357 239 157 103 1,118 228 160 129 589 58 39 30 194g—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 285 185 56 1,118 233 156 115 627 71 48 44 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 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. 5 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). 1398 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] 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 r e r e t r b i a e c n t l s t g t- Total 2 T M r b e a a i r l s l k s u e r t y abl c i C e e n a d e t d e n p r e t s e u i b f s b o i t s - - l f ic T is r n s e o u a t e s e s u s r l y T b re o a n s d u s ry N T o o n ta m l a 2 rket s a b a U b o v . l n i e n d S g s p . s ub T l t s i a c r a n e x v o i a s i t a s n s e u n u g s r d e s y s S is p s e u c e ia s l b in d e N d t i a e e r o r e r b i n e c n t - s t g t- s g t b e t e F u c e e e u a a r u d e r r r l i a i s l i n t y t n n i - g e - - s 1941—Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.... 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 Dec 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—June 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 1947—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 Sept 252,687 250,518 158,319 12,628 22,294 11,223 112,011 60,978 54,776 4,404 31,221 2,170 46 Oct 252,460 250,300 157,920 12,607 26,008 7,131 112,011 61,157 54,860 4,517 31,223 2,161 48 1 Including amounts held by Government agencies and trust funds, which aggregated 5,481 million dollars on Sept. 30, 1948. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, Armed Forces Leave bonds, and 2H 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 OCTOBER 31, 1948 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds receivedfrom sales during tions and riod out- maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at m e o n n d t h of ss A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills l Treasury bonds—Cont. Nov. 4, 1948 804 June 15, 1951-542.2% 1,627 Fiscal year Nov. 12, 1948. 890 Sept. 15, 1951-53 2 7,986 ending: Nov. 18, 1948 901 Sept. 15, 1951-55 2. . .3 755 June—1941. . 4,314 1,492 203 67 395 148 Nov. 26, 1948 1,000 Dec. 15, 1951-53 2.2 M 1,118 1942.. 10,188 5,994 3,526 435 2,032 207 Dec. 2, 1948 1,001 Dec. 15, 1951-55. . . .2 510 1943.. 21,256 11,789 8,271 758 2,759 848 Dec. 9, 1948 1,002 Mar. 15, 1952-54. .2^ 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Dec. 16, 1948 1,101 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Dec. 23, 1948 1,001 June 15, 1952-55. .2% 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Dec. 30, 1948 1,102 Dec. 15, 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Jan. 6, 1949 1,101 June 15, 1953-55 2. . .2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Jan. 13, 1949 902 June 15, 1954-56 2.2 34 681 Jan. 20, 1949 901 Mar. 15, 1955-60 2. 2 % 2,611 1947—Oct.. . . 51,897 488 304 22 162 404 Jan. 27, 1949 901 Mar. 15, 1956-58. .2^ 1,449 Nov.... 52,008 412 263 17 131 357 Sept. 15, 1956-59 2.2% 982 Dec.. . . 52,053 487 325 24 137 434 Sept. 15, 1956-59. .2 34 3,823 1948—Jan.. . . 52,479 770 479 44 248 454 June 15, 1958-63 2.2% 919 Feb 52,793 607 367 40 201 364 Cert, of indebtedness June 15, 1959-62 3.2M 5,284 Mar.... 52,988 588 383 30 175 462 Jan. 1, 1949 iy8 2,592 Dec. 15, 1959-62 3.2 34 3,470 Apr.. . . 53,065 468 320 20 128 452 Feb. 1, 1949 1 J/g 2,189 Dec. 15, 1960-65 2.2% 1,485 May. . . 53,143 432 305 17 110 428 Mar. 1, 1949 \lA 3,553 June 15, 1962-67 3.2H 2,118 June. . . 53,274 497 341 19 136 465 J A u p n r e . 1 1 , , 1 1 9 9 4 4 9 9 \ 1 Y % % 4 1 , ,0 3 5 0 5 1 J D u e n c. e 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8 3 3 . . 2 2 ^ H 3 2 , , 7 8 6 3 1 1 J A u u l g y... 5 5 4 4, , 6 7 0 0 7 4 1,6 4 7 73 3 3 3 7 3 9 4 24 1 6 8 1,0 1 4 22 8 4 44 3 2 8 Tuly 1, 1949 li/8 5,783 Dec. 15, 1964-69 3.2}/£ 3,838 Sept.... 54,776 412 304 14 94 407 Oct. 1, 1949 \x/i 6,535 Mar. 15, 1965-70 3. 2 V6 5,197 Oct.. . . 54,860 415 305 14 96 393 Mar. 15, 1966-71 3.2^ 3,481 June 15, 1967-72 3.2^2 7,967 Maturities and amounts outstanding October 31, 1948 Sept. 15, 1967-72. .2^ 2,716 Treasury notes Dec. 15, 1967-72 3.2^ 11,689 Jan. 1, 1949 1 3,535 Year of All Series Series Series Series Apr. 1, 1950 3,596 maturity series C-D E F G Postal savings bonds 113 1948 182 182 Treasury bonds 1949 823 823 Dec. 15,1948-502 2 1950 995 995 S S D D J S M D D u e e e e e e e a n c p p c c p c . . r . . e t t t . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 4 5 5 5 4 4 5 9 9 9 0 0 0 9 9 0 - - - - - - - 5 5 5 5 5 - 5 5 1 1 1 5 2 2 2 3 2 2 2 2 . . . . . 2 3 . 2 . \ K H y Y 2 2 2 2 2 2 % 2 1 1 4 2 , 1 , 1 , 1 2 0 0 , , , , , 9 7 9 9 1 6 1 9 4 8 8 2 6 3 4 3 8 9 6 6 3 9 5 1 G P F a u V T e n a d o a a r e r t m a a i r o a l n a u l d t s H e i C r e o e a d c u n t s a s i i n s e l s g c L u u A e o r s a d it m n i . e i n 3 s . 157,9 5 20 0 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 6 5 5 7 3 4 2 6 8 9 0 1 . . 9 4 8 5 2 2 5 5 7 1 , , , , , , , , , , 1 3 0 9 5 7 4 8 6 2 1 5 9 4 6 0 6 5 0 0 9 4 1 0 3 0 4 5 5 4 435 5 2 3 2 4 5 6 1 , , , , , , , , 9 8 7 8 0 3 0 11 0 7 2 9 2 7 9 9 1 7 1 7 6 5 0 5 5 3 2 6 5 2 4 9 2 6 0 1 4 3 1 1 2 0 1 2 9 8 1 2 2 2 2 2 2 2 1 , , , , , , , 4 0 2 1 2 5 0 1 9 4 6 6 6 0 9 4 5 2 8 2 9 0 3 1 Unclassified. . -34 1 Sold on discount basis. See table on Open-Market Money Rates, p. 1395 2 Partially tax exempt. Total 54,860 2,436 32,005 3,485 16,970 3 Restricted. 4 Called for redemption on Dec. 15, 1948. NOVEMBER 1948 1399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Gross debt Held by banks Held by nonbank investors Total End of interest- Other State U. S. Governmonth s b ec e u a r r i i t n i g es Total Total m b C a e o n r m c k i s a - i l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c 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 c n i t t a r u l a s g t e P n f u u ci 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—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 July... 251,219 253,429 86,925 65,600 21,325 166,504 67,100 23,000 12,000 20,700 7,400 30,787 5,580 Aug 250,921 253,101 86,877 65,300 21,577 166,224 67,100 22,600 11,900 20,800 7,400 30,877 5,568 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 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. Total Govt. Fed- Com- Mu- Insur- Total Govt. Fed- Com- Mu- Insurout- agen- eral mer- tual ance out- agen- eral mer- tual ance End of month stand- cies Re- cial sav- com- Other End of month stand- cies Re- cial sav- com- Other ing and serve banks ings panies ing and serve banks ings panies trust Banks C1) banks trust Banks 0) banks funds funds Type of Treasury bonds security: and notes* due or callable: Total:' Within 1 year: 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—June.... 160,373 5,40221,36657,59911,52221,70542,779 1948—June 13,411 19 2,070 5,922 171 273 4,956 1948—July 159,574 5,44721,32557,75411,38821,30642,354 1948—July. . . . 13,411 19 2,056 5,948 175 270 4,943 Aug 159,146 5,44221,57757,46111,30320,89442,469 Aug 13,411 19 1,911 6,019 177 303 4,982 Treasury bills: 1-5 years: 1946—June 17,039 2 14,466 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 1,37733,415 1,876 3,046 9,890 1948—June 13,757 15 8,577 2,345 58 112 2,650 1948—June.... 46,124 318 2,63630,580 1,829 2.790 7,971 1948—July 13,266 55 7,556 2,784 34 142 2,695 1948—July 46,124 318 2,65230,701 1,816 2,730 7,907 Aug 12,838 46 7,029 2,836 35 58 2,834 Aug 46,124 318 2,77530,572 1,826 2,708 7,925 Certificates: 5-10 years: 1946—June.... 34,804 58 6,813 16,676 243 576 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—June 22,588 14 4,616 8,552 317 479 8,610 1948—June.... 10,464 314 546 6,251 506 911 1,936 1948—July 22,294 19 5,059 8,128 256 443 8,389 1948—July 10,464 314 540 6,269 508 906 1,927 Aug 22,294 24 4,958 7,920 245 502 8,645 Aug 10,464 314 539 6,277 520 915 1,899 Treasury notes: 10-20 years: 1946—June 18,261 9 1,748 11,396 227 623 4,258 1946—June.... 37,189 3,400 83 3,308 6,02612,54711,829 Dec 10,090 6 355 6,120 211 603 2,795 Dec 32,384 2,975 78 2,433 5,30311,708 9,886 1947—June.... 8,142 7 369 4,855 183 285 2,443 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 1947—Dec 54,757 4,393 834 5,003 8,60618,21117,710 1948—June 11,375 1,968 4,531 98 223 4,555 1948—June 53,838 4,685 2,921 3,922 8,63917,12916,542 1948—July 11,375 1,953 4,570 104 221 4,527 1948—July 53,838 4,685 3,463 3,905 8,59916,80916,377 Aug 11,375 1,808 4,626 106 253 4,582 Aug 53,838 4,685 4,365 3,819 8,49916,40016,070 Treasury bonds: After 20 years: 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—June... m 112,462 5,336 6,20642,14611,04720,88026,847 1948—June 1948—July. . .. 112,462 5,337 6,75742,252 10,99420,49226,630 1948—July Aug 112,462 5,336 7,78142,06110,91620,07426,294 Aug * 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. 1400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of dailystatements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) mcorric aiiu decrease {—; during period Assets y m F e i o a s r n c a t o h l r ce N r i e p e - t t s1 B p t u e u e n d x re d g - s i e - t s B ( d u + e u r ) f d p i c g l o u i e t s r t c T o e a r t u c u c n - . s 2 t t s c C o i a l n u c e g n - a t r - 2 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total B s F e D a R e e r n r e e a d v k - p l - e s o 3 si d i t S t s e c a p i p r a i e o n i l - e s s - a O s t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t g e m o s o s e r Fiscal year: 1946 43,038 63,714 -20,676 -524 +10,740 -10,460 14,238 14,708 1,006 12,993 708 470 47,78465,683 —17,899 1947 43,259 42,505 +754 -1,103 ' +555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 422 46,637 39,978 +6,659 1948 . 44,746539,326 +5,419 +2,706 —507 -5,994 +1,624 4,932 5,370 1,928 1,773 L,670 438 47,68038,727 +8,953 1947—Oct... 2,390 2,445 -55 +69 +214 -74 +155 4,107 4,498 1,393 1,437 L.668 391 2,640 2,621 +18 Nov. . 2,743 2,194 +549 +265 -127 -859 -172 3,935 4,292 1,290 1,417 1,585 357 3,345 2,530 +816 Dec... 4,246 3,224 + 1,022 -468 -80 -1,312 -838 3,097 3,454 866 968 1,621 357 4,037 3,526 +510 1948—Jan. .. 4,275 2,879 + 1,396 +259 +222 -326 +1,551 4,648 5,042 2,256 959 1,828 394 4,552 2,566 +1,986 Feb... 4,336 2,402 +1,934 -194 -101 -1,969 -330 4,318 4,664 1,571 1,434 1,658 346 4,727 2,903 +1,824 Mar.. 6,334 3,546 +2,788 -86 -53 -1,615 + 1,035 5,353 5,692 1,972 1,972 1,749 339 6,479 3,877 +2,601 Apr... 2,806 3,109 -302 +86 +226 -750 -741 4,612 5,037 1,236 2,156 1,645 425 2,969 2,965 +4 May. . 2,707 62,604 +103 +378 -144 -3 +334 4,946 5,327 1,714 2,007 1,606 381 3,334 2,871 +462 June. . 5,102 7,261 -2,159 +2,315 -226 +56 -14 4,932 5,370 1,928 1,773 L,67O 438 5,105 4,340 +765 July. . 2,236 63,698 -1,462 -178 6 +700 +1,082 + 141 5,074 5,506 1,755 2,081 1,671 433 2,404 2,765 -361 Aug.. . 2,569 2,207 +362 +10 -289 -324 -241 4,832 5,229 1,919 1,741 1,568 397 3,227 3,005 +221 Sept.. 4,589 2,915 + 1,674 -570 +9 -362 +751 5,583 6,020 1,664 2,703 1,653 437 4,713 3,275 +1,438 Oct... 2,140 2,724 -584 -144 +174 -227 -781 4,802 5,205 1,608 1,976 1,621 403 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports bycollectors of internal revenue F o is r c m al o y n e th ar "c T e r o i e p t - a ts l 1 b p W y I h l n o e i e c y t l m d h o e - m r - s e O tax th e e s r r in e n c M v t e e e e l o i r l n s u a n - u - s a e l S S ta r o e i x c c ty e i u a s - l p r S e r u c o r e p p i e l p u r t t s s y c O e r i t e h p - e ts r 7 W i h n e I i c n t l o d h d m - iv e i d O t u a t x a h l e e s r N su o a C r n r t m a d o a n r x a p d l o p r E p a ro r t x i o f c o i f e t n i s t s s s i t n a c x p O o e r m s o th f e i e t r s E a g s n t if a d t te l m E a o t n a a x i t s n x e h c c o d e e i e s s u r l e - s Fiscal year: 1946 44,276 9,392 21,493 7,725 1,714 501 3,452 9,858 8,847 4,640 7,822 91 677 7,036 1947 44 718 10,013 19,292 8,049 2,039 2,886 2,439 9,842 9,501 6,055 3,566 55 779 7 285 1948 46,362 11,436 19,735 8,301 2,396 1,929 2,565 11,534 9,464 9,852 305 18 899 7,412 1947—Oct 2,456 644 702 782 71 82 176 1,188 246 384 28 1 65 736 Nov 3,054 1,315 350 695 329 192 171 1,491 67 249 22 2 54 627 Dec 4,260 880 1,889 767 145 420 159 36 408 1,463 24 1 65 691 1948—jan 4,310 624 2,613 656 51 53 313 645 2,338 « 473 17 1 72 562 Feb 4,614 1,563 1,597 629 423 241 162 2,250 1,004 326 22 4 56 586 Mar 6,365 998 4,168 739 180 108 173 279 2,034 2,276 20 1 125 603 Apr 2,881 684 1,174 662 83 86 192 1,165 602 376 13 1 118 578 May 3,083 1,358 428 673 401 49 175 1,670 167 268 17 1 75 584 June 5,119 695 3,006 694 145 364 215 154 1,111 1,877 16 2 61 629 July 2,300 535 719 677 67 71 231 849 228 432 17 1 95 608 Aug 2,948 1,165 403 742 410 51 178 1,543 101 283 13 2 56 674 Sept 4,597 694 2,939 676 130 41 118 133 1,016 1,947 19 1 59 660 Oct . . . 2,199 537 643 768 65 32 153 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other F o is r c m al o y n e th ar Total e I d n s e t t e b o r t n - N de a f t e io n n se al t e r m V r A a a i t e n d i n t o - i - s s n ' - n I i n n a o a a f a n t n n i i e d t d - a c - r l e - a t A c u g t u o i r r l d i e - - f t u a R o n x e f d e - s s T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts ac m v c I e o n e s u n - t n - ts ts p t E u en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o p e o p i e m e g n r n i d - c itu O re t s her ation Fiscal year: 1946 . 63,714 4,722 48,870 2,871 727 -203 3,034 1,927 1,766 2,978 1,261 1,656 4,735 2,407 2,912 1947 42,505 4,958 17,279 6,442 4,415 1,229 3,050 1,361 3,772 3,235 1,785 1,509 3,009 1,577 2,476 1948 539,326 5,211 11,524 6,317 3,983 812 2,326 54,178 4,975 3,918 2,210 1,640 55,598 850 2,109 1947—Oct 2,445 157 1,154 472 141 52 55 60 354 164 24 124 168 14 101 Nov 2,194 127 936 506 150 104 42 20 311 524 274 108 160 17 20 Dec 3,224 972 996 545 218 83 53 24 333 80 119 116 153 25 441 1948—Jan 2,879 401 1,069 516 223 73 78 66 453 254 68 126 313 21 93 Feb 2,402 142 850 518 266 69 182 11 364 433 230 134 149 28 384 Mar 3,546 608 850 579 596 110 465 17 321 92 51 152 185 28 133 Apr 3,109 154 909 571 332 42 555 71 475 173 -34 150 162 7 125 May 2,604 124 933 530 249 28 388 1 352 577 106 142 101 10 43 June 57,281 1,508 930 559 432 31 23353,077 491 348 553 17453,475 349 432 July 63,698 286 6 1,155 6 772 155 -43 152 611 609 455 276 142 362 250 183 145 Aug 2,207 114 810 530 129 110 72 13 430 607 100 186 100 21 192 198 Sept 2,915 570 717 481 277 256 53 6 555 38 304 140 135 23 196 80 Oct 2,724 212 P915 482 P194 P260 46 81 P535 159 -12 132 128 18 226 67 P Preliminary 1 Net receipts are total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 2 Excess of receipts (+) or expenditures ( —). 3 Excluding items in process of collection beginning with July 1947. 4 P^or description, see Treasury Bulletin for September 1947. 5 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 6 Change in classification. 7 Including receipts^from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 1,063, 279, and 161 million dollars, respectively. NOVEMBER 1948 1401 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 l Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Corporation or agency Total Cash L c r e o e i a - v n - s m C p s t l u i o o i e p e m d s - s i , , - - U. I S m n . v e e n s ts t- L s tu t a a r r n n u e d d c s - , , u fe a n D r n d e r - d e is d - O a t s h - er t B F u a u o r n e l n d l s d y s d p , e a n b y o e a t n b e - l s e , l O ia t b h i e l r - i U m G n e . r t o e e n n S v r - t - - . o v in w P a e t r t s n e i e t - r e l - y d able and Govt. Other equip- trib- sets guar- ities m ri a a t l e s - s ri e t c ie u s - r s i e ti c e u s - 2 ment ch u a t r e g d es b a y n t U e . e S d . Other All agencies: June 30, 1947 329,666 1,792 7,662 851 1,777 3,565 12,691 1651,163 506 2,045 26,763 269 Sept. 30, 1947 31,037 1,556 9,212 1,093 1,725 3,553 12,662 283 953 667 2,144 ,005 138 Dec. 31, 1947 30,966 1,481 9,714 822 1,685 3,539 12,600 247 879 689 2,037 28,015 143 Mar. 31, 1948 31,107 1,369 10,134 570 1,845 3,526 12,535 245 882 781 1,868 28,233 150 Mar. 31, 1948 4 19,912 64610,134 462 1,845 3,524 2,723 101 479 781 1,142 17,764 150 June 30, 1948 4 20,120 1,042 10,373 251 1,684 3,531 2,458 11 771 863 1,18717,875 154 Classification by agency, June 30, 1948 4 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 288 229 272 16 Federal intermediate credit banks. 576 513 529 43 Production credit corporations.... 99 31 98 Regional Agricultural Credit Corp.. 2 *(6)" Agricultural Marketing Act Revolving Fund 2 () 1 2 Federal Farm Mortgage Corp 127 44 80 123 Rural Electrification Administration. 891 27 854 () 891 Commodity Credit Corp 1,054 619 139 '(6V 542 476 Farmers' Home Administration 345 18 266 4 341 Federal Crop Insurance Corp 30 25 1 29 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 667 26 475 164 120 138 Federal Savings and Loan Insurance Corp 196 191 191 Home Owners' Loan Corp 452 421 12 (5) 433 Public Housing Administration and affiliate: Public Housing Administration.... 517 282 202 10 507 Fe D de e r f a e l n s H e o H us o i m ng e s A C dm or i p nistration • 2 f? 136 . .. . 27 ( 1 ) 42 5 4 3 8 Federal National Mortgage Association. 3 48 Reconstruction Finance Corp.6 51 129 909 108 469 1,497 Export-Import Bank 1,617 2,229 23 175 2,078 F F e e d d e e r r a a l l W De o p r o k s s i t A I g n e s n u c r y a . n . ce Corp 2,253 1,617 136 4 2 ) 1,0 2 1 2 8 6 Tennessee Valley Authority 1,023 774 5 14 782 All other 226 35 3,809 3,385 1,339 44 8,597 797 8,638 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1948 4 Purpose of loan M F C F a o e o r r d r m p . t. . c b i m F n r a a e e e t n t e d d d e k r . i i - s - t f o B t o p i a r v e n e r c k s a o s - - 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 m c n c a a - l . - F A H e a d r o r s m m ' m . e - H C O L e o o o w rs m r a ' n p n e - . P H A u i o d n b u g m l s ic - . b h F l a o o e n m a d k n . e s R a a a . f F f t n i e . d l s i C - . B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a M g 1 e a 9 a n 4 r 4 l . 8 c l , 3 ie 1 s , 94 513 232 144 854 543 (5) 6 2,386 2,399 To aid home owners 424 135 75 633 623 To aid industry: Railroads . 144 3 147 147 Other 224 36 260 258 To aid financial institutions: Banks 1 4 5 5 Other 475 5 481 379 Foreign loans 227 2,236 3,750 6,214 6,093 Other 282 220 109 611 613 Less: Reserve for losses 13 (5) 3 5 1 277 3 47 7 8 364 384 Total loans receivable (net)... 80 513 229 139 854 266 421 282 475 909 2,229 3,975 10,373 10,134 * Includes certain business type activities of the U. S. Government. 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and 2,750 million subscribed to the International Monetary Fund. 3 Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 4 Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates shown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available. 5 Less than $500,000. 6 Includes War Damage Corp. (in liquidation). 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 BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517. 1402 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 seasoilal variation] Construction In (p d h 1 u y 9 s s t 3 r i 5 c ia - a 3 l l 9 v p o r = o lu d 1 m u 0 c e 0 t ) i * o 1 n aw 19 a 2 r c 3 d o - e n 2 d t 5 r a (v c = t a s l 1 u 0 e) 0 2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 t3 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year and month Total D ab u f l M a r e - c a tu n r u N e d a - s b u o l r n e - - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 1 r 9 o p 1 3 l 9 a 0 l s y 0 = 3 c 1 a 9 i = r n 3 l 1 g 5 o 0 s - a * 3 0 d 9 - 19 u s = ( 3 v a e 1 a 5 l ) e l 0 * - - s 3 4 0 9 1 s p 9 u = r 3 m i 1 5 c e 0 - e 3 r 0 s s 9 ' p m c = 1 r o o i 9 1 c m 2 d 0 e 6 i - 0 s ty ' Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 '104 1 124 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 '100 9 109 1 142 105 121 9 100 6 1924 82 95 69 89 94 95 94 '93.7 '101 8 139 105 122 2 98 1 1925 90 107 76 92 122 124 120 97 0 '107 3 146 110 125 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 '96.7 108 5 147 114 124 0 95 4 1928 99 117 85 99 135 126 142 96 9 '109 8 148 115 122 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 8 131 108 119 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 88 98 1 80 0 1936 103 108 100 99 55 37 70 95.1 96.4 '91.1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 '108.9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95 4 90 0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100 0 100 0 101 106 99 4 77 1 1940 . . .. 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119 4 132 1 167 5 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 154 0 245 2 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138 8 177 7 334 4 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137 0 172 4 345 7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132.3 151.8 293 A 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 2 152 1 1946 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 . . 189 185 221 176 146 146 144 148 143.5 156.2 155.6 314.2 150 266 153 3 142 0 February 189 185 '223 176 146 151 152 149 144.1 156.9 156.6 317.6 142 267 153 2 145.2 March 190 187 225 175 148 132 129 134 144.2 156.7 157.0 320.9 146 272 156 3 150 0 April 187 185 222 172 143 133 123 142 143.4 156.8 155.9 317.6 137 278 156 2 148 0 May . . 185 '186 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 290 156 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 '208 163 140 155 136 170 144.8 154.5 153.3 321.8 135 287 158 4 150 6 August 182 185 '211 169 150 166 150 179 145.2 156.3 157.8 331.5 143 284 160.3 153.7 September '186 190 '216 172 153 183 168 195 146.2 158.9 160.2 345.3 142 294 163.8 157.4 October 191 194 223 176 155 184 170 196 147.1 160.0 160.4 350.1 145 279 163 8 158 5 November 192 193 224 179 155 193 163 217 147 3 160 4 160 8 353 4 147 302 164 9 159 6 December 192 190 '230 173 156 197 161 227 147.9 161.1 161.9 365.7 149 303 167.0 163.2 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 192 192 221 178 162 188 165 206 147.7 156.7 155.5 346.7 141 310 170 5 163 9 June 192 193 222 179 159 201 177 220 148 8 158 8 158 2 359 0 139 312 171 7 166 2 July 186 187 219 169 153 205 187 219 149.4 159.6 158.4 360.0 138 316 173 7 '168 7 August . 191 194 222 176 159 201 177 220 149.6 159 9 161.5 374 6 142 311 174 5 169 5 September P192 P196 P224 P178 P196 P164 P221P15O.7M62.3 P163.7 139 312 174.5 168.5 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1404-1407. For points in total index, by major groups, see p. 1426. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1411 of this BULLETIN. * 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. 1413-1416. 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. NOVEMBER 1948 1403 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total. '18% 191 192 192 193 194 191 188 192 192 186 191 P192 Manufactures—Total 192 197 199 198 '201 201 200 195 197 198 '191 197 P198 Durable Manufactures '216 223 224 '230 229 226 229 217 221 222 219 222 P224 Iron and Steelx '190 '205 '203 '206 203 203 207 177 •208 r208 '201 207 213 Pig iron 188 198 197 196 197 196 190 151 193 196 186 200 204 Steel i '208 '223 '228 '225 226 234 208 •236 236 228 •235 243 Open hearth. '172 '185 '•183 186 180 184 154 176 179 185 Electric '469 '517 '510 '524 '527 '553 589 '593 '608 -•630 '597 '635 656 Machinery 276 280 281 288 285 284 283 275 273 '277 '267 269 P271 Manufacturing Arsenals and Depots 2. Transportation Equipment 227 232 234 244 244 232 240 237 218 '222 •235 231 Automobiles (including parts) 197 198 200 206 206 192 202 197 179 •185 •204 199 P193 (Aircraft; Railroad cars; Locomotives; Shipbuilding Private and Government) 2 Nonferrous Metals and Products. 174 179 185 189 195 199 201 200 196 194 185 186 P19O Smelting and refining 182 176 177 183 188 190 192 203 203 194 188 190 P193 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 171 180 188 192 198 202 204 199 194 193 184 185 P189 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products. 140 143 150 153 155 150 151 145 142 140 142 149 P145 Lumber... 128 128 137 139 143 135 137 132 131 129 135 140 P135 Furniture. 164 172 176 181 179 178 178 169 163 161 157 165 P164 Stone, Clay, and Glass Products. 202 201 201 205 202 207 211 211 206 207 200 210 P209> Glass products 219 210 207 199 187 197 205 212 201 199 185 '207 207 Plate glass 151 156 143 141 149 166 160 165 152 170 123 172 152 Glass containers 243 229 229 218 200 208 219 227 218 208 206 '218 226 Cement 171 174 178 196 199 208 196 193 187 190 188 186 183 Clay products 160 161 162 166 179 168 176 173 172 176 169 176 P174 Gypsum and plaster products... 221 230 236 236 246 246 248 249 241 238 238 248 P242 Abrasive and asbestos products. 226 224 226 244 215 242 248 244 244 '249 "248 249 P249 Other stone and clay products 2. Nondurable Manufactures... 172 176 179 173 178 180 177 177 178 179 169 176 P178 Textiles and Products. 160 164 172 163 179 179 175 175 '177 174 154 166 P17O Textile fabrics 147 152 159 149 165 166 161 161 163 159 138 152 P156 Cotton consumption 130 139 149 131 153 153 147 147 147 140 115 127 132 Rayon deliveries 278 280 290 287 300 296 303 298 308 313 323 318 319 Nylon and silk consumption 2.. Wool textiles 168 167 172 166 181 185 177 179 179 176 137 168 Carpet wool consumption . . 192 194 196 183 212 212 216 227 226 220 158 226 Apparel wool consumption. 184 185 182 171 192 202 190 196 191 184 153 180 Wool and worsted yarn 162 160 164 161 172 176 166 164 163 162 125 150 Woolen yarn 144 140 142 141 152 154 144 146 145 146 114 138 Worsted yarn 188 188 194 189 200 206 196 190 189 185 140 166 Woolen and worsted cloth.. 159 159 167 164 175 181 171 171 172 172 137 159 Leather and Products. 122 126 124 114 120 123 115 110 108 109 96 113 P117 Leather tanning 120 121 122 113 116 116 102 105 109 107 95 105 Cattle hide leathers 131 136 141 129 132 133 115 119 124 121 109 120 Calf and kip leathers 103 94 88 83 85 80 69 78 82 80 65 78 Goat and kid leathers 94 100 93 89 96 95 92 91 91 89 80 75 Sheep and lamb leathers. 118 112 108 101 101 100 92 91 93 94 '84 99 Shoes 123 128 126 114 122 127 123 113 107 110 96 P126 118 Manufactured Food Products. 158 156 158 158 158 160 158 157 159 163 160 P158 154 Wheat flour 136 136 143 133 140 134 122 134 139 138 139 P127 Cane sugar meltings 2 143 Manufactured dairy products. '148 P147 P140 P138 '139 P139 '145 j>149 P151 P152 P152 P154 P150 Butter 76 75 66 66 67 65 69 71 72 71 72 75 72 Cheese 167 163 151 148 156 150 159 170 171 171 168 171 160 Canned and dried milk... 160 157 137 130 127 134 158 175 185 192 195 198 181 Ice cream P Preliminary. * Revised. 1 Steel indexes have been revised beginning January 1947 to eliminate the holiday allowance for Labor Day, previously used in computing daily average output on which steel indexes are based. Revised figures for steel and the iron and steel group prior to September 1947 are available on request. Resultant revisions in total manufactures index prior to September 1947 are as follows: April, 195; May, 192. For changes in durable manufactures index and in the total index see p. 1403. 2 Series included in total and group indexes but not available for publication separately. 1404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average= 100] 1947 1948 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued IMeat packing 146 142 170 160 150 147 131 125 127 152 135 126 Pork and lard . ..... 144 141 185 173 156 161 140 136 145 176 149 128 Beef 153 146 159 154 154 141 131 122 116 135 124 125 Veal .... 174 171 190 149 128 115 98 102 104 134 140 147 Lamb and mutton 99 109 114 107 98 102 91 83 74 94 89 92 Other manufactured foods 163 161 160 164 165 168 167 166 168 169 167 159 Processed fruits and vegetables 149 134 129 138 141 144 155 147 150 159 142 107 Confectionery .... 125 134 144 150 144 149 143 138 138 124 117 119 Other food products 174 172 171 173 174 177 174 176 178 179 180 182 A Icoholic Beverages 198 229 219 167 167 198 191 182 167 170 179 173 Malt liquor 196 204 203 165 169 171 157 153 141 145 165 Whiskey 78 71 1 5 37 115 152 160 157 114 18565 73 Other distilled spirits ... 277 323 119 94 220 431 526 383 294 393 402 346 Rectified liquors 297 468 562 376 264 310 239 255 245 243 242 274 Industrial Alcohol from Beverage Plants * Tobacco Products 163 175 169 149 153 155 164 183 163 166 148 178 Cigars 113 126 124 100 104 113 102 101 105 108 98 113 Cigarettes .. 213 229 224 201 204 203 225 257 222 226 200 242 Other tobacco products ... 83 80 68 61 69 70 67 75 68 68 63 75 Paper and Paper Products .... 159 163 165 158 163 163 166 168 169 165 150 165 Paper and pulp .... 153 157 160 153 157 158 160 163 164 159 146 161 Pulp 171 177 182 168 174 177 178 180 187 183 172 194 Groundwood pulp 110 105 97 96 88 94 90 97 104 106 117 122 Soda pulp 104 107 112 107 109 110 103 108 112 111 96 110 Sulphate pulp 259 275 281 255 276 269 285 293 309 301 283 328 Sulphite pulp 149 154 159 148 151 161 153 151 151 146 135 150 Paper 150 154 156 150 155 155 157 160 160 156 142 155 Paperboard .... 182 184 186 177 187 179 192 192 191 187 165 184 Fine paper 87 89 89 86 86 88 85 87 86 86 74 83 Printing paper . ... 157 167 168 162 162 170 161 166 169 168 150 160 Tissue and absorbent paper 151 152 158 158 163 161 161 171 169 157 160 161 Wrapping paper 135 141 146 139 145 150 148 151 150 145 135 152 Newsprint 97 91 90 88 82 83 82 89 95 94 93 96 Paperboard containers (same as Paperboard) Printing and Publishing 144 152 152 146 148 157 150 154 156 157 147 155 Newsprint consumption . . . 131 138 137 131 134 144 139 143 143 146 145 149 Printing paper (same as shown under Paper) Petroleum and Coal Products P203 P204 P205 P208 P214 P215 P211 P213 P220 P220 P217 P222 Petroleum refining 2 Gasoline . . ...162 162 159 160 159 155 154 164 170 173 170 173 Fuel oil 183 187 186 193 201 206 200 194 196 194 192 194 Lubricating oil 154 160 162 170 163 164 164 158 159 155 154 162 Kerosene 169 177 178 187 199 213 210 197 187 196 193 182 Other petroleum products 1 Coke 170 177 177 179 178 179 166 137 174 175 170 178 By-product coke 162 169 170 171 171 171 164 135 166 168 166 170 Beehive coke 439 449 414 440 442 421 237 186 421 407 318 447 Chemical Products 248 248 251 254 255 252 250 249 249 25 6 251 259 Paints 153 152 155 155 158 158 154 150 151 154 161 160 Soap ... 137 138 148 150 151 147 140 123 124 124 121 127 Rayon 295 294 297 299 298 301 303 305 304 309 -312 312 Industrial chemicals 425 427 431 438 437 434 433 439 436 449 433 450 Explosives and ammunition 1 Other chemical products 1 Rubber Products 217 223 225 230 223 215 205 200 201 205 200 207 Minerals— To ta I 153 155 155 156 154 155 142 147 162 159 153 159 Fuels 160 162 163 162 160 161 146 149 168 164 160 166 Coal 153 156 159 153 152 148 99 103 160 147 134 150 Bituminous coal . . . 161 163 169 164 161 155 97 102 171 157 143 158 Anthracite 122 126 119 111 112 118 108 105 116 105 100 117 Crude petroleum 164 166 165 166 165 167 169 171 172 173 172 174 Metals 111 107 109 117 117 120 118 137 128 128 115 Metals other than gold and silver 153 145 146 159 159 163 161 193 179 179 155 P157 (Copper; Lead; Zinc)1 Gold 55 53 55 55 59 59 58 57 57 55 56 Silver .... 55 63 73 78 67 64 59 68 67 65 57 oC oC o. oC NO o. 146 101 P166 P143 P179 189 176 91 211 336 168 127 218 78 166 160 183 116 107 301 145 156 189 83 161 163 148 93 154 147 P212 181 173 443 P255 P158 P\29 P3O5 P450 P211 P155 P161 P148 P\ 1 9 P168 P119 P164 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. NOVEMBER 1948 1405 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total. 190 194 193 190 189 190 188 186 192 193 187 194 196 Manufactures—Total 196 200 200 197 197 197 197 193 197 199 193 199 202 Durable Manufactures.... 218 224 224 228 226 '224 228 217 222 223 220 224 226 Iron and Steel1 190 205 r203 206 203 203 207 177 '208 r208 201 •207 213 Pig iron 188 197 196 197 196 190 151 193 196 186 200 204 Steel* •208 •226 228 '225 226 234 208 •236 236 228 235 243 Open hearth. 172 •185 183 186 182 180 184 154 176 185 Electric 469 •517 510 •524 '527 •553 589 593 •608 '630 597 635 656 M achinery 276 280 281 288 285 284 283 275 273 •277 '267 269 v271 Manufacturing Arsenals and Depots2 Transportation Equipment 227 232 234 244 244 232 240 237 218 •222 235 231 Automobiles (including parts) 197 198 200 206 206 192 202 197 179 185 204 199 193 (Aircraft; Railroad cars; Locomotives; Shipbuilding Private and Government)2 Nonferrous Metals and Products. 174 179 185 189 195 199 201 200 196 193 185 186 '190 Smelting and refining 182 176 178 183 188 190 193 203 203 193 187 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 171 188 192 198 202 204 199 194 193 184 185 P189 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. . 150 150 148 140 138 137 143 144 148 151 159 '155 Lumber.. . 143 138 133 119 117 116 125 131 134 141 148 156 Furniture. 164 172 176 181 179 178 178 169 163 161 157 165 Stone, Clay, and Glass Products 210 210 206 200 190 193 201 208 211 209 r202 218 v218 Glass products 223 215 209 187 184 193 205 212 212 197 179 213 210 Plate glass 151 156 143 141 149 166 160 165 152 170 123 172 152 Glass containers 248 236 231 203 196 201 219 227 233 206 198 '227 230 Cement 198 202 192 178 161 158 160 183 196 203 207 210 213 Clay products 166 169 169 172 166 160 169 168 171 175 169 180 P180 Gypsum and plaster products... 225 236 240 242 236 235 238 246 243 243 238 250 P248 Abrasive and asbestos products. 226 224 226 244 215 242 248 244 244 '249 r248 249 P249 Other stone and clay products 2. Nondurable Manufactures. 178 181 180 171 173 176 173 174 177 179 171 179 P184 Textiles and Products 172 163 179 179 175 '175 r177 174 166 P!70 Textile fabrics 147 152 159 149 165 166 161 '162 '163 159 '138 P156 Cotton consumption 130 139 149 131 153 153 147 147 147 140 115 127 132 Rayon deliveries 278 280 290 287 300 296 303 298 308 313 323 318 319 Nylon and silk consumption 2.. . Wool textiles 168 167 172 166 181 185 177 179 179 176 -•137 168 Carpet wool consumption. . 192 194 196 183 212 212 216 227 226 220 158 226 Apparel wool consumption. 184 185 182 171 192 202 190 196 191 184 153 180 Woolen and worsted yarn. . 162 160 164 161 172 176 166 164 163 162 '125 150 Woolen yarn 144 140 142 141 152 154 144 146 145 146 '114 138 Worsted yarn 188 188 194 189 200 206 196 190 189 185 140 166 Woolen and worsted cloth.. 159 159 167 164 175 181 171 171 172 172 '137 159 Leather and Products. 126 126 113 120 126 114 110 108 108 94 112 P116 Leather tanning 118 123 126 112 117 124 101 105 109 105 90 103 Cattle hide leathers 129 137 146 129 135 144 115 119 124 117 103 117 Calf and kip leathers. . .. 101 96 91 82 83 84 68 74 78 81 64 82 Goat and kid leathers 95 100 90 90 96 99 91 94 89 90 79 73 Sheep and lamb leathers. 115 112 114 96 94 110 89 89 100 93 79 102 Shoes 123 128 126 114 122 127 123 113 107 110 96 P\26 118 Manufactured Food Products. 182 167 161 154 146 144 143 153 163 -•172 P181 172 Wheat flour 148 144 144 132 136 120 134 132 137 P138 Cane sugar meltings 141 MMaannuuffaaccttuurreedd ddaaiirryy pprroodduuccttss . P156 P121 P91 P88 P87 P99 P119 P155 P201 P224 P223 P198 BBuutttteerr 73 64 50 52 55 58 63 72 93 98 82 69 CChheeeessee 170 147 113 106 116 123 143 176 229 242 207 191 163 CCaannnneedd aanndd ddrriieedd mmiillkk 147 127 99 100 103 120 155 197 257 265 226 204 167 IIccee ccrreeaamm P Preliminary. ' Revised. 1 Steel indexes have been revised beginning January 1947, as described on p. 1404. Durable manufactures index vwas revised to 209 in July 1947, as a result of steel index revision. For changes in the total index see p. 1403. 2 Series included in total and group indexes but not available for publication separately. 1406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1948 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Manufactured Food Products—Continued Meat packing 136 144 189 187 175 141 121 116 127 151 126 111 124 P B o ee rk f and lard 1 1 6 1 5 4 1 13 5 3 9 2 1 1 6 6 5 2 1 2 5 9 4 2 1 0 5 4 7 1 1 5 3 8 0 1 11 3 9 0 1 11 2 5 4 1 1 4 1 5 6 1 1 7 3 6 2 1 12 3 5 2 1 r 2 99 7 1 1 0 4 8 4 Veal 191 195 203 140 119 101 92 100 108 134 140 144 160 Lamb and mutton. 106 113 114 104 103 103 89 80 76 87 86 90 109 Other manufactured foods 196 179 167 161 152 152 149 148 152 160 174 180 P197 Processed fruits and vegetables. 290 173 118 108 92 91 85 90 97 122 184 203 P28O Confectionery 162 176 170 152 148 151 133 114 106 92 96 129 Other food products 177 181 180 176 167 168 167 169 175 181 185 183 P183' Alcoholic Beverages. . . 206 252 146 142 176 172 178 173 186 188 184 195 Malt liquor 197 190 157 132 139 154 146 160 161 183 194 189 178 Whiskey 78 71 1 5 37 115 152 160 157 114 86 73 91 Other distilled spirits. . 379 837 251 103 143 259 342 230 177 243 233 187 289 Rectified liquors 297 468 562 376 264 310 239 255 245 243 242 274 336 Industrial A Icohol from Beverage Plants l Tobacco Products 139 153 147 155 173 163 173 154 184 178 Cigars 113 126 124 100 104 113 102 101 105 108 98 113 127 Cigarettes 228 238 228 185 204 190 209 239 222 237 210 255 233 Other tobacco products. 89 85 70 54 67 68 67 75 68 70 63 73 83 Paper and Paper Products. . . 159 165 157 163 163 167 169 170 165 149 165 165 Paper and pulp 153 157 160 152 157 159 160 163 164 160 145 160 159 Pulp 170 177 182 168 174 178 179 182 188 183 170 192 181 Groundwood pulp 98 97 103 97 91 98 96 107 112 107 104 107 103 Soda pulp 104 107 112 107 109 110 103 108 112 111 96 110 107 Sulphate pulp 259 275 281 255 276 269 285 293 309 301 283 328 301 Sulphite pulp 149 154 159 148 151 161 153 151 151 146 135 150 145 Paper 150 154 156 150 155 156 157 160 160 156 141 155 156 Paper board 182 184 186 177 187 179 192 192 191 187 165 184 189 Fine paper 87 89 89 86 86 88 85 87 86 86 74 83 83 Printing paper 157 167 168 162 162 170 161 166 169 168 150 160 161 Tissue rnd absorbent paper 151 154 158 153 161 167 161 173 169 160 153 161 163 Wrapping paper 135 141 146 139 145 150 148 151 150 145 135 152 148 Newsprint 97 91 91 87 82 83 82 91 95 95 91 95 93 Paperboard containers (same as Paperboard). Printing and Publishing. 145 156 158 150 144 155 153 159 159 156 137 147 Newsprint consumption 132 145 149 138 125 141 145 151 149 144 125 134 149 Printing paper (same as shown under Paper). Petroleum and Coal Products P203 P204 P205 P208 P214 P211 P213 P220 P217 P222 P212 Petroleum refining 2 Gasoline 162 162 159 160 159 155 154 164 170 173 170 173 Fuel oil 183 187 186 193 201 206 200 194 196 194 192 194 Lubricating oil 154 160 162 168 158 163 162 164 166 155 152 160 Kerosene 168 177 183 192 203 224 214 201 189 184 179 174 Other petroleum products l Coke 170 177 177 179 178 179 166 137 174 175 170 178 181 By-product coke 162 169 170 171 171 171 164 135 166 168 166 170 173 Beehive coke 439 449 414 440 442 421 237 186 421 407 318 447 443 Chemical Products. . 248 251 252 255 253 253 252 251 249 253 '248 255 P255 Paints 151 152 153 155 155 157 154 151 156 158 159 159 P156 Soap 143 145 149 150 148 146 140 120 120 122 <-120 129 134 Rayon 295 294 297 299 298 301 303 305 304 309 '312 312 3 05 Industrial chemicals 425 427 431 438 437 434 433 439 436 449 433 450 Explosives and ammunition 1. Other chemical products 1. . . . Rubber Products 217 223 225 230 223 215 205 200 201 205 200 Minerals—Total... 158 158 155 151 149 149 136 145 164 163 158 164 >159 Fuels 160 162 163 162 160 146 149 168 164 160 166 P161 Coal. 153 156 159 153 152 148 99 103 160 147 134 150 Bituminous coal. 161 163 169 164 161 155 97 102 171 157 143 158 P156 Anthracite 122 126 119 111 112 118 108 105 116 105 100 Crude petroleum 164 166 165 166 165 167 169 171 172 173 172 Metals. 145 132 106 85 81 83 82 126 144 153 147 P148 Metals other than gold and silver. 206 183 136 101 97 103 103 178 210 226 215 P213 Iron ore 298 257 159 76 70 73 77 228 302 331 325 324 (Copper; Lead; Zinc)1 Gold 56 51 50 52* '55' Silver 68 68 67 63 56 P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. NOVEMBER 1948 1407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 =100] Factory employment Factory pay rolls Industry group or industry 1947 1948 1947 1948 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Total 157.8 160.2 155.5 158.2 158.4 161.5 163.7 321.8 331.5 345.3 346.7 359.0 360.0 374.6 Durable goods .... 181.5 183.6 183.9 184.5 184.7 185.5 187.4 359.4 366.8 382.2 390.8 401.3 401.3 418.7 Nondurable goods 139.1 141.8 133.1 137.5 137.6 142.6 145.0 285.1 297.0 309.2 303.6 317.6 317.9 331.4 Jvon and Steel and Products 161 0 161 7 161 4 162 4 161.4 164.5 166.2 307.2 316.8 327.7 334.4 340.5 336.9 361.1 Blast furnaces, steel works, etc 131 130 133 135 136 138 238 254 255 265 268 270 295 Steel castings 205 207 214 217 213 216 399 397 414 454 470 441 473 Tin cans and other tinware 150 152 135 141 149 154 298 335 349 286 311 353 364 Hardware . .. 136 138 146 140 138 141 300 292 308 326 319 304 328 Stoves and heating equipment 176 184 162 160 158 171 347 356 399 353 360 352 396 Steam, hot-water heating apparatus 190 190 188 187 176 187 374 366 394 406 410 397 423 Stamped and enameled ware 189 194 187 188 186 184 403 415 437 441 439 429 444 Structural and ornamental metal work 170 170 169 168 167 172 320 339 339 346 345 329 365 Electrical Machinery 219.6 223.0 211.6 211.1 206.6 207.7 212.6 430.0 428.1 450.5 431.6 440.0 436.3 454.8 Electrical equipment 208 211 202 201 198 199 408 405 423 410 419 418 435 Radios and phonographs 220 226 205 202 195 198 461 460 502 451 459 457 469 Machinery except Electrical 226.8 228.8 228.5 230.4 226.9 225.8 226.8 427.4 434.5 451.4 466.4 480.7 469.5 477.8 Machinery and machine-shop products 238 240 236 238 235 233 456 462 478 491 501 489 501 Engines and turbines 287 287 287 280 281 276 579 597 591 618 601 585 598 Tractors 178 183 180 193 192 188 314 307 322 285 356 366 356 Agricultural, excluding tractors... . 233 237 264 267 262 254 463 472 494 571 595 573 558 Machine tools 143 143 130 128 128 131 242 254 257 241 243 239 249 Machine-tool accessories 219 217 214 215 200 213 362 363 381 390 384 361 400 Pumps 295 297 279 272 267 264 614 610 627 610 597 585 585 Refrigerators. . 224 225 235 241 240 236 426 409 427 472 509 485 490 Transportation Equipment, except Autos. 255.0 260.7 276.0 273.7 270.6 261.4 271.4 492.5 492.4 509.8 566.4 561.2 552.4 547.7 Aircraft, except aircraft engines.... 329 327 315 322 329 336 622 638 623 634 649 661 698 Aircraft engines 300 299 282 291 287 243 485 487 501 494 518 533 454 Shipbuilding and boatbuilding 126 134 168 157 150 145 243 242 262 346 322 305 292 Automobiles 184.1 190.5 190.5 183.6 195.4 189.4 191.1 355.3 345.1 380.6 362.6 385.7 428.4 422.1 Nonferrous Metals and Products 172.8 174.7 173.7 173.9 169.2 172.4 173.0 332.1 335.3 349.5 362.5 368.2 360.6 379.3 Primary smelting and refining 144 144 150 152 152 150 299 292 303 322 330 339 346 Alloying and rolling, except aluminum 138 137 136 136 134 136 263 251 258 269 278 284 296 Aluminum manufactures 174 180 182 180 166 167 302 312 326 347 339 316 332 Lumber and Timber Basic Products 177.3 177.3 183.6 190.0 196.9 200.8 200.4 394.2 429.7 427.4 461.1 488.5 502.9 538.8 Sawmills and logging camps 196 196 201 209 217 221 441 485 480 497 543 563 605 Planing and plywood mills 165 167 182 184 187 192 357 377 380 445 456 456 486 Furniture and Lumber Products 140.1 141.9 139.7 139.8 137.8 140.5 141.7 298.6 311.6 324.3 325.6 326.0 320.4 339.7 Furniture 137 139 140 139 137 140 291 302 317 329 326 318 337 jStone, Clay, and Glass Products 151.2 152.3 154.7 156.0 153.2 157.0 158.5 298.8 315.5 320.2 343.4 347.1 335.5 359.4 Glass and glassware 166 167 165 163 156 162 313 334 343 353 349 317 357 Cement 151 152 152 155 156 156 284 297 298 314 324 329 332 Brick, tile, and terra cotta 129 130 134 138 138 140 276 289 294 321 330 335 349 Pottery and related products 166 165 169 170 164 173 309 330 327 351 355 337 375 Textile-Mill and Fiber Products 105.1 106.9 113.0 113.2 108.7 111 .4 110.2 243.7 246.2 262.9 303.8 304.6 285.4 298.0 Cotton goods except small wares. . . 118 119 125 126 122 124 303 306 317 370 366 341 357 Silk and rayon goods 80 82 88 89 85 89 203 209 220 269 272 257 274 Woolen and worsted manufactures. 103 107 110 110 106 107 243 234 269 308 312 295 297 Hosiery 76 78 81 81 75 79 149 159 166 184 186 171 188 Dyeing and finishing textiles 115 118 124 123 120 121 241 249 270 299 298 278 287 Apparel and Other Finished Textiles. . . . 135.6 138.9 137.1 138.6 135.6 146.9 149.0 266.2 288.4 303.8 297.9 303.6 303.6 343.4 Men's clothing, n.e.c 128 130 135 137 129 139 260 265 285 312 313 294 324 Shirts, collars, and nightwear 102 104 109 108 103 106 219 226 243 267 259 247 256 Women's clothing, n.e.c 154 158 149 152 153 168 283 323 335 299 311 327 382 IVf illinery 93 93 80 78 86 98 146 171 173 128 132 165 199 Leather and Leather Products 111.1 112.2 103.3 107.4 108.3 110.7 109.1 229.0 235.8 248.1 215.4 233.4 236.9 249.0 Leather 98 100 95 96 94 95 200 203 212 201 205 204 207 Boots and shoes 106 107 98 103 104 106 225 231 244 203 225 231 244 Food and Kindred Products 168.8 173.6 127.7 147.1 159.4 165.5 176.2 317.1 349.3 356.1 281.3 328.3 351.4 350.2 Slaughtering and meat packing. . . . 136 135 86 138 139 136 281 270 272 211 307 297 275 Flour 142 140 134 139 143 142 326 336 335 294 317 344 344 Baking 115 116 115 118 119 119 218 218 223 235 245 248 247 Confectionery 113 123 101 104 101 114 211 233 271 214 235 229 268 Malt liquors 188 188 164 185 196 195 350 365 370 300 351 392 377 Canning and preserving 233 256 92 112 164 195 402 654 684 234 283 421 471 Tobacco Manufactures 91 6 92 3 90.5 90.6 88.8 92.5 94.9 200.0 203.0 205.3 201.3 205.8 205.5 218.3 Cigarettes . . 120 119 121 121 122 126 254 249 244 253 263 270 288 Cigars 80 82 78 78 75 79 170 179 185 175 176 171 181 NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for Septe:mber 1948I are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. 1408 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 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Paper and Allied Products 145.7 146.2 146.5 146.9 146.1 147. 4\148.4 304.2 307.2 315.5 331.1 337.8 341.7 349.6 Paper and pulp 145 145 149 148 149 150 315 317 322 343 348 358 364 Paper goods, n.e.c 161 163 163 164 160 156 I 317 314 334 355 358 355 347 Paper boxes 138 139 132 134 131 137 | 274 280 292 290 305 295 319 Printing and Publishing 132.3 133.2 132.0 132.3 131.1 131.8 133.1 238.0 240.0 249.7 262.2 264.9 260.1 264. Newspaper periodicals 121 122 123 124 124 124 209 214 222 237 238 236 241 Book and job 144 146 144 145 143 144 271 267 279 297 299 296 298 Chemicals and Allied Products 195.3 199.9 198.4 199.2 196.6 203.3 206.5 387.7 390.2 403.1 422.5 434.9 432.7 450.6 Drugs, medicines, and insecticides 241 244 232 231 230 232 ! 450 470 485 482 487 481 485 Rayon and allied products 126 128 131 133 133 134 250 252 260 275 280 290 303 Chemicals, n.e.c 294 292 293 297 289 302 560 552 552 590 614 600 629 Explosives and safety fuses 320 325 352 366 376 381 ! 539 595 608 684 738 760 798 Ammunition, small arms 104 164 182 182 180 174 359 207 381 404 411 421 403 Cottonseed oil 86 120 89 83 82 94 194 222 316 246 228 230 262 Fertilizers 146 156 171 144 136 143 366 388 428 470 415 397 410 Products of Petroleum and Coal 157.0 156.4 157.3 160.3 160.7 160.3 146.0 300.5 302.1 307.5 335.8 342.2 353.4 358.2 Petroleum refining 156 155 157 159 160 158 293 289 294 326 331 345 346 Coke and by-products 135 135 143 146 147 148 271 286 290 321 330 330 348 Rubber Products 167.9 168.1 161.1 161.6 157.7 160.91163.5 331.2 337.6 348.3 318.9 330.2 329 7 347 .d Rubber tires and inner tubes 193 185 169 169 168 169 350 356 355 306 322 330 341 Rubber goods, other 154 158 158 158 153 156 305 322 338 338 344 332 358 Miscellaneous industries 177.7 182.8 176.6 175.7 173.9 180.1 184.7 349.2 355.9 378.2 384.2 386.7 374.2 397 A Instruments, scientific 243 245 243 245 247 249 453 460 469 493 491 487 508 Photographic apparatus 217 216 214 217 221 225 386 385 394 410 439 444 444 For footnotes, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1947 1948 Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept, Total 156.3 158.9 160.0 160.4 161.1 161.2 159.8 160.1 157.1 156.7 158.8 159.6 159.9 P162.3 Durable 180.7 183.2 184.8 186.8 188.6 188.7 186.4 188.4 185.5 184.1 184.0 184.8 184.6 P187.O Nondurable 137.1 139.7 140.4 139.7 139.3 139.4 138.7 137.7 134.7 135.1 138.9 139.7 140.5 P142.8 p Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1947 1948 1947 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. All manufacturing 39.8 39.8 40.1 39.9 40.2 39.c 40.1 123.0 123.6 129.2 130.1 131.6 133.3 134.9 Durable goods 40.0 40.0 40.5 40.1 40.5 40.0 40.7 130.5 131.2 135.7 136.6 138.5 140.8 143.2 Iron and steel and products 39.3 39.6 39.9 40.3 40.3 39.6 40.4 136.5 137.6 141.6 142.3 143.1 145.7 150.2 Electrical machinery 39.8 39.2 39.9 39.6 40.4 39.4 39.9 130.8 131.4 135.0 135.7 137.2 140.7 143.9 Machinery except electrical 40.9 40.5 41.4 41.2 41.4 40.6 40.9 137.1 137.7 143.1 144.1 146.1 147.5 149.9 Transportation equipment, except autos. . . 40.1 39.6 40.5 40.0 39.8 39.2 39.6 139.5 140.6 147.8 148.1 148.9 150.1 152.4 Automobiles 37.7 37.2 38.6 35.2 37.7 38.9 39.2 149.6 150.0 153.3 -154.8 162.4 165.5 166.8 Nonferrous metals and products 39.7 39.5 40.9 40.6 40.8 40.1 40.9 128.9 129.4 134.3 135.5 136.9 140.5 142.3 Lumber and timber basic products 42.2 43.3 42.1 42.5 42.8 41.9 43.1 103.3 104.8 108.3 111.5 113.1 114.9 117.7 Furniture and finished lumber products.... 41.1 41.2 41.0 40.8 40.7 40.3 41.3 105.8 107.0 113.1 113.6 114.5 115.1 116.4 Stone, clay, and glass products 40.1 40.6 40.7 40.7 40.6 39.4 40.9 119.8 120.8 127.1 128.6 129.2 130.7 132.2 Nondurable goods 39.7 39.5 39.6 39.6 39.8 39.5 39.5 115.0 115.8 122.0 123.0 124.2 125.2 126.2 Textiles—mill and fiber products 38.4 38.2 39.9 39.6 39.5 38.6 38.5 102.8 103.2 113.8 114.2 114.7 114.5 117.0 Apparel and other finished products 35.8 35.2 36.2 35.8 35.6 35.8 36.5 102.0 103.8 104.0 104.0 105.5 108.3 110.7 Leather and manufactures 38.2 38.1 36.2 35.5 37.0 37.4 38.0 105.5 105.7 111.6 111.8 111.8 111.2 112.6 Food and kindred products 43.2 43.4 42.4 42.5 42.8 42.7 41.1 112.1 114.0 120.1 120.7 121.7 121.5 121.3 Tobacco manufactures 39.6 39.2 38.2 37.7 37.8 38.0 39.0 95.3 95.1 97.3 98.4 100.3 101.4 100.8 Paper and allied products 42.9 42.4 42.7 42.8 42.8 42.5 43.2 119.0 119.6 125.0 126.9 129.2 131.7 132.0 Printing, publishing and allied industries. . . 39.6 39.4 39.2 39.1 39.1 38.8 39.1 149.8 150.8 164.6 166.3 167.6 167.5 168.4 Chemicals and allied products 40.9 40.9 41.0 41.0 41.4 41.1 41.0 124.7 125.2 132.7 134.7 136.9 139.1 140.6 Products of petroleum and coal 40.5 40.6 40.3 41.2 40.7 40.8 41.2 149.5 149.4 160.0 163.1 165.0 170.3 171.4 Rubber products 38.6 38.7 37.8 39.0 39.7 39.7 40.3 144.5 144.5 141.2 142.4 143.9 147.2 150 2 Miscellaneous industries 39.4 39.3 40.4 40.3 40.3 39.3 40.3 117.8 117.7 122.8 124.4 126.2 127.0 127.2 NOTE.—Preliminary September 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.7 and 136.3; Durable, 40.0 and 144.9; Nondurable, 39.4 and 127.4, respectively. Back figures are available from the Bureau of Labor Statistics. NOVEMBER 1948 1409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN N ON AGRICULTURAL 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 fa g c- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government1 1939 30,287 10,078 845 1,150 2,912 6,705 1,382 3,228 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 ,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—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 44,726 16,018 936 2,032 4,028 9,689 1,699 4,738 5,586 June 45,053 16,172 947 2,110 4,056 9,779 1,700 4,663 5,626 July 45,251 16,288 914 2,093 4,078 9,791 1,737 4,645 5,705 August 45,320 16,288 942 2,109 4,076 9,804 1,752 4,622 5,727 September 45,628 16,498 946 2,109 4,078 9,830 1,742 4,644 5,781 UNADJUSTED 1947—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 44,616 15,892 935 2,052 4,042 9,617 ,716 4,738 5,624 June 45,009 16,115 950 2,173 4,105 9,670 ,726 4,663 5,607 July 45,078 16,158 921 2,219 4,136 9,646 .754 4,645 5,599 August 45,487 16,451 950 2,257 4,137 9,659 ,761 4,622 ,650 September 45,864 16,638 949 2,257 4,085 9,757 1,733 4,644 5,801 1 Includes Federal Force Account Construction beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed * Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Total In nonagricul- In U pl n o e y m ed - labor force tural industries agriculture 1940 s 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—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 August 108,660 64,511 63,186 61,245 52,801 8,444 1,941 44,149 September 108,753 63,578 62,212 60,312 51,590 8,723 1,899 45,176 1 Includes self-employed, unpaid family, and domestic service workers. 1 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. 1410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported Dy 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 ]VIay 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 660.3 962.7 240.9 349.7 82.3 72.9 81.6 106.3 38.5 103.1 51.2 112.8 165.9 217.9 August 823.2 854.1 308.9 337.6 88.0 77.7 77.2 77.8 45.6 55 8 80 0 97 4 223 5 207 8 September 650.0 268.5 73.8 75.9 42.8 47.4 141.5 October 793.3 349.5 95.5 80.0 41.1 61.3 165.9 November 715 1 290.2 72.1 84.3 27 2 59.8 181.5 December 625.4 226.8 83.5 65.3 31.5 64.1 154.1 Year 7,759.9 3,153.8 941.4 785.5 391.9 596.9 1,890.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT |Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district January.... 358 572 615 47 167 197 311 405 419 Sept. Aug. Sept. February... 387 442 682 56 96 248 331 346 434 A M p a r r i c l h 6 7 9 3 8 5 5 60 9 2 7 8 6 7 9 4 0 1 12 4 7 6 1 17 4 7 3 2 1 3 8 6 1 6 5 0 5 8 1 4 4 2 5 5 3 6 5 3 0 8 9 N Bo ew st o Y n ork 1 5 0 8 6 , ,2 1 6 4 2 4 1 3 2 3 5 , , 8 2 5 1 2 7 May 952 675 971 197 234 298 756 441 673 Philadelphia 36,761 37,595 June 808 605 935 215 226 324 593 379 611 Cleveland 111,041 64,840 July 718 660 963 202 203 335 516 458 628 Richmond 80,737 69,395 August 680 823 854 205 218 276 475 605 579 Atlanta 99,363 65,209 S O N D e e o c p c v t t e o e e m m b m b e b b e r e e r . r . r . . . . . . . . 6 5 4 5 5 2 7 0 7 0 3 4 6 6 7 7 2 5 1 9 5 0 5 3 762 1 1 1 1 3 3 8 0 4 0 7 9 2 2 2 1 0 2 0 9 7 4 9 3 259 3 4 4 3 4 3 3 7 8 9 3 3 4 5 4 4 9 5 8 1 2 7 4 8 503 S K C M t h a . i i n n L c n s a o a e g u s a o i p s C o i l t i y s 1 3 3 5 6 5 3 6 6 , , , , 2 0 2 0 2 9 3 8 2 8 7 0 1 2 5 2 1 8 2 1 1 , , , , 7 9 9 3 8 2 3 5 1 1 7 0 Year 7,490 7,760 1,754 2,296 5,7355,464 Dallas 71,146 38,899 Total (11 districts) 854,091 649,996 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Rental War and Year or month Total P e r r o ty p- S ho m m al e l 1 fa - m to i l 4 y - g a ro nd up e V ra e n t- s' [In millions of dollars] im- con- houses housing housing 1 1 9 9 4 4 2 1 1 1 , , 1 1 7 3 2 7 p m ro e 2 1 v n 4 4 e 9 1 t - 1 s t t i r o u n 2 1 c 1 5 - (T ID 8 6 it 7 9 l 7 1 e (T II i ) t 1 le 3 6 ( V T 2 i I t ) 8 1 l 2 4 e 3 End of month Total b C m c a o i n e a m r k l - s - b s M t i a n u a n g v a u k s l - - s a S l s i a o n s a n a o g v d n c s - i- p I c a n a o n s n m c u i e e - r s - a c F e g i e r e e a d s n l - l - Other* 1943 935 87 1 245 603 ations 1944 875 114 216 537 1945 666 171 219 4 272 1946 755 321 (*) 347 3 85 1936—Dec 365 228 8 56 41 5 27 1947 1,787 534 (*) 446 808 1937—Dec 771 430 27 110 118 32 53 1947— N D O Se e o c p c v t t e o e e m b m m e b b b r e e e . r . r r . . . . . . . . 2 2 1 1 4 2 9 8 4 8 2 3 4 4 6 4 6 7 8 6 $ 1 3 4 4 4 9 8 1 8 1 1 1 9 1 5 0 6 2 0 6 1 1 1 1 1 9 9 9 9 9 3 3 4 4 4 8 9 0 1 2 — — — — — D D D D D e e e e e c c c c c 3 3 2 1 1 , , , , , 1 1 7 6 4 9 0 9 0 2 9 7 3 9 0 1 1 1 , , , 1 6 4 6 9 6 6 6 0 3 2 9 5 2 4 2 1 1 3 3 7 3 8 8 6 1 0 6 2 2 2 1 1 2 5 7 9 4 4 4 6 2 9 1,0 3 2 5 7 3 4 1 4 8 2 2 2 2 9 2 2 2 1 0 4 3 5 7 1 5 4 3 7 1 1 1 1 9 6 5 7 3 0 3 0 9 3 t948—January.... 224 56 48 120 1943—Dec 3,626 1,705 256 292 1,134 79 159 February... 228 45 45 137 March 272 49 53 170 1944—June 3,554 1,669 258 284 1,119 73 150 292 63 51 177 Dec 3,399 1,590 260 269 1,072 68 140 May . 265 54 (8>1 53 158 June 329 59 72 197 1945—June 3,324 1,570 265 264 1,047 43 134 July 286 50 71 164 Dec 3,156 1,506 263 253 1,000 13 122 August 277 51 1 76 149 September.. 277 48 92 136 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2,860 1,386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2,871 1,379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1,402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1 The RFC Mortgage Company, the Federal National Mortgage * Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. NOTE.—Figures represent gross insurance written during the period 2 Including mortgage companies, finance companies, industrial banks, and do not take account of principal repayments on previously insured endowed institutions, private and State benefit funds, etc. loans. Figures include some reinsured mortgages, which are shown in 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. NOVEMBER 1948 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January... 1,124 903 798 ,114 ,092 301 334 394 532 P546 823 569 405 582 »546 February.. 1,107 887 670 ,146 Pl,086 314 325 318 437 P582 793 561 352 709 P504 March.. . . 1,197 1,030 815 ,326 Pl.141 358 365 385 445 P666 839 665 431 882 P475 April 1,231 1,005 757 ,295 , 122 361 366 406 512 P528 870 639 351 782 May 1,455 135 851 ,414 ,103 386 372 393 474 P549 1,069 763 457 940 P554 June 1,296 870 878 ,235 Pi,014 332 360 382 463 P616 965 511 496 772 *398 July ,197 893 826 1,155 Pl.022 294 356 431 450 P559 903 537 395 705 P464 August ,191 737 883 1,145 P988 304 360 422 400 P598 887 378 461 745 P390 September. ,194 514 643 n,112 282 335 377 P473 912 180 266 P639 October... ,144 455 537 Pl,235 329 344 394 P492 815 111 142 P744 November. ,185 639 986 Pl,138 323 322 478 P455 862 317 508 P683 December. 938 736 1,097 14 336 297 529 602 439 567 P511 Jan.-Aug.. 9,798 7,461 6,477 9,829 P8,567 2,650 2,837 3,130 3,712 P4,643 7,149 4,624 3,348 6,117 P3,924 .:my Civilian reliminary). 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 CARLOADING BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average =100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrains L t iv o e c - kp e r s o t d- Ore l c a e n l e - - c d h i a s n e - Total Net ucts ous l.c.l. railway Total railway Net operating e r x a p i e l n w s a e y s operating income revenues income Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939... . 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941. . 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7.466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9.055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 . . 8,902 8 047 852 450 SEASONALLY 1946 7,628 7,009 620 289* ADJUSTED 1947 . . P8,685 P7,904 *781 P480 1947—April 137 119 173 151 110 148 184 147 79 SEASONALLY May 142 155 185 138 104 148 184 145 76 ADJUSTED June 137 141 174 140 107 145 184 142 74 July 135 115 170 168 107 152 194 143 71 1947—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 1& 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 1948—J F a e n b u r a u r a y ry.... 1 1 4 3 5 9 1 1 5 5 5 0 1 1 8 7 3 8 1 1 3 0 2 3 8 7 4 6 1 1 5 4 3 0 1 19 8 5 0 1 1 5 4 2 6 6 7 8 1 N D o e v c e e m m b b e e r r . . . . 7 S 8 0 6 6 7 72 0 2 8 8 7 3 8 4 50 7 » A J J A S M M p u u u e a a r l g n p y r i y t u e c l e s h m t ber. . . 1 1 1 1 1 1 1 4 3 3 4 3 3 3 1 9 0 2 9 0 8 1 1 1 1 1 1 9 0 6 5 5 4 4 8 5 3 3 3 9 4 1 1 1 1 1 1 1 8 8 6 3 8 9 9 5 3 2 7 7 2 4 1 1 1 1 1 1 1 2 2 0 5 4 2 4 9 3 9 8 4 7 4 1 9 8 8 8 8 7 0 6 6 6 0 5 9 5 1 1 1 1 1 1 1 4 6 6 5 4 3 5 1 5 2 2 6 9 0 2 2 1 1 1 1 1 1 1 8 9 9 8 8 3 3 5 1 5 2 2 1 1 1 1 1 1 14 4 4 4 4 4 5 1 5 3 5 0 4 0 6 6 6 6 6 7 7 9 6 4 6 6 2 0 1948—J J J A F M M a p u u e a a n r l b n y r u i y r e c a l u r h a y r . y . . . . . . 8 8 7 7 7 7 7 1 5 9 8 6 2 6 9 6 5 1 1 6 7 6 7 7 7 7 7 7 0 8 0 2 0 1 1 1 4 7 7 5 9 0 1 6 5 4 9 9 7 3 0 5 2 4 2 1 7 1 2 2 6 5 3 0 9 8 2 2 7 8 2 UNADJUSTED August 842 744 99 P64 1947—April 134 119 169 133 98 148 157 145 80 UNADJUSTED May 144 155 183 121 94 154 267 146 76 J A J S O N D u e c u u o e l p t g n v c t y o u e e e e b s m m m e t b b b r e e e r r r . . . . . . . . . 1 1 1 1 1 1 1 4 5 4 5 4 5 3 8 3 2 6 0 0 9 1 1 1 1 1 1 1 4 1 5 4 5 5 6 1 5 3 6 6 5 0 2 1 1 1 1 1 1 0 6 7 7 9 7 8 1 5 7 8 5 0 8 2 1 1 1 1 1 1 0 7 4 5 5 4 3 1 5 3 3 2 2 0 1 1 1 8 8 8 9 6 3 3 7 7 7 2 1 9 3 1 1 1 1 1 1 1 5 5 6 6 4 5 4 1 3 1 0 1 5 7 3 2 2 2 2 1 1 7 3 8 8 6 6 1 2 5 6 4 0 3 1 1 1 1 1 1 1 4 5 4 5 6 4 5 6 0 5 7 3 7 8 7 7 7 7 7 7 7 3 1 3 7 8 7 1 1947— J J A O S N M u e c u u o a l p t n g v y t o y u e e e b s m m e t b b r e e . r r . . . . . . . • 6 7 7 7 7 • 7 7 9 2 0 2 5 9 4 8 5 6 7 5 4 6 ' 6 6 6 6 6 7 6 4 3 4 7 9 1 6 9 5 7 5 9 0 8 6 6 7 8 4 6 7 1 1 7 1 8 6 6 • 4 4 5 2 4 • 4 3 0 9 3 1 9 3 4 ; 1948—January 133 155 192 132 81 137 45 139 65 December. . 807 727 80 60 February.... 129 150 188 101 61 135 49 137 69 March 122 98 163 100 62 146 57 142 73 1948—January... . 751 709 41 19 April 128 105 134 108 94 141 212 143 70 February... 716 676 39 18 May 143 163 183 113 86 145 277 144 69 March 777 716 61 35 June 144 153 183 147 74 156 296 144 66 April 729 676 53 27 July 143 144 177 189 66 165 296 142 63 May 796 706 90 64 August 146 153 187 156 76 171 273 146 67 June 838 713 125 94 September. . .150 149 190 142 113 164 273 156 70 July ... . 842 737 105 76 August 868 752 116 P86 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. 1412 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 Reseirve district Year or month United States Boston Y N o e r w ki d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES 2 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 116 119 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 150 140 128 143 153 170 162 149 158 129 149 157 171 1943 168 148 135 151 167 194 204 161 179 148 184 212 204 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 286 234 239 261 281 303 360 275 314 274 311 374 336 SEASONALLY ADJUSTED 1947—September 294 241 ••238 266 290 '304 361 290 337 287 '324 368 '347 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 303 239 241 277 309 322 394 293 337 277 334 389 361 194S—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 310 242 268 284 320 313 394 289 340 306 336 418 365 June 312 252 265 283 306 335 397 299 346 291 328 406 372 July 316 255 266 288 313 328 392 312 355 294 322 436 365 August 311 r237 256 289 308 315 402 295 354 292 336 419 '383 September 312 252 252 295 316 337 402 299 362 290 329 423 355 UNADJUSTED 1947—September 300 248 ••243 266 293 322 368 296 340 311 '337 387 '347 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 1943—January 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 Tulv 243 176 181 207 244 235 314 243 277 238 270 331 311 August . .. 259 r175 187 '217 268 260 354 248 305 261 '303 365 338 September 319 259 257 295 320 357 410 305 366 315 343 444 355 STOCKS 2 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 115 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 180 165 181 167 182 191 178 186 176 171 159 161 190 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 255 202 225 229 243 289 306 246 274 266 259 321 300 SEASONALLY ADJUSTED 1947—September »-233 191 '216 210 222 252 282 225 246 246 '225 285 264 October .. . . 252 211 224 231 238 281 300 245 274 251 239 306 293 November 273 219 '228 238 268 310 337 259 290 281 266 357 327 December r284 224 •"232 245 272 323 344 264 297 306 300 397 353 1948—January 289 224 233 243 277 332 345 274 309 310 316 385 360 February . .... '303 227 '240 253 286 339 378 290 331 324 329 424 377 March r312 240 '247 261 298 334 370 304 329 343 353 420 388 April '308 238 '244 264 286 340 379 293 331 363 325 422 386 May 297 228 243 257 277 337 368 289 313 333 315 417 347 June '285 212 '241 248 273 304 343 275 302 325 300 396 335 July .. ... '275 204 ••242 238 257 308 333 264 293 321 265 358 328 August '268 204 '242 '236 254 289 330 257 292 310 '262 '364 302 September 276 215 243 242 261 297 348 264 302 316 274 379 312 UNADJUSTED 1947—September 257 206 '228 231 246 283 311 250 273 265 251 319 298 October 284 ' 239 253 263 274 320 336 275 307 279 272 345 325 296 249 263 262 283 329 354 285 310 303 284 382 346 244 201 211 208 225 269 289 238 250 268 246 333 289 1943—-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 274 198 215 226 257 304 343 258 305 326 295 387 347 August . . 287 215 242 '245 275 325 356 275 318 329 293 '411 332 September 304 232 256 266 290 333 383 293 336 342 307 424 352 ' Revised. l Stocks indexes revised beginning September 1946; back figures available from New York Federal Reserve Bank. 2 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1413 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=10C2 Num- Department b s e to r r es of Sale pe s r d i u o r d ing ( S m e t n o o d . c ) k o s f August Sale pe s r d i u o r d ing St o o f ck m s o a n t t h end reporting Aug. Eight Aug. 1948 1947 1948 1947 1948 m 1 o 9 s 4 . 8 1948 1948 1947 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire store' 351 +8 +6 +13 3.2 3.0 MAIN STORE—total 351 +7 +5 + 14 3.4 3.2 185 164 173 628 579 552 Piece goods and household textiles 309 +13 +4 +9 3.1 3.2 211 170 187 664 648 608 Piece goods 287 +16 +6 + 14 3.4 3.4 236 196 204 809 735 721 Silks, velvets, and synthetics 182 + 12 +2 + 15 3.4 3.3 237 173 212 810 679 589 Woolen dress goods 156 +26 + 1 + 11 3.0 3.4 410 137 324 1,239 1,008 1,019 Cotton wash goods 173 + 10 + 12 + 14 3.2 3.0 206 273 188 651 631 548 Household textiles 302 + 11 +3 +6 2.9 3.1 203 161 182 599 617 569 Linens and towels 272 +2 + 1 +2 3.5 3.5 168 148 165 590 630 595 Domestics—muslins, sheetings 236 +24 +7 +26 2.0 2.0 256 199 207 525 599 420 Blankets, comforters, and spreads 236 +9 -2 -1 3.5 3.9 173 132 159 609 580 638 Small wares 338 +3 +1 +5 4.0 3.9 146 138 143 582 554 556 Laces, trimmings, embroideries, and ribbons 202 +1 +7 +5 4.0 3.9 162 186 159 643 598 765 Notions 236 +5 + 10 +16 3.6 3.3 190 219 181 686 655 582 Toilet articles, drug sundries 313 -2 0 -2 3.8 3.8 122 123 125 466 469 475 Silverware and jewelry 313 +2 -2 + 10 4.4 4.1 163 138 160 728 695 658 Silverware and clocks4 199 + 12 +5 +21 4.4 4 0 Costume jewelry4 256 -3 — 7 +3 3.2 3.0 Fine jewelry and watches4 69 -5 -3 +8 8.3 7.2 Art needlework 238 + 17 0 +4 4.1 4.6 150 116 129 614 571 605 Books and stationery 268 +3 -2 0 4.0 4.2 139 121 134 558 525 553 Books and magazines 131 +6 -5 -2 3.4 3.6 126 115 119 428 403 562 Stationery 223 +2 2 0 4.4 4.4 132 109 129 577 526 474 Women's and misses' apparel and accessories 348 +7 +5 +13 2.7 2.5 189 158 176 505 430 446 Women's and misses' ready-to-wear accessories. 348 -1 + 1 + 14 3.5 3.0 161 147 163 566 491 495 Neckwear and scarfs 304 -10 +3 +5 3.0 2.6 156 138 175 470 408 488 Handkerchiefs 280 +2 -2 -15 4.1 4.9 125 109 123 510 474 587 Millinery 174 +8 i -3 1.7 1.8 130 72 121 217 146 227 Women's and children's gloves 330 -6 -9 -3 9.4 9.2 68 57 72 644 510 660 Corsets and brassieres 333 0 0 + 14 3.2 2.8 208 219 209 660 607 584 Women's and children's hosiery 345 -i +12 +45 3.0 2.1 120 115 121 359 296 245 Underwear, slips, and negligees 340 +1 +3 +17 3.0 2.6 181 202 179 545 476 470 Knit underwear 246 +8 +5 +33 2.7 2.2 202 226 188 552 501 436 Silk and muslin underwear, and slips 276 -1 +5 + 17 3.1 2.6 174 198 176 539 491 469 Negligees, robes, and lounging apparel 243 A -5 _2 3.1 3.0 147 165 153 449 366 467 Infants' wear 324 -1 -4 + 13 3.4 3.0 239 189 241 825 728 739 Handbags and small leather goods 333 -3 +3 + 15 2.9 2.4 132 116 136 388 327 337 Women's and children's shoes 240 -4 0 + 17 4.8 4.0 175 151 182 841 739 723 Children's shoes4 200 _7 o + 18 4.0 3.1 Women's shoes4 208 — 2 0 + 17 5.1 4.2 Women's and misses' ready-to-wear apparel.... 348 + 15 +9 + 12 2.0 2.1 219 168 191 438 365 393 Women's and misses' coats and suits 338 +48 +12 +7 1.9 2.6 252 113 171 471 368 444 Coats4 214 +60 4-16 4-6 1.7 2.5 Suits4 204 +29 +4 +7 2 2 2 7 Juniors' and girls' wear 311 + 12 +10 + 17 1.8 1.7 288 179 257 518 432 445 Juniors' coats, suits, and dresses 285 + 19 + 12 + 18 1.4 1.4 306 201 256 428 337 369 Girls' wear 307 +4 +6 +17 2.3 2.1 275 156 264 638 553 555 Women's and misses' dresses 339 +8 +9 +17 1.7 1.6 172 185 158 292 222 250 Inexpensive dresses4 250 + 12 +13 4-io 1.3 1.3 Better dresses4 256 +5 +4 +21 2! 1 Blouses, skirts, and sportswear 338 + 14 + 13 + 12 2.1 2^1 ''244' ' 241 " '214 502 ''433' ''447' Aprons, housedresses, and uniforms 284 -1 +9 + 13 2.0 1.7 155 235 156 308 296 273 Furs 270 -12 -13 +4 3.4 2.9 182 59 208 630 575 555 Men's and boys' wear 323 -3 1 +17 5.4 4.4 136 140 141 737 639 629 Men's clothing 246 -4 + 1 +38 6.8 4.7 124 144 129 842 707 605 Men's furnishings and hats 306 -4 -2 +7 4.9 4.3 126 146 132 613 556 576 Boys' wear 292 -3 2 + 10 4.6 4.1 184 112 190 846 697 770 Men's and boys' shoes and slippers 185 0 -2 +8 6.2 5.7 141 137 141 870 760 810 Housef urnishings 312 +14 +9 +19 3.7 3.6 221 197 193 822 824 689 Furniture and bedding 238 +20 + 13 +23 3.3 3.2 229 178 191 759 790 614 Mattresses, springs and studio beds4 150 4-23 + 16 +35 1.5 1.4 Upholstered and other furniture4 158 +20 + 13 +21 3^8 3^8 Domestic floor coverings 268 + 17 + 14 +30 4.4 4.0 211 170 181 939 880 716 Rugs and carpets4 143 +21 4-16 +28 4.3 4.1 Linoleum4 97 +10 4-i +63 4 4 2 9 Draperies, curtains, and upholstery 294 + 10 +i +14 4.9 4.7 158 156 144 779 714 679 Lamps and shades 240 + 18 +9 +13 3.9 4.1 164 137 139 646 624 570 China and glassware 243 + 13 +9 +21 7.0 6.5 146 126 129 1,014 1,012 825 Major household appliances 239 + 12 + 12 +49 1.9 1.4 389 421 347 755 830 500 Housewares 246 +7 +5 + 12 3.6 3.4 245 241 229 884 880 791 Gift shop4 147 + 18 + 12 + 1 4.7 5.4 Radios, phonographs, records, and instruments4. 222 + 15 +2 +2 4^0 Radios and phonographs4 163 + 17 +3 3.4 4^1 Records, sheet music, and instruments4 135 +4 4-1 +9 5^8 5^5 Miscellaneous merchandise departments 309 -3 -1 +9 3.6 3.1 167 167 173 596 530 546 Toys, games, sporting goods, and cameras 286 +2 + 1 +16 6.0 5.2 144 158 141 856 758 734 Toys and games 223 + 1 -7 + 17 6.5 5.6 114 111 113 743 599 631 Sporting goods and cameras 127 +3 +4 + 12 5.0 4.6 159 182 155 802 734 774 Luggage 246 0 + 1 +20 3.0 2.4 236 259 235 700 715 588 Candy4 181 +1 -13 1.3 1.3 For footnotes see following page. 1414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales * 1941 average monthly sales=100 * Department r b N s e t e p o u r o r m o e r s - t f - Sale p s e r d io u d ring ( S e m t n o o d c . ) k o s f August Sal p es e r d io u d ring Sto o c f k m s o a n t t e h nd ing A 19 u 4 g 8 . E m 1 i 9 o g 4 s h . 8 t A 19 u 4 g 8 . 1948 1947 Aug 1 . 948 July A 19 u 4 g 7 . Aug 1 . 948 July A 19 u 4 g 7 . BASEMENT STORE—total 198 +9 +10 +10 2.5 2.4 172 168 157 429 381 394 Domestics and blankets4 132 +14 +4 +8 2.4 2 4 Women's and misses' ready-to-wear 193 +11 +13 +11 2.0 2.0 176 173 158 349 299 316 Intimate apparel* . . 165 +7 +17 +18 2.4 2.2 175 +38 +13 +3 1.9 2.6 Dresses* 170 +6 +16 +6 1.2 1 2 'Blouses, skirts, and sportswear* 150 + 10 + 15 +1 1.8 1.9 'Girls' wear4 119 +8 +9 +23 2.1 1.8 Infants' wear* 112 +10 +9 +15 2.8 2.6 Men's and boys' wear 160 0 +10 +10 3.4 3.1 164 175 163 561 491 512 Men's wear4 135 +11 + 13 3.6 3.1 Men's clothing* 92 +5 + 15 +19 4.1 3.6 Men's furnishings* 112 0 +8 +9 3.2 3.0 Boys' wear* 114 +8 +2 3.0 3.0 +2 Housefurnishings 99 +6 +8 3.0 3.1 156 140 140 472 440 415 + 12 Shoes . 130 +6 +8 3.9 3.7 130 133 125 504 443 471 +4 NONMERGH ANDISE—total* 174 +8 +12 Barber and beauty shop* 83 +6 +9 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 t»f months' supply on hand at the end of the month in terms of sales for that month. * The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and B58 were reversed. > For movements of total department store sales and stocks see the indexes for the United States on p. 1413. * 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 a [Weeks ending on dates shown. 1935-39 average = 100J Amount Without seasonal adjustment (In millions of dollars) 1946 1947 1947 1948 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O n r o n d d u n d e t t i r - h o n s ) g f Dec. 2 2 1 1 7 8 4 . . . . . . . . . . . . . . . . . . . . 5 2 5 4 3 8 1 7 2 1 9 5 Dec. 2 2 1 6 0 7 3 . . . : . : . . . . : ; . : . . . . . 5 3 5 5 0 7 7 5 8 6 0 8 Jure 2 2 1 1 8 7 4 . . . . . . . . : . : : . . . . 2 2 3 2 4 5 0 9 5 6 0 3June 2 1 1 5 6 2 9 . . . . . . . . . . . . . . . . . . . . 2 3 3 2 8 0 1 6 2 4 0 2 July 5 .. .208July 3... ..265 1947 1948 12... .228 10... . .217 1939 average 128 344 19... .217 17... ..236 1940 average 136 353 108 Jan. 4.;: ..188 Jan. 3.:: ..204 26... .213 24... ..231 1941 average 156 419 194 11... ..232 10..: ..251 Aug. 2... .220 31... ..235 1942 average 179 599 263 18... ..223 17.;: ..232 9... .223Aug. 7... ..261 1943 average 204 508 530 25... ..220 24.:. ..226 16... .225 14... ..258 1944 average 227 534 560 Feb. 1... . .217 31... ..233 23... .243 21... ..271 1945 average 255 563 729 8... ..219 Feb. 7... ..240 30... .277 28... ..255 1946 average 318 714 909 15... . .246 14... ..238 Sept. 6..: .265 Sept. 4... ..308 1947 average 336 823 553 22... . .216 21... . .249 13... .291 11... ..285 Mar. 1... ..238 28... ..248 20... .301 18... ..337 1947—September..: 341 823 ••677 8... ..254 Mar. 6... . .266 27..; .316 25... ..319 October 367 912 663 15... ..267 13... ..279 Oct. 4..: ..326 Oct. 2... ..327 November.:.. 416 941 605 22... . .286 20... . .313 11.:: .304 9... ..336 December. . . 584 770 544 29... ..283 27... ..331 18..: .299 16... ..331 Apr. 5..: ..319 Apr. 3... ..280 25.:: .306 23... ..344 1948—January 271 789 633 12..: ..265 10... ..298 Nov. 1.:. .313 30... . .319 February 263 878 575 19.:: ..271 17... ..294 8..: ..347 Nov. 6... March 355 941 420 26..: ..267 24... ..296 15..: ..380 13... April 331 938 356 May 3..: ..279 May 1... ..300 22.:: ..395 20... May 339 919 339 10..: ..311 8... ..330 29.:: .367 27... June 336 859 462 17.:: ..273 15... ..293 July 268 827 551 24.:: ..277 22... ..295 August 295 893 545 31.:. ..250 29... ..297 September... P357 P943 P540 NOTE.—Revised series. For description and back figures see pp. P Preliminary. r Revised. 874-875 of BULLETIN for September 1944. i These figures are not estimates for all department stores in the United States. Back figures.-—Division of Research and Statistics. 1415 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] S 19 e 4 p 8 t. A 19 u 4 g 8 . N m 19 o i 4 n s 8 e . , S 19 e 4 p 8 t. A 19 u 4 g 8 . Nine S 19 e 4 p 8 t. A 19 u 4 g 8 . N m 19 o i 4 n s 8 e . S 19 e 4 p 8 t. A 19 u 4 g 8 . N m 19 o i 4 n s 8 e . United States. P+6 +9 +8 Cleveland- cont. Chicago +s\ +9 +8Kansas City— B N P B o o e o s r w s t t o t l o a n H n n d a A v r e e n a. . . . . + + + 1 5 3 7 r- + - - 1 6 2 2 + + + 2 3 3 0 W P E i r t h i t e e s e 1 b l u in rg g h i x + + + 9 9 5 + + 1 1 5 1 ! + + + 1 9 9 3 F C P In o e h d o r i i c t r a i a W n a g a o x a p x y o . n l i . e s . * . l . + + + + 1 3 5 3 2\ + + + + 1 1 1 6 0 1 2 + + + + 5 6 9 8 O T O u c k m l o l s a a n a h h t o a , ma City . + + 2 3 A + + + 3 1 2 9 2 + + + 1 1 6 7 0 N S N W P B D e p r e r o w o o B r i w w i v d r n o c i a n g g Y s d e r t f t e s e o k o o i t p e n r w e n x l k c o r d n e rt1... + + + + + + + 1 1 6 4 4 8 5 2 2 — + + + - - 1 9 1 4 5 5 0 + + + + + + + 6 1 5 3 8 2 2 R W L W N C G R B i y c h a o a r i a e n h l l a r n s e t e f c r m i s h o i n m l h g t e i l o v o n b k h s o n i n g u t , l r o - l d t e r e N S o n g , a n , . S l S e 1 C . . m . . . C C . . . . . + + + + + + + + + 2 1 1 1 1 1 5 7 9 1 1 3 2 3 6 + + + + + + + + + 1 1 1 1 1 1 8 7 9 6 0 0 8 6 3 1 1 + + + + + + + + + 1 1 8 7 3 5 4 5 4 7 2 L G T F G M D D M l a e r e r e i a i e n a r n l s t d r w e n s r t e i n i M o d s a n i o H i u g o R B t n k 1 a i a a e n u y p e e t i s 1 e > d . . 1 . . s . . . . + + + + + + + + - 1 1 2 7 2 5 6 5 7 0 1 + + + + + • + + + 1 + 1 1 1 1 7 4 9 3 7 1 8 5 8 ! + + + + + + + + + 1 1 1 1 1 9 6 9 7 0 5 2 3 4 D S S F S D C H a a a h o o a o n l n r r r l l u e t l p a A a s v u s F t s W e o n s r p i n t a o C o o n J n r r h t c i t r o i h i s s c . t . o i . . . . . . P + + + + + + + + 4 1 1 1 2 3 1 6 4 8 2 5 + + + + + + + 2 1 1 6 6 9 7 8 2 7 0 + + + + + + + + 2 1 2 1 1 6 2 9 0 8 0 2 0 A B Bu l i b n ff a g a n l h o y a m i ton... + + + 1 1 9 4 4 + + + 1 1 1 2 5 7 + + + 1 1 8 3 1 C R R h i o c a a h n r m l o e k o st e n o d n, + + 2 6 1 + + 1 6 2 + + 1 5 1S F t. o r L t o S u m is ith... + + 1 8 4 + +1 1 2 + + 1 7 0 T P B h u a o c k s e e o n r n i s x f i i eld1.... + + + 1 3 5 0 + + + 1 9 9 1 + + + 1 1 4 5 0 Elmira +4 +3 + 11 W. Va + 13 +23 +17 Little Rock *. + 12 + 19 + 11 Fresno l +5 +4 +8- N N Po e ia u w g g a h Y r k a o e r F e k p a s C l i l e i s t . . y . . + + + 1 4 9 8 + + 3 8 + + + 1 7 5 1A H tl u a n n t t i a ngton.... + + 1 1 1 3 + + 1 1 4 9 + + 1 1 0 6 L Q E o v u u a in i n s c s v y v il i l l e le . 1 . . . . . + + + 2 2 1 0 4 0 + + + 1 1 5 7 6 , + + + 1 2 9 2 4 L L O o o a s n k g l A a B n ng d e e a l a c e n h s d ! * . . . . . . P- + 3 3 +2 0 + + 7 1 P C S T T L W Y S A C C C S Y C R R P U h l p y c a h r o e l o a o o i e o k t i e i e r h n i n r v i l n l l c a u l r r i c v l a n u a e k e e n c c h t o k a d n a e c d m t d o l n a g e i d e i n g i o a l n u e n s o f s e n a s e s 1 b n n i t l n s - t c 1 n g e l t e p u x e B e o p d t a l l d 1 r h r s a d l w h t a d l i i l x i * r a x n a * y r . . . e . . 2 * . . 1 . . . . . . . . + + + + + + + + + + + + + + + + + + + + 2 1 2 1 1 1 1 1 1 1 1 2 8 8 9 3 4 9 6 9 3 0 8 6 1 4 5 1 1 4 1 + + + + + + + + + + r + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 7 3 7 6 8 8 3 5 6 9 6 1 0 0 9 2 3 4 2 | + + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 9 4 8 9 9 8 5 8 3 0 3 1 0 0 1 6 0 1 1 0 J N O N C K A A S J M B T C R B M B M M M a a a a h r o e a o a r n u i t c c e a o o r v i i l m l s w t m l a o g k s k a m a r c b a o u n a h t t i x u s n o s m p i n t o m n d e n t v i O o l o v a s g d n n a l e i n t i t n i n i n , b a o R o l a r g a l l a 1 l 1 l v n o l u m 1 T e h l o h e e i o s a a u e l e * l g l n m g n r e a y s e n 1 l l l 1 . . l . . . . . . . . . . . . . . + + + + + ++ + + + + + + ± + + + + - - 2 3 2 1 1 1 1 1 4 1 8 5 7 9 1 6 8 9 2 8 2 3 0 9 0 7 i 3 , + + + + + + + + + + + + M + + + + + - 1 3 1 2 2 2 1 1 1 1 1 1 u ? 5 2 7 5 3 4 1 7 1 4 i 4 7 8 3 , + + + + + + + + + + + + + + + + + + + 2 2 1 1 1 1 1 1 3 9 7 3 7 7 8 8 4 5 9 9 3 1 0 4 0 0 4 4 M K W J S T D D S L S S K S M M P H E o a t t p u t t i o i a e a u u . . n p . . n n S e i i r e p s n n n c t l c m l i L J n s u L P b t e c n h i u v n s o o a n p o e l k o h S a a g p i e e t l o s s t e a u h s u a n i u f a r h t a e r n . i i p i - p i p l i e s s C C s L s 1 o o o l h A o d r l i i : o i l . i . t i n t . . r s u y s y . e . . l . . . i . . . 1 . a s . . . . . . . , , P + + + + + + + + + + + + + + + - + - 1 1 1 4 8 2 5 5 5 1 7 0 5 7 7 3 4 0 1 0 4 + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 1 1 1 2 8 7 2 2 3 3 6 8 0 5 8 2 3 6 4 5 6 3 + + + + + + + + + + + + + + + + + + 1 1 1 1 1 9 7 6 7 8 4 7 4 6 9 9 9 8 2 5 0 0 9 0 S V S S S P S S T Y R S B E S B S S a a t a a a o a p e a o v i a e a o N N a v B l c n n n n c r a l l i o e k t c l s l n t r e o t t e i a e a k r l e a i k F a L J n t r D m a j e m m r p a l m B s o t o r g a k n a e t R o i i a n a s a h e t k d e p a d n e 1 e n e n x a e g o r a 1 i e e a J l n d c n l n e x o m s t i C d a a y o a s 1 r n 1 l c i . 1 d x t d . o . y . i n . . 1 h . o . . . . + + + - ( f 2 + + + + + 1 + + - - - 2 1 ) 1 1 6 3 5 ) 5 6 8 9 6 2 8 9 0 0 0 0 0 + r ' ( + - + + + + + + + + + + - - - - 2 3 1 6 6 1 1 5 ) 5 7 9 8 3 7 4 3 7 1 5 3 4 + + + + + + + + + + + + - 1 + 1 1 4 8 5 3 2 4 5 4 5 2 9 2 2 *» Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Eight months 1948. 4 Seven months 1948. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Year or month All items Food Apparel Rent ele F ct u ri e c l, ity, fur H ni o s u h s in e gs Miscellaneous* and ice 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.D 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139 3 159.6 160.2 108.6 112 4 159.2 128.8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1947—September 163.8 203.5 187.6 113.6 124.6 187.5 140.8 October 163.8 201.6 189.0 114.9 125.2 187.8 141.8 November 164 9 202.7 190.2 115.2 126 9 188.9 143.0 December 167.0 206.9 191.2 115.4 127.8 191.4 144.4 1948—January 168.8 209.7 192.1 115.9 129.5 192.3 146.4 February 167.5 204.7 195.1 116.0 130.0 193.0 146.4 March .. 166 9 202.3 196.3 116.3 130 3 194.9 146.2 April ... 169.3 207.9 196.4 116.3 130.7 194.7 147.8 May 170.5 210.9 197.5 116.7 131.8 193.6 147.5 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 August 174.5 216.6 199.7 117.7 136.8 196.3 152.4 September.. . ... 174.5 215.2 201.0 118.5 137.3 198.1 152.7 Back figures.—Bureau of Labor Statistics, Department of Labor. 1416 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 Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i n c t o d h d t d e s e s - r- T p u e r x c o t t d s il - e li m g F r a h i 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 a d a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p h u l l r s l e c o i m e a t d s d n - i- d H g n f o o i i u n u s o r h g s - d - e s - n c M e el o i l s u a - - s m R ri a a a t l w e s - M t p u u f r a a r o c c n e t d - s d u - - 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 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 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 85.3 104.6 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 1 1 9 9 4 4 5 6 1 12 0 1 5 . . 1 8 1 1 2 4 8 8 . . 2 9 1 1 0 3 6 0 . . 2 7 1 9 0 9 9 . . 7 5 1 13 1 7 8 . . 2 1 1 1 0 1 0 6 . . 1 3 8 9 4 0 . . 0 1 1 1 0 1 4 5 . . 7 5 1 13 1 2 7 . . 6 8 1 9 0 5 1 .2 1 1 0 1 4 1 . . 5 6 1 9 0 4 0 . . 7 3 1 1 1 34 6 . . 7 8 1 1 0 1 1 6 . . 8 1 1947 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—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... 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 166.2 196.0 181.4 149.5 187.7 149.6 133.1 158.5 196.8 135.8 143.2 121.5 182.6 159.6 July 168.7 195.2 188.3 151.1 189.2 149.4 135.7 162.2 199.9 134.4 144.5 120.3 184.3 162.6 August. . . 169.5 191.0 189.5 153.1 188.4 148.9 136.6 171.0 r203.6 132.0 145.4 119.7 182.0 164.6 September 168.5 189.1 186.3 153.2 187.5 147.8 136.7 171.9 203.9 133.3 146.1 119.9 ,180.5 163.8 Week ending:1 1948—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. . 169.2 191.0 189.5 153.1 189.6 148.0 137.3 171.5 202.0 131 146.8 118.7 182.8 164.9 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 Sept. 4.. 167.4 187.8 184.0 153.3 189.2 147.5 137.6 172.0 203.2 132.1 146.9 118.5 180.7 163.0 Sept. 11.. 168.0 188.1 185.9 153.6 188.8 147.5 137.6 172.0 203.1 133.2 147.7 119.9 180.9 163.9 Sept. 18. . 169.2 190.1 189.9 153.5 188.2 147.2 137.7 171.5 203.2 132.5 147.8 120.3 182.0 165.5 Sept. 25. . 168.7 190.8 187.8 153.3 187.9 146.7 137.8 171.8 202.9 133.5 147.8 119.3 182.4 164.4 Oct. 2... 167.1 186.4 183.9 153.4 187.9 146.5 138.2 171.8 203.1 133.6 147.9 119.1 179.7 163.1 Oct. 9... 164.6 181.5 178.0 153.3 187.8 146.9 138.3 171.9 202.7 133.5 148.5 118.4 176.7 160.5 Oct. 16... 164.8 182.2 178.0 153.5 187.6 146.8 138.1 172.5 203.6 134.4 148.6 118.7 177.2 160.6 Oct. 23... 165.3 183.8 178.8 153.4 186.0 146.2 138.1 172.6 203.7 133.2 148.9 118.6 178.2 160.9 1947 1948 1948 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept Farm Products: Metals and Metal Products: Grains 230.3 209.2 190.6 179.2 176.9 Agricultural mach. & equip. 121.6 132.2 134.1 135.6 140.2 Livestock and poultry 224.8 239.2 250.8 250.0 244.2 Farm machinery 122.8 134.1 136.3 137.7 142.5 Other farm products 150.3 165.4 161.9 157.8 158.2 Iron and steel 139.0 149.4 153.2 163.2 163.9 Foods: Motor vehicles 159.4 163.9 168.2 174.1 175.0 Dairy products 170.6 181.3 182.9 185.1 179.9 Nonferrous metals 142.0 152.1 153.7 165.9 166.4 Cereal products 158.2 155.1 154.5 154.0 153.3 Plumbing and heating 136.0 145.3 145.3 153.7 156.8 Fruits and vegetables 130.1 147.7 151.2 140.5 139.4 Building Materials: Meats 244.8 241.3 263.8 273.7 266.5 Brick and tile 145.4 153.3 157.9 158.6 158.9 Other foods 150.7 148.1 148.5 146.9 147.0 Cement 119.1 128.8 132.2 133.2 133.3 Hides and Leather Products: Lumber 286.5 313.2 -•318.1 -•319.5 317.1 Shoes 176.8 185.8 186.3 189.4 190.0 Paint and paint materials.. 157.1 158.7 157.9 158.1 159.5 Hides and skins 221.1 215.2 220.3 212.1 210.6 Plumbing and heating 136.0 145.3 145.3 153.7 156.8 Leather 197 A 186.9 189.2 186.0 181.9 Structural steel 143.0 153.3 159.6 178.8 178.8 Other leather products 2 139.5 150.9 149.9 148.6 148.6 Other building materials... 150.7 163.5 167.1 173.4 174.8 Textile Products: Chemicals and Allied Products: Clothing 135.9 145.2 148.3 148.3 148.1 Chemicals 118.2 126.2 127.8 126.3 126.0 Cotton goods 202.5 213.1 209.3 205.3 199.8 Drugs and Pharmaceuticals 136.6 153.7 153.6 153.3 152.7 Hosiery and underwear 99.9 105.3 104.9 104.9 104.8 Fertilizer materials 109.8 113.9 115.0 114.9 116.2 Silk 68.3 46.4 46.4 46.4 46.4 Mixed fertilizers 97.2 103.2 104.4 105.9 107.8 Rayon 37.0 40.7 40.7 41.6 41.8 Oils and fats 163.3 212.7 193.2 180.3 188.6 Woolen and worsted goods... 133.8 147.5 147.5 149.4 150.0 Housefurnishing Goods: Other textile products 175.0 183.1 184.5 186.6 188.7 Furnishings 138.5 146.7 148.6 149.3 150.8 Fuel and Lighting Materials: Furniture 131.3 139.9 140.4 141.6 141.4 Anthracite 122.5 127.1 131.6 136.0 136.5 Miscellaneous: Bituminous coal 170.3 182.6 193.1 194.5 195.0 Auto tires and tubes 60.8 63.5 66.2 66.2 66.2 Coke 181.9 206.6 212.3 217.4 217.5 Cattle feed 287.2 292.4 239.6 198.4 201.7 Electricity 65.2 65.7 66.4 Paper and pulp 159.5 167.3 166.8 169.0 170.9 Gas 87.0 90.7 90.4 86.9 Rubber, crude 36.4 47 .1 49.6 48.1 46.4 Petroleum products 93.7 122.1 122.1 122.1 122.2 Other miscellaneous 124.6 129.8 130.0 132.2 132.1 r Revised. 1 Weekly figures not directly comparable with monthly data. 2 Additional items included beginning May; beginning with that date, therefore, figures are not comparable with those for earlier months. Back figures.—Bureau of Labor Statistics, Department of Labor. 1417 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 228.3 227.9 243.8 244.9 250.4 255.9 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 11.8 13.3 13.3 13.4 13.8 14.0 14.3 14.6 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.0 17.5 18.5 18.1 18.4 19.4 19.1 19.7 20.1 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 -2.7 -5.4 -3.3 -4.2 -6.0 n.a. Plus: Subsidies less current surplus of government enterprises -.1 C1) .5 .1 .7 .9 -.1 .3 -.3 -.4 -.2 + .3 Equals: National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 25.2 24.3 27.5 26.2 30.9 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 5.9 5.6 6.1 5.2 5.1 5.0 5.0 5.2 Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 .0 .0 .0 .0 -.1 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 9.9 13.6 10.6 10.9 10.6 10.2 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.4 4.5 4.5 4.6 4.7 4.8 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 6.7 6.9 7.1 7.3 7.3 7.7 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 164.5 178.1 195.2 189.6 196.7 203.1 207.3 209.0 213.9 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 21.4 21.7 22.2 23.2 20.8 20.2 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 19.4 19.8 20.2 21.1 18.7 18.1 State and local 1.4 1.0 1.2 1.3 1.4 1.7 2.0 1.9 2.0 2.0 2.1 2.1 2.1 Equals: Disposable personal income 82.5 45.2 70.2 92.0 145.6 159.2 173.6 168.2 175.0 180.9 184.1 188.2 193.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5 Equals: Personal saving 3.7 -1.2 2.7 9.8 34.2 11.8 8.8 4.1 9.4 9.7 12.0 11.7 15.2 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 72.5 103.8 182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 125.3 127.6 132.2 133.7 134.2 140.6 Wages and salaries2 50.2 28.8 45.7 61.7 116.9 111.7 122.2 119.6 122.5 127.1 128.8 129.3 135.6 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 102.3 105.3 109.5 111.1 111.2 116.4 Military .3 .3 .4 1.9 20.7 7.8 3.9 3.9 3.7 3.6 3.5 3.6 3.7 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 13.4 13.5 14.0 14.2 14.5 15.6 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.7 5.1 5.0 4.9 5.0 5.0 Proprietors' and rental income * 19.7 7.2 14.7 20.8 34.1 41.8 46.0 44 6 44 4 48.6 50.6 51.8 50.2 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 22.7 23.0 24.7 25.0 25.4 24.8 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 14.9 14.3 16.5 18.0 18.9 17.9 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.7 7.1 7.0 7.1 7.4 7.5 7.6 7.5 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 25.2 24.3 27.5 26.2 30.9 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 21.8 29.8 28.8 29.1 32.4 31.4 33.4 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.0 11.7 11.3 11.4 12.7 12.2 13.0 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 10.8 12.8 18.1 17.5 17.7 19.7 19.2 20.4 n.a. Inventory valuation adjustment .5 -2.1 — .7 -2.6 -.3 -5.0 -5.1 -3.6 -4.8 -4.9 -5.3 -2.5 -3.9 Net interest 6.5 5.0 4.2 4.1 3.1 3.4 4.3 4.2 4.4 4.5 4.6 4.7 4.8 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, 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. 1418 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 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 228.3 227.9 243.8 244.9 250.4 255.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5 Durable goods 9.4 3.5 6.7 9.8 6.9 16.2 21.0 21.1 21.1 22.1 21.2 22 23.6 Nondurable goods 37.7 22.3 35.3 44.0 67.5 87.5 96.5 96.3 96.8 100.2 101.2 103.2 102.9 Services 31.7 20.6 25.5 28.5 37.0 43.6 47.3 46.7 47.7 48.8 49.7 50.6 51.9 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 26.4 25.6 35.4 38.7 37.6 39.0 New construction 1 7.8 1.1 4.0 5.7 2.3 8.9 11.7 10.3 11.6 14.0 14.3 14.4 14.8 Producers' durable equipment 6.4 1.8 4.6 7.7 5.4 12.8 17.8 17.9 17.6 18.9 19.8 20.9 21.4 Change in business inventories 1.6 -1.6 .4 3.9 -1.4 4.8 .6 -1.8 -3.5 2.5 4.6 2.3 2.8 Net foreign investment .8 .2 .9 1.1 -2.1 4.7 8.9 10.2 8.4 8.2 3.9 2.9 .7 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.5 30.8 28.0 27.6 28.3 29.0 30.1 33.5 37.7 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.6 15.7 15.7 15.5 16.4 18.8 22.2 War 1.3 13.8 88.6 21.2 Nonwar > 1.3 2.0 3.9 3.2 1.6 2.5 >16.9 17.0 16.6 16.3 17.6 22.6 Less: Government sales 2 (3) (3) 1.2 2.9 1.3 1.4 .9 1.2 .5 .4 State and local 7.9 7.8 7.5 10.0 12.3 11.9 12.6 13.7 14.7 15.5 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Trans- Non- Per- ployee Other prietors' and agricul- Year or month in s c o o n m al e re T c o e t i a p l ts4 Total m C o o d m it - y Distrib- Service Gov- b c u o f t n o io t r r n i- s in l c a o b m or e8 in re c a n o nd m tal e6 in s p t o e e n r r a e - l st m p e f a e n y r t - s7 in t c u o r m al e8 b m u e r n se ts - d p in u ro g s d t r u i i n e c - s - in tr d i u es s- in tr d i u es s- m er e n n - t i s a n o n s c u c ia e r- l income 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1930 76.2 45.7 45.9 18.5 14.4 7.7 5.2 .1 .5 15.7 12.6 1.5 70.0 1931 64.8 38.7 38.9 14.3 12.5 6.8 5.3 .2 .5 11.8 11.1 2.7 60.1 1932 49.3 30.1 30.3 9.9 9.8 5.7 5.0 .2 .4 7.4 9.1 2.2 46.2 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1934 53.2 33.4 33.5 12.0 9.9 5.5 6.1 .2 .4 8.7 8.6 2.2 49.5 1935 59.9 36.3 36.5 13.5 10.7 5.8 6.5 .2 .4 12.1 8.6 2.4 53.4 1936 68.4 41.6 41.8 15.8 11.8 6.3 7.9 .2 .5 12.6 10.1 3.5 62.8 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 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 35.5 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 20.7 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—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. 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 212.3 129.7 131.9 59.6 38.2 15.8 18.3 2.2 2.0 52.8 16.8 "11.1 187.7 July 212.9 131.8 134.0 60.0 39.0 16.2 18.8 2.2 2.1 51.0 17.0 11.0 189.3 August?... 215.1 134.7 136.9 61.4 39.5 16.5 19.5 2.2 2.1 50.3 17.1 10.9 191.9 p Preliminary. c Corrected. r 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. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, 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. NOVEMBER 1948 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts oustanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans * p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,628 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 L.442 1 .487 523 1939 7,982 4,437 2,792 1,267 1,525 1,645 L.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 L,601 1,764 610 1942 6,461 2,931 1,491 482 1,009 1,440 L.369 L.513 648 1943 5,315 1,938 814 175 639 1,124 L, 192 1,498 687 1944 5,754 2,012 835 200 635 1,177 L .255 L.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—August 11,454 5,198 2,167 965 1,202 3,031 2,581 2,755 920 September 11,708 5,314 2,257 1,004 1,253 3,057 2,609 2,864 921 October 12,084 5,490 2,370 1,047 1,323 3,120 2,647 3,029 918 November '•12,670 '5,764 '2,550 1,099 1,451 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 1948—January 13 095 '6,218 '2,817 1,202 1,615 3,401 2,713 3,240 924 February 12,983 '6,289 '2,841 1,254 1,587 3,448 2,705 3,061 928 March 13,429 '6,539 '2,992 1,367 1,625 3,547 2,689 3,275 926 April 13,610 '6,775 '3,143 1,468 1,675 3,632 2,665 '3,236 934 May 13,803 '6,965 '3,265 1,536 1,729 3,700 2,661 '3,245 932 June . 14,126 '7,150 '3,372 1,602 1,770 3,778 2,679 '3,352 945 July 14,170 7,329 3,480 1,689 1,791 3,849 2,699 3,185 957 August? 14,351 7,533 3,625 1,781 1,844 3,908 2,724 3,130 964 September? 14,650 7,717 3,769 1,854 1,915 3,948 2,723 3,241 969 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e o n rc m k i s a - * l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i r n l z o e a o s a p a n u d t n i a d r e o s i e r r n 3 d n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m i a n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e o d n i s t 1929 643 43 263 210 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1937. 1,209 258 374 221 83 125 148 368 662 400 150 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—August 3,031 1,307 652 152 124 200 114 482 213 113 25 22 36 September. . 3,057 1,320 643 154 125 204 114 497 216 107 27 24 35 October 3,120 1,350 647 157 127 208 114 517 228 121 28 23 39 November. . 3,214 1,383 670 162 130 215 116 538 233 142 27 25 39 December... 3,350 1,435 712 166 134 225 120 558 267 191 33 30 46 1948—January.... 3,401 1,462 717 165 137 227 121 572 248 110 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 June 3,778 1,634 758 194 150 111 125 645 275 127 37 27 54 July 3,849 1,669 770 199 152 282 126 651 277 130 33 26 52 August P. . . . 3,908 1,701 775 203 154 291 127 657 270 127 32 27 52 September?. 3,948 1,712 783 205 156 300 127 665 254 123 31 26 52 Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September amounted to 109 million dollars and loans made during September were 12 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [ Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery m E e n a o d r n t o o h r f in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m 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 s w to e r l e ry s s o r t e A t o h t r a l e e l i r l s Year or month Total ch P a u s r e r - d eta D i l l o i a r n ec s tc r d h p e a i a r t u n a e s r d i e c - l d t , l e o m r t a n a i n o o n iz d d n s a - 1 - 2 i l m s c n o o a s a e n s t n n a a h s t l l houses Outstanding at end of 1929 1,197 160 583 265 56 133 p 1 e 9 r 4 i 5 od: 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 9 4 4 7 6 2 1 , , 7 5 0 9 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—August 2,348 298 470 433 408 739 1938 1,343 302 485 266 70 220 September... 2,416 313 477 444 438 744 1939 1,525 377;- 536 273 93 246 October 2,499 322 492 462 465 758 1940 1,721 439 599 302 110 271 November. . . 2,588 337 513 486 483 769 1941. 1,802 466 619 313 120 284 December . . . 2,701 346 536 523 500 796 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 2 4 5 3 6 7 1 1 1 , , . 0 0 6 6 6 6 0 1 8 3 3 7 9 4 8 5 9 6 2 3 6 1 1 1 5 3 5 7 9 8 2 7 0 2 8 3 3 2 2 2 3 5 6 9 8 7 6 2 9 1 3 1 6 8 1 2 2 5 3 1 1 9 8 2 0 3 4 1 1 6 7 7 7 9 2 6 7 0 4 2 3 2 1 1 1 1 1 0 6 5 0 6 0 0 6 9 7 0 1 1948— F M A J M J u e a p a a n n b r r y e i u r c l a u h r a . y r y . . . . . .. . 2 2 2 3 3 3 , , , , , , 1 9 7 8 0 2 3 3 8 5 2 2 7 1 7 5 7 9 3 3 4 4 4 4 7 5 3 7 0 4 3 9 1 2 2 8 6 5 5 6 6 6 0 5 4 2 7 6 2 6 9 8 0 8 5 5 5 6 6 6 6 6 9 4 6 2 1 9 1 6 7 8 5 5 5 5 5 5 5 0 1 3 0 7 5 6 7 8 4 2 8 8 8 8 8 8 0 3 0 1 3 5 1 9 7 9 2 6 July 3,319 502 691 678 582 866 1947 AugustP 3,410 529 713 698 592 878 August 1,202 440 408 41 124 189 September?.. 3,486 550 723 725 608 880 September. 1,253 462 423 43 128 197 Volume extended dur- October. .. 1,323 495 443 46 131 208 ing month: November. 1,451 555 474 49 ••144 229 1947—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 N D o e v c e e m m b b e e r r . . . . . . 4 42 8 1 4 6 7 9 0 1 9 0 4 3 1 9 1 1 5 4 47 3 1 1 2 4 4 9 A J J M F S M J A u u a e e u p a l a n p n b g y r y r e t i u r u c e l u a s m h t a r . P b y r . . e y . . . r . . . . P . . 1 ' 1 1 1 1 • 1 1 1 , , , , , I , , , 7 5 6 6 7 , 7 8 1 6 7 8 7 2 2 9 9 4 1 0 7 5 5 9 5 1 4 5 6 6 6 6 7 7 7 7 7 3 3 5 8 2 2 8 5 0 2 2 3 0 4 0 8 9 3 5 4 5 5 5 5 5 4 5 4 6 9 8 0 1 4 9 2 5 0 7 6 2 1 1 2 8 5 6 8 5 6 6 7 5 7 4 8 1 2 0 5 2 2 6 1 1 1 1 1 1 1 1 1 7 6 6 6 6 6 5 6 5 5 5 1 9 2 0 8 0 8 • • • • • " • • • 2 • 2 3 2 2 2 2 2 2 8 0 9 5 7 5 5 7 6 2 2 1 4 2 6 0 9 4 1948— J A J F M M A S J u u e a e u p l a n a n p y b g r r y e u i t u c r l e a h u s m r t a P y b ry er . P .. . . . 5 5 5 3 5 5 5 4 4 0 0 1 2 9 0 2 5 8 3 4 2 1 8 4 4 6 7 9 9 9 8 9 8 8 6 7 0 3 1 1 2 7 9 6 0 1 1 1 1 1 1 1 9 8 0 1 1 1 0 0 1 8 9 5 5 2 6 9 9 6 1 1 1 1 1 1 1 1 9 1 0 2 2 0 1 2 1 0 3 5 2 6 2 2 2 8 3 4 5 4 3 5 4 4 4 8 2 5 6 2 5 9 9 4 1 1 1 1 1 1 1 1 1 4 4 4 5 3 1 3 3 5 1 3 8 3 7 8 4 7 0 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper 2 and instal- Year and month Total modern- ment Year or month Total modern- ment m A o u b to il - e Other i l z o a a t n io s n 12 l c o a a s n h s m A o u b to il - e Other l i o z a a n ti s o 1 n 2 l c o a a s n h s Outstanding at end Outstanding at end of period: of period: 1945 104.1 13.8 9.8 17.2 63.3 1945 76.7 11.0 4.0 1.5 60.2 1946 162.7 27.5 17.8 28.3 89.1 1946 108.4 15.0 7.4 2.4 83.6 1947 233.5 50.0 30.2 43.3 110.0 1947 148.2 27.1 17.1 4.2 99.8 1947—August 212.6 44.9 25.3 38.4 104.0 1947—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 June 271.6 61.4 40.1 48.8 121.3 June 166.0 33.3 21.2 4.5 107.0 July 277.8 64.3 42.1 49.1 122.3 July 168.0 34.9 21.0 4.6 107.5 August P. . . 282.3 66.3 43.3 49.8 122.9 AugustP.. . 170.1 36.2 21.7 4.6 107.6 September?. 286.3 67.5 43.9 50.5 124.4 September? 172.3 37.4 22.6 4.7 107.6 Volume extended Volume extended during month: during month: 1947—August 33.2 8.1 4.2 3.6 17.3 1947—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 June 30.6 7.1 3.5 0.4 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 0.5 18.6 AugustP . . . 40.1 10.6 6.5 3.6 19.4 August?... 28.6 6.0 3.6 0.4 18.6 SeptemberP. 38.2 9.7 6.3 3.3 18.9 September? 28.7 6.1 4.0 0.4 18.2 P Preliminary. r Revised. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. 1421 NOVEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe f r ro c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g [nstalment accounts a C cc h o ar u g n e ts month month of preceding Item 1 S 9 e 4 p 8 t P . A 19 u 4 g 8 . J 1 u 9 l 4 y 8 1 S 9 e 4 p 8 t P . A 1 y 9 e u 4 a g 8 r . J 1 u 9 l 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 a e c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total +4 +9 —9 +5 + 13 + 10 August 28 22 39 23 51 C C a re s d h i t s a s l a e l s e s: . -4 +4 -12 -24 -14 -13 O Se c p to t b em er ber... 3 3 1 1 2 2 4 3 3 4 9 0 2 2 3 5 5 5 3 7 Instalment +8 + 12 -10 + 16 +27 +22 November... 30 23 39 24 55 Charge account -2 +4 -7 -9 +1 +3 December. .. 29 20 39 31 54 Accounts receivable, end 1948 of month: January 24 18 36 19 53 Total +4 +3 0 +45 +46 +44 February 23 17 32 18 49 Instalment +4 +2 0 +47 +49 +47 March 27 19 35 19 53 April 25 19 33 rl9 52 Collections during May 24 19 34 19 52 month: June 24 20 33 19 52 Total + 1 -2 -1 +4 + 13 + 15 July 23 18 34 19 51 Instalment +2 +1 -3 +4 +19 +21 August 23 18 33 19 51 September?., 24 18 32 19 53 Inventories, end of month, at retail value.. +6 0 -2 + 18 + 15 +16 P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Chargement account Instal- Charge Instal- Charge Instal- Charge sales sales sales Total Cash ment account ment account ment account 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—August 174 195 132 157 84 145 123 162 56 6 38 September r216 '234 157 '207 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 213 220 191 208 131 191 171 211 51 8 41 May 218 228 186 213 134 192 172 214 52 7 41 June 217 228 178 211 136 192 176 217 52 7 41 July 173 187 160 158 138 167 169 r213 54 8 38 August 188 196 192 177 144 165 173 184 52 9 39 September? 229 231 215 229 151 188 186 188 50 8 42 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. 1413. 1422 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 Chart Chart book book page Sept. Oct. Oct. Oct. Oct. page Sept. Oct. Oct. Oct. Oct. 29 6 13 20 27 i 29 6 13 20 27 i WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES2—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC. Cont. Reserve Bank credit, total.. . . 23.95 23.71 23.97 23.87 23.80 Stock prices (1935-39 = 100): U. S. Govt. securities, total.. 23.28 23.14 23.30 23.19 23.24 Total 40 123 125 127 129 130 Bills 6.98 6.53 6.44 5.95 5.52 Industrial 40 129 131 133 136 137 Certificates 5.16 6.21 6 21 6 21 6.16 Railroad 40 117 119 120 121 123 Notes 3 1.94 91 91 90 .88 Public utility 40 96 97 97 98 98 Bonds 3 9.20 9'4.8 9 74 10 13 10.68 ^olume of trading (mill, shares) 40 .86 .65 .82 1.28 1.00 Gold stock 2 23.87 23 89 23 97 23 98 24.00 Money in circulation 2 28.08 28 20 28 28 28 16 28.09 Treasury cash and deposits. . . 2 2 98 2 92 2 87 2 86 2.85 BUSINESS CONDITIONS Member bank reserves 2, 4 19 88 19 58 19 84 19 91 19.96 Required reserves 4 1894 18.98 1891P19.00 '19.08 Wholesale prices: Excess reserves « 4 94 61 93 p 91 Indexes (1926=100): Excess reserves (weekly avg.): Total 73 167.1 164.6 164.8 165.3 Total* 77 90 76 p 90 Farm products 73 186.4 181.5 182.2 1 83 . S New York City 5 10 05 01 10 .03 Other than farm and foods. 73 153.4 153.3 153.5 153.4 Chicago 01 01 (3) 01 Selected farm products: Reserve city banks 19 29 20 23 Wheat (cents per bushel) . 78 217.5 218.0 220.1 222.3 223.6 Country banks* 5 47 55 54 p 57 Corn (cents per bushel). . 78 159.1 168.2 159.6 149.9 140. 1 Cotton (cents per pound). 78 31.2 31.2 31.2 31 .4 31.0 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 78 28.35 24.83 26.15 26.36 AH reporting banks: Butter (cents per pound) . 78 65.4 65.1 64.0 64.3 59 4 Loans and investments 16 61 91 62 17 62 11 62 30 62.44 Eggs (cents per dozen)... 78 44.8 46.1 48.8 49.4 49.4 U. S. Govt. securities, total. 16 32 56 33 24 33 02 33 42 33.53 Production: Bonds 18 25 23 2522 25 15 25 03 24.96 Steei (% of capacity) 80 96.4 97.5 98.5 99.1 98.9 Certificates 18 3 75 448 4 46 444 4.39 Automobile (thous. cars)... 80 '121 119 123 123 116 Notes 18 2 44 1 72 1 72 1 68 1.68 Paperboard (thou. tons) 81 191 192 193 190 194 Bills 18 114 1 83 1 70 2 26 2.50 Crude petroleum (thous. Other securities 20 4 45 4 41 4 38 434 4.28 bbls.) 81 5,453 5,534 5,586 5,596 5,604 Demand deposits adjusted.. 16 46 66 46 44 46 59 4700 47.42 Electric power (mill. kw. U. S. Govt. deposits 16 179 1 67 1 66 1 58 1.54 hrs.) . .... 82 5,449 5,482 5,482 5,539 5,555 Loans, total 16 24 90 24 53 24 71 24 54 24.64 Basic commodity prices Commercial 20 15 24 1531 15 46 1537 15.41 (Aug. 1939=100) 82 306.3 303.4 305.8 305.9 305.0 Real estate 20 3 96 3 97 3 99 400 4.01 Total freight carloadings For purchasing securities: (thous. cars) 83 909 892 914 923 932 Total. 20 176 1 39 148 131 1.35 Department store sales U. S. Govt. securities... 20 82 49 53 41 .42 (1935-39=100) 83 327 336 333 Other securities 20 94 90 95 90 .93 Other 20 4 19 4^11 4 04 4 10 4.11 New York City banks: 1948 Loans and investments 17 18 13 18 26 1804 18 20 18.30 U. S. Govt. securities, total. 17 9 12 9 61 9 36 9 69 9.80 Bonds 19 760 760 758 7.51 7.47 July Aug. Sept. Certificates 19 64 87 82 .87 .85 Notes 19 48 .29 .29 .29 .29 Bills 19 .40 .85 .67 1.02 1.20 MONTHLY FIGURES In billions of dollars Demand deposits adjusted.. 17 15.16 14.98 14.91 15.26 15.46 U. S. Govt. deposits 17 .45 .54 .53 .48 .46 RESERVES AND CURRENCY Interbank deposits 17 3.89 3.98 4.06 4.08 3.93 Time deposits 17 1.56 1.56 1.54 1 54 1.54 Reserve Bank credit 22 02 22.04 22.41 Loans, total 1 7.79 7.48 753 7.39 7.45 old stock 23 62 23.70 23.83 Commercial 21 5.53 5.59 5.66 5.59 5.60 Money in circulation 27.96 27.98 28.15 For purchasing securities: Treasury cash 1.32 1.32 1.32 To brokers: Treasury deposits 1 .83 1.83 1.32 On U. S. Govts 2 .52 .23 25 .17 .17 Member bank reserves: On other securities.. - 2 .31 .29 .3^ .30 .33 Total 4, 7, 17 53 17.69 18.51 To others 2 .22 .22 ^22 .22 .22 Central reserve city banks... 6 02 6.09 6.24 All other 2 1.30 1.24 1.15 1.21 1.21 Reserve city banks 6 57 6.63 6.87 Banks outside New York City: Country banks 4 94 4.97 5.40 Loans and investments 17 43.78 43.92 44.08 44.10 44.14 Required reserves: U. S. Govt. securities, total.. 23.44 23.62 23 6( 23.73 23 . 73 Total 16.71 16.85 17.63 Bonds 17.63 17.61 17'.57 17.53 1 7 .49 Country banks 4.37 4.41 4.83 Certificates 3.11 3.61 3.63 3. 58 3.54 Excess reserves: Notes 1.97 1.43 1.42 1.39 1.39 Total ' .82 .84 .88 Bills .74 .97 1.03 1.23 1.31 New York City .02 .05 .06 Demand deposits adjusted. . 31.51 31.46 31.68 31.' 7431.97 Chicago («) .01 .01 U. S. Govt. deposits 1.34 1.13 1.13 1.10 1.08 Reserve city banks .23 .22 25 Interbank deposits 6.13 6.45 6.4( 6. 47 6.38 Country banks. .57 .56 .57 Time deposits 13.35 13.37 13^37 13.37 13.36 Money in circulation, total. . . 27.87 28.06 28.12 Loans, total 17.11 17.05 17.18 17. 15 17.19 Bills of $50 and over 8.56 8.61 8.63 Commercial 2 9.71 9.73 9.80 9. 79 9.81 $10 and $20 bills 14.82 14.93 14.93 Real estate 2 3.77 3.78 3.79 3.80 3.81 Coins, $1, $2, and $5 bills.. 4. 4.49 4.52 4.56 For purchasing securities. 2 .71 .65 .68 .62 .63 All other 2 3.07 3.06 3.08 3.10 3.11 ALL BANKS IN THE UNITED STATES Deposits and currency:' MONEY RATES, ETC. Per cent per annum Total" P168.60 P169.10 P169.7O Excluding U. S. Govt. U. S. Govt. securities: deposits' P166.20 P166.70 P166.90 Bills (new issues) 34, 3. 1.114 1.118 1.118 1.120 1.129 Demand deposits adjusted*.. . P83 .40 P83.80 P83.90 Certificates 34, 3. 1.20 1.23 1.23 1.23 1.23 Time deposits adjusted* P57.30 P57.3O P57.3O 3-5 years 3' 1.70 1.71 1.71 1.71 1.72 Currency outside bankse P25.5O P25.6O P25.7O 7-9 years 3- 2.02 2.02 2 .06 2.06 2.08 U. S. Govt. depositse *>2.40 P2.40 P2 .80 15 years or more 34, 3< 2.45 2.45 2.45 2.45 2.45 F. R. Bank discount rate 3. 1.50 1.50 1.50 1.50 1.50 ALL COMMERCIAL BANKS Commercial paper 3. 1.56 1.56 1.56 1.56 1 .56 Bankers' acceptances 3 1.19 1.19 1.19 1.19 1.19 Cash assets'8 11 P33 .20 P33. 10 P36.00 Corporate bonds: Loans and investments, total* 11 P114.7O P115.10 ! P113.60 Aaa 3- 2.83 2.84 2.83 2.84 2 86 Loanse 11 P40.10 P40.60 P41.70 Baa 3' 3.47 3.48 3.49 3.50 3.52 U. S. Govt. securities6 11 P65.30 P65.10 P62.50 High-grade (Treas. series)... 3< 2.85 2.84 2.84 2.84 2. Other securities6 11 P9.30 P9.40 P9.40 For footnotes see p. 1426. 1423 NOVEMBER 1948 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 July Aug. Sept. page July Aug. Sept.1 MONTHLY FIGURES—Cont. In billions of dollars In billions of dollars MONTHLY FIGURES—Cont. MEMBER BANKS All member banks: TREASURY FINANCE—Cont. Loans and investments, total 14 96.21 96.48 94.90 Loans 14 34.09 34.50 35.45 Ownership of U. S. Govt. securities—Cont. U. S. Govt. securities 14 54.58 54.37 51.. 79 Marketable public issues—Cont. Other securities 14 7.55 7.61 7.65 By earliest callable or due date: Demand deposits adjusted4 14 70.65 71.01 71.02 Within 1 year-Total outstanding 31 49.08 48.66 45.54 Time deposits 14 28.79 28.76 28.80 Commercial bank and F. R. Balances due to banks 14 10.82 10.77 11.00 Bank 31 31.54 30.68 e27.78 Balances due from banks 14 5.38 5.30 5.33 F. R. Bank 31 14.67 13.90 13.86 Central reserve city banks: 1-5 years—Total outstanding. 31 46.12 46.12 48.43 Loans and investments, total 14 23.85 23.88 23.23 Commercial bank and F. R. Loans 14 9.18 9.26 9.78 Bank 31 33.35 33.35 U. S. Govt. securities 14 13.15 13.07 11.87 F. R. Bank 31 2.65 2.77 3.32 Other securities 14 1.52 1.56 1.59 5-10 years—Total outstanding 31 10.46 10.46 10.46 Demand deposits adjusted* 14 19.16 19.31 19.03 Commercial bank and F. R. Time deposits 14 2.64 2.59 2.61 Bank 31 6.81 6.82 e6.73 Balances due to banks 14 5.06 5.01 5.09 F. R. Bank 31 .54 .54 .53 Reserve city banks: Over 10 years-Total outstanding 31 53.89 53.89 53.89 Loans and investments, total IS 35.46 35.56 34.83 Nonbank (unrestricted Loans 15 13.58 13.74 13.94 issues only), commercial U. S. Govt. securities 15 19.35 19.27 18.34 bank, and F. R. Bank 31 8.57 9.43 el0.71 Other securities 15 2.53 2.55 2.55 Commercial bank and F. R. Demand deposits adjusted* 15 24.76 24.80 24.61 Bank 31 7.37 8.19 Time deposits 15 11.30 11.30 11.31 F. R. Bank 31 3.46 4.37 5'.71 Balances due to banks 15 4.92 4.92 5.04 Balances due from banks 15 1.79 1.71 1.73 Country banks: Lo L a o n a s n a s n d investments, total 1 1 5 5 3 1 6 1 . . 9 3 0 3 3 1 7 1 . . 0 5 3 0 3 1 6 1. . 7 8 3 4 MONEY RATES, ETC. Per cent per annum U. S. Govt. securities 15 22.07 22.03 21.58 Other securities 15 3.50 3.50 3.52 Demand deposits adjusted* 15 26.73 26.90 27.38 U. S. Govt. securities: Time deposits 15 14.86 14.87 14.89 Bills (new issues) 33, 35 .997 1.053 1.090 Balances due from banks 15 3.41 3.42 3.42 C B e o r n t d if s i , c a 1 te 5 s years or more 3 3 5 6 2 1 4 1 4 0 2 1 . .1 4 5 5 2 1 . .1 4 8 5 CONSUMER CREDIT • F. R. Bank discount rate 33, 35 1 25 1.50 1.50 Co S S I C n n e i h s n s r I I u a v t g n n a m r i l s s A g c l e t t m e e e - a a u r p l l t e a c m m a o c n c r y m r e t e e c m e d n o n o d c i t e t u b r t i n t e n i l , s l t d o t e a s t i a l l o t e o n , t s a a c t n l o r s e t a d l i t, total 22, 2 2 2 2 2 2 2 2 2 2 3 2 2 3 3 3 1 2 3 3 3 7 4 1 . . . . . . . . 6 1 8 4 7 3 1 9 9 9 5 8 0 3 7 6 P P P P P P P 1 7 2 P 3 4 3 3 l . . . . . . . 7 . 1 7 9 3 9 5 6 2 3 8 6 3 1 5 3 P P P v P P 1 2 3 7 4 3 3 V . . . . . . . 7 7 6 9 2 9 7 2 2 5 5 4 7 7 C B "o o a A H B r m n p a a k i m o g a a e h r r e a - s r g t ' c e r i a a a c b l d c o e p e n p a ( d p t T a s e : r n r e c a e s s . series) 33, 3 3 3 3 3 5 6 5 6 6 2 3 2 1 1 .3 0 3 8 8 7 6 8 1 0 3 2 2 1 1 . . . . . 4 4 8 1 8 4 4 4 3 6 3 2 2 1 1 . . . . . 5 4 1 8 8 6 5 9 5 4 Other 23 1.79 Pl.84 Pl.92 In unit indicated TREASURY FINANCE C U a . C C E D sh x S a a i B r c s s . i e h h e o n c s n c G t s i o o d n u o a m s c o t v n o g f e ( t d m o . m c a g e a a n s u s r e d h k a c r e u o a i t r u n a n i c t t b t g i o e l e o e m e s : d e i s o s o u u r e t s s o t ) a u n tg d o in . g .. : 2 2 2 2 2 8 8 7 7 7 2 1 5 1 - 2 2 1 2 . . . . 3 . 7 4 2 4 6 7 0 2 6 2 1 5 1 + 3 3 0 2 . . . . . 2 0 9 2 4 3 1 2 6 2 2 1 + 5 1 0 2 3 4 1. . . . . 5 4 7 2 0 6 4 1 8 1 S V B t o r o T R P I o l c n u u k o a k d m b e i t l u a r l p r e i l s s o c r ' t i o a r c b u d i f e a a t s l t i l r l a i a ( n t 1 d y c 9 i e n 3 s g 5 ( - m 3 (m 9 i l i l = l , l 1 , d 0 s o h 0 l a l ) a : re rs s ) ) : 3 3 3 3 3 9 9 9 9 9 1. 1 1 1 1 1 3 2 3 0 7 2 5 9 0 1 1 1 .6 9 2 3 2 8 7 7 4 0 1 1 1 .8 9 3 2 2 4 7 2 6 0 Owne S S N r p a o s v e h t c i e i n i p s a g , l s o c i f e b s r s o U t u n i e f . d i s c s S a , . t s e G a s v , o i v n a t g n . s d s n e b o c il u t l e s r s i , t i e e t s c : . 2 2 2 8 8 8 3 6 4 0 0 6 . . . 8 7 9 2 9 3 '6 3 4 0 0 6 . . . 8 8 5 6 9 1 6 3 4 1 6 0. . . 9 1 2 8 4 2 M C C u r o e s n d to e it y m e e b x r o t s e r ' r n o f d r w e e e d e d c t r o e d cu it s t b o a m la e n rs c es.... 4 4 4 1 1 1 6 2 57 8 0 7 8 8 5 2 55 5 7 1 2 3 i 2 5 5 5 3 7 0 8 0 Total: Commercial banks" 29 65.60 65.30 63.00 Fed. agencies and trust funds. .. 29 36.37 36.46 36.83 BUSINESS CONDITIONS F. R. Banks 29 21.33 21.58 23.41 Individuals* 29 67.10 67.10 67.00 Corporations* 29 20.70 20.80 21.10 Personal income (annual rate, bill. Insurance companies* 29 23.00 22.60 22.30 dollars):*4 Mutual savings banks* 29 12.00 11.90 11.70 Total 52 212.9 215.1 State and local govts.* 29 7.40 7.40 7.40 Total salaries and wages 52 131.8 134.7 Marketable public issues: Proprietors' income, dividends, and By class of security: interest 52 68.0 67.4 Bills—Total outstanding 30 13.27 12.84 12.6: All other 52 13.1 13.0 Commercial bank and F. R. Labor force (mill, persons): • Bank 30 10.34 9.87 P9.22 Total 53 65.1 64.5 63.6 F. R. Bank 30 7.56 7.03 7.02 Civilian 53 63.8 63.2 62.2 Certificates—Total outstanding 30 22.29 22.29 22.29 Unemployment 53 2.2 1.9 1.9 Commercial bank and F. R. Employment 53 61.6 61.2 60.3 Bank 30 13.19 12.88 P12.65 Nonagricultural 53 52.5 52.8 51.6 F. R. Bank 30 5.06 4.96 5.18 Employment in nonagricultural estab- Notes—Total outstanding. ... 30 11.37 11.37 11.2 lishments (mill, persons):** Commercial bank and F. R. Total 54 45.3 45.3 P45.6 Bank 30 6.52 6.43 P6.30 Manufacturing and mining 54 17.2 17.2 P17.4 F. R. Bank 30 1.95 1.81 1.95 Trade 54 9.8 9.8 P9.8 Bonds—Total outstanding.... 30 112.63 112.63 112.1 Government 54 5.7 5.7 ^5.8 Nonbank (unrestricted Transportation and utilities 54 4.1 4.1 P4.1 issues only), commercial Construction 54 2.1 2.1 P2.1 bank, and F. R. Bank 30 67.31 68.16 *69.00 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 55 53.01 54.12 P54.06 Bank 30 49.02 49.86 <>50.58 Hourly earnings (cents) 55 133.3 134.9 P136.3 F. R. Bank 30 6.76 7.78 9.26 Hours worked (per week) 55 39.8 40.1 P39.7 For footnotes see p. 1426 1424 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 book book page July Aug. Sept. page July Aug. Sept.1 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, 58 186 191 P192 (1910-14 = 100): Groups (points in total index): Paid 77 251 251 250 Durable manufactures 57 r83.0 84.3 *>84.8 Received 77 301 293 290 Machinery and trans, equip... 58 r43.5 43.4 P43.4Cash farm income (mill, dollars): Iron and steel 58 '•22.1 22.8 P23.5 Total 79 2,693 2,722 P3,132 Nonferrous metals, lumber, and Livestock and products 79 1,480 1,481 ,544 other durables 58 '17.5 18.1 P18.0 Crops 79 1,203 1,235 ,583 Nondurable manufactures 57 79.3 82.5 *>83.2 Govt. payments 79 10 6 5 Textiles and leather 58 19.4 21.2 P21.8 Food, liquor, and tobacco 58 22.5 22.3 P22 .8 Chemicals, petroleum, etc 58 23.2 23.9 P23 .5 Paper and printing 58 14.2 15.1 P15.1 INTERNATIONAL TRADE AND FINANCE Minerals 57,58 23.3 24.1 P23.6 Selected durable manufactures Exports and imports (mill, dollars): (1935-39=100): Exports 85 PI.022 Nonferrous metals 59 188 190 P193 Imports 85 ^559 Steel 59 228 235 243 Excess of exports or imports 85 P464 P390 Cement 59 188 186 Foreign exchange rates: Lumber 59 135 140 "pi35 See p. 1447 of this BULLETIN 86-87 Transportation equipment 59 '235 231 P227 Short-term foreign liabilities and assets Machinery 59 *267 269 P271 reported by banks (bill, dollars): Selected nondurable manufactures Total liabilities 88 5 5.09 (1935-39=100): Official 88 s 2.06 Apparel wool consumption 60 153 180 Invested in U. S. Treasury bills Cotton consumption 60 115 127 132 and certificates 88 s .38 Manufactured food products 60 160 154 *158 Private 88 5 3.02 Paperboard 60 165 184 189 Total assets 88 5 1.11 Leather 60 95 105 Industrial chemicals 60 433 450 'P450 Rayon 60 >"312 312 *>305 1948 Sales and inventories (bill, dollars): Sales: W M h an o u le f s a a c l t e u ring— — D N u o r n a d b u le ra b . le . .. . . . . . 6 6 6 1 1 1 6 9 7 . . . 5 9 8 10 8 7 . . . 9 2 0 QUARTERLY FIGURES J M an a . r - . A Ju p n r e .- J S u e l p y t - . Retail—Durable 61 3.1 3.3 —Nondurable 61 7.5 7.4 Inventories: Manufacturing—Durable 61 14.0 14.1 TREASURY FINANCE In billions of dollars —Nondurable ... 61 16.3 16.3 Wholesale 61 8.0 8.2 Construction contracts (3 mo. moving avg., mill, dollars), total4 63 840 823 P802 Budget receipts and expenditures: Residential 63 344 326 P3O2 Total expenditures 26 8.83 12.97 8.82 Other 63 496 497 P500 National defense 26 2.77 2.77 2.68 Residential contracts (mill, dollars): 4 Net receipts 26 14.95 10.62 9.39 Total 64 324 327 286 Internal revenue collections, total.... 26 13.69 9.48 8.74 Public 64 12 19 5 Individual income taxes « 26 8.55 4.87 3.87 Private, total 64 312 309 281 Corporate income taxes 26 3.14 2.57 2.71 1- and 2-family dwellings 64 254 247 214 Misc. internal revenue 26 2.00 2.04 2.15 Other 64 58 61 67 Value of construction activity (mill. dollars), total* 65 1,715 1,799 1,783 Nonresidential: • MONEY RATES Per cent per annum Public 65 392 440 442 Private 65 638 659 651 Residential:* Public 65 5 5 5 Bank rates on customer loans: Private 65 680 695 685 Total, 19 cities 33 246 r2.59 2.70 Freight carloadings:4 New York City 37 209 2.10 2.26 Total (1935-39 = 100) 67 138 142 139 Other Northern and Eastern cities. 37 252 2.71 2.76 Groups (points in total index): Southern and Western cities 37 2.83 3.03 3.13 Miscellaneous 67 77.0 79.4 79.1 Coal 67 30.7 32.6 31.6 All other 67 30.5 29.7 282 Department stores: BUSINESS FINANCE In unit indicated Indexes (1935-39 =100):4 Sales 68 316 311 «313 Stocks 68 273 266 296 stores: Corporate security issues: Sales (mill, dollars) 69 268 295 Total (bill, dollars) • 42 1.61 1.66 1.27 Stocks (mill, dollars) 69 827 892 New money, total (bill, dollars) •.. 42 1.40 1.35 1.05 Outstanding orders (mill, dollars) 69 551 544 Type of security (bill, dollars): Stocks-sales ratio (months' supply) 69 3.1 3.0 Bonds 42 1.13 1.06 .91 Consumers' prices (1935-39=100): Preferred stock 42 .09 .18 .06 All items 71 173.7 174.5 174.5 Common stock 42 .18 .10 .08 Food 71 216.8 216.6 215.2 Use of proceeds (mill, dollars): Apparel 71 197.1 199.7 201.0 Plant and equipment: Rent 71 117.3 117.7 118.5 All issuers 43 844 1,079 765 Wholesale prices (1926 = 100), total... 73 •"168.7 ••169.5 168.5 Public utility 43 531 803 442 Farm products <, 73 195.2 '191.0 189.1 Railroad 43 97 126 138 Foods 74 188.3 189.5 186.3 Industrial 43 212 149 185 Other than farm and foods, total... 73 "151.1 "153.1 153.2 Working capital: Textile products 74 ,•149,4 '148.9 147.8 All issuers 43 555 274 280 Hides and leather products..... 74 189.2 188.4 187.5 Public utility 43 5 2 6 Chemicals and allied products... 75 134.4 132.0 133.3 Railroad 43 3 Fuel and lighting materials 75 135.7 136.6 136. 7 Industrial 43 331 195 204 Building materials 75 '199.9 "203.6 203.9 Bonds (bill, dollars):* Metals and metal products 75 162.2 rl7l.O 171.9 Public 42 .61 .87 .64 Miscellaneous 74 120.3 r119.7 119.9 Private 42 .72 .45 .47 For footnotes see p. 1426. NOVEMBER 1948 1425 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 1947 194S book book page Jan- Apr.- uly- page June Dec. June Mar. June iept. 30 31 30 QUARTERLY FIGURES—Cont. In unit indicated CALL DATE FIGURES7 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 44 115.3 Bonds 12 46.51 45.29 "40.24 Cash 44 22.1 Notes 12 4.37 4.82 4.10 U. S. Govt. securities 44 13.2 Certificates 12 7.54 5.82 7.60 Inventories 44 43.0 Bills 12 .77 1.99 2.19 Receivables 44 35.4 Loans:8 Current liabilities, total 44 52.9 Commercial 13 13.82 16.96 16.73 Notes and accounts payable.... 44 32.6 Agricultural. 13 .97 .1.05 1.24 Federal income tax liabilities.... 44 10.0 Real estate. . 13 6.24 7.78 Net working capital 44 62.4 Co 13 4.00 4J56 5.25 Plant and equipment expenditures For purchasing securities: (bill, dollars) :•« To brokers and dealers 13 1.51 .81 1.17 All business 45 4.2 5.0 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 2.7 3.3 3.4 Other securities 13 2.97 3.11 3.00 Manufacturing and mining 45 2.0 2.3 2. Corporate profits, taxes, and dividends (annual rates, bill, dollars):* 1946 1947 Profits before taxes 46 31.4 33 A FIGURES FOR SELECTED DATES Profits after taxes (dividends and Dec. Dec.P undistributed profits) 46 19.2 20.4 Co U rp n o d r i a s t t e r ib p u r t o e f d i ts p ro af f t it e s r taxes (quar- 46 11.9 13.1 LIQUID ASSET HOLDINGS8 In billions of dollars terly totals): Individuals and business: L A a l D l r g c u e l l o a a r r a r r c p s s b o ) ) o l r e r p a m o ti r o a a n n ti s u o f n ( a b s c , i t l u l t , r o i d t n a o g l l la ( ( m b rs i i ) l l l • l , , . d d . o o . l l . - - 4 4 4 7 7 7 4 5 1 1 . . 3 8 2 5 5 1 5 . . 1 4 7 Ind T D S U i a o e . v v t p i S a i d o n . l u s g G h i a s t o l s o s a l v : d a n t i n d . n d g s l e s o c c a u u n r r r i e s t n i h e c a s y res 2 2 2 2 4 4 4 4 1 7 4 8 9 3 . . . 4 8 3 2 14 3 8 6 0 6 9 . . . . 7 6 5 8 N E R l o a e d ( i n m c o l d r t l i o r l u l i a a l c r , r d a s d s b ) o l p ( e l o m l a w m i r l e s l a ) r , n d u o f a l a n l c a d t r u s) r i t n e g le p ( h m o i n ll e . 4 4 4 7 7 7 2 4 2 6 7 9 1 2 4 2 1 0 7 8 4 1 5 Co S U T D r a p o . e v o t p S a i r o n . l a s g t G i h i s t o o s o a n l v d a n s t i n d : . n d g s l e s o c c a u u n r r r i e s t h i n e a c s r y es 2 2 2 2 4 4 4 4 1 1 5 6 0 8 5 5 1 . . . 6 2 5 1 1 1 0 7 5 4 2 8 9 . . . . 7 0 1 2 Total holdings 24 38.9 38.4 Deposits and currency 24 23.5 23.8 U. S. Govt. securities 24 15.3 14.5 Unincorporated businesses: Jan.- Apr.- July- Total holdings 24 27.4 26.4 Juner Sept. Deposits and currency 24 18.3 18.2 U. S. Govt. securities 24 8.9 8.0 Annual rates GROSS NATIONAL PRODUCT, ETC. in billions of dollars 1947 1948 Gross national product4 48 244 9 250 .4 255.9 Feb. 26 Jan. 30? Govt. purchases of goods and serv- OWNERSHIP OF DEMAND DEPOSITS* ices 48 30.1 33 5 37.7 In billions of dollars Personal consumption expenditures 48 172.1 176 .5 178.5' Durable goods 49 21.2 22 .6 23.6 Individuals, partnerships, and corpora- Nondurable goods 49 101.2 103 .2 102.9 tions, total 25 77.8 82.4 Services 49 49.7 50 .6 51.9 Nonfinancial: Private domestic and foreign invest- Total 25 37.2 39.8 ment 48 42.6 40 , 5 39.7 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 19.8 20 .9 21.4 Other 25 4.5 4.9 New construction 50 14.3 14.4 14.8 Financial: Change in business i nventories. 50 4.6 2.3 2.8 Total 25 6.5 7.4 Net foreign investment 50 3.9 2.9 .7 Insurance companies 25 2.1 2.7 Personal income, consumption, and Other 25 4.5 saving:4 Individuals: Personal income 51 207.3 209 .0 213.9 Total 25 28.9 30.1 Disposable income 51 184.1 188 .2 193.7 Individuals excl. farmers 25 22.0 22.9 Consumption expenditures 51 172.1 176 5 178.5 Farmers 25 6.9 7.2 Net personal saving 51 12.0 11•7 15.2 Nonprofit assns. and other 25 5.2 • Estimated. P Preliminary. r Revised. c Corrected. *For charts on pp. 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. • Less than 5 million dollars. 4 Adjusted for seasonal variation. 5 As of June 30, 1948. 6Estimates for Oct.-Dec. 1948 quarter are (in billions of dollars): All business, 4.7; manufacturing and mining, railroads and utilities, 3.2; manufacturing and mining, 2.1. 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 dollars, respectively, and of other securities were 3.08 and 3.02 billion, 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. 1426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT* Chart book page1 July Sept.p In millions of dollars Consumer credit outstanding, total. . . 3 14,170 14,351 14,650Consumer instalment sale credit out- Instalment credit, total 3, 5 7,329 7,533 7,717 standing, cumulative totals :2—Cont. Instalment loans 5 3,849 3,908 3,948 Furniture and household appli- Instalment sale credit 5 3,480 3,625 3,769 ance stores Charge accounts 3 3,185 3,130 3,241 Department stores and mail- Single-payment loans 3 2,699 2,724 2,723 order houses Service credit 3 957 964 969 All other Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:2 granted, cumulative totals:3 Instalment credit 4 14,170 14,351 14,650Consumer instalment loan credit out- Charge accounts 4 6,841 6,818 6,933 standing, cumulative totals:2 Single-payment loans 4 3,656 3,688 3,692 Commercial and industrial banks Service credit 4 957 964 969 Small loan companies Consumer instalment sale credit out- Credit unions standing, cumulative totals: 2 Miscellaneous lenders Automobile dealers 6 3,480 3,625 3,769 Insured repair and modernization loans 665 ich component may be derived by s OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1948 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 Oct. 1, 1948 1947 Oct. 1, 1948 1947 Oct. 1, 1948 1947 Oct. 1, 1948 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6 906 6 662 New York 24 385 32 067 10 448 13 309 80 105 Philadelphia 51,515 58,079 20,086 16,056 Cleveland 181 524 258 894 54 840 63 892 Richmond 1 121 1 650 164,313 186,988 30 684 27,135 Atlanta 2,185 2,901 167,485 199,522 8,203 8,193 Chicago 885,728 1,432 812 70,492 87,057 1,509 1,713 St. Louis 13 210 2 4 865 301 354 471 888 51 610 71 707 14 17 Minneapolis . ... 311,826 436 652 32 194 44,555 253,898 258,085 Kansas City 274 291 242,282 421,083 552,571 457,254 5,207 4,877 Dallas 4,084 4,143 57,398 56,850 127,459 55,265 102 131 San Francisco 983 1,229 6,236 6,458 109,383 136,992 36,139 37,427 Total 11,857 15,079 2,400,952 3,567,955 1,067,970 981,415 296,949 302,355 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 Oct. 1, 1948 1947 Oct. 1, 1948 1947 Oct. 1, 1948 1947 Oct. 1, 1948 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4 101 5 188 4 108 4 000 35 499 34,861 72,227 79,368 New York 14,256 27,501 6,648 6,559 1,323 1,050 39,785 42,699 Philadelphia 12,576 18,042 2,646 2,564 58,518 61,585 21.280 22,555 Cleveland 27 834 65,114 5 863 5 577 128 945 130,590 11,820 12,765 Richmond 37,453 27,375 4 522 5,059 1 259,188 1,011,135 26,230 26,632 Atlanta . 32,720 28,925 3,902 3,762 264,387 223,533 12,580 12,228 Chicago 448,519 637,929 18,080 15,494 36,431 30,986 23,209 23,473 St. Louis 54,714 76,842 9 018 9,067 317,270 319,773 8,204 8,461 Minneapolis . 362,585 409,557 9,893 9,423 2,876 2,403 41,946 41,020 Kansas City. .. . 153 260 147,666 9 578 10 309 3 326 4,116 32,590 34,834 Dallas 36 140 18 634 1 825 1 716 5,114 4,929 San Francisco 31,812 30,184 13,111 12,648 89,422 109,391 Total 1,215,970 1,492,957 89,194 86,178 2,107,763 1,820,032 384,407 418,355 1 Includes 10,000 bales grown in miscellaneous territory. 2 Includes 15,000 bales grown in miscellaneous territory. NOVEMBER 1948 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1947 AND 1948 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half ] First half of 1947 of 1948 of 1947 of 1948 of 1947 i of 1948 Earnings 1,250,331 1,378,545 833,389 923,273 416,942 455,272 Interest on U. S. Government securities 464,772 436,281 311,409 293,563 153,363 142,718 Interest and dividends on other securities 73,057 77,798 51,763 54,523 21,294 23,275 Interest and discount on loans 479,557 611,349 327,976 421,996 151,581 189,353 Service charges and fees on loans 7,215 8,591 4,981 5,552 2,234 3,039 Service charges on deposit accounts 57,482 68,695 40,041 47,383 17,441 21,312 Other charges, commissions, fees, etc 32,141 32,604 20,863 21,004 11,278 11,600 Trust department 63,580 67,521 25,551 26,841 38,029 40,680 Other current earnings 72,527 75,706 50,805 52,411 21,722 23,295 Expenses 790 ,373 865,524 515,114 568,907 275,259 296,617 Salaries—officers 126,957 140,095 83,680 93,110 43,277 46,985 Salaries and wages—others 248,452 273,408 156,536 173,762 91,916 99,646 Directors' and committee members' fees 6,425 6,999 4,309 4,692 2,116 2,307 Interest on time deposits 116,633 124,516 80,048 86,671 36,585 37,845 Interest on borrowed money 1,138 1,647 689 1,026 449 621 Taxes other than on net income 43,177 44,415 28,795 30,116 14,382 14,299 Recurring depreciation on banking house, furniture, etc.. 15,667 17,210 10,830 11,892 4,837 5,318 Other current expenses 231,924 257,234 150,227 167,638 81,697 89,596 Net current earnings before income taxes 513,021 354,366 158,655 459 ,958 318,275 141,683 Recoveries, transfers from reserve accounts, and profits 127,005 81,863 45,142 On securities: 117,200 75 ,204 41,996 T R r e a c n o s v f e e r r i s e s from reserve accounts 22,607 1 7 5 , , 0 4 5 66 8 13,000 1 3 1 , , 1 5 0 4 5 1 9,607 3 3 , , 9 9 2 5 5 3 Profits on securities sold or redeemed 53,930 32,356 35,897 22,028 18,033 10,328 On loans: T R r e a c n o s v f e e r r i s e s from reserve accounts V 23,179 2 1 0 2 , , 8 8 3 6 6 6 14,533 1 3 6 , , 1 5 9 7 0 6 8,646 4 9 , , 2 6 6 7 0 6 All other 17,484 38,423 11,774 25,423 5,710 13,000 Losses, charge-offs, and transfers to reserve accounts 85,227 220 ,992 53,193 151,899 32,034 69,093 On securities: T L r o a s n se s s fe a rs n d t o c h re ar s g e e rv -o e f f a s ccounts } 37,218 3 23 6 , , 2 7 0 5 2 4 26,146 2 1 5 3 , , 8 6 4 6 3 5 11,072 1 9 0 , , 5 9 3 1 7 1 On loans: T L r o a s n se s s fe a rs n d t o c h re ar s g e e rv -o e f f a s ccounts 25,470 1 1 2 7 3 , , 6 8 5 5 4 4 15,667 8 1 5 5 , , 6 6 4 6 4 3 9,803 38 1 , ,9 2 9 1 1 0 All other 22,539 19,528 11,380 11,084 11,159 8,444 Profits before income taxes 491,931 419,034 340 ,286 284,330 151,645 134,704 Taxes on net income 141,664 127,045 99,062 88,041 42,602 39,004 Federal 132,037 118,262 93,551 82,967 38,486 35,295 State 9,627 8,783 5,511 5,074 4,116 3,709 Net profits 350,267 291,989 241,224 196,289 109 ,043 95,700 Cash dividends declared 132,376 139,817 86 ,455 45,921 47,617 On preferred stock 1 2,105 1,848 732 1,373 ! 1,258 On common stock 130,271 137,969 85,723 44,548 46,359 Memoranda items: Recoveries credited to reserve accounts (not included in recoveries above): On securities 6,275 5,220 1,055 On loans 4,463 2,786 1,677 Losses charged to reserve accounts (not included in losses above): On securities 7,066 3,224 3,842 On loans 14,533 11,754 2,779 Number of officers at end of period 44,391 46,267 31,087 32,452 13,304 13,815 Number of employees at end of period 238,750 248,598 152,903 160,276 85,847 88,322 Number of banks at end of period 6,928 6,925 5,012 4,998 1,916 1,927 Earnings ratios:3 Percentage of total capital accounts:4 Net current earnings before income taxes 11.2 12.0 12.2 13.0 9.5 10.3 Net profits 8.5 6.8 9.2 7.2 7.3 6.2 Cash dividends declared* 3.2 3.3 3.3 3.4 3.1 3.1 Percentage of total assets:4 Total earnings 2.13 1.99 2.13 1.98 2.12 Net current earnings before income taxes .73 .79 .76 .82 .67 . 74 Net profits .56 .45 .57 .45 .52 .44 Percentage of total securities:4 Interest and dividends on securities 1.6 1.6 1.6 1.6 1.5 1.6 Net recoveries and profits (or net losses —)5 .12 -.02 .10 -.01 .15 -.02 Percentage of U. S. Government securities:4 Interest on U. S. Government securities. ... 1.5 1.6 1.6 1.5 1.5 Percentage of total loans:4 Earnings on loans 3.5 3.7 3.7 3.9 3.2 j 3.4 Net losses ( -)5 -.02 -.65 -.01 -.75 -.02 ' -.46 Other ratios:3 Total capital accounts to: Total assets 6.5 6.6 6.2 6.3 7.1 7.1 Total assets less Govt. securities and cash assets.. . . 22.9 20.3 22.0 19.5 24.8 21.9 Total deposits 7.0 7.1 6.7 6.8 7.8 Time deposits to total deposits 23.7 23.9 24.1 24.2 22.9 i 23.2 Interest on time deposits to time deposits 4 .9 .9 .9 1 Includes interest on capital notes and debentures. 2 Not available. 3 The figures of assets, liabilities, and. capital, used for computing the ratios, are averages of the amounts reported for the June call date in the current year and December call date in the preceding year. 4 Annual basis. 6 "Net recoveries and profits" is the excess of (a) recoveries, transfers from reserve accounts, and profits over (b) losses, charge-offs, and transfers to reserve accounts; "Net losses" is the reverse. 1428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks, branches On par list Not on par list and offices on which (Nonmember) Federal Reserve checks are drawn Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s 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 Sept. 30, 1948* 14,087 4,277 12,076 3,961 6,917 3,153 5,159 808 2,011 316 By districts and by States Sept. 30, 1948? District Boston 496 299 496 299 337 220 159 79 New York 911 85 5 911 855 785 792 126 63 Philadelnhia 842 138 842 138 646 101 196 37 Cleveland 1 138 266 1 138 266 707 228 431 38 Richmond. . 1,013 449 801 330 479 210 322 120 212 119 Atlanta 1,177 169 553 133 345 116 208 17 624 36 Chicago 2,490 572 2,436 548 1,002 226 1,434 322 54 24 St. Louis 1,472 133 1,129 73 495 40 634 33 343 60 Minneapolis 1,279 111 621 43 476 26 145 17 658 68 Kansas City 1 750 9 1 741 9 760 6 981 3 9 Dallas 1,017 40 907 31 618 19 289 12 110 9 San Francisco 502 1,236 501 1,236 267 1,169 234 67 1 State Alabama 222 22 114 22 88 22 26 108 Arizona 10 42 10 42 5 31 5 11 Arkansas 230 19 106 5 67 1 39 4 124 14 California 192 912 192 912 113 869 79 43 Colorado 142 1 142 1 92 1 50 Connecticut 115 26 115 26 66 13 49 13 Delaware 39 14 39 14 17 4 22 10 District of Columbia... 19 39 19 39 16 36 3 3 Florida 180 2 118 2 73 2 45 62 Georgia 390 31 99 27 65 26 34 1 291 4 Idaho 48 46 48 46 27 44 21 2 Illinois 881 3 879 3 502 3 377 2 Indiana 488 95 488 95 237 39 251 56 Iowa 666 160 666 160 164 502 160 Kansas 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 Elaine 63 69 63 69 38 37 25 32 Maryland 166 104 166 104 78 68 88 36 Massachusetts 184 160 184 160 147 145 37 15 Michigan 443 213 443 213 230 164 213 49 ^Minnesota 679 6 263 6 206 6 57 416 Mississippi . 205 57 40 9 32 2 8 7 165 48 Missouri 596 529 180 349 67 Montana 112 112 84 28 410 2 410 2 144 2 266 Nevada 8 18 8 18 6 17 2 1 New Hampshire 74 2 74 2 52 1 22 1 New Jersey 336 140 336 140 288 125 48 15 New Mexico 49 11 49 11 34 2 15 9 New York 647 728 647 728 567 677 80 51 North Carolina 208 179 92 63 54 34 38 29 116 116 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 666 201 666 201 425 174 241 27 Oklahoma 384 1 376 1 225 1 151 8 Oregon 70 86 70 86 33 80 37 6 Pennsylvania 984 159 984 159 753 133 231 26 Rhode Island 19 41 19 41 11 29 8 12 South Carolina 149 34 60 32 32 27 28 5 89 2 South Dakota. 170 47 70 22 63 20 7 2 100 25 Tennessee 294 78 199 62 81 50 118 12 95 16 Texas 897 3 838 3 567 3 271 59 Utah 55 22 55 22 31 20 24 2 69 11 69 11 40 2 29 9 Virginia 315 93 309 92 203 45 106 47 6 1 121 123 120 123 53 116 67 7 1 W^est Virginia 182 181 109 72 1 Wisconsin 553 150 446 101 164 21 282 80 107 49 Wvomins 55 55 41 14 P Preliminary. 1 2 I E n x c c l l u u d d e e s s b m ra u n t c u h a e l s s a a v n in d g o s th b e a r n k a s d , d o it n io a n a fe l w o f o fi f c e w s h a ic t h w s h o i m ch e c d h e e p c o k s s i ts a r a e r d e r r a e w ce n i . v ed, checks paid, or money lent, including "banki # ng 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. NOVEMBER 1948 1429 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. . 1432 Gold production .. 1433 Gold movements . 1433 International capital transactions of the United States. . 1434-1439 International Monetary Fund and Bank. 1440 Central banks 1440-1444 Money rates in foreign countries. . 1445 Commercial banks 1446 Foreign exchange rates. . 1447 Price movements: Wholesale prices . 1448 Retail food prices and cost of living. . 1449 Security prices 1449" Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. NOVEMBER 1948 1431 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 i A n e r a n - - * g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - i h a o- m D a en rk - Egypt France m G a e n r- y Greece H ga u r n y - 1939—Dec 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec 21,995 416 734 51 2 7 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 5? 1 777 29 28 24 1945.—Dec. 20,065 1,197 716 354 2 361 82 127 191 61 38 52 1,090 I945—Dec 20 529 1,072 735 354 2 543 65 145 226 61 38 53 796 24 I947—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 46 289 32 53 548 34 July.. . 23,679 201 637 354 9 44 32 53 548 34 Aug 23 725 196 643 9 44 32 548 34 Sept 23,872 7 32 548 34 End of month India (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland P g o a rt l u 3 - Ru n m ia a- A So fr u ic th a Spain 1939—Dec . 274 26 144 164 90 32 692 23 81 20 4 84 152 249 1940—Dec 274 26 120 164 140 47 617 23 75 20 158 367 1941—Dec 274 26 124 5 164 235 47 575 23 58 21 182 366 42 1942—Dec 274 34 141 4 216 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 I947—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 I943—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 274 127 28 78 183 23 66 20 179 216 388 111 June 274 127 28 71 183 23 66 20 176 217 373 111 July ... 264 127 28 43 183 23 66 174 338 Aug 264 127 28 44 172 23 65 172 307 Sept:. . . 172 End of month S d w en e- S la w e n r i d - t z 6 - T k u ey r- U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O t c r o i t e u h s n e - 7 r Government g p o r ld ev i r o e u s s e rv f e ig s u 1 re n s ot included in United I939—Dec 308 549 29 8 1 68 52 59 7 178 United King- Bel- 1940—Dec 160 502 88 1 90 29 82 12 170 States dom gium 1941—Dec 223 665 92 1 100 41 4 83 12 166 1 1 9 9 4 4 2 3 — — D D e e c c 3 3 3 8 5 7 6 8 9 2 6 4 5 1 1 6 1 1 4 1 1 1 8 2 9 1 6 8 8 9 2 4 1 5 2 1 2 8 9 5 1938—Dec... 80 2 759 331 44 1944—Dec 157 130 37 245 1939—Aug 3 876 4 460 1945—Dec 482 ,342 241 1 195 202 39 247 Dec... 156 17 1946—Dec 381 1,430 237 1 200 215 32 240 1Qd.fl D An e c c r 48 292 17 1947—Oct 101 L.389 169 1 177 215 28 240 1941—Sept. 24 4 151 Nov 101 L ,372 170 1 175 215 30 240 Dec 25 17 Dec. . . 105 .356 170 1 175 215 30 240 1942—Dec 12 17 1QAQ Tcin 104 1,352 171 1 189 215 33 241 1943—Dec... 43 17 Feb 101 1,353 171 1 200 230 35 242 1944—Dec... 12 52,354 214 17 Mar 97 1,353 171 1 200 240 40 242 1945—Dec... 18 52,341 457 17 Apr 96 1,352 168 1 203 243 39 243 1946—June... 71 5 2,196 May 93 1,351 168 1 203 263 32 244 Dec... 177 52,587 June.... 1,345 203 263 30 P244 1947—Mar... 163 5 2,345 July 81 1,322 164 1 198 304 31 P244 June... 151 52,382 81 1,332 161 1 31 P244 Sept 129 52,341 Sept 81 1 38 P244 Dec... 114 5 2,035 1948—Mar... 79 5 2,200 v Preliminary June... 208 5 1,886 1 Estimated dollar values derived by converting gold at nome in amounts up to i,/z4.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 layed basis: U. S.—Exchange Stabilization Fund s t t p D r r e e o o e n s 3 2 l l c o t T O s e s B B m o n g p o o t b o e a a a M l e r l r r d d r d a g U . y 1 h o a . 9 e l r d 1 4 e S l G d , 5 . i h c 1 , d ) n a o 9 D l s o c l d 4 d l l e 0 r u l i , c a e r n d e e r s g e g p m e s d o r o b v l r a d a e e t r l e r e s b d ( o e 1 2 n , l 9 5 s o o 4 i t n n p 6 g c , e a i e r v D n a g c t e i h e l c t a n a e o b t t m l B e m b t . i a e m i n r n k e i B 1 m o 9 i e u s 4 f g m 7 i C g n ) w o n a l i n h d l n e a e g s n d h s a e A g g ld o t p o r l r l a d d i b n l y h s i 1 n o fe 9 M ld r 4 f r o i 6 i e n n r , d e g i t i s s g h t t e n o e o r f s F c F e o u o r f o r r i r r e e F e e s ig i n i g n i n c s n a y n E n E c l e x i x e w c a , c h b h i a a e a l n n x i n t d g c i g e e e e s r p e . C t C p o o r f n e o n - - r - z F o (S a n u t p 2 3 n i A e o F R d c n u i e i g a a g p A u n l . o r d c 3 r e A t c 1 e R / o f , c d o u e 1 r n n f 9 N t i e t 3 g ; e n o 9 s u d . F , r F e r l 1 o a e u ) f f n s n ; o s c r d S e U r ; e — t e . o p p B t t E o K e a e r l x m — l t g c e B b i h d u e E r a i r m n h x t . i o g c — s h e l h d a T i g n S n r o g e g t l e a a s d b s o u i E r l f r e i q y z s u . B e a a r t a i v l o n i e - n k s 4 Figures relate to last official report dates for the respective countries, as follows: Java— of England ontnat date Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 4 Figure for first 01 montn. 6 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 mcluded see BULLETIN for Tune 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. 1437. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE.—For gold holdings of International Fund and Bank, see p. 1440. For back figures, gold transfers arxecting the British and French see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of institutions, see p. 1440, footnote 4, and p. 1441, 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. 1432 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] Production reported monthly world Africa North and South America Other y'ear or production Total month U o . u S t . s S i . d R e .i r m e o po n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n at i e t s e 4 d C a a d n a - M ic e o x- Co b l i o a m- Ch le r N ag ic u a a - 5 Au l s ia tr 6 a- India' $1 =jr55/2i grains of gotd 9/io fini; i. e., ait ounce o.f fine golci =$35. 1938 1,142,400 968 3?,0425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225 10,290 1 557 55,721 11 784 1939 1,219,400 1,031 ?14 448,753 28,009 28,564 18 ?S8 196,391 178,303 29,426 19,951 11 376 3 S06 57,599 11 078 1940 1,311,450 1,106 447 491,628 29,155 32,163 19 41 S210,109 185,890 30,878 22,117 11 999 S 4?9 57,540 10,1?6 1941. 1,265,600 1,110,379 504,268 27,765 32,414 19,571 209,175 187,081 27,969 22,961 9,259 7,525 52,384 10,008 1942 1,130,115 982 130494,439 26,641 29,225 17 99? 130,963 169,446 28,018 20,882 6 409 8 6? 3 40,383 Q 111 1943. 880,495 774,086 448,153 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 S34429,787 20,746 18,445 1? 747 35,778 102,302 17,793 19,374 7 131 7 86S 22,990 6, S77 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 762,195 695 998 417,647 19,061 20,475 11 S96 51,182 99,139 14,703 15,301 8 068 6 357 28,857 4 61? 1947 705,447 392,004 18,296 19,320 10, 780 75,786 107,432 16,250 13,406 5,908 7 403 32,807 055 J947 Alicr 61,616 34,875 1,541 1,855 910 6,580 9,131 1,360 1,079 410 684 2,701 490 Sept 60 34,692 1,516 1,820 80S 6,526 8,668 1,389 1,044 S30 658 2,696 490 Oct 60,644 35,361 1,540 35 840 7,733 9,057 922 915 474 679 2,720 420 Nov. . . . 59 738 33,888 1,513 1,225 770 5,791 8,826 2,491 945 383 74? 2,639 60 4SS 34,025 1,489 1,750 770 6,828 9,614 778 680 S?9 67? 2,808 490 194g—Tan 60 377 34,775 1,504 1,890 910 6,042 9,568 658 1,124 369 648 2,433 4S1> Feb 57,211 32,459 1,442 1,820 840 5,489 9,156 1,367 1,302 988 68? 1,945 420 Mar 60,861 34,384 1,431 1,820 910 6,372 10,070 1,166 809 474 634 2,266 525 Apr 59,507 34,175 1,477 1,855 94 S 5,650 10,012 879 713 494 652 2,129 525 May 60,980 34,368 1,539 1,855 910 6,078 10,047 1,324 916 602 611 2,205 525 June 33,941 1,462 1,925 980 5,719 10,113 701 4SS 59? 490 July 34 544 1 564 1 995 910 6 180 10 367 1,190 647 560 Aug 33,720 2,030 7,661 687 595 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 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. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are 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 Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning 1946, subject to revision. 7 Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—.) to: Total Other Philor Y m e o ar nth im n p e o t rts U K d n i o i n m t g e - d 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 a L n m a t R e i r n e i- - p R i i p e n - - e t A ra u l s i - a A So fr u ic th a India c o o A th u l e l n 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 — 84-=; 3Q? -695,483 46,210 -50,268 -109,695 -58,292 199 3,572 18,365 1945 —106.950 160 53,148 15,094-41,7'43 103 106 357 i-133,471 1946 311,494 458 -14 -6 344,130-134,002 3,591 -403 -156 41118,550 -2,613 2-18,083 1947 1,866,348 488,433 162,941 327^990 445,353 335,505 -7,110 10,684 -3,508 124410,691 -4,423 3-337 1947 Sept 109,600i -5 22,515 13,903 499 23,444 242 1,286 -286 28 37,760 410,215 Oct 450,830 245,712 140,568 14,088 552 48,190 152 1,073 -56 40 21 4 490 Nov 265,700 142,821 3 63,697 56.849 103 1,434 -252 19 29 997 Dec 178,166 101,541 37,735 35,436 208 2,126 85 9 1,026 1948 Jan 234,978 182,808 9 970 458 12,009 201 2,418 74 32,991 -5,950 Feb 159,388 104,264 31,301 289 211 1,102 -289 227 23,674 -1,390 Mar 99,943 20,274 61,931 -19,660 271 2,673 -1,279 6 40,888 -5,161 Apr 234,156 167,906 20,023 6,132 -10,693 ' 29,998 242 4,871 -208 22,756 5 -6,871 May 151,326 157,131 5,523 -29,635 4,145 1616-24,092 -228 ""97 39,331 -1,106 June 177,741 177,829 26 — 12,031 1986-27,736 -144 40,764 -1,167 July 266,691 178,038 1,437 30,512 6,942 3,904 6,523 -53 4 40,463 -1,078 Aug 39,078 4,400 698 5,937 9,7066-35,822 -56 60,625 -6,412 Sept.P. . . . 53,290 1,184 -22 5,159 11,212 676 23,730 57 3,068 -272 33,489 7-24,991 v Preliminary. 1 Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 3 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. 4 Includes imports from U. S. S. R. as follows: September, $11,287,000; October, $5,346,000. 5 Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries. 6 Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000. 7 Includes $23,747,000 to Switzerland and $1,245,000 to other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. NOVEMBER 1948 1433 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 t u ti o t o i f o n i n a n s l - i b n a f u n U n k d . i n s S g . s o e R f c u e U t r u it . r i n e S s . : s I e n f c o fl u r o e r w i ig ti n e o s f : b I b n r a o fl l k o a e w n 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 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1 ,686.5 607.5 664.5 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 ,177, 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 ,133 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 ,095.0 88.7 June (July 3) 5,531.3 2,920.7 ,012.9 1,907.8 684.1 785.6 ,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 ,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 ,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 ,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 ,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 ,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1). 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 848.2 673.3 104.4 1943—Mar. 31. 6,292.6 3,788.9 1,868.6 1,020.3 898.7 810.5 685.9 108.6 June 30. 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30. 6,918.7 4,278.0 2,338.3 1 ,939 . 7 888.6 929.3 708.1 114.8 Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31. 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30. 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30. 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31. 8,002.6 5,219.4 2,865.1 2.354.3 848.5 983.7 820.6 130.5 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 1946—Mar. 31. 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139.9 June 30. 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30. 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Dec. 31. 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947 Jan. 31. 8,077.3 5,300.6 2,416.0 2,884.6 449.0 404.8 1,308.2 464.4 150.4 Feb. 28. 9,959.9 5,047.3 2,006.2 3.041.1 2,705.6 380.9 1,229.8 439.7 156.6 Mar. 31. 9,736.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 Apr. 30. 9,771.5 4,815.4 1,718.8 3,096.7 2,702.5 333.6 1,341.6 416.7 161.6 May 31. 9,508.2 4,498.0 1,448.7 3,049.3 2,819.4 255.3 1,380.7 398.5 156.4 June 30. 9,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202 .5 1,398.0 393.4 160.8 July 31. 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156.3 ,177.3 385.9 159.8 Aug. 31. 9,516.8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 ,193.6 362.6 164.1 Sept. 30. 9,018.6 4,456.0 1,298.5 3,157.5 2,655.4 178.3 ,230.3 338.8 159.9 Oct. 31. 8,693.5 4,324.1 1,232.9 3,091.2 2,481.4 172.1 ,243.6 310.0 162.2 Nov. 30. 8,551.9 4,262.4 1,200.0 3,062.4 2,380.4 211.6 ,254.5 290.0 153.1 Dec. 31. 8,323.2 4,120.3 1,121.8 2,998.5 2,242.0 174.6 ,276.9 4367.0 142.4 1948—Jan. 31. 8,174.2 4,094.8 1,137.2 2,957.6 2,185.0 106.5 ,287.7 4359.6 140.6 Feb. 29. 8,216.1 4,235.0 1,270.7 2.964.3 2,124.6 88.7 ,292 4 4340.3 135.2 Mar. 31. 8,159.7 4,370.6 1,346.4 3,024.2 1,985.3 51.7 ,296.4 4312.3 143.3 Apr. 30. 7,950.1 4,250.1 1,281.8 2,968.3 1,955.2 22.0 1,304.3 4272.4 146.1 May 31. 7,858.0 4,285.9 1,299.0 2,986.9 1,935.1 -27.3 1,304.0 4213.6 146.8 June 30. 7,932.8 4,350.6 1,352.2 2,998.4 1,907.7 23.8 1,304.5 4203.9 142.2 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 commerical 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.). * 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. 8 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 from Dec. 31, 1947 through May 31, 1948, and 79.5 million beginning June 30, 1948, resulting from purchase of domestic securities by international institutions. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for December 1945, pp. 960-974. 1434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th 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 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 ,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.41,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.01,395.71,338.4 1,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.71,474.0 1,258.3 269.6 1947—July 31 26,582.5 614.1 306.2 336.0 811.8 161.2 1,112.2 3,341.6 794.7 ,477.0 972.1 2—2.9 Aug. 31 6,758.8 648.5 324.6 329.8 808.0 158.1 1,161.3 3,430.2 830.3 ,531.4 958.0 8.9 Sept. 30 6,363.2 486.7 308.2 311.4 800.8 145.1 1,131.3 3,183.6 780.6 ,470.0 931.6 -2.6 Oct. 31 6,212.1 447.7 359.6 258.7 810.6 139.8 1,135.6 3,152.0 681.0 ,446.4 937.3 -4.6 Nov. 30 6,171.5 464.2 318.8 240.4 820.5 140.4 1,124.7 3,109.0 684.9 ,406.1 981.0 -9.4 Dec. 31 •6,081.1 437.0 234.3 213.8 839.3 150.1 1,088.6 2,963.1 688.6 ,383.4 975.8 8 70.2 1948—Jan. 31 5,989.2 451.4 153.1 189.2 836.2 160.1 1,101.2 2,891.1 727.8 ,338.2 946.3 85.9 Feb. 29 6,091.5 523.9 161.8 188.7 840.0 180.7 1,088.8 2,983.9 721.5 ,364.9 931.9 89.3 Mar. 31 6,174.3 562.8 127.8 186.2 841.2 187.0 1,079.1 2,984.1 798.0 ,368.0 938.9 85.3 Apr. 30 5,994.9 488.8 97.9 150.0 850.6 205.8 1,060.8 2,853.9 838.4 ,360.8 892.1 49.7 May 31 5,922.9 449.9 64.8 125.2 860.9 216.6 1,054.7 2,772.2 878.7 ,329.5 893.6 49.0 June 30 36,025.0 558.0 59.5 120.0 858.3 210.2 991.1 2,797.1 910.3 ,384.0 897.5 336.1 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l 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.J 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 '271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 . 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212,9 I945—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 I947_july 31 4,703.2 438.1 109.7 197.2 388.9 146.8 619.8 1,900.6 455.81,168.9 932.6 245.3 Aug. 31 4,870.3 471.2 125.6 210.0 385.5 143.1 669.2 2 - 004.5 484.21,221.0 910.8 249.7 Sept. 30 4,456.0 307.8 114.9 199.7 382.1 129.7 635.1 L,769.4 420.51,144.6 884.4 237.1 Oct. 31 4,324.1 275.5 188.5 156.3 392.2 126.3 637.2 1,776.0 319.2 1,116.3 877.0 235.6 Nov. 30 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 L,749.8 319.31,081.3 883.5 228 5 Dec 31 . . .. 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.61,095.0 877.3 224.9 1948—jan, 31 4,094.8 274.9 88.6 107.5 435 7 143.1 586.0 1,635.8 327.01,047.8 846.3 238 0 Feb 29 . . .. 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 L.769.9 322.71,067.5 840.3 234 5 Mar. 31 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.01,087.0 842.4 227.5 Apr 30 4,250.1 314.9 94.9 108.2 471.1 184.1 576.1 L.749.4 429.01,097.3 783.7 190.7 May 31 4,285.9 279 4 82.6 93.6 515 8 195.5 568.0 1,734.9 462.61,085.5 809.6 193.3 June 30 4,350.6 384.4 87.0 96.2 527.1 192.4 498.2 1,785.3 482.61,104.0 804.1 174.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through—- Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th 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. < -21 5 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634 7 60.3 43.; 34.8 / 1 1941—Dec. 31.... 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.; 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. v-- 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 ' 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 i 77.7 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.! 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 1947—July 31 156.3 255.1 57.6 -28.6 -2.1 2.3 170.9 455.3 58.8 -276.9 -56.0 24 9 Aug. 31 168.2 257.9 58.1 -27.3 -1.7 3.0 170.1 460.1 60.7 -283. t -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 -2! 9 Dec. 31 174.6 262 8 55 7 -30.5 5.5 178.9 473.5 -346.5 2.0 -20 1 1948-Jan. 31 106.5 269.5 -18.7 -32.5 5.4 180.5 406.0 -351.? 2.4 -18 3 Feb. 29 88.7 273.1 -34.6 -33.7 5.6 175.3 387.8 67.5 -349.5 -5.4 11 7 Mar. 31 51.7 273.5 -39.4 -32.7 9.2 156.9 369.3 64.5 -369.3 -2.0 -10 8 Apr. 30 22.0 268.5 -36.9 -41.5 10 6 149.7 352.3 65.2 -391.6 7.6 -11 4 Mav 31 -27.3 266.7 -43.6 -40.6 2.2 9.4 151.1 345.2 68.0 -413.7 -15.9 -10 9 June 30 23.8 270.4 -47.9 -40.7 1.7 6.0 158.4 347.8 67.0 -376.2 -4.4 -10.3 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 2 See Table 1, footnote 3. » See Table 1, footnote 4. NOVEMBER 1948 1435 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 e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th 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 1 19 9 4 4 2 1 — — D D eecc 3 3 i 1 8 8 5 4 5 8 2 5 1 1 2 2 7 5 6 4 5 5 2 1 .6 4 3 31 1 .5 6 4 44 4 .3 9 2 2 8 8 .1 0 2 24 3 4 8 . . 1 4 5 5 2 2 6 1 . . 3 3 - 3 3 5 . . 0 4 2 2 4 2 5 1 . . 4 1 6 6 1 1 . . 2 5 1 18 6 . . 0 6 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—July 31 11 177 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— F j e an b . 3 2 1 9 1 1, 2 2 9 8 2 7 4 7 9 93 3 .3 2 4 4 6 6 .6 8 — -4 4 .9 4 1 1 0 3 . 7 7 2 2 6 6 .4 4 2 2 7 76 7 . . 7 1 4 4 5 4 2 9 . . 5 3 4 45 5 4 1 . . 6 3 5 5 4 46 2 . . 2 1 6 61 1 . . 7 7 - - 2 2 1 1 9 9. . 8 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 Mav 31 1,304.0 89.0 44.4 -6.6 -4.8 26.5 278.3 426.8 469.9 559.6 62.2 -214.6 June 30 . .. . . . 1,304.5 87.7 43.5 -6.7 -8.6 26.5 279.3 421.6 472.7 561.9 62.3 -214.1 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -4.9 32.2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec 31 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911 8 — 125 4 77 3 239.0 368.5 1.9 72.4 633.7 —28 1 54 9 240 5 10 7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—juiy 3i . _ 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 1948— D Ja e n c . 3 3 1 1 2 2 3 3 5 6 9 7 . 6 0 - — 2 2 0 0 3 3 . 7 8 2 1 4 7 .3 7 1 1 0 0 8 6 .2 7 3 3 5 4 0 7 .2 9 - -1 15 5 .3 0 4 44 3 . . 1 1 3 2 0 9 8 5 . . 7 7 — -1 3 13 7 9 .8 8 8 84 7 .8 2 2 2 8 8 .5 3 2 2 8 8 5 5 . 4 6 Feb. 29 2 340 3 —203.6 6.6 102 9 343.2 -15.2 43.8 277.6 — 142.3 91 0 28 6 2 85 3 Mar. 31 2312.3 -204.4 -4.7 96.7 336.7 -16.2 44.0 252.1 -144.3 90.3 28.9 2 85.4 Apr. 30 2272 4 -203 6 -24.5 78.0 330.4 -16.2 43.5 207.7 — 142.0 90 6 31 0 2 85.1 May 31 2213 6 —202 9 —37 0 66 5 304 2 — 15 2 45.4 161.0 — 142 1 83 9 30 1 2 80 6 June 30 2203.9 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 285.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, throug Total U K d n o i i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th 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 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—July 31 159.8 20.2 19.5 17.0 42.6 14.3 114.0 19.1 19.0 6.9 Aug. 31 164.1 18.3 19.4 17.0 43.4 14.2 112.8 20.0 23.5 7.1 Sept. 30 159.9 18.7 19.5 16.6 43.0 14.3 112.5 20.7 18.7 7.3 Oct. 31 162.2 19.3 19.2 16.9 42.0 14.4 112.2 19.5 20.9 6.8 2.8 Nov. 30 153.1 19.7 19.1 16.6 39.6 14.1 109.5 19.0 17.3 6.5 .7 Dec. 31 142.4 18.2 19.1 12.7 38.2 14.2 102.7 19.6 12.9 6.6 .7 1948—Jan. 31 140.6 17.5 19.1 12.4 37.8 13.7 101.1 19.6 11.8 7.4 .7 Feb. 29 135.2 17.4 18.9 12, 37.2 13.1 99.3 19.1 9.7 6.6 .6 Mar. 31 143.3 17.8 18.9 13 41.1 13.1 105.1 19.2 10.7 7.7 .7 Apr. 30 146.1 18.4 19.2 11.7 43.4 13.1 106.4 19.1 11.7 7.6 1.1 May 31 146.8 17.6 18.4 12.3 43.6 12.0 104.3 20.2 14.1 7.6 .6 June 30 M42.2 17.8 18.3 12.4 40.8 11.1 100.8 20.6 12.6 7.6 .6 1 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.) 2 Includes inflow of 74.5 million dollars from Dec. 31, 1947 through May 31, 1948, and 79.5 million beginning June 30, 1948, resulting from purchase of domestic securities by international institutions. 3 Amounts outstanding June 30 (in millions of dollars): foreign brokerage balances in United States, 90.1; United States brokerage balances abroad, 24.8. 1436 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 ioreign In- countries l ^te t t i e i n o r s n n t a i a - - l Official 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 - Am La e t r i i n ca Asia 2 ot A he ll r 2 tutions and Official private 1938—Dec 3 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.s 3,221.3 781.0 448.2 288.2 204.9 376.3 38.5 526.4 1,882^6 274.6 336^0 655'. 7 72^5 1940—Dec.3 3,938.2 1,418.9 365.5 490.1 174.3 508.4 17.9 657.3 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31... 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31... 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31... 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31... 5,596.8 3,335 2 865 7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522^2 1,046.41,549.7 181.8 1946—Dec. 31... '473!7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 4 931.8 1,104.81,316.4 232.8 1947—July 31... 2,881.0 5,437.3 2,327.1 499.5 189.8 213.8 402.5 167.1 783.1 2,255.8 563.7 1,290.41,113.2 214.1 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—Tan. 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 1,189.01,021.0 203.4 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 1,218.8 964.4 159.5 May 31... 1,955.1 5,020.0 2,009.3 340.7 162.7 110.2 529.4 215.8 731.3 2,090.1 570.6 1,207.0 990.2 162.1 June 30... 1,927.7 5,084.7 2,062.5 445.8 167.2 112.9 540.7 212.7 661.4 2,140.6 590.5 1,225.6 984.7 143.3 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m De a n rk - 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 SwedenUSSR Y sl u a g v o ia - o A th 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—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 May 31... 731.3 133.7 46.3 29.0 107.1 36.3 17.5 55.7 38.5 7.7 20.8 42.0 73.7 22.0 101.1 June 30... 661.4 125.5 39.4 29.3 83.7 34.2 16.8 58.3 35.0 7.5 17.8 38.2 54.1 17.1 104.8 Latin America Neth- French er- A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - C R o ic st a a Cul3a I W n a d n e i d s e t s M ic e o x- I l W n a d n e i d s e s t s P m an a a- Peru V zu e e n l e a - O A La m th ti e e n r r - Gui- and ica ana Surinam 1942—Dec. 31... 597.7 67 6 10.8 67.7 34 5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31... 693.7 69 8 12.6 98.7 54 0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31... 909.3 93 9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec 31.. . 1,104.8 112 6 14.0 174.0 50 7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—July 31... 1,290.4 309 3 14.6 98.8 41 2 32.0 6.9 284.0 3.2 137.7 10.1 69.7 38.2 66.2 178.6 Aug. 31... 1,342.5 307 5 15.2 110.8 44 9 34.2 8.6 287.7 2.3 149.2 13.6 71.5 41.7 74.0 181.3 Sept. 30... 1,266.1 229 0 17.3 106.3 38 2 32.6 8.3 271.9 2.8 157.2 12.6 76.6 43.2 89.5 180.6 Oct. 31... 1,237.9 245 7 22.4 103.6 38 3 39.1 7.9 256.6 2.5 148.7 14.7 72.6 40.9 73.4 171.5 Nov. 30... 1,202.8 240 5 20.6 97.4 41 8 42.4 7.0 249.4 2.8 140.5 18.4 70.9 41.0 61.1 169.0 Dec. 31.. . 1,216.6 236 2 17.8 104.7 46 3 46.1 7.3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176.8 1948—Jan. 31.. . 1,169.3 196 1 16.1 110.6 43 1 49.2 9.2 217.3 2.7 132.7 17.2 71.7 39.2 89.1 175.1 Feb. 29. . . 1,189.0 213 0 14.3 123.2 41 1 43.4 9.8 225.5 1.8 131.7 18.3 72.9 40.0 75.3 178.7 Mar. 31.. . 1,208.5 204 4 15.1 124.5 43 9 27.2 9.8 259.7 1.9 132.4 17.4 78.2 37.8 65.5 190.7 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 May 31.. . 1,207.0 185 2 13.5 125.1 48 6 40.2 12.2 255.3 1.3 134.2 19.3 80.3 39.5 58.8 193.6 June 30... 1,225.6 187 3 14.3 115.8 53 0 48.4 10.0 228.8 .9 126.2 18.1 79.7 38.4 110.3 194.3 For footnotes see following page. NOVEMBER 1948 1437 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 M C c a r h h n i a u a i d n n - - aF I C r n e h d n i o c n - h a H Ko o n n g g India l M B a is y r a h i a - t- Japan N l I E a n e e n a d r t d s - i h e t s - s i l P p a I h n p s i - d i l n - s eT k u ey r- O A t s h i e a r 1 o A th l e l r A t l u r ia s a - - N Z la e e n a w d - A S E E t a n u g i g n a g d y y d n l a p p o n - t -F r r M o e c o n 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 . . . 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.7 29.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec 31 1,108 8 574 2 27 4 23 9 18 2 9 4 1 110 1 259 135 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 4.1 113.7 629.1 52,5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31. . . 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127 A 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—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 59.7 470.939.7 78.9 204.4 43.8 6.5 25.8 11.4 43.3 73.6 Nov. 30. .. 1,064.2 250.2 9.3 41.8 56.7 16.5 28.9 65.9 476.0 39 ? 79.7 197.3 34.8 6 S 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—Tan. 31 ... 1,026.9 213.5 6.2 41.1 67.7 11.8 37.1 65.7 466.934.2 82.7 206.8 26.2 5.4 37.6 9.4 55.1 73.1 Feb 29 1,021 0 188 7 6 3« 41 657 8 13 1 53 8 57 0 484 734 6 83 4 203 4 28 5 6 f 42 7 9 2 41 5 75 2 Mar. 31 ... 1,023.0 173.8 4.9 38.8 53.1 13.9 85.4 60.5 476.430.0 86.3 196.3 24.8 6.1 36.4 8.6 44.8 75.6 Apr. 30. .. 964.4 150.2 4.8 37.6 41.9 12.3 76.3 51.8 474.2 25.7 89.6 159.5 19.7 4.6 31.3 8.2 21.0 74.7 May 31 ... 990.2 156.4 5.4 46.1 56.0 10.6 82.4 49.0 474.823.5 85.9 162.1 21.0 5.0 29.2 8.5 26.6 71.9 June 30... 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34.7 464.623.1 104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.5 1 Beginning 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." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. 4 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 5 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 BULLE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u 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 i a c t a e in r- Asia 1 ot A he ll r l 1938—Dec (Jan 4 1939). . . . 594 0 86 0 10 3 24 2 5 5 13 5 135 4 274 9 60 4 99 1 144 1 15 5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec (Tan 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—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—Tan. 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 A 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 Mav 31 1,162.8 25.3 122.7 59.2 6.0 17.2 158.7 389.0 24.9 581.7 145 0 22 3 June 30 1,111.6 21.6 127.0 59.3 6.5 20.6 151.4 386.4 25.9 544.2 133.5 21.7 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. 1438 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 bourg Nor- t P u o g r a - l Ru- Spain Swe- USSR Y sla 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 8.4 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 1 1 . . 5 7 2 8 . . 9 3 . . 7 7 0 C ) 1) 7 0 . ) 6 3 3 3 3 . . 9 9 . . 6 6 35. . 1 2 1. . 4 8 3 1 . . 2 8 . . 2 2 0) 5 5 . . 0 1 1945—Dec. 31 . 74.6 .6 0) 0) 33.9 .7 31.6 .5 1.6 .9 0) 0) 4.7 1946—Dec. 31 . 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 0) C1) 9.4 1947—July 31. 138.8 9.0 .6 17.8 30.3 13.0 0) 7.0 1.3 11.9 1.6 8.7 0) 37.5 Aug. 31 . 139.7 10.3 .4 17.9 30.3 12.6 8.0 1.3 12.0 1.3 9.3 0) 36.2 Sept. 30. 137.9 11.2 .6 17.5 30.3 12.4 0)' 9.4 1.2 12.0 1 2 9.3 () 32.6 Oct. 31 . 135.4 13.2 1.0 13.1 30.5 12.8 C1) 10.3 1.3 12.0 1.3 9.3 0)' 0) 30.6 Nov. 30. 135.6 12.9 1.1 11.9 30.5 12.8 0) 8.1 1.1 12.0 1.4 7.6 0) 36.1 Dec. 31. 130.9 15.0 2.2 8.0 30.5 10.6 1.1 12.0 .9 5.4 .1 0) 35.8 1948—Tan. 31 . 129.2 12.7 1.5 8.3 30.6 10.1 1.2 12.0 1.5 4.0 .1 0) 35.8 Feb. 29. 134.5 11.3 3.2 7.6 30.5 10.2 0) 10.7 1.2 12.0 3.5 3.7 0) C1) 40.5 A M p a r r . . 3 3 1 0 . . 1 1 5 6 2 0 . . 9 1 2 2 4 0 . . 2 7 6 9 . . 6 9 6 7 . . 1 0 3 3 0 0 . . 4 4 9 7 . . 6 2 0) 1 8 2 . . 9 1 1 1 . . 5 4 1 1 2 2 . . 0 0 3 4 . . 7 6 3 2 . . 5 8 0 0 ) ) C 0 1 ) ) 4 52 5 .9 .4 - May 31 . 158.7 18.8 8.6 5.6 30.3 6.8 C1) 11.5 1.1 12.0 5.5 4.1 0) 0) 54.3 June 30. 151.4 18.6 3.5 5.7 30.4 4.7 0) 11.6 1.0 12.0 3.3 5.2 0) C1) 55.3 Latin America French Nether- A L m i 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 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 n S a a d n n u e i d d r 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 rnam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 C1) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 0) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 .1 11.0 .5 1.1 1.9 6.1 33.4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—July 31 . 444.9 65.8 3.3 164.1 20.5 35.7 3.9 53.3 .6 27.6 1.0 2.7 5.9 18.2 42.3 Aug. 31 451.8 71.8 3.2 163.6 22.7 35.2 3.8 54.5 .1 31.0 1.1 3.8 6.3 18.5 36.2 Sept. 30 447.7 65.5 3.4 161.4 21.7 35.9 3.6 59.7 (l) 30.2 1.1 4.9 6.5 15.3 38.3 Oct. 31 466.7 67.4 4.2 162.3 22.8 32.0 4.0 73.8 0) 39.5 1.2 4.9 6.7 14.6 33.4 Nov. 30 477.5 66.4 2.9 162.0 22.3 31.2 3.6 91.5 C1) 38.3 1.2 5.0 6.1 15.1 31.9 Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 0) 52.2 1.1 4.7 4.3 15.3 31.0 1948— Tan. 31 519.3 60.0 2.4 169.8 29.3 35.7 3.3 113.4 51.8 .8 4.8 4.1 14.2 29.6 Feb. 29 517.5 60.3 2.3 175.2 27.1 36.9 3.5 106.4 !i 52.7 1.1 4.2 3.9 16.9 26.8 Mar. 31 537.3 57.2 2.3 185.9 24.9 39.3 3.2 109.1 .i 59.9 1.3 4.1 4.1 17.6 28.5 Apr. 30 559.6 50.5 2 2 194.5 21.9 50.5 3.1 124.1 .i 58.3 1.3 4.2 3.8 17.0 28.1 Mav 31 . . . . 581.7 52.6 3.1 209.7 20.4 47.9 2.9 110.1 0) 75.8 1.4 4.4 4.0 19.3 30.1 June 30 544.2 58.7 2.5 187.6 21.6 48.0 2.2 90.5 (l) 73.4 1.3 4.4 4.1 19.9 29.9 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - a - F C I r n e h d n in o c a - h H K o on n g g India B l M a is r y a h i a t - - Japan I N l E n a e e n d a r t d i s - h e t s - s i l p P a p I h n s i i - d n l s - e T k u e r y -O A th si e a r 2o A th l e l r A t l u r ia s a - - N l Z a e e n a w d -A S E E t a u n g i g n d a 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 A U So f n o r u i i f c o th a n Other 1942—Dec. 31 35.3 11.1 0) .9 2.2 . 7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 0) 1.7 1.2 1943—Dec. 31 26.3 1.7 0) 1.0 2.0 .5 .5 1.7 13.9 3 2 1.8 3.9 .5 .2 .1 C1) 2.4 .7 1944—Dec. 31 51.4 1.5 C1) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 C1) 9.7 1.0 1945—Dec. 31 .. 29.9 1.0 0) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 .3 .1 4.7 2.5 1946—Dec. 31 99.2 53.9 0) 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—July 31 . 185.0 110.7 .1 3.1 33.7 1.6 .3 .5 25.1 3.2 6.7 36.3 11.3 1.7 .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 5.6 9.0 34.3 10.2 1.4 .7 .3 15.0 6.7 Oct. 3\ . . . 164.6 78.6 3.3 2.2 28.9 1.0 .3 .4 27.7 13.1 9.1 36.3 12.0 2.0 .2 .6 14.5 7.0 Nov. 30.. 127.7 41.3 3.3 1 .9 28.2 .8 .3 .4 29.0 12.9 9.6 33.3 10.2 2.3 .2 .4 14.2 6.0 Dec. 31 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 .1 .5 14.4 6.a 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 1.4 .1 .3 14.3 5.0 Feb. 29 134.4 37.9 .3 3.9 25.5 .7 5.7 3.1 31.0 18.6 7.7 23.1 6.4 1.1 .1 .5 10.0 5.0 Mar. 31. .. 131 .1 38.1 .3 3.7 26.0 .6 5.9 .6 31.1 15.5 9.4 22.1 4.7 .9 .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 May 31. . 145.0 51.7 .6 4.5 24.3 1.5 4.2 .6 42.7 6.1 8.7 22.3 3.4 .6 2 .2 11.8 6.1 June 30.. 133.5 55.5 .6 4.6 28.1 1.1 1.1 .7 31.7 2.0 8.0 21.7 2.2 A .2 12.0 6.5 1 Less than $50,000. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. NOVEMBER 1948 1439- 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 International Fund International Bank July1 May Feb. Aug. Sept. June j Mar. Sept. Gold 1,400 1,363 1,357 1,345 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,441 1,450 1,559 1,929 United States 89 102 165 335 Other members 4,000 3,992 3,869 3,304 Other members 927 918 914 873 Unpaid balance of member subscriptions 1,143 1,171 1,176 1,342 Investment securities (U. S. Govt. obli- O M t e h m er b e a r s s s e u ts bscriptions 7, ( 9 2) 86 7, ( 9 2) 76 7, ( 9 2) 61 7, ( 9 2) 22 Ca g ll a s t i o o n n s s ) ubscriptions to capital stock4. . 420 5 422 5 41 5 0 40 4 7 5 Accumulated net income 2 Loans (incl. undisbursed portions) 509 497 497 455 Other assets 9 5 7 3 Bonds outstanding 254 254 250 250 1947 Loans—undisbursed 26 27 94 223 Currency bought3 Other liabilities 2 4 2 2 (Cumulative figures) Special reserve 4 3 2 (2) Sept. Aug. July Aug. Capital4 667 1,657 1,653 1,645 Accumulated net income 5 3 1 -2 C B h el i g le ia a n n f p r e a s n o c s s 33.0 33.0 33.0 1 Quarterly statements on a new fiscal year basis. Czechoslovakian koruny. 6.0 2 Less than $500,000. Danish kroner 10.2 10.2 10.2 s As of Sept. 30, 1948, the Fund had sold 622.4 million U. S. dollars; Ethiopian dollars .3 .3 in addition, the Netherlands received 1.5 million pounds sterling in French francs 125.0 125.0 125.0 100.0 May 1947 and 300 million Belgian francs in May 1948, and Norway Indian rupees 44.1 44.1 44.1 received 100 million Belgian francs in June 1948 and an additional N M e e t x h i e c r a l n a n p d e s s o g s uilders. . . . 2 7 2 5 . . 5 4 2 7 2 5. . 4 5 | 2 7 2 5 . . 5 4 2 1 4 3 . . 0 5 10 4 0 E m x i c l l l u io d n e s i n u J n u ca ly ll e 1 d 9 4 p 8 o . rtions of capital subscriptions, amounting to Norwegian kroner 9.6 9.6 9.6 6,669 million dollars as of Sept 30, 1948, of which 2,540 million repre- Turkish liras 5.0 5.0| 5.0 sents the subscription of the United States. Pounds sterling 300.0 300.0 300.0 Total. 639.9 633.9J 633.6 137.5 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u 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 Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r io cu n l 3 a- Bankers' Pub D li e c posi E ts .C.A. Other t c l i i e a O a s p b t a i i h t l n a i e - d l r 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Oct. 29 .2 ,450.0 91.4 5.9 318.9 1,360.8 288.8 13.8 95.9 17.8 Nov. 26 .2 L,450.0 111.2 4.5 302.1 1,340.5 292.5 14.0 93.3 18.0 Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Jan. 28 .2 5 1,400.0 131.5 12.7 274.3 1,269.0 290.8 16.3 93.0 18.3 Feb. 25 .2 5 1,350.0 118.9 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 5 1,300.0 54.8 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr. 28 .2 L,300.0 63.1 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 May 26 2 1,300.0 56.7 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 '.2 1,300.0 48.7 17.8 383.8 1,252.2 325.4 14.5 92.2 18.2 July 28 .2 ,300.0 16.1 13.4 400.5 1,285.0 311.0 11.2 89.4 18.3 Aug. 25 .2 ,300.0 48.0 5.4 405.8 1,253.3 300.3 16.9 "33.4 ' 90.1 18.4 Sept. 29 .2 ,300.0 65.4 25.0 397.3 1,236.4 300.0 22.3 53.6 93.3 18.5 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary issue see BULLETIN for February 1948, p. 254. NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1440 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) Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m rt J - Other 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 n io - n Other capital3 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 t. (*) 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31 156.8 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—Oct. 31. .7 1,136.4 799.4 53.1 1,179.4 548.7 143.4 71.2 46.9 Nov. 29. 1.4 1,039.9 820.6 46.2 1,182.3 536.7 84.2 62.0 42.8 Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Jan. 31. 931.3 863.2 48.2 1,157.5 538.3 44.6 60.6 41.7 Feb. 28. 1 974.4 825.7 47.2 1,156.3 531.8 60.8 75.0 24.0 Mar. 31. 985.2 806.7 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30. .2 1,124.1 767.8 60.5 1,183.0 558.9 57.9 126.0 26.9 May 31. .5 1,179.7 775.0 51.6 1,195.7 547.3 135.9 95.8 32.0 June 30. .2 1,152.9 790.9 56.8 1,206.5 517.0 138.4 107.2 31.7 July 31. .1 1,145.2 773.6 39.2 1,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 1,155.2 778.1 50.2 1,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 1,267.7 550.9 87.3 78.2 44.7 Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn ce m s e t n o t Deposits Other mill ( i F on ig s u o r f e s f r i a n ncs) Gold* F c o h e r a x e n i - g g e n m O a p rk en et7 Special" Other c F c u o o p r s a t o s ti c o 8 - n Other » a O ss t e h t e s r 9 ci N r ti c o o u t n l e a- G m ov e e n r t n- C.A.R.W Other c li a a a t p i b n e i i d t s 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—Sept. 25.. 52,817 7 107,877 130 101,935 426,000 139,300 1103,067 852,195 779 71,299 6.861 Oct. 30. 52,817 10 108,050 250 132,913 426,000 127,800 niO8,155 867,700 762 81,030 6,502 Nov. 27. 65,225 13 111,368 285 150,065 426,000116,000 "110,303 879,492 846 87,513 11,408 Dec. 31. 65,225 12 137,397 64 117,826 426,000147,400 U121,061 920,831 733 82,479 10,942 1948—Jan. 22« 65,225 9 145,814 64 125,687 426,000120,700 "104,474 891,546 771 82,849 12,808 Mar. 25.. 65,225 15 157,997 12 147,841 426,000155,000 H108.979 773,199 791 271,034 16,045 Apr. 29.. 65,225 17 156,424 55 149,341 426,000129,500 11113,590 759,054 790 265,123 15,186 May 27.. 65,225 22 149,849 27 165,265 426,000121,800 11113,938 768,567 812 256,948 15,800 June 24.. 65,225 21 141,276 55 165,984 426,000122,800 H102.405 790,639 738 216,026 16,362 July 29.. 65,225 45 148,812 156 169,674 426,000153,200 1113,212 836,662 764 225,251 13,646 Aug. 26.. 65,225 50 147,288 544 163,109 426,000156,800 1104,213 844,894 858 203,467 14,011 Sept. 30. 65,225 60 160,930 4,808 161,571 426,000160,700 "138,910 910,633 788 193,031 13,752 1 Securities maturing in two years or less. J Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. * 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. • 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. 10 Central Administration of the Reichskreditkassen. " 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. xl 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. NOVEMBER 1948 1441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Central Bank of Chile—Cont. Republic (millions of pesos): Note circulation 4,287 4,293 3,803 Gold reported separately... 606 620 410 Deposits—Bank 922 877 639 Other gold and foreign exchange. ,761 1,898 384 Other 278 340 322 Government securities 873 873 953 Other liabilities and capital.. 414 378 501 Rediscounts and loans to banks1. ,515 17,459 262 Other assets ,127 012 656 Bank of the Republic of Colombia Currency circulation * ,233 077 657 (thousands of pesos): Deposits—Member bank 518 498 Gold and foreign exchange 8. . . . 137,762 153 260182,175 Government ,841 ,765 513 Net claim on Int'l. Fund * 21,868 21 21,867 Nationalized x ,506 ,267 089 Paid-in capital—Int'l. Bank. .. 1,230 1. 230 1,225 Other 339 305 78 Loans and discounts 168,624 157, 983126,208 Other liabilities and capital 963 931 831 Government loans and securities 119,718 123. ,831 81,383 Other assets 58,500 56^ 375 42,223 Commonwealth Bank of Aus- Note circulation 295,743 300. 309,390 249,838 tralia (thousands of pounds): Deposits 168,103 171 166218167,085 Gold and foreign exchange 267.832 263,709 ,620 Other liabilities and capital 43,856 42. 939 38,158 Checks and bills of other banks. . 2,984 ,011 Securities (incl. Government and National Bank of Costa Rica- Treasury bills) 369 167376,869 404 821 Issue dept. (thousands of colones): Other assets 45 590 47,720 13 333 Gold ,685 11,684 11,448 Note circulation 196 605 196,605 200 393 Foreign exchange ,309 14,102 11,544 Deposits of Trading Banks: Contributions to Int'l. Fund and Special 269 920 ,980237,514 to Int'l. Bank ,321 30,321 30,321 Other 28 931 ,699 29 341 Loans and discounts ,360 84,650 60,308 Other liabilities and capital 190 ,096 129 537 Securities ,490 16,490 3,992 Other assets ,324 1,745 1,158 Austrian National Bank (millions Note circulation ,454104,366 75,904 of schillings): Demand deposits ,883 47,632 36,057 Gold 49 48 48 48 Other liabilities and capital.... ,151 6,993 6,810 Foreign exchange 89 96 98 36 Loans and discounts 444 263 251 3 National Bank of Czechoslovakia Claim against Government 7,340 ,337 7,324 ,359 (millions of koruny): Other assets 4 5 5 3 Gold and foreign exchange 9. . . 3,922 3,505 3,403 4,833 Note circulation 5,132 ,914 4,737 ,099 Loans and discounts 22,119 20,685 19,349 5,117 Deposits—Banks 593 641 610 ,801 Other assets 50,579 50,418 50,736 57,860 Other 483 461 409 Note circulation 65,153 64,018 61,518 48,946 Blocked 1,718 ,733 1,971 ,547 Deposits 1,094 844 1,773 6,193 Other liabilities and capital 10,374 9,746 10,197 12,670 National Bank of Belgium (millions of francs): National Bank of Denmark Gold 27,922 28,478 (millions of kroner): Foreign exchange 11,336 12,169 Gold 70 70 70 71 Net claim on Int'l. Fund * 544 1,164 Foreign exchange 98 117 101 82 Loans to Government 51,045 48,686 Contributions to Int'l. Fund and Other loans and discounts 10,280 4,939 to Int'l. Bank 65 65 65 Claim against Bank of Issue 64,597 64,597 Clearing accounts (net) -7 5 12 16 Other assets 1,762 2,196 Loans and discounts 23 16 16 16 Note circulation 81,112 78,125 Securities 96 82 87 123 Demand deposits 5,516 3,653 Govt. compensation account 5,161 5,190 5,202 ,840 Blocked accounts * 78,696 78,699 Other assets 179 171 178 256 E. C. A Note circulation 1,465 1,428 1,446 ,452 Other liabilities and capital 2,162 1 ,754 Deposits—Government 1,809 1,772 1,805 ,159 Other 2,256 2,362 2,326 ,640 Central Bank of Bolivia—Mone- Other liabilities and capital 155 154 154 152 tary dept. (millions of bolivianos^ (June)" Gold at home and abroad. 954 922 Central Bank of the Dominican Foreign exchange. 174 343 Republic (thousands of dollars): Loans and discounts 453 250 Gold 4,000 4,000 4,000 Government securities 765 631 Foreign exchange 14,375 15,611 16,055 Other assets 8 13 Net claim on Int'l. Fund * 1,250 1,250 1,250 Note circulation 1,883 1,730 Paid-in capital—Int'l. Bank 40 40 40 Deposits 227 204 Government securities 4,000 4,000 3,000 Other liabilities and capital. 244 225 Other assets 143 122 104 Note circulation 18,115 19,131 18,883 National Bank of Bulgaria 6 Demand deposits 5,538 5,738 5,422 Other liabilities and capital 156 154 146 Central Bank of Chile (millions Central Bank of Ecuador Gold 7 ,151 1,152 200 (thousands of sucres): Foreign exchange (net) 177 107 Gold 277,299 277,416 277 330274,775 Net claim on Int'l. Fund • 1 1 Foreign exchange (net) 29,595 16757 954 38,081 Discounts for member banks. . ,101 1,151 Net claim on Int'l. Fund * 16,882 16882 882 16,877 Loans to Government 782 782 1,136 Loans and discounts 217,057235 709 241571236,412 Other loans and discounts ,308 1,345 1,375 Other assets 113,237111 901 104357110,036 Other assets ,380 1,350 1,45 Note circulation 340,322335 149 325,801340,259 Demand deposits 237,389250 645 242074 263,859 Other liabilities and capital 76,359 72 871 70311 72,062 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. ; By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 6 Latest month available. 6 For last available report (January 1943), see BULLETIN for July 1943, p. 697. r Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 8 Gold not reported separately beginning May 31, 1948. 9 Gold not reported separately beginning Dec. 31, 1946. 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—C ontinued Central Bank 1948 1947 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. National Bank of Egypt (thou- National Bank of Hungary— sands of pounds): Cont. Gold 6 376 6,376 Note circulation 2,507 2.413 924 1,834 Foreign exchange 13,773 14,650 Demand deposits—Government 272 182 227 Loans and discounts 1 920 286 Other 1,357 949 837 114 British, Egyptian, and other Other liabilities and capital 507 490 471 385 Government securities 310 802998 ,931 Other assets 20,464 26,437 Reserve Bank of India (millions of Note circulation 130 681 ,619 rupees): Deposits—Government 79,142 92,466 Issue department: Other . 134 100117,085 Gold at home and abroad.. 427 497 444 Other liabilities and capital 9,412 15,510 Sterling securities 7,966 10, 808 11,353 Indian Govt. securities 3 683 1 14-1 578 Central Reserve Bank of El Salva- Rupee coin 452 438 348 dor (thousands of colones): Note circulation 12.152 12,340 11,736 Gold . 36,471 36,510 36,979 Banking department: F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t n ) d l .... 3S 1,5 7 6 9 4 0 39 1 , 8 5 7 6 0 4 39 1,5 6 6 8 3 6 N Ba o l t a e n s c o es f i a s b s r u o e a d department.. 3,0 3 6 7 1 7 3,1 4 2 7 0 S 3,8 9 7 8 0 8 Loans and discounts 335 1 190 9 146 Treasury bills discounted. . 48 37 ?0 Government debt and securities. 5,319 5,123 5,510 Loans to Government 1 1 1 Other assets \ 1 596 803 Other assets 758 501 919 Note circulation 49 847 =50 85^49 0S3 Deposits 4,062 3 5 578 Deposits 26 378 29 188 102 Other liabilities and capital 182 199 21.3 Other liabilities and capital 5,803 5,759 5,532 Central Bank of Ireland (thousands State Bank of Ethiopia—Issue of pounds): dept. (thousands of dollars): Gold ... 2 ,646 2,646 2,646 2,646 Gold 9 891 2 891 Sterling funds 40,262 39,728 40 40 510 Silver 9 7g9 2 632 9 150 Note circulation 42,908 42 374 874 43,157 Foreign exchange 32 570 35\786 90 815 Treasury bills 5 832 2 832 2 839 Bank of Italy (millions of lire): Other assets 29 459 29 243 21 39^ Gold... 525 59 S 593 C irculation—Notes 'I "3 899 43 74° 41 779 Foreign exchange 15,583 14,216 6 365 Coin 28 704 28 704 21 175 Advances—Treasury 641 587687 402 509 297 Other liabilities and caoital *930 930 238 Other Govt. agencies 4,238 Loans and discounts 149 776127 441 199 525 Bank of Finland (millions of Government securities .... . 157 664154 696 109 ,497 markkaa): Other assets. 156,891 126,707 46,664 Gold 268 268 268 2 Bank of Italy notes 796 563791 030 S96,961 Foreign assets (net) —57 -140 — 222 937 Allied military notes 54,274 71 S 70 794 Clearinffs (net) —3 255— 1 0S1 —4 060 —2 813 Deposits—Government . .. 9 389 7 283 Loans and discounts 38,351 39,125 38,071 32,875 Demand 69,280 60,731 51,362 Securities 994 916 902 417 Other 159 939165 146 50,656 Other assets 1,406 741 887 1,179 Other liabilities and capital 32,581 31,082 22,406 Note circulation 28,189 98 078 27 371 24 484 Deposits 2 392 1 744 1 601 1 669 Bank of Japan (millions of yen): Other liabilities and capital 7,125 7,037 6,873 6,446 Cash and bullion 642 620 2,857 Advances to Government 77,596 70 953 49 378 Bank of Greece (billions of drach- Loans and discounts 58,024 48,871 36,705 mae): Government securities 93,917 96,031 62,845 Gold and foreign exchange (net). 641 641 650 Reconversion Fin. Bk. bonds. . . 48,924 49,856 23,367 Loans and discounts 20 1 6 23 Other assets 13 398 0 996 838 Advances—Government 164 1 108 734 Note circulation 254 200 Ml 365 1 56,417 Other 1 272 1 306 993 Deposits—Government 8,808 8 007 4 716 Other assets 244 213 129 Other 17 924 18,042 16,533 Note circulation 1 049 1 046 764 Other liabilities. . , 11 560 914 4,325 Deposits—G Re o c v o e n rn st m ru e c n t t ion and 169 190 74 Bank of Java 2 relief accts. 118 96 Other liabil O it t i h es e r and capital 1,7 2 4 6 2 2 1,6 2 9 6 1 1 1,4 1 8 9 6 8 Bank M o o f n M eta e r x y i c r o e s ( e m rv il e l i 3 ons of pesos): 635 637 607 656 "Authorized" holdings of securi- Bank of Guatemala (thousands of ties, etc 1 649 1 710 1 1 490 quetzales): Bills and discounts 755 735 747 610 Gold . 27 228 97 Other asf3ets 235 189 226 163 18 839 839 Note circulation 1 790 1 798 1 714 1 662 1 2 50 1 9 50 7 SO 75 714 963 Rediscounts and advances 2 ,668 9,820 Other liabilities and capital 735 697 294 Other assets. . 11 749 8 377 Circulation—Notes 30,506 98 ,852 Netherlands Bank (millions of Coin 2 941 9 8S5 guilders): Deposits—Government 5,813 7,803 Gold 455 455 482 502 Banks ....... 12 527 451 Silver (including subsidiary coin) 1 1 1 9 Other liabilities and capital . . 9,948 8,554 Foreign bills 452 457 458 379 Loans and discounts 148 147 181 154 National Bank of Hungary (mil- Govt. debt and securities 3,300 3,300 3, 300 3,600 lions of forint): Other assets 361 358 334 152 Gold 403 403 403 393 Note circulation—Old 116 117 118 Foreign exchange 93 102 50 92 New 3,035 3.O7F ->.996 9,356 Discounts 760 1 435 1 731 1 291 Deposits—Government 504 523 765 860 Loans—Treasury 340 340 340 340 Blocked 78 o3 51 79 Other 2 819 467 789 E. C. A. 107 67 Other assets 228 280 447 242 Other 541 534 520 647 Other liabilities and capital 337 336 305 220 1 This figure represseents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time; aass tthhee FFuunndd eennggaagg<es in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. NOVEMBER 1948 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1948 1947 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Reserve Bank of New Zealand Bank of Sweden (millions of kronor): (thousands of pounds): Gold 178 178 178 204 Gold 2,802 2,802 2,802 Foreign assets (net) 206 176 188 343 Sterling exchange reserve 63,537 77,288 79,705 Swedish Govt. securities and ad- Advances to State or State un- vances to National Debt Office4 ,165 ,277 3,041 2,638 dertakings 32,605 31,611 30,107 Other domestic bills and advances 100 51 150 234 Investments 9,916 11,732 3,868 Other assets 643 619 463 311 Other assets 21,301 4,580 944 Note circulation ,884 ,824 2,784 2,664 Note circulation 48,446 47,953 47,135 Demand deposits—Government. 616 595 645 570 Demand deposits 76,772 75,194 65,449 Other 108 218 119 135 Other liabilities and capital 4,944 4,865 4,842 Other liabilities and capital 683 662 472 360 Bank of Norway (millions of kroner): Swiss National Bank (millions of Gold 298 302 339 francs): Foreign assets (net) 450 437 575 Gold 5,774 5,607 5,560 ,307 Loans and discounts 55 76 72 Foreign exchange 174 145 124 65 Securities 58 60 73 Loans and discounts 145 126 204 157 Occupation account (net).... 7,924 ,924 8,103 Other assets 97 92 93 99 Other assets 63 57 65 Note circulation 4,322 4,246 4,233 ,108 Note circulation 2,080 ,066 1,967 Other sight liabilities 1,326 1,179 1,202 ,174 Deposits—Government 3,875 ,877 3,917 Other liabilities and capital 542 545 546 346 Banks 1,174 ,193 1,363 Blocked 767 771 896 Central Bank of the Republic of Other 284 292 327 Turkey (thousands of pounds): Other liabilities and capital... 669 657 757 Golds 448,583450,689 458,542 473,960 Foreign exchange and foreign Bank of Paraguay—Monetary clearings 98,726 107,727 119,668292,756 dept. (thousands of guaranies): Loans and discounts 744,254 716,917688.213 633,178 Gold 738 738 738 722 Securities 210,367 210. 210 394187,642 Foreign exchange (net) 9,262 12,583 158 23,835 Other assets 41,061 31. 36 180 33,857 Net claim on Int'l. Fund x 2,709 2,709 709 2,708 Note circulation 914,719 896, 886 119942,096 Paid-in capital—Int'l. Bank. . . . -14 -16 -16 3 Deposits—Gold 153,030 153, 153 029 149,338 Loans and discounts 52,461 45,310 808 16,559 Other 222,169 234, 245.214 287,951 Government loans and securities 5,374 5,569 493 9,451 Other liabilities and capital 253,074 233, 228,635 242,008 Other assets 2,401 1,861 568 455 Note and coin issue 56,078 54,728 628 41,289 Bank of the Republic of Uruguay Demand deposits 12,567 8,740 767 9,328 (thousands of pesos) : Other liabilities and capital 4,286 5,287 063 3,116 Gold 300,640277,278 Silver 12,344 13,068 Central Reserve Bank of Peru Paid-in capital—Int'l. Bank. . . . 314 318 (thousands of soles): Advances to State and govern- Gold and foreign exchange ,041133,443 ment bodies 64,299 33,109 Net claim on Int'l. Fund * ,496 20,491 Other loans and discounts 203,695164,034 Contribution to Int'l. Bank.... ,356 2,480 Other assets 289,256 266,718 Loans and discounts to banks.. . ,654 91,792 Note circulation 246,452216,345 Loans to Government ,952694,108 Deposits—Government 79,377 54,985 Other assets ,163 102,111 Other 263,078 249,175 Note circulation ,414688,003 Other liabilities and capital 281,642234,021 Deposits ,463229,023 Other liabilities and capital ,784127,400Central Bank of Venezuela (thousands of bolivares): Bank of Portugal (millions of Golds 830,044 829 625557,408 escudos): Foreign exchange (net) 61,496 346 94,278 Gold 4,157 196 4,975 Other assets 85,761 528 83,449 Foreign exchange (net) 9,720 778 11.289 Note circulation—Central Bank. 630,618 815 495,612 Loans and discounts 424 412 391 National banks. 3,153 248 4,335 Advances to Government 1,278 278 1,286 Deposits 325,394 308 092 187,156 Other assets 520 511 572 Other liabilities and capital 18,136 40 343 48,033 Note circulation 8,310 277 8 215 Demand deposits—Government 1,099 057 2,127National Bank of the Kingdom Other 5,713 921 7,168 of Yugoslavia 2 Other liabilities and capital 977 921 1,00: Bank for International Settle- National Bank of Rumania 2 ments 7 (thousands of Swiss gold francs): South African Reserve Bank Gold in bars 114,904 94,137 95,974 89,695 (thousands of pounds): Cash on hand and on current G Fo o r l e d i s gn bills 5 8 7 3 6 5 , , , 5 8 5 6 8 5 1 6 4 0 6 5 3 9 5 9 5 7 1 3 9 0 9 7 , , , 9 0 7 6 2 1 9 9 0 S R i e g a d h c i t c s o c fu o u n u n d t n s t w a b a it t l h e i n b b t i a e ll n r s e k a s s t nd accept- 29,9 5 3 0 5 0 10, 4 3 9 6 7 0 30, 4 1 9 5 7 3 6,2 4 1 96 1 Other bills and loans 11,650 824 10,413 ances (at cost) 17,889 19,414 20,079 34,157 O D O N t e t o h h p t e e e o r r s c i a l i t i r s s a c s b u e i t l l s a it t i i e o s n and capital 1 6 5 6 5 5 , , . 9 1 5 3 9 1 6 9 6 0 2 7 2 9 9 6 0 81 6 7 6 2 9 , , , 5 3 2 6 5 0 2 5 4 S T F O u u i t m h n n e d d e r r s y f a u i s n n b s v d i e l e s t l s s s t a e a t d n i d n i n t i e n r G v e e e st r s m tm a e n n y t . s . . . . . . 2 2 9 9 3 3 7 1, , , , 3 7 8 2 7 6 0 1 7 1 1 8 2 1 3 9 3 1 7 6 1 , , , , 2 5 2 9 4 0 2 0 1 3 9 0 2 1 3 9 2 3 7 7 1 , , , , 2 2 2 4 0 5 3 6 1 9 9 0 2 6 9 1 4 2 1 9 , , , , 2 2 7 1 3 8 9 6 3 5 0 0 Bank of Spain (millions of pesetas): Demand deposits (gold) 16,994 17,743 18,045 18,071 Gold ,217 1,215 Short-term deposits (various Silver 500 522 currencies): Government loans and securities. ,019 15,766 Central banks for own ac- Other loans and discounts ,695 9,091 count 82,413 94,958109,568 8,080 Other assets ,067 3,271 Other 1,339 1,123 1,435 2,928 Note circulation ,972 23,886 Long-term deposits: Special ac- Deposits—Government 812 2,089 counts 228,909 228,909228,909228,909 Other ,132 3,363 Other liabilities and capital 249,731 248,547247,904250,038 Other liabilities and capital 582 529 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. LFntil such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. * 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 Government. 7 See BULLETIN for December 1936, p. 1025. 1444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n t m g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l z a w e n r i d - t- ba C n e k n tr o a f— l R O 3 a c 1 t t e . ef D fec a t t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fec a t t i e ve In'effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1937 2 3 4 2 2 Argentina Mar. 1, 1936 Italy 53J Sept. 6, 1947 May 10, 1938. . 4 Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 M M a a y y 3 1 0 3 2y 2 3 B B e o l l g iv iu ia m 5 2 A Fe u b g . . 2 4 7 , , 1 1 9 9 4 4 8 7 J L a a v t a via 3 5 J F a e n b . . 1 14 7 , , 1 1 9 9 3 4 7 0 Sept. 28 3 Oct. 27 2y Nov. 25... 2 Jan. 4, 1939 2 3 Bulgaria Aug. 14, 1946 Lithuania. . . 6 July 15, 1939 Apr. 17 4 Canada Feb. 8, 1944 Mexico June 4, 1942 May 11 3 Chile Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia 4 2 July 18, 1933 New Zealand. July 26, 1941 Aug. 24 4 Costa Rica.... 3 Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 3 Czechoslovakia Oct. 28, 1945 Peru 6 3 Nov. 13, 1947 Sept. 28 3 Oct. 26 2 Dec. 15 3 J A a p n r . . 25 9 , 1940. . 3y 2 Denmark. .. 7 2 J Ju an n . e 1 8 5 , , 1 1 9 9 4 4 3 6 P R o u r m tu a g n a ia l. . . . . . . . 2y2 J M an a . r . 2 1 5 2 , , 1 1 9 9 4 4 8 4 May 17 3y El Salvador... 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941 1M Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 3 Finland Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 2i/ Jan. 16, 1945. . 1 y Jan. 20 i« Feb. 9 France 3 Oct. 1, 1948 Switzerland.. I* Nov. 26, 1936 Nov. 7, 1946. . I" Germany U-5 June 28, 1948 Turkey July 1, 1938 Dec. 19 Greece 12 July 12, 1948 United King- Jan. 10, 1947 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 India 3 Nov. 28, 1935 U. S. S. R.... 4 July 1, 1936 A O u c g t. . 2 9 7 2^&3 sy 2 Yugoslavia. . 1-4 Jan. 1, 1947 June*28, 1948 11-5 Sept. 6 NOTE.—Changes since Sept. 30: France—Oct. 1, down from3% and 4 to Oct. 1 3 3 per cent. In effect Oct. 31, lThe lower rate applies to the Bank Deutscher Laender 1md the higher 1948 2 3 11-5 3H rate applies to the Land central banks. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Year and month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to 3 discount 3 months 3 months 3 months money on deposits money 3 months money months rate 1932—Aug.. .74 .60 .73 1.50 1933—Aug.. .41 .30 .62 1.50 1934—Aug.. .79 .74 .81 1.50 1935—Aug.. .60 .58 .75 2.47 1936—Aug.. .69 .55 .53 .75 2.25 1937—Aug.. .64 .55 .52 .75 3.60 1.00 1938—Aug.. .52 .53 .51 .75 2.06 1.00 1939—Aug.. .55 1.58 1.92 1.35 1.75 1.00 1940—Aug.. .65 1.03 1.02 1.00 1.50 1941—Aug.. .56 1.03 1.00 1.00 .53 1.25 1942—Aug.. .53 1.03 1.00 1.00 ,66 1.25 1943—Aug.. .50 1.03 1.00 1.11 .62 .25 1944—Aug.. .38 1.03 1.00 1.13 .68 .25 1945—Aug.. .36 1.03 1.00 1.13 .50 .25 1946—Aug.. .40 .53 .51 .63 ,32 1.41 1.18 .25 1947—Aug.. .41 .53 .51 .63 1.46 1.30 1.00 .25 1947—Sept.. .41 .53 .51 .63 1.44 1.08 .75 .25 Oct... .41 .53 .51 .63 1.64 .95 .95 .38 Nov.. .41 .53 .51 .63 2.12 .93 .74 .38 Dec. .41 .53 .51 .63 2.04 1.13 .53 .38 A 948— Jan... .41 .54 .51 .63 2.02 1.28 .57 .50 Feb... .41 .56 .50 .63 2.00 1.38 .78 .50 Mar.. .41 .56 .51 .63 2.09 1.45 .99 .50 Apr.. .41 .56 .51 .63 2.00 1.38 .93 .50 May. .41 .56 .51 .63 2.12 1.33 .94 .50 June. .41 .56 .51 .63 2.02 1.36 .84 .50 July.. .41 .56 .51 .63 2.00 1.56 1.35 .63 Aug.. .41 .56 .51 .63 1.88 1.35 1.06 .63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172, s PP. 656-661, and for description of statistics see pp. 571-572 in same publication. ^NOVEMBER 1948 1445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n l l L k io s o s n . n t e s d r o l F o i n n f 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 rv s e h s M c n o a s l n o h l e t o i a y c r n t e 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 s r t y * Securitiesc L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n l h i i d t e t a i r e l s- 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 ,200 236 1943—December. 422 151 133 1,307 ,154 761 349 4,032 2,712 ,319 245 1944—Decem ber. 500 199 147 1,667 ,165 772 347 4,545 3,045 ,500 250- 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 ,588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 ,862 342 1947—September. 465 472 758 ,193 ,493 1,155 476 5,615 3,653 ,962 397 October... 468 466 825 ,147 ,500 1,185 487 5,690 3,713 ,977 387 November. 488 476 799 ,196 ,500 1,205 492 5,767 3,781 ,986 389 December. 502 480 793 ,288 ,483 1,219 567 5,935 3,962 ,972 396 1948—January. . 476 460 800 ,217 ,480 1,231 513 5,776 3,821 ,955 401 February. , 465 442 713 ,157 ,485 1,280 500 5,642 3,700 ,942 400 March... . 472 468 804 ,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 ,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 ,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 ,361 ,478 1,354 530 5,955 3,872 2,083 393 July 489 477 715 ,320 ,478 1,335 487 5,909 3,834 2,075 390 August. . . 499 489 695 1,323 1,474 1,334 477 5,903 3,829 2,074 388 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a c i n o n h a f a d m r m i t a i e l n o l r i n e o d d t n h o s l b l f o a a ig r f n s u k ) r s e . s re C se a r s v h E e n s tire S ly e lo c a i u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d a a f u b n o l b e o a r d r e a n o f i n r k n g a o s e s d n m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- e T x o cl t u a d l ing D in e te m rb an an d k de T po im si e ts lia c O b a a p i t n l h i i d t t e i a e r l s^ 1941—December. 356 32 169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December. 471 48 156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December. 550 92 211 214 3,611 782 34 5,137 2,714 2,423 ,289- 1945—December. 694 251 274 227 4,038 869 26 5,941 3,076 2,865 ,386; 1946—December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525. 1947—September 663 83 2,027 113 3,963 933 19 6,193 2,387 3,806 ,570^ October... 702 93 1,931 102 3,882 1,156 19 6,283 2,531 3,753 ,563 November 695 92 2,065 107 3,850 1,051 18 6,279 2,569 3,710 ,562* December. 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—January. . 698 77 1,953 97 3,972 1,029 18 6,281 2,457 3,824 1,526- February.. 679 70 1,933 108 3,968 1,017 18 6,227 2,346 3,881 1,531 March.... 698 65 1,922 106 4,036 1,123 18 6,399 2,472 3,927 1,532 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 July 671 77 1,948 128 4,154 1,019 17 6,446 2,487 3,959 1,533 August. . . 712 77 1,958 144 4,209 1,082 17 6,609 2,606 4,003 1,557 Assets Liabilities France (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 r e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e 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—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 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 4,874 28.590 17,698 July 34,308 28,539 305,928 110,301 39,267 470,004 465,104 4,900 28,044 20,295 • 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from.* bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements will give end-of-month data. * Represent six-month loans to the Treasury at 1 H 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. 1446 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Australia (pound) Year or month 1942. 29.773 23.704 6.0584 5.1427 1943 29.773 732 6.0586 5.1280 1944. 29.773 25.125 6.0594 5.1469 1945. 29.773 25.125 4322.8O 6321.17 6.0502 5.1802 1946. 29.773 25.125 321.34 6.0602 00 1947 29.773 25.125 321.00 November December. January.. 29.773 25 125 5.4406 100.000 90.455 February. 29.773 2 5.125 2780 5.4406 100.000 89.062 March. . . 29.773 25.125 2793 5.4406 100.000 89.280 April. . . . 29.773 25.125 2796 5.4406 100.000 90.633 May 29.773 25.125 2798 5.4406 100.000 92.273 June 7 29.773 725.125 2.2805 5.4406 100.000 93.229 July 7 29.773 7 25.125 9 20.000 2.2807 5.4406 100.000 92 829 August... 29.773 25.125 20.000 2.2830 5.4406 100.000 92.701 September 29.773 25.125 20.000 2.2844 5.4406 100.000 92.180 October. . 29.773 25.125 20.000 2.2850 5.4406 100.000 92.898 Czecho- Den- New slovakia mark Zealand (koruna) (krone) (pound) 1942 1943 1944 1945 30.122 2O.5S1 1946 30.155 20.581 1947 30.164 20.577 1947—November December 1948—January. . 2 0060 30.172 February. 2.0060 i().3270 30.168 March. . . 2.0060 .3270 30.168 April.... 2.0060 .3277 H30.169 May 2.0060 .3272 H30.169 ]une 2.0060 .3268 H13.169 July 2.0060 .3265 "30.169 August. . . 2.0060 .3268 H30.169 September 2.0C60 .3213 "30.168 October. . 2.0060 H30.168 Straits Settle- Switzments erland (dollar) (franc) JIM. 13 403.11 I.;?.IS .L5 1 Through June 22, 1943, shown as official rate. 2 Through June 22, 1948, shown as special export rate. 3 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 4 Average of daily rates for that part of the year during which quotations were certified. 5 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. * 6 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. l-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 Quotations not available June 23-July 14. 8 Quotations not available after June 10. 9 Based on quotations beginning July 15. 10 Quotations not available Jan. 24-Feb. 9. 11 Excludes Pakistan. n Quotations not available July 22-Oct. 12. 13 As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound. 14 Based on quotations through Oct. 15. 15 Quotations not available Aug. 1-Oct. 15. Rates shown in the first two columns are comparable to those shown previously under "Controlled" and "Non-controlled," respectively. The application of the new rates depends upon the type of merchandise. Averages for October are based on quotations beginning Oct. 18. NOVEMBER 1948 1447 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 n 1 t 2 a 0 i 6 0 t t e e ) d s = 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 3 g 0 i 0 0 t d e ) o d = m ( F 1 r 9 1 a 3 0 8 n 0 ) c = e (1 I 9 1 t 3 a 0 8 0 ly ) = ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u = l n e l a y e t n 1 h 1 1 0 d e 9 9 0 s r 3 3 ) - 8 9 - S (1 w 9 1 3 e 0 5 d 0 ) e = n (J S u = w l l y a i 1 t n z 0 d 1 e 0 9 r ) - 14 1926 100 100 » 124 106 132 150 i 126 144 1934 75 72 95 88 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—October 159 139 304 199 1.129 6,010 7,833 274 203 230s November 160 143 306 203 1,211 5,647 8,599 277 204 232 December .... 163 144 303 204 L.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 5,352 9,288 279 209 234 March ,.. . 161 147 303 217 1,536 5,318 9,485 279 210 235 April 163 149 303 219 1,555 5,240 9,537 279 213 234 May 164 150 313 220 1,653 5,185 9,634 279 214 233= June 166 152 321 222 691 P5,141 10,029 280 216 233 July 169 152 326 222 1,698 P5.131 14,049 P279 215 232 August 169 158 331 221 Pl 783 P280 217 231 September 169 158 328 220 Pl.791 P Preliminary. i 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 g a c a w o a t r u o n t r d a l u e y s n - d d F f u a c m g l c h l o a t i y u e o n f r d u a l e y s n - d d Foods p I r n t o r d d i u a u l s c - ts Foods p tr I r i n o a d d l u u r s a c - w ts p f I i r n n t o r i d d s i u a h u l s e c - d ts 1926 100 100 100 100 100 100 1934 65 71 78 59 64 73 85 90 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 112 106 94 158 175 172 193 184 1946 149 131 110 118 110 99 158 184 200 282 261 1947 181 169 135 126 131 117 165 207 214 328 276 1947—October 190 178 140 129 139 128 167 218 213 339 277 188 178 142 133 143 131 171 221 227 341 279 December 197 178 146 137 145 132 172 222 236 342 279 1943—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 189 177 149 144 153 137 182 243 230 341 281 June 196 181 150 148 156 138 184 244 235 342 281 July... . 195 188 151 147 155 139 184 244 August 191 190 153 145 163 143 183 243 September 189 186 153 143 163 144 181 243 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n ta 3 1 i 5 t t 0 e e - 0 s d 3 ) 9 (1 = C 9 a 3 a 1 d 5 0 n a 0 - - 3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 - 17 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) N (1 = l e 9 a t 1 n 1 h 1 0 d e 0 - s r 1 ) - 3 ( l 1 J a e 9 u r n 1 - n d 4 e Y m e o a n r t o h r ( U S 1 = 9 n ta 3 1 i 5 t 0 t e e 0 - s d 3 ) 9 (1 = C 9 a 3 a 1 d 5 0 n a 0 - - 3 ) 9 ( K J d 1 u i o 9 n n 4 m e g 7 1 - 7 F = ( r 1 a 9 1 n 3 0 c 0 8 e ) N (1 = l e 9 a t 1 n 1 h 1 0 d e 0 - s r 1 ) - 3 ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 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 »101 1,043 222 1947 159 136 2 101 1,030 217 1947-October. .. 202 171 101 1,309 229 1947-October... 164 142 101 1,268 223 November. 203 174 103 1,378 230 November. 165 144 103 1,336 223 December. 207 179 103 1,393 230 December. 167 146 104 1,354 223 1948-January... 210 182 104 1,437 230 1948-January... 169 148 104 1,414 224 February.. 205 186 108 1,541 230 February.. 168 150 106 1,519 224 March.... 202 186 109 1,518 229 March.... 167 151 106 1,499 223 April 208 187 109 1,524 229 April 169 152 108 1,499 223 May 211 191 108 1,541 229 May 171 153 108 1,511 223 June 214 194 113 1,560 230 June 172 154 110 1,529 224 July 217 201 108 1,559 229 July . . , , 174 157 108 1,528 223 August.... 217 203 107 1 ,716 228 August.... 175 158 108 1,670 223 September 215 204 Pl.842 September. 175 159 »1,783 P223 P Preliminary. 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; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( n r a h a i i t d g t e e e h s d ) i C (1 = a 9 n 3 1 a 5 0 d - 0 a 3 ) 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 ds e r * - ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 s d ) 9 C (1 = a 9 1 n 3 0 a 5 d 0 - a 3 ) 9 < ( K 1 U 9 in 2 n g 6 i = d te 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e b 0 * e 0 r ) (1 N l 9 a e 3 n t 8 h d = e s 1 r • - 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 U14.2 88.1 77.4 70.8 '140 1941 117.8 99.4 123.8 8 143.4 80.0 67.5 72.5 «308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694. 1946 123.4 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1 149 f 1S4. ^ 1947—October 101.1 118.8 128.0 122.0 105.9 125.1 105.5 89.3 1,245 200.6 November. . . 99.6 118.5 128.2 121.4 104.0 123.6 107.3 90.2 1,294 191.2 December.... 97.9 117.9 130.1 122.2 103.7 122.4 106.2 92.6 1,211 193.8 1948—January 98.1 108.6 130.5 118.9 108.3 120.1 107.5 93.9 1,301 202.9 February. . .. 98.1 108.6 130.6 119.1 107.3 114.2 102.2 91.1 1,229 216.0 March 98.5 103.4 130.0 119.0 107.6 116.4 101.5 90.2 1,239 217.6 April 99.4 103.6 129.1 119.1 107.6 124.6 109.1 93.2 1.190 208.3 May 99.9 104.9 129.1 118.2 107.3 130.2 116.5 94.8 1,127 June 100.2 104.8 129.5 118.6 106.9 135.1 120.3 93.9 1,086 July 99.2 104.6 129.3 117.8 131.9 116.3 91.4 1,217 August 98.3 104.0 129.7 119.3 127.1 113.6 91.2 1,208 September..., 98.2 104.1 125.7 113.4 1 New 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 of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. a 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. * This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 8 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. 8 This is a new index for 37 Netherlands issues(27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 1 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. NOVEMBER 1948 1449 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 EDWARD L. SMEAD, Director LEGAL DIVISION ROBERT F. LEONARD, Associate Director GEORGE B. VEST, General Counsel J. R. VAN FOSSEN, Assistant Director J. LEONARD TOWNSEND, Associate General Counsel J. E. HORBETT, Assistant Director FREDERIC SOLOMON, Assistant General Counsel LOWELL MYRICK, Assistant Director JOHN C. BAUMANN, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Associate Director LISTON P. BETHEA, Director FRANK A. SOUTHARD, JR., Associate 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 Second Vice President JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS J. T. BROWN, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JAMES H. PENICK, ST. LOUIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JAMES M. KEMPER, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist JOHN K. LANGUM, Associate Economist J. E. WOODS, DALLAS DISTRICT T. BRUCE ROBB. Associate Economist JOHN H. WILLIAMS, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1450 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 v ice rrCS1UCULS Boston Albert M. Creighton Joseph A. Erickson 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. Poorman' 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. Black9 John K. Langum Paul G. Hoffman Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson E. C. Harris Alfred T. Sihler 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 CM. 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 Hollowav 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. Smith' 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 CM. 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 \V. 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. ' Cashier. 3 Also Cashier. 4 General Manager. NOVEMBER 1948 1451 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. Sub- ber 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 CREDIT, MONEY No. 2. Agricultural Adjustment and Income. RATES, AND BUSINESS. Issued monthly. $9.00 per No. 3. Public Finance and Full Employment. annum, or $1.00 per copy. In quantities of 10 or No. 4. Prices, Wages, and Employment. more copies of a particular issue for single ship- No. 5. Private Capital Requirements. ment, 75 cents each. No. 6. Housing, Social Security, and Public DIGEST OF RULINGS to October 1, 1937. Digests of Works. Board rulings, opinions of the Attorney General No. 7. International Monetary Policies. and court decisions construing the Federal Re- No. 8. Federal Reserve Policy. serve Act, with compilation showing textual changes in the Act. 683 pages. $1.25 per copy. The price for the set of eight pamphlets is $1.25; BANKING STUDIES. Comprising 17 papers on bank- 25 cents per pamphlet, or, in quantities of 10 or ing and monetary subjects by members of the more for single shipment, 15 cents per pamphlet. Board's staff. August 1941; reprinted March 1948. 496 pages. Paper cover. $1.00 per copy; THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND in quantities of 10 or more copies for single ship- FUNCTIONS. November 1947. 125 pages. 75 ment, 75 cents each. cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of or more copies for single shipment, 50 cents each. banking, monetary, and other financial develop- Paper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per 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- SJERVES 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. 1452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS III. CONSUMER OWNERSHIP AND USE OF LIQUID (From Federal Reserve Bulletin unless indicated by an asterisk) AND NONLIQUID ASSETS. July 1948. 15 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- IV. CONSUMER SAVING AND THE ALLOCATION OF TISTICS. September 1947. 12 pages. DISPOSABLE INCOME. August 1948. 19 pages. STERLING IN MULTILATERAL TRADE, by J. Burke V. HOUSING EXPENDITURES AND FINANCE. Sep- Knapp and F. M. Tamagna. September 1947. tember 1948. 8 pages. 8 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, FINANCIAL POSITION AND BUYING PLANS OF CON- August, and September 1948. 65 pages. SUMERS, July 1947. October 1947. 4 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BANK LOANS TO FARMERS. October and December BULLETIN with supplementary information for 1947. 36 pages. nine separate trades. 41 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. # STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929, by Morris A. Copeland and Daniel H. July 1948 issue of the American Bar Association Journal. 9 pages. Brill. January 1948. 9 pages. * MEANS OF COMBATING INFLATION. Statements of PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT Marriner S. Eccles before House Banking and AGAINST THE DEMAND AND TIME DEPOSITS OF BANKS, by Marriner S. Eccles. January 1948. Currency Committee on August 3, 1948 and before the Senate Banking and Currency Committee 10 pages. on July 29 and 30 on S. J. Res. 157. 2 pamphlets. THE FEDERAL RESERVE CHART BOOK AS AN AID TO STATEMENT BEFORE THE HOUSE BANKING AND CUR- BANK MANAGEMENT, by Charles H. Schmidt. April 1948. 9 pages. RENCY COMMITTEE. Presented by Thomas B. Mc- Cabe on August 2, 1948. 8 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOVER- REGULATION OF CONSUMER INSTALMENT CREDIT. NORS OF THE FEDERAL RESERVE SYSTEM BEFORE Statement by R. M. Evans before the House THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Banking and Currency Committee on August 2, Presented by Marriner S. Eccles on April 13, 1948. 2 pages. 1948. 7 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of * WHAT ABOUT MONEY AND CREDIT ? Address by the Act, by David Grove and John Exter. In M. S. Szymczak on May 7, 1948 at the 55th part a reprint from the August 1948 BULLETIN. Annual Convention of the Alabama Bankers Association. 7 pages. 36 pages. THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- NEW COMMERCIAL BANKING OFFICES, 1936-1947, tember 1948. 16 pages. by Caroline H. Cagle and Raymond C. Kolb May 1948. 12 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. June 1948. 2 pages. THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Address by Chairman Thomas RECENT DEVELOPMENTS IN BUSINESS FINANCE and B. McCabe on October 26, 1948 at the annual INDUSTRIAL DIFFERENCES IN LARGE CORPORATION meeting of the Stockholders of the Federal Re- FINANCING, by Charles H. Schmidt. June 1948. serve Bank of Boston. 5 pages. 19 pages. 1948 SURVEY OF CONSUMER FINANCES— FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1948. November 1948. 5 pages. I. EXPENDITURES FOR DURABLE GOODS. June 1948 15 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE II. THE DISTRIBUTION OF CONSUMER INCOME IN OF PAYMENTS PROBLEMS, by David L. Grove and 1947. June 1948. 8 pages. Gerald M. Alter. November 1948. 11 pages. NOVEMBER 1948 1453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES J § BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE 8RANCH CITIES OCTOBER I. 1948 srsretf: P Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis